Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ROYAL BANK OF CANADA |
Entity Central Index Key | 0001000275 |
Entity Accounting Standard | IFRS |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 1,425,187,410 |
Entity Interactive Data Current | Yes |
Trading Symbol | RY |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Shares |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Incorporation, State or Country Code | Z4 |
Entity File Number | 001-13928 |
Entity Address, Address Line One | 200 Bay Street |
Entity Address, Address Line Two | Royal Bank Plaza |
Entity Address, Postal Zip Code | M5J 2J5 |
City Area Code | 416 |
Local Phone Number | 974-6715 |
Document Annual Report | true |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Address, City or Town | Toronto |
Document Registration Statement | false |
Contact Personnel Name | Karen E. McCarthy |
ICFR Auditor Attestation Flag | true |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, State or Province | NJ |
Entity Address, Address Line One | Royal Bank of Canada |
Entity Address, Address Line Two | 30 Hudson Street |
Entity Address, Postal Zip Code | 07302 |
City Area Code | 212 |
Local Phone Number | 437-9267 |
Entity Address, City or Town | Jersey City |
Contact Personnel Name | Matthew Abrusci |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Assets | ||
Cash and due from banks | $ 113,846 | $ 118,888 |
Interest-bearing deposits with banks | 79,638 | 39,013 |
Securities (Note 4) | ||
Trading | 139,240 | 136,071 |
Investment, net of applicable allowance | 145,484 | 139,743 |
Securities | 284,724 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 |
Loans (Note 5) | ||
Retail | 503,598 | 457,976 |
Wholesale | 218,066 | 208,655 |
Loans | 721,664 | 666,631 |
Allowance for loan losses (Note 5) | (4,089) | (5,639) |
Loans, net | 717,575 | 660,992 |
Segregated fund net assets (Note 15) | 2,666 | 1,922 |
Other | ||
Customers' liability under acceptances | 19,798 | 18,507 |
Derivatives (Note 8) | 95,541 | 113,488 |
Premises and equipment (Note 9) | 7,424 | 7,934 |
Goodwill (Note 10) | 10,854 | 11,302 |
Other intangibles (Note 10) | 4,471 | 4,752 |
Other assets (Note 12) | 61,883 | 58,921 |
Total other assets | 199,971 | 214,904 |
Total assets | 1,706,323 | 1,624,548 |
Deposits (Note 13) | ||
Personal | 362,488 | 343,052 |
Business and government | 696,353 | 624,311 |
Bank | 41,990 | 44,522 |
Total deposits | 1,100,831 | 1,011,885 |
Segregated fund net liabilities (Note 15) | 2,666 | 1,922 |
Other | ||
Acceptances | 19,873 | 18,618 |
Obligations related to securities sold short | 37,841 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 |
Derivatives (Note 8) | 91,439 | 109,927 |
Insurance claims and policy benefit liabilities (Note 14) | 12,816 | 12,215 |
Other liabilities (Note 17) | 70,301 | 69,831 |
Total other liabilities | 494,471 | 514,107 |
Subordinated debentures (Note 18) | 9,593 | 9,867 |
Total liabilities | 1,607,561 | 1,537,781 |
Equity attributable to shareholders | ||
Retained earnings | 71,795 | 59,806 |
Other components of equity | 2,533 | 3,414 |
Total equity attributable to shareholders | 98,667 | 86,664 |
Non-controlling interests | 95 | 103 |
Total equity | 98,762 | 86,767 |
Total liabilities and equity | 1,706,323 | 1,624,548 |
Preferred shares and other equity instruments [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 19) | 6,684 | 5,945 |
Common shares [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 19) | $ 17,655 | $ 17,499 |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Interest and dividend income (Note 3) | ||
Loans | $ 21,654 | $ 23,420 |
Securities | 4,877 | 6,488 |
Assets purchased under reverse repurchase agreements and securities borrowed | 1,309 | 4,668 |
Deposits and other | 305 | 307 |
Interest income | 28,145 | 34,883 |
Interest expense (Note 3) | ||
Deposits and other | 5,448 | 8,783 |
Other liabilities | 2,516 | 4,985 |
Subordinated debentures | 179 | 280 |
Interest expense | 8,143 | 14,048 |
Net interest income | 20,002 | 20,835 |
Non-interest income | ||
Insurance premiums, investment and fee income (Note 14) | 5,600 | 5,361 |
Trading revenue | 1,183 | 1,239 |
Investment management and custodial fees | 7,132 | 6,101 |
Mutual fund revenue | 4,251 | 3,712 |
Securities brokerage commissions | 1,538 | 1,439 |
Service charges | 1,858 | 1,842 |
Underwriting and other advisory fees | 2,692 | 2,319 |
Foreign exchange revenue, other than trading | 1,066 | 1,012 |
Card service revenue | 1,078 | 969 |
Credit fees | 1,530 | 1,321 |
Net gains on investment securities | 145 | 90 |
Share of profit in joint ventures and associates (Note 11) | 130 | 77 |
Other | 1,488 | 864 |
Non-interest income | 29,691 | 26,346 |
Total revenue | 49,693 | 47,181 |
Provision for credit losses (Notes 4 and 5) | (753) | 4,351 |
Insurance policyholder benefits, claims and acquisition expense (Note 14) | 3,891 | 3,683 |
Non-interest expense | ||
Human resources (Note 16 and 20) | 16,539 | 15,252 |
Equipment | 1,986 | 1,907 |
Occupancy | 1,584 | 1,660 |
Communications | 931 | 989 |
Professional fees | 1,351 | 1,330 |
Amortization of other intangibles (Note 10) | 1,287 | 1,273 |
Other | 2,246 | 2,347 |
Non-interest expense | 25,924 | 24,758 |
Income before income taxes | 20,631 | 14,389 |
Income taxes (Note 21) | 4,581 | 2,952 |
Net income | 16,050 | 11,437 |
Net income attributable to: | ||
Shareholders | 16,038 | 11,432 |
Non-controlling interests | 12 | 5 |
Net income | $ 16,050 | $ 11,437 |
Basic earnings per share (in dollars) (Note 22) | $ 11.08 | $ 7.84 |
Diluted earnings per share (in dollars) (Note 22) | 11.06 | 7.82 |
Dividends per common share (in dollars) | $ 4.32 | $ 4.29 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Statement of comprehensive income [abstract] | ||
Net income | $ 16,050 | $ 11,437 |
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 | 177 | (24) |
Provision for credit losses recognized in income | (9) | 13 |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (117) | (161) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | 51 | (172) |
Foreign currency translation adjustments | ||
Unrealized foreign currency translation gains (losses) | (4,316) | 810 |
Net foreign currency translation gains (losses) from hedging activities | 1,740 | (397) |
Reclassification of losses (gains) on foreign currency translation to income | (7) | (21) |
Reclassification of losses (gains) on net investment hedging activities to income | (1) | 21 |
Foreign currency translation adjustments | (2,584) | 413 |
Net change in cash flow hedges | ||
Net gains (losses) on derivatives designated as cash flow hedges | 1,373 | (1,145) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 272 | 72 |
Net change in cash flow hedges | 1,645 | (1,073) |
Items that will not be reclassified subsequently to income: | ||
Remeasurements of employee benefit plans | 2,251 | (68) |
Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | 55 | (263) |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 38 | 28 |
Total items that will not be reclassified subsequently to income | 2,344 | (303) |
Total other comprehensive income (loss), net of taxes | 1,456 | (1,135) |
Total comprehensive income (loss) | 17,506 | 10,302 |
Total comprehensive income attributable to: | ||
Shareholders | 17,501 | 10,295 |
Non-controlling interests | 5 | 7 |
Total comprehensive income (loss) | $ 17,506 | $ 10,302 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Millions | Total | 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 | 1,825 | 1,750 | 80 | (5) | 1,825 | |||||||
Common shares purchased for cancellation | (814) | (97) | (717) | (814) | ||||||||
Redemption of preferred shares and other equity instruments | (1,508) | (1,508) | (1,508) | |||||||||
Sales of treasury shares and other equity instruments | 4,778 | 110 | 4,668 | 4,778 | ||||||||
Purchases of treasury shares and other equity instruments | (4,853) | (114) | (4,739) | (4,853) | ||||||||
Share-based compensation awards | (3) | (3) | (3) | |||||||||
Dividends on common shares | (6,111) | (6,111) | (6,111) | |||||||||
Dividends on preferred shares and distributions on other equity instruments | (274) | (268) | (268) | (6) | ||||||||
Other | (93) | (93) | (93) | |||||||||
Net income | 11,437 | 11,432 | 11,432 | 5 | ||||||||
Total other comprehensive income (loss), net of taxes | (1,135) | (303) | (834) | (1,137) | 2 | (172) | 411 | (1,073) | ||||
Balance at end 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 | 2,345 | 2,250 | 100 | (5) | 2,345 | |||||||
Common shares purchased for cancellation | ||||||||||||
Redemption of preferred shares and other equity instruments | (1,475) | (1,475) | (1,475) | |||||||||
Sales of treasury shares and other equity instruments | 4,763 | 647 | 4,116 | 4,763 | ||||||||
Purchases of treasury shares and other equity instruments | (4,743) | (683) | (4,060) | (4,743) | ||||||||
Share-based compensation awards | (6) | (6) | (6) | |||||||||
Dividends on common shares | (6,158) | (6,158) | (6,158) | |||||||||
Dividends on preferred shares and distributions on other equity instruments | (260) | (257) | (257) | (3) | ||||||||
Other | 23 | 33 | 33 | (10) | ||||||||
Net income | 16,050 | 16,038 | 16,038 | 12 | ||||||||
Total other comprehensive income (loss), net of taxes | 1,456 | 2,344 | (881) | 1,463 | (7) | 51 | (2,577) | 1,645 | ||||
Balance at end of period at Oct. 31, 2021 | $ 98,762 | $ 6,723 | $ 17,728 | $ (39) | $ (73) | $ 71,795 | $ 2,533 | $ 98,667 | $ 95 | $ (88) | $ 2,055 | $ 566 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 16,050 | $ 11,437 |
Adjustments for non-cash items and others | ||
Provision for credit losses | (753) | 4,351 |
Depreciation | 1,276 | 1,333 |
Deferred income taxes | 581 | (586) |
Amortization and impairment of other intangibles | 1,316 | 1,315 |
Net changes in investments in joint ventures and associates | (127) | (73) |
Losses (Gains) on investment securities | (151) | (218) |
Losses (Gains) on disposition of business | (26) | 8 |
Adjustments for net changes in operating assets and liabilities | ||
Insurance claims and policy benefit liabilities | 601 | 814 |
Net change in accrued interest receivable and payable | (509) | (142) |
Current income taxes | 1,738 | 18 |
Derivative assets | 17,947 | (11,928) |
Derivative liabilities | (18,488) | 11,384 |
Trading securities | (3,164) | 10,377 |
Loans, net of securitizations | (54,987) | (45,639) |
Assets purchased under reverse repurchase agreements and securities borrowed | 5,112 | (6,054) |
Obligations related to assets sold under repurchase agreements and securities loaned | (12,030) | 47,645 |
Obligations related to securities sold short | 8,556 | (5,784) |
Deposits, net of securitizations | 88,876 | 126,826 |
Brokers and dealers receivable and payable | 35 | 2,301 |
Other | 9,191 | (8,566) |
Net cash from (used in) operating activities | 61,044 | 138,819 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | (40,618) | (676) |
Proceeds from sales and maturities of investment securities | 108,925 | 113,286 |
Purchases of investment securities | (123,547) | (149,516) |
Net acquisitions of premises and equipment and other intangibles | (2,186) | (2,629) |
Proceeds from dispositions | 78 | |
Cash used in acquisitions | (22) | |
Net cash from (used in) investing activities | (57,348) | (39,557) |
Cash flows from financing activities | ||
Issuance of subordinated debentures | 2,750 | 2,750 |
Repayment of subordinated debentures | (2,500) | (3,000) |
Issue of common shares, net of issuance costs | 90 | 70 |
Common shares purchased for cancellation | (814) | |
Issue of preferred shares and other equity instruments, net of issuance costs | 2,245 | 1,745 |
Redemption of preferred shares and other equity instruments | (1,475) | (1,508) |
Sales of treasury shares | 4,763 | 4,778 |
Purchases of treasury shares | (4,743) | (4,853) |
Dividends paid on shares and distributions paid on other equity instruments | (6,420) | (6,333) |
Dividends/distributions paid to non-controlling interests | (3) | (6) |
Change in short-term borrowings of subsidiaries | (14) | 13 |
Repayment of lease liabilities | (621) | (588) |
Net cash from (used in) financing activities | (5,928) | (7,746) |
Effect of exchange rate changes on cash and due from banks | (2,810) | 1,062 |
Net change in cash and due from banks | (5,042) | 92,578 |
Cash and due from banks at beginning of period | 118,888 | 26,310 |
Cash and due from banks at end of period | 113,846 | 118,888 |
Cash flows from operating activities include: | ||
Amount of interest paid | 7,555 | 13,058 |
Amount of interest received | 26,412 | 33,244 |
Amount of dividends received | 2,575 | 2,753 |
Amount of income taxes paid | $ 4,198 | $ 2,880 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Statement of cash flows [abstract] | |||
Mandatory reserve deposits at central banks | $ 2 | $ 3 | $ 3 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
IFRS 7 Disclosure | The shaded text along with the tables specifically marked with an asterisk (*) in the following sections of the MD&A represent our disclosures on credit, market and liquidity and funding risks in accordance with IFRS 7, Financial Instruments: Disclosures Transactional/positional risk drivers Credit risk Credit risk is the risk of loss associated with an obligor’s potential inability or unwillingness to fulfill its contractual obligations on a timely basis and may arise directly from the risk of default of a primary obligor (e.g., issuer, debtor, counterparty, borrower or policyholder), indirectly from a secondary obligor (e.g., guarantor or reinsurer), through off-balance sheet exposures, contingent credit risk, associated credit risk and/or transactional risk. Credit risk includes counterparty credit risk arising from both trading and non-trading activities. We balance our risk and return by setting the following objectives for the management of credit risk: • Ensuring credit quality is not compromised for growth; • Mitigating credit risk in transactions, relationships and portfolios; • Using our credit risk rating and scoring systems or other approved credit risk assessment or rating methodologies, policies and tools; • Pricing appropriately for the credit risk taken; • Detecting and preventing inappropriate credit risk through effective systems and controls; • Applying consistent credit risk exposure measurements; • Ongoing credit risk monitoring and administration; • Transferring credit risk to third parties where appropriate through approved credit risk mitigation techniques (e.g., sale, hedging, insurance, securitization); and • Avoiding activities that are inconsistent with our values, Code of Conduct or policies. The Enterprise Credit Risk Management Framework (ECRMF) describes the principles, methodologies, systems, roles and responsibilities, reports and controls that exist for managing credit risk within the enterprise. Additional supporting policies exist that are designed to provide further clarification of roles and responsibilities, acceptable practices, limits and key controls within the enterprise. Credit risk measurement We quantify credit risk at both the individual obligor and portfolio levels to manage expected credit losses and minimize unexpected losses to limit earnings volatility and ensure we are adequately capitalized. We employ a variety of risk measurement methodologies to measure and quantify credit risk for our wholesale and retail credit portfolios. The wholesale portfolio is comprised of businesses, sovereigns, public sector entities, banks and other financial institutions, as well as certain high net worth individuals. The retail portfolio is comprised of residential mortgages, personal loans, credit cards, and small business loans. Our credit risk rating systems are designed to assess and quantify the risk inherent in credit activities in an accurate and consistent manner. The resulting ratings and scores are then used for both client- and transaction-level risk decision-making and as key inputs for our risk measurement and capital calculations. Measurement of economic and regulatory capital Economic capital, which is our internal quantification of risks, is used for limit setting. It is also used for internal capital adequacy and allocation of capital to the Insurance segment. Our methodology for allocating capital to our business segments, other than Insurance, is based on regulatory requirements. For further details, refer to the Capital management section. In measuring credit risk to determine regulatory capital, two principal approaches are available: Internal Ratings Based (IRB) Approach and Standardized Approach. The Standardized Approach applies primarily to our Caribbean banking operations and City National and is based on risk weights prescribed by OSFI that are used to calculate RWA for credit risk exposure. The IRB Approach, which applies to most of our credit risk exposures, utilizes three key parameters which form the basis of our credit risk measures for both regulatory and economic capital. • Probability of default (PD): An estimated percentage that represents the likelihood of default within a given time period of an obligor for a specific rating grade or for a particular pool of exposure. • Exposure at default (EAD): An amount expected to be owed by an obligor at the time of default. • Loss given default (LGD): An estimated percentage of EAD that is not expected to be recovered during the collections and recovery process. These parameters are determined based primarily on historical experience from internal credit risk rating systems in accordance with supervisory standards. Each credit facility is assigned an LGD rate that is largely driven by factors that impact the extent of losses anticipated in the event the obligor defaults. These factors mainly include seniority of debt, collateral and the industry sector in which the obligor operates. Estimated LGD rates draw primarily on internal loss experiences. Where we have limited internal loss data, we also refer to appropriate external data to supplement the estimation process. LGD rates are estimated to reflect conditions that might be expected to prevail in a period of an economic downturn, with additional conservatism added to reflect data limitations and statistical uncertainties identified in the estimation process. EAD is estimated based on the current exposure to the obligor and the possible future changes in that exposure driven by factors such as the nature of the credit commitment. As with LGD, rates are estimated to reflect an economic downturn, with added conservatism to reflect data and statistical uncertainties identified in the modelling process. Estimates of PD, LGD and EAD are reviewed, and then validated and back-tested by an independent validation team within the bank, on an annual basis. In addition, quarterly monitoring and back-testing is performed by the estimation team. These ratings and risk measurements are used to determine our expected losses as well as economic and regulatory capital, setting of risk limits, portfolio management and product pricing. Financial and regulatory measurement distinctions Expected loss models are used for both regulatory capital and accounting purposes. Under both models, expected losses are calculated as the product of PD, LGD and EAD. However, there are certain key differences under current Basel and IFRS reporting frameworks which could lead to significantly different expected loss estimates, including: • Basel PDs are based on long-run averages over an entire economic cycle. IFRS PDs are based on current conditions, adjusted for estimates of future conditions that will impact PD under probability-weighted macroeconomic scenarios. • Basel PDs consider the probability of default over the next 12 months. IFRS PDs consider the probability of default over the next 12 months only for instruments in stage 1. Expected credit losses for instruments in stage 2 are calculated using lifetime PDs. • Basel LGDs are based on severe but plausible downturn economic conditions. IFRS LGDs are based on current conditions, adjusted for estimates of future conditions that will impact LGD under probability-weighted macroeconomic scenarios. For further details, refer to the Critical accounting policies and estimates section. Gross credit risk exposure Gross credit risk is categorized as i) lending-related and other credit risk or ii) trading-related credit risk; and is calculated based on the Basel III framework. Under this method, EAD for all lending-related and other credit transactions and trading-related repo-style transactions is calculated before taking into account any collateral and is inclusive of an estimate of potential future changes to that credit exposure. EAD for derivatives is calculated inclusive of collateral in accordance with regulatory guidelines. Lending-related and other credit risk includes: • Loans and acceptances outstanding, undrawn commitments, and other exposures, including contingent liabilities such as letters of credit and guarantees, debt securities carried at FVOCI or amortized cost and deposits with financial institutions. Undrawn commitments represent an estimate of the contractual amount that may be drawn upon at the time of default of an obligor. Trading-related credit risk includes: • Repo-style transactions, which include repurchase and reverse repurchase agreements and securities lending and borrowing transactions. For repo-style transactions, gross exposure represents the amount at which securities were initially financed, before taking collateral into account. • Derivative amounts which represent the credit equivalent amount, as defined by OSFI as the replacement cost plus an add-on amount for potential future credit exposure, scaled by a regulatory factor. For further details on replacement cost and credit equivalent amounts, refer to Note 8 of our 2021 Annual Consolidated Financial Statements. Credit risk assessment Wholesale credit risk The wholesale credit risk rating system is designed to measure the credit risk inherent in our wholesale credit activities. Each obligor is assigned a borrower risk rating (BRR), reflecting an assessment of the credit quality of the obligor. Each BRR has a PD calibrated against it. The BRR differentiates the riskiness of an obligor and represents our evaluation of the obligor’s ability and willingness to meet its contractual obligations on time over a three year time horizon. The assignment of BRRs is based on the evaluation of the obligor’s business risk and financial risk through fundamental credit analysis, as well as data-driven modelling. The determination of the PD associated with each BRR relies primarily on internal default history since 2006. PD estimates are designed to be a long-run average of our experience across the economic cycle in accordance with regulatory guidelines. Our rating system is designed to stratify obligors into 22 grades. The following table aligns the relative rankings of our 22-grade Internal ratings map* Table 40 PD Bands Ratings Business and Bank Sovereign BRR S&P Moody’s Description 1 0.0000% – 0.0300% 0.0000% – 0.0150% 1+ AAA Aaa Investment Grade 2 0.0000% – 0.0300% 0.0151% – 0.0250% 1H AA+ Aa1 3 0.0000% – 0.0350% 0.0251% – 0.0350% 1M AA Aa2 4 0.0351% – 0.0450% 1L AA- Aa3 5 0.0451% – 0.0550% 2+H A+ A1 6 0.0551% – 0.0650% 2+M A A2 7 0.0651% – 0.0750% 2+L A- A3 8 0.0751% – 0.0850% 2H BBB+ Baa1 9 0.0851% – 0.1000% 2M BBB Baa2 10 0.1001% – 0.1770% 2L BBB- Baa3 11 0.1771% – 0.3705% 2-H BB+ Ba1 Non-investment Grade 12 0.3706% – 0.7065% 2-M BB Ba2 13 0.7066% – 1.1600% 2-L BB- Ba3 14 1.1601% – 1.6810% 3+H B+ B1 15 1.6811% – 2.3490% 3+M B B2 16 2.3491% – 4.4040% 3+L B- B3 17 4.4041% – 7.0010% 3H CCC+ Caa1 18 7.0011% – 13.1760% 3M CCC Caa2 19 13.1761% – 24.9670% 3L CCC- Caa3 20 24.9671% – 99.9990% 4 CC Ca 21 100% 5 D C Impaired 22 100% 6 D C * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. Retail credit risk Credit scoring is the primary risk rating system for assessing obligor and transaction risk for retail exposures. Scoring models use internal and external data to assess and score borrowers, predict future performance and manage limits for existing loans and collection activities. Credit scores are one of the factors employed in the acquisition of new clients and management of existing clients. The credit score of the borrower is used to assess the predicted credit risk for each independent acquisition or account management action, leading to an automated decision or guidance for an adjudicator. Credit scoring improves credit decision quality, adjudication timeframes and consistency in the credit decision process and facilitates risk-based pricing. Since the onset of the COVID-19 pandemic, we adapted our retail credit risk methodology by enhancing our product level credit strategies with advanced analytics and portfolio monitoring. To arrive at a retail risk rating, borrower scores are categorized and associated with PDs for further grouping into risk rating categories. The following table maps PD bands to various summarized risk levels for retail exposures: Internal ratings map* Table 41 PD bands Description 0.030% – 3.844% Low risk 3.845% – 6.786% Medium risk 6.787% – 99.99% High risk 100% Impaired/Default * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. Credit risk mitigation We seek to reduce our exposure to credit risk through a variety of means, including the structuring of transactions and the use of collateral. Structuring of transactions Specific credit policies and procedures set out the requirements for structuring transactions. Risk mitigants include the use of guarantees, collateral, seniority, loan-to-value (LTV) requirements and covenants. Product-specific guidelines set out appropriate product structuring as well as client and guarantor criteria. Collateral When we advance credit, we often require obligors to pledge collateral as security. The extent of risk mitigation provided by collateral depends on the amount, type and quality of the collateral taken. Specific requirements relating to collateral valuation and management are set out in our credit risk management policies. The types of collateral used to secure credit or trading facilities within the bank are varied. For example, our securities financing and collateralized OTC derivatives activities are primarily secured by cash and highly-rated liquid government and agency securities. Wholesale lending to business clients is often secured by pledges of the assets of the business, such as accounts receivable, inventory, operating assets and commercial real estate. In Canadian Banking and Wealth Management, collateral typically consists of a pledge over a real estate property, or a portfolio of debt securities and equities trading on a recognized exchange. • We employ a risk-based approach to property valuation. Property valuation methods include automated valuation models (AVM) and appraisals. An AVM is a tool that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. Using a risk-based approach, we also employ appraisals which can include drive-by or full on-site appraisals. • We continue to actively manage our entire mortgage portfolio and perform stress testing, based on a combination of increasing unemployment, rising interest rates and a downturn in real estate markets. • We are compliant with regulatory requirements that govern residential mortgage underwriting practices, including LTV parameters and property valuation requirements. There were no significant changes regarding our risk management policies on collateral or to the quality of the collateral held during the period. Credit risk approval The Board, GE, GRC and other senior management committees work together to ensure the ECRMF and supporting policies, processes and procedures exist to manage credit risk and approve related credit risk limits. Reports are provided to the Board, the GRC, and senior executives to keep them informed of our risk profile, including significant credit risk issues, shifts in exposures and trending information, to ensure appropriate and timely actions can be taken where necessary. Our enterprise-wide credit risk policies set out the minimum requirements for the management of credit risk in a variety of borrower, transactional and portfolio management contexts. Transaction approval Credit transactions are governed by our RBC Enterprise Policy on Risk Limits and Risk Approval Authorities that captures the limits delegated to management and the credit rules policy, which outlines the minimum standards for managing credit risk at the individual client relationship and/or transaction level. The credit rules policy is further supported by business and/or product-specific policies and guidelines as appropriate. Transaction approvals are subject to delegated risk approval authorities. If a transaction exceeds senior management’s authorities, the approval of the Risk Committee of the Board is required. Product approval Proposals for credit products and services are comprehensively reviewed and approved under a risk assessment framework and are subject to risk approval authorities which increase as the level of risk increases. New and amended products must be reviewed relative to all risk drivers, including credit risk. All existing products must be reviewed following a risk-based assessment approach on a regular basis. Credit risk limits • The allocation of risk appetite and Board delegated authorities are supported by the establishment of risk limits which take into account both regulatory constraints and internal risk management judgment. Risk limits are established at the following levels: single name limits, regional, country and industrial sector limits (notional and economic capital), regulatory large exposure limits, product and portfolio limits, and underwriting and distribution risk limits. These limits apply across all businesses, portfolios, transactions and products. • We actively manage credit exposures and limits to ensure alignment with our risk appetite, to maintain our target business mix and to ensure that there is no undue concentration risk. • Concentration risk is defined as the risk arising from large exposures that are highly correlated such that their ability to meet contractual obligations could be similarly affected by changes in economic, political or other risk drivers. • Credit concentration limits are reviewed on a regular basis after taking into account business, economic, financial and regulatory environments. Market risk Market risk is defined to be the impact of market prices upon our financial condition. This includes potential gains or losses due to changes in market determined variables such as interest rates, credit spreads, equity prices, commodity prices, foreign exchange rates and implied volatilities. Market risk controls – FVTPL positions As an element of the ERAF, the Board approves our overall market risk constraints. GRM creates and manages the control structure for FVTPL positions which ensures that business is conducted on a basis consistent with Board requirements. The Market and Counterparty Credit Risk function within GRM is responsible for creating and managing the controls and governance procedures that ensure that risk taken is consistent with risk appetite constraints set by the Board. These controls include limits on probabilistic measures of potential loss such as Value-at-Risk, Stressed Value-at-Risk, Incremental Risk Charge and stress tests as defined below: Value-at-Risk (VaR) Stressed Value-at-Risk (SVaR) VaR and SVaR are statistical estimates based on historical market data and should be interpreted with knowledge of their limitations, which include the following: • VaR and SVaR will not be predictive of future losses if the realized market movements differ significantly from the historical periods used to compute them. • VaR and SVaR project potential losses over a one-day holding period and do not project potential losses for risk positions held over longer time periods. • VaR and SVaR are measured using positions at close of business and do not include the impact of trading and hedging activity over the course of a day. We validate our VaR and SVaR measures through a variety of means – including subjecting the models to vetting and validation by a group independent of the model developers and by back-testing the VaR against daily marked-to-market revenue to identify and examine events in which actual outcomes in trading revenue exceed the VaR projections. Incremental Risk Charge (IRC) Stress tests Market risk measures – FVTPL positions Market risk measures* Table 50 October 31, 2021 October 31, 2020 For the year ended For the year ended (Millions of Canadian dollars) As at Average High Low As at Average High Low Equity $ 24 $ 20 $ 38 $ 12 $ 23 $ 33 $ 64 $ 13 Foreign exchange 4 4 6 2 3 3 6 1 Commodities 3 3 4 2 3 3 7 1 Interest rate (1) 61 44 64 21 47 54 178 11 Credit specific (2) 9 8 11 6 7 6 7 4 Diversification (3) (51 ) (35 ) n.m. n.m. (18 ) (25 ) n.m. n.m. Market risk VaR $ 50 $ 44 $ 72 $ 23 $ 65 $ 74 $ 232 $ 18 Market risk Stressed VaR $ 59 $ 53 $ 101 $ 29 $ 86 $ 109 $ 228 $ 49 * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. (1) General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. (2) Credit specific risk captures issuer-specific credit spread volatility. (3) Market risk VaR is less than the sum of the individual risk factor VaR results due to risk factor diversification. n.m. not meaningful Market risk controls – Interest Rate Risk in the Banking Book (IRRBB) positions 1 IRRBB arises primarily from traditional customer-originated banking products such as deposits and loans, and includes related hedges and interest rate risk from securities held for liquidity management purposes. Factors contributing to IRRBB include mismatches between asset and liability repricing dates, relative changes in asset and liability rates in response to market rate scenarios, and other product features affecting the expected timing of cash flows, such as options to pre-pay loans or redeem term deposits prior to contractual maturity. IRRBB sensitivities are regularly measured and reported, and subject to limits and controls with independent oversight from GRM. The Board approves the risk appetite for IRRBB, and the Asset-Liability Committee (ALCO) and GRM provide ongoing governance through IRRBB risk policies, limits, operating standards and other controls. IRRBB reports are reviewed regularly by GRM, ALCO, the GRC, the Risk Committee of the Board and the Board. IRRBB measurement To monitor and control IRRBB, we assess two primary metrics, Net Interest Income (NII) risk and Economic Value of Equity (EVE) risk, under a range of market shocks, scenarios, and time horizons. Market scenarios include currency-specific parallel and non-parallel yield curve changes, interest rate volatility shocks, and interest rate shock scenarios prescribed by regulators. In measuring NII risk, detailed banking book balance sheets and income statements are dynamically simulated to estimate the impact of market stress scenarios on projected NII. Assets, liabilities and off-balance sheet positions are simulated over various time horizons. The simulations incorporate maturities, renewals, and new originations along with prepayment and redemption behaviour. Product pricing and volumes are forecast based on past experience to determine response expectations under a given market shock scenario. EVE risk captures the market value sensitivity to changes in rates. In measuring EVE risk, deterministic (single-scenario) and stochastic (multiple-scenario) valuation techniques are applied to spot position data. NII and EVE risks are measured for a range of market risk stress scenarios which include extreme but plausible changes in market rates and volatilities. IRRBB measures do not include beneficial management actions that could be taken to reduce exposures. Management of NII and EVE risk is complementary and supports our efforts to generate a sustainable high-quality NII stream. NII and EVE risks for specific units are measured daily, weekly or monthly depending on materiality, complexity and hedge strategy. A number of assumptions affecting cash flows, product re-pricing and the administration of rates underlie the models used to measure NII and EVE risk. The key assumptions pertain to the expected funding profile of mortgage rate commitments, fixed-rate loan prepayment behaviour, term deposit redemption behaviour, and the treatment of non-maturity deposits. All assumptions are derived empirically based on historical client behaviour and product pricing with consideration of possible forward-looking changes. All models and assumptions used to measure IRRBB are subject to independent oversight by GRM. Market risk measures – IRRBB Sensitivities The following table shows the potential before-tax impact of an immediate and sustained 100 bps increase or decrease in interest rates on projected 12-month NII and EVE, assuming no subsequent hedging. Rate floors are applied within the declining rates scenarios which prevent EVE valuation and NII simulation rate levels from falling below a minimum average level of negative 25 bps across major currencies. Interest rate risk measures are based on current on and off-balance sheet positions which can change over time in response to business activity and management actions. Market risk – IRRBB measures* Table 51 October 31 2021 October 31 2020 EVE risk NII risk (Millions of Canadian dollars) Canadian U.S. dollar Total Canadian U.S. dollar Total EVE risk NII risk (1) Before-tax impact of: 100 bps increase in rate s $ (1,641 ) $ (368 ) $ (2,009 ) $ 571 $ 358 $ 929 $ (1,756 ) $ 818 100 bps decrease in rate s 1,540 (3 ) 1,537 (603 ) (318 ) (921 ) 1,321 (621 ) * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. (1) Represents the 12-month NII exposure to an instantaneous and sustained shift in interest rates . Non-trading foreign exchange rate risk Foreign exchange rate risk is the potential adverse impact on earnings and economic value due to changes in foreign currency rates. Our revenue, expenses and income denominated in currencies other than the Canadian dollar are subject to fluctuations as a result of changes in the value of the average Canadian dollar relative to the average value of those currencies. Our most significant exposure is to the U.S. dollar, due to our operations in the U.S. and other activities conducted in U.S. dollars. Other significant exposures are to the British pound and the Euro, due to our activities conducted internationally in these currencies. A strengthening or weakening of the Canadian dollar compared to the U.S. dollar, British pound and the Euro could reduce or increase, as applicable, the translated value of our foreign currency denominated revenue, expenses and earnings and could have a significant effect on the results of our operations. We are also exposed to foreign exchange rate risk arising from our investments in foreign operations. For unhedged equity investments, when the Canadian dollar appreciates against other currencies, the unrealized translation losses on net foreign investments decreases our shareholders’ equity through the other components of equity and decreases the translated value of the RWA of the foreign currency-denominated asset. The reverse is true when the Canadian dollar depreciates against other currencies. Consequently, we consider these impacts in selecting an appropriate level of our investments in foreign operations to be hedged. Liquidity and funding risk Liquidity and funding risk (liquidity risk) is the risk that we may be unable to generate sufficient cash or its equivalents in a timely and cost-effective manner to meet our commitments. Liquidity risk arises from mismatches in the timing and value of on-balance sheet and off-balance sheet cash flows. Our liquidity profile is structured to ensure that we have sufficient liquidity to satisfy current and prospective commitments in both normal and stressed conditions. To achieve this goal, we operate under a comprehensive Liquidity Risk Management Framework (LRMF) and Pledging Policy. We also employ several liquidity risk mitigation strategies that include: • Achieving an appropriate balance between the level of exposure allowed under our risk appetite and the cost of risk mitigation; • Maintaining broad funding access, including preserving and promoting a reliable base of core client deposits and ongoing access to diversified wholesale funding sources; • A comprehensive liquidity stress testing program, contingency, recovery and resolution planning and status monitoring to ensure sufficiency of unencumbered marketable securities and demonstrated capacity to monetize specific asset classes; • Governance of pledging activity through limits and liquid asset buffers for potential pledging activity; • Timely and granular risk measurement information; • Transparent liquidity transfer pricing and cost allocation; and • Our three lines of defense governance model. Risk control Our liquidity risk objectives, policies, models and methodologies are reviewed regularly, and are updated to reflect changing market conditions and business mix. This includes aligning with local regulatory developments. We continue to maintain liquidity and funding that is appropriate for the execution of our strategy. Liquidity risk remains well within our risk appetite. The Board annually approves the enterprise liquidity risk appetite recommended by the Risk Committee of the Board. The Risk Committee of the Board reviews and recommends the liquidity risk appetite and approves the LRMF. The Board, the Risk Committee of the Board, the GRC and the ALCO regularly review reporting on our consolidated liquidity position. The GRC, the Policy Review Committee (PRC) and/or the ALCO also review liquidity documents prepared for the Board or its committees. • The PRC approves the Liquidity Risk Policy, which establishes minimum risk control elements in accordance with the Board-approved risk appetite and the LRMF, and the Pledging Policy, which outlines the requirements and authorities for the management of our pledging activities. • The ALCO annually approves the Enterprise Liquidity Contingency Plan (ELCP) and provides strategic direction and oversight to Corporate Treasury, other functions, and business segments on the management of liquidity. These policies are supported by operational, desk and product-level policies that implement risk control elements, such as parameters, methodologies, management limits and authorities that govern the measurement and management of liquidity. Stress testing is also employed to assess the robustness of the control framework and inform liquidity contingency plans. Risk measurement Liquidity risk is measured by applying scenario-specific assumptions against our assets and liabilities and off-balance sheet commitments to derive expected cash flow profiles over varying time horizons. For example, government bonds generally can be quickly and easily converted to cash without significant loss of value regardless of their contractual maturity. Similarly, while relationship-based deposits contractually can be withdrawn immediately, in practice, these balances can be relatively stable sources of funding depending on several factors, such as the nature of the client and their intended use. Risk methodologies and underlying assumptions are periodically reviewed and validated to ensure their alignment with our operating environment, expected economic and market conditions, rating agency preferences, regulatory requirements and generally accepted industry practices. To manage liquidity risk within our liquidity risk appetite, we set limits on various metrics reflecting a range of time horizons and severity of stress conditions and develop contingency, recovery and resolution plans. Our liquidity risk measurement and control activities are divided into three categories as follows: Structural (longer-term) liquidity risk To guide our secured and unsecured wholesale term funding activities, we employ both internal and regulatory metrics to manage and control the structural alignment between long-term illiquid assets and longer-term funding sourced from wholesale investors and core relationship deposits. Tactical (shorter-term) liquidity risk To address potential immediate cash flow risks in times of stress, we use short-term net cash flow limits to control risk of material units, subsidiaries and currencies, and perform stress testing assessments. Net cash flow positions are determined by applying internally-derived risk assumptions and parameters to known and anticipated cash flows for all material unencumbered assets, liabilities and off-balance sheet activities. Encumbered assets are not considered a source of available liquidity. We also control tactical liquidity by adhering to relevant regulatory standards, such as LCR. Contingency liquidity risk Contingency liquidity risk planning assesses the impact of sudden stress events and our plan |
General information
General information | 12 Months Ended |
Oct. 31, 2021 | |
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General information | Note 1 General information Royal Bank of Canada and its subsidiaries (the Bank) provide diversified financial services including Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets products and services on a global basis. Refer to Note 26 for further details on our business segments. The parent bank, Royal Bank of Canada, is a Schedule I Bank under the Bank Act These Consolidated Financial Statements are prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Unless otherwise stated, monetary amounts are stated in Canadian dollars. Tabular information is stated in millions of dollars, except as noted. These Consolidated Financial Statements also comply with Subsection 308 of the Bank Act On November 30, 2021, the Board of Directors authorized the Consolidated Financial Statements for issue. |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of significant accounting policies, estimates and judgments | Note 2 Summary of significant accounting policies, estimates and judgments The significant accounting policies used in the preparation of these Consolidated Financial Statements, including the accounting requirements prescribed by OSFI, are summarized below. These accounting policies conform, in all material respects, to IFRS. Except where otherwise noted, the same accounting policies have been applied to all periods presented. General Use of estimates and assumptions In preparing our Consolidated Financial Statements, management is required to make subjective estimates and assumptions that affect the reported amount of assets, liabilities, net income and related disclosures. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key sources of estimation uncertainty include: determination of fair value of financial instruments, the allowance for credit losses, insurance claims and policy benefit liabilities, pensions and other post-employment benefits, income taxes, carrying value of goodwill and other intangible assets, and litigation provisions. Accordingly, actual results may differ from these and other estimates thereby impacting our future Consolidated Financial Statements. Refer to the relevant accounting policies in this Note for details on our use of estimates and assumptions. Significant judgments In preparation of these Consolidated Financial Statements, management is required to make significant judgments that affect the carrying amounts of certain assets and liabilities, and the reported amounts of revenues and expenses recorded during the period. The COVID-19 COVID-19 Significant judgments have been made in the following areas and discussed as noted in the Consolidated Financial Statements: Consolidation of structured entities Note 2 Note 7 Application of the effective interest method Note 2 Fair value of financial instruments Note 2 Note 3 Derecognition of financial assets Note 2 Note 6 Allowance for credit losses Note 2 Note 4 Note 5 Income taxes Note 2 Note 21 Employee benefits Note 2 Note 16 Provisions Note 2 Note 23 Note 24 Goodwill and other intangibles Note 2 Note 10 Basis of consolidation Our Consolidated Financial Statements include the assets and liabilities and results of operations of the parent company, Royal Bank of Canada, and its subsidiaries including certain structured entities, after elimination of intercompany transactions, balances, revenues and expenses. Consolidation Subsidiaries are those entities, including structured entities, over which we have control. We control an entity when we are exposed, or have rights, to variable returns from our involvement with the entity and have the ability to affect those returns through our power over the investee. We have power over an entity when we have existing rights that give us the current ability to direct the activities that most significantly affect the entity’s returns (relevant activities). Power may be determined on the basis of voting rights or, in the case of structured entities, other contractual arrangements. We are not deemed to control an entity when we exercise power over an entity in an agency capacity. In determining whether we are acting as an agent, we consider the overall relationship between us, the investee and other parties to the arrangement with respect to the following factors: (i) the scope of our decision-making power; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and (iv) our exposure to variability of returns. The determination of control is based on the current facts and circumstances and is continuously assessed. In some circumstances, different factors and conditions may indicate that different parties control an entity depending on whether those factors and conditions are assessed in isolation or in totality. Significant judgment is applied in assessing the relevant factors and conditions in totality when determining whether we control an entity. Specifically, judgment is applied in assessing whether we have substantive decision-making rights over the relevant activities and whether we are exercising our power as a principal or an agent. We consolidate all subsidiaries from the date we obtain control and cease consolidation when an entity is no longer controlled by us. Our consolidation conclusions affect the classification and amount of assets, liabilities, revenues and expenses reported in our Consolidated Financial Statements. Non-controlling non-controlling Investments in joint ventures and associates Our investments in associated corporations and limited partnerships over which we have significant influence are accounted for using the equity method. The equity method is also applied to our interests in joint ventures over which we have joint control. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of the investee’s net profit or loss, including our proportionate share of the investee’s Other comprehensive income (OCI), subsequent to the date of acquisition. Non-current Non-current Non-current A disposal group is classified as a discontinued operation if it meets the following conditions: (i) it is a component that can be distinguished operationally and financially from the rest of our operations and (ii) it represents either a separate major line of business or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Disposal groups classified as discontinued operations are presented separately from our continuing operations in our Consolidated Statements of Income. 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 ABRs. Progress in and risks arising from the transition to ABRs To manage our transition to ABRs, we have implemented a comprehensive enterprise-wide program and governance structure that addresses the key areas of impact including contract remediation, funding and liquidity planning, risk management, financial reporting and valuation, systems, processes and client education and communication. Transition activities are focused on two broad streams of work: (i) developing new ABR linked products, and (ii) conversion of existing LIBOR based contracts to ABRs. Our program timelines are ultimately dependent on broader market acceptance of products that reference the new ABRs 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 continue to work towards the recommended target dates for the cessation of LIBOR-based products provided by our regulators and are on track with our transition activities to move to ABRs. These target dates reflect the announcement made on March 5, 2021 when the Financial Conduct Authority, the regulator of the ICE Benchmark Administration (IBA) which administers LIBOR, announced the permanent cessation or loss of representativeness of all 35 LIBOR settings currently published by the IBA. As a result of this announcement, GBP LIBOR settings to which we have significant exposure will cease or lose their representativeness after December 31, 2021. USD LIBOR settings to which we have significant exposure will predominantly cease or lose their representativeness after June 30, 2023. The following tables show the Bank’s significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to ABRs and maturing after December 31, 2021 for non-USD LIBOR instruments and after June 30, 2023 for USD LIBOR instruments. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at October 31, 2021 November 1, 2020 (1) (Millions of Canadian dollars) Non-derivative (2) Non-derivative (3) Derivative (4) Non-derivative (2) Non-derivative (3) Derivative (4) USD LIBOR $ 68,325 $ 1,420 $ 4,533,965 $ 57,432 $ 941 $ 3,368,307 GBP LIBOR 3,250 1,175 2,308,125 7,518 1,227 1,773,893 Other IBOR currencies 340 2,260 92,401 324 2,456 263,299 $ 71,915 $ 4,855 $ 6,934,491 $ 65,274 $ 4,624 $ 5,405,499 Cross currency swaps USD LIBOR – GBP LIBOR n.a. n.a. $ 507,437 n.a. n.a. $ 384,263 Other combinations n.a. n.a. 67,404 n.a. n.a. 52,875 n.a. n.a. $ 574,841 n.a. n.a. $ 437,138 $ 71,915 $ 4,855 $ 7,509,332 $ 65,274 $ 4,624 $ 5,842,637 (1) Amounts have been updated from those previously presented to reflect the regulatory developments related to the USD LIBOR cessation date. (2) Non-derivative assets represent the drawn outstanding balance of Loans and the fair value of Securities. (3) Non-derivative liabilities represent Deposits. (4) 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. As at (Millions of Canadian dollars) October 31, 2021 November 1, 2020 (1) Authorized and committed undrawn commitments USD LIBOR $ 122,437 $ 82,054 GBP LIBOR 3,026 7,533 Other IBOR currencies 5 1,370 $ 125,468 $ 90,957 (1) Amounts have been updated from those previously presented to reflect the regulatory developments related to the USD LIBOR cessation date. 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. Financial Instruments Classification of financial assets Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell All other debt instruments are measured at FVTPL. Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of Management’s Discussion and Analysis, and the activities undertaken to manage those risks; • Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models fall into three categories, which are indicative of the key strategies used to generate returns: • HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent. • HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model. • Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading SPPI assessment Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. Securities Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded as Trading revenue or Non-interest Investment securities include all securities classified as FVOCI and amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in interest income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses (PCL). When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as Net gains on Investment securities in Non-interest Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in PCL and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gains on Investment securities in Non-interest Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest income. We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest Fair value option A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an accounting mismatch). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial Financial assets designated as FVTPL are recorded at fair value and any unrealized gain or loss arising due to changes in fair value is included in Trading revenue or Non-interest Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI will not be reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Trading revenue or Note 2 Summary of significant accounting policies, estimates and judgments (continued) Non-interest h Determination of fair value The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine fair value by incorporating all factors that market participants would consider in setting a price, including commonly accepted valuation approaches. The Board of Directors provides oversight on valuation of financial instruments, primarily through the Audit Committee and Risk Committee. The Audit Committee reviews the presentation and disclosure of financial instruments that are measured at fair value, while the Risk Committee assesses the adequacy of governance structures and control processes for the valuation of these instruments. We have established policies, procedures and controls for valuation methodologies and techniques to ensure that fair value is reasonably estimated. Major valuation processes and controls include, but are not limited to, profit and loss decomposition, independent price verification (IPV) and model validation standards. These control processes are managed by either Finance or Group Risk Management and are independent of the relevant businesses and their trading functions. Profit and loss decomposition is a process to explain the fair value changes of certain positions and is performed daily for trading portfolios. All fair value instruments are subject to IPV, a process whereby trading function valuations are verified against external market prices and other relevant market data. Market data sources include traded prices, brokers and price vendors. We give priority to those third-party pricing services and prices having the highest and most consistent accuracy. The level of accuracy is determined over time by comparing third-party price values to traders’ or system values, to other pricing service values and, when available, to actual trade data. Quoted prices for identical instruments from pricing services or brokers are generally not adjusted unless there are issues such as stale prices. If multiple quotes for identical instruments are received, fair value is based on an average of the prices received or the quote from the most reliable vendor, after the outlier prices that fall outside of the pricing range are removed. Other valuation techniques are used when a price or quote is not available. Some valuation processes use models to determine fair value. We have a systematic and consistent approach to control the use of models. Valuation models are approved for use within our model risk management framework. The framework addresses, among other things, model development standards, validation processes and procedures and approval authorities. Model validation ensures that a model is suitable for its intended use and sets parameters for its use. All models are revalidated regularly by qualified personnel who are independent of the model design and development. Annually our model risk profile is reported to the Board of Directors. IFRS 13 Fair Value Measurement We record valuation adjustments to appropriately reflect counterparty credit quality of our derivative portfolio, differences between the actual counterparty collateral discount curve and standard overnight index swap (OIS) discounting for collateralized derivatives, funding valuation adjustments (FVA) for uncollateralized and under-collateralized over-the-counter bid-offer Non-interest Valuation adjustments are recorded for the credit risk of our derivative portfolios in order to arrive at their fair values. Credit valuation adjustments (CVA) take into account our counterparties’ creditworthiness, the current and potential future mark-to-market Non-interest FVA are also calculated to incorporate the cost and benefit of funding in the valuation of uncollateralized and under-collateralized OTC derivatives. Future expected cash flows of these derivatives are discounted to reflect the cost and benefit of funding the derivatives by using a funding curve, implied volatilities and correlations as inputs. Where required, a valuation adjustment is made to reflect the unrealized gain or loss at inception of a financial instrument contract where the fair value of that financial instrument is not obtained from a quoted market price or cannot be evidenced by other observable market transactions based on a valuation technique incorporating observable market data. A bid-offer mid-market mid-market Some valuation models require parameter calibration from such factors as market observable option prices. The calibration of parameters may be sensitive to factors such as the choice of instruments or optimization methodology. A valuation adjustment is also estimated to mitigate the uncertainties of parameter calibration and model limitations. In determining fair value, a hierarchy is used which prioritizes the inputs to valuation techniques. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Determination of fair value based on this hierarchy requires the use of observable market data whenever available. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model inputs that are either observable, or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are one or more inputs that are unobservable and significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available at the measurement date. The availability of inputs for valuation may affect the selection of valuation techniques. The classification of a financial instrument in the hierarchy for disclosure purposes is based upon the lowest level of input that is significant to the measurement of fair value. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. For more complex or illiquid instruments, significant judgment is required in the determination of the model used, the selection of model inputs, and in some cases the application of valuation adjustments to the model value or quoted price for inactively traded financial instruments, as the selection of model inputs may be subjective and the inputs may be unobservable. Unobservable inputs are inherently uncertain as there is little or no market data available from which to determine the level at which the transaction would occur under normal business circumstances. Appropriate parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation adjustments are assessed in all such instances. Loans Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses. Interest on loans is recognized in Interest income using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below. Allowance for credit losses An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans measured at amortized cost is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets. Off-balance off-balance We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model: • Performing financial assets • Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date. • Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. • Impaired financial assets • Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount. The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable. Increases or decreases in the required ACL attributable to model changes and new originations, sales or maturities, and changes in risk, parameters and exposures due to changes in loss expectations or stage transfers are recorded in PCL. Write-offs and recoveries of amounts previously written off are recorded against ACL. The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three Measurement of expected credit losses Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information including internal and external ratings, historical credit loss experience, and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s PD, loss given default (LGD), and EAD discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument. An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modeled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses. For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature. Expected credit losses are discounted to the reporting period date using the effective interest rate. Expected life For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provi |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Oct. 31, 2021 | |
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Fair value of financial instruments | Note 3 Fair value of financial instruments Carrying value and fair value of financial instruments The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. For measurement purposes, they are carried at fair value when conditions requiring separation are met. As at October 31, 2021 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 56,896 $ – $ – $ 22,742 $ 22,742 $ 79,638 $ 79,638 Securities Trading 125,801 13,439 – – – – 139,240 139,240 Investment, net of applicable allowance – – 77,802 533 67,149 66,823 145,484 145,158 125,801 13,439 77,802 533 67,149 66,823 284,724 284,398 Assets purchased under reverse repurchase agreements and securities borrowed 265,011 – – – 42,892 42,892 307,903 307,903 Loans, net of applicable allowance Retail – 241 327 – 500,621 502,277 501,189 502,845 Wholesale 8,428 2,769 813 – 204,376 204,683 216,386 216,693 8,428 3,010 1,140 — 704,997 706,960 717,575 719,538 Other Derivatives 95,541 – – – – – 95,541 95,541 Other assets (1) 4,109 – – – 58,483 58,483 62,592 62,592 Financial liabilities Deposits Personal $ 321 $ 18,328 $ 343,839 $ 344,040 $ 362,488 $ 362,689 Business and government (2) 739 131,630 563,984 565,106 696,353 697,475 Bank (3) – 17,251 24,739 24,743 41,990 41,994 1,060 167,209 932,562 933,889 1,100,831 1,102,158 Other Obligations related to securities sold short 37,841 – – – 37,841 37,841 Obligations related to assets sold under repurchase agreements and securities loaned – 236,147 26,054 26,054 262,201 262,201 Derivatives 91,439 – – – 91,439 91,439 Other liabilities (4) 654 171 64,746 64,749 65,571 65,574 Subordinated debentures – – 9,593 9,601 9,593 9,601 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 Total 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. Financial assets designated as fair value through profit or loss For our financial assets designated as FVTPL, we measure the change in fair value attributable to changes in credit risk as the difference between the total change in the fair value of the instrument during the period and the change in fair value calculated using the appropriate risk-free yield curves. For the year ended October 31, 2021, the change in fair value during the period attributable to changes in credit risk for positions still held was a gain gain Financial liabilities designated as fair value through profit or loss For our financial liabilities designated as FVTPL, we take into account changes in our own credit spread and the expected duration of the instrument to measure the change in fair value attributable to changes in credit risk. As at or for the year ended October 31, 2021 Contractual amount Carrying value Difference maturity amount Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative Term deposits Personal $ 18,205 $ 18,328 $ 123 $ (17 ) $ 72 Business and government (3) 131,830 131,630 (200 ) (75 ) 416 Bank (4) 17,253 17,251 (2 ) – – 167,288 167,209 (79 ) (92 ) 488 Obligations related to assets sold under repurchase agreements and securities loaned 236,164 236,147 (17 ) (8 ) – Other liabilities 171 171 – – – $ 403,623 $ 403,527 $ (96 ) $ (100 ) $ 488 As at or for the year ended October 31, 2020 (1) Contractual amount Carrying value Difference maturity amount Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative (2) Term deposits Personal $ 17,279 $ 17,096 $ (183 ) $ 67 $ 89 Business and government (3) 106,153 107,466 1,313 281 491 Bank (4) 18,016 18,015 (1 ) – – 141,448 142,577 1,129 348 580 Obligations related to assets sold under repurchase agreements and securities loaned 255,908 255,922 14 8 8 Other liabilities 86 86 – – – $ 397,442 $ 398,585 $ 1,143 $ 356 $ 588 (1) There are no significant changes in fair value attributable to changes in credit risk included in net income for positions still held. (2) The cumulative change is measured from the initial designation of the liabilities as FVTPL. For the year ended October 31, 2021, $25 million of fair value losses previously included in OCI relate to financial liabilities derecognized during the year (October 31, 2020 – (3) Business and government term deposits include amounts from regulated deposit-taking institutions other than regulated banks. (4) Bank term deposits refer to amounts from regulated banks and central banks. Net gains (losses) from financial instruments classified and designated as fair value through profit or loss Financial instruments classified as FVTPL, which includes mainly trading securities, derivatives, trading liabilities, and financial assets and liabilities designated as FVTPL are measured at fair value with realized and unrealized gains and losses recognized in Non-interest For the year ended (Millions of Canadian dollars) October 31 October 31 Net gains (losses) (1) Classified as fair value through profit or loss (2) $ 3,447 $ (69 ) Designated as fair value through profit or loss (3) (1,407 ) 1,533 $ 2,040 $ 1,464 By product line (1) Interest rate and credit (4) $ 1,033 $ 1,490 Equities 57 (501 ) Foreign exchange and commodities 950 475 $ 2,040 $ 1,464 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Net losses (2) Excludes derivatives designated in a hedging relationship. Refer to Note 8 for net gains (losses) on these derivatives. (3) For the year ended October 31, 2021, $1,408 million of net fair value losses Non-interest (4) Includes gains (losses) recognized on cross currency interest rate swaps. Net interest income from financial instruments Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income. For the year ended (Millions of Canadian dollars) October 31 October 31 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 4,551 $ 8,480 Financial instruments measured at fair value through other comprehensive income 375 957 Financial instruments measured at amortized cost 23,219 25,446 28,145 34,883 Interest expense (1) Financial instruments measured at fair value through profit or loss $ 2,865 $ 6,065 Financial instruments measured at amortized cost (3) 5,278 7,983 8,143 14,048 Net interest income $ 20,002 $ 20,835 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Interest income of $576 million (October 31, 2020 – $521 million), and Interest expense of $4 million (October 31, 2020 – $7 million). (2) Includes dividend income for the year ended October 31, 2021 of $2,436 million (October 31, 2020 – $2,670 million), which is presented in Interest and dividend income in the Consolidated Statements of Income. (3) Includes interest expense on lease liabilities for the year ended October 31, 2021 of $110 million (October 31, 2020 – $123 million) . Fee income arising from financial instruments For the year ended October 31, 2021, we earned $5,583 million million Non-interest Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at October 31, 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 $ – $ 56,896 $ – $ $ 56,896 $ – $ 21,603 $ – $ $ 21,603 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 8,977 2,380 – 11,357 12,773 3,012 – 15,785 Provincial and municipal – 11,068 – 11,068 – 11,562 – 11,562 U.S. federal, state, municipal and agencies (1) 215 22,738 25 22,978 1,508 35,029 44 36,581 Other OECD government (2) 2,729 5,730 – 8,459 3,085 3,380 – 6,465 Mortgage-backed securities (1) – 4 – 4 – 39 – 39 Asset-backed securities Non-CDO – 891 2 893 – 526 2 528 Corporate debt and other debt – 23,085 25 23,110 – 21,464 30 21,494 Equities 56,826 3,015 1,530 61,371 39,795 2,561 1,261 43,617 68,747 68,911 1,582 139,240 57,161 77,573 1,337 136,071 Investment Debt issued or guaranteed by: Canadian government (1) Federal 1,973 1,730 – 3,703 647 1,894 – 2,541 Provincial and municipal – 3,132 – 3,132 – 3,233 – 3,233 U.S. federal, state, municipal and agencies (1) 12 34,815 – 34,827 160 38,364 – 38,524 Other OECD government – 5,956 – 5,956 – 7,345 – 7,345 Mortgage-backed securities (1) – 2,727 20 2,747 – 2,343 27 2,370 Asset-backed securities CDO – 7,074 – 7,074 – 7,414 – 7,414 Non-CDO – 586 – 586 – 854 – 854 Corporate debt and other debt – 19,625 152 19,777 – 18,954 160 19,114 Equities 46 153 334 533 38 152 335 525 2,031 75,798 506 78,335 845 80,553 522 81,920 Assets purchased under reverse repurchase agreements and – 265,011 – 265,011 – 264,394 – 264,394 Loans – 11,501 1,077 12,578 – 8,747 1,070 9,817 Other Derivatives Interest rate contracts – 33,857 320 34,177 1 53,720 501 54,222 Foreign exchange contracts – 41,224 74 41,298 – 39,246 57 39,303 Credit derivatives – 34 – 34 – 463 – 463 Other contracts 3,175 17,955 26 21,156 4,458 16,767 36 21,261 Valuation adjustments – (819 ) 9 (810 ) – (1,112 ) 8 (1,104 ) Total gross derivatives 3,175 92,251 429 95,855 4,459 109,084 602 114,145 Netting adjustments (314 ) (314 ) (657 ) (657 ) Total derivatives 95,541 113,488 Other assets 1,474 2,635 – 4,109 1,154 2,207 53 3,414 $ 75,427 $ 573,003 $ 3,594 $ (314 ) $ 651,710 $ 63,619 $ 564,161 $ 3,584 $ (657 ) $ 630,707 Financial liabilities Deposits Personal $ – $ 18,498 $ 151 $ $ 18,649 $ – $ 17,061 $ 139 $ $ 17,200 Business and government – 132,369 – 132,369 – 107,855 – 107,855 Bank – 17,251 – 17,251 – 18,015 – 18,015 Other Obligations related to securities sold short 18,345 19,496 – 37,841 12,484 16,801 – 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 236,147 – 236,147 – 255,922 – 255,922 Derivatives Interest rate contracts – 28,566 955 29,521 – 46,723 1,089 47,812 Foreign exchange contracts – 40,484 27 40,511 – 38,210 35 38,245 Credit derivatives – 120 – 120 – 531 – 531 Other contracts 3,699 17,456 419 21,574 5,734 18,041 337 24,112 Valuation adjustments – 38 (11 ) 27 – (84 ) (32 ) (116 ) Total gross derivatives 3,699 86,664 1,390 91,753 5,734 103,421 1,429 110,584 Netting adjustments (314 ) (314 ) (657 ) (657 ) Total derivatives 91,439 109,927 Other liabilities 258 560 7 825 118 10 38 166 $ 22,302 $ 510,985 $ 1,548 $ (314 ) $ 534,521 $ 18,336 $ 519,085 $ 1,606 $ (657 ) $ 538,370 (1) As at October 31, 2021, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $13,124 million million million (2) Organisation for Economic Co-operation (3) Collateralized debt obligations (CDO). Fair values of our significant assets and liabilities measured on a recurring basis are determined and classified in the fair value hierarchy table using the following valuation techniques and inputs. Interest-bearing deposits with banks The majority of our Interest-bearing deposits with banks are designated as FVTPL. These FVTPL deposits are composed of short-dated deposits placed with banks, and are included in Interest-bearing deposits with banks in the fair value hierarchy table. The fair values of these instruments are determined using the discounted cash flow method. The inputs to the valuation models include interest rate swap curves and credit spreads, where applicable. They are classified as Level 2 instruments in the hierarchy as the inputs are observable. Government bonds (Canadian, U.S. and other OECD governments) Government bonds are included in Canadian government debt, U.S. federal, state, municipal and agencies debt, Other OECD government debt and Obligations related to securities sold short in the fair value hierarchy table. The fair values of government issued or guaranteed debt securities in active markets are determined by reference to recent transaction prices, broker quotes, or third-party vendor prices and are classified as Level 1 in the hierarchy. The fair values of securities that are not traded in active markets are based on either security prices, or valuation techniques using implied yields and risk spreads derived from prices of actively traded and similar government securities. Securities with observable prices or rate inputs as compared to transaction prices, dealer quotes or vendor prices are classified as Level 2 in the hierarchy. Securities where inputs are unobservable are classified as Level 3 in the hierarchy. Corporate and U.S. municipal bonds The fair values of corporate and U.S. municipal bonds, which are included in Corporate debt and other debt, U.S. federal, state, municipal and agencies debt and Obligations related to securities sold short in the fair value hierarchy table, are determined using either recently executed transaction prices, broker quotes, pricing services, or in certain instances, the discounted cash flow method using rate inputs such as benchmark yields (CDOR, LIBOR and other similar reference rates) and risk spreads of comparable securities. Securities with observable prices or rate inputs are classified as Level 2 in the hierarchy. Securities where inputs are unobservable are classified as Level 3 in the hierarchy. Asset-backed securities and Mortgage-backed securities Asset-backed securities (ABS) and MBS are included in Asset-backed securities, Mortgage-backed securities, Canadian government debt, U.S. federal, state, municipal and agencies debt, and Obligations related to securities sold short in the fair value hierarchy table. Inputs for valuation of ABS and MBS are, when available, traded prices, dealer or lead manager quotes, broker quotes and vendor prices of the identical securities. When prices of the identical securities are not readily available, we use industry standard models with inputs such as discount margins, yields, default, prepayment and loss severity rates that are implied from transaction prices, dealer quotes or vendor prices of comparable instruments. Where security prices and inputs are observable, ABS and MBS are classified as Level 2 in the hierarchy. Otherwise, they are classified as Level 3 in the hierarchy. Equities Equities consist of listed and unlisted common shares, private equities, mutual funds and hedge funds with certain redemption restrictions and are included in equities and obligations for securities sold short. The fair values of common shares are based on quoted prices in active markets, where available, and are classified as Level 1 in the hierarchy. Where quoted prices in active markets are not readily available, fair value is determined based on quoted market prices for similar securities or through valuation techniques, such as multiples of earnings and the discounted cash flow method with forecasted cash flows and discount rate as inputs. Private equities are classified as Level 3 in the hierarchy as their inputs are not observable. Hedge funds are valued using Net Asset Values (NAV). If we can redeem a hedge fund at NAV prior to the next quarter end, the fund is classified as Level 2 in the hierarchy. Otherwise, it is classified as Level 3 in the hierarchy. Loans Loans include base metal loans, corporate loans, banker acceptances and asset-backed financing loans. Fair values are determined based on market prices, if available, or discounted cash flow method using the following inputs: market interest rates, base metal commodity prices, market based spreads of assets with similar credit ratings and terms to maturity, LGD, expected default frequency implied from credit derivative prices, if available, and relevant pricing information such as contractual rate, origination and maturity dates, redemption price, coupon payment frequency and day count convention. Loans with market prices or observable inputs are classified as Level 2 in the hierarchy and loans with unobservable inputs that have significant impacts on the fair values are classified as Level 3 in the hierarchy. Derivatives The fair values of exchange-traded derivatives, such as interest rate and equity options and futures, are based on quoted market prices and are typically classified as Level 1 in the hierarchy. OTC derivatives primarily consist of interest rate contracts, foreign exchange contracts and credit derivatives. The exchange-traded or OTC interest rate, foreign exchange and equity derivatives are included in Interest rate contracts, Foreign exchange contracts and Other contracts, respectively, in the fair value hierarchy table. The fair values of OTC derivatives are determined using valuation models when quoted market prices or third-party consensus pricing information are not available. The valuation models, such as discounted cash flow method or Black-Scholes option model, incorporate observable or unobservable inputs for interest and foreign exchange rates, equity and commodity prices (including indices), credit spreads, corresponding market volatility levels, and other market-based pricing factors. Other adjustments to fair value include bid-offer, Securities borrowed or purchased under resale agreements and securities loaned or sold under repurchase agreements In the fair value hierarchy table, these instruments are included in Assets purchased und e of these contracts are determined using valuation techniques such as the discounted cash flow method using interest rate curves as inputs. They are classified as Level 2 instruments in the hierarchy as the inputs are observable. Deposits A majority of our deposits are measured at amortized cost but certain deposits are designated as FVTPL. These FVTPL deposits include deposits taken from clients, issuances of certificates of deposits and promissory notes, and interest rate and equity linked notes. The fair values of these instruments are determined using the discounted cash flow method and derivative option valuation models. The inputs to the valuation models include benchmark yield curves, credit spreads, interest rates, equity and interest rate volatility, dividends and correlation, where applicable. They are classified as Level 2 or 3 instruments in the hierarchy, depending on the significance of the unobservable credit spreads, volatility, dividend and correlation rates. Quantitative information about fair value measurements using significant unobservable inputs (Level 3 Instruments) The following table presents fair values of our significant Level 3 financial instruments, valuation techniques used to determine their fair values, ranges and weighted averages of unobservable inputs. As at October 31, 2021 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Inputs Corporate debt and related derivatives Price-based Prices $ 29.18 $ 127.09 $ 96.36 Corporate debt and other debt $ 27 Discounted cash flows Credit spread 1.15% 6.92% 4.04% Loans 1,077 Credit enhancement 11.92% 15.90% 13.25% Derivative related liabilities $ 9 Government debt and municipal bonds Price-based Prices n.a. n.a. n.a. Corporate debt and other debt 150 Discounted cash flows Yields 3.91% 8.17% 5.91% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 8.82X 26.00X 9.16X Equities 1,864 Price-based P/E multiples 9.40X 38.00X 10.96X Derivative related liabilities 2 Discounted cash flows EV/Rev multiples 1.14X 20.80X 5.40X Liquidity discounts (4) 10.00% 40.00% 16.40% Discount rate 10.65% 10.65% 10.65% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 0.13% 2.46% High Derivative related assets 367 Option pricing model CPI swap rates 1.76% 2.42% Even Derivative related liabilities 974 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (6), (7) Discounted cash flows Dividend yields 0.00% 6.37% Lower Derivative related assets 25 Option pricing model Equity (EQ)-EQ 32.00% 95.00% Middle Deposits 151 EQ-FX (60.60)% 27.30% Middle Derivative related liabilities 381 EQ volatilities 8.00% 128.00% Upper Other (8) Asset-backed securities 2 Derivative related assets 37 Other assets – Mortgage-backed securities 20 U.S. state, municipal and agencies debt 25 Derivative related liabilities 24 Other liabilities 7 Total $ 3,594 $ 1,548 As at October 31, 2020 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values (1), (2) Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Inputs Corporate debt and related derivatives Price-based Prices $ 1.33 $ 136.34 $ 94.23 Corporate debt and other debt $ 33 Discounted cash flows Credit spread 1.75% 14.10% 7.93% Loans 1,070 Credit enhancement 11.82% 15.75% 13.13% Derivative related liabilities $ 25 Government debt and municipal bonds Price-based Prices $ 64.62 $ 64.62 $ 64.62 Corporate debt and other debt 157 Discounted cash flows Yields 4.21% 7.89% 5.88% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 7.00X 15.38X 13.31X Equities 1,596 Price-based P/E multiples 9.40X 33.47X 19.10X Derivative related liabilities 10 Discounted cash flows EV/Rev multiples 1.61X 9.10X 2.04X Liquidity discounts (4) 10.00% 40.00% 16.40% Discount rate 10.52% 10.52% 10.52% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 1.20% 1.60% Even Derivative related assets 540 Option pricing model CPI swap rates 1.46% 1.83% Even Derivative related liabilities 1,103 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (6), (7) Discounted cash flows Dividend yields 0.00% 11.38% Lower Derivative related assets 36 Option pricing model Equity (EQ)-EQ correlations 21.90% 97.00% Middle Deposits 139 EQ-FX (71.40)% 45.10% Middle Derivative related liabilities 238 EQ volatilities 9.00% 176.00% Upper Other (8) Asset-backed securities 2 Derivative related assets 26 Other assets 53 Mortgage-backed securities 27 U.S. state, municipal and agencies debt 44 Derivative related liabilities 53 Other liabilities 38 Total $ 3,584 $ 1,606 (1) The low and high input values represent the actual highest and lowest level inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the different underlying instruments within the product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. Where provided, the weighted average of the input values is calculated based on the relative fair values of the instruments within the product category. The weighted averages for derivatives are not presented in the table as they would not provide a comparable metric; instead, distribution of significant unobservable inputs within the range for each product category is indicated in the table. (2) Price-based inputs are significant for certain debt securities and are based on external benchmarks, comparable proxy instruments or pre-quarter-end (3) The significant unobservable inputs include (4) Fair value of securities with liquidity discount inputs totalled $385 million (October 31, 2020 – $286 million). (5) NAV of a hedge fund is total fair value of assets less liabilities divided by the number of fund units. Private equities are valued based on NAV or valuation techniques. The range for NAV per unit or price per share has not been disclosed for the hedge funds or private equities due to the dispersion of prices given the diverse nature of the investments. (6) The level of aggregation and diversity within each derivative instrument category may result in certain ranges of inputs being wide and inputs being unevenly distributed across the range. In the table, we indicated whether the majority of the inputs are concentrated toward the upper, middle, or lower end of the range, or evenly distributed throughout the range. (7) The structured notes contain embedded equity or interest rate derivatives with unobservable inputs that are similar to those of the equity or interest rate derivatives. (8) Other primarily includes certain insignificant instruments such as auction rate securities, commodity derivatives, foreign exchange derivatives, contingent considerations, bank-owned life insurance and retractable shares. n.a. not applicable Sensitivity to unobservable inputs and interrelationships between unobservable inputs Yield, credit spreads/discount margins A financial instrument’s yield is the interest rate used to discount future cash flows in a valuation model. An increase in the yield, in isolation, would result in a decrease in a fair value measurement and vice versa. A credit spread/discount margin is the difference between a debt instrument’s yield and a benchmark instrument’s yield. Benchmark instruments have high credit quality ratings, similar maturities and are often government bonds. The credit spread/discount margin therefore represents the discount rate used to determine the present value of future cash flows of an asset to reflect the market return required for uncertainty in the estimated cash flows. The credit spread/discount margin for an instrument forms part of the yield used in a discounted cash flow method. Funding spread Funding spreads are credit spreads specific to funding or deposit rates. A decrease in funding spreads, on its own, will increase the fair value of our liabilities, and vice versa. Default rates A default rate is the rate at which borrowers fail to make scheduled loan payments. A decrease in the default rate will typically increase the fair value of the loan, and vice versa. This effect will be significantly more pronounced for a non-government Prepayment rates A prepayment rate is the rate at which a loan will be repaid in advance of its expected amortization schedule. Prepayments change the future cash flows of a loan. An increase in the prepayment rate in isolation will result in an increase in fair value when the loan interest rate is lower than the current reinvestment rate, and a decrease in the prepayment rate in isolation will result in a decrease in fair value when the loan interest rate is lower than the current reinvestment rate. Prepayment rates are generally negatively correlated with interest rates. Recovery and loss severity rates A recovery rate is an estimation of the amount that can be collected in a loan default scenario. The recovery rate is the recovered amount divided by the loan balance due, expressed as a percentage. The inverse concept of recovery is loss severity. Loss severity rate is an estimation of the loan amount not collected when a loan defaults. The loss severity rate is the loss amount divided by the loan balance due, expressed as a percentage. Generally, an increase in the recovery rate or a decrease in the loss severity rate will increase the loan fair value, and vice versa. Volatility rates Volatility measures the potential variability of future prices and is often measured as the standard deviation of price movements. Volatility is an input to option pricing models used to value derivatives and issued structured notes. Volatility is used in valuing equity, interest rate, commodity and foreign exchange options. A higher volatility rate means that the underlying price or rate movements are more likely to occur. Higher volatility rates may increase or decrease an option’s fair value depending on the option’s terms. The determination of volatility rates is dependent on various factors, including but not limited to, the underlying’s market price, the strike price and maturity. Dividend yields A dividend yield is the underlying equity’s expected dividends expressed as an annual percentage of its price. Dividend yield is used as an input for forward equity price and option models. Higher dividend yields will decrease the forward price, and vice versa. A higher dividend yield will increase or decrease an option’s value, depending on the option’s terms. Correlation rates Correlation is the linear relationship between the movements in two different variables. Correlation is an input to the valuation of derivative contracts and issued structured notes when an instrument’s payout is determined by correlated variables. When variables are positively correlated, an increase in one variable will result in an increase in the other variable. When variables are negatively correlated, an increase in one variable will result in a decrease in the other variable. The referenced variables can be within a single asset class or market (equity, interest rate, commodities, credit and foreign exchange) or between variables in different asset classes (equity to foreign exchange, or interest rate to foreign exchange). Changes in correlation will either increase or decrease a financial instrument’s fair value depending on the terms of the instrument. Interest rates An interest rate is the percentage amount charged on a principal or notional amount. Increasing interest rates will decrease the discounted cash flow value of a financial instrument, and vice versa. Consumer Price Index swap rates A CPI swap rate is expressed as a percentage of an increase in the average price of a basket of consumer goods and services, such as transportation, food and medical care. An increase in the CPI swap rate will cause inflation swap payments to be larger, and vice versa. EV/EBITDA multiples, P/E multiples, EV/Rev multiples, and liquidity discounts Private equity valuation inputs include EV/EBITDA multiples, P/E multiples and EV/Rev multiples. These are used to calculate either enterprise value or share value of a company based on a multiple of earnings or revenue estimates. Higher multiples equate to higher fair values for all multiple types, and vice versa. A liquidity discount may be applied when few or no transactions exist to support the valuations. Credit Enhancement Credit enhancement is an input to the valuation of securitized transa |
Securities
Securities | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Securities | Note 4 Securities Carrying value of securities As at October 31, 2021 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 1,244 $ 4,252 $ 6,187 $ 3,339 $ 7,403 $ – $ 22,425 U.S. federal, state, municipal and agencies 2,381 1,616 6,203 4,092 8,686 – 22,978 Other OECD government 2,049 2,073 1,231 294 2,812 – 8,459 Mortgage-backed securities – – – – 4 – 4 Asset-backed securities 288 27 275 116 187 – 893 Corporate debt and other debt Bankers’ acceptances 316 135 – – – – 451 Certificates of deposit – – – – – – – Other (3) 2,317 2,526 5,433 3,716 8,667 – 22,659 Equities 61,371 61,371 8,595 10,629 19,329 11,557 27,759 61,371 139,240 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost 161 1,180 1,382 592 526 – 3,841 Fair value 161 1,178 1,375 544 445 – 3,703 Yield (4) 0.4% 0.7% 1.8% 0.9% 2.4% – 1.3% Provincial and municipal Amortized cost 3 283 1,326 158 1,558 – 3,328 Fair value 3 283 1,322 158 1,366 – 3,132 Yield (4) 4.2% 2.6% 2.4% 1.7% 2.9% – 2.6% U.S. federal, state, municipal and agencies Amortized cost 1,131 5,010 7,960 2,380 18,197 – 34,678 Fair value 1,132 5,013 7,960 2,446 18,276 – 34,827 Yield (4) – 0.9% 0.4% 2.6% 1.3% – 1.1% Other OECD government Amortized cost 176 1,274 4,498 1 – – 5,949 Fair value 176 1,274 4,505 1 – – 5,956 Yield (4) 1.7% 1.0% 1.3% 3.9% – – 1.2% Mortgage–backed securities Amortized cost – – 56 55 2,646 – 2,757 Fair value – – 56 55 2,636 – 2,747 Yield (4) – – 1.2% 1.3% 1.2% – 1.2% Asset–backed securities Amortized cost – – – 4,719 2,935 – 7,654 Fair value – – – 4,719 2,941 – 7,660 Yield (4) – – – 1.2% 1.3% – 1.3% Corporate debt and other debt Amortized cost 5,965 2,597 9,676 1,451 42 – 19,731 Fair value 5,965 2,599 9,699 1,463 51 – 19,777 Yield (4) 0.9% 1.2% 1.5% 0.8% 3.6% – 1.2% Equities Cost 242 242 Fair value (5) 533 533 Amortized cost 7,436 10,344 24,898 9,356 25,904 242 78,180 Fair value 7,437 10,347 24,917 9,386 25,715 533 78,335 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 453 2,979 17,589 3,601 194 – 24,816 U.S. federal, state, municipal and agencies 1,093 274 3,718 2,767 19,559 – 27,411 Other OECD government 1,914 1,212 2,790 58 – – 5,974 Asset-backed securities – – 320 336 7 – 663 Corporate debt and other debt 1,133 2,072 4,424 633 23 – 8,285 Amortized cost, net of allowance 4,593 6,537 28,841 7,395 19,783 – 67,149 Fair value 4,597 6,567 28,701 7,311 19,647 – 66,823 Total carrying value of securities $ 20,625 $ 27,513 $ 73,087 $ 28,338 $ 73,257 $ 61,904 $ 284,724 As at October 31, 2020 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 2,301 $ 7,004 $ 6,054 $ 3,569 $ 8,419 $ – $ 27,347 U.S. federal, state, municipal and agencies 559 4,532 12,546 4,134 14,810 – 36,581 Other OECD government 56 695 3,010 584 2,120 – 6,465 Mortgage-backed securities – – – – 39 – 39 Asset-backed securities 3 164 82 181 98 – 528 Corporate debt and other debt Bankers’ acceptances 65 227 – – – – 292 Certificates of deposit 2 63 35 7 4 – 111 Other (3) 1,048 3,472 5,521 3,007 8,043 – 21,091 Equities 43,617 43,617 4,034 16,157 27,248 11,482 33,533 43,617 136,071 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost – 204 1,689 272 397 – 2,562 Fair value – 204 1,690 269 378 – 2,541 Yield (4) – 1.4% 1.4% 1.2% 1.4% – 1.4% Provincial and municipal Amortized cost 5 908 629 7 1,688 – 3,237 Fair value 5 911 630 8 1,679 – 3,233 Yield (4) 4.5% 1.3% 2.7% 4.3% 2.6% – 2.2% U.S. federal, state, municipal and agencies Amortized cost 1,772 9,736 8,777 2,227 16,011 – 38,523 Fair value 1,775 9,739 8,779 2,237 15,994 – 38,524 Yield (4) 0.1% 1.7% 1.1% 2.6% 2.2% – 1.7% Other OECD government Amortized cost 274 2,288 4,773 1 – – 7,336 Fair value 274 2,289 4,781 1 – – 7,345 Yield (4) 1.7% 2.4% 1.8% 3.6% – – 2.0% Mortgage-backed securities Amortized cost – – – 192 2,226 – 2,418 Fair value – – – 189 2,181 – 2,370 Yield (4) – – – 1.2% 1.2% – 1.2% Asset-backed securities Amortized cost – – 10 4,294 4,059 – 8,363 Fair value – – 10 4,247 4,011 – 8,268 Yield (4) – – 1.4% 1.4% 1.4% – 1.4% Corporate debt and other debt Amortized cost 2,670 5,796 10,425 92 58 – 19,041 Fair value 2,670 5,801 10,466 106 71 – 19,114 Yield (4) 0.9% 1.6% 1.5% 2.1% 2.4% – 1.5% Equities Cost 276 276 Fair value (5) 525 525 Amortized cost 4,721 18,932 26,303 7,085 24,439 276 81,756 Fair value 4,724 18,944 26,356 7,057 24,314 525 81,920 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 438 1,862 16,044 1,819 – – 20,163 U.S. federal, state, municipal and agencies 8 787 1,615 1,622 18,281 – 22,313 Other OECD government 2,178 2,045 2,643 – – – 6,866 Asset-backed securities – 1 159 – – – 160 Corporate debt and other debt 625 2,644 4,805 219 28 – 8,321 Amortized cost, net of allowance 3,249 7,339 25,266 3,660 18,309 – 57,823 Fair value 3,252 7,392 25,663 3,798 18,522 – 58,627 Total carrying value of securities $ 12,007 $ 42,440 $ 78,870 $ 22,199 $ 76,156 $ 44,142 $ 275,814 (1) Actual maturities may differ from contractual maturities shown above as borrowers may have the right to extend or prepay obligations with or without penalties. (2) Trading securities and FVOCI securities are recorded at fair value. Amortized cost securities, included in Investment securities, are recorded at amortized cost and presented net of allowance for credit losses. (3) Primarily composed of corporate debt, supra-national debt, and commercial paper. (4) The weighted average yield is derived using the contractual interest rate and the carrying value at the end of the year for the respective securities. (5) Certain equity securities that are not held-for-trading Unrealized gains and losses on securities at FVOCI (1), (2) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Cost/ Gross Gross Fair Cost/ Gross Gross Fair Debt issued or guaranteed by: Canadian government Federal (3) $ 3,841 $ 1 $ (139 ) $ 3,703 $ 2,562 $ 1 $ (22 ) $ 2,541 Provincial and municipal 3,328 3 (199 ) 3,132 3,237 27 (31 ) 3,233 U.S. federal, state, municipal and agencies (3) 34,678 353 (204 ) 34,827 38,523 323 (322 ) 38,524 Other OECD government 5,949 8 (1 ) 5,956 7,336 11 (2 ) 7,345 Mortgage-backed securities (3) 2,757 2 (12 ) 2,747 2,418 5 (53 ) 2,370 Asset-backed securities CDO 7,074 1 (1 ) 7,074 7,504 – (90 ) 7,414 Non-CDO 580 6 – 586 859 2 (7 ) 854 Corporate debt and other debt 19,731 57 (11 ) 19,777 19,041 76 (3 ) 19,114 Equities 242 292 (1 ) 533 276 253 (4 ) 525 $ 78,180 $ 723 $ (568 ) $ 78,335 $ 81,756 $ 698 $ (534 ) $ 81,920 (1) Excludes $67,149 million of held-to-collect (2) Gross unrealized gains and losses includes $(9) million of allowance for credit losses on debt securities at FVOCI as at October 31, 2021 (October 31, 2020 – $8 million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, Gross unrealized gains, Gross unrealized losses and Fair value related to commercial MBS are $2,603 million, $1 million, $12 million and $2,592 million, respectively as at October 31, 2021 (October 31, 2020 – $2,185 million, $nil, $48 million and $2,137 million, respectively). Allowance for credit losses on investment securities The following tables reconcile the opening and closing allowance for debt securities at FVOCI and amortized cost by stage. Reconciling items include the following: • Model changes, which generally comprise the impact of significant changes to the quantitative models used to estimate expected credit losses and any staging impacts that may arise. • Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance. • Purchases, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Sales and maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time. Allowance for credit losses – securities at FVOCI (1) For the year ended October 31, 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 (2) Total Balance at beginning of period $ 12 $ – $ (4 ) $ 8 $ 4 $ – $ (7 ) $ (3 ) Provision for credit losses Model changes (4 ) – – (4 ) – – – – Transfers to stage 1 1 (1 ) – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 8 – – 8 18 – – 18 Sales and maturities (10 ) (1 ) – (11 ) (13 ) – – (13 ) Changes in risk, parameters and exposures (4 ) 3 (9 ) (10 ) 3 – 4 7 Exchange rate and other (1 ) – 1 – – – (1 ) (1 ) Balance at end of period $ 2 $ 1 $ (12 ) $ (9 ) $ 12 $ – $ (4 ) $ 8 (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. (2) Reflects changes in the allowance for purchased credit impaired securities. Allowance for credit losses – securities at amortized cost For the year ended October 31, 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 Total Balance at beginning of period $ 10 $ 19 $ – $ 29 $ 5 $ 19 $ – $ 24 Provision for credit losses Model changes (4 ) – – (4 ) – – – – Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 9 – – 9 9 – – 9 Sales and maturities (1 ) – – (1 ) (2 ) – – (2 ) Changes in risk, parameters and exposures (9 ) 1 – (8 ) (2 ) 1 – (1 ) Exchange rate and other – (2 ) – (2 ) – (1 ) – (1 ) Balance at end of period $ 5 $ 18 $ – $ 23 $ 10 $ 19 $ – $ 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 outlined in the internal ratings maps in the Credit risk section of Management’s Discussion and Analysis. As at October 31, 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 $ 77,147 $ 82 $ – $ 77,229 $ 80,719 $ 87 $ – $ 80,806 Non-investment 423 – – 423 431 1 – 432 Impaired – – 150 150 – – 157 157 77,570 82 150 77,802 81,150 88 157 81,395 Items not subject to impairment (2) 533 525 $ 78,335 $ 81,920 Securities at amortized cost Investment grade $ 66,033 $ – $ – $ 66,033 $ 56,885 $ – $ – $ 56,885 Non-investment 928 211 – 1,139 647 320 – 967 Impaired – – – – – – – – 66,961 211 – 67,172 57,532 320 – 57,852 Allowance for credit losses 5 18 – 23 10 19 – 29 Amortized cost $ 66,956 $ 193 $ – $ 67,149 $ 57,522 $ 301 $ – $ 57,823 (1) Reflects $150 million of purchased credit impaired securities (October 31, 2020 – $157 million). (2) Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Loans and allowance for credit
Loans and allowance for credit losses | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Loans by geography and portfolio net of allowance As at October 31, 2021 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 354,169 $ 23,423 $ 2,740 $ 380,332 $ (416 ) $ 379,916 Personal 78,232 11,794 3,415 93,441 (973 ) 92,468 Credit cards (3) 17,235 384 203 17,822 (852 ) 16,970 Small business (4), (5) 12,003 – – 12,003 (168 ) 11,835 Wholesale (2), (5) 88,083 86,028 43,955 218,066 (1,680 ) 216,386 Total loans $ 549,722 $ 121,629 $ 50,313 $ 721,664 $ (4,089 ) $ 717,575 Undrawn loan commitments – Retail 240,242 3,713 1,989 245,944 (136 ) Undrawn loan commitments – Wholesale 107,070 189,177 75,331 371,578 (105 ) As at October 31, 2020 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 319,287 $ 20,331 $ 2,979 $ 342,597 $ (515 ) $ 342,082 Personal 79,778 9,050 3,183 92,011 (1,185 ) 90,826 Credit cards (3) 17,060 340 226 17,626 (1,211 ) 16,415 Small business (4) 5,742 – – 5,742 (123 ) 5,619 Wholesale (2), (6), (7) 87,785 85,941 34,929 208,655 (2,605 ) 206,050 Total loans $ 509,652 $ 115,662 $ 41,317 $ 666,631 $ (5,639 ) $ 660,992 Undrawn loan commitments – Retail 226,439 4,314 1,628 232,381 (176 ) Undrawn loan commitments – Wholesale (7) 109,900 183,847 67,280 361,027 (187 ) (1) Excludes allowance for loans measured at FVOCI of $14 million (2) Geographic information is based on residence of the borrower. (3) The credit cards business is managed as a single portfolio and includes both consumer and business cards. (4) Includes small business exposure managed on a pooled basis. (5) 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. (6) Includes small business exposure managed on an individual client basis. (7) A Loans maturity and rate sensitivity As at October 31, 2021 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail (3) $ 249,363 $ 222,408 $ 31,827 $ 503,598 $ 166,910 $ 329,185 $ 7,503 $ 503,598 Wholesale (3) 174,345 33,882 9,839 218,066 36,143 179,588 2,335 218,066 Total loans $ 423,708 $ 256,290 $ 41,666 $ 721,664 $ 203,053 $ 508,773 $ 9,838 $ 721,664 Allowance for loan losses (4,089 ) (4,089 ) Total loans net of allowance for loan losses $ 717,575 $ 717,575 As at October 31, 2020 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail $ 213,946 $ 218,342 $ 25,688 $ 457,976 $ 129,870 $ 322,122 $ 5,984 $ 457,976 Wholesale 160,031 37,346 11,278 208,655 34,686 171,171 2,798 208,655 Total loans $ 373,977 $ 255,688 $ 36,966 $ 666,631 $ 164,556 $ 493,293 $ 8,782 $ 666,631 Allowance for loan losses (5,639 ) (5,639 ) Total loans net of allowance for loan losses $ 660,992 $ 660,992 (1) Generally, based on the earlier of contractual repricing or maturity date. (2) Includes variable rate loans that can be repriced at the clients’ discretion without penalty. (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. Allowance for credit losses For the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance Balance at Provision Net write-offs (1) Exchange Balance Retail Residential mortgages $ 518 $ (43 ) $ (27 ) $ (32 ) $ 416 $ 402 $ 190 $ (34 ) $ (40 ) $ 518 Personal 1,309 23 (247 ) (6 ) 1,079 935 801 (411 ) (16 ) 1,309 Credit cards 1,246 (72 ) (297 ) (2 ) 875 832 900 (484 ) (2 ) 1,246 Small business 140 12 (23 ) 48 177 61 117 (31 ) (7 ) 140 Wholesale 2,795 (560 ) (200 ) (238 ) 1,797 1,165 2,140 (380 ) (130 ) 2,795 Customers’ liability under acceptances 107 (32 ) – – 75 24 83 – – 107 $ 6,115 $ (672 ) $ (794 ) $ (230 ) $ 4,419 $ 3,419 $ 4,231 $ (1,340 ) $ (195 ) $ 6,115 Presented as: Allowance for loan losses $ 5,639 $ 4,089 $ 3,100 $ 5,639 Other liabilities – Provisions 363 241 295 363 Customers’ liability under acceptances 107 75 24 107 Other components of equity 6 14 – 6 (1) Loans written-off write-off. written-off The following table reconciles the opening and closing allowance 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: • Model changes, which generally comprise the impact of significant changes to the quantitative models used to estimate expected credit losses and any staging impacts that may arise. • Transfers between stages, which are presumed to occur before any corresponding remeasurements of the allowance. • Originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments and additional draws on existing facilities; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time in stage 1 and stage 2. Allowance for credit losses – Retail and wholesale loans For the year ended October 31, 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 Total Residential mortgages Balance at beginning of period $ 206 $ 160 $ 152 $ 518 $ 146 $ 77 $ 179 $ 402 Provision for credit losses Model changes (6 ) (5 ) – (11 ) – – – – Transfers to stage 1 205 (182 ) (23 ) – 221 (186 ) (35 ) – Transfers to stage 2 (14 ) 18 (4 ) – (35 ) 42 (7 ) – Transfers to stage 3 (2 ) (44 ) 46 – (3 ) (33 ) 36 – Originations 113 – – 113 76 – – 76 Maturities (30 ) (24 ) – (54 ) (16 ) (15 ) – (31 ) Changes in risk, parameters and exposures (284 ) 178 15 (91 ) (180 ) 291 34 145 Write-offs – – (37 ) (37 ) – – (44 ) (44 ) Recoveries – – 10 10 – – 10 10 Exchange rate and other (2 ) (9 ) (21 ) (32 ) (3 ) (16 ) (21 ) (40 ) Balance at end of period $ 186 $ 92 $ 138 $ 416 $ 206 $ 160 $ 152 $ 518 Personal Balance at beginning of period $ 480 $ 733 $ 96 $ 1,309 $ 272 $ 520 $ 143 $ 935 Provision for credit losses Model changes (1 ) – – (1 ) – – – – Transfers to stage 1 710 (706 ) (4 ) – 494 (487 ) (7 ) – Transfers to stage 2 (97 ) 97 – – (107 ) 109 (2 ) – Transfers to stage 3 (3 ) (58 ) 61 – (3 ) (64 ) 67 – Originations 128 – – 128 118 – – 118 Maturities (96 ) (130 ) – (226 ) (49 ) (97 ) – (146 ) Changes in risk, parameters and exposures (697 ) 633 186 122 (245 ) 756 318 829 Write-offs – – (387 ) (387 ) – – (545 ) (545 ) Recoveries – – 140 140 – – 134 134 Exchange rate and other (2 ) – (4 ) (6 ) – (4 ) (12 ) (16 ) Balance at end of period $ 422 $ 569 $ 88 $ 1,079 $ 480 $ 733 $ 96 $ 1,309 Credit cards Balance at beginning of period $ 364 $ 882 $ – $ 1,246 $ 173 $ 659 $ – $ 832 Provision for credit losses Transfers to stage 1 723 (723 ) – – 470 (470 ) – – Transfers to stage 2 (105 ) 105 – – (98 ) 98 – – Transfers to stage 3 (4 ) (309 ) 313 – (2 ) (372 ) 374 – Originations 6 – – 6 7 – – 7 Maturities (7 ) (31 ) – (38 ) (8 ) (29 ) – (37 ) Changes in risk, parameters and exposures (742 ) 719 (17 ) (40 ) (177 ) 997 110 930 Write-offs – – (460 ) (460 ) – – (617 ) (617 ) Recoveries – – 163 163 – – 133 133 Exchange rate and other (2 ) (1 ) 1 (2 ) (1 ) (1 ) – (2 ) Balance at end of period $ 233 $ 642 $ – $ 875 $ 364 $ 882 $ – $ 1,246 Small business Balance at beginning of period $ 78 $ 29 $ 33 $ 140 $ 29 $ 10 $ 22 $ 61 Provision for credit losses Model changes 3 1 – 4 – – – – Transfers to stage 1 57 (57 ) – – 12 (12 ) – – Transfers to stage 2 (11 ) 11 – – (11 ) 11 – – Transfers to stage 3 (1 ) (2 ) 3 – – (2 ) 2 – Originations 36 – – 36 20 – – 20 Maturities (21 ) (22 ) – (43 ) (7 ) (6 ) – (13 ) Changes in risk, parameters and exposures (77 ) 64 28 15 35 28 47 110 Write-offs – – (32 ) (32 ) – – (38 ) (38 ) Recoveries – – 9 9 – – 7 7 Exchange rate and other 24 31 (7 ) 48 – – (7 ) (7 ) Balance at end of period $ 88 $ 55 $ 34 $ 177 $ 78 $ 29 $ 33 $ 140 Wholesale Balance at beginning of period $ 995 $ 1,132 $ 668 $ 2,795 $ 281 $ 396 $ 488 $ 1,165 Provision for credit losses Model changes 1 24 – 25 – – – – Transfers to stage 1 581 (576 ) (5 ) – 154 (149 ) (5 ) – Transfers to stage 2 (132 ) 161 (29 ) – (200 ) 221 (21 ) – Transfers to stage 3 (4 ) (60 ) 64 – (14 ) (116 ) 130 – Originations 601 – – 601 860 – – 860 Maturities (488 ) (500 ) – (988 ) (479 ) (301 ) – (780 ) Changes in risk, parameters and exposures (931 ) 689 44 (198 ) 410 1,091 559 2,060 Write-offs – – (253 ) (253 ) – – (437 ) (437 ) Recoveries – – 53 53 – – 57 57 Exchange rate and other (57 ) (76 ) (105 ) (238 ) (17 ) (10 ) (103 ) (130 ) Balance at end of period $ 566 $ 794 $ 437 $ 1,797 $ 995 $ 1,132 $ 668 $ 2,795 Key inputs and assumptions The measurement of expected credit losses is a complex calculation that involves a large number of interrelated inputs and assumptions and the allowance is not sensitive to any one single factor alone. The key drivers of changes in expected credit losses include the following: • Changes in the credit quality of the borrower or instrument, primarily reflected in changes in internal risk ratings; • Changes in forward-looking macroeconomic conditions, specifically the macroeconomic variables to which our models are calibrated, which are those most closely correlated with credit losses in the relevant portfolio; • Changes in scenario design and the weights assigned to each scenario; and • Transfers between stages, which can be triggered by changes to any of the above inputs. While the global economic recovery has continued throughout fiscal 2021, momentum has waned over the year amid ongoing uncertainty regarding the extent and duration of the impacts of the COVID-19 To address the uncertainties inherent in the current and future environment and to reflect relevant risk factors not captured in our modelled results, we applied expert credit judgment in determining significant increases in credit risk since origination and our weighted allowance for credit losses. In light of the significant uncertainty on the progress of the economic recovery, 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 environment, including the impact of government support programs in offsetting the effect of COVID-19 COVID-19 Internal risk ratings Internal risk ratings are assigned according to the risk management framework outlined under the headings “Wholesale credit risk” and “Retail credit risk” of the Credit risk section of Management’s Discussion and Analysis. Changes in internal risk ratings are primarily reflected in the PD parameters, which are estimated based on our historical loss experience at the relevant risk segment or risk rating level, adjusted for forward-looking information. Forward looking macroeconomic variables The PD, LGD and EAD inputs used to estimate stage 1 and stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year horizon, reverting to long-run Our allowance for credit losses reflects our economic outlook as at October 31, 2021. Subsequent changes to this forecast and related estimates will be reflected in our allowance for credit losses in future periods. All of our IFRS 9 scenarios are designed to include the impact of COVID-19. Despite positive developments and continuous economic improvement, the possibility of a more prolonged recovery period, including monetary policy responses to rising inflation rates brought on in part by global supply chain disruptions, 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. Canadian and U.S. unemployment rates are expected to r e Downside scenarios, including two additional and more severe downside scenarios designed for the energy and real estate sectors, reflect the possibility of a second macroeconomic shock beginning in calendar 2022, in addition to the first shock in Q2 2020, with conditions deteriorating from Q4 2021 levels for up to 18 months, 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, 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 Note 5 Loans and allowance for credit losses (continued) The following provides additional detail about our forecasts for certain key macroeconomic variables used in the models to estimate ACL on performing loans, commitments and acceptances: • Unemployment • Gross Domestic Product (GDP) • Oil price (West Texas Intermediate in US$) • Canadian housing price index The primary variables driving credit losses in our retail portfolios are Canadian unemployment rates, Canadian GDP and Canadian housing price index. The Canadian overnight interest rate also impacts our retail portfolios. Our wholesale portfolios are affected by all of the variables discussed above; however, the specific variables differ by sector. Other variables also impact our wholesale portfolios including, but not limited to, Canadian and U.S. 10 year BBB corporate bond yield and credit spreads, 10 year government bond yields, Canadian consumer confidence index, Canadian and U.S. commercial real estate price indices, U.S. housing price index, natural gas prices (Henry Hub), and S&P 500 and EuroStoxx equity indices. Increases in the following macroeconomic variables will generally correlate with higher expected credit losses: Canadian and U.S. unemployment rates, Canadian overnight interest rates, Canadian and U.S. 10 year BBB corporate bond yield and credit spreads, and 10 year government bond yields. Increases in the following macroeconomic variables will generally correlate with lower expected credit losses: Canadian and U.S. housing price indices, Canadian and U.S. GDP, Canadian consumer confidence index, Canadian and U.S. commercial real estate price indices, oil and natural gas prices, and S&P 500 and EuroStoxx equity indices. Scenario design and weightings Our estimation of expected credit losses in Stage 1 and Stage 2 considers five distinct future macroeconomic scenarios. Scenarios are designed to capture a wide range of possible outcomes and are weighted according to our expectation of the relative likelihood of the range of outcomes that each scenario represents at the reporting date. We then weight each scenario to take into account historical frequency, current trends, and forward-looking conditions which will change over time. The base case scenario is based on forecasts of the expected rate, value or yield for each of the macroeconomic variables identified above. The upside and downside scenarios are set by adjusting our base projections to construct reasonably possible scenarios and weightings that are more optimistic and pessimistic, respectively, than the base case. As described above, two additional downside scenarios capture the non-linear The impact of each of our five scenarios varies across our portfolios given the portfolios have different sensitivities to movements in each macroeconomic variable. As described above, all scenarios are designed to include the impact of the COVID-19 The impact of weighting these multiple scenarios increased our ACL on performing loans, relative to our base scenario, by $726 million at October 31, 2021 (October 31, 2020 – $606 million). Transfers between stages Transfers between stage 1 and stage 2 are based on the assessment of significant increases in credit risk relative to initial recognition, as described in Note 2. The impact of moving from 12 months expected credit losses to lifetime expected credit losses, or vice versa, varies by product, reflects the economic recovery underway in 2021 following the sharp drop in economic activity in 2020 and is dependent on the expected remaining life at the date of the transfer. Stage transfers may result in significant fluctuations in expected credit losses. The following table illustrates the impact of staging on our ACL by comparing our allowance if all performing loans were in stage 1 to the actual ACL recorded on these assets. As at October 31, 2021 October 31, 2020 ACL – All performing Impact of Stage 1 and 2 ACL – All performing Impact of Stage 1 and 2 Performing loans (1) $ 2,521 $ 1,125 $ 3,646 $ 4,028 $ 1,031 $ 5,059 (1) Represents loans and commitments in stage 1 and stage 2. Credit risk exposure by internal risk rating The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of Management’s Discussion and Analysis. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Retail Loans outstanding – Residential mortgages Low risk $ 310,334 $ 1,507 $ – $ 311,841 $ 270,396 $ 2,848 $ – $ 273,244 Medium risk 15,152 2,051 – 17,203 15,230 3,307 – 18,537 High risk 3,343 634 – 3,977 4,346 1,467 – 5,813 Not rated (2) 45,512 913 – 46,425 43,176 936 – 44,112 Impaired – – 645 645 – – 638 638 374,341 5,105 645 380,091 333,148 8,558 638 342,344 Items not subject to impairment (3) 241 253 Total $ 380,332 $ 342,597 Loans outstanding – Personal Low risk $ 72,267 $ 698 $ – $ 72,965 $ 71,245 $ 1,084 $ – $ 72,329 Medium risk 4,974 4,551 – 9,525 3,974 5,415 – 9,389 High risk 687 1,045 – 1,732 817 1,416 – 2,233 Not rated (2) 8,934 88 – 9,022 7,704 144 – 7,848 Impaired – – 197 197 – – 212 212 Total $ 86,862 $ 6,382 $ 197 $ 93,441 $ 83,740 $ 8,059 $ 212 $ 92,011 Loans outstanding – Credit cards Low risk $ 12,864 $ 24 $ – $ 12,888 $ 11,824 $ 63 $ – $ 11,887 Medium risk 1,646 1,645 – 3,291 1,596 2,360 – 3,956 High risk 136 937 – 1,073 132 1,105 – 1,237 Not rated (2) 527 43 – 570 490 56 – 546 Total $ 15,173 $ 2,649 $ – $ 17,822 $ 14,042 $ 3,584 $ – $ 17,626 Loans outstanding –Small business (4) Low risk $ 8,609 $ 274 $ – $ 8,883 $ 2,034 $ 172 $ – $ 2,206 Medium risk 1,583 979 – 2,562 1,976 1,143 – 3,119 High risk 227 218 – 445 126 192 – 318 Not rated (2) 4 – – 4 9 – – 9 Impaired – – 109 109 – – 90 90 Total $ 10,423 $ 1,471 $ 109 $ 12,003 $ 4,145 $ 1,507 $ 90 $ 5,742 Undrawn loan commitments – Retail Low risk $ 229,516 $ 574 $ – $ 230,090 $ 214,176 $ 887 $ – $ 215,063 Medium risk 9,475 133 – 9,608 10,402 291 – 10,693 High risk 1,205 97 – 1,302 1,141 129 – 1,270 Not rated (2) 4,854 90 – 4,944 5,238 117 – 5,355 Total $ 245,050 $ 894 $ – $ 245,944 $ 230,957 $ 1,424 $ – $ 232,381 Wholesale – Loans outstanding (4) Investment grade $ 62,975 $ 226 $ – $ 63,201 $ 50,998 $ 328 $ – $ 51,326 Non-investment 117,396 15,146 – 132,542 112,434 26,575 – 139,009 Not rated (2) 9,339 430 – 9,769 7,093 432 – 7,525 Impaired – – 1,357 1,357 – – 2,235 2,235 189,710 15,802 1,357 206,869 170,525 27,335 2,235 200,095 Items not subject to impairment (3) 11,197 8,560 Total $ 218,066 $ 208,655 Undrawn loan commitments – Wholesale Investment grade $ 246,539 $ 1,122 $ – $ 247,661 $ 242,244 $ 1,022 $ – $ 243,266 Non-investment 108,063 12,377 – 120,440 92,262 21,581 – 113,843 Not rated (2) 3,476 1 – 3,477 3,918 – – 3,918 Total $ 358,078 $ 13,500 $ – $ 371,578 $ 338,424 $ 22,603 $ – $ 361,027 (1) As at October 31, 2021, 86% of credit-impaired loans were either fully or partially collateralized (October 31, 2020 – 90%). For details on the types of collateral held against credit-impaired assets and our policies on collateral, refer to the Credit risk mitigation section of Management’s Discussion and Analysis. (2) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessments or rating methodologies, policies and tools to manage our credit risk. (3) Items not subject to impairment are loans held at FVTPL. (4) 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 October 31, 2021 October 31, 2020 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,105 $ 137 $ 1,242 $ 1,013 $ 129 $ 1,142 Wholesale 1,230 – 1,230 574 13 587 $ 2,335 $ 137 $ 2,472 $ 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 re-aged re-aging Loan modifications For the year ended October 31, 2021, the amortized cost of the loans whose contractual terms were modified while in Stage 2 or Stage 3 was not material. In 2020, we established relief programs to help clients manage through challenges of the COVID-19 |
Derecognition of financial asse
Derecognition of financial assets | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Derecognition of financial assets | Note 6 Derecognition of financial assets We enter into transactions in which we transfer financial assets such as loans or securities to structured entities or other third parties. The majority of assets transferred under repurchase agreements, securities lending agreements, and in our Canadian residential mortgage securitization transactions do not qualify for derecognition as we continue to be exposed to substantially all of the risks and rewards of the transferred assets, such as prepayment, credit, price, interest rate and foreign exchange risks. Transferred financial assets derecognized Government relief programs To support our clients through unprecedented times due to the COVID-19 Under the Canadian Emergency Business Account program, we have provided interest-free loans to existing eligible small business clients funded by the Export Development Bank of Canada (EDC). As we do not retain substantially all of the risks and rewards of the financial assets, and all cash flows are passed through to the EDC, these loans are not recognized on our Consolidated Balance Sheets. The application window for the CEBA program closed on June 30, 2021. Transferred financial assets not derecognized Securitization of Canadian residential mortgage loans We periodically securitize insured Canadian residential mortgage loans through the creation of MBS pools under the National Housing Act MBS (NHA MBS) program. All loans securitized under the NHA MBS program are required to be insured by the Canadian Mortgage and Housing Corporation or a third-party insurer. We require the borrower to pay for mortgage insurance when the loan amount is greater than 80% of the original appraised value of the property (LTV ratio). For residential mortgage loans securitized under this program with LTV ratios less than 80%, we are required to insure the mortgages at our own expense. Under the NHA MBS program, we are responsible for making all payments due on our issued MBS, regardless of whether we collect the necessary funds from the mortgagor or the insurer. When a borrower defaults on a mortgage, we submit a claim to the insurer if the amount recovered from the collection or foreclosure process is lower than the sum of the principal balance, accrued interest and collection costs on the outstanding loan. If an insurance claim is denied, a loss is recognized in Provision for credit losses in our Consolidated Statements of Income. The amount recorded as a loss is not significant to our Consolidated Financial Statements and no significant losses were incurred due to legal action arising from mortgage defaults during and . We sell the NHA MBS pools primarily to a government-sponsored structured entity under the Canada Mortgage Bond (CMB) program. The entity periodically issues CMBs, which are guaranteed by the government, and sells them to third-party investors. Proceeds of the CMB issuances are used by the entity to purchase the NHA MBS pools from eligible NHA MBS issuers who participate in the issuance of a particular CMB series. Our continuing involvement includes servicing the underlying residential mortgage loans we have securitized, either ourselves or through a third-party servicer. We also act as counterparty in interest rate swap agreements where we pay the entity the interest due to CMB investors and receive the interest on the underlying MBS and reinvested assets. As part of the swaps, we are also required to maintain a principal reinvestment account for principal payments received on the underlying mortgage loans to meet the repayment obligation upon maturity of the CMB. We reinvest the collected principal payments in permitted inv e We have determined that certain of the NHA MBS program loans transferred to the entity do not qualify for derecognition as we have not transferred substantially all of the risks and rewards of ownership. As a result, these transferred MBS continue to be classified as residential mortgage loans and recognized on our Consolidated Balance Sheets. The cash received for these transferred MBS is treated as a secured borrowing and a corresponding liability is recorded in Deposits – Business and government on our Consolidated Balance Sheets. Securities sold under repurchase agreements and securities loaned We also enter into transactions such as repurchase agreements and securities lending agreements where we transfer assets under agreements to repurchase them at a future date and retain substantially all of the risks and rewards associated with the assets. These transferred assets remain on our Consolidated Balance Sheets and are accounted for as collateralized borrowing transactions. The following table provides information on the carrying amount and fair value of the transferred assets that did not qualify for derecognition, and their associated liabilities. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Canadian (1), (2) Securities (3) Securities (3) Total Canadian (1), (2) Securities (3) Securities (3) Total Carrying amount of transferred assets that do not qualify for derecognition $ 34,052 $ 252,920 $ 9,281 $ 296,253 $ 35,001 $ 267,361 $ 6,870 $ 309,232 Carrying amount of associated liabilities 33,769 252,920 9,281 295,970 34,805 267,361 6,870 309,036 Fair value of transferred assets $ 34,142 $ 252,920 $ 9,281 $ 296,343 $ 35,293 $ 267,361 $ 6,870 $ 309,524 Fair value of associated liabilities 34,073 252,920 9,281 296,274 35,957 267,361 6,870 310,188 Fair value of net position $ 69 $ – $ – $ 69 $ (664 ) $ – $ – $ (664 ) (1) Includes Canadian residential mortgage loans transferred primarily to Canada Housing Trust at the initial securitization and other permitted investments used for funding requirements after the initial securitization. (2) CMB investors have legal recourse only to the transferred assets, and do not have recourse to our general assets. (3) Does not include over-collateralization of assets pledged. |
Structured entities
Structured entities | 12 Months Ended |
Oct. 31, 2021 | |
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Structured entities | Note 7 Structured entities In the normal course of business, we engage in a variety of financial transactions with structured entities to support our financing and investing needs as well as those of our customers. A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are generally created to achieve a narrow and well defined objective with restrictions around their ongoing activities. We consolidate a structured entity when we control the entity in accordance with our accounting policy as described in Note 2. In other cases, we may sponsor or have an interest in such an entity but may not consolidate it. Consolidated structured entities We consolidate the following structured entities, whose assets and liabilities are recorded on our Consolidated Balance Sheets. Third-party investors in these structured entities generally have recourse only to the assets of the related entity and do not have recourse to our general assets unless we breach our contractual obligations to those entities. In the ordinary course of business, the assets of each consolidated structured entity can generally only be used to settle the obligations of that entity. RBC-administered We generally do not maintain ownership in the multi-seller conduits that we administer and generally do not have rights to, or control of, their assets. However, we issue asset-backed commercial paper (ABCP) through a multi-seller conduit that does not have a first loss investor with substantive power to direct the significant operating activities of the conduit. This conduit is consolidated because we have exposure to variability of returns from performance in the multi-seller arrangements through providing transaction-specific and program-wide liquidity, credit and loan facilities to the conduit and have decision-making power over the relevant activities. As of October 31, 2021, $1,076 m m m m Credit card securitization vehicle We securitize a portion of our credit card receivables through a structured entity on a revolving basis. The entity purchases co-ownership co-ownership co-ownership We continue to service the credit card receivables and perform an administrative role for the entity. We also retain risk in the underlying pool of credit card receivables through our retained interest in the transferred assets, the cash reserve balance we fund from time to time, and also through certain subordinated notes which we retain. Additionally, we may own some senior notes as investments or for market-making activities and we act as counterparty to interest rate and cross currency swap agreements which hedge the entity’s interest rate and currency risk exposure. We have also provided subordinated loans to the entity to pay upfront expenses; the loans were fully repaid during the year ended October 31, 2021. We consolidate the structured entity because we have decision-making power over the timing and size of future issuances and other relevant activities which were predetermined by us at inception. We also obtain significant funding benefits and are exposed to variability from the performance of the underlying credit card receivables through our retained interest. As at October 31, 2021, $3 billion of notes issued by our credit card securitization vehicle were included in Deposits on our Consolidated Balance Sheets (October 31, 2020 – $6 billion). Collateralized commercial paper vehicle We established a funding vehicle that provides loans to us and finances those loans by issuing commercial paper to third-party investors. The structured entity’s commercial paper carries an equivalent credit rating to RBC because we are obligated to advance funds to the entity in the event there are insufficient funds from other sources to settle maturing commercial paper. We pledge collateral to secure the loans and are exposed to the market and credit risks of the pledged securities. We consolidate the structured entity because we have decision-making power over the relevant activities, are the sole borrower from the structure, and are exposed to a majority of the residual ownership risks through the credit support provided. As at October 31, 2021, $13 billion of commercial paper issued by the vehicle was included in Deposits on our Consolidated Balance Sheets (October 31, 2020 – $12 billion). Covered bonds We periodically transfer mortgages to RBC Covered Bond Guarantor Limited Partnership (the Guarantor LP) to support funding activities and asset coverage requirements under our covered bonds program. The Guarantor LP was created to guarantee interest and principal payments under the covered bond program. The covered bonds guaranteed by the Guarantor LP are direct, unsecured and unconditional obligations of RBC; therefore, investors have a claim against the Bank which will continue if the covered bonds are not paid by the Bank and the mortgage assets in the Guarantor LP are insufficient to satisfy the obligations owing on the covered bonds. We act as general partner, limited partner, swap counterparty, lender and liquidity provider to the Guarantor LP, servicer for the underlying mortgages as well as the registered issuer of the covered bonds. We consolidate the Guarantor LP as we have the decision-making power over the relevant activities through our role as general partner and are exposed to variability from the performance of the underlying mortgages. As at October 31, 2021, the total amount of mortgages transferred and outstanding was $80 billion (October 31, 2020 – $106 billion) and $37 billion of covered bonds were recorded as Deposits on our Consolidated Balance Sheets (October 31, 2020 – $40 billion). Municipal bond TOB structures We sell taxable and tax-exempt We consolidate the TOB trust when we are the holder of the residual certificate as we have decision-making power over the relevant activities, including the selection of the underlying municipal bonds and the ability to terminate the structure, and are exposed to variability from the performance of the underlying municipal bonds. As at October 31, 2021, $7 billion of municipal bonds were included in Investment securities related to consolidated TOB structures (October 31, 2020 – $8 billion) and a corresponding $7 billion of floating-rate certificates were included in Deposits on our Consolidated Balance Sheets (October 31, 2020 – $8 billion). RBC managed investment funds We are sponsors and investment managers of mutual and pooled funds, which give us the ability to direct the investment decisions of the funds. We consolidate those mutual and pooled funds in which our interests, which include direct investment in seed capital plus management or performance fees, indicate that we are acting as a principal. As at October 31, 2021, $514 million of Trading securities held in the consolidated funds (October 31, 2020 – $516 million) and $365 million of Other liabilities representing the fund units held by third parties (October 31, 2020 – $293 million) were recorded on our Consolidated Balance Sheets. Unconsolidated structured entities We have interests in certain structured entities that we do not consolidate but have recorded assets and liabilities on our Consolidated Balance Sheets related to our transactions and involvement with these entities. The following table presents the assets and liabilities recorded on our Consolidated Balance Sheets and our maximum exposure to loss related to our interests in unconsolidated structured entities. It also presents the size of each class of unconsolidated structured entity, as measured by the total assets of the entities in which we have an interest. As at October 31, 2021 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance Securities $ 12 $ – $ 3,047 $ – $ 537 $ 3,596 Loans – 4,569 – 6,855 1,453 12,877 Derivatives 17 – – – 108 125 Other assets – 27 – – 363 390 $ 29 $ 4,596 $ 3,047 $ 6,855 $ 2,461 $ 16,988 On-balance Derivatives $ 93 $ – $ – $ – $ – $ 93 Other liabilities – – – – – – $ 93 $ – $ – $ – $ – $ 93 Maximum exposure to loss (2) $ 40,893 $ 8,361 $ 3,651 $ 12,214 $ 4,057 $ 69,176 Total assets of unconsolidated structured entities $ 40,074 $ 19,881 $ 506,699 $ 80,458 $ 392,348 $ 1,039,460 warehouse phase by one or more third-party equity investors. We act as the arranger and placement agent for the term CLO transaction. Proceeds from the sale of the term CLO are used to repay our senior warehouse financing, at which point we have no further involvement with the transaction. We do not consolidate these CLO structures as we do not have decision-making power over the relevant activities of the entity, which include the initial selection and subsequent management of the underlying debt portfolio. We provide senior financing to unaffiliated structured entities that are established by third parties to acquire loans. These facilities tend to be longer in term than the CLO warehouse facilities and benefit from credit enhancement generally designed to cover a multiple of historical losses. We do not consolidate these structures as we do not have decision-making power over the relevant activities of the entity, which include the initial selection and subsequent management of the underlying debt portfolio. Non-RBC We enter into fee-based We provide liquidity facilities to certain third-party investment funds. The funds issue unsecured variable-rate preferred shares and invest in portfolios of tax-exempt Third-party securitization vehicles We hold interests in securitization vehicles that provide funding to certain third parties on whose behalf the entities were created. The activities of these entities are limited to the purchase and sale of specified financial assets from the sponsor. We, as well as other financial institutions, are obligated to provide funding up to our maximum commitment level and are exposed to credit losses on the underlying assets after various credit enhancements. Enhancements can take various forms, including but not limited to overcollateralization, excess spread, subordinated classes of financial assets, guarantees or letters of credit. The amount of this enhancement varies but is generally designed to cover a multiple of historical losses. We do not consolidate these entities as we do not have decision-making power over the relevant activities, including the entities’ investing and financing activities. Other Other unconsolidated structured entities include managed investment funds, credit investment products and tax credit funds. We are sponsors and investment managers of mutual and pooled funds, which gives us the ability to direct the investment decisions of the funds. We do not consolidate those mutual and pooled funds if we exercise our decision-making power as an agent on behalf of other unit holders. We use structured entities to generally transform credit derivatives into cash instruments, to distribute credit risk and to create customized credit products to meet investors’ specific requirements. We enter into derivative contracts, including credit derivatives, to purchase protection from these entities (credit protection) and convert various risk factors such as yield, currency or credit risk of underlying assets to meet the needs of the investors. We act as sole arranger and swap provider for certain entities and, in some cases, fulfill other administrative functions for the entities. We do not consolidate these credit investment product entities as we do not have decision-making power over the relevant activities, which include selection of the collateral and reference portfolio, and are not exposed to a majority of the benefits or risks of the entities. We created certain funds to pass through tax credits received from underlying low-income We also purchase passive interests in renewable energy tax credit entities created and controlled by third parties. We do not consolidate these third-party funds as we do not have decision-making power over the relevant activities and our investments are managed as part of larger portfolios which are held for trading purposes. Other interests in unconsolidated structured entities In the normal course of business, we buy and sell passive interests in certain third-party structured entities, including mutual funds, exchange traded funds, and government-sponsored ABS vehicles. Our investments in these entities are managed as part of larger portfolios which are held for trading, liquidity or hedging purposes. We did not create or sponsor these entities and do not have any decision-making power over their ongoing activities. Our maximum exposure to loss is limited to our on-balance Sponsored entities We are a sponsor of certain structured entities in which we have interests but do not consolidate. In determining whether we are a sponsor of a structured entity, we consider both qualitative and quantitative factors, including the purpose and nature of the entity, our initial and continuing involvement and whether we hold subordinated interests in the entity. We are considered to be the sponsor of certain credit investment products, tax credit entities, RBC managed mutual funds and a commercial mortgage securitization vehicle. During the year ended October 31, 2021, we did not any Financial support provided to structured entities During the years ended October 31, 2021 and 2020, we have not provided any financial or non-financial As at October 31, 2020 (Millions of Canadian dollars) Multi-seller (1) Structured finance Non-RBC Third-party Other Total On-balance Securities $ 138 $ – $ 2,297 $ – $ 422 $ 2,857 Loans – 2,670 – 5,628 931 9,229 Derivatives 60 – – – 84 144 Other assets – 46 – – 261 307 $ 198 $ 2,716 $ 2,297 $ 5,628 $ 1,698 $ 12,537 On-balance Derivatives $ 38 $ – $ – $ – $ – $ 38 Other liabilities – – – – – – $ 38 $ – $ – $ – $ – $ 38 Maximum exposure to loss (2) $ 42,863 $ 6,522 $ 2,557 $ 10,389 $ 2,108 $ 64,439 Total assets of unconsolidated structured entities $ 41,964 $ 18,200 $ 462,947 $ 87,631 $ 286,200 $ 896,942 (1) Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $25 billion as at October 31, 2021 (October 31, 2020 – $23 billion). (2) The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance Below is a description of our involvement with each significant class of unconsolidated structured entity. Multi-seller conduits We administer multi-seller ABCP conduit programs. Multi-seller conduits primarily purchase financial assets from clients and finance those purchases by issuing ABCP. In certain multi-seller conduit arrangements, we do not maintain any ownership of the multi-seller conduits that we administer and have no rights to, or control of, its assets. As the administrative agent, we earn a residual fee for providing services such as coordinating funding activities, transaction structuring, documentation, execution and monitoring. The ABCP issued by each multi-seller conduit is in the conduit’s own name with recourse to the financial assets owned by the multi-seller conduit, and is non-recourse We provide transaction-specific and program-wide liquidity facilities to the multi-seller conduits. In addition, we provide program-wide credit enhancement to the multi-seller conduits which obligate us to purchase assets or advance funds in the event the multi-seller conduit does not otherwise have funds from other sources, such as from the liquidity facilities, to settle maturing ABCP. In some cases, we or another third party may provide transaction-specific credit enhancement which can take various forms. We receive market-based fees for providing these liquidity and credit facilities. For certain transactions, we act as counterparty to various hedging contracts to facilitate our clients’ securitization of fixed rate and/or foreign currency denominated assets through the conduits. These may take the form of forward contracts, interest rate swaps or cross currency swaps. These derivatives expose us to foreign exchange and interest rate risks that are centrally managed by our foreign exchange trading and swap desks, respectively, and credit risk on the underlying assets that is mitigated by the credit enhancement described below. Each transaction is structured with transaction-specific first loss protection provided by the third-party seller. This enhancement can take various forms, including but not limited to overcollateralization, excess spread, subordinated classes of financial assets, guarantees or letters of credit. The amount of this enhancement varies but is generally designed to cover a multiple of historical losses. An unrelated third party (expected loss investor) absorbs losses, up to a maximum contractual amount, that may occur in the future on the assets in the multi-seller conduits before the multi-seller conduits’ debt holders and us. In return for assuming this multi-seller conduit first-loss position, each multi-seller conduit pays the expected loss investor a return commensurate with its risk position. The expected loss investor has substantive power to direct the majority of the activities which significantly impact the conduit’s economic performance, including initial selection and approval of the asset purchase commitments and liquidity facilities, approval of renewal and amendment of these transactions and facilities, sale or transfer of assets, ongoing monitoring of asset performance, mitigation of losses, and management of the ABCP liabilities. We do not consolidate these multi-seller conduits as we do not control the conduit s Structured finance We participate in certain municipal bond TOB structures that we do not consolidate. These structures are similar to those consolidated municipal bond TOB structures described above; however, the residual certificates are held by third parties. We provide liquidity facilities for the benefit of floating-rate certificate holders which may be drawn if certificates are tendered but not able to be remarketed. For a portion of these trusts, we also provide a letter of credit for the underlying bonds held in the trust. We do not have decision-making power over the relevant activities of the structures; therefore, we do not consolidate these structures. We provide senior warehouse financing to structured entities that are established by third parties to acquire loans for the purposes of issuing a term collateralized loan obligation (CLO) transaction. Subordinated financing is provided during the |
Derivative financial instrument
Derivative financial instruments and hedging activities | 12 Months Ended |
Oct. 31, 2021 | |
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Derivative financial instruments and hedging activities | Note 8 Derivative financial instruments and hedging activities Derivative instruments are categorized as either financial or non-financial Non-financial Financial derivatives Forwards and futures Forward contracts are non-standardized e Interest rate forwards (forward rate agreements) and futures are contractual obligations to buy or sell an interest-rate sensitive financial instrument on a predetermined future date at a specified price. Foreign exchange forwards and futures are contractual obligations to exchange one currency for another at a specified price for settlement at a predetermined future date. Equity forwards and futures are contractual obligations to buy or sell at a fixed value (the specified price) of an equity index, a basket of stocks or a single stock at a predetermined future date. Swaps Swaps are OTC contracts in which two counterparties exchange a series of cash flows based on agreed upon rates applied to a notional amount. Examples of swap agreements are described below. Interest rate swaps are agreements where two counterparties exchange a series of payments based on different interest rates applied to a notional amount in a single currency. Certain interest rate swaps are transacted and settled through clearing houses which act as central counterparties. Cross currency swaps involve the exchange of fixed payments in one currency for the receipt of fixed payments in another currency. Cross currency interest rate swaps involve the exchange of both interest and notional amounts in two different currencies. Equity swaps are contracts in which one counterparty agrees to pay or receive from the other cash flows based on changes in the value of an equity index, a basket of stocks or a single stock. Options Options are contractual agreements under which the seller (writer) grants the purchaser the right, but not the obligation, either to buy (call option) or sell (put option) a security, exchange rate, interest rate, or other financial instrument or commodity at a specified price, at or by a predetermined future date. The seller (writer) of an option can also settle the contract by paying the cash settlement value of the purchaser’s right. The seller (writer) receives a premium from the purchaser for this right. The various option agreements that we enter into include but are not limited to interest rate options, foreign currency options, equity options and index options. Credit derivatives Credit derivatives are OTC contracts that transfer credit risk related to an underlying financial instrument (referenced asset) from one counterparty to another. Credit derivatives include credit default swaps, credit default baskets and total return swaps. Credit default swaps provide protection against the decline in the value of the referenced asset as a result of specified credit events such as default or bankruptcy. They are similar in structure to an option, whereby the purchaser pays a premium to the seller of the credit default swap in return for payment contingent on a credit event affecting the referenced asset. Credit default baskets are similar to credit default swaps except that the underlying referenced financial instrument is a group of assets instead of a single asset. Total return swaps are contracts where one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a referenced asset or group of assets, including any returns such as interest earned on these assets, in exchange for amounts that are based on prevailing market funding rates. Other derivative products Other contracts are stable value and equity derivative contracts. Non-financial Other contracts also include non-financial Derivatives issued for trading purposes Most of our derivative transactions relate to client-driven sales and trading activities, and associated market risk hedging. Sales activities include the structuring and marketing of derivative products to clients, enabling them to modify or reduce risks. Trading involves market-making, positioning and arbitrage activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenue based on spread and volume. Positioning involves the active management of derivative transactions with the expectation of profiting from favourable movements in prices, rates, or indices. Arbitrage activities involve identifying and profiting from price differentials between markets and product types. Any realized and unrealized gains or losses on derivatives used for trading purposes are recognized immediately in Non-interest Derivatives issued for other-than-trading purposes We also use derivatives for purposes other than trading, primarily for hedging, in conjunction with the management of interest rate, credit, equity and foreign exchange risk related to our funding, lending, investment activities and asset/liability management. Interest rate swaps are used to manage our exposure to interest rate risk by modifying the repricing or maturity characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. Purchased options are used to hedge redeemable deposits and other options embedded in consumer products. We manage our exposure to foreign currency risk with cross currency swaps and foreign exchange forward contracts. We predominantly use credit derivatives to manage our credit exposures. We mitigate industry sector concentrations and single-name exposures related to our credit portfolio by purchasing credit derivatives to transfer credit risk to third parties. Certain derivatives and cash instruments are specifically designated and qualify for hedge accounting. From time to time, we also enter into derivative transactions to economically hedge certain exposures that do not otherwise qualify for hedge accounting, or where hedge accounting is not considered economically feasible to implement. In such circumstances, changes in fair value are reflected in Other income in Non-interest Notional amount of derivatives by term to maturity (absolute amounts) (1) As at October 31, 2021 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 866,704 $ 161,835 $ 158 $ 1,028,697 $ 1,015,263 $ 13,434 Swaps 3,936,638 6,559,032 4,268,243 14,763,913 14,259,757 504,156 Options purchased 266,798 312,149 185,547 764,494 764,494 – Options written 271,000 309,540 203,665 784,205 784,205 – Foreign exchange contracts Forward contracts 1,730,712 56,335 2,491 1,789,538 1,753,075 36,463 Cross currency swaps 82,316 57,968 72,864 213,148 204,789 8,359 Cross currency interest rate swaps 439,169 1,193,669 776,062 2,408,900 2,376,225 32,675 Options purchased 46,060 16,097 3,059 65,216 65,216 – Options written 53,342 16,122 3,060 72,524 72,524 – Credit derivatives (2) 1,027 35,759 6,125 42,911 42,428 483 Other contracts (3) 218,270 98,850 20,757 337,877 325,226 12,651 Exchange-traded contracts Interest rate contracts Futures – long positions 110,285 148,262 333 258,880 256,020 2,860 Futures – short positions 173,039 97,364 126 270,529 270,129 400 Options purchased 28,071 15,250 – 43,321 43,321 – Options written 22,272 1,300 – 23,572 23,572 – Foreign exchange contracts Futures – long positions 129 – – 129 129 – Other contracts 391,339 84,135 1,175 476,649 476,649 – $ 8,637,171 $ 9,163,667 $ 5,543,665 $ 23,344,503 $ 22,733,022 $ 611,481 As at October 31, 2020 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 2,782,447 $ 427,464 $ 340 $ 3,210,251 $ 3,172,950 $ 37,301 Swaps 3,409,078 5,990,160 3,755,593 13,154,831 12,685,595 469,236 Options purchased 282,837 407,782 185,667 876,286 876,153 133 Options written 303,347 410,237 198,222 911,806 911,806 – Foreign exchange contracts Forward contracts 1,691,079 32,474 1,788 1,725,341 1,707,082 18,259 Cross currency swaps 80,186 56,563 64,540 201,289 194,773 6,516 Cross currency interest rate swaps 412,053 1,117,048 633,023 2,162,124 2,112,625 49,499 Options purchased 46,719 13,963 3,349 64,031 64,031 – Options written 50,099 13,407 3,410 66,916 66,916 – Credit derivatives (2) 1,309 39,877 7,577 48,763 48,244 519 Other contracts (3) 177,220 94,378 20,126 291,724 282,321 9,403 Exchange-traded contracts Interest rate contracts Futures – long positions 164,925 112,363 113 277,401 277,401 – Futures – short positions 205,927 167,350 233 373,510 373,510 – Options purchased 74,494 14,188 – 88,682 88,682 – Options written 58,116 10,391 – 68,507 68,507 – Foreign exchange contracts Futures – long positions 75 – – 75 75 – Other contracts 179,681 30,768 240 210,689 210,689 – $ 9,919,592 $ 8,938,413 $ 4,874,221 $ 23,732,226 $ 23,141,360 $ 590,866 (1) The derivative notional amounts are determined using the standardized approach for measuring counterparty credit risk (SA-CCR) (2) Credit derivatives with a notional value of $1 billion (October 31, 2020 – $1 billion) are economic hedges. Trading credit derivatives comprise protection purchased of $25 billion (October 31, 2020 – $26 billion) and protection sold of $17 billion (October 31, 2020 – $22 billion). (3) Other contracts exclude loan-related commitment derivatives of $9 billion (October 31, 2020 – $2 billion), which are not classified as derivatives under CAR guidelines. Fair value of derivative instruments (1) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Positive Negative Positive Negative Held or issued for trading purposes Interest rate contracts Forward rate agreements $ 10 $ 11 $ 33 $ 33 Swaps 28,400 23,136 44,732 37,453 Options purchased 4,580 – 7,498 – Options written – 5,258 – 8,916 32,990 28,405 52,263 46,402 Foreign exchange contracts Forward contracts 11,404 11,515 10,765 10,190 Cross currency swaps 4,469 4,929 5,117 5,080 Cross currency interest rate swaps 23,208 22,382 19,880 21,826 Options purchased 1,021 – 1,292 – Options written – 978 – 910 40,102 39,804 37,054 38,006 Credit derivatives 34 115 463 526 Other contracts 20,827 21,253 21,156 23,985 93,953 89,577 110,936 108,919 Held or issued for other-than-trading purposes Interest rate contracts Swaps 1,187 1,116 1,959 1,410 1,187 1,116 1,959 1,410 Foreign exchange contracts Forward contracts 305 260 76 85 Cross currency swaps 32 – 89 22 Cross currency interest rate swaps 859 447 2,084 132 1,196 707 2,249 239 Credit derivatives – 5 – 5 Other contracts 329 321 105 126 2,712 2,149 4,313 1,780 Total gross fair values before: 96,665 91,726 115,249 110,699 Valuation adjustments determined on a pooled basis (810 ) 27 (1,104 ) (115 ) Impact of netting agreements that qualify for balance sheet offset (314 ) (314 ) (657 ) (657 ) $ 95,541 $ 91,439 $ 113,488 $ 109,927 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. Fair value of derivative instruments by term to maturity (1) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Less than 1 1 through Over Total Less than 1 through Over Total Derivative assets $ 27,771 28,029 39,741 $ 95,541 $ 27,072 33,755 52,661 $ 113,488 Derivative liabilities 26,766 27,938 36,735 91,439 26,507 32,885 50,535 109,927 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values permitted by certain central counterparties. Interest rate benchmark reform (1) We use interest rate contracts in fair value hedges and cash flow hedges to manage our exposure to interest rate risk of our existing and/or forecast assets and liabilities. We also use foreign denominated deposit liabilities in net investment hedges to manage the foreign exchange risk arising from our investments in foreign operations. The hedging instruments designated to manage these risks reference IBORs in multiple jurisdictions and will be affected by the Reform as the markets transition to ABRs as discussed in Note 2. The following table presents the notional or principal amount of our hedging instruments which reference IBORs that will be affected by the Reform as discussed in Note 2. The notional or principal amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at October 31, 2021 October 31, 2020 (2) (Millions of Canadian dollars) Notional/Principal Notional/Principal Interest rate contracts USD LIBOR $ 38,730 $ 22,640 GBP LIBOR 290 591 Non-derivative USD LIBOR 215 231 GBP LIBOR – 691 $ 39,235 $ 24,153 (1) Excludes interest rate contracts and non-derivative (2) Amounts have been updated Derivative-related credit risk Credit risk from derivative transactions is generated by the potential for the counterparty to default on its contractual obligations when one or more transactions have a positive market value to us. Therefore, derivative-related credit risk is represented by the positive fair value of the instrument and is normally a small fraction of the contract’s notional amount. We subject our derivative transactions to the same credit approval, limit and monitoring standards that we use for managing other transactions that create credit exposure. This includes evaluating the creditworthiness of counterparties, and managing the size, diversification and maturity structure of the portfolio. Credit utilization for all products is compared with established limits on a continual basis and is subject to a standard exception reporting process. We use a single internal rating system for all credit risk exposure, as outlined in the internal ratings maps in the Credit risk section of Management’s Discussion and Analysis. Offsetting is a technique that can reduce credit exposure from derivatives and is generally facilitated through the use of master netting agreements and achieved when specific criteria are met in accordance with our accounting policy in Note 2. A master netting agreement provides for a single net settlement of all financial instruments covered by the agreement in the event of default. However, credit risk is reduced only to the extent that our financial obligations to the same counterparty can be set off against obligations of the counterparty to us. We maximize the use of master netting agreements to reduce derivative-related credit exposure. Our overall exposure to credit risk that is reduced through master netting agreements may change substantially following the reporting date as the exposure is affected by each transaction subject to the agreement as well as by changes in underlying market rates. Measurement of our credit exposure arising out of derivative transactions is reduced to reflect the effects of netting in cases where the enforceability of that netting is supported by appropriate legal analysis as documented in our trading credit risk policies. The use of collateral is another significant credit mitigation technique for managing derivative-related counterparty credit risk. Mark-to-market Replacement cost and credit equivalent amounts are determined in accordance with OSFI’s non-modelled SA-CCR Derivative-related credit risk (1) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Replacement Credit Risk-weighted (2) Replacement Credit Risk-weighted (2) Over-the-counter Interest rate contracts Forward rate agreements $ 9 $ 64 $ 20 $ 30 $ 191 $ 79 Swaps 4,519 16,203 4,569 7,112 17,324 7,359 Options purchased 113 403 187 142 392 285 Options written 23 415 141 4 307 136 Foreign exchange contracts Forward contracts 3,085 19,097 4,232 2,796 17,641 4,537 Swaps 2,621 16,484 4,092 2,392 15,349 3,997 Options purchased 177 510 145 465 923 292 Options written 2 196 43 1 155 59 Credit derivatives 913 2,234 213 429 1,839 81 Other contracts 7,668 26,567 10,480 3,577 16,455 7,719 Exchange-traded contracts 1,814 6,218 124 3,137 8,842 177 $ 20,944 $ 88,391 $ 24,246 $ 20,085 $ 79,418 $ 24,721 (1) The amounts presented are net of master netting agreements in accordance with CAR guidelines. (2) The risk-weighted balances are calculated in accordance with CAR guidelines and exclude CVA of $18 billion (October 31, 2020 – $18 billion). Replacement cost of derivative instruments by risk rating and by counterparty type As at October 31, 2021 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 22,801 $ 37,938 $ 16,333 $ 19,593 $ 96,665 $ 42,361 $ 15,964 $ 38,340 $ 96,665 Impact of master netting agreements and applicable margins 20,545 33,257 12,050 9,869 75,721 41,554 15,731 18,436 75,721 Replacement cost (after netting agreements) $ 2,256 $ 4,681 $ 4,283 $ 9,724 $ 20,944 $ 807 $ 233 $ 19,904 $ 20,944 As at October 31, 2020 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 30,097 $ 44,736 $ 18,392 $ 22,024 $ 115,249 $ 49,146 $ 22,109 $ 43,994 $ 115,249 Impact of master netting agreements and applicable margins 27,110 40,359 14,238 13,457 95,164 48,291 21,534 25,339 95,164 Replacement cost (after netting agreements) $ 2,987 $ 4,377 $ 4,154 $ 8,567 $ 20,085 $ 855 $ 575 $ 18,655 $ 20,085 (1) Our internal risk ratings of AAA, AA, A and BBB represent investment grade ratings and ratings of BB or lower represent non-investment (2) Counterparty type is defined in accordance with CAR guidelines. Derivatives in hedging relationships We apply hedge accounting to minimize volatility in earnings and capital caused by changes in interest rates or foreign exchange rates. Interest rate and currency fluctuations will either cause assets and liabilities to appreciate or depreciate in market value or cause variability in forecasted cash flows. When a hedging relationship is effective, gains, losses, revenue and expenses of the hedging instrument will offset the gains, losses, revenue and expenses of the hedged item. Derivatives used in hedging relationships are recorded in Other Assets – Derivatives or Other Liabilities – Derivatives on the Balance Sheet. Foreign currency-denominated liabilities used in net investment hedging relationships are recorded in Deposits – Business and Government and Subordinated debentures on the Balance Sheet. Gains and losses relating to hedging ineffectiveness is recorded in Non-Interest Net-interest Non-interest We assess and measure the effectiveness of a hedging relationship based on the change in the fair value or cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item attributable to the hedged risk. When cash instruments are designated as hedges of foreign exchange risks, only changes in their value due to foreign exchange risk are included in the assessment and measurement of hedge effectiveness. Potential sources of ineffectiveness can be attributed to differences between hedging instruments and hedged items: • Mismatches in the terms of hedged items and hedging instruments, for example the frequency and timing of when interest rates are reset and frequency of payment. • Difference in the discounting factors between the hedged item and the hedging instrument, taking into consideration the different reset frequency of the hedged item and hedging instrument. • Hedging derivatives with a non-zero Below is a description of our risk management strategy for each risk exposure that we decide to hedge: Interest rate risk We use interest rate contracts to manage our exposure to interest rate risk by modifying the repricing characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. The swaps are designated in either a fair value hedge or a cash flow hedge and predomina n For fair value hedges, we use interest rate contracts to manage the fair value movements of our fixed-rate instruments due to changes in benchmark interest. The interest rate swaps are entered into on a one-to-one We also use interest rate swaps in fair value hedges to manage interest rate risk from residential mortgage assets and funding liabilities. Our exposure from this portfolio changes with the origination of new loans, repayments of existing loans, and sale of securitized mortgages. Accordingly, we have adopted dynamic hedging for that portfolio, in which the hedge relationship is rebalanced on a more frequent basis, such as on a bi-weekly For cash flow hedges, we use interest rate swaps to manage the expos u one-to-one Foreign exchange risk We manage our exposure to foreign currency risk with cross currency swaps in a cash flow hedge, and foreign exchange forward contracts in a net investment hedge. Certain cash instruments may also be designated in a net investment hedge, where applicable. For cash flow hedges, we use cross currency swaps and forward contracts to manage the cash flow variability arising from fluctuations in foreign exchange rates on our issued foreign denominated fixed rate liabilities and highly probable forecasted transactions. The maturity profile and repayment terms of these swaps are matched to those of our foreign denominated exposures to limit our cash flow volatility from changes in foreign exchange rates. For net investment hedges, we use a combination of foreign exchange forwards and cash instruments, such as foreign denominated deposit liabilities, some of which reference IBORs that will be affected by the Reform, to manage our foreign exchange risk arising from our investments in foreign operations. Our most significant exposures include USD, GBP and Euro. When hedging net investments in foreign operations using foreign exchange forwards, only the undiscounted spot element of the foreign exchange forward is designated as the hedging instrument. Accordingly, changes in the fair value of the hedging instrument as a result of changes in forward rates and the effects of discounting are not included in the hedging effectiveness assessment. Foreign operations are only hedged to the extent of the principal of the foreign denominated deposit liabilities or notional amount of the derivative; we generally do not expect to incur significant ineffectiveness on hedges of net investments in foreign operations. Equity price risk We use total return swaps in cash flow hedges to mitigate the cash flow variability of the expected payment associated with our cash settled share-based compensation plan for certain key employees by exchanging interest payments for indexed RBC share price change and dividend returns. Credit risk We predominantly use credit derivatives to economically hedge our credit exposures. We mitigate industry sector concentrations and single-name exposures related to our credit portfolio by purchasing credit derivatives to transfer credit risk to third parties. Derivative instruments designated in hedging relationships The following table presents the fair values of the derivative instruments and the principal amounts of the non-derivative Derivatives and non-derivative (1) As at October 31, 2021 October 31, 2020 Designated as hedging instruments Not designated in a hedging relationship Designated as hedging instruments Not designated in a hedging relationship (Millions of Canadian dollars) Fair value Cash flow Net Fair value Cash flow Net Assets Derivative instruments $ 66 $ 9 $ 98 $ 95,368 $ 102 $ 1 $ 19 $ 113,366 Liabilities Derivative instruments 131 20 18 91,270 298 30 58 109,541 Non-derivative – – 27,157 n.a. – – 28,702 n.a. (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. n.a. not applicable Net investment hedges As at October 31, 2021 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 433 $ 26,294 $ 401 $ 27,128 n.a. $ 27,157 Weighted average CAD-USD 1.32 1.29 1.30 1.29 Weighted average CAD-EUR – 1.51 1.48 1.51 Weighted average CAD-GBP – 1.72 – 1.72 Forward contracts $ 4,951 $ – $ – $ 4,951 $ 98 $ 18 Weighted average CAD-USD 1.26 n.a. n.a. 1.26 Weighted average CAD-EUR 1.45 n.a. n.a. 1.45 Weighted average CAD-GBP 1.73 n.a. n.a. 1.73 As at October 31, 2020 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 7,722 $ 18,706 $ 2,274 $ 28,702 n.a. $ 29,175 Weighted average CAD-USD 1.29 1.31 1.31 1.30 Weighted average CAD-EUR – 1.51 1.50 1.51 Weighted average CAD-GBP 1.73 1.65 – 1.69 Forward contracts $ 7,869 $ – $ – $ 7,869 $ 19 $ 58 Weighted average CAD-USD 1.33 n.a. n.a. 1.33 Weighted average CAD-EUR 1.56 n.a. n.a. 1.56 Weighted average CAD-GBP 1.71 n.a. n.a. 1.71 n.a. not applicable The following tables present the details of the hedged items categorized by their hedging relationships: Fair value hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2021 Carrying amount Accumulated amount of fair (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 42,810 $ – $ (78 ) $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ (1,027 ) Fixed rate liabilities (1) – 65,355 – (59 ) Deposits 1,842 As at and for the year ended October 31, 2020 Carrying amount Accumulated amount of fair value adjustments on the hedged item included in the (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 49,272 $ – $ 1,058 $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ 879 Fixed rate liabilities (1) – 68,130 – 1,817 Deposits (1,142 ) (1) As at October 31, 2021, the accumulated amount of fair value hedge adjustments remaining in the Balance Sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a gain of $125 million for fixed-rate assets and a loss of $62 million for fixed-rate liabilities (October 31, 2020 – gain of $32 million and loss of $94 million, respectively). Cash flow and net investment hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2021 Balance sheet items: Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ 614 $ (402 ) $ 206 Variable rate liabilities Deposits – Business and government; Deposits – Personal (2,641 ) 1,310 (399 ) Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail (98 ) 1 – Fixed rate liabilities Deposits – Business and government – – – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. (2,331 ) (4,032 ) (421 ) As at and for the year ended October 31, 2020 Balance sheet items: Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ (484 ) $ 294 $ 285 Variable rate liabilities Deposits – Business and government; Deposits – Personal 1,839 (1,540 ) (523 ) Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail 2 6 – Fixed rate liabilities Deposits (164 ) – – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. 535 (6,363 ) (421 ) n.a. not applicable Effectiveness of designated hedging relationships For the year ended October 31, 2021 (Millions of Canadian dollars) Change in fair value Hedge (1) Changes in the value of Amount reclassified Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ 929 $ (98 ) n.a. n.a. Interest rate contracts – fixed rate liabilities (1,802 ) 40 n.a. n.a. Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets (631 ) (17 ) $ (497 ) $ 279 Interest rate contracts – variable rate liabilities 2,579 9 1,949 (1,024 ) Foreign exchange risk Cross currency swap – fixed rate assets 98 – 98 103 Cross currency swap – fixed rate liabilities – – – – Net investment hedges Foreign exchange risk Foreign currency liabilities 1,882 – 1,882 – Forward contracts 449 – 449 1 For the year ended October 31, 2020 (Millions of Canadian dollars) Change in fair value of hedging instrument Hedge ineffectiveness recognized in income (1) Changes in the value of the hedging instrument recognized in OCI Amount reclassified from hedge reserves Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ (931 ) $ (52 ) n.a. n.a. Interest rate contracts – fixed rate liabilities 1,157 15 n.a. n.a. Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets 501 16 $ 532 $ 200 Interest rate contracts – variable rate liabilities (1,803 ) 1 (2,127 ) (367 ) Foreign exchange risk Cross currency swap – fixed rate assets (2 ) – 3 (5 ) Cross currency swap – fixed rate liabilities 164 – 113 122 Net investment hedges Foreign exchange risk Foreign currency liabilities (405 ) 5 (410 ) – Forward contracts (124 ) 1 (125 ) (28 ) (1) Hedge ineffectiveness recognized in income included losses of $101 million that are excluded from the assessment of hedge effectiveness and are offset by economic hedges (October 31, 2020 – $94 million). n.a. not applicable Reconciliation of components of equity The following table provides a reconciliation by risk category of each component of equity and an analysis of other comprehensive income relating to hedge accounting: For the year ended October 31, 2021 For the year ended October 31, 2020 (Millions of Canadian dollars) Cash flow hedge Foreign currency Cash flow hedge reserve Foreign currency translation reserve Balance at the beginning of the year $ (1,079 ) $ 4,632 $ (6 ) $ 4,221 Cash flow hedges Effective portion of changes in fair value: Interest rate risk 1,452 (1,595 ) Foreign exchange risk 100 115 Equity price risk 306 (77 ) Net amount reclassified to profit or loss: Ongoing hedges: Interest rate risk 505 277 Foreign exchange risk (105 ) (119 ) Equity price risk (271 ) 53 De-designated Interest rate risk 240 (110 ) Net gain on hedge of net investment in foreign operations Foreign exchange denominated debt 1,882 (410 ) Forward foreign exchange contracts 449 (125 ) Foreign currency translation differences for foreign operations (4,308 ) 813 Reclassification of losses (gains) on foreign currency translation to income (7 ) (21 ) Reclassification of losses (gains) on net investment hedging activities to income (1 ) 28 Tax on movements on reserves during the period (582 ) (592 ) 383 126 Balance at the end of the year $ 566 $ 2,055 $ (1,079 ) $ 4,632 The following tables provide the remaining term to maturity analysis of the notional amounts and the weighted average rates of the hedging instruments and their carrying amounts by types of hedging relationships: Fair value hedges As at October 31, 2021 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 10,503 $ 25,008 $ 6,568 $ 42,079 $ 19 $ 116 Hedge of fixed rate liabilities 8,939 44,870 11,646 65,455 47 15 Weighted average fixed interest rate Hedge of fixed rate assets 0.8% 0.7% 1.9% 0.9% Hedge of fixed rate liabilities 1.5% 1.2% 1.5% 1.3% As at October 31, 2020 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 14,410 $ 28,182 $ 6,709 $ 49,301 $ 1 $ 298 Hedge of fixed rate liabilities 21,207 38,704 6,415 66,326 101 – Weighted average fixed interest rate Hedge of fixed rate assets 1.5% 1.0% 2.0% 1.3% Hedge of fixed rate liabilities 1.7% 1.4% 1.8% 1.6% (1) The carrying value reflects the impact of the election to characterize the daily variation margin a |
Premises and equipment
Premises and equipment | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Premises and equipment | Note 9 For the year ended October 31, 2021 Owned by the Bank (1) Right-of-use (Millions of Canadian dollars) Land Buildings Computer Furniture, fixtures equipment Leasehold improvements Work in process Buildings Equipment Total Cost Balance at beginning of period $ 152 $ 1,416 $ 2,222 $ 1,684 $ 3,383 $ 203 $ 5,171 $ 421 $ 14,652 Additions 1 – 28 6 94 388 379 109 1,005 Transfers from work in process – 13 180 47 170 (410 ) – – – Disposals (2 ) (19 ) (85 ) (21 ) (70 ) (1 ) (49 ) (36 ) (283 ) Foreign exchange translation (6 ) (20 ) (46 ) (25 ) (66 ) (5 ) (167 ) (1 ) (336 ) Other – 29 81 (85 ) (17 ) (5 ) 60 – 63 Balance at end of period $ 145 $ 1,419 $ 2,380 $ 1,606 $ 3,494 $ 170 $ 5,394 $ 493 $ 15,101 Accumulated depreciation Balance at beginning of period $ – $ 754 $ 1,652 $ 1,265 $ 2,188 $ – $ 584 $ 275 $ 6,718 Depreciation – 49 245 94 222 – 578 88 1,276 Disposals – (7 ) (83 ) (20 ) (56 ) – (5 ) (20 ) (191 ) Foreign exchange translation – (9 ) (35 ) (16 ) (35 ) – (24 ) (1 ) (120 ) Other – (12 ) 59 (63 ) 10 – – – (6 ) Balance at end of period $ – $ 775 $ 1,838 $ 1,260 $ 2,329 $ – $ 1,133 $ 342 $ 7,677 Net carrying amount at end of period $ 145 $ 644 $ 542 $ 346 $ 1,165 $ 170 $ 4,261 $ 151 $ 7,424 For the year ended October 31, 2020 Owned by the Bank (1) Right-of-use (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Buildings Equipment Total Cost Balance at beginning of period $ 153 $ 1,395 $ 2,062 $ 1,557 $ 3,001 $ 432 $ 4,956 $ 363 $ 13,919 Additions – 26 82 42 14 623 281 115 1,183 Transfers from work in process – 9 279 93 449 (830 ) – – – Disposals (1 ) (4 ) (157 ) (42 ) (124 ) (2 ) (58 ) (57 ) (445 ) Foreign exchange translation 1 4 7 4 10 (2 ) 38 1 63 Other (1 ) (14 ) (51 ) 30 33 (18 ) (46 ) (1 ) (68 ) Balance at end of period $ 152 $ 1,416 $ 2,222 $ 1,684 $ 3,383 $ 203 $ 5,171 $ 421 $ 14,652 Accumulated depreciation Balance at beginning of period $ – $ 703 $ 1,553 $ 1,137 $ 2,074 $ – $ – $ 205 $ 5,672 Depreciation – 47 267 109 224 – 600 86 1,333 Disposals – (3 ) (155 ) (39 ) (112 ) – (12 ) (16 ) (337 ) Foreign exchange translation – 1 4 3 3 – (2 ) – 9 Other – 6 (17 ) 55 (1 ) – (2 ) – 41 Balance at end of period $ – $ 754 $ 1,652 $ 1,265 $ 2,188 $ – $ 584 $ 275 $ 6,718 Net carrying amount at end of period $ 152 $ 662 $ 570 $ 419 $ 1,195 $ 203 $ 4,587 $ 146 $ 7,934 (1) As at October 31, 2021, we had total contractual commitments of $162 million to purchase premises and equipment (October 31, 2020 – $94 million). Lease payments Total lease payments for the year ended October 31, 2021 were $1,259 million million million Total variable lease payments not included in the measurement of lease liabilities were $603 million for the year ended October 31, 2021 (October 31, 2020 – $635 million). |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Goodwill and other intangible assets | Note 10 Goodwill For the year ended October 31, 2021 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,557 $ 1,719 $ 587 $ 2,001 $ 2,978 $ 121 $ 112 $ 149 $ 1,078 $ 11,302 Acquisitions – – – – – – – – – – Dispositions – (3 ) – – – (4 ) – – – (7 ) Currency translations – (116 ) (10 ) (37 ) (210 ) (2 ) – (1 ) (65 ) (441 ) Balance at end of period $ 2,557 $ 1,600 $ 577 $ 1,964 $ 2,768 $ 115 $ 112 $ 148 $ 1,013 $ 10,854 For the year ended October 31, 2020 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,555 $ 1,727 $ 579 $ 1,985 $ 2,943 $ 120 $ 112 $ 148 $ 1,067 $ 11,236 Acquisitions 2 – 6 – 1 – – – – 9 Dispositions – (16 ) – – – – – – – (16 ) Currency translations – 8 2 16 34 1 – 1 11 73 Balance at end of period $ 2,557 $ 1,719 $ 587 $ 2,001 $ 2,978 $ 121 $ 112 $ 149 $ 1,078 $ 11,302 We perform our annual impairment test by comparing the carrying amount of each CGU to its recoverable amount. The recoverable amount of a CGU is represented by its VIU, except in circumstances where the carrying amount of a CGU exceeds its VIU. In such cases, the greater of the CGU’s FVLCD and its VIU is the recoverable amount. Our annual impairment test is performed as at August 1. In our 2021 and 2020 annual impairment tests, the recoverable amounts of our Caribbean Banking and International Wealth Management CGUs were based on their FVLCD. The recoverable amounts of all other CGUs tested were based on their VIU. Value in use We calculate VIU using a five-year discounted cash flow method. Future cash flows are based on financial plans agreed by management, estimated based on forecast results, business initiatives, capital required to support future cash flows and returns to shareholders. Key drivers of future cash flows include net interest margins and average interest-earning assets. The values assigned to these drivers over the forecast period are based on past experience, external and internal economic forecasts, and management’s expectations of the impact of economic conditions on our financial results. Beyond the initial cash flow projection period, cash flows are assumed to increase at a constant rate using a nominal long-term growth rate (terminal growth rate), with the exception of our U.S. Wealth Management (including City National) CGU where we applied a mid-term CGU-specific The estimation of VIU involves significant judgment in the determination of inputs to the discounted cash flow model and is most sensitive to changes in future cash flows, discount rates and terminal growth rates applied to c a The terminal growth rates and pre-tax As at August 1, 2021 August 1, 2020 Discount (1) Terminal Discount (1) Terminal Group of cash generating units Canadian Banking 9.4% 3.0% 9.5% 3.0% Caribbean Banking 10.9 3.5 11.4 3.7 Canadian Wealth Management 10.5 3.0 10.4 3.0 Global Asset Management 10.5 3.0 10.5 3.0 U.S. Wealth Management (including City National) 11.1 3.0 10.7 3.0 International Wealth Management (2) n.m. n.m. n.m. n.m. Insurance 10.2 3.0 10.2 3.0 Investor & Treasury Services 9.9 3.0 10.2 3.0 Capital Markets 11.8 3.0 12.0 3.0 (1) Pre-tax post-tax (2) The recoverable amount for our International Wealth Management CGU is determined using a multiples-based approach. n.m. not meaningful Fair value less costs of disposal – Caribbean Banking For our Caribbean Banking CGU, we calculated FVLCD using a discounted cash flow method that projects future cash flows over a 5-year 5-year With the improved economic environment in 2021, tempered by continued uncertainty related to COVID-19, pre-tax reflecting a long-term steady Other intangible assets For the year ended October 31, 2021 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 7,676 $ 1,901 $ 1,586 $ 1,916 $ 1,241 $ 14,320 Additions 48 15 – – 1,129 1,192 Acquisitions through business combinations – – – – – – Transfers 1,022 69 – – (1,091 ) – Dispositions (66 ) (87 ) – (38 ) (8 ) (199 ) Impairment losses (157 ) – – – (9 ) (166 ) Currency translations (126 ) (60 ) (112 ) (41 ) (29 ) (368 ) Other changes (7 ) 8 – 5 3 9 Balance at end of period $ 8,390 $ 1,846 $ 1,474 $ 1,842 $ 1,236 $ 14,788 Accumulated amortization Balance at beginning of period $ (5,884 ) $ (1,500 ) $ (793 ) $ (1,391 ) $ – $ (9,568 ) Amortization charge for the year (898 ) (138 ) (150 ) (101 ) – (1,287 ) Dispositions 65 86 – 38 – 189 Impairment losses 137 – – – – 137 Currency translations 88 41 58 29 – 216 Other changes 9 (13 ) – – – (4 ) Balance at end of period $ (6,483 ) $ (1,524 ) $ (885 ) $ (1,425 ) $ – $ (10,317 ) Net balance at end of period $ 1,907 $ 322 $ 589 $ 417 $ 1,236 $ 4,471 For the year ended October 31, 2020 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 6,941 $ 1,684 $ 1,567 $ 1,773 $ 1,240 $ 13,205 Additions 54 47 – 143 1,157 1,401 Acquisitions through business combinations – 6 – 10 – 16 Transfers 936 193 – – (1,129 ) – Dispositions (149 ) (13 ) – – (4 ) (166 ) Impairment losses (116 ) (4 ) – – (10 ) (130 ) Currency translations 20 7 19 13 8 67 Other changes (10 ) (19 ) – (23 ) (21 ) (73 ) Balance at end of period $ 7,676 $ 1,901 $ 1,586 $ 1,916 $ 1,241 $ 14,320 Accumulated amortization Balance at beginning of period $ (5,256 ) $ (1,357 ) $ (627 ) $ (1,291 ) $ – $ (8,531 ) Amortization charge for the year (855 ) (144 ) (160 ) (114 ) – (1,273 ) Dispositions 147 12 – – – 159 Impairment losses 88 – – – – 88 Currency translations (14 ) (6 ) (6 ) (9 ) – (35 ) Other changes 6 (5 ) – 23 – 24 Balance at end of period $ (5,884 ) $ (1,500 ) $ (793 ) $ (1,391 ) $ – $ (9,568 ) Net balance at end of period $ 1,792 $ 401 $ 793 $ 525 $ 1,241 $ 4,752 |
Joint ventures and associated c
Joint ventures and associated companies | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Joint ventures and associated companies | Note 11 Joint ventures and associated companies The following table summarizes the carrying value of our interests in joint ventures and associated companies accounted for under the equity method as well as our share of the income of those entities. Joint ventures Associated companies As at and for the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 October 31 2021 October 31 2020 Carrying amount $ 223 $ 193 $ 431 $ 459 Share of: Net income $ 107 $ 87 $ 23 $ (10 ) We do not have any joint ventures or associated companies that are individually material to our financial results. Certain of our subsidiaries, joint ventures and associates are subject to regulatory requirements of the jurisdictions in which they operate. When these subsidiaries, joint ventures and associates are subject to such requirements, they may be restricted from transferring to us our share of their assets in the form of cash dividends, loans or advances. As at October 31, 2021, restricted net assets of these subsidiaries, joint ventures and associates were $39 billion (October 31, 2020 – $38 billion). |
Other assets
Other assets | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Other assets | Note 12 Other assets As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Accounts receivable and prepaids $ 5,056 $ 4,600 Accrued interest receivable 2,195 2,362 Cash collateral 14,541 18,119 Commodity trading receivables 6,996 4,104 Deferred income tax asset 2,011 2,579 Employee benefit assets 2,640 143 Insurance-related assets Collateral loans 615 801 Policy loans 87 97 Reinsurance assets 1,032 949 Other 62 93 Investments in joint ventures and associates 654 652 Margin deposits 11,441 9,816 Precious metals 1,619 2,371 Receivable from brokers, dealers and clients 3,395 2,077 Taxes receivable 4,891 5,487 Other 4,648 4,671 $ 61,883 $ 58,921 |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Deposits | Note 13 Deposits As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 207,493 $ 64,613 $ 90,382 $ 362,488 $ 182,745 $ 61,761 $ 98,546 $ 343,052 Business and government 356,020 20,800 319,533 696,353 315,472 16,585 292,254 624,311 Bank 12,549 449 28,992 41,990 12,502 956 31,064 44,522 $ 576,062 $ 85,862 $ 438,907 $ 1,100,831 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 Non-interest-bearing (4) Canada $ 151,475 $ 8,051 $ 713 $ 160,239 $ 123,402 $ 7,390 $ 368 $ 131,160 United States 54,021 – – 54,021 43,831 – – 43,831 Europe (5) 632 – – 632 654 – – 654 Other International 8,002 – – 8,002 7,372 – – 7,372 Interest-bearing (4) Canada 315,464 19,857 312,987 648,308 287,046 19,036 310,492 616,574 United States 6,978 57,260 77,597 141,835 7,190 52,046 57,037 116,273 Europe (5) 34,278 693 36,788 71,759 33,810 830 37,250 71,890 Other International 5,212 1 10,822 16,035 7,414 – 16,717 24,131 $ 576,062 $ 85,862 $ 438,907 $ 1,100,831 $ 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 include both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at October 31, 2021, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $399 billion, $35 billion, $43 billion and $27 billion, respectively (October 31, 2020 – $347 billion, $32 billion, $47 billion and $33 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. Contractual maturities of term deposits As at (Millions of Canadian dollars) October 31 2021 October 31 2020 (1) Within 1 year: less than 3 months $ 133,776 $ 123,290 3 to 6 months 64,062 65,782 6 to 12 months 83,871 80,737 1 to 2 years 45,532 34,400 2 to 3 years 29,204 42,907 3 to 4 years 24,573 21,136 4 to 5 years 25,329 22,885 Over 5 years 32,560 30,727 $ 438,907 $ 421,864 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 416,000 $ 388,000 (1) Amounts previously presented were reclassified to reflect the contractual maturities of certain term deposits. Average deposit balances and average rates of interest For the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars, except for percentage amounts) Average Average Average Average Canada $ 772,875 0.61% $ 725,021 1.02% United States 180,230 0.13 144,011 0.46 Europe 77,217 0.55 73,317 0.76 Other International 28,731 0.33 28,283 0.68 $ 1,059,053 0.51% $ 970,632 0.90% |
Insurance
Insurance | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Insurance | Note 14 Insurance Risk management Insurance risk is the risk of fluctuations in the timing, frequency or severity of insured events, relative to our expectations at the time of underwriting. We do not have a high degree of concentration risk due to our geographic diversity and business mix. Concentration risk is not a major concern for the life and health insurance business as it does not have a material level of region-specific characteristics. Reinsurance is also used for a majority of our C a Reinsurance In the ordinary course of business, our insurance operations reinsure risks to other insurance and reinsurance companies in order to lower our risk profile, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries from our direct obligations to the insured parties. We evaluate the financial condition of the reinsurers and monitor our concentrations of credit risks to minimize our exposure to losses from reinsurer insolvency. Reinsurance amounts (ceded premiums) included in Non-interest income are shown in the table below. Net premiums and claims For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Gross premiums $ 5,090 $ 4,515 Premiums ceded to reinsurers (250 ) (249 ) Net premiums $ 4,840 $ 4,266 Gross claims and benefits (1) $ 3,834 $ 3,700 Reinsurers’ share of claims and benefits (287 ) (316 ) Net claims $ 3,547 $ 3,384 (1) Includes the change in fair value of investments backing our policyholder liabilities. Insurance claims and policy benefit liabilities All actuarial assumptions are set in conjunction with Canadian Institute of Actuaries Standards of Practice and OSFI requirements. The assumptions that have the greatest effect on the measurement of insurance liabilities, the processes used to determine them and the assumptions used as at October 31, 2021 are as follows: Mortality and morbidity – Mortality estimates are based on standard industry insured mortality tables, adjusted where appropriate to reflect our own experience. Morbidity assumptions are made with respect to the rates of claim incidence and claim termination for health insurance policies and are based on a combination of industry and our own experience. Future investment yield – Assumptions are based on the current yield rate, a reinvestment assumption and an allowance for future credit losses for each line of business, and are developed using interest rate scenario testing, including prescribed scenarios for determination of minimum liabilities as set out in the actuarial standards. Policyholder behaviour – Under certain policies, the policyholder has a contractual right to change benefits and premiums, as well as convert policies to permanent forms of insurance. All policyholders have the right to terminate their policies through lapse. Lapses represent the termination of policies due to non-payment of premiums. Lapse assumptions are primarily based on our recent experience adjusted for emerging industry experience where applicable. Significant insurance assumptions As at October 31 2021 October 31 2020 Life Insurance Canadian Insurance Mortality rates (1) 0.12% 0.11% Morbidity rates (2) 1.78 1.81 Future reinvestment yield (3) 3.76 3.82 Lapse rates (4) 0.50 0.50 International Insurance Mortality rates (1) 0.79 0.66 Future reinvestment yield (3) 2.90 3.05 (1) Average annual death rate for the largest portfolio of insured policies. (2) Average net termination rate for the individual and group disability insurance portfolio. (3) Ultimate reinvestment rate of the insurance operations. (4) Ultimate policy termination rate (lapse rate) for the largest permanent life insurance portfolio that relies on a Insurance claims and policy benefit liabilities The following table summarizes our gross and reinsurers’ share of insurance liabilities at the end of the year. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Life insurance policyholder liabilities Life, health and annuity $ 12,775 $ 861 $ 11,914 $ 12,089 $ 752 $ 11,337 Investment contracts (1) 42 – 42 34 – 34 $ 12,817 $ 861 $ 11,956 $ 12,123 $ 752 $ 11,371 Non-life insurance policyholder liabilities Unearned premium provision (1) $ 6 $ – $ 6 $ 7 $ – $ 7 Unpaid claims provision 41 3 38 126 31 95 $ 47 $ 3 $ 44 $ 133 $ 31 $ 102 $ 12,864 $ 864 $ 12,000 $ 12,256 $ 783 $ 11,473 (1) Insurance liabilities for investment contracts and unearned premium provision are reported in Other liabilities on the Consolidated Balance Sheets. Reconciliation of life insurance policyholder liabilities For the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Balances at beginning of period $ 12,123 $ 752 $ 11,371 $ 11,377 $ 601 $ 10,776 New and in-force policies (1) 775 108 667 735 141 594 Changes in assumption and methodology (89 ) 1 (90 ) 15 10 5 Net change in investment contracts 8 – 8 (4 ) – (4 ) Balances at end of period $ 12,817 $ 861 $ 11,956 $ 12,123 $ 752 $ 11,371 (1) Includes the change in fair value of investments backing our policyholder liabilities. The net increase in life insurance claims and policy benefit liabilities over the prior year was attributable to business growth and market movements on assets backing life and health liabilities, partially offset by asset and liability matching activities. During the year, we reviewed all key actuarial methods and assumptions which are used in determining the policy benefit liabilities resulting in a $90 million net decrease to insurance liabilities comprised of: (i) a decrease of $94 million for revised actuarial reserves on interest rate risk; (ii) a decrease of $5 million due to reinsurance contract renegotiations; (iii) an increase of $34 million arising from insurance risk related assumption updates largely due to mortality, morbidity, and expense assumptions; and (iv) a decrease of $25 million due to changes to valuation models and related data. Sensitivity analysis The following table presents the sensitivity of the level of insurance policyholder liabilities disclosed in this note to reasonably possible changes in the actuarial assumptions used to calculate them. The percentage change in each variable is applied to a range of existing actuarial modelling assumptions to derive the possible impact on net income. The analyses are performed where a single assumption is changed while holding other assumptions constant, which is unlikely to occur in practice. Net income impact for the year ended (Millions of Canadian dollars, except for percentage amounts) Change in October 31 2021 October 31 2020 Increase in market interest rates (1) 1% $ (14 ) $ 5 Decrease in market interest rates (1) 1 17 (11 ) Increase in equity market values (2) 10 8 8 Decrease in equity market values (2) 10 (10 ) (22 ) Increase in maintenance expenses (3) 5 (37 ) (37 ) Life Insurance (3) Adverse change in annuitant mortality rates 2 (287 ) (278 ) Adverse change in assurance mortality rates 2 (67 ) (70 ) Adverse change in morbidity rates 5 (213 ) (219 ) Adverse change in lapse rates 10 (253 ) (252 ) (1) Sensitivities for market interest rates include the expected current period earnings impact of a 100 (2) Sensitivities to changes in equity market values are composed of the expected current period earnings impact from differences in the changes in fair value of the equity asset holdings and the partially offsetting impact on the actuarial liabilities. (3) Sensitivities to changes in maintenance expenses and life insurance actuarial assumptions include the expected current period earnings impact from recognition of increased liabilities due to an adverse change in the given assumption over the lifetime of all in-force policies. |
Segregated funds
Segregated funds | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Segregated funds | Note 15 Segregated funds We offer certain individual variable insurance contracts that allow policyholders to invest in segregated funds. The investment returns on these funds are passed directly to the policyholders. Amounts invested are at the policyholders’ risk, except where the policyholders have selected options providing maturity and death benefit guarantees. A liability for the guarantees is recorded in Insurance claims and policy benefit liabilities. Segregated funds net assets are recorded at fair value. All of our segregated funds net assets are categorized as Level 1 in the fair value hierarchy. The fair value of the segregated funds liabilities is equal to the fair value of the segregated funds net assets. Segregated funds net assets and segregated funds liabilities are presented on separate lines on the Consolidated Balance Sheets. The following tables present the composition of net assets and the changes in net assets for the year. Segregated funds net assets As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Cash $ 40 $ 35 Investment in mutual funds 2,625 1,886 Other assets (liabilities), net 1 1 $ 2,666 $ 1,922 Changes in net assets For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Net assets at beginning of period $ 1,922 $ 1,663 Additions (deductions): Deposits from policyholders 975 724 Net realized and unrealized gains (losses) 381 12 Interest and dividends 51 49 Payment to policyholders (604 ) (479 ) Management and administrative fees (59 ) (47 ) Net assets at end of period $ 2,666 $ 1,922 |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 12 Months Ended |
Oct. 31, 2021 | |
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Employee benefits - Pension and other post-employment benefits | Note 16 Employee benefits – Pension and other post-employment benefits Plan characteristics We sponsor a number of programs that provide pension and post-employment benefits to eligible employees. The majority of beneficiaries of the pension plans are located in Canada and other beneficiaries of the pension plans are primarily located in the U.K. and the Caribbean. The pension arrangements including investment, plan benefits and funding decisions are governed by local pension committees or trustees, who are legally segregated from the Bank, or management. Significant plan changes require the approval of the Board of Directors. Our defined benefit pension plans provide pension benefits based on years of service, contributions and average earnings at retirement. Our primary defined benefit pension plans are closed to new members. New employees are generally eligible to join defined contribution pension plans. The specific features of these plans vary by location. We also provide supplemental non-registered (non-qualified) pension plans for certain executives and senior management that are typically unfunded or partially funded. Our defined contribution pension plans provide pension benefits based on accumulated employee and Bank contributions. The Bank contributions are based on a percentage of an employee’s annual earnings and a portion of the Bank contribution may be dependent on the amount being contributed by the employee and their years of service. Our primary other post-employment benefit plans provide health, dental, disability and life insurance coverage and cover a number of current and retired employees who are mainly located in Canada. These plans are unfunded unless required by legislation. We measure our benefit obligations and pension assets as at October 31 each year. All plans are valued using the projected unit-credit method. We fund our registered defined benefit pension plans in accordance with actuarially determined amounts required to satisfy employee benefit obligations under current pension regulations. For our principal pension plan, the most recent funding actuarial valuation was completed on January 1, 2021, and the next valuation will be completed on January 1, 2022. For the year ended October 31, 2021, total contributions to our pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans were $456 million and $75 million (October 31, 2020 – $1,024 million and $63 million), respectively. For 2022, total contributions to our pension plans and other post-employment benefit plans are expected to be $520 million and $84 million, respectively. Risks By their design, the defined benefit pension and other post-employment benefit plans expose the Bank to various risks such as investment performance, reductions in discount rates used to value the obligations, increased longevity of plan members, future inflation levels impacting future salary increases as well as future increases in healthcare costs. These risks will reduce over time due to the membership closure of our primary defined benefit pension plans and migration to defined contribution pension plans. The following table presents the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Defined benefit Other post- Defined benefit Other post- Canada Fair value of plan assets $ 16,698 $ – $ 15,044 $ – Present value of defined benefit obligation 14,403 1,703 15,408 1,863 Net surplus (deficit) $ 2,295 $ (1,703 ) $ (364 ) $ (1,863 ) International Fair value of plan assets $ 1,005 $ – $ 980 $ – Present value of defined benefit obligation 912 77 943 90 Net surplus (deficit) $ 93 $ (77 ) $ 37 $ (90 ) Total Fair value of plan assets $ 17,703 $ – $ 16,024 $ – Present value of defined benefit obligation 15,315 1,780 16,351 1,953 Total net surplus (deficit) $ 2,388 $ (1,780 ) $ (327 ) $ (1,953 ) Effect of asset ceiling (6 ) – (1 ) – Total net surplus (deficit), net of effect of asset ceiling $ 2,382 $ (1,780 ) $ (328 ) $ (1,953 ) Amounts recognized in our Consolidated Balance Sheets Employee benefit assets $ 2,640 $ – $ 143 $ – Employee benefit liabilities (258 ) (1,780 ) (471 ) (1,953 ) Total net surplus (deficit), net of effect of asset ceiling $ 2,382 $ (1,780 ) $ (328 ) $ (1,953 ) The following table presents an analysis of the movement in the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at or for the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Defined benefit (1) Other post- Defined benefit (1) Other post- Fair value of plan assets at beginning of period $ 16,024 $ – $ 14,785 $ 1 Interest income 432 – 447 – Remeasurements Return on plan assets (excluding interest income) 1,614 – 793 – Change in foreign currency exchange rate (21 ) – 17 – Contributions – Employer 221 75 798 63 Contributions – Plan participant 46 19 48 19 Payments (594 ) (94 ) (623 ) (83 ) Payments – amount paid in respect of settlements (2 ) – (223 ) – Business combinations/Disposals (4 ) Other (13 ) – (18 ) – Fair value of plan assets at end of period $ 17,703 $ – $ 16,024 $ – Benefit obligation at beginning of period $ 16,351 $ 1,953 $ 15,517 $ 1,820 Current service costs 359 46 367 46 Past service costs – (1 ) – (12 ) Gains and losses on settlements 2 – (5 ) – Interest expense 439 57 462 59 Remeasurements Actuarial losses (gains) from demographic assumptions – (6 ) – (5 ) Actuarial losses (gains) from financial assumptions (1,253 ) (184 ) 791 68 Actuarial losses (gains) from experience adjustments (5 ) (2 ) 2 38 Change in foreign currency exchange rate (24 ) (7 ) 15 3 Contributions – Plan participant 46 19 48 19 Payments (594 ) (94 ) (623 ) (83 ) Payments – amount paid in respect of settlements (2 ) – (223 ) – Business combinations/Disposals (4 ) (1 ) – – Benefit obligation at end of period $ 15,315 $ 1,780 $ 16,351 $ 1,953 Unfunded obligation $ 26 $ 1,633 $ 30 $ 1,792 Wholly or partly funded obligation 15,289 147 16,321 161 Total benefit obligation $ 15,315 $ 1,780 $ 16,351 $ 1,953 (1) For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2021 were $413 million and $155 million, respectively (October 31, 2020 – $15,054 million and $14,583 million, respectively). Pension and other post-employment benefit expense The following table presents the composition of our pension and other post-employment benefit expense related to our material pension and other post-employment benefit plans worldwide. For the year ended Pension plans Other post-employment (Millions of Canadian dollars) October 31 2021 October 31 2020 October 31 2021 October 31 2020 Current service costs $ 359 $ 367 $ 46 $ 46 Past service costs – – (1 ) (12 ) Gains and losses on settlements 2 (5 ) – – Net interest expense (income) 7 15 57 59 Remeasurements of other long-term benefits – – (12 ) 13 Administrative expense 13 18 – – Defined benefit pension expense $ 381 $ 395 $ 90 $ 106 Defined contribution pension expense 235 226 – – $ 616 $ 621 $ 90 $ 106 Service costs for the year ended October 31, 2021 totalled $356 million (October 31, 2020 – $363 million) for pension plans in Canada and $3 million (October 31, 2020 – $4 million) for International plans. Net interest expense (income) for the year ended October 31, 2021 totalled $7 million (October 31, 2020 – $14 million) for pension plans in Canada and $nil (October 31, 2020 – $1 million) for International plans. Pension and other post-employment benefit remeasurements The following table presents the composition of our remeasurements recorded in OCI related to our material pension and other post-employment benefit plans worldwide. For the year ended Defined benefit pension plans Other post-employment (Millions of Canadian dollars) October 31 2021 October 31 2020 October 31 2021 October 31 2020 Actuarial (gains) losses: Changes in demographic assumptions $ – $ – $ (6 ) $ (14 ) Changes in financial assumptions (1,253 ) 791 (177 ) 62 Experience adjustments (5 ) 2 3 40 Return on plan assets (excluding interest based on discount rate) (1,614 ) (793 ) – – Change in asset ceiling (excluding interest income) 5 – – – $ (2,867 ) $ – $ (180 ) $ 88 Remeasurements recorded in OCI for the year ended October 31, 2021 were gains of $2,819 million (October 31, 2020 – gains of $7 million) for pension plans in Canada and gains of $48 million (October 31, 2020 – losses of $7 million) for International plans . Investment policy and strategies Defined benefit pension plan assets are invested prudently in order to meet our longer-term pension obligations. The pension plans’ investment strategy is to hold a diversified mix of investments by asset class and geographic location in order to reduce investment-specific risk to the funded status while maximizing the expected returns to meet pension obligations. Investment of the plan’s assets follows an asset/liability framework as investment is conducted with careful consideration of the pension obligation’s sensitivity to interest rates and credit spreads which are key risk factors impacting the obligation’s value. Factors taken into consideration in developing our asset mix include but are not limited to the following: • the nature of the underlying benefit obligations, including the duration and term profile of the liabilities; • the member demographics, including expectations for normal retirements, terminations, and deaths; • the financial position of the pension plans; • the diversification benefits obtained by the inclusion of multiple asset classes; and • expected asset returns, including asset and liability correlations, along with liquidity requirements of the plan. To implement our asset mix policy, we may invest in debt securities, equity securities, and alternative investments. Our holdings in certain investments, including common shares, debt securities rated lower than BBB and residential and commercial mortgages, cannot exceed a defined percentage of the market value of our defined benefit pension plan assets. We may use derivative instruments as either a synthetic investment to more efficiently replicate the performance of an underlying security, or as a hedge against financial risks within the plan. To manage our credit risk exposure, where derivative instruments are not centrally cleared, counterparties are required to meet minimum credit ratings and enter into collateral agreements. Our defined benefit pension plan assets are primarily comprised of debt and equity securities and alternative investments. Our equity securities generally have unadjusted quoted market prices in an active market (Level 1) and our debt securities generally have quoted market prices for similar assets in an active market (Level 2). Alternative investments and other includes cash, hedge funds, and private fund investments including infrastructure equity, real estate leases and private debt and equity. In the case of private fund investments, no quoted market prices are usually available (Level 2 or Level 3). These fund assets are either valued by an independent valuator or priced using observable market inputs. During the year ended October 31, 2021, the management of defined benefit pension investments continued to focus on an increased allocation to risk reducing investments and strategies, improving diversification, while striving to maintain expected investment return. Over time, an increasing allocation to debt securities and debt securities sold under repurchase agreements are being used to reduce asset/liability duration mismatch and hence variability of the plan’s funded status due to interest rate movement. Longer maturity debt securities, given their price sensitivity to movements in interest rates, are considered to be a good economic hedge to risk associated with the plan’s liabilities, which are discounted using predominantly long maturity bond interest rates as inputs. Asset allocation of defined benefit pension plans (1) , (2) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars, except percentages) Fair value Percentage Quoted ( 3 Fair value Percentage Quoted ( 3 Equity securities Domestic $ 1,879 11 % 100 % $ 1,493 9 % 100 % Foreign 4,202 24 100 3,859 24 100 Debt securities Domestic government bonds (4) 3,766 21 – 3,259 20 – Foreign government bonds 71 – – 81 1 – Corporate and other bonds 3,844 22 – 3,701 23 – Alternative investments and other 3,941 22 12 3,631 23 13 $ 17,703 100 % 37 % $ 16,024 100 % 36 % (1) The asset allocation is based on the underlying investments held directly and indirectly through the funds as this is how we manage our investment policy and strategies. (2) Represents the total plan assets held in our Canadian and International pension plans. ( 3 If our assessment of whether or not an asset was quoted in an active market was based on direct investments, 41% of our total plan assets would be classified as quoted in an active market (October 31, 2020 – 38%). (4) Amounts are net of securities sold under repurchase agreements. As at October 31, 2021, the plan assets include 1 million (October 31, 2020 – 1 million) of our common shares with a fair value of $128 million (October 31, 2020 – $96 million) and $29 million (October 31, 2020 – $32 million) of our debt securities. For the year ended October 31, 2021, dividends received on our common shares held in the plan assets were $4 million (October 31, 2020 – $4 million). Maturity profile The following table presents the maturity profile of our defined benefit pension plan obligation. (Millions of Canadian dollars, except participants and years) As at October 31, 2021 Canada International Total Number of plan participants 67,580 5,321 72,901 Actual benefit payments 2021 $ 564 $ 32 $ 596 Benefits expected to be paid 2022 659 34 693 Benefits expected to be paid 2023 679 34 713 Benefits expected to be paid 2024 700 35 735 Benefits expected to be paid 2025 720 35 755 Benefits expected to be paid 2026 738 35 773 Benefits expected to be paid 2027-2031 3,914 182 4,096 Weighted average duration of defined benefit payments 15.0 20.8 years 15.3 years Significant assumptions Our methodologies to determine significant assumptions used in calculating the defined benefit pension and other post-employment benefit expense are as follows: Discount rate For the Canadian pension and other post-employment benefit plans, all future expected benefit payments at each measurement date are discounted at spot rates from a derived Canadian AA corporate bond yield curve. The derived curve is based on actual short and mid-maturity corporate AA rates and extrapolated longer term rates. The extrapolated corporate AA rates are derived from observed corporate A, corporate AA and provincial AA yields. For the International pension and other post-employment benefit plans, all future expected benefit payments at each measurement date are discounted at spot rates from a local AA corporate bond yield curve. Spot rates beyond 30 years are set to equal the 30-year spot rate. The discount rate is the equivalent single rate that produces the same discounted value as that determined using the entire discount curve. This valuation methodology does not rely on assumptions regarding reinvestment returns. Rate of increase in future compensation The assumptions for increases in future compensation are developed separately for each plan, where relevant. Each assumption is set based on the price inflation assumption and compensation policies in each market, as well as relevant local statutory and plan-specific requirements. Healthcare cost trend rates Healthcare cost calculations are based on both short and long-term trend assumptions established using the plan’s recent experience as well as market expectations. Weighted average assumptions to determine benefit obligation As at Defined benefit pension Other post-employment October 31 2021 October 31 2020 October 31 2021 October 31 2020 Discount rate 3.3% 2.7% 3.6% 3.0% Rate of increase in future compensation 3.0% 3.3% n.a. n.a. Healthcare cost trend rates (1) – Medical n.a. n.a. 3.4% 3.5% – Dental n.a. n.a. 3.1% 3.1% (1) For our other post-employment benefit plans, the assumed trend rates used to measure the expected benefit costs of the defined benefit obligations are also the ultimate trend rates. n.a. not applicable Mortality assumptions Mortality assumptions are significant in measuring our obligations under the defined benefit pension plans. These assumptions have been set based on country specific statistics. Future longevity improvements have been considered and included where appropriate. The following table summarizes the mortality assumptions used for material plans. As at October 31, 2021 October 31, 2020 Life expectancy at 65 for a member currently at Life expectancy at 65 for a member currently at Age 65 Age 45 Age 65 Age 45 (In years) Male Female Male Female Male Female Male Female Country Canada 23.8 24.2 24.8 25.1 23.8 24.1 24.7 25.1 United Kingdom 23.6 25.4 25.3 27.2 23.5 25.3 25.2 27.1 Sensitivity analysis Assumptions adopted can have a significant effect on the value of the obligations for defined benefit pension and other post-employment benefit plans and are based on historical experience and market inputs. The increase (decrease) in obligation in the following table has been determined for key assumptions assuming all other assumptions are held constant. In practice, this is unlikely to occur, as changes in some of the assumptions may be correlated. The following table presents the sensitivity analysis of key assumptions for 2021. Increase (decrease) in obligation (Millions of Canadian dollars) Defined benefit Other post- Discount rate Impact of 100 bps $ (2,113 ) $ (223 ) Impact of 100 bps 2,625 282 Rate of increase in future compensation Impact of 5 0 56 – Impact of 5 0 (62 ) – Mortality rate Impact of an increase in longevity by on yea 444 31 Healthcare cost trend rate Impact of 10 0 n.a. 64 Impact of 10 0 n.a. (54 ) n.a. not applicable |
Other liabilities
Other liabilities | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Other liabilities | Note 17 Other liabilities As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Accounts payable and accrued expenses $ 1,867 $ 1,500 Accrued interest payable 2,178 2,855 Cash collateral 16,712 19,433 Commodity liabilities 7,916 8,354 Deferred income 3,518 2,945 Deferred income taxes 74 52 Dividends payable 1,622 1,611 Employee benefit liabilities 2,038 2,424 Insurance related liabilities 366 341 Lease liabilities 5,077 5,357 Negotiable instruments 1,774 1,676 Payable to brokers, dealers and clients 6,461 5,108 Payroll and related compensation 9,340 7,476 Precious metals certificates 613 623 Provisions 601 618 Taxes payable 3,403 2,209 Other 6,741 7,249 $ 70,301 $ 69,831 |
Subordinated debentures
Subordinated debentures | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Subordinated debentures | Note 18 Subordinated debentures The debentures are unsecured obligations and are subordinated in right of payment to the claims of depositors and certain other creditors. The amounts presented below are net of our own holdings in these debentures, and include the impact of fair value hedges used for managing interest rate risk. (Millions of Canadian dollars, except percentage and foreign currency) Interest Denominated in foreign currency As at Maturity Earliest par value October 31 2021 October 31 2020 July 15, 2022 5.38% US$150 $ 188 $ 205 June 8, 2023 9.30% 110 110 January 20, 2026 (1) (2) January 20, 2021 3.31% – 1,501 January 27, 2026 (2) 4.65% US$1,500 1,916 2,148 September 29, 2026 (2) (3) September 29, 2021 3.45% – 1,017 November 1, 2027 November 1, 2022 4.75% TT$300 55 59 July 25, 2029 (2) July 25, 2024 2.74% (4) 1,499 1,559 December 23, 2029 (2) December 23, 2024 2.88% (5) 1,489 1,578 June 30, 2030 (2) June 30, 2025 2.09% (6) 1,250 1,247 November 3, 2031 (2) November 3, 2026 2.14% (7) 1,717 – January 28, 2033 (2) January 28, 2028 1.67% (8) 943 – October 1, 2083 Any interest payment date (9) 224 224 June 29, 2085 Any interest payment date (10) US$174 215 231 $ 9,606 $ 9,879 Deferred financing costs (13 ) (12 ) $ 9,593 $ 9,867 The terms and conditions of the debentures are as follows: (1) On January 20, 2021, we redeemed all $1,500 million of our outstanding non-viability contingency capital (NVCC) 3.31% subordinated debentures due on January 20, 2026 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (2) The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. (3) On September 29, 2021, we redeemed all $1,000 million of our issued and outstanding NVCC 3.45% subordinated debentures due on September 29, 2026 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (4) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month CDOR. (5) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.89% above the 3-month CDOR. (6) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.31% above the 3-month CDOR. (7) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.61% above the 3-month CDOR. (8) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.55% above the 3-month CDOR. (9) Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate. (10) Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN). In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. All redemptions, cancellations and exchanges of subordinated debentures are subject to the consent and approval of OSFI, except for the debentures maturing July 15, 2022. Maturity schedule The aggregate maturities of subordinated debentures, based on the maturity dates under the terms of issue, are as follows: As at (Millions of Canadian dollars) October 31 2021 Within 1 year $ 188 1 to 5 years 2,026 5 to 10 years 4,293 Thereafter 3,099 $ 9,606 |
Equity
Equity | 12 Months Ended |
Oct. 31, 2021 | |
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Equity | Note 19 Equity Share capital Authorized share capital Preferred – An unlimited number of First Preferred Shares and Second Preferred Shares without nominal or par value, issuable in series; the aggregate consideration for which all the First Preferred Shares and all the Second Preferred Shares that may be issued may not exceed $20 billion and $5 billion, respectively. Common – An unlimited number of shares without nominal or par value may be issued. Outstanding share capital The following table details our common and preferred shares and other equity instruments outstanding. As at and for the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars, except the number of shares and as otherwise noted) Number of Amount Dividends Number of Amount Dividends Common shares issued Balance at beginning of period 1,423,861 $ 17,628 1,430,678 $ 17,645 Issued in connection with share-based compensation plans (1) 1,326 100 1,043 80 Purchased for cancellation (2) – – (7,860 ) (97 ) Balance at end of period 1,425,187 $ 17,728 $ 4.32 1,423,861 $ 17,628 $ 4.29 Treasury – common shares Balance at beginning of period (3) (1,388 ) $ (129 ) (582 ) $ (58 ) Purchases (37,603 ) (4,060 ) (58,775 ) (4,739 ) Sales 38,329 4,116 57,969 4,668 Balance at end of period (3) (662 ) $ (73 ) (1,388 ) $ (129 ) Common shares outstanding 1,424,525 $ 17,655 1,422,473 $ 17,499 Preferred shares and other equity instruments issued First preferred (4) Non-cumulative, fixed rate Series BH 6,000 $ 150 $ 1.23 6,000 $ 150 $ 1.23 Series BI 6,000 150 1.23 6,000 150 1.23 Series BJ 6,000 150 1.31 6,000 150 1.31 Non-cumulative, 5-Year Rate Reset Series AZ 20,000 500 0.93 20,000 500 0.93 Series BB 20,000 500 0.91 20,000 500 0.91 Series BD 24,000 600 0.80 24,000 600 0.85 Series BF 12,000 300 0.75 12,000 300 0.90 Series BK (5) – – 0.69 29,000 725 1.38 Series BM (6) – – 1.03 30,000 750 1.38 Series BO 14,000 350 1.20 14,000 350 1.20 Non-cumulative, fixed rate/floating rate Series C-2 15 23 US$ 67.50 15 23 US$ 67.50 Other equity instruments Limited recourse capital notes (LRCNs) (7) Series 1 (8) 1,750 1,750 4.50% 1,750 1,750 4.50% Series 2 ( 8 1,250 1,250 4.00% – – – Series 3 ( 8 1,000 1,000 3.65% – – – 112,015 $ 6,723 168,765 $ 5,948 Treasury – preferred shares and other equity instruments Balance at beginning of period (3) (2 ) $ (3 ) 34 $ 1 Purchases (6,306 ) (683 ) (5,319 ) (114 ) Sales 6,144 647 5,283 110 Balance at end of period (3) (164 ) $ (39 ) (2 ) $ (3 ) Preferred shares and other equity instruments outstanding 111,851 $ 6,684 168,763 $ 5,945 (1) Includes fair value adjustments to stock options of $11 million (October 31, 2020 – $9 million). (2) During the year ended October 31, 2020, we purchased common shares for cancellation at an average cost of $103.62 per share with a book value of $12.34 per share. (3) Positive amounts represent a short position and negative amounts represent a long position. (4) First Preferred Shares were issued at $25 per share with the exception of Non-Cumulative Fixed Rate/Floating Rate First Preferred Shares Series C-2 (Series C-2) which were issued at US$1,000 per share (equivalent to US$25 per depositary share). (5) 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. (6) On August 24, 2021, we redeemed all 30 million of our issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BM at a price of $25 per share. (7) Each series of LRCNs (LRCN Series) were issued at a $1,000 per note. The number of shares represent the number of notes issued and the dividends declared per share represent the annual interest rate percentage applicable to the notes issued as at the reporting date. (8) In connection with the issuance of LRCN Series 1, we issued $1,750 million of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BQ (Series BQ); in connection with the issuance of LRCN Series 2, we issued $1,250 million of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BR (Series BR); in connection with the issuance of LRCN Series 3, we issued $1,000 million of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BS (Series BS).The Series BQ, BR and BS preferred shares were issued at a price of $1,000 per share and were issued to a consolidated trust to be held as trust assets in connection with each respective LRCN Series. Significant terms and conditions of preferred shares and other equity instruments As at October 31, 2021 Current Premium Current dividend Earliest Issue date Redemption , Preferred shares First preferred Non-cumulative, fixed rate Series BH (4) 4.90% $ .306250 November 24, 2020 June 5, 2015 $ 26.00 Series BI (4) 4.90% .306250 November 24, 2020 July 22, 2015 26.00 Series BJ (4) 5.25% .328125 February 24, 2021 October 2, 2015 26.00 Non-cumulative, 5-Year Rate Reset (5) Series AZ (4) 3.70% 2.21% .231250 May 24, 2019 January 30, 2014 25.00 Series BB (4) 3.65% 2.26% .228125 August 24, 2019 June 3, 2014 25.00 Series BD (4) 3.20% 2.74% .200000 May 24, 2020 January 30, 2015 25.00 Series BF (4) 3.60% 2.62% .187500 November 24, 2020 March 13, 2015 25.00 Series BO (4) 4.80% 2.38% .300000 February 24, 2024 November 2, 2018 25.00 Non-cumulative, fixed rate/floating rate Series C-2 (6) 6.75% 4.052% US$ 16.875000 November 7, 2023 November 2, 2015 US$ 1,000.00 Other equity instruments Limited recourse capital notes (7) Series 1 (8) 4.50% 4.137% n.a. October 24, 2025 July 28, 2020 $ 1,000.00 Series 2 (9) 4.00% 3.617% n.a. January 24, 2026 November 2, 2020 1,000.00 Series 3 (10) 3.65% 2.665% n.a. October 24, 2026 June 8, 2021 1,000.00 (1) Non-cumulative preferential dividends of each Series are payable quarterly, as and when declared by the Board of Directors, on or about the 24th day (7th day for Series C-2) of February, May, August and November. (2) Subject to the consent of OSFI and the requirements of the Bank Act (3) Subject to the consent of OSFI and the requirements of the Bank Act (4) The preferred shares include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each preferred share is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1 and with a conversion price based on the greater of: (i) a floor price of $5 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the preferred share value ($25 plus declared and unpaid dividends) by the conversion price. (5) The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Government of Canada bond yield plus the premium indicated. The holders have the option to convert their shares into non-cumulative floating rate First Preferred Shares subject to certain conditions on the earliest redemption date and every fifth year thereafter at a rate equal to the three-month Government of Canada Treasury Bill rate plus the premium indicated. (6) The dividend rate will change on the earliest redemption date at a rate equal to the 3-month LIBOR plus the premium indicated. Series C-2 do not qualify as Tier 1 regulatory capital. (7) The current annual yield on each LRCN Series represents the annual interest rate applicable to the notes issued as at the reporting date. The payments of interest and principal in cash on the LRCN Series are made at our discretion, and non-payment of interest and principal in cash does not constitute an event of default. 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 a LRCN Series, (iii) non-payment of principal at the maturity of a LRCN Series, or (iv) an event of default on a LRCN Series, holders of such LRCN Series will have recourse only to the assets (Trust Assets) held by a third-party trustee in a consolidated trust in respect of such LRCN Series and each such noteholder will be entitled to receive its pro rata share of the Trust Assets. In such an event, the delivery of the Trust Assets for each LRCN Series will represent the full and complete extinguishment of our obligations under the related LRCN Series. The LRCNs include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is 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 the series of preferred shares that were issued concurrently with the related LRCN Series. Each series of preferred shares include an automatic conversion formula with a conversion price based on the greater of: (i) a floor price of (8) LRCN Series 1 bear interest at a fixed rate of 4.5% per annum until November 24, 2025, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 4.137% until maturity on November 24, 2080. The interest is paid semi-annually on or about the 24 th Bank Act (9) LRCN Series 2 bear interest 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. The interest is paid semi-annually on or about the 24th day of February and August. LRCN Series 2 is redeemable during the period from January 24 to and including February 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BR pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (10) LRCN Series 3 bear interest at a fixed rate of 3.65% per annum until November 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 2.665% until maturity on November 24, 2081. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 3 is redeemable during the period from October 24 to and including November 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BS pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act n.a. not applicable Restrictions on the payment of dividends We are prohibited by the Bank Act Currently, these limitations do not restrict the payment of dividends on our preferred or common shares. Dividend reinvestment plan Our dividend reinvestment plan (DRIP) provides common and preferred shareholders with a means to receive additional common shares rather than cash dividends. The plan is only open to shareholders residing in Canada or the United States. The requirements of our DRIP are satisfied through either open market share purchases or shares issued from treasury. During 2021 and 2020, the requirements of our DRIP were satisfied through open market share purchases. Shares available for future issuances As at October 31, 2021, 42.8 million common shares are available for future issue relating to our DRIP and potential exercise of stock options and awards outstanding. In addition, we may issue up to 38.9 million common shares from treasury under the RBC Umbrella Savings and Securities Purchase Plan that was approved by shareholders on February 26, 2009. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Share-based compensation | Note 20 Share-based compensation Stock option plans We have stock option plans for certain key employees. Under the plans, options are periodically granted to purchase common shares. The exercise price for the majority of the grants is determined as the higher of the volume-weighted average of the trading prices per board lot (100 shares) of our common shares on the Toronto Stock Exchange (i) on the day preceding the day of grant; and (ii) the five consecutive trading days immediately preceding the day of grant. The exercise price for the remaining grants is the closing market share price of our common shares on the New York Stock Exchange on the date of grant. All options vest over a four-year period, and are exercisable for a period not exceeding 10 years from the grant date. The compensation expense recorded for the year ended October 31, 2021, in respect of the stock option plans was $6 million (October 31, 2020 – $7 million). The compensation expense related to non-vested options was $3 million at October 31, 2021 (October 31, 2020 – $2 million), to be recognized over the weighted average period of 2.0 years (Octob e Analysis of the movement in the number and weighted average exercise price of options is set out below: A summary of our stock option activity and related information For the year ended October 31, 2021 October 31, 2020 (Canadian dollars per share except share amounts) Number of Weighted (1) Number of Weighted (1) Outstanding at beginning of period 6,973 $ 86.02 6,950 $ 79.88 Granted 1,251 106.00 1,089 103.64 Exercised (2) (3) (1,150 ) 65.56 (1,044 ) 65.39 Forfeited in the period (19 ) 93.23 (22 ) 50.28 Outstanding at end of period 7,055 $ 92.27 6,973 $ 86.02 Exercisable at end of period 3,273 $ 80.38 3,314 $ 71.77 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rates as of October 31, 2021 and October 31, 2020. For foreign currency-denominated options exercised during the year, the weighted average exercise prices are translated using exchange rates as at the settlement date. (2) Cash received for options exercised during the year was $75 million (October 31, 2020 – $68 million) and the weighted average share price at the date of exercise was $115.11 (October 31, 2020 – $100.20). (3) New shares were issued for all stock options exercised in 2021 and 2020. Options outstanding as at October 31, 2021 by range of exercise price Options outstanding Options exercisable (Canadian dollars per share except share amounts and years) Number Weighted (1) Weighted Number Weighted (1) $36.68 – $71.11 739 $ 59.67 1.91 739 $ 59.67 $73.14 – $78.59 968 75.70 3.80 968 75.70 $90.23 – $96.55 2,285 93.23 5.66 1,202 90.25 $102.33 – $104.70 1,818 103.73 7.13 364 102.35 $106.00 1,245 106.00 9.12 – – 7,055 $ 92.27 6.00 3,273 $ 80.38 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rate as of October 31, 2021. The weighted average fair value of options granted during the year ended October 31, 2021 was estimated at $4.65 (October 31, 2020 – $6.08). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering the historic average share price volatility over a historical period corresponding to the expected option life. The following assumptions were used to determine the fair value of options granted: Weighted average assumptions For the year ended (Canadian dollars per share except percentages and years) October 31 2021 October 31 2020 Share price at grant date $ 104.86 $ 104.80 Risk-free interest rate 0.48% 1.64% Expected dividend yield 4.59% 3.90% Expected share price volatility 14% 13% Expected life of option 6 Years 6 Years Employee savings and share ownership plans We offer many employees an opportunity to own our common shares through savings and share ownership plans. Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. For the RBC Dominion Securities Savings Plan, our maximum annual contribution is $4,500 per employee. For the RBC U.K. Share Incentive Plan, our maximum annual contribution is £1,500 per employee. For the year ended October 31, 2021, we contributed $123 million (October 31, 2020 – $116 million), under the terms of these plans, towards the purchase of our common shares. As at October 31, 2021, an aggregate of 36 million common shares were held under these plans (October 31, 2020 – 36 million common shares). Deferred share and other plans We offer deferred share unit plans to executives, certain key employees and non-employee directors of the Bank. Under these plans, participants may choose to receive all or a percentage of their annual variable short-term incentive bonus, commission, or directors’ fee in the form of deferred share units (DSUs). The participants must elect to participate in the plan prior to the beginning of the year. DSUs earn dividend equivalents in the form of additional DSUs at the same rate as dividends on common shares. The participant is not allowed to convert the DSUs until retirement or termination of employment/directorship. The cash value of the DSUs is equivalent to the market value of common shares when conversion takes place. We also offer unit awards for certain key employees within Capital Markets. The bonus is invested as RBC share units and a specified percentage vests on a specified number of anniversary dates each year. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends, valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. We maintain non-qualified deferred compensation plans for certain key employees in the United States. These plans allow eligible employees to defer a portion of their annual income and a variety of productivity and recruitment bonuses and allocate the deferrals among specified fund choices, including a RBC Share Accounted fund that tracks the value of our common shares. The following table presents the units granted under the deferred share and other plans for the year. Units granted under deferred share and other plans For the year ended October 31, 2021 October 31, 2020 (Units and per unit amounts) Units Weighted Units granted Weighted Deferred share unit plans 462 $ 113.34 503 $ 98.91 Capital Markets compensation plan unit awards 4,066 128.95 4,796 92.06 Performance deferred share award plans 2,486 106.10 2,409 104.14 Deferred compensation plans 87 104.21 92 103.49 Other share-based plans 767 109.24 759 100.55 7,868 $ 118.62 8,559 $ 96.74 Our liabilities for the awards granted under the deferred share and other plans are measured at fair value, determined based on the quoted market price of our common shares and specified fund choices as applicable. Annually, our obligation is increased by additional units earned by plan participants, and is reduced by forfeitures, cancellations, and the settlement of vested units. In addition, our obligation is impacted by fluctuations in the market price of our common shares and specified fund units. For performance deferred share award plans, the estimated outcome of meeting the performance conditions also impacts our obligation. The following tables present the units that have been earned by the participants, our obligations for these earned units under the deferred share and other plans, and the related compensation expenses (recoveries) recognized for the year. Obligations under deferred share and other plans As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars except units) Units Carrying Units Carrying Deferred share unit plans 5,001 $ 644 5,221 $ 486 Capital Markets compensation plan unit awards 9,925 1,280 9,560 874 Performance deferred share award plans 6,216 801 5,860 550 Deferred compensation plans (1) 2,574 331 2,685 250 Other share-based plans 1,724 216 1,828 167 25,440 $ 3,272 25,154 $ 2,327 (1) Excludes obligations not determined based on the quoted market price of our common shares. Compensation expenses recognized under deferred share and other plans For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Deferred share unit plans $ 205 $ (48 ) Capital Markets compensation plan unit awards 518 115 Performance deferred share award plans 506 190 Deferred compensation plans 627 137 Other share-based plans 142 60 $ 1,998 $ 454 |
Income taxes
Income taxes | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Income taxes | Note 21 Income taxes Components of tax expense For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Income taxes (recoveries) in Consolidated Statements of Income Current tax Tax expense for current year $ 4,893 $ 3,673 Adjustments for prior years (92 ) (106 ) Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (16 ) (25 ) 4,785 3,542 Deferred tax Origination and reversal of temporary difference (216 ) (655 ) Effects of changes in tax rates (4 ) 6 Adjustments for prior years 74 98 Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net (58 ) (39 ) (204 ) (590 ) 4,581 2,952 Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity Other comprehensive income Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income (35 ) 43 Provision for credit losses recognized in income – 3 Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income (28 ) (56 ) Unrealized foreign currency translation gains (losses) 1 5 Net foreign currency translation gains (losses) from hedging activities 591 (138 ) Reclassification of losses (gains) on net investment hedging activities to income – 7 Net gains (losses) on derivatives designated as cash flow hedges 485 (410 ) Reclassification of losses (gains) on derivatives designated as cash flow hedges to income 97 27 Remeasurements of employee benefit plans 796 (20 ) Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss 20 (93 ) Net gains (losses) on equity securities designated at fair value through other comprehensive income 17 6 Share-based compensation awards (17 ) 7 Distributions on other equity instruments and issuance costs (42 ) (12 ) 1,885 (631 ) Total income taxes $ 6,466 $ 2,321 The effective tax rate of 22.2% The following is an analysis of the differences between the income tax expense reflected in the Consolidated Statements of Income and the amounts calculated at the Canadian statutory rate. Reconciliation to statutory tax rate For the year ended (Millions of Canadian dollars, except for percentage amounts) October 31, 2021 October 31, 2020 Income taxes at Canadian statutory tax rate $ 5,405 26.2 % $ 3,799 26.4 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries (361 ) (1.8 ) (513 ) (3.6 ) Tax-exempt income from securities (379 ) (1.8 ) (364 ) (2.5 ) Tax rate change (4 ) – 6 – Other (80 ) (0.4 ) 24 0.2 Income taxes in Consolidated Statements of Income / effective tax rate $ 4,581 22.2 % $ 2,952 20.5 % Deferred tax assets and liabilities result from tax loss and tax credit carryforwards and temporary differences between the tax basis of assets and liabilities and their carrying amounts on our Consolidated Balance Sheets. Significant components of deferred tax assets and liabilities As at and for the year ended October 31, 2021 (Millions of Canadian dollars) Net asset Change through equity Change through profit or loss Exchange rate differences Other Net asset end of period Net deferred tax asset/(liability) Allowance for credit losses $ 1,362 $ – $ (372 ) $ (16 ) $ – $ 974 Deferred compensation 1,269 17 396 (68 ) – 1,614 Business realignment charges 9 – 2 – – 11 Tax loss and tax credit carryforwards 204 – 40 (2 ) – 242 Deferred (income) expense (104 ) 6 205 3 – 110 Financial instruments measured at fair value through other comprehensive income (68 ) 45 (1 ) 5 – (19 ) Premises and equipment and intangibles (784 ) – (82 ) 30 – (836 ) Pension and post-employment related 592 (796 ) 45 (4 ) – (163 ) Other 47 (12 ) (29 ) 3 (5 ) 4 $ 2,527 $ (740 ) $ 204 $ (49 ) $ (5 ) $ 1,937 Comprising Deferred tax assets $ 2,579 $ 2,011 Deferred tax liabilities (52 ) (74 ) $ 2,527 $ 1,937 As at and for the year ended October 31, 2020 (Millions of Canadian dollars) Net asset Change Change Exchange Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 716 $ – $ 646 $ – $ – $ 1,362 Deferred compensation 1,246 (7 ) 19 11 – 1,269 Business realignment charges 10 – (1 ) – – 9 Tax loss and tax credit carryforwards 202 – 2 – – 204 Deferred (income) expense (15 ) 5 (93 ) (1 ) – (104 ) Financial instruments measured at fair value through other comprehensive income (43 ) (23 ) (2 ) – – (68 ) Premises and equipment and intangibles (831 ) – 60 (10 ) (3 ) (784 ) Pension and post-employment related 631 20 (59 ) – – 592 Other 29 4 18 (4 ) – 47 $ 1,945 $ (1 ) $ 590 $ (4 ) $ (3 ) $ 2,527 Comprising Deferred tax assets $ 2,027 $ 2,579 Deferred tax liabilities (82 ) (52 ) $ 1,945 $ 2,527 The tax loss and tax credit carryforwards amount of deferred tax assets primarily relates to losses and tax credits in our Canadian, U.S., and Caribbean operations. Deferred tax assets of $242 million were recognized at October 31, 2021 (October 31, 2020 – $204 million) in respect of tax losses and tax credits incurred in current or preceding years for which recognition is dependent on the projection of future taxable profits. Management’s forecasts support the assumption that it is probable that the results of future operations will generate sufficient taxable income to utilize the deferred tax assets. The forecasts rely on continued liquidity and capital support to our business operations, including tax planning strategies implemented in relation to such support. As at October 31, 2021, unused tax losses and tax credits of $384 million and $207 million (October 31, 2020 – $389 million and $305 million) available to be offset against potential tax adjustments or future taxable income were not recognized as deferred tax assets. There are no unused tax losses that will expire within one year (October 31, 2020 – $nil), $2 million that will expire after four years (October 31, 2020 – $379 million). There are no tax credits that will expire in one year (October 31, 2020 – $nil), $115 million that will expire in two to four years (October 31, 2020 – $143 million) and $92 million that will expire after four years (October 31, 2020 – $162 million). The amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities have not been recognized in the parent bank is $20 billion as at October 31, 2021 (October 31, 2020 – $22 billion). Tax examinations and assessments During the year, we received reassessments from the Canada Revenue Agency (CRA), in respect of the 2015 and 2016 taxation years, which suggest that Royal Bank of Canada owes additional taxes of approximately $635 million as they denied the deductibility of certain dividends. The reassessments received during the year are consistent with the reassessments received for taxation years 2012 to 2014 of approximately $756 million of additional income taxes and the reassessments received for taxation years 2009 to 2011 of approximately $434 million of additional income taxes and interest in respect of the same matter. These amounts represent the maximum additional taxes owing for those years. Legislative amendments introduced in the 2015 Canadian Federal Budget resulted in disallowed deduction of dividends from transactions with Taxable Canadian Corporations including those hedged with Tax Indifferent Investors, namely pension funds and non-resident entities with prospective application effective May 1, 2017. The dividends to which the reassessments relate include both dividends in transactions similar to those which are the target of the 2015 legislative amendments and dividends which are unrelated to the legislative amendments. It is possible that the CRA will reassess us for significant additional income tax for subsequent years on the same basis. In all cases, we are confident that our tax filing position was appropriate and intend to defend ourselves vigorously. |
Earnings per share
Earnings per share | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Earnings per share | Note 22 Earnings per share For the year ended (Millions of Canadian dollars, except share and per share amounts) October 31 2021 October 31 2020 Basic earnings per share Net income $ 16,050 $ 11,437 Dividends on preferred shares and distributions on other equity instruments (257 ) (268 ) Net income attributable to non-controlling interests (12 ) (5 ) Net income available to common shareholders $ 15,781 $ 11,164 Weighted average number of common shares (in thousands) 1,424,343 1,423,915 Basic earnings per share (in dollars) $ 11.08 $ 7.84 Diluted earnings per share Net income available to common shareholders $ 15,781 $ 11,164 Dilutive impact of exchangeable shares – 13 Net income available to common shareholders including dilutive impact of exchangeable shares $ 15,781 $ 11,177 Weighted average number of common shares (in thousands) 1,424,343 1,423,915 Stock options (1) 1,737 1,054 Issuable under other share-based compensation plans 655 755 Exchangeable shares – 3,046 Average number of diluted common shares (in thousands) 1,426,735 1,428,770 Diluted earnings per share (in dollars) $ 11.06 $ 7.82 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the year ended October 31, 2021, no outstanding options were excluded from the calculation of diluted earnings per share. For the year ended October 31, 2020, an average of 2,809,041 outstanding options with an average exercise price of $100.88 were excluded from the calculation of diluted earnings per share. |
Guarantees, commitments, pledge
Guarantees, commitments, pledged assets and contingencies | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Guarantees, commitments, pledged assets and contingencies | Note 23 Guarantees, commitments, pledged assets and contingencies Guarantees and commitments We use guarantees and other off-balance sheet credit instruments to meet the financing needs of our clients. The table below summarizes our maximum exposure to credit losses related to our guarantees and commitments provided to third parties. The maximum exposure to credit risk relating to a guarantee is the maximum risk of loss if there was a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions, insurance policies or from collateral held or pledged. The maximum exposure to credit risk relating to a commitment to extend credit is the full amount of the commitment. In both cases, the maximum risk exposure is significantly greater than the amount recognized as a liability in our Consolidated Balance Sheets. Maximum exposure As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Financial guarantees Financial standby letters of credit $ 16,867 $ 17,141 Commitments to extend credit Backstop liquidity facilities 38,405 40,212 Credit enhancements 2,537 2,664 Documentary and commercial letters of credit 447 286 Other commitments to extend credit 248,522 239,077 Other credit-related commitments Securities lending indemnifications 99,797 77,953 Performance guarantees 7,195 7,040 Sponsored member guarantees 142 1,302 Other 326 1,030 Our credit review process, our policy for requiring collateral security, and the types of collateral security held are generally the same for guarantees and commitments as for loans. Our clients generally have the right to request settlement of, or draw on, our guarantees and commitments within one year. However, certain guarantees can only be drawn if specified conditions are met. These conditions, along with collateral requirements, are described below. We believe that it is highly unlikely that all or substantially all of the guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. Financial guarantees Financial standby letters of credit Financial standby letters of credit represent irrevocable assurances that we will make payments in the event that a client cannot meet its payment obligations to the third party. For certain guarantees, the guaranteed party can request payment from us even though the client has not defaulted on its obligations. The term of these guarantees generally have a term of fiv Our policy for requiring collateral security with respect to these instruments and the types of collateral security held is generally the same as for loans. When collateral security is taken, it is determined on an Commitments to extend credit Backstop liquidity facilities Backstop liquidity facilities are provided to ABCP conduit programs administered by us and third parties as an alternative source of financing in the event that such programs are unable to access commercial paper markets, or in limited circumstances, when predetermined performance measures of the financial assets acquired or financed by these programs are not met. The average remaining term of these liquidity facilities is approximately four years. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of bankruptcy or insolvency and generally do not require us to purchase non-performing or defaulted assets. Credit enhancements We provide partial credit enhancement to multi-seller ABCP programs administered by us to protect commercial paper investors in the event that the collections on the underlying assets together with the transaction-specific credit enhancements or the liquidity facilities prove to be insufficient to pay for maturing commercial paper. Each of the asset pools is structured to achieve a high investment-grade credit profile through credit enhancements required to be provided by the third-party sellers related to each transaction. The average remaining term of these credit facilities is approximately three years. Documentary and commercial letters of credit Documentary and commercial letters of credit, which are written undertakings by us on behalf of a client authorizing a third party to draw drafts on us up to a stipulated amount under specific terms and conditions, where some are collateralized based on the underlying agreement with the client and others are collateralized by cash deposits or other assets of the client. Other commitments to extend credit Commitments to extend credit represent unused portions of authorizations to extend credit in the form of loans, reverse repurchase agreements, bankers’ acceptances or letters of credit where we do not have the ability to unilaterally withdraw the credit extended to the borrower. Other credit-related commitments Securities lending indemnifications In securities lending transactions, we act as an agent for the owner of a security, who agrees to lend the security to a borrower for a fee, under the terms of a pre-arranged contract. The borrower must fully collateralize the security loaned at all times. As part of this custodial business, an indemnification may be provided to securities lending customers to ensure that the fair value of securities loaned will be returned in the event that the borrower fails to return the borrowed securities and the collateral held is insufficient to cover the fair value of those securities. These indemnifications normally terminate without being drawn upon. The term of these indemnifications varies, as the securities loaned are recallable on demand. Collateral held for our securities lending transactions typically includes cash, securities that are issued or guaranteed by the Canadian government, U.S. government or other OECD countries or high quality debt or equity instruments. Performance guarantees Performance guarantees represent irrevocable assurances that we will make payments to third-party beneficiaries in the event that a client fails to perform under a specified non-financial contractual obligation. Such obligations typically include works and service contracts, performance bonds, and warranties related to international trade. The term of these guarantees can range up to three Our policy for requiring collateral security with respect to these instruments and the types of collateral security held is generally the same as for loans. When collateral security is taken, it is determined on an account-by-account basis according to the risk of the borrower and the specifics of the transaction. Collateral security may include cash, securities and other assets pledged. Sponsored member guarantees For certain overnight repurchase and reverse repurchase transactions, we act as a sponsoring member to eligible clients to clear transactions through the Fixed Income Clearing Corporation (FICC). We also provide a guarantee to FICC for the prompt and full payment and performance of our sponsored member clients’ respective obligations under the FICC rules. The guarantees are fully collateralized by cash and securities issued or guaranteed by the U.S. government. Indemnifications In the normal course of our operations, we provide indemnifications which are often standard contractual terms to counterparties in transactions such as purchase and sale contracts, fiduciary, agency, licensing, custodial and service agreements, clearing system arrangements, participation as a member of exchanges, director/officer contracts and leasing transactions. These indemnification agreements may require us to compensate the counterparties for costs incurred as a result of changes in laws and regulations (including tax legislation) or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The terms of these indemnification agreements vary based on the contract. The nature of the indemnification agreements prevents us from making a reasonable estimate of the maximum potential amount we could be required to pay to counterparties. Historically, we have not made any significant payments under such indemnifications. Uncommitted amounts Uncommitted amounts represent undrawn credit facilities for which we have the ability to unilaterally withdraw the credit extended to the borrower at any time. These include both retail and commercial commitments. As at October 31, 2021, the total balance of uncommitted amounts was $333 billion (October 31, 2020 – $317 billion). Other commitments We invest in private companies, directly or through third-party investment funds, including Small Business Investment Companies, real estate funds and Low Income Housing Tax Credit funds. These funds are generally structured as closed-end limited partnerships wherein we hold a limited partner interest. For the year ended October 31, 2021, we have unfunded commitments of $1,396 million (October 31, 2020 – $882 million) representing the aggregate amount of cash we are obligated to contribute as capital to these partnerships under the terms of the relevant contracts. Pledged assets and collateral In the ordinary course of business, we pledge assets and enter into collateral agreements with terms and conditions that are usual and customary to our regular lending, borrowing and trading activities recorded on our Consolidated Balance Sheets. The following are examples of our general terms and conditions on pledged assets and collateral: • The risks and rewards of the pledged assets reside with the pledgor. • The pledged asset is returned to the pledgor when the necessary conditions have been satisfied. • The right of the pledgee to sell or re-pledge the asset is dependent on the specific agreement under which the collateral is pledged. • If there is no default, the pledgee must return the comparable asset to the pledgor upon satisfaction of the obligation. We are also required to provide intraday pledges to the Bank of Canada when we use a real-time electronic wire transfer system that continuously processes all Canadian dollar large-value or time-critical payments throughout the day. The pledged assets earmarked for our Canadian dollar large-value or time-critical payments are normally released back to us at the end of the settlement cycle each day. Therefore, the pledged assets amount is not included in the following table. For the year ended October 31, 2021, we had on average Assets pledged against liabilities and collateral assets held or re-pledged As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Sources of pledged assets and collateral Bank assets Loans $ 79,282 $ 99,302 Securities 66,277 59,479 Other assets 25,981 27,934 $ 171,540 $ 186,715 Client assets (1) Collateral received and available for sale or re-pledging 454,844 438,686 Less: not sold or re-pledged (17,436 ) (37,879 ) $ 437,408 $ 400,807 $ 608,948 $ 587,522 Uses of pledged assets and collateral Securities borrowing and lending $ 154,699 $ 127,852 Obligations related to securities sold short 46,151 36,647 Obligations related to securities lent or sold under repurchase agreements 263,005 252,425 Securitization 39,687 45,440 Covered bonds 46,699 62,131 Derivative transactions 31,941 35,044 Foreign governments and central banks 7,314 6,456 Clearing systems, payment systems and depositories 3,809 6,380 Other 15,643 15,147 $ 608,948 $ 587,522 (1) Primarily relates to Obligations related to securities lent or sold under repurchase agreements, Securities lent and Derivative transactions. |
Legal and regulatory matters
Legal and regulatory matters | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Legal and regulatory matters | Note 24 Legal and regulatory matters We are a large global institution that is subject to many different complex legal and regulatory requirements that continue to evolve. We are and have been subject to a variety of legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulatory enforcement or criminal penalties. We review the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as we believe to be in our best interest. This is an area of significant judgment and uncertainty and the extent of our financial and other exposure to these proceedings after taking into account current accruals could be material to our results of operations in any particular period. The following is a description of our significant legal proceedings. London interbank offered rate (LIBOR) litigation Royal Bank of Canada and other U.S. dollar panel banks have been named as defendants in private lawsuits filed in the U.S. with respect to the setting of U.S. dollar LIBOR including a number of class action lawsuits which have been consolidated before the U.S. District Court for the Southern District of New York. The complaints in those private lawsuits assert claims against us and other panel banks under various U.S. laws, including U.S. antitrust laws, the U.S. Commodity Exchange Act, and state law. In addition to the LIBOR actions, in January 2019, a number of financial institutions, including Royal Bank of Canada and RBC Capital Markets LLC, were named in a purported class action in New York alleging violations of the U.S. antitrust laws and common law principles of unjust enrichment in the setting of LIBOR after the Intercontinental Exchange took over administration of the benchmark interest rate from the British Bankers’ Association in 2014. On March 26, 2020, Royal Bank of Canada and RBC Capital Markets LLC were dismissed from the purported class action in New York alleging violations of the U.S. antitrust laws and common law principles of unjust enrichment in the setting of LIBOR after the Intercontinental Exchange took over administration of the benchmark interest rate from the British Bankers’ Association in 2014. On April 24, 2020, the plaintiffs filed a notice of appeal. Based on the facts currently known, it is not possible at this time for us to predict the ultimate outcome of these proceedings or the timing of their resolution. Royal Bank of Canada Trust Company (Bahamas) Limited proceedings On April 13, 2015, a French investigating judge notified Royal Bank of Canada Trust Company (Bahamas) Limited (RBC Bahamas) of the issuance of an ordonnance de renvoi tribunal correctionnel On October 28, 2016, Royal Bank of Canada was granted an exemption by the U.S. Department of Labor that allows Royal Bank of Canada and its current and future affiliates to continue to qualify for the Qualified Professional Asset Manager (QPAM) exemption under the Employee Retirement Income Security Act despite any potential conviction of RBC Bahamas in the French proceeding for a temporary one year period from the date of conviction. On November 3, 2020, the Solicitor of Labor of the U.S. Department of Labor issued an opinion stating that a conviction under non-U.S. law is not a disqualifying event for purposes of the QPAM exemption. Based on that opinion, any conviction in a French court would not trigger disqualification of Royal Bank of Canada and its current and future affiliates under the QPAM exemption. RBC Bahamas continues to review the trustee’s and the trust’s legal obligations, including liabilities and potential liabilities under applicable tax and other laws. Based on the facts currently known, it is not possible at this time to predict the ultimate outcome of these matters; however, we believe that the ultimate resolution will not have a material effect on our consolidated financial position, although it may be material to our results of operations in the period it occurs. Interchange fees litigation Since 2011, seven proposed class actions have been commenced in Canada: Bancroft-Snell v. Visa Canada Corporation, et al., 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al., Coburn and Watson’s Metropolitan Home v. Bank of America Corporation, et al. (Watson), Macaronies Hair Club and Laser Centre Inc. v. BofA Canada Bank, et al., 1023926 Alberta Ltd. v. Bank of America Corporation, et al., The Crown & Hand Pub Ltd. v. Bank of America Corporation, et al., and Hello Baby Equipment Inc. v. BofA Canada Bank, et al. Competition Act Watson Watson Competition Act Competition Act. Watson In 9085-4886 Quebec Inc. v. Visa Canada Corporation, et al., the Quebec-court dismissed the Competition Act claims by Quebec merchants for post-2010 damages and certified a class action as to the remaining claims. The merchants appealed and on July 25, 2019, the Quebec Court of Appeal allowed the appeal to also authorize the merchants to proceed under section 45 of the Competition Act Competition Act 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 Various regulators are conducting inquiries regarding potential violations of antitrust law by a number of banks, including Royal Bank of Canada, regarding foreign exchange trading. Beginning in 2015, putative class actions were brought against Royal Bank of Canada and/or RBC Capital Markets, LLC in the United States, Canada, the United Kingdom and Brazil. These actions were each brought against multiple foreign exchange dealers and allege, among other things, collusive behaviour in global foreign exchange trading. In August 2018, the U.S. District Court entered a final order approving RBC Capital Markets’ pending settlement with class plaintiffs. In November 2018, certain institutional plaintiffs who had previously opted-out of participating in the settlement filed their own lawsuit in U.S. District Court. In May 2020, the U.S. District Court dismissed Royal Bank of Canada from the November 2018 lawsuit brought by certain institutional plaintiffs who had previously opted-out of participating in the August 2018 settlement with class plaintiffs. The plaintiffs refiled their claim and in July 2021, the U.S. District Court granted a motion in favour of RBC Capital Markets to dismiss the action, however, denied the motion as to Royal Bank of Canada. One other U.S. action that is purportedly brought on behalf of different classes of plaintiffs also remains pending. The Canadian class actions have been settled. In its discretion Royal Bank of Canada may choose to resolve claims, litigations, or similar matters at any time. Based on the facts currently known, it is not possible at this time to predict the ultimate outcome of the Foreign Exchange Matters or the timing of their ultimate resolution. Other matters We are a defendant in a number of other actions alleging that certain of our practices and actions were improper. The lawsuits involve a variety of complex issues and the timing of their resolution is varied and uncertain. Management believes that we will ultimately be successful in resolving these lawsuits, to the extent that we are able to assess them, without material financial impact to the Bank. This is, however, an area of significant judgment and the potential liability resulting from these lawsuits could be material to our results of operations in any particular period. Various other legal proceedings are pending that challenge certain of our other practices or actions. While this is an area of significant judgment and some matters are currently inestimable, we consider that the aggregate liability, to the extent that we are able to assess it, resulting from these other proceedings will not be material to our consolidated financial position or results of operations. |
Related party transactions
Related party transactions | 12 Months Ended |
Oct. 31, 2021 | |
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Related party transactions | Note 25 Related party transactions Related parties Related parties include associated companies, post-employment benefit plans for the benefit of our employees, key management personnel (KMP), the Board of Directors (Directors), close family members of KMP and Directors, and entities which are, directly or indirectly, controlled by, jointly controlled by or significantly influenced by KMP, Directors or their close family members. Key management personnel and Directors KMP are defined as those persons having authority and responsibility for planning, directing and controlling our activities, directly or indirectly. They include the senior members of our organization called the Group Executive (GE). The GE is comprised of the President and Chief Executive Officer, and the Chief Officers and Group Heads, who report directly to him. The Directors do not plan, direct, or control the activities of the entity; they oversee the management of the business and provide stewardship. Compensation of Key management personnel and Directors For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 (1) Salaries and other short-term employee benefits (2) $ 19 $ 21 Post-employment benefits (3) 3 2 Share-based payments 35 32 $ 57 $ 55 (1) During the year ended October 31, 2020 certain executives, who were members of the Bank’s Group Executive as at October 31, 2019, left the Bank and therefore, were no longer part of KMP. Compensation for the year ended October 31, 2020, attributable to the former executives, including benefits and share-based payments relating to awards granted in prior years was (2) Includes the portion of the annual variable short-term incentive bonus that certain executives elected to receive in the form of DSUs. Refer to Note 20 for further details. Directors receive retainers but do not receive salaries and other short-term employee benefits. (3) Directors do not receive post-employment benefits. Stock options, stock awards and shares held by Key management personnel, Directors and their close family members As at October 31, 2021 October 31, 2020 (2) (Millions of Canadian dollars, except number of units) No. of Value No. of Value Stock options ( 3 2,369,659 $ 81 1,912,482 $ 15 Other non-option stock based awards ( 3 983,004 127 869,756 81 RBC common and preferred shares 183,783 24 206,652 19 3,536,446 $ 232 2,988,890 $ 115 (1) During the year ended October 31, 2021 certain directors, who were members of the Board of Directors as at October 31, 2020, retired. Total shareholdings held upon their retirement was (2) During the year ended October 31, 2020 certain executives, who were members of the Bank’s Group Executive as at October 31, 2019, left the Bank and therefore, were no longer part of KMP. Total shareholdings and options held upon their departure was ( 3 Directors do not receive stock options or any other non-option stock based awards . Transactions, arrangements and agreements involving Key management personnel, Directors and their close family members In the normal course of business, we provide certain banking services to KMP, Directors, and their close family members. These transactions were made on substantially the same terms, including interest rates and security, as for comparable transactions with persons of a similar standing and did not involve more than the normal risk of repayment or present other unfavourable features. As at October 31, 2021, total loans to KMP, Directors and their close family members were $14 million (October 31, 2020 – $6 million). We have no stage 3 allowance or provision for credit losses relating to these loans as at and for the years ended October 31, 2021 and October 31, 2020. No guarantees, pledges or commitments have been given to KMP, Directors or their close family members. Joint ventures and associates In the normal course of business, we provide certain banking and financial services to our joint ventures and associates, including loans, interest and non-interest bearing deposits. These transactions meet the definition of related party transactions and were made on substantially the same terms as for comparable transactions with third parties. As at October 31, 2021, loans to joint ventures and associates were $340 million (October 31, 2020 – $215 million) and deposits from joint ventures and associates were $13 million (October 31, 2020 – $15 million). We have no stage 3 allowance or provision for credit losses relating to loans to joint ventures and associates as at and for the years ended October 31, 2021 and October 31, 2020. $1 million of guarantees have been given to joint ventures and associates for the year ended October 31, 2021 (October 31, 2020 – $1 million). Other transactions, arrangements or agreements involving joint ventures and associates As at or for the year (Millions of Canadian dollars) October 31 2021 October 31 2020 Commitments and other contingencies $ 1,017 $ 589 Other fees received for services rendered 48 43 Other fees paid for services received 108 117 |
Results by business segment
Results by business segment | 12 Months Ended |
Oct. 31, 2021 | |
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Results by business segment | Note 26 Results by business segment Composition of business segments For management purposes, based on the products and services offered, we are organized into five business segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets. Personal & Commercial Banking provides a broad suite of financial products and services to individuals and businesses for their day-to-day banking, investing and financing needs through two businesses: Canadian Banking and Caribbean & U.S. Banking. In Canada, we provide a broad suite of financial products and services through our large branch network, automated teller machines, and mobile sales network. In the Caribbean and the U.S., we offer a broad range of financial products and services in targeted markets. Non-interest income in Personal & Commercial Banking mainly comprises Service charges, Mutual fund revenue and Card service revenue. Wealth Management serves high net worth and ultra-high net worth individual and institutional clients with a comprehensive suite of advice-based solutions and strategies to help them achieve their financial goals through our lines of businesses in Canada, the U.S., the U.K., Europe and Asia, including Canadian Wealth Management, U.S. Wealth Management (including City National), Global Asset Management, and International Wealth Management. Non-interest income in Wealth Management mainly comprises Investment management and custodial fees, Mutual fund revenue and Securities brokerage commissions. Insurance has operations in Canada and globally, operating under two business lines: Canadian Insurance and International Insurance, providing a wide range of life, health, home, auto, travel, wealth, annuities, reinsurance advice and solutions, and business insurance solutions to individual, business and group clients. In Canada, we offer our products and services through a wide variety of channels, comprised of mobile advisors, advice centres , RBC insurance stores, and digital, mobile and social platforms as well as through independent brokers and travel partners. Outside Canada, we operate in reinsurance and retrocession markets globally offering life, disability and longevity reinsurance products. Non-interest income in Insurance comprises Insurance premiums, investment and fee income. Investor & Treasury Services offers custody, fund and investment administration, shareholder services, private capital services, performance measurement and compliance monitoring, distribution, transaction banking, and treasury and market services (including cash and liquidity management, foreign exchange services and global securities finance). Non-interest income in Investor & Treasury Services mainly comprises Investment management and custodial fees, and Foreign exchange revenue, other than trading. Capital Markets provides expertise in advisory & origination, sales & trading, and lending & financing to corporations, institutional clients, asset managers, private equity firms and governments globally in our two main business lines: Corporate and Investment Banking and Global Markets. In North America, we offer a full suite of products and services which include equity and debt origination and distribution, advisory services, and sales & trading. Outside North America, we have a targeted strategic presence in the U.K. & Europe, Australia, Asia & other markets aligned to our global expertise. In the U.K. & Europe, we offer a diversified set of capabilities in key industry sectors of focus. In Australia and Asia, we compete with global and regional investment banks in targeted areas aligned to our global expertise, including fixed income distribution and currencies trading, secured financing, as well as corporate and investment banking. Non-interest income in Capital Markets mainly includes Trading revenue, Underwriting and other advisory fees and Credit fees. All other enterprise level activities that are not allocated to these five business segments, such as certain treasury and liquidity management activities, including amounts associated with unattributed capital, and consolidation adjustments, including the elimination of the Taxable equivalent basis (Teb) gross-up amounts, are included in Corporate Support. Teb adjustments gross up income from certain tax-advantaged sources from Canadian taxable corporate dividends and U.S. tax credit investments recorded in Capital Markets to their effective tax equivalent value with the corresponding offset recorded in the provision for income taxes. Management believes that these Teb adjustments are necessary for Capital Markets to reflect how it is managed and enhances the comparability of revenue across our taxable and tax-advantaged sources. Our use of Teb adjustments may not be comparable to similarly adjusted amounts at other financial institutions. The Teb adjustment for the year ended October 31, 2021 was $518 million (October 31, 2020 – $513 million). Gains (losses) on economic hedges of our U.S. Wealth Management (including City National) share-based compensation plans, which are reflected in revenue, and related variability in share-based compensation expense driven by changes in the fair value of liabilities relating to these plans are also included in Corporate Support as this presentation more closely aligns with how we view business performance and manage the underlying risks. Geographic segments For geographic reporting, our segments are grouped into Canada, United States and Other International. Transactions are primarily recorded in the location that best reflects the risk due to negative changes in economic conditions and prospects for growth due to positive economic changes. This location frequently corresponds with the location of the legal entity through which the business is conducted and the location of our clients. Transactions are recorded in the local currency and are subject to foreign exchange rate fluctuations with respect to the movement in the Canadian dollar. Management reporting framework Our management reporting framework is intended to measure the performance of each business segment as if it were a stand-alone business and reflects the way that the business segment is managed. This approach is intended to ensure that our business segments’ results include all applicable revenue and expenses associated with the conduct of their business and depicts how management views those results. We regularly monitor these segment results for the purpose of making decisions about resource allocation and performance assessment. These items do not impact our consolidated results. The expenses in each business segment may include costs or services directly incurred or provided on their behalf at the enterprise level. For other costs not directly attributable to one of our business segments, we use a management reporting framework that uses assumptions and methodologies for allocating overhead costs and indirect expenses to our business segments and that assists in the attribution of capital and the transfer pricing of funds to our business segments in a manner that consistently measures and aligns the economic costs with the underlying benefits and risks of that specific business segment. Activities and business conducted between our business segments are generally at market rates. All other enterprise level activities that are not allocated to our five business segments are reported under Corporate Support. Our assumptions and methodologies used in our management reporting framework are periodically reviewed by us to ensure that they remain valid. The capital attribution methodologies involve a number of assumptions that are revised periodically. For the year ended October 31, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2) $ 12,621 $ 2,689 $ – $ 460 $ 4,553 $ (321 ) $ 20,002 $ 13,947 $ 4,447 $ 1,608 Non-interest income 5,725 10,607 5,600 1,704 5,634 421 29,691 15,454 8,083 6,154 Total revenue 18,346 13,296 5,600 2,164 10,187 100 49,693 29,401 12,530 7,762 Provision for credit losses (187 ) (47 ) (1 ) (8 ) (509 ) (1 ) (753 ) (203 ) (277 ) (273 ) Insurance policyholder benefits, claims and acquisition expense – – 3,891 – – – 3,891 2,036 – 1,855 Non-interest expense 7,978 9,929 596 1,589 5,427 405 25,924 12,897 9,107 3,920 Net income (loss) before income taxes 10,555 3,414 1,114 583 5,269 (304 ) 20,631 14,671 3,700 2,260 Income taxes (recoveries) 2,708 788 225 143 1,082 (365 ) 4,581 3,599 649 333 Net income $ 7,847 $ 2,626 $ 889 $ 440 $ 4,187 $ 61 $ 16,050 $ 11,072 $ 3,051 $ 1,927 Non-interest expense includes: Depreciation and amortization $ 923 $ 883 $ 59 $ 197 $ 497 $ 4 $ 2,563 $ 1,594 $ 728 $ 241 Impairment of other intangibles 5 3 1 2 18 – 29 16 11 2 Total assets $ 549,702 $ 148,990 $ 22,724 $ 240,055 $ 692,278 $ 52,574 $ 1,706,323 $ 964,747 $ 454,949 $ 286,627 Total assets include: Additions to premises and equipment and intangibles $ 503 $ 752 $ 48 $ 80 $ 355 $ 459 $ 2,197 $ 1,238 $ 739 $ 220 Total liabilities $ 549,619 $ 149,096 $ 22,966 $ 239,960 $ 691,767 $ (45,847 ) $ 1,607,561 $ 866,287 $ 454,903 $ 286,371 For the year ended October 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2) $ 12,568 $ 2,860 $ – $ 329 $ 5,135 $ (57 ) $ 20,835 $ 14,185 $ 4,959 $ 1,691 Non-interest income 5,163 9,270 5,361 1,982 4,749 (179 ) 26,346 13,510 6,775 6,061 Total revenue 17,731 12,130 5,361 2,311 9,884 (236 ) 47,181 27,695 11,734 7,752 Provision for credit losses 2,891 214 – 6 1,239 1 4,351 2,881 949 521 Insurance policyholder benefits, claims and acquisition expense – – 3,683 – – – 3,683 1,993 – 1,690 Non-interest expense 7,946 9,123 592 1,589 5,362 146 24,758 12,513 8,380 3,865 Net income (loss) before income taxes 6,894 2,793 1,086 716 3,283 (383 ) 14,389 10,308 2,405 1,676 Income taxes (recoveries) 1,807 639 255 180 507 (436 ) 2,952 2,516 209 227 Net income $ 5,087 $ 2,154 $ 831 $ 536 $ 2,776 $ 53 $ 11,437 $ 7,792 $ 2,196 $ 1,449 Non-interest expense includes: Depreciation and amortization $ 929 $ 879 $ 58 $ 217 $ 517 $ 6 $ 2,606 $ 1,587 $ 725 $ 294 Impairment of other intangibles – 1 – 7 6 28 42 40 1 1 Total assets $ 509,679 $ 129,706 $ 21,253 $ 230,695 $ 688,054 $ 45,161 $ 1,624,548 $ 911,932 $ 431,473 $ 281,143 Total assets include: Additions to premises and equipment and intangibles $ 722 $ 704 $ 46 $ 101 $ 452 $ 559 $ 2,584 $ 1,454 $ 706 $ 424 Total liabilities $ 509,682 $ 129,673 $ 21,311 $ 230,618 $ 688,314 $ (41,817 ) $ 1,537,781 $ 825,034 $ 431,570 $ 281,177 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. (3) Effective Q4 2021, gains (losses) on economic hedges of our U.S. share-based compensation plans, which are reflected in revenue, and related variability in share-based compensation expense driven by changes in the fair value of liabilities relating to our U.S. share-based compensation plans have been reclassified from our Wealth Management segment to Corporate Support. Comparative amounts have been reclassified to conform with this presentation. |
Nature and extent of risks aris
Nature and extent of risks arising from financial instruments | 12 Months Ended |
Oct. 31, 2021 | |
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Nature and extent of risks arising from financial instruments | Note 27 Nature and extent of risks arising from financial instruments We are exposed to credit, market and liquidity and funding risks as a result of holding financial instruments. Our risk measurement and objectives, policies and methodologies for managing these risks are disclosed in the shaded text along with those tables specifically marked with an asterisk (*) in the Credit risk section of Management’s Discussion and Analysis. These shaded text and tables are an integral part of these Consolidated Financial Statements. Concentrations of credit risk exist if a number of our counterparties are engaged in similar activities, are located in the same geographic region or have comparable economic characteristics such that their ability to meet contractual obligations would be similarly affected by changes in economic, political or other conditions. Concentrations of credit risk indicate the relative sensitivity of our performance to developments affecting a particular industry or geographic location. The amounts of credit exposure associated with certain of our on- off-balance As at October 31, 2021 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance (1) $ 701,779 67% $ 213,389 20% $ 85,271 8% $ 49,001 5% $ 1,049,440 Derivatives before master netting agreements (2), (3) 19,927 21% 23,910 25% 45,717 47% 7,111 7% 96,665 $ 721,706 63% $ 237,299 21% $ 130,988 11% $ 56,112 5% $ 1,146,105 Off-balance (4) Committed and uncommitted (5) $ 370,479 59% $ 196,692 32% $ 46,187 8% $ 9,335 1% $ 622,693 Other 82,010 66% 14,014 11% 26,920 22% 1,383 1% 124,327 $ 452,489 61% $ 210,706 28% $ 73,107 10% $ 10,718 1% $ 747,020 (Millions of Canadian dollars, As at October 31, 2020 Canada % United % Europe % Other % Total On-balance (1), (6) $ 650,311 65% $ 222,087 22% $ 78,836 8% $ 47,026 5% $ 998,260 Derivatives before master netting agreements (2), (3) 22,761 20% 28,074 24% 56,229 49% 8,185 7% 115,249 $ 673,072 61% $ 250,161 22% $ 135,065 12% $ 55,211 5% $ 1,113,509 Off-balance (4) Committed and uncommitted (5), (6) $ 380,352 63% $ 171,922 29% $ 34,785 6% $ 11,689 2% $ 598,748 Other 62,329 60% 12,697 12% 27,232 26% 2,208 2% 104,466 $ 442,681 63% $ 184,619 26% $ 62,017 9% $ 13,897 2% $ 703,214 (1) Includes assets purchased under reverse repurchase agreements and securities borrowed, loans and customers’ liability under acceptances. The largest concentrations in Canada are Ontario at 56% (October 31, 2020 – 56%), the Prairies at 16% (October 31, 2020 – 16%), British Columbia and the territories at 14% (October 31, 2020 – 14%) and Quebec at 10% (October 31, 2020 – 10%). No industry accounts for more than 24% (October 31, 2020 – 25%) of total on-balance (2) A further breakdown of our derivative exposures by risk rating and counterparty type is provided in Note 8. (3) Excludes valuation adjustments determined on a pooled basis. (4) Balances presented are contractual amounts representing our maximum exposure to credit risk. (5) Represents our maximum exposure to credit risk. Retail and wholesale commitments respectively comprise 45% and 55% of our total commitments (October 31, 2020 – 46% and 54%). The largest concentrations in the wholesale portfolio relate to Financial services at 13% (October 31, 2020 – 13%), Utilities at 10% (October 31, 2020 – 12%), Real estate & related at 10% (October 31, 2020 – 10%), Other services at 8% (October 31, 2020 – 8%), and Oil & gas at 6% (October 31, 2020 – 7%). The classification of our sectors aligns with our view of credit risk by industry. Certain sector percentage amounts have been revised from those previously presented. (6) Amounts and percentage amounts by geography have been revised from those previously presented. |
Capital management
Capital management | 12 Months Ended |
Oct. 31, 2021 | |
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Capital management | Note 28 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. We are required to calculate our capital ratios using the Basel III framework. Under Basel III, regulatory capital includes Common Equity Tier 1 (CET1), Tier 1 and Tier 2 capital. CET1 capital mainly consists of common shares, retained earnings and other components of equity. Regulatory adjustments under Basel III include deductions of goodwill and other intangibles, certain deferred tax assets, defined benefit pension fund assets, investments in banking, financial and insurance entities, and the shortfall of provisions to expected losses. Tier 1 capital comprises predominantly CET1 and Additional Tier 1 items including non-cumulative non-controlling Regulatory capital ratios are calculated by dividing CET1, Tier 1 and Total capital by risk-weighted assets. The leverage ratio is calculated by dividing Tier 1 capital by an exposure measure. The exposure measure consists of total assets (excluding items deducted from Tier 1 capital) and certain off-balance During 2021 and 2020, we complied with all capital and leverage requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) October 31 2021 October 31 2020 Capital (1) CET1 capital $ 75,583 $ 68,082 Tier 1 capital 82,246 74,005 Total capital 92,026 84,928 Risk-weighted assets (RWA) used in calculation of capital ratios (1) Credit risk $ 444,142 $ 448,821 Market risk 34,806 27,374 Operational risk 73,593 70,047 Total RWA $ 552,541 $ 546,242 Capital ratios and Leverage ratio (1) CET1 ratio 13.7% 12.5% Tier 1 capital ratio 14.9% 13.5% Total capital ratio 16.7% 15.5% Leverage ratio 4.9% 4.8% Leverage ratio exposure (billions) $ 1,662 $ 1,553 (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI’s Leverage Requirements (LR) guideline as updated in accordance with the regulatory guidance issued by OSFI in response to the COVID-19 |
Offsetting financial assets and
Offsetting financial assets and financial liabilities | 12 Months Ended |
Oct. 31, 2021 | |
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Offsetting financial assets and financial liabilities | Note 29 Offsetting financial assets and financial liabilities Offsetting within our Consolidated Balance Sheets may be achieved where financial assets and liabilities are subject to master netting arrangements that provide the currently enforceable right of offset and where there is an intention to settle on a net basis, or realize the assets and settle the liabilities simultaneously. For derivative contracts and repurchase and reverse repurchase arrangements, this is generally achieved when there is a market mechanism for settlement (e.g., central counterparty exchange or clearing house) which provides daily net settlement of cash flows arising from these contracts. Margin receivables and margin payables are generally offset as they settle simultaneously through a market settlement mechanism. Amounts that do not qualify for offsetting include master netting arrangements that only permit outstanding transactions with the same counterparty to be offset in an event of default or occurrence of other predetermined events. Such master netting arrangements include the International Swaps and Derivatives Association Master Agreement or certain derivative exchange or clearing counterparty agreements for derivative contracts, global master repurchase agreement and global master securities lending agreements for repurchase, reverse repurchase and other similar secured lending and borrowing arrangements. The amount of financial collateral received or pledged subject to master netting arrangements or similar agreements but do not qualify for offsetting refers to the collateral received or pledged to cover the net exposure between counterparties by enabling the collateral to be realized in an event of default or the occurrence of other predetermined events. Certain amounts of collateral are restricted from being sold or re-pledged The following tables provide the amount of financial instruments that have been offset on the Consolidated Balance Sheets and the amounts that do not qualify for offsetting but are subject to enforceable master netting arrangements or similar agreements. The amounts presented are not intended to represent our actual exposure to credit risk. Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2021 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (Millions of Canadian dollars) Gross amounts of financial assets before balance sheet offsetting Amounts of financial liabilities offset on the balance sheet Net amount of financial assets presented on the balance sheet Impact of master netting agreements Financial collateral received Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Assets purchased under reverse repurchase agreements and securities borrowed $ 384,439 $ 77,028 $ 307,411 $ 101 $ 305,071 $ 2,239 $ 492 $ 307,903 Derivative assets (3) 84,595 314 84,281 57,101 12,978 14,202 11,260 95,541 Other financial assets 412 240 172 1 61 110 – 172 $ 469,446 $ 77,582 $ 391,864 $ 57,203 $ 318,110 $ 16,551 $ 11,752 $ 403,616 As at October 31, 2020 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (1) (Millions of Canadian dollars) Gross amounts of financial assets before balance sheet offsetting Amounts of financial liabilities offset on the balance sheet Net amount of Impact of master netting agreements Financial collateral received (2) Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Assets purchased under reverse repurchase agreements and securities borrowed $ 347,327 $ 35,783 $ 311,544 $ 36 $ 310,128 $ 1,380 $ 1,471 $ 313,015 Derivative assets (3) 99,535 657 98,878 69,300 18,627 10,951 14,610 113,488 Other financial assets 445 192 253 2 50 201 – 253 $ 447,307 $ 36,632 $ 410,675 $ 69,338 $ 328,805 $ 12,532 $ 16,081 $ 426,756 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $12 billion (October 31, 2020 – $15 billion) and non-cash (3) Includes cash margin of $3 billion (October 31, 2020 - $5 billion) which offset against the derivative balance on the balance sheet. Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2021 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (Millions of Canadian dollars) Gross amounts of financial liabilities before balance sheet offsetting Amounts of financial assets offset on the balance sheet Net amount of financial liabilities presented on the balance sheet Impact of master netting agreements Financial collateral pledged Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Obligations related to assets sold under repurchase agreements and securities loaned $ 338,737 $ 77,028 $ 261,709 $ 101 $ 261,135 $ 473 $ 492 $ 262,201 Derivative liabilities (3) 77,514 314 77,200 57,101 10,503 9,596 14,239 91,439 Other financial liabilities 412 240 172 1 – 171 – 172 $ 416,663 $ 77,582 $ 339,081 $ 57,203 $ 271,638 $ 10,240 $ 14,731 $ 353,812 As at October 31, 2020 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (1) (Millions of Canadian dollars) Gross amounts of financial liabilities before balance sheet offsetting Amounts of financial assets offset on the balance sheet Net amount of financial liabilities presented on the balance sheet Impact of master netting agreements Financial collateral pledged (2) Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Obligations related to assets sold under repurchase agreements and securities loaned $ 309,130 $ 35,783 $ 273,347 $ 36 $ 272,871 $ 440 $ 884 $ 274,231 Derivative liabilities (3) 96,138 657 95,481 69,300 16,232 9,949 14,446 109,927 Other financial liabilities 358 192 166 2 – 164 – 166 $ 405,626 $ 36,632 $ 368,994 $ 69,338 $ 289,103 $ 10,553 $ 15,330 $ 384,324 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $9 billion (October 31, 2020 – $14 billion) and non-cash (3) Includes cash margin of $3 billion (October 31, 2020 – $2 billion) which offset against the derivative balance on the balance sheet. |
Recovery and settlement of on-b
Recovery and settlement of on-balance sheet assets and liabilities | 12 Months Ended |
Oct. 31, 2021 | |
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Recovery and settlement of on-balance sheet assets and liabilities | Note 30 Recovery and settlement of on-balance sheet assets and liabilities The table below presents an analysis of assets and liabilities recorded on our Consolidated Balance Sheets by amounts to be recovered or settled within one year and after one year, as at the balance sheet date, based on c o As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Within one year After one year Total Within one year After one year Total Assets Cash and due from banks (1) $ 112,924 $ 922 $ 113,846 $ 117,375 $ 1,513 $ 118,888 Interest-bearing deposits with banks 79,638 – 79,638 39,013 – 39,013 Securities Trading (2) 129,206 10,034 139,240 126,309 9,762 136,071 Investment, net of applicable allowance 29,831 115,653 145,484 34,728 105,015 139,743 Assets purchased under reverse repurchase agreements and securities borrowed 307,805 98 307,903 313,013 2 313,015 Loans Retail 98,946 404,652 503,598 97,223 360,753 457,976 Wholesale 60,099 157,967 218,066 51,296 157,359 208,655 Allowance for loan losses (4,089 ) (5,639 ) Segregated fund net assets – 2,666 2,666 – 1,922 1,922 Other Customers’ liability under acceptances 19,793 5 19,798 18,507 – 18,507 Derivatives (2) 93,409 2,132 95,541 110,217 3,271 113,488 Premises and equipment 28 7,396 7,424 – 7,934 7,934 Goodwill – 10,854 10,854 – 11,302 11,302 Other intangibles – 4,471 4,471 – 4,752 4,752 Other assets 47,634 14,249 61,883 46,953 11,968 58,921 $ 979,313 $ 731,099 $ 1,706,323 $ 954,634 $ 675,553 $ 1,624,548 Liabilities Deposits (3), (4) $ 943,633 $ 157,198 $ 1,100,831 $ 859,829 $ 152,056 $ 1,011,885 Segregated fund net liabilities – 2,666 2,666 – 1,922 1,922 Other Acceptances 19,868 5 19,873 18,618 – 18,618 Obligations related to securities sold short 35,524 2,317 37,841 26,754 2,531 29,285 Obligations related to assets sold under repurchase agreements and securities loaned 261,533 668 262,201 269,260 4,971 274,231 Derivatives (2) 89,804 1,635 91,439 108,407 1,520 109,927 Insurance claims and policy benefit liabilities 1,867 10,949 12,816 1,798 10,417 12,215 Other liabilities 48,901 21,400 70,301 48,844 20,987 69,831 Subordinated debentures 188 9,405 9,593 – 9,867 9,867 $ 1,401,318 $ 206,243 $ 1,607,561 $ 1,333,510 $ 204,271 $ 1,537,781 (1) Cash and due from banks are assumed to be recovered within one year, except for cash balances not available for use by the Bank. (2) Trading securities classified as FVTPL and trading derivatives are presented as within one year as this best represents in most instances the short-term nature of our trading activities. Non-trading (3) Demand deposits of $576 billion (October 31, 2020 – $511 billion) are presented as within one year due to their being repayable on demand or at short notice on a contractual basis. In practice, these deposits relate to a broad range of individuals and customer-types which form a stable base for our operations and liquidity needs. (4) Amounts previously presented were reclassified to reflect the contractual maturities of certain term deposits. |
Parent company information
Parent company information | 12 Months Ended |
Oct. 31, 2021 | |
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Parent company information | Note 31 Parent company information The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis. Condensed Balance Sheets As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Assets Cash and due from banks $ 97,617 $ 109,397 Interest-bearing deposits with banks 56,896 21,603 Securities 153,780 146,524 Investments in bank subsidiaries and associated corporations (1) 43,546 41,029 Investments in other subsidiaries and associated corporations 80,216 76,358 Assets purchased under reverse repurchase agreements and securities borrowed 125,590 134,037 Loans, net of allowance for loan losses 601,742 554,173 Other assets 155,421 171,622 $ 1,314,808 $ 1,254,743 Liabilities and shareholders’ equity Deposits $ 854,833 $ 782,637 Net balances due to bank subsidiaries (1) 28,201 42,157 Net balances due to other subsidiaries 38,309 36,421 Other liabilities 285,447 297,261 1,206,790 1,158,476 Subordinated debentures 9,351 9,603 Shareholders’ equity 98,667 86,664 $ 1,314,808 $ 1,254,743 (1) Bank refers primarily to regulated deposit-taking institutions and securities firms. Condensed Statements of Income and Comprehensive Income For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Interest and dividend income (1) $ 19,793 $ 23,596 Interest expense 5,615 9,548 Net interest income 14,178 14,048 Non-interest (2) 5,393 4,792 Total revenue 19,571 18,840 Provision for credit losses (606 ) 3,888 Non-interest 9,466 9,580 Income before income taxes 10,711 5,372 Income taxes 2,088 1,139 Net income before equity in undistributed income of subsidiaries 8,623 4,233 Equity in undistributed income of subsidiaries 7,415 7,199 Net income $ 16,038 $ 11,432 Other comprehensive income (loss), net of taxes 1,463 (1,137 ) Total comprehensive income $ 17,501 $ 10,295 (1) Includes dividend income from investments in subsidiaries and associated corporations of $5 million (October 31, 2020 – $27 million). (2) Includes a nominal share of profit (loss) from associated corporations (October 31, 2020 – nominal). Condensed Statements of Cash Flows For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Cash flows from operating activities Net income $ 16,038 $ 11,432 Adjustments to determine net cash from operating activities: Change in undistributed earnings of subsidiaries (7,415 ) (7,199 ) Change in deposits, net of securitizations 72,196 101,128 Change in loans, net of securitizations (46,194 ) (30,833 ) Change in trading securities (8,756 ) 404 Change in obligations related to assets sold under repurchase agreements and securities loaned 5,228 26,716 Change in assets purchased under reverse repurchase agreements and securities borrowed 8,447 (10,282 ) Change in obligations related to securities sold short 2,405 (3,032 ) Other operating activities, net 6,316 685 Net cash from (used in) operating activities 48,265 89,019 Cash flows from investing activities Change in interest-bearing deposits with banks (35,293 ) 676 Proceeds from sales and maturities of investment securities 70,260 74,849 Purchases of investment securities (73,150 ) (101,551 ) Net acquisitions of premises and equipment and other intangibles (1,093 ) (1,243 ) Change in cash invested in subsidiaries (3,078 ) 1,484 Change in net funding provided to subsidiaries (12,068 ) 39,306 Net cash from (used in) investing activities (54,422 ) 13,521 Cash flows from financing activities Issuance of subordinated debentures 2,750 2,750 Repayment of subordinated debentures (2,500 ) (3,000 ) Issue of common shares, net of issuance costs 90 70 Common shares purchased for cancellation – (814 ) Issue of preferred shares and other equity instruments, net of issuance costs 2,245 1,745 Redemption of preferred shares and other equity instruments (1,475 ) (1,508 ) Dividends paid on shares and distributions paid on other equity instruments (6,420 ) (6,333 ) Repayment of lease liabilities (313 ) (317 ) Net cash from (used in) financing activities (5,623 ) (7,407 ) Net change in cash and due from banks (11,780 ) 95,133 Cash and due from banks at beginning of year 109,397 14,264 Cash and due from banks at end of year $ 97,617 $ 109,397 Supplemental disclosure of cash flow information Amount of interest paid $ 6,306 $ 10,335 Amount of interest received 17,831 22,340 Amount of dividends received 2,185 1,977 Amount of income taxes paid 1,772 917 |
Subsequent events
Subsequent events | 12 Months Ended |
Oct. 31, 2021 | |
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Subsequent events | Note 32 Subsequent events On November 5, 2021, we issued 750 thousand of Non-Cumulative 5-Year Fixed Rate Reset First Preferred Shares, Series BT (Preferred Shares Series BT) to certain institutional investors, at a price of $1,000 per share. The Preferred Shares Series BT will bear interest at a fixed rate of 4.2% per annum until February 24, 2027 , payable semi-annually, and thereafter, at a rate per annum, reset every fifth year, equal to the 5-year Government of Canada Yield plus |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 12 Months Ended |
Oct. 31, 2021 | |
Statement [Line Items] | |
Basis of presentation | The significant accounting policies used in the preparation of these Consolidated Financial Statements, including the accounting requirements prescribed by OSFI, are summarized below. These accounting policies conform, in all material respects, to IFRS. Except where otherwise noted, the same accounting policies have been applied to all periods presented. |
General | General Use of estimates and assumptions In preparing our Consolidated Financial Statements, management is required to make subjective estimates and assumptions that affect the reported amount of assets, liabilities, net income and related disclosures. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key sources of estimation uncertainty include: determination of fair value of financial instruments, the allowance for credit losses, insurance claims and policy benefit liabilities, pensions and other post-employment benefits, income taxes, carrying value of goodwill and other intangible assets, and litigation provisions. Accordingly, actual results may differ from these and other estimates thereby impacting our future Consolidated Financial Statements. Refer to the relevant accounting policies in this Note for details on our use of estimates and assumptions. Significant judgments In preparation of these Consolidated Financial Statements, management is required to make significant judgments that affect the carrying amounts of certain assets and liabilities, and the reported amounts of revenues and expenses recorded during the period. The COVID-19 COVID-19 Significant judgments have been made in the following areas and discussed as noted in the Consolidated Financial Statements: Consolidation of structured entities Note 2 Note 7 Application of the effective interest method Note 2 Fair value of financial instruments Note 2 Note 3 Derecognition of financial assets Note 2 Note 6 Allowance for credit losses Note 2 Note 4 Note 5 Income taxes Note 2 Note 21 Employee benefits Note 2 Note 16 Provisions Note 2 Note 23 Note 24 Goodwill and other intangibles Note 2 Note 10 |
Basis of consolidation | Basis of consolidation Our Consolidated Financial Statements include the assets and liabilities and results of operations of the parent company, Royal Bank of Canada, and its subsidiaries including certain structured entities, after elimination of intercompany transactions, balances, revenues and expenses. Consolidation Subsidiaries are those entities, including structured entities, over which we have control. We control an entity when we are exposed, or have rights, to variable returns from our involvement with the entity and have the ability to affect those returns through our power over the investee. We have power over an entity when we have existing rights that give us the current ability to direct the activities that most significantly affect the entity’s returns (relevant activities). Power may be determined on the basis of voting rights or, in the case of structured entities, other contractual arrangements. We are not deemed to control an entity when we exercise power over an entity in an agency capacity. In determining whether we are acting as an agent, we consider the overall relationship between us, the investee and other parties to the arrangement with respect to the following factors: (i) the scope of our decision-making power; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and (iv) our exposure to variability of returns. The determination of control is based on the current facts and circumstances and is continuously assessed. In some circumstances, different factors and conditions may indicate that different parties control an entity depending on whether those factors and conditions are assessed in isolation or in totality. Significant judgment is applied in assessing the relevant factors and conditions in totality when determining whether we control an entity. Specifically, judgment is applied in assessing whether we have substantive decision-making rights over the relevant activities and whether we are exercising our power as a principal or an agent. We consolidate all subsidiaries from the date we obtain control and cease consolidation when an entity is no longer controlled by us. Our consolidation conclusions affect the classification and amount of assets, liabilities, revenues and expenses reported in our Consolidated Financial Statements. Non-controlling non-controlling Investments in joint ventures and associates Our investments in associated corporations and limited partnerships over which we have significant influence are accounted for using the equity method. The equity method is also applied to our interests in joint ventures over which we have joint control. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of the investee’s net profit or loss, including our proportionate share of the investee’s Other comprehensive income (OCI), subsequent to the date of acquisition. Non-current Non-current Non-current A disposal group is classified as a discontinued operation if it meets the following conditions: (i) it is a component that can be distinguished operationally and financially from the rest of our operations and (ii) it represents either a separate major line of business or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Disposal groups classified as discontinued operations are presented separately from our continuing operations in our Consolidated Statements of Income. |
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 ABRs. Progress in and risks arising from the transition to ABRs To manage our transition to ABRs, we have implemented a comprehensive enterprise-wide program and governance structure that addresses the key areas of impact including contract remediation, funding and liquidity planning, risk management, financial reporting and valuation, systems, processes and client education and communication. Transition activities are focused on two broad streams of work: (i) developing new ABR linked products, and (ii) conversion of existing LIBOR based contracts to ABRs. Our program timelines are ultimately dependent on broader market acceptance of products that reference the new ABRs 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 continue to work towards the recommended target dates for the cessation of LIBOR-based products provided by our regulators and are on track with our transition activities to move to ABRs. These target dates reflect the announcement made on March 5, 2021 when the Financial Conduct Authority, the regulator of the ICE Benchmark Administration (IBA) which administers LIBOR, announced the permanent cessation or loss of representativeness of all 35 LIBOR settings currently published by the IBA. As a result of this announcement, GBP LIBOR settings to which we have significant exposure will cease or lose their representativeness after December 31, 2021. USD LIBOR settings to which we have significant exposure will predominantly cease or lose their representativeness after June 30, 2023. The following tables show the Bank’s significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to ABRs and maturing after December 31, 2021 for non-USD LIBOR instruments and after June 30, 2023 for USD LIBOR instruments. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at October 31, 2021 November 1, 2020 (1) (Millions of Canadian dollars) Non-derivative (2) Non-derivative (3) Derivative (4) Non-derivative (2) Non-derivative (3) Derivative (4) USD LIBOR $ 68,325 $ 1,420 $ 4,533,965 $ 57,432 $ 941 $ 3,368,307 GBP LIBOR 3,250 1,175 2,308,125 7,518 1,227 1,773,893 Other IBOR currencies 340 2,260 92,401 324 2,456 263,299 $ 71,915 $ 4,855 $ 6,934,491 $ 65,274 $ 4,624 $ 5,405,499 Cross currency swaps USD LIBOR – GBP LIBOR n.a. n.a. $ 507,437 n.a. n.a. $ 384,263 Other combinations n.a. n.a. 67,404 n.a. n.a. 52,875 n.a. n.a. $ 574,841 n.a. n.a. $ 437,138 $ 71,915 $ 4,855 $ 7,509,332 $ 65,274 $ 4,624 $ 5,842,637 (1) Amounts have been updated from those previously presented to reflect the regulatory developments related to the USD LIBOR cessation date. (2) Non-derivative assets represent the drawn outstanding balance of Loans and the fair value of Securities. (3) Non-derivative liabilities represent Deposits. (4) 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. As at (Millions of Canadian dollars) October 31, 2021 November 1, 2020 (1) Authorized and committed undrawn commitments USD LIBOR $ 122,437 $ 82,054 GBP LIBOR 3,026 7,533 Other IBOR currencies 5 1,370 $ 125,468 $ 90,957 (1) Amounts have been updated from those previously presented to reflect the regulatory developments related to the USD LIBOR cessation date. 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. |
Financial instruments - Classification of financial assets | Financial Instruments Classification of financial assets Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell All other debt instruments are measured at FVTPL. Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of Management’s Discussion and Analysis, and the activities undertaken to manage those risks; • Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models fall into three categories, which are indicative of the key strategies used to generate returns: • HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent. • HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model. • Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading SPPI assessment Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. |
Financial instruments - Securities | Securities Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded as Trading revenue or Non-interest Investment securities include all securities classified as FVOCI and amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in interest income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses (PCL). When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as Net gains on Investment securities in Non-interest Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in PCL and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gains on Investment securities in Non-interest Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest income. We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest |
Financial instruments - Fair value option | Fair value option A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an accounting mismatch). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial Financial assets designated as FVTPL are recorded at fair value and any unrealized gain or loss arising due to changes in fair value is included in Trading revenue or Non-interest Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI will not be reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Trading revenue or Note 2 Summary of significant accounting policies, estimates and judgments (continued) Non-interest h |
Financial instruments - Determination of fair value | Determination of fair value The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine fair value by incorporating all factors that market participants would consider in setting a price, including commonly accepted valuation approaches. The Board of Directors provides oversight on valuation of financial instruments, primarily through the Audit Committee and Risk Committee. The Audit Committee reviews the presentation and disclosure of financial instruments that are measured at fair value, while the Risk Committee assesses the adequacy of governance structures and control processes for the valuation of these instruments. We have established policies, procedures and controls for valuation methodologies and techniques to ensure that fair value is reasonably estimated. Major valuation processes and controls include, but are not limited to, profit and loss decomposition, independent price verification (IPV) and model validation standards. These control processes are managed by either Finance or Group Risk Management and are independent of the relevant businesses and their trading functions. Profit and loss decomposition is a process to explain the fair value changes of certain positions and is performed daily for trading portfolios. All fair value instruments are subject to IPV, a process whereby trading function valuations are verified against external market prices and other relevant market data. Market data sources include traded prices, brokers and price vendors. We give priority to those third-party pricing services and prices having the highest and most consistent accuracy. The level of accuracy is determined over time by comparing third-party price values to traders’ or system values, to other pricing service values and, when available, to actual trade data. Quoted prices for identical instruments from pricing services or brokers are generally not adjusted unless there are issues such as stale prices. If multiple quotes for identical instruments are received, fair value is based on an average of the prices received or the quote from the most reliable vendor, after the outlier prices that fall outside of the pricing range are removed. Other valuation techniques are used when a price or quote is not available. Some valuation processes use models to determine fair value. We have a systematic and consistent approach to control the use of models. Valuation models are approved for use within our model risk management framework. The framework addresses, among other things, model development standards, validation processes and procedures and approval authorities. Model validation ensures that a model is suitable for its intended use and sets parameters for its use. All models are revalidated regularly by qualified personnel who are independent of the model design and development. Annually our model risk profile is reported to the Board of Directors. IFRS 13 Fair Value Measurement We record valuation adjustments to appropriately reflect counterparty credit quality of our derivative portfolio, differences between the actual counterparty collateral discount curve and standard overnight index swap (OIS) discounting for collateralized derivatives, funding valuation adjustments (FVA) for uncollateralized and under-collateralized over-the-counter bid-offer Non-interest Valuation adjustments are recorded for the credit risk of our derivative portfolios in order to arrive at their fair values. Credit valuation adjustments (CVA) take into account our counterparties’ creditworthiness, the current and potential future mark-to-market Non-interest FVA are also calculated to incorporate the cost and benefit of funding in the valuation of uncollateralized and under-collateralized OTC derivatives. Future expected cash flows of these derivatives are discounted to reflect the cost and benefit of funding the derivatives by using a funding curve, implied volatilities and correlations as inputs. Where required, a valuation adjustment is made to reflect the unrealized gain or loss at inception of a financial instrument contract where the fair value of that financial instrument is not obtained from a quoted market price or cannot be evidenced by other observable market transactions based on a valuation technique incorporating observable market data. A bid-offer mid-market mid-market Some valuation models require parameter calibration from such factors as market observable option prices. The calibration of parameters may be sensitive to factors such as the choice of instruments or optimization methodology. A valuation adjustment is also estimated to mitigate the uncertainties of parameter calibration and model limitations. In determining fair value, a hierarchy is used which prioritizes the inputs to valuation techniques. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Determination of fair value based on this hierarchy requires the use of observable market data whenever available. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model inputs that are either observable, or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs are one or more inputs that are unobservable and significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available at the measurement date. The availability of inputs for valuation may affect the selection of valuation techniques. The classification of a financial instrument in the hierarchy for disclosure purposes is based upon the lowest level of input that is significant to the measurement of fair value. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. For more complex or illiquid instruments, significant judgment is required in the determination of the model used, the selection of model inputs, and in some cases the application of valuation adjustments to the model value or quoted price for inactively traded financial instruments, as the selection of model inputs may be subjective and the inputs may be unobservable. Unobservable inputs are inherently uncertain as there is little or no market data available from which to determine the level at which the transaction would occur under normal business circumstances. Appropriate parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation adjustments are assessed in all such instances. |
Financial instruments - Loans | Loans Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses. Interest on loans is recognized in Interest income using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below. |
Financial instruments - Allowance for credit losses | Allowance for credit losses An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans measured at amortized cost is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets. Off-balance off-balance We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model: • Performing financial assets • Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date. • Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. • Impaired financial assets • Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount. The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable. Increases or decreases in the required ACL attributable to model changes and new originations, sales or maturities, and changes in risk, parameters and exposures due to changes in loss expectations or stage transfers are recorded in PCL. Write-offs and recoveries of amounts previously written off are recorded against ACL. The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three stages and the application of forward looking information. The underlying assumptions and estimates may result in changes to the provisions from period to period that significantly affect our results of operations. Measurement of expected credit losses Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information including internal and external ratings, historical credit loss experience, and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s PD, loss given default (LGD), and EAD discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument. An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modeled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses. For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature. Expected credit losses are discounted to the reporting period date using the effective interest rate. Expected life For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Judgment is required in determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices. Assessment of significant increase in credit risk The assessment of significant increase in credit risk requires significant judgment. Movements between Stage 1 and Stage 2 are based on whether an instrument’s credit risk as at the reporting date has increased significantly relative to the date it was initially recognized. For the purposes of this assessment, credit risk is based on an instrument’s lifetime PD, not the losses we expect to incur. The assessment is generally performed at the instrument level. Our assessment of significant increases in credit risk is performed at least quarterly based on three factors. If any of the following factors indicates that a significant increase in credit risk has occurred, the instrument is moved from Stage 1 to Stage 2: (1) We have established thresholds for significant increases in credit risk based on both a percentage and absolute change in lifetime PD relative to initial recognition. For our wholesale portfolio, a decrease in the borrower’s risk rating is also required to determine that credit risk has increased significantly. (2) Additional qualitative reviews are performed to assess the staging results and make adjustments, as necessary, to better reflect the positions whose credit risk has increased significantly. (3) Instruments which are 30 days past due are generally considered to have experienced a significant increase in credit risk, even if our other metrics do not indicate that a significant increase in credit risk has occurred. The thresholds for movement between Stage 1 and Stage 2 are symmetrical. After a financial asset has transferred to Stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to Stage 1. For certain instruments with low credit risk as at the reporting date, it is presumed that credit risk has not increased significantly relative to initial recognition. Credit risk is considered to be low if the instrument has a low risk of default, and the borrower has the ability to fulfill their contractual obligations both in the near term and in the longer term, including periods of adverse changes in the economic or business environment. Certain interest-bearing deposits with banks, assets purchased under reverse repurchase agreements, insurance policy loans, and liquidity facilities extended to our multi-seller conduits have been identified as having low credit risk. Use of forward-looking information The measurement of expected credit losses for each stage and the assessment of significant increase in credit risk considers information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation and application of forward-looking information requires significant judgment. The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year period, subsequently reverting to long-run Our estimation of expected credit losses in Stage 1 and Stage 2 is a discounted probability-weighted estimate that considers a minimum of three future macroeconomic scenarios. Our base case scenario is based on macroeconomic forecasts published by our internal economics group. Upside and downside scenarios vary relative to our base case scenario based on reasonably possible alternative macroeconomic conditions. Additional and more severe downside scenarios are designed to capture a broader range of potential credit losses in certain sectors. Scenario design, including the identification of additional downside scenarios, occurs at least on an annual basis and more frequently if conditions warrant. Scenarios are designed to capture a wide range of possible outcomes and weighted according to our best estimate of the relative likelihood of the range of outcomes that each scenario represents. Scenario weights take into account historical frequency, current trends, and forward-looking conditions and are updated on a quarterly basis. All scenarios considered are applied to all portfolios subject to expected credit losses with the same probabilities. Our assessment of significant increases in credit risk is based on changes in probability-weighted forward-looking lifetime PDs as at the reporting date, using the same macroeconomic scenarios as the calculation of expected credit losses. Definition of default The definition of default used in the measurement of expected credit losses is consistent with the definition of default used for our internal credit risk management purposes. Our definition of default may differ across products and consider both quantitative and qualitative factors, such as the terms of financial covenants and days past due. For retail and wholesale borrowers, except as detailed below, default occurs when the borrower is more than 90 days past due on any material obligation to us, and/or we consider the borrower unlikely to make their payments in full without recourse action on our part, such as taking formal possession of any collateral held. For certain credit card balances, default occurs when payments are 180 days past due. For these balances, the use of a period in excess of 90 days past due is reasonable and supported by observable data on write-off Credit-impaired financial assets (Stage 3) Financial assets are assessed for credit-impairment at each balance sheet date and more frequently when circumstances warrant further assessment. Evidence of credit-impairment may include indications that the borrower is experiencing significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable decrease in the estimated future cash flows evidenced by the adverse changes in the payments status of the borrower or economic conditions that correlate with defaults. When a financial asset has been identified as credit-impaired, expected credit losses are measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the instrument’s original effective interest rate. For impaired financial assets with drawn and undrawn components, expected credit losses also reflect any credit losses related to the portion of the loan commitment that is expected to be drawn down over the remaining life of the instrument. When a financial asset is credit-impaired, interest ceases to be recognized on the regular accrual basis, which accrues income based on the gross carrying amount of the asset. Rather, interest income is calculated by applying the original effective interest rate to the amortized cost of the asset, which is the gross carrying amount less the related ACL. Following impairment, interest income is recognized on the unwinding of the discount from the initial recognition of impairment. ACL for credit-impaired loans in Stage 3 are established at the borrower level, where losses related to impaired loans are identified on individually significant loans, or collectively assessed and determined through the use of portfolio-based rates, without reference to particular loans. Individually assessed loans (Stage 3) When individually significant loans are identified as impaired, we reduce the carrying value of the loans to their estimated realizable value by recording an individually assessed ACL to cover identified credit losses. The individually assessed ACL reflects the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and the impact of time delays in collecting principal and/or interest (time value of money). The estimated realizable value for each individually significant loan is the present value of expected future cash flows discounted using the original effective interest rate for each loan. When the amounts and timing of future cash flows cannot be estimated with reasonable reliability, the estimated realizable amount may be determined using observable market prices for comparable loans, the fair value of collateral underlying the loans, and other reasonable and supported methods based on management judgment. Individually-assessed allowances are established in consideration of a range of possible outcomes, which may include macroeconomic or non-macroeconomic Significant judgment is required in assessing evidence of credit-impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on PCL and may result in a change in the ACL. Collectively assessed loans (Stage 3) Loans that are collectively assessed are grouped on the basis of similar risk characteristics, taking into account loan type, industry, geographic location, collateral type, past due status and other relevant factors. The collectively-assessed ACL reflects: (i) the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and (ii) the impact of time delays in collecting principal and/or interest (time value of money). The expected principal and interest collection is estimated on a portfolio basis and references historical loss experience of comparable portfolios with similar credit risk characteristics, adjusted for the current environment and expected future conditions. A portfolio specific coverage ratio is applied against the impaired loan balance in determining the collectively-assessed ACL. The time value of money component is calculated by using the discount factors applied to groups of loans sharing common characteristics. The discount factors represent the expected recovery pattern of the comparable group of loans, and reflect the historical experience of these groups adjusted for current and expected future economic conditions and/or industry factors. Significant judgment is required in assessing evidence of impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on PCL and may result in a change in the ACL. Write-off Loans and the related ACL are written off, either partially or in full, when there is no realistic prospect of recovery. Where loans are secured, they are generally written off after receipt of any proceeds from the realization of collateral. In circumstances where the net realizable value of any collateral has been determined and there is no reasonable expectation of further recovery, write off may be earlier. For credit cards, the balances and related ACL are generally written off when payment is 180 days past due. Personal loans are generally written off at 150 days past due. Modifications The original terms of a financial asset may be renegotiated or otherwise modified, resulting in changes to the contractual terms of the financial asset that affect the contractual cash flows. The treatment of such modifications is primarily based on the process undertaken to execute the renegotiation and the nature and extent of the expected changes. In the normal course of business, modifications which are performed for credit reasons, primarily related to troubled debt restructurings, are generally treated as modifications of the original financial asset. Modifications which are performed for other than credit reasons are generally considered to be an expiry of the original cash flows; accordingly, such renegotiations are treated as a derecognition of the original financial asset and recognition of a new financial asset. If a modification of terms does not result in derecognition of the financial asset, the carrying amount of the financial asset is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss is recognized. The financial asset continues to be subject to the same assessments for significant increase in credit risk relative to initial recognition and credit-impairment, as described above. A modified financial asset will transfer out of Stage 3 if the conditions that led to it being identified as credit-impaired are no longer present and relate objectively to an event occurring after the original credit-impairment was recognized. A modified financial asset will transfer out of Stage 2 when it no longer satisfies the relative thresholds set to identify significant increases in credit risk, which are based on changes in its lifetime PD, days past due and other qualitative considerations. The financial asset continues to be monitored for significant increases in credit risk and credit-impairment. If a modification of terms results in derecognition of the original financial asset and recognition of the new financial asset, the new financial asset will generally be recorded in Stage 1, unless it is determined to be credit-impaired at the time of the renegotiation. For the purposes of assessing for significant increases in credit risk, the date of initial recognition for the new financial asset is the date of the modification. |
Financial instruments - Derivatives | Derivatives When derivatives are embedded in other financial instruments or host contracts, such combinations are known as hybrid instruments. Some of the cash flows of a hybrid instrument vary in a way similar to a stand-alone derivative. If the host contract is a financial asset within the scope of IFRS 9, the classification and measurement criteria are applied to the entire hybrid instrument as described in the Classification of financial assets section of Note 2. If the host contract is a financial liability or an asset that is not within the scope of IFRS 9, embedded derivatives are separately recognized if the economic characteristics and risks of the embedded derivative are not clearly and closely related to the host contract, unless an election has been made to elect the fair value option, as described above. The host contract is accounted for in accordance with the relevant standards. Derivatives are primarily used in trading activities. Derivatives are also used to manage our exposure to interest, currency, credit and other market risks. The most frequently used derivative products are interest rate and foreign exchange swaps, options, futures and forward rate agreements, equity swaps and credit derivatives. All derivative instruments are recorded on our Consolidated Balance Sheets at fair value. When derivatives are used in trading activities, the realized and unrealized gains and losses on these derivatives are recognized in Trading revenue in Non-interest When derivatives are used to manage our own exposures, we determine for each derivative whether hedge accounting can be applied, as discussed in the Hedge accounting section below. |
Financial instruments - Recognition and measurement - Derecognition of financial assets and liabilities | Derecognition of financial assets Financial assets are derecognized from our Consolidated Balance Sheets when our contractual rights to the cash flows from the assets have expired, when we retain the rights to receive the cash flows of the assets but assume an obligation to pay those cash flows to a third party subject to certain pass-through requirements or when we transfer our contractual rights to receive the cash flows and substantially all of the risk and rewards of the assets have been transferred. When we retain substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized from our Consolidated Balance Sheets and are accounted for as secured financing transactions. When we neither retain nor transfer substantially all risks and rewards of ownership of the assets, we derecognize the assets if control over the assets is relinquished. If we retain control over the transferred assets, we continue to recognize the transferred assets to the extent of our continuing involvement. Management’s judgment is applied in determining whether the contractual rights to the cash flows from the transferred assets have expired or whether we retain the rights to receive cash flows on the assets but assume an obligation to pay for those cash flows. We derecognize transferred financial assets if we transfer substantially all the risks and rewards of the ownership in the assets. When assessing whether we have transferred substantially all of the risk and rewards of the transferred assets, management considers the Bank’s exposure before and after the transfer with the variability in the amount and timing of the net cash flows of the transferred assets. In transfers in which we retain the servicing rights, management has applied judgment in assessing the benefits of servicing against market expectations. When the benefits of servicing are greater than fair value, a servicing asset is recognized in Other assets in our Consolidated Balance Sheets. When the benefits of servicing are less than fair value, a servicing liability is recognized in Other liabilities in our Consolidated Balance Sheets. Derecognition of financial liabilities We derecognize a financial liability from our Consolidated Balance Sheets when our obligation speci f |
Financial instruments - Recognition and measurement - Interest | Interest Interest is recognized in Interest income and Interest expense in the Consolidated Statements of Income for all interest-bearing financial instruments. The effective interest rate is the rate that discounts estimated future cash flows over the expected life of the financial asset or liability to the net carrying amount upon initial recognition. Significant judgment is applied in determining the effective interest rate due to uncertainty in the timing and amounts of future cash flows. |
Financial instruments - Dividend income | Dividend income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend |
Financial instruments - Transaction costs | Transaction costs Transaction costs are expensed as incurred for financial instruments classified or designated as FVTPL. For other financial instruments, transaction costs are capitalized on initial recognition. For financial assets and financial liabilities measured at amortized cost, capitalized transaction costs are amortized through net income over the estimated life of the instrument using the effective interest method. For financial assets measured at FVOCI that do not have fixed or determinable payments and no fixed maturity, capitalized transaction costs are recognized in net income when the asset is derecognized or becomes impaired. |
Financial instruments - Recognition and measurement - Offsetting financial assets and financial liabilities | Offsetting financial assets and financial liabilities Financial assets and financial liabilities are offset on the balance sheet when there exists both a legally enforceable right to offset the recognized amounts and an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Financial instruments - Recognition and measurement - Assets purchased under reverse repurchase agreements and sold under repurchase agreements | Assets purchased under reverse repurchase agreements and sold under repurchase agreements We purchase securities under agreements to resell (reverse repurchase agreements) and take possession of these securities. We monitor the market value of the securities purchased and additional collateral is obtained when appropriate. We have the right to liquidate the collateral held in the event of counterparty default. Reverse repurchase agreements are treated as collateralized lending transactions. We also sell securities under agreements to repurchase (repurchase agreements), which are treated as collateralized borrowing transactions. The securities received under reverse repurchase agreements and securities delivered under repurchase agreements are not recognized on, or derecognized from, our Consolidated Balance Sheets, respectively, unless the risks and rewards of ownership are obtained or relinquished. Reverse repurchase agreements and repurchase agreements are carried on our Consolidated Balance Sheets at the amounts at which the securities were initially acquired or sold, except when they are classified or designated as FVTPL and are recorded at fair value. Interest earned on reverse repurchase agreements is included in Interest income, and interest incurred on repurchase agreements is included in Interest expense in our Consolidated Statements of Income. Changes in fair value for reverse repurchase agreements and repurchase agreements designated as FVTPL are included in Trading revenue or Other in Non-interest |
Financial instruments - Hedge accounting | Hedge accounting We have elected to continue to apply the hedge accounting principles under IAS 39 instead of those under IFRS 9. We use derivatives and non-derivatives pre-determined non-derivative Until the hedging relationships impacted by the Reform fully transition to ABRs, our prospective effectiveness testing is based on existing hedged cash flows or hedged risks and any ineffectiveness arising from retrospective testing does not result in a discontinuation of the hedge. Additionally, effectiveness testing is applied separately to hedged items referencing IBORs and those referencing ABRs, in accordance with the Amendments. Subsequently, when these relationships fully transition to ABRs, and provided qualifying criteria are met, we will amend the related hedge documentation for the ABR risk, including consequential changes to the description of the hedging instrument(s), the hedged item(s), and the method for assessing hedge effectiveness, without discontinuing the existing hedging relationships. Fair value hedges In a fair value hedging relationship, the carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged risk and recognized in Non-interest Non-interest We predominantly use interest rate swaps to hedge our exposure to changes in a fixed interest rate instrument’s fair value caused by changes in interest rates. Until the hedging relationships impacted by the Reform fully transition to ABRs, we apply hedge accounting to IBOR rates which may not be contractually specified when that rate is separately identifiable and reliably measurable at inception of the hedge relationship. Cash flow hedges In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging derivative, net of taxes, is recognized in OCI and reclassified to profit or loss as the associated hedged forecast transaction occurs, while the ineffective portion is recognized in Non-interest We predominantly use interest rate swaps to hedge the variability in cash flows related to a variable-rate asset or liability. Until the hedging relationships impacted by the Reform fully transition to ABRs, we treat the highly probable hedged IBOR based cash flows of groups of similar assets or liabilities with similar risk characteristics as unchanged as a result of the Reform. In addition, associated cash flow hedge reserves are not recycled into net income solely due to changes related to the transition from IBORs to ABRs. Subsequently, when some items in the group transition to ABRs before other items, the individual hedged items are allocated to subgroups based on the benchmark interest rate being hedged. We test hedge effectiveness based on the defined subgroups, in accordance with the Amendments, if eligibility requirements are met. If a subgroup fails the eligibility requirements, we would discontinue hedge accounting prospectively for the hedging relationship in its entirety. Net investment hedges In hedging our foreign currency exposure to a net investment in a foreign operation, the effective portion of foreign exchange gains and losses on the hedging instruments, net of applicable taxes, is recognized in OCI and the ineffective portion is recognized in Non-interest We use foreign exchange contracts and foreign currency-denominated liabilities to manage our foreign currency exposures to net investments in foreign operations having a functional currency other than the Canadian dollar. |
Financial instruments - Recognition and measurement - Guarantees | Guarantees Financial guarantee contracts are contracts that contingently require us to make specified payments (in cash, other assets, our own shares or provision of services) to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. Liabilities are recognized on our Consolidated Balance Sheets at the inception of a guarantee for the fair value of the obligation undertaken in issuing the guarantee. Financial guarantees are subsequently remeasured at the higher of (i) the amount of expected credit losses and (ii) the amount initially recognized less, when appropriate, the cumulative amount of income recognized. If the financial guarantee contract meets the definition of a derivative, it is measured at fair value at each balance sheet date and reported under Derivatives on our Consolidated Balance Sheets. |
Insurance and segregated funds | Insurance and segregated funds Premiums from long-duration contracts, primarily life insurance, are recognized when due in Non-interest Insurance claims and policy benefit liabilities represent current claims and estimates for future insurance policy benefits. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method (CALM), which incorporates assumptions for mortality, morbidity, policy lapses and surrenders, investment yields, policy dividends, operating and policy maintenance expenses and provisions for adverse deviation. These assumptions are reviewed at least annually and updated in response to actual experience and market conditions. Liabilities for property and casualty insurance represent estimated provisions for reported and unreported claims. Liabilities for life and property and casualty insurance are included in Insurance claims and policy benefit liabilities. Changes in Insurance claims and policy benefit liabilities are included in the Insurance policyholder benefits, claims and acquisition expense in our Consolidated Statements of Income in the period in which the estimates change. Premiums ceded for reinsurance and reinsurance recoveries on policyholder benefits and claims incurred are reported in income and expense as appropriate. Reinsurance recoverables, which relate to paid benefits and unpaid claims, are included in Other assets. Acquisition costs for new insurance contracts consist of commissions, premium taxes, certain underwriting costs and other costs that vary with the acquisition of new contracts. Deferred acquisition costs for life insurance products are implicitly recognized in Insurance claims and policy benefit liabilities by CALM. For property and casualty insurance, these costs are classified as Other assets and amortized over the policy term. Segregated funds are lines of business in which we issue an insurance contract where the benefit amount is directly linked to the market value of the investments held in the underlying fund. The contractual arrangement is such that the underlying segregated fund assets are registered in our name but the segregated fund policyholders bear the risks and rewards of the funds’ investment performance. Liabilities for these contracts are calculated based on contractual obligations using actuarial assumptions and are at least equivalent to the surrender or transfer value calculated by reference to the value of the relevant underlying funds or indices. Segregated funds’ assets and liabilities are separately presented on our Consolidated Balance Sheets. As the segregated fund policyholders bear the risks and rewards of the funds’ performance, investment income earned by the segregated funds and expenses incurred by the segregated funds are offset and are not separately presented in our Consolidated Statements of Income. Fee income we earn from segregated funds includes management fees, mortality, policy administration and surrender charges, and these fees are recorded in Non-interest Liability adequacy tests are performed for all insurance contract portfolios at each balance sheet date to ensure the adequacy of insurance contract liabilities. Current best estimates of future contractual cash flows, claims handling and administration costs, and investment returns from the assets backing the liabilities are taken into account in the tests. When the test results indicate that there is a deficiency in liabilities, the deficiency is charged immediately to our Consolidated Statements of Income by writing down the deferred acquisition costs in Other assets and/or increasing Insurance claims and policy benefit liabilities. |
Employee benefits - Pensions and other post-employment benefits | Employee benefits – Pensions and other post-employment benefits Our defined benefit pension expense, which is included in Non-interest For each defined benefit pension plan, we recognize the present value of our defined benefit obligations less the fair value of the plan assets as a defined benefit liability reported in Other liabilities – Employee benefit liabilities on our Consolidated Balance Sheets. For plans where there is a net defined benefit asset, the amount is reported as an asset in Other assets –Employee benefit assets on our Consolidated Balance sheets. The calculation of defined benefit expenses and obligations requires significant judgment as the recognition is dependent on discount rates and various actuarial assumptions such as healthcare cost trend rates, projected salary increases, retirement age and mortality and termination rates. Due to the long-term nature of these plans, such estimates and assumptions are subject to inherent risks and uncertainties. For our pension and other post-employment benefit plans, the discount rate is determined by reference to market yields on high quality corporate bonds. Since the discount rate is based on currently available yields, and involves management’s assessment of market liquidity, it is only a proxy for future yields. Actuarial assumptions, set in accordance with current practices in the respective countries of our plans, may differ from actual experience as country specific statistics are only estimates of future employee behaviour. These assumptions are determined by management and are reviewed by actuaries at least annually. Changes to any of the above assumptions may affect the amounts of benefits obligations, expenses and remeasurements that we recognize. Our contributions to defined contribution pension plans are expensed when employees have rendered services in exchange for such contributions. Defined contribution pension expense is included in Non-interest |
Share-based compensation | Share-based compensation We offer share-based compensation plans to certain key employees and to our non-employee To account for stock options granted to employees, compensation expense is recognized over the applicable vesting period with a corresponding increase in equity. Fair value is determined by using option valuation models, which take into account the exercise price of the option, the current share price, the risk free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. When the options are exercised, the exercise price proceeds together with the amount initially recorded in equity are credited to common shares. Our other share-based compensation plans include performance deferred share plans and deferred share unit plans for key employees (the Plans). The obligations for the Plans are accrued over their vesting periods. The Plans are settled in cash. For cash-settled awards, our accrued obligations are adjusted to their fair value at each balance sheet date. For share-settled awards, our expected obligations recognized in equity are based on the fair value of our common shares at the date of grant. Changes in our obligations, net of related hedges, are recorded as Non-interest The compensation cost attributable to options and awards granted to employees who are eligible to retire or will become eligible to retire during the vesting period, is recognized immediately if the employee is eligible to retire on the grant date or over the period between the grant date and the date the employee becomes eligible to retire. Our contributions to the employee savings and share ownership plans are expensed as incurred. |
Income taxes | Income taxes Income tax comprises current tax and deferred tax and is recognized in our Consolidated Statements of Income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax payable on profits is recognized as an expense based on the applicable tax laws in each jurisdiction in the period in which profits arise, calculated using tax rates enacted or substantively enacted by the balance sheet date. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. A deferred income tax asset or liability is determined for each temporary difference, except for earnings related to our subsidiaries, branches, associates and interests in joint ventures where the temporary differences will not reverse in the foreseeable future and we have the ability to control the timing of reversal. Deferred tax assets and liabilities are determined based on the tax rates that are expected to be in effect in the period that the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Current tax assets and liabilities are offset when they are levied by the same taxation authority on either the same taxable entity or different taxable entities within the same tax reporting group (which intends to settle on a net basis), and when there is a legal right to offset. Deferred tax assets and liabilities are offset when the same conditions are satisfied. Our Consolidated Statements of Income include items that are non-taxable non-deductible Deferred income taxes accumulated as a result of temporary differences and tax loss carryforwards are included in Other assets and Other liabilities. On a quarterly basis, we review our deferred income tax assets to determine whether it is probable that the benefits associated with these assets will be realized; this review involves evaluating both positive and negative evidence. We are subject to income tax laws in various jurisdictions where we operate, and the complex tax laws are potentially subject to different interpretations by us and the relevant taxation authorities. Significant judgment is required in the interpretation of the relevant tax laws and in assessing the probability of acceptance of our tax positions to determine our tax provision, which includes our best estimate of uncertain tax positions that are under audit or appeal by the relevant tax authorities. We perform a review on a quarterly basis to incorporate our best assessment based on information available, but additional liability and income tax expense could result based on the acceptance of our tax positions by the relevant tax authorities. The determination of our deferred tax asset or liability also requires significant management judgment as the recognition is dependent on our projection of future taxable profits and tax rates that are expected to be in effect in the period the asset is realized or the liability is settled. Any changes in our projection will result in changes in deferred tax assets or liabilities on our Consolidated Balance Sheets, and also deferred tax expense on our Consolidated Statements of Income. |
Business combinations | Business combinations, goodwill and other intangibles All business combinations are accounted for using the acquisition method. Non-controlling |
Goodwill | Goodwill Goodwill is allocated to cash-generating units or groups of cash-generating units for the purpose of impairment testing, which is undertaken at the lowest level at which goodwill is monitored for internal management purposes. Impairment testing is performed annually as at August 1, or more frequently if there are objective indicators of impairment, by comparing the recoverable amount of a cash-generating unit (CGU) with its carrying amount. The recoverable amount of a CGU is the higher of its value in use (VIU) and its fair value less costs of disposal (FVLCD). VIU is the present value of the expected future cash flows from a CGU. FVLCD is the amount obtainable from the sale of a CGU in an orderly transaction between market participants, less disposal costs. The fair value of a CGU is estimated using valuation techniques such as a discounted cash flow method, adjusted to reflect the considerations of a prospective third-party buyer. External evidence such as binding sale agreements or recent transactions for similar businesses within the same industry is considered to the extent that it is available. Significant judgment is involved in estimating the model inputs used to determine the recoverable amount of our CGUs, in particular future cash flows, discount rates and terminal growth rates, due to the uncertainty in the timing and amount of cash flows and the forward-looking nature of these inputs. Future cash flows are based on financial plans agreed by management which are estimated based on forecast results, business initiatives, planned capital investments and returns to shareholders. Discount rates are based on the bank-wide cost of capital, adjusted for CGU-specific CGU-specific Non-interest The carrying amount of a CGU includes the carrying amount of assets, liabilities and goodwill allocated to the CGU. If the recoverable amount is less than the carrying value, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other non-financial Upon disposal of a portion of a CGU, the carrying amount of goodwill related to the portion of the CGU sold is included in the determination of gains or losses on disposal. The carrying amount is determined based on the relative fair value of the disposed portion to the total CGU. |
Other intangibles | Other intangibles Intangible assets represent identifiable non-monetary is carried at its cost less any accumulated amortization and accumulated impairment losses, if any. Intangible assets with a finite-life are amortized on a straight-line basis over their estimated useful lives as follows: computer software – 3 to 10 years; and customer relationships – 10 to 20 years. We do not have any intangible assets with indefinite lives. Intangible assets are assessed for indicators of impairment at each reporting period. If there is an indication that an intangible asset may be impaired, an impairment test is performed by comparing the carrying amount of the intangible asset to its recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, we estimate the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is less than its carrying amount, the carrying amount of the intangible asset is written down to its recoverable amount as an impairment loss. An impairment loss recognized previously is reversed if there is a change in the estimates used to determine the recoverable amount of the asset (or CGU) since the last impairment loss was recognized. If an impairment loss is subsequently reversed, the carrying amount of the asset (or CGU) is revised to the lower of its recoverable amount and the carrying amount that would have been determined (net of amortization) had there been no prior impairment. Due to the subjective nature of these estimates, significant judgment is required in determining the useful lives and recoverable amounts of our intangible assets, and assessing whether certain events or circumstances constitute objective evidence of impairment. Estimates of the recoverable amounts of our intangible assets rely on certain key inputs, including future cash flows and discount rates. Future cash flows are based on sales projections and allocated costs which are estimated based on forecast results and business initiatives. Discount rates are based on the bank-wide cost of capital, adjusted for asset-specific risks. Changes in these assumptions may impact the amount of impairment loss recognized in Non-interest |
Translation of foreign currencies | Translation of foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at rates prevailing at the balance sheet date. Foreign exchange gains and losses resulting from the translation and settlement of these items are recognized in Non-interest Non-monetary Assets and liabilities of our foreign operations with functional currencies other than Canadian dollars are translated into Canadian dollars at rates prevailing at the balance sheet date, and income and expenses of these foreign operations are translated at average rates of exchange for the reporting period. Unrealized gains or losses arising as a result of the translation of our foreign operations along with the effective portion of related hedges are reported in Other components of equity on an after-tax Non-interest |
Premises and equipment | Premises and equipment Premises and equipment includes land, buildings, leasehold improvements, computer equipment, furniture, fixtures and other equipment, and are stated at cost less accumulated depreciation, except for land which is not depreciated, and accumulated impairment losses. Cost comprises the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and the initial estimate of any disposal costs. Depreciation is recorded principally on a straight–line basis over the estimated useful lives of the assets, which are 25 to 50 years for buildings, 3 to 10 years for computer equipment, and 5 to 10 years for furniture, fixtures and other equipment. The amortization period for leasehold improvements is the lesser of the useful life of the leasehold improvements or the lease term plus the first renewal period, if reasonably assured of renewal, up to a maximum of 10 years. Depreciation methods, useful lives, and residual values are reassessed at each reporting period and adjusted as appropriate. Gains and losses on disposal are recorded in Non–interest income. Premises and equipment are assessed for indicators of impairment at each reporting period. If there is an indication that an asset may be impaired, an impairment test is performed by comparing the asset’s carrying amount to its recoverable amount. After the recognition of impairment, the depreciation charge is adjusted in future periods to reflect the asset’s revised carrying amount. If an impairment is later reversed, the carrying amount of the asset is revised to the lower of the asset’s recoverable amount and the carrying amount that would have been determined (net of depreciation) had there been no prior impairment loss. The depreciation charge in future periods is adjusted to reflect the revised carrying amount. Right-of-use assets are also included in premises and equipment. |
Leasing | Leasing At inception of a contract, we assess whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys the right to obtain substantially all of the economic benefits from, and direct the use of, an identified asset for a period of time in return for consideration. When we are the lessee in a lease arrangement, we initially record a right-of-use low-value Low-value non-infrastructure low-value Where we are reasonably certain to exercise extension and termination options, they are included in the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at our incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method, recorded in Interest expense. The right-of-use The right-of-use right-of-use right-of-use |
Provisions | Provisions Provisions are liabilities of uncertain timing or amount and are recognized when we have a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured as the best estimate of the consideration required to settle the present obligation at the reporting date. Significant judgment is required in determining whether a present obligation exists and in estimating the probability, timing and amount of any outflows. We record provisions related to litigation, asset retirement obligations and other items. We are required to estimate the results of ongoing legal proceedings, and expenses to be incurred to dispose of capital assets. The forward-looking nature of these estimates requires us to use a significant amount of judgment in projecting the timing and amount of future cash flows. We record our provisions on the basis of all available information at the end of the reporting period and make adjustments on a quarterly basis to reflect current expectations. It may not be possible to predict the resolution of these matters or the timing of their ultimate resolution. Should actual results differ from our expectations, we may incur expenses in excess of the provisions recognized. Where appropriate, we apply judgment in limiting the extent of our provisions-related disclosures as not to prejudice our positions in matters of dispute. When some or all of the economic benefits required to settle a provision are expected to be recovered f r |
Commissions and fees | Commissions and fees Commissions and fees primarily relate to Investment management and custodial fees, Mutual fund revenue, Securities brokerage commissions, Services charges, Underwriting and other advisory fees, Card service revenue and Credit fees, and are recognized based on the applicable service contracts with customers. Investment management and custodial fees and Mutual fund revenue are generally calculated as a percentage of daily or period-end Commissions earned on Securities brokerage services and Service charges that are related to the provision of specific transaction-type services are recognized when the service is fulfilled. Where services are provided over time, revenue is recognized as the services are provided. Underwriting and other advisory fees primarily relate to underwriting of new issuances of debt or equity and various advisory services. Underwriting fees are generally expressed as a percentage of the funds raised through issuance and are recognized when the service has been completed. Advisory fees vary depending on the scope and type of engagement and can be fixed in nature or contingent on a future event. Advisory fees are recognized over the period in which the service is provided and are recognized only to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Card service revenue primarily includes interchange revenue and annual card fees. Interchange revenue is calculated as a fixed percentage of the transaction amount and recognized when the card transaction is settled. Annual card fees are fixed fees and are recognized over a 12 month period. Credit fees are primarily earned for arranging syndicated loans and making credit available on undrawn facilities. The timing of the recognition of credit fees varies based on the nature of the services provided. When service fees and other costs are incurred in relation to commissions and fees earned, we record these costs on a gross basis in either Non-interest Non-interest |
Earnings per share | Earnings per share Earnings per share is computed by dividing Net income available to common shareholders by the weighted average number of common shares outstanding for the period. Net income available to common shareholders is determined after deducting dividend entitlements of preferred shareholders and distributions on other equity instruments, any gains (losses) on redemption of preferred shares and other equity instruments net of related income taxes and the net income attributable to non-controlling Diluted earnings per share reflects the potential dilution that could occur if additional common shares are assumed to be issued under securities or contracts that entitle their holders to obtain common shares in the future, to the extent such entitlement is not subject to unresolved contingencies. For contracts that may be settled in cash or in common shares at our option, diluted earnings per share is calculated based on the assumption that such contracts will be settled in shares. Income and expenses associated with these types of contracts are excluded from the Net income available to common shareholders, and the additional number of shares that would be issued is included in the diluted earnings per share calculation. This included certain convertible shares with the conversion assumed to have taken place at the beginning of the period or on the date of issue, if later. For stock options whose exercise price is less than the average market price of our common shares, using the treasury stock method, they are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options and repurchased from proceeds is included in the calculation of diluted earnings per share. |
Share capital | Share capital and other equity instruments We classify a financial instrument that we issue as a financial asset, financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Our common shares held by us are classified as treasury shares in equity and accounted for at weighted average cost. Upon the sale of treasury shares, the difference between the sale proceeds and the cost of the shares is recognized in Retained earnings. Financial instruments issued by us are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Incremental costs directly attributable to the issue of equity instruments are included in equity as a deduction from the proceeds, net of tax. Financial instruments that will be settled by a variable number of our common shares upon their conversion by the holders as well as the related accrued distributions are classified as liabilities on our Consolidated Balance Sheets. Dividends and yield distributions on these instruments are classified as Interest expense in our Consolidated Statements of Income. For compound instruments comprised of both liability and equity components, the liability component is initially measured at fair value with any residual amount assigned to the equity component. |
Future changes in accounting policy and disclosure | Future changes in accounting policy and disclosure The following standards have been issued, but are not yet effective for us. IFRS 17 Insurance Contracts (IFRS 17) In May 2017, the IASB issued IFRS 17 to establish a comprehensive global insurance standard which provides guidance on the recognition, measurement, presentation and disclosures of insurance contracts. IFRS 17 requires entities to measure insurance contract liabilities at their current fulfillment values using one of three approaches. In June 2020, the IASB issued amendments to IFRS 17, including deferral of the effective date by two years. This new standard will be effective for us on November 1, 2023 and will be applied retrospectively with restatement of comparatives unless impracticable. We are currently assessing the impact of adopting this standard and the amendments on our Consolidated Financial Statements. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Wholesale Rankings of 22 Grade Internal Risk Ratings with Ratings Used by S&P and Moody's | The following table aligns the relative rankings of our 22-grade Internal ratings map* Table 40 PD Bands Ratings Business and Bank Sovereign BRR S&P Moody’s Description 1 0.0000% – 0.0300% 0.0000% – 0.0150% 1+ AAA Aaa Investment Grade 2 0.0000% – 0.0300% 0.0151% – 0.0250% 1H AA+ Aa1 3 0.0000% – 0.0350% 0.0251% – 0.0350% 1M AA Aa2 4 0.0351% – 0.0450% 1L AA- Aa3 5 0.0451% – 0.0550% 2+H A+ A1 6 0.0551% – 0.0650% 2+M A A2 7 0.0651% – 0.0750% 2+L A- A3 8 0.0751% – 0.0850% 2H BBB+ Baa1 9 0.0851% – 0.1000% 2M BBB Baa2 10 0.1001% – 0.1770% 2L BBB- Baa3 11 0.1771% – 0.3705% 2-H BB+ Ba1 Non-investment Grade 12 0.3706% – 0.7065% 2-M BB Ba2 13 0.7066% – 1.1600% 2-L BB- Ba3 14 1.1601% – 1.6810% 3+H B+ B1 15 1.6811% – 2.3490% 3+M B B2 16 2.3491% – 4.4040% 3+L B- B3 17 4.4041% – 7.0010% 3H CCC+ Caa1 18 7.0011% – 13.1760% 3M CCC Caa2 19 13.1761% – 24.9670% 3L CCC- Caa3 20 24.9671% – 99.9990% 4 CC Ca 21 100% 5 D C Impaired 22 100% 6 D C * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. |
Summary of Retail PD Bands to Various Risk Levels | The following table maps PD bands to various summarized risk levels for retail exposures: Internal ratings map* Table 41 PD bands Description 0.030% – 3.844% Low risk 3.845% – 6.786% Medium risk 6.787% – 99.99% High risk 100% Impaired/Default * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. |
Summary of Market Risk VaR and Market Risk SVaR | Market risk measures – FVTPL positions Market risk measures* Table 50 October 31, 2021 October 31, 2020 For the year ended For the year ended (Millions of Canadian dollars) As at Average High Low As at Average High Low Equity $ 24 $ 20 $ 38 $ 12 $ 23 $ 33 $ 64 $ 13 Foreign exchange 4 4 6 2 3 3 6 1 Commodities 3 3 4 2 3 3 7 1 Interest rate (1) 61 44 64 21 47 54 178 11 Credit specific (2) 9 8 11 6 7 6 7 4 Diversification (3) (51 ) (35 ) n.m. n.m. (18 ) (25 ) n.m. n.m. Market risk VaR $ 50 $ 44 $ 72 $ 23 $ 65 $ 74 $ 232 $ 18 Market risk Stressed VaR $ 59 $ 53 $ 101 $ 29 $ 86 $ 109 $ 228 $ 49 * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. (1) General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. (2) Credit specific risk captures issuer-specific credit spread volatility. (3) Market risk VaR is less than the sum of the individual risk factor VaR results due to risk factor diversification. n.m. not meaningful |
Summary of Market Risk Structural Interest Rate Sensitivities Measures | Market risk controls – Interest Rate Risk in the Banking Book (IRRBB) positions 1 IRRBB arises primarily from traditional customer-originated banking products such as deposits and loans, and includes related hedges and interest rate risk from securities held for liquidity management purposes. Factors contributing to IRRBB include mismatches between asset and liability repricing dates, relative changes in asset and liability rates in response to market rate scenarios, and other product features affecting the expected timing of cash flows, such as options to pre-pay loans or redeem term deposits prior to contractual maturity. IRRBB sensitivities are regularly measured and reported, and subject to limits and controls with independent oversight from GRM. The Board approves the risk appetite for IRRBB, and the Asset-Liability Committee (ALCO) and GRM provide ongoing governance through IRRBB risk policies, limits, operating standards and other controls. IRRBB reports are reviewed regularly by GRM, ALCO, the GRC, the Risk Committee of the Board and the Board. IRRBB measurement To monitor and control IRRBB, we assess two primary metrics, Net Interest Income (NII) risk and Economic Value of Equity (EVE) risk, under a range of market shocks, scenarios, and time horizons. Market scenarios include currency-specific parallel and non-parallel yield curve changes, interest rate volatility shocks, and interest rate shock scenarios prescribed by regulators. In measuring NII risk, detailed banking book balance sheets and income statements are dynamically simulated to estimate the impact of market stress scenarios on projected NII. Assets, liabilities and off-balance sheet positions are simulated over various time horizons. The simulations incorporate maturities, renewals, and new originations along with prepayment and redemption behaviour. Product pricing and volumes are forecast based on past experience to determine response expectations under a given market shock scenario. EVE risk captures the market value sensitivity to changes in rates. In measuring EVE risk, deterministic (single-scenario) and stochastic (multiple-scenario) valuation techniques are applied to spot position data. NII and EVE risks are measured for a range of market risk stress scenarios which include extreme but plausible changes in market rates and volatilities. IRRBB measures do not include beneficial management actions that could be taken to reduce exposures. Management of NII and EVE risk is complementary and supports our efforts to generate a sustainable high-quality NII stream. NII and EVE risks for specific units are measured daily, weekly or monthly depending on materiality, complexity and hedge strategy. A number of assumptions affecting cash flows, product re-pricing and the administration of rates underlie the models used to measure NII and EVE risk. The key assumptions pertain to the expected funding profile of mortgage rate commitments, fixed-rate loan prepayment behaviour, term deposit redemption behaviour, and the treatment of non-maturity deposits. All assumptions are derived empirically based on historical client behaviour and product pricing with consideration of possible forward-looking changes. All models and assumptions used to measure IRRBB are subject to independent oversight by GRM. Market risk measures – IRRBB Sensitivities The following table shows the potential before-tax impact of an immediate and sustained 100 bps increase or decrease in interest rates on projected 12-month NII and EVE, assuming no subsequent hedging. Rate floors are applied within the declining rates scenarios which prevent EVE valuation and NII simulation rate levels from falling below a minimum average level of negative 25 bps across major currencies. Interest rate risk measures are based on current on and off-balance sheet positions which can change over time in response to business activity and management actions. Market risk – IRRBB measures* Table 51 October 31 2021 October 31 2020 EVE risk NII risk (Millions of Canadian dollars) Canadian U.S. dollar Total Canadian U.S. dollar Total EVE risk NII risk (1) Before-tax impact of: 100 bps increase in rate s $ (1,641 ) $ (368 ) $ (2,009 ) $ 571 $ 358 $ 929 $ (1,756 ) $ 818 100 bps decrease in rate s 1,540 (3 ) 1,537 (603 ) (318 ) (921 ) 1,321 (621 ) * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. (1) Represents the 12-month NII exposure to an instantaneous and sustained shift in interest rates . |
Summary of Long-Term Funding Sources | Long-term funding sources* (1) Table 55 As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Unsecured long-term funding $ 89,447 $ 88,055 Secured long-term funding 56,688 63,043 Subordinated debentures 9,620 9,574 $ 155,755 $ 160,672 * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. (1) Based on original term to maturity greater than 1 year. |
Summary of Contractual Maturities of Financial Liabilities and Off-Balance Sheet Items - Undiscounted Basis | Contractual maturities of financial liabilities and off-balance sheet items – undiscounted basis* Table 63 As at October 31, 2021 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1) $ 576,161 $ 367,389 $ 44,951 $ 78,071 $ 33,063 $ 1,099,635 Other Acceptances 1 19,867 5 – – 19,873 Obligations related to securities sold short – 37,462 – – – 37,462 Obligations related to assets sold under repurchase agreements and securities loaned 19,234 242,314 669 – – 262,217 Other liabilities 620 35,984 384 544 7,873 45,405 Lease liabilities – 631 582 1,522 2,342 5,077 Subordinated debentures – 188 110 1,916 7,392 9,606 596,016 703,835 46,701 82,053 50,670 1,479,275 Off-balance sheet items Financial guarantees (2) $ 16,867 $ – $ – $ – $ – $ 16,867 Other commitments (3) – 81 82 209 344 716 Commitments to extend credit (2) 248,594 41,238 77 2 – 289,911 265,461 41,319 159 211 344 307,494 Total financial liabilities and off-balance sheet items $ 861,477 $ 745,154 $ 46,860 $ 82,264 $ 51,014 $ 1,786,769 As at October 31, 2020 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1), (4) $ 510,849 $ 350,298 $ 34,618 $ 85,198 $ 29,832 $ 1,010,795 Other Acceptances 9 18,609 – – – 18,618 Obligations related to securities sold short – 29,121 – – – 29,121 Obligations related to assets sold under repurchase agreements and securities loaned (4) 11,576 257,684 4,971 – – 274,231 Other liabilities 199 37,681 188 358 8,678 47,104 Lease liabilities – 633 604 1,545 2,575 5,357 Subordinated debentures – – 205 110 9,552 9,867 522,633 694,026 40,586 87,211 50,637 1,395,093 Off-balance sheet items Financial guarantees (2) $ 17,141 $ – $ – $ – $ – $ 17,141 Other commitments (3) – 81 82 209 344 716 Commitments to extend credit (2) 239,212 43,025 2 – – 282,239 256,353 43,106 84 209 344 300,096 Total financial liabilities and off-balance sheet items $ 778,986 $ 737,132 $ 40,670 $ 87,420 $ 50,981 $ 1,695,189 * This table represents an integral part of our 2021 Annual Consolidated Financial Statements. (1) A major portion of relationship-based deposits are repayable on demand or at short notice on a contractual basis while, in practice, these customer balances form a core base for our operations and liquidity needs, as explained in the preceding Deposit and funding profile. (2) We believe that it is highly unlikely that all or substantially all of these guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. The management of the liquidity risk associated with potential extensions of funds is outlined in the preceding Risk measurement section. (3) Includes commitments related to short-term and low-dollar value leases, leases not yet commenced, and lease payments related to non-recoverable tax. (4) Amounts previously presented were reclassified to reflect the contractual maturities of certain financial liabilities. |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Bank's Significant Exposures to Financial Instruments | The following tables show the Bank’s significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to ABRs and maturing after December 31, 2021 for non-USD LIBOR instruments and after June 30, 2023 for USD LIBOR instruments. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at October 31, 2021 November 1, 2020 (1) (Millions of Canadian dollars) Non-derivative (2) Non-derivative (3) Derivative (4) Non-derivative (2) Non-derivative (3) Derivative (4) USD LIBOR $ 68,325 $ 1,420 $ 4,533,965 $ 57,432 $ 941 $ 3,368,307 GBP LIBOR 3,250 1,175 2,308,125 7,518 1,227 1,773,893 Other IBOR currencies 340 2,260 92,401 324 2,456 263,299 $ 71,915 $ 4,855 $ 6,934,491 $ 65,274 $ 4,624 $ 5,405,499 Cross currency swaps USD LIBOR – GBP LIBOR n.a. n.a. $ 507,437 n.a. n.a. $ 384,263 Other combinations n.a. n.a. 67,404 n.a. n.a. 52,875 n.a. n.a. $ 574,841 n.a. n.a. $ 437,138 $ 71,915 $ 4,855 $ 7,509,332 $ 65,274 $ 4,624 $ 5,842,637 (1) Amounts have been updated from those previously presented to reflect the regulatory developments related to the USD LIBOR cessation date. (2) Non-derivative assets represent the drawn outstanding balance of Loans and the fair value of Securities. (3) Non-derivative liabilities represent Deposits. (4) 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. As at (Millions of Canadian dollars) October 31, 2021 November 1, 2020 (1) Authorized and committed undrawn commitments USD LIBOR $ 122,437 $ 82,054 GBP LIBOR 3,026 7,533 Other IBOR currencies 5 1,370 $ 125,468 $ 90,957 (1) Amounts have been updated from those previously presented to reflect the regulatory developments related to the USD LIBOR cessation date. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument | As at October 31, 2021 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 56,896 $ – $ – $ 22,742 $ 22,742 $ 79,638 $ 79,638 Securities Trading 125,801 13,439 – – – – 139,240 139,240 Investment, net of applicable allowance – – 77,802 533 67,149 66,823 145,484 145,158 125,801 13,439 77,802 533 67,149 66,823 284,724 284,398 Assets purchased under reverse repurchase agreements and securities borrowed 265,011 – – – 42,892 42,892 307,903 307,903 Loans, net of applicable allowance Retail – 241 327 – 500,621 502,277 501,189 502,845 Wholesale 8,428 2,769 813 – 204,376 204,683 216,386 216,693 8,428 3,010 1,140 — 704,997 706,960 717,575 719,538 Other Derivatives 95,541 – – – – – 95,541 95,541 Other assets (1) 4,109 – – – 58,483 58,483 62,592 62,592 Financial liabilities Deposits Personal $ 321 $ 18,328 $ 343,839 $ 344,040 $ 362,488 $ 362,689 Business and government (2) 739 131,630 563,984 565,106 696,353 697,475 Bank (3) – 17,251 24,739 24,743 41,990 41,994 1,060 167,209 932,562 933,889 1,100,831 1,102,158 Other Obligations related to securities sold short 37,841 – – – 37,841 37,841 Obligations related to assets sold under repurchase agreements and securities loaned – 236,147 26,054 26,054 262,201 262,201 Derivatives 91,439 – – – 91,439 91,439 Other liabilities (4) 654 171 64,746 64,749 65,571 65,574 Subordinated debentures – – 9,593 9,601 9,593 9,601 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 Total 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 Liabilities Designated as at Fair Value through Profit or Loss | For our financial liabilities designated as FVTPL, we take into account changes in our own credit spread and the expected duration of the instrument to measure the change in fair value attributable to changes in credit risk. As at or for the year ended October 31, 2021 Contractual amount Carrying value Difference maturity amount Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative Term deposits Personal $ 18,205 $ 18,328 $ 123 $ (17 ) $ 72 Business and government (3) 131,830 131,630 (200 ) (75 ) 416 Bank (4) 17,253 17,251 (2 ) – – 167,288 167,209 (79 ) (92 ) 488 Obligations related to assets sold under repurchase agreements and securities loaned 236,164 236,147 (17 ) (8 ) – Other liabilities 171 171 – – – $ 403,623 $ 403,527 $ (96 ) $ (100 ) $ 488 As at or for the year ended October 31, 2020 (1) Contractual amount Carrying value Difference maturity amount Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative (2) Term deposits Personal $ 17,279 $ 17,096 $ (183 ) $ 67 $ 89 Business and government (3) 106,153 107,466 1,313 281 491 Bank (4) 18,016 18,015 (1 ) – – 141,448 142,577 1,129 348 580 Obligations related to assets sold under repurchase agreements and securities loaned 255,908 255,922 14 8 8 Other liabilities 86 86 – – – $ 397,442 $ 398,585 $ 1,143 $ 356 $ 588 (1) There are no significant changes in fair value attributable to changes in credit risk included in net income for positions still held. (2) The cumulative change is measured from the initial designation of the liabilities as FVTPL. For the year ended October 31, 2021, $25 million of fair value losses previously included in OCI relate to financial liabilities derecognized during the year (October 31, 2020 – (3) Business and government term deposits include amounts from regulated deposit-taking institutions other than regulated banks. (4) Bank term deposits refer to amounts from regulated banks and central banks. |
Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss | Financial instruments classified as FVTPL, which includes mainly trading securities, derivatives, trading liabilities, and financial assets and liabilities designated as FVTPL are measured at fair value with realized and unrealized gains and losses recognized in Non-interest For the year ended (Millions of Canadian dollars) October 31 October 31 Net gains (losses) (1) Classified as fair value through profit or loss (2) $ 3,447 $ (69 ) Designated as fair value through profit or loss (3) (1,407 ) 1,533 $ 2,040 $ 1,464 By product line (1) Interest rate and credit (4) $ 1,033 $ 1,490 Equities 57 (501 ) Foreign exchange and commodities 950 475 $ 2,040 $ 1,464 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Net losses (2) Excludes derivatives designated in a hedging relationship. Refer to Note 8 for net gains (losses) on these derivatives. (3) For the year ended October 31, 2021, $1,408 million of net fair value losses Non-interest (4) Includes gains (losses) recognized on cross currency interest rate swaps. |
Summary of Net Interest Income From Financial Instruments | For the year ended (Millions of Canadian dollars) October 31 October 31 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 4,551 $ 8,480 Financial instruments measured at fair value through other comprehensive income 375 957 Financial instruments measured at amortized cost 23,219 25,446 28,145 34,883 Interest expense (1) Financial instruments measured at fair value through profit or loss $ 2,865 $ 6,065 Financial instruments measured at amortized cost (3) 5,278 7,983 8,143 14,048 Net interest income $ 20,002 $ 20,835 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Interest income of $576 million (October 31, 2020 – $521 million), and Interest expense of $4 million (October 31, 2020 – $7 million). (2) Includes dividend income for the year ended October 31, 2021 of $2,436 million (October 31, 2020 – $2,670 million), which is presented in Interest and dividend income in the Consolidated Statements of Income. (3) Includes interest expense on lease liabilities for the year ended October 31, 2021 of $110 million (October 31, 2020 – $123 million) . |
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 October 31, 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 $ – $ 56,896 $ – $ $ 56,896 $ – $ 21,603 $ – $ $ 21,603 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 8,977 2,380 – 11,357 12,773 3,012 – 15,785 Provincial and municipal – 11,068 – 11,068 – 11,562 – 11,562 U.S. federal, state, municipal and agencies (1) 215 22,738 25 22,978 1,508 35,029 44 36,581 Other OECD government (2) 2,729 5,730 – 8,459 3,085 3,380 – 6,465 Mortgage-backed securities (1) – 4 – 4 – 39 – 39 Asset-backed securities Non-CDO – 891 2 893 – 526 2 528 Corporate debt and other debt – 23,085 25 23,110 – 21,464 30 21,494 Equities 56,826 3,015 1,530 61,371 39,795 2,561 1,261 43,617 68,747 68,911 1,582 139,240 57,161 77,573 1,337 136,071 Investment Debt issued or guaranteed by: Canadian government (1) Federal 1,973 1,730 – 3,703 647 1,894 – 2,541 Provincial and municipal – 3,132 – 3,132 – 3,233 – 3,233 U.S. federal, state, municipal and agencies (1) 12 34,815 – 34,827 160 38,364 – 38,524 Other OECD government – 5,956 – 5,956 – 7,345 – 7,345 Mortgage-backed securities (1) – 2,727 20 2,747 – 2,343 27 2,370 Asset-backed securities CDO – 7,074 – 7,074 – 7,414 – 7,414 Non-CDO – 586 – 586 – 854 – 854 Corporate debt and other debt – 19,625 152 19,777 – 18,954 160 19,114 Equities 46 153 334 533 38 152 335 525 2,031 75,798 506 78,335 845 80,553 522 81,920 Assets purchased under reverse repurchase agreements and – 265,011 – 265,011 – 264,394 – 264,394 Loans – 11,501 1,077 12,578 – 8,747 1,070 9,817 Other Derivatives Interest rate contracts – 33,857 320 34,177 1 53,720 501 54,222 Foreign exchange contracts – 41,224 74 41,298 – 39,246 57 39,303 Credit derivatives – 34 – 34 – 463 – 463 Other contracts 3,175 17,955 26 21,156 4,458 16,767 36 21,261 Valuation adjustments – (819 ) 9 (810 ) – (1,112 ) 8 (1,104 ) Total gross derivatives 3,175 92,251 429 95,855 4,459 109,084 602 114,145 Netting adjustments (314 ) (314 ) (657 ) (657 ) Total derivatives 95,541 113,488 Other assets 1,474 2,635 – 4,109 1,154 2,207 53 3,414 $ 75,427 $ 573,003 $ 3,594 $ (314 ) $ 651,710 $ 63,619 $ 564,161 $ 3,584 $ (657 ) $ 630,707 Financial liabilities Deposits Personal $ – $ 18,498 $ 151 $ $ 18,649 $ – $ 17,061 $ 139 $ $ 17,200 Business and government – 132,369 – 132,369 – 107,855 – 107,855 Bank – 17,251 – 17,251 – 18,015 – 18,015 Other Obligations related to securities sold short 18,345 19,496 – 37,841 12,484 16,801 – 29,285 Obligations related to assets sold under repurchase agreements and securities loaned – 236,147 – 236,147 – 255,922 – 255,922 Derivatives Interest rate contracts – 28,566 955 29,521 – 46,723 1,089 47,812 Foreign exchange contracts – 40,484 27 40,511 – 38,210 35 38,245 Credit derivatives – 120 – 120 – 531 – 531 Other contracts 3,699 17,456 419 21,574 5,734 18,041 337 24,112 Valuation adjustments – 38 (11 ) 27 – (84 ) (32 ) (116 ) Total gross derivatives 3,699 86,664 1,390 91,753 5,734 103,421 1,429 110,584 Netting adjustments (314 ) (314 ) (657 ) (657 ) Total derivatives 91,439 109,927 Other liabilities 258 560 7 825 118 10 38 166 $ 22,302 $ 510,985 $ 1,548 $ (314 ) $ 534,521 $ 18,336 $ 519,085 $ 1,606 $ (657 ) $ 538,370 (1) As at October 31, 2021, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $13,124 million million million (2) Organisation for Economic Co-operation (3) Collateralized debt obligations (CDO). |
Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) | The following table presents fair values of our significant Level 3 financial instruments, valuation techniques used to determine their fair values, ranges and weighted averages of unobservable inputs. As at October 31, 2021 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Inputs Corporate debt and related derivatives Price-based Prices $ 29.18 $ 127.09 $ 96.36 Corporate debt and other debt $ 27 Discounted cash flows Credit spread 1.15% 6.92% 4.04% Loans 1,077 Credit enhancement 11.92% 15.90% 13.25% Derivative related liabilities $ 9 Government debt and municipal bonds Price-based Prices n.a. n.a. n.a. Corporate debt and other debt 150 Discounted cash flows Yields 3.91% 8.17% 5.91% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 8.82X 26.00X 9.16X Equities 1,864 Price-based P/E multiples 9.40X 38.00X 10.96X Derivative related liabilities 2 Discounted cash flows EV/Rev multiples 1.14X 20.80X 5.40X Liquidity discounts (4) 10.00% 40.00% 16.40% Discount rate 10.65% 10.65% 10.65% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 0.13% 2.46% High Derivative related assets 367 Option pricing model CPI swap rates 1.76% 2.42% Even Derivative related liabilities 974 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (6), (7) Discounted cash flows Dividend yields 0.00% 6.37% Lower Derivative related assets 25 Option pricing model Equity (EQ)-EQ 32.00% 95.00% Middle Deposits 151 EQ-FX (60.60)% 27.30% Middle Derivative related liabilities 381 EQ volatilities 8.00% 128.00% Upper Other (8) Asset-backed securities 2 Derivative related assets 37 Other assets – Mortgage-backed securities 20 U.S. state, municipal and agencies debt 25 Derivative related liabilities 24 Other liabilities 7 Total $ 3,594 $ 1,548 As at October 31, 2020 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values (1), (2) Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Inputs Corporate debt and related derivatives Price-based Prices $ 1.33 $ 136.34 $ 94.23 Corporate debt and other debt $ 33 Discounted cash flows Credit spread 1.75% 14.10% 7.93% Loans 1,070 Credit enhancement 11.82% 15.75% 13.13% Derivative related liabilities $ 25 Government debt and municipal bonds Price-based Prices $ 64.62 $ 64.62 $ 64.62 Corporate debt and other debt 157 Discounted cash flows Yields 4.21% 7.89% 5.88% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 7.00X 15.38X 13.31X Equities 1,596 Price-based P/E multiples 9.40X 33.47X 19.10X Derivative related liabilities 10 Discounted cash flows EV/Rev multiples 1.61X 9.10X 2.04X Liquidity discounts (4) 10.00% 40.00% 16.40% Discount rate 10.52% 10.52% 10.52% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 1.20% 1.60% Even Derivative related assets 540 Option pricing model CPI swap rates 1.46% 1.83% Even Derivative related liabilities 1,103 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured notes (6), (7) Discounted cash flows Dividend yields 0.00% 11.38% Lower Derivative related assets 36 Option pricing model Equity (EQ)-EQ correlations 21.90% 97.00% Middle Deposits 139 EQ-FX (71.40)% 45.10% Middle Derivative related liabilities 238 EQ volatilities 9.00% 176.00% Upper Other (8) Asset-backed securities 2 Derivative related assets 26 Other assets 53 Mortgage-backed securities 27 U.S. state, municipal and agencies debt 44 Derivative related liabilities 53 Other liabilities 38 Total $ 3,584 $ 1,606 (1) The low and high input values represent the actual highest and lowest level inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the different underlying instruments within the product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. Where provided, the weighted average of the input values is calculated based on the relative fair values of the instruments within the product category. The weighted averages for derivatives are not presented in the table as they would not provide a comparable metric; instead, distribution of significant unobservable inputs within the range for each product category is indicated in the table. (2) Price-based inputs are significant for certain debt securities and are based on external benchmarks, comparable proxy instruments or pre-quarter-end (3) The significant unobservable inputs include (4) Fair value of securities with liquidity discount inputs totalled $385 million (October 31, 2020 – $286 million). (5) NAV of a hedge fund is total fair value of assets less liabilities divided by the number of fund units. Private equities are valued based on NAV or valuation techniques. The range for NAV per unit or price per share has not been disclosed for the hedge funds or private equities due to the dispersion of prices given the diverse nature of the investments. (6) The level of aggregation and diversity within each derivative instrument category may result in certain ranges of inputs being wide and inputs being unevenly distributed across the range. In the table, we indicated whether the majority of the inputs are concentrated toward the upper, middle, or lower end of the range, or evenly distributed throughout the range. (7) The structured notes contain embedded equity or interest rate derivatives with unobservable inputs that are similar to those of the equity or interest rate derivatives. (8) Other primarily includes certain insignificant instruments such as auction rate securities, commodity derivatives, foreign exchange derivatives, contingent considerations, bank-owned life insurance and retractable shares. n.a. not applicable |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3 For the year ended October 31, 2021 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 44 $ – $ (2 ) $ – $ (17 ) $ – $ – $ 25 $ 1 Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 30 (2 ) – 12 (5 ) 14 (24 ) 25 (1 ) Equities 1,261 96 (60 ) 338 (125 ) 26 (6 ) 1,530 164 1,337 94 (62 ) 350 (147 ) 40 (30 ) 1,582 164 Investment Mortgage-backed securities 27 – (7 ) – – – – 20 n.a. Corporate debt and other debt 160 – (12 ) – 4 – – 152 n.a. Equities 335 – 34 5 (2 ) – (38 ) 334 n.a. 522 – 15 5 2 – (38 ) 506 n.a. Loans 1,070 (5 ) (19 ) 264 (8 ) 73 (298 ) 1,077 30 Other Net derivative balances (3) Interest rate contracts (588 ) 84 (1 ) 5 (109 ) (4 ) (22 ) (635 ) 84 Foreign exchange contracts 22 14 – 38 (25 ) 7 (9 ) 47 1 Other contracts (301 ) (20 ) 11 (142 ) 102 (276 ) 233 (393 ) (10 ) Valuation adjustments 40 – – 6 (26 ) – – 20 – Other assets 53 (39 ) (2 ) – (12 ) – – – – $ 2,155 $ 128 $ (58 ) $ 526 $ (223 ) $ (160 ) $ (164 ) $ 2,204 $ 269 Liabilities Deposits $ (139 ) $ (66 ) $ 5 $ (191 ) $ 51 $ (154 ) $ 343 $ (151 ) $ 6 Other Other liabilities (38 ) 22 1 – 8 – – (7 ) 23 $ (177 ) $ (44 ) $ 6 $ (191 ) $ 59 $ (154 ) $ 343 $ (158 ) $ 29 For the year ended October 31, 2020 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 58 $ – $ 1 $ – $ (15 ) $ – $ – $ 44 – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – 1 (3 ) 12 – 30 – Equities 1,219 (126 ) 10 231 (74 ) 3 (2 ) 1,261 (47 ) 1,300 (127 ) 11 232 (92 ) 15 (2 ) 1,337 (47 ) Investment Mortgage-backed securities 27 – – – – – – 27 n.a. Corporate debt and other debt 153 – 4 – 3 – – 160 n.a. Equities 294 – 37 8 (4 ) – – 335 n.a. 474 – 41 8 (1 ) – – 522 n.a. Loans 680 92 8 551 (706 ) 624 (179 ) 1,070 (15 ) Other Net derivative balances (3) Interest rate contracts (585 ) (116 ) (2 ) (31 ) 4 35 107 (588 ) (57 ) Foreign exchange contracts 21 (7 ) (3 ) 23 – (6 ) (6 ) 22 (13 ) Other contracts (195 ) (76 ) (1 ) (174 ) 44 (88 ) 189 (301 ) (8 ) Valuation adjustments 22 – – – 18 – – 40 – Other assets 77 (7 ) 2 – (19 ) – – 53 (7 ) $ 1,794 $ (241 ) $ 56 $ 609 $ (752 ) $ 580 $ 109 $ 2,155 (147 ) Liabilities Deposits $ (156 ) $ 52 $ (3 ) $ (296 ) $ 30 $ (113 ) $ 347 $ (139 ) 29 Other Other liabilities (60 ) 5 (1 ) 4 14 – – (38 ) 5 $ (216 ) $ 57 $ (4 ) $ (292 ) $ 44 $ (113 ) $ 347 $ (177 ) 34 (1) These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were $46 million for the year ended October 31, 2021 (October 31, 2020 – gains of $32 million) excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at October 31, 2021 included derivative assets of $429 million million n.a. not applicable |
Summary of Positive and Negative Fair Value Movement of Level 3 Financial Instruments from Using Reasonably Possible Alternative Assumptions | The following table summarizes the impacts to fair values of Level 3 financial instruments using reasonably possible alternative assumptions. This sensitivity disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of Level 3 financial instruments. In reporting the sensitivities below, we offset balances in instances where: (i) the move in valuation factors cause an offsetting positive and negative fair value movement, (ii) both offsetting instruments are in Level 3, and (iii) exposures are managed and reported on a net basis. With respect to overall sensitivity, it is unlikely in practice that all reasonably possible alternative assumptions would simultaneously be realized. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Level 3 Positive fair value Negative fair value possible alternatives Level 3 Positive fair value Negative fair value alternatives Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 25 $ – $ (1 ) $ 44 $ 1 $ (1 ) Asset-backed securities 2 – – 2 – – Corporate debt and other debt 25 1 (1 ) 30 1 (1 ) Equities 1,530 19 (16 ) 1,261 15 (15 ) Investment Mortgage-backed securities 20 4 (4 ) 27 3 (3 ) Corporate debt and other debt 152 14 (13 ) 160 18 (16 ) Equities 334 33 (34 ) 335 28 (28 ) Loans 1,077 23 (24 ) 1,070 49 (49 ) Derivatives 429 7 (5 ) 602 2 (2 ) Other assets – – – 53 – – $ 3,594 $ 101 $ (98 ) $ 3,584 $ 117 $ (115 ) Deposits $ (151 ) $ – $ – $ (139 ) $ 4 $ (4 ) Derivatives (1,390 ) 30 (77 ) (1,429 ) 13 (55 ) Other Other liabilities (7 ) – – (38 ) – – $ (1,548 ) $ 30 $ (77 ) $ (1,606 ) $ 17 $ (59 ) |
Summary of Fair Value for Financial Instruments Carried at Amortized Cost and Classified Using the Fair Value Hierarchy | Fair value for financial instruments that are carried at amortized cost and classified using the fair value hierarchy As at October 31, 2021 Fair value (1) Fair value may not approximate carrying value Fair value measurements using Total fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Total Interest-bearing deposits with banks $ 22,742 $ – $ – $ – $ – $ 22,742 Amortized cost securities (2) – 1,025 65,798 – 66,823 66,823 Assets purchased under reverse repurchase agreements and securities borrowed 31,368 – 11,524 – 11,524 42,892 Loans Retail 68,377 – 429,672 4,228 433,900 502,277 Wholesale 16,228 – 184,055 4,400 188,455 204,683 84,605 – 613,727 8,628 622,355 706,960 Other assets 57,859 – 489 135 624 58,483 196,574 1,025 691,538 8,763 701,326 897,900 Deposits Personal 272,675 – 70,908 457 71,365 344,040 Business and government 418,185 – 146,334 587 146,921 565,106 Bank 16,943 – 7,792 8 7,800 24,743 707,803 – 225,034 1,052 226,086 933,889 Obligations related to assets sold under repurchase agreements and securities loaned 26,054 – – – – 26,054 Other liabilities 55,495 – 1,256 7,998 9,254 64,749 Subordinated debentures – – 9,545 56 9,601 9,601 $ 789,352 $ – $ 235,835 $ 9,106 $ 244,941 $ 1,034,293 As at October 31, 2020 Fair value (1) Fair value may not approximate carrying value Fair value measurements using Total (Millions of Canadian dollars) Level 1 Level 2 Level 3 Total Interest-bearing deposits with banks $ 17,410 $ – $ – $ – $ – $ 17,410 Amortized cost securities (2) – 502 58,125 – 58,627 58,627 Assets purchased under reverse repurchase agreements and securities borrowed 37,064 – 11,557 – 11,557 48,621 Loans Retail 66,151 – 392,093 4,640 396,733 462,884 Wholesale 11,278 – 182,094 5,381 187,475 198,753 77,429 – 574,187 10,021 584,208 661,637 Other assets 56,484 – 450 131 581 57,065 188,387 502 644,319 10,152 654,973 843,360 Deposits Personal 245,777 – 78,500 527 79,027 324,804 Business and government 364,451 – 153,395 655 154,050 518,501 Bank 19,070 – 7,439 9 7,448 26,518 629,298 – 239,334 1,191 240,525 869,823 Obligations related to assets sold under repurchase agreements and securities loaned 18,309 – – – – 18,309 Other liabilities 56,200 – 1,004 8,515 9,519 65,719 Subordinated debentures – – 10,012 59 10,071 10,071 $ 703,807 $ – $ 250,350 $ 9,765 $ 260,115 $ 963,922 (1) Certain financial instruments have not been assigned to a level as the carrying amount approximates their fair values. (2) Included in Securities – Investment, net of applicable allowance on the Consolidated Balance Sheets. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Carrying value of securities and term to maturity | Carrying value of securities As at October 31, 2021 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 1,244 $ 4,252 $ 6,187 $ 3,339 $ 7,403 $ – $ 22,425 U.S. federal, state, municipal and agencies 2,381 1,616 6,203 4,092 8,686 – 22,978 Other OECD government 2,049 2,073 1,231 294 2,812 – 8,459 Mortgage-backed securities – – – – 4 – 4 Asset-backed securities 288 27 275 116 187 – 893 Corporate debt and other debt Bankers’ acceptances 316 135 – – – – 451 Certificates of deposit – – – – – – – Other (3) 2,317 2,526 5,433 3,716 8,667 – 22,659 Equities 61,371 61,371 8,595 10,629 19,329 11,557 27,759 61,371 139,240 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost 161 1,180 1,382 592 526 – 3,841 Fair value 161 1,178 1,375 544 445 – 3,703 Yield (4) 0.4% 0.7% 1.8% 0.9% 2.4% – 1.3% Provincial and municipal Amortized cost 3 283 1,326 158 1,558 – 3,328 Fair value 3 283 1,322 158 1,366 – 3,132 Yield (4) 4.2% 2.6% 2.4% 1.7% 2.9% – 2.6% U.S. federal, state, municipal and agencies Amortized cost 1,131 5,010 7,960 2,380 18,197 – 34,678 Fair value 1,132 5,013 7,960 2,446 18,276 – 34,827 Yield (4) – 0.9% 0.4% 2.6% 1.3% – 1.1% Other OECD government Amortized cost 176 1,274 4,498 1 – – 5,949 Fair value 176 1,274 4,505 1 – – 5,956 Yield (4) 1.7% 1.0% 1.3% 3.9% – – 1.2% Mortgage–backed securities Amortized cost – – 56 55 2,646 – 2,757 Fair value – – 56 55 2,636 – 2,747 Yield (4) – – 1.2% 1.3% 1.2% – 1.2% Asset–backed securities Amortized cost – – – 4,719 2,935 – 7,654 Fair value – – – 4,719 2,941 – 7,660 Yield (4) – – – 1.2% 1.3% – 1.3% Corporate debt and other debt Amortized cost 5,965 2,597 9,676 1,451 42 – 19,731 Fair value 5,965 2,599 9,699 1,463 51 – 19,777 Yield (4) 0.9% 1.2% 1.5% 0.8% 3.6% – 1.2% Equities Cost 242 242 Fair value (5) 533 533 Amortized cost 7,436 10,344 24,898 9,356 25,904 242 78,180 Fair value 7,437 10,347 24,917 9,386 25,715 533 78,335 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 453 2,979 17,589 3,601 194 – 24,816 U.S. federal, state, municipal and agencies 1,093 274 3,718 2,767 19,559 – 27,411 Other OECD government 1,914 1,212 2,790 58 – – 5,974 Asset-backed securities – – 320 336 7 – 663 Corporate debt and other debt 1,133 2,072 4,424 633 23 – 8,285 Amortized cost, net of allowance 4,593 6,537 28,841 7,395 19,783 – 67,149 Fair value 4,597 6,567 28,701 7,311 19,647 – 66,823 Total carrying value of securities $ 20,625 $ 27,513 $ 73,087 $ 28,338 $ 73,257 $ 61,904 $ 284,724 As at October 31, 2020 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 2,301 $ 7,004 $ 6,054 $ 3,569 $ 8,419 $ – $ 27,347 U.S. federal, state, municipal and agencies 559 4,532 12,546 4,134 14,810 – 36,581 Other OECD government 56 695 3,010 584 2,120 – 6,465 Mortgage-backed securities – – – – 39 – 39 Asset-backed securities 3 164 82 181 98 – 528 Corporate debt and other debt Bankers’ acceptances 65 227 – – – – 292 Certificates of deposit 2 63 35 7 4 – 111 Other (3) 1,048 3,472 5,521 3,007 8,043 – 21,091 Equities 43,617 43,617 4,034 16,157 27,248 11,482 33,533 43,617 136,071 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost – 204 1,689 272 397 – 2,562 Fair value – 204 1,690 269 378 – 2,541 Yield (4) – 1.4% 1.4% 1.2% 1.4% – 1.4% Provincial and municipal Amortized cost 5 908 629 7 1,688 – 3,237 Fair value 5 911 630 8 1,679 – 3,233 Yield (4) 4.5% 1.3% 2.7% 4.3% 2.6% – 2.2% U.S. federal, state, municipal and agencies Amortized cost 1,772 9,736 8,777 2,227 16,011 – 38,523 Fair value 1,775 9,739 8,779 2,237 15,994 – 38,524 Yield (4) 0.1% 1.7% 1.1% 2.6% 2.2% – 1.7% Other OECD government Amortized cost 274 2,288 4,773 1 – – 7,336 Fair value 274 2,289 4,781 1 – – 7,345 Yield (4) 1.7% 2.4% 1.8% 3.6% – – 2.0% Mortgage-backed securities Amortized cost – – – 192 2,226 – 2,418 Fair value – – – 189 2,181 – 2,370 Yield (4) – – – 1.2% 1.2% – 1.2% Asset-backed securities Amortized cost – – 10 4,294 4,059 – 8,363 Fair value – – 10 4,247 4,011 – 8,268 Yield (4) – – 1.4% 1.4% 1.4% – 1.4% Corporate debt and other debt Amortized cost 2,670 5,796 10,425 92 58 – 19,041 Fair value 2,670 5,801 10,466 106 71 – 19,114 Yield (4) 0.9% 1.6% 1.5% 2.1% 2.4% – 1.5% Equities Cost 276 276 Fair value (5) 525 525 Amortized cost 4,721 18,932 26,303 7,085 24,439 276 81,756 Fair value 4,724 18,944 26,356 7,057 24,314 525 81,920 Amortized Cost (2) Debt issued or guaranteed by: Canadian government 438 1,862 16,044 1,819 – – 20,163 U.S. federal, state, municipal and agencies 8 787 1,615 1,622 18,281 – 22,313 Other OECD government 2,178 2,045 2,643 – – – 6,866 Asset-backed securities – 1 159 – – – 160 Corporate debt and other debt 625 2,644 4,805 219 28 – 8,321 Amortized cost, net of allowance 3,249 7,339 25,266 3,660 18,309 – 57,823 Fair value 3,252 7,392 25,663 3,798 18,522 – 58,627 Total carrying value of securities $ 12,007 $ 42,440 $ 78,870 $ 22,199 $ 76,156 $ 44,142 $ 275,814 (1) Actual maturities may differ from contractual maturities shown above as borrowers may have the right to extend or prepay obligations with or without penalties. (2) Trading securities and FVOCI securities are recorded at fair value. Amortized cost securities, included in Investment securities, are recorded at amortized cost and presented net of allowance for credit losses. (3) Primarily composed of corporate debt, supra-national debt, and commercial paper. (4) The weighted average yield is derived using the contractual interest rate and the carrying value at the end of the year for the respective securities. (5) Certain equity securities that are not held-for-trading |
Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized gains and losses on securities at FVOCI (1), (2) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Cost/ Gross Gross Fair Cost/ Gross Gross Fair Debt issued or guaranteed by: Canadian government Federal (3) $ 3,841 $ 1 $ (139 ) $ 3,703 $ 2,562 $ 1 $ (22 ) $ 2,541 Provincial and municipal 3,328 3 (199 ) 3,132 3,237 27 (31 ) 3,233 U.S. federal, state, municipal and agencies (3) 34,678 353 (204 ) 34,827 38,523 323 (322 ) 38,524 Other OECD government 5,949 8 (1 ) 5,956 7,336 11 (2 ) 7,345 Mortgage-backed securities (3) 2,757 2 (12 ) 2,747 2,418 5 (53 ) 2,370 Asset-backed securities CDO 7,074 1 (1 ) 7,074 7,504 – (90 ) 7,414 Non-CDO 580 6 – 586 859 2 (7 ) 854 Corporate debt and other debt 19,731 57 (11 ) 19,777 19,041 76 (3 ) 19,114 Equities 242 292 (1 ) 533 276 253 (4 ) 525 $ 78,180 $ 723 $ (568 ) $ 78,335 $ 81,756 $ 698 $ (534 ) $ 81,920 (1) Excludes $67,149 million of held-to-collect (2) Gross unrealized gains and losses includes $(9) million of allowance for credit losses on debt securities at FVOCI as at October 31, 2021 (October 31, 2020 – $8 million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, Gross unrealized gains, Gross unrealized losses and Fair value related to commercial MBS are $2,603 million, $1 million, $12 million and $2,592 million, respectively as at October 31, 2021 (October 31, 2020 – $2,185 million, $nil, $48 million and $2,137 million, respectively). |
Summary of Allowance for credit losses - Securities at Amortized Cost | Allowance for credit losses – securities at FVOCI (1) For the year ended October 31, 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 (2) Total Balance at beginning of period $ 12 $ – $ (4 ) $ 8 $ 4 $ – $ (7 ) $ (3 ) Provision for credit losses Model changes (4 ) – – (4 ) – – – – Transfers to stage 1 1 (1 ) – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 8 – – 8 18 – – 18 Sales and maturities (10 ) (1 ) – (11 ) (13 ) – – (13 ) Changes in risk, parameters and exposures (4 ) 3 (9 ) (10 ) 3 – 4 7 Exchange rate and other (1 ) – 1 – – – (1 ) (1 ) Balance at end of period $ 2 $ 1 $ (12 ) $ (9 ) $ 12 $ – $ (4 ) $ 8 (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. (2) Reflects changes in the allowance for purchased credit impaired securities. Allowance for credit losses – securities at amortized cost For the year ended October 31, 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 Total Balance at beginning of period $ 10 $ 19 $ – $ 29 $ 5 $ 19 $ – $ 24 Provision for credit losses Model changes (4 ) – – (4 ) – – – – Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 9 – – 9 9 – – 9 Sales and maturities (1 ) – – (1 ) (2 ) – – (2 ) Changes in risk, parameters and exposures (9 ) 1 – (8 ) (2 ) 1 – (1 ) Exchange rate and other – (2 ) – (2 ) – (1 ) – (1 ) Balance at end of period $ 5 $ 18 $ – $ 23 $ 10 $ 19 $ – $ 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 outlined in the internal ratings maps in the Credit risk section of Management’s Discussion and Analysis. As at October 31, 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 $ 77,147 $ 82 $ – $ 77,229 $ 80,719 $ 87 $ – $ 80,806 Non-investment 423 – – 423 431 1 – 432 Impaired – – 150 150 – – 157 157 77,570 82 150 77,802 81,150 88 157 81,395 Items not subject to impairment (2) 533 525 $ 78,335 $ 81,920 Securities at amortized cost Investment grade $ 66,033 $ – $ – $ 66,033 $ 56,885 $ – $ – $ 56,885 Non-investment 928 211 – 1,139 647 320 – 967 Impaired – – – – – – – – 66,961 211 – 67,172 57,532 320 – 57,852 Allowance for credit losses 5 18 – 23 10 19 – 29 Amortized cost $ 66,956 $ 193 $ – $ 67,149 $ 57,522 $ 301 $ – $ 57,823 (1) Reflects $150 million of purchased credit impaired securities (October 31, 2020 – $157 million). (2) Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Loans and allowance for credi_2
Loans and allowance for credit losses (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Loans by geography and portfolio net of allowance | Loans by geography and portfolio net of allowance As at October 31, 2021 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 354,169 $ 23,423 $ 2,740 $ 380,332 $ (416 ) $ 379,916 Personal 78,232 11,794 3,415 93,441 (973 ) 92,468 Credit cards (3) 17,235 384 203 17,822 (852 ) 16,970 Small business (4), (5) 12,003 – – 12,003 (168 ) 11,835 Wholesale (2), (5) 88,083 86,028 43,955 218,066 (1,680 ) 216,386 Total loans $ 549,722 $ 121,629 $ 50,313 $ 721,664 $ (4,089 ) $ 717,575 Undrawn loan commitments – Retail 240,242 3,713 1,989 245,944 (136 ) Undrawn loan commitments – Wholesale 107,070 189,177 75,331 371,578 (105 ) As at October 31, 2020 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 319,287 $ 20,331 $ 2,979 $ 342,597 $ (515 ) $ 342,082 Personal 79,778 9,050 3,183 92,011 (1,185 ) 90,826 Credit cards (3) 17,060 340 226 17,626 (1,211 ) 16,415 Small business (4) 5,742 – – 5,742 (123 ) 5,619 Wholesale (2), (6), (7) 87,785 85,941 34,929 208,655 (2,605 ) 206,050 Total loans $ 509,652 $ 115,662 $ 41,317 $ 666,631 $ (5,639 ) $ 660,992 Undrawn loan commitments – Retail 226,439 4,314 1,628 232,381 (176 ) Undrawn loan commitments – Wholesale (7) 109,900 183,847 67,280 361,027 (187 ) (1) Excludes allowance for loans measured at FVOCI of $14 million (2) Geographic information is based on residence of the borrower. (3) The credit cards business is managed as a single portfolio and includes both consumer and business cards. (4) Includes small business exposure managed on a pooled basis. (5) 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. (6) Includes small business exposure managed on an individual client basis. (7) A |
Loans maturity and rate sensitivity | Loans maturity and rate sensitivity As at October 31, 2021 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail (3) $ 249,363 $ 222,408 $ 31,827 $ 503,598 $ 166,910 $ 329,185 $ 7,503 $ 503,598 Wholesale (3) 174,345 33,882 9,839 218,066 36,143 179,588 2,335 218,066 Total loans $ 423,708 $ 256,290 $ 41,666 $ 721,664 $ 203,053 $ 508,773 $ 9,838 $ 721,664 Allowance for loan losses (4,089 ) (4,089 ) Total loans net of allowance for loan losses $ 717,575 $ 717,575 As at October 31, 2020 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail $ 213,946 $ 218,342 $ 25,688 $ 457,976 $ 129,870 $ 322,122 $ 5,984 $ 457,976 Wholesale 160,031 37,346 11,278 208,655 34,686 171,171 2,798 208,655 Total loans $ 373,977 $ 255,688 $ 36,966 $ 666,631 $ 164,556 $ 493,293 $ 8,782 $ 666,631 Allowance for loan losses (5,639 ) (5,639 ) Total loans net of allowance for loan losses $ 660,992 $ 660,992 (1) Generally, based on the earlier of contractual repricing or maturity date. (2) Includes variable rate loans that can be repriced at the clients’ discretion without penalty. (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 Allowance for Credit Losses | Allowance for credit losses For the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance Balance at Provision Net write-offs (1) Exchange Balance Retail Residential mortgages $ 518 $ (43 ) $ (27 ) $ (32 ) $ 416 $ 402 $ 190 $ (34 ) $ (40 ) $ 518 Personal 1,309 23 (247 ) (6 ) 1,079 935 801 (411 ) (16 ) 1,309 Credit cards 1,246 (72 ) (297 ) (2 ) 875 832 900 (484 ) (2 ) 1,246 Small business 140 12 (23 ) 48 177 61 117 (31 ) (7 ) 140 Wholesale 2,795 (560 ) (200 ) (238 ) 1,797 1,165 2,140 (380 ) (130 ) 2,795 Customers’ liability under acceptances 107 (32 ) – – 75 24 83 – – 107 $ 6,115 $ (672 ) $ (794 ) $ (230 ) $ 4,419 $ 3,419 $ 4,231 $ (1,340 ) $ (195 ) $ 6,115 Presented as: Allowance for loan losses $ 5,639 $ 4,089 $ 3,100 $ 5,639 Other liabilities – Provisions 363 241 295 363 Customers’ liability under acceptances 107 75 24 107 Other components of equity 6 14 – 6 (1) Loans written-off write-off. written-off |
Summary of Allowance for Credit Losses by Stage, for Each Major Product Category | Allowance for credit losses – Retail and wholesale loans For the year ended October 31, 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 Total Residential mortgages Balance at beginning of period $ 206 $ 160 $ 152 $ 518 $ 146 $ 77 $ 179 $ 402 Provision for credit losses Model changes (6 ) (5 ) – (11 ) – – – – Transfers to stage 1 205 (182 ) (23 ) – 221 (186 ) (35 ) – Transfers to stage 2 (14 ) 18 (4 ) – (35 ) 42 (7 ) – Transfers to stage 3 (2 ) (44 ) 46 – (3 ) (33 ) 36 – Originations 113 – – 113 76 – – 76 Maturities (30 ) (24 ) – (54 ) (16 ) (15 ) – (31 ) Changes in risk, parameters and exposures (284 ) 178 15 (91 ) (180 ) 291 34 145 Write-offs – – (37 ) (37 ) – – (44 ) (44 ) Recoveries – – 10 10 – – 10 10 Exchange rate and other (2 ) (9 ) (21 ) (32 ) (3 ) (16 ) (21 ) (40 ) Balance at end of period $ 186 $ 92 $ 138 $ 416 $ 206 $ 160 $ 152 $ 518 Personal Balance at beginning of period $ 480 $ 733 $ 96 $ 1,309 $ 272 $ 520 $ 143 $ 935 Provision for credit losses Model changes (1 ) – – (1 ) – – – – Transfers to stage 1 710 (706 ) (4 ) – 494 (487 ) (7 ) – Transfers to stage 2 (97 ) 97 – – (107 ) 109 (2 ) – Transfers to stage 3 (3 ) (58 ) 61 – (3 ) (64 ) 67 – Originations 128 – – 128 118 – – 118 Maturities (96 ) (130 ) – (226 ) (49 ) (97 ) – (146 ) Changes in risk, parameters and exposures (697 ) 633 186 122 (245 ) 756 318 829 Write-offs – – (387 ) (387 ) – – (545 ) (545 ) Recoveries – – 140 140 – – 134 134 Exchange rate and other (2 ) – (4 ) (6 ) – (4 ) (12 ) (16 ) Balance at end of period $ 422 $ 569 $ 88 $ 1,079 $ 480 $ 733 $ 96 $ 1,309 Credit cards Balance at beginning of period $ 364 $ 882 $ – $ 1,246 $ 173 $ 659 $ – $ 832 Provision for credit losses Transfers to stage 1 723 (723 ) – – 470 (470 ) – – Transfers to stage 2 (105 ) 105 – – (98 ) 98 – – Transfers to stage 3 (4 ) (309 ) 313 – (2 ) (372 ) 374 – Originations 6 – – 6 7 – – 7 Maturities (7 ) (31 ) – (38 ) (8 ) (29 ) – (37 ) Changes in risk, parameters and exposures (742 ) 719 (17 ) (40 ) (177 ) 997 110 930 Write-offs – – (460 ) (460 ) – – (617 ) (617 ) Recoveries – – 163 163 – – 133 133 Exchange rate and other (2 ) (1 ) 1 (2 ) (1 ) (1 ) – (2 ) Balance at end of period $ 233 $ 642 $ – $ 875 $ 364 $ 882 $ – $ 1,246 Small business Balance at beginning of period $ 78 $ 29 $ 33 $ 140 $ 29 $ 10 $ 22 $ 61 Provision for credit losses Model changes 3 1 – 4 – – – – Transfers to stage 1 57 (57 ) – – 12 (12 ) – – Transfers to stage 2 (11 ) 11 – – (11 ) 11 – – Transfers to stage 3 (1 ) (2 ) 3 – – (2 ) 2 – Originations 36 – – 36 20 – – 20 Maturities (21 ) (22 ) – (43 ) (7 ) (6 ) – (13 ) Changes in risk, parameters and exposures (77 ) 64 28 15 35 28 47 110 Write-offs – – (32 ) (32 ) – – (38 ) (38 ) Recoveries – – 9 9 – – 7 7 Exchange rate and other 24 31 (7 ) 48 – – (7 ) (7 ) Balance at end of period $ 88 $ 55 $ 34 $ 177 $ 78 $ 29 $ 33 $ 140 Wholesale Balance at beginning of period $ 995 $ 1,132 $ 668 $ 2,795 $ 281 $ 396 $ 488 $ 1,165 Provision for credit losses Model changes 1 24 – 25 – – – – Transfers to stage 1 581 (576 ) (5 ) – 154 (149 ) (5 ) – Transfers to stage 2 (132 ) 161 (29 ) – (200 ) 221 (21 ) – Transfers to stage 3 (4 ) (60 ) 64 – (14 ) (116 ) 130 – Originations 601 – – 601 860 – – 860 Maturities (488 ) (500 ) – (988 ) (479 ) (301 ) – (780 ) Changes in risk, parameters and exposures (931 ) 689 44 (198 ) 410 1,091 559 2,060 Write-offs – – (253 ) (253 ) – – (437 ) (437 ) Recoveries – – 53 53 – – 57 57 Exchange rate and other (57 ) (76 ) (105 ) (238 ) (17 ) (10 ) (103 ) (130 ) Balance at end of period $ 566 $ 794 $ 437 $ 1,797 $ 995 $ 1,132 $ 668 $ 2,795 |
Impact of Staging on ACL | The following table illustrates the impact of staging on our ACL by comparing our allowance if all performing loans were in stage 1 to the actual ACL recorded on these assets. As at October 31, 2021 October 31, 2020 ACL – All performing Impact of Stage 1 and 2 ACL – All performing Impact of Stage 1 and 2 Performing loans (1) $ 2,521 $ 1,125 $ 3,646 $ 4,028 $ 1,031 $ 5,059 (1) Represents loans and commitments in stage 1 and stage 2. |
Credit Risk Exposure by Internal Risk Rating | Credit risk exposure by internal risk rating The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of Management’s Discussion and Analysis. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Retail Loans outstanding – Residential mortgages Low risk $ 310,334 $ 1,507 $ – $ 311,841 $ 270,396 $ 2,848 $ – $ 273,244 Medium risk 15,152 2,051 – 17,203 15,230 3,307 – 18,537 High risk 3,343 634 – 3,977 4,346 1,467 – 5,813 Not rated (2) 45,512 913 – 46,425 43,176 936 – 44,112 Impaired – – 645 645 – – 638 638 374,341 5,105 645 380,091 333,148 8,558 638 342,344 Items not subject to impairment (3) 241 253 Total $ 380,332 $ 342,597 Loans outstanding – Personal Low risk $ 72,267 $ 698 $ – $ 72,965 $ 71,245 $ 1,084 $ – $ 72,329 Medium risk 4,974 4,551 – 9,525 3,974 5,415 – 9,389 High risk 687 1,045 – 1,732 817 1,416 – 2,233 Not rated (2) 8,934 88 – 9,022 7,704 144 – 7,848 Impaired – – 197 197 – – 212 212 Total $ 86,862 $ 6,382 $ 197 $ 93,441 $ 83,740 $ 8,059 $ 212 $ 92,011 Loans outstanding – Credit cards Low risk $ 12,864 $ 24 $ – $ 12,888 $ 11,824 $ 63 $ – $ 11,887 Medium risk 1,646 1,645 – 3,291 1,596 2,360 – 3,956 High risk 136 937 – 1,073 132 1,105 – 1,237 Not rated (2) 527 43 – 570 490 56 – 546 Total $ 15,173 $ 2,649 $ – $ 17,822 $ 14,042 $ 3,584 $ – $ 17,626 Loans outstanding –Small business (4) Low risk $ 8,609 $ 274 $ – $ 8,883 $ 2,034 $ 172 $ – $ 2,206 Medium risk 1,583 979 – 2,562 1,976 1,143 – 3,119 High risk 227 218 – 445 126 192 – 318 Not rated (2) 4 – – 4 9 – – 9 Impaired – – 109 109 – – 90 90 Total $ 10,423 $ 1,471 $ 109 $ 12,003 $ 4,145 $ 1,507 $ 90 $ 5,742 Undrawn loan commitments – Retail Low risk $ 229,516 $ 574 $ – $ 230,090 $ 214,176 $ 887 $ – $ 215,063 Medium risk 9,475 133 – 9,608 10,402 291 – 10,693 High risk 1,205 97 – 1,302 1,141 129 – 1,270 Not rated (2) 4,854 90 – 4,944 5,238 117 – 5,355 Total $ 245,050 $ 894 $ – $ 245,944 $ 230,957 $ 1,424 $ – $ 232,381 Wholesale – Loans outstanding (4) Investment grade $ 62,975 $ 226 $ – $ 63,201 $ 50,998 $ 328 $ – $ 51,326 Non-investment 117,396 15,146 – 132,542 112,434 26,575 – 139,009 Not rated (2) 9,339 430 – 9,769 7,093 432 – 7,525 Impaired – – 1,357 1,357 – – 2,235 2,235 189,710 15,802 1,357 206,869 170,525 27,335 2,235 200,095 Items not subject to impairment (3) 11,197 8,560 Total $ 218,066 $ 208,655 Undrawn loan commitments – Wholesale Investment grade $ 246,539 $ 1,122 $ – $ 247,661 $ 242,244 $ 1,022 $ – $ 243,266 Non-investment 108,063 12,377 – 120,440 92,262 21,581 – 113,843 Not rated (2) 3,476 1 – 3,477 3,918 – – 3,918 Total $ 358,078 $ 13,500 $ – $ 371,578 $ 338,424 $ 22,603 $ – $ 361,027 (1) As at October 31, 2021, 86% of credit-impaired loans were either fully or partially collateralized (October 31, 2020 – 90%). For details on the types of collateral held against credit-impaired assets and our policies on collateral, refer to the Credit risk mitigation section of Management’s Discussion and Analysis. (2) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessments or rating methodologies, policies and tools to manage our credit risk. (3) Items not subject to impairment are loans held at FVTPL. (4) 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 October 31, 2021 October 31, 2020 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,105 $ 137 $ 1,242 $ 1,013 $ 129 $ 1,142 Wholesale 1,230 – 1,230 574 13 587 $ 2,335 $ 137 $ 2,472 $ 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 re-aged re-aging |
Derecognition of financial as_2
Derecognition of financial assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Carrying Amount and Fair Value of Transferred Assets Did Not Qualify for Derecognition | The following table provides information on the carrying amount and fair value of the transferred assets that did not qualify for derecognition, and their associated liabilities. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Canadian (1), (2) Securities (3) Securities (3) Total Canadian (1), (2) Securities (3) Securities (3) Total Carrying amount of transferred assets that do not qualify for derecognition $ 34,052 $ 252,920 $ 9,281 $ 296,253 $ 35,001 $ 267,361 $ 6,870 $ 309,232 Carrying amount of associated liabilities 33,769 252,920 9,281 295,970 34,805 267,361 6,870 309,036 Fair value of transferred assets $ 34,142 $ 252,920 $ 9,281 $ 296,343 $ 35,293 $ 267,361 $ 6,870 $ 309,524 Fair value of associated liabilities 34,073 252,920 9,281 296,274 35,957 267,361 6,870 310,188 Fair value of net position $ 69 $ – $ – $ 69 $ (664 ) $ – $ – $ (664 ) (1) Includes Canadian residential mortgage loans transferred primarily to Canada Housing Trust at the initial securitization and other permitted investments used for funding requirements after the initial securitization. (2) CMB investors have legal recourse only to the transferred assets, and do not have recourse to our general assets. (3) Does not include over-collateralization of assets pledged. |
Structured entities (Tables)
Structured entities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities | The following table presents the assets and liabilities recorded on our Consolidated Balance Sheets and our maximum exposure to loss related to our interests in unconsolidated structured entities. It also presents the size of each class of unconsolidated structured entity, as measured by the total assets of the entities in which we have an interest. As at October 31, 2021 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance Securities $ 12 $ – $ 3,047 $ – $ 537 $ 3,596 Loans – 4,569 – 6,855 1,453 12,877 Derivatives 17 – – – 108 125 Other assets – 27 – – 363 390 $ 29 $ 4,596 $ 3,047 $ 6,855 $ 2,461 $ 16,988 On-balance Derivatives $ 93 $ – $ – $ – $ – $ 93 Other liabilities – – – – – – $ 93 $ – $ – $ – $ – $ 93 Maximum exposure to loss (2) $ 40,893 $ 8,361 $ 3,651 $ 12,214 $ 4,057 $ 69,176 Total assets of unconsolidated structured entities $ 40,074 $ 19,881 $ 506,699 $ 80,458 $ 392,348 $ 1,039,460 As at October 31, 2020 (Millions of Canadian dollars) Multi-seller (1) Structured finance Non-RBC Third-party Other Total On-balance Securities $ 138 $ – $ 2,297 $ – $ 422 $ 2,857 Loans – 2,670 – 5,628 931 9,229 Derivatives 60 – – – 84 144 Other assets – 46 – – 261 307 $ 198 $ 2,716 $ 2,297 $ 5,628 $ 1,698 $ 12,537 On-balance Derivatives $ 38 $ – $ – $ – $ – $ 38 Other liabilities – – – – – – $ 38 $ – $ – $ – $ – $ 38 Maximum exposure to loss (2) $ 42,863 $ 6,522 $ 2,557 $ 10,389 $ 2,108 $ 64,439 Total assets of unconsolidated structured entities $ 41,964 $ 18,200 $ 462,947 $ 87,631 $ 286,200 $ 896,942 (1) Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $25 billion as at October 31, 2021 (October 31, 2020 – $23 billion). (2) The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance |
Derivative financial instrume_2
Derivative financial instruments and hedging activities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) | Notional amount of derivatives by term to maturity (absolute amounts) (1) As at October 31, 2021 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 866,704 $ 161,835 $ 158 $ 1,028,697 $ 1,015,263 $ 13,434 Swaps 3,936,638 6,559,032 4,268,243 14,763,913 14,259,757 504,156 Options purchased 266,798 312,149 185,547 764,494 764,494 – Options written 271,000 309,540 203,665 784,205 784,205 – Foreign exchange contracts Forward contracts 1,730,712 56,335 2,491 1,789,538 1,753,075 36,463 Cross currency swaps 82,316 57,968 72,864 213,148 204,789 8,359 Cross currency interest rate swaps 439,169 1,193,669 776,062 2,408,900 2,376,225 32,675 Options purchased 46,060 16,097 3,059 65,216 65,216 – Options written 53,342 16,122 3,060 72,524 72,524 – Credit derivatives (2) 1,027 35,759 6,125 42,911 42,428 483 Other contracts (3) 218,270 98,850 20,757 337,877 325,226 12,651 Exchange-traded contracts Interest rate contracts Futures – long positions 110,285 148,262 333 258,880 256,020 2,860 Futures – short positions 173,039 97,364 126 270,529 270,129 400 Options purchased 28,071 15,250 – 43,321 43,321 – Options written 22,272 1,300 – 23,572 23,572 – Foreign exchange contracts Futures – long positions 129 – – 129 129 – Other contracts 391,339 84,135 1,175 476,649 476,649 – $ 8,637,171 $ 9,163,667 $ 5,543,665 $ 23,344,503 $ 22,733,022 $ 611,481 As at October 31, 2020 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter Interest rate contracts Forward rate agreements $ 2,782,447 $ 427,464 $ 340 $ 3,210,251 $ 3,172,950 $ 37,301 Swaps 3,409,078 5,990,160 3,755,593 13,154,831 12,685,595 469,236 Options purchased 282,837 407,782 185,667 876,286 876,153 133 Options written 303,347 410,237 198,222 911,806 911,806 – Foreign exchange contracts Forward contracts 1,691,079 32,474 1,788 1,725,341 1,707,082 18,259 Cross currency swaps 80,186 56,563 64,540 201,289 194,773 6,516 Cross currency interest rate swaps 412,053 1,117,048 633,023 2,162,124 2,112,625 49,499 Options purchased 46,719 13,963 3,349 64,031 64,031 – Options written 50,099 13,407 3,410 66,916 66,916 – Credit derivatives (2) 1,309 39,877 7,577 48,763 48,244 519 Other contracts (3) 177,220 94,378 20,126 291,724 282,321 9,403 Exchange-traded contracts Interest rate contracts Futures – long positions 164,925 112,363 113 277,401 277,401 – Futures – short positions 205,927 167,350 233 373,510 373,510 – Options purchased 74,494 14,188 – 88,682 88,682 – Options written 58,116 10,391 – 68,507 68,507 – Foreign exchange contracts Futures – long positions 75 – – 75 75 – Other contracts 179,681 30,768 240 210,689 210,689 – $ 9,919,592 $ 8,938,413 $ 4,874,221 $ 23,732,226 $ 23,141,360 $ 590,866 (1) The derivative notional amounts are determined using the standardized approach for measuring counterparty credit risk (SA-CCR) (2) Credit derivatives with a notional value of $1 billion (October 31, 2020 – $1 billion) are economic hedges. Trading credit derivatives comprise protection purchased of $25 billion (October 31, 2020 – $26 billion) and protection sold of $17 billion (October 31, 2020 – $22 billion). (3) Other contracts exclude loan-related commitment derivatives of $9 billion (October 31, 2020 – $2 billion), which are not classified as derivatives under CAR guidelines. |
Summary of Fair Value of Derivative Instruments | Fair value of derivative instruments (1) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Positive Negative Positive Negative Held or issued for trading purposes Interest rate contracts Forward rate agreements $ 10 $ 11 $ 33 $ 33 Swaps 28,400 23,136 44,732 37,453 Options purchased 4,580 – 7,498 – Options written – 5,258 – 8,916 32,990 28,405 52,263 46,402 Foreign exchange contracts Forward contracts 11,404 11,515 10,765 10,190 Cross currency swaps 4,469 4,929 5,117 5,080 Cross currency interest rate swaps 23,208 22,382 19,880 21,826 Options purchased 1,021 – 1,292 – Options written – 978 – 910 40,102 39,804 37,054 38,006 Credit derivatives 34 115 463 526 Other contracts 20,827 21,253 21,156 23,985 93,953 89,577 110,936 108,919 Held or issued for other-than-trading purposes Interest rate contracts Swaps 1,187 1,116 1,959 1,410 1,187 1,116 1,959 1,410 Foreign exchange contracts Forward contracts 305 260 76 85 Cross currency swaps 32 – 89 22 Cross currency interest rate swaps 859 447 2,084 132 1,196 707 2,249 239 Credit derivatives – 5 – 5 Other contracts 329 321 105 126 2,712 2,149 4,313 1,780 Total gross fair values before: 96,665 91,726 115,249 110,699 Valuation adjustments determined on a pooled basis (810 ) 27 (1,104 ) (115 ) Impact of netting agreements that qualify for balance sheet offset (314 ) (314 ) (657 ) (657 ) $ 95,541 $ 91,439 $ 113,488 $ 109,927 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Fair Value of Derivative Instruments by Term to Maturity | Fair value of derivative instruments by term to maturity (1) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Less than 1 1 through Over Total Less than 1 through Over Total Derivative assets $ 27,771 28,029 39,741 $ 95,541 $ 27,072 33,755 52,661 $ 113,488 Derivative liabilities 26,766 27,938 36,735 91,439 26,507 32,885 50,535 109,927 (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values permitted by certain central counterparties. |
Disclosure of detailed information about hedging items | Interest rate benchmark reform (1) We use interest rate contracts in fair value hedges and cash flow hedges to manage our exposure to interest rate risk of our existing and/or forecast assets and liabilities. We also use foreign denominated deposit liabilities in net investment hedges to manage the foreign exchange risk arising from our investments in foreign operations. The hedging instruments designated to manage these risks reference IBORs in multiple jurisdictions and will be affected by the Reform as the markets transition to ABRs as discussed in Note 2. The following table presents the notional or principal amount of our hedging instruments which reference IBORs that will be affected by the Reform as discussed in Note 2. The notional or principal amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at October 31, 2021 October 31, 2020 (2) (Millions of Canadian dollars) Notional/Principal Notional/Principal Interest rate contracts USD LIBOR $ 38,730 $ 22,640 GBP LIBOR 290 591 Non-derivative USD LIBOR 215 231 GBP LIBOR – 691 $ 39,235 $ 24,153 (1) Excludes interest rate contracts and non-derivative (2) Amounts have been updated |
Summary of Derivative-related Credit Risk | Derivative-related credit risk (1) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Replacement Credit Risk-weighted (2) Replacement Credit Risk-weighted (2) Over-the-counter Interest rate contracts Forward rate agreements $ 9 $ 64 $ 20 $ 30 $ 191 $ 79 Swaps 4,519 16,203 4,569 7,112 17,324 7,359 Options purchased 113 403 187 142 392 285 Options written 23 415 141 4 307 136 Foreign exchange contracts Forward contracts 3,085 19,097 4,232 2,796 17,641 4,537 Swaps 2,621 16,484 4,092 2,392 15,349 3,997 Options purchased 177 510 145 465 923 292 Options written 2 196 43 1 155 59 Credit derivatives 913 2,234 213 429 1,839 81 Other contracts 7,668 26,567 10,480 3,577 16,455 7,719 Exchange-traded contracts 1,814 6,218 124 3,137 8,842 177 $ 20,944 $ 88,391 $ 24,246 $ 20,085 $ 79,418 $ 24,721 (1) The amounts presented are net of master netting agreements in accordance with CAR guidelines. (2) The risk-weighted balances are calculated in accordance with CAR guidelines and exclude CVA of $18 billion (October 31, 2020 – $18 billion). |
Summary of Replacement Cost of Derivative Instruments by Risk Rating and by Counterparty Type | Replacement cost of derivative instruments by risk rating and by counterparty type As at October 31, 2021 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 22,801 $ 37,938 $ 16,333 $ 19,593 $ 96,665 $ 42,361 $ 15,964 $ 38,340 $ 96,665 Impact of master netting agreements and applicable margins 20,545 33,257 12,050 9,869 75,721 41,554 15,731 18,436 75,721 Replacement cost (after netting agreements) $ 2,256 $ 4,681 $ 4,283 $ 9,724 $ 20,944 $ 807 $ 233 $ 19,904 $ 20,944 As at October 31, 2020 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 30,097 $ 44,736 $ 18,392 $ 22,024 $ 115,249 $ 49,146 $ 22,109 $ 43,994 $ 115,249 Impact of master netting agreements and applicable margins 27,110 40,359 14,238 13,457 95,164 48,291 21,534 25,339 95,164 Replacement cost (after netting agreements) $ 2,987 $ 4,377 $ 4,154 $ 8,567 $ 20,085 $ 855 $ 575 $ 18,655 $ 20,085 (1) Our internal risk ratings of AAA, AA, A and BBB represent investment grade ratings and ratings of BB or lower represent non-investment (2) Counterparty type is defined in accordance with CAR guidelines. |
Summary of Fair Values of Derivative and Non-derivative Instruments Categorized by Hedging Relationships | Derivatives and non-derivative (1) As at October 31, 2021 October 31, 2020 Designated as hedging instruments Not designated in a hedging relationship Designated as hedging instruments Not designated in a hedging relationship (Millions of Canadian dollars) Fair value Cash flow Net Fair value Cash flow Net Assets Derivative instruments $ 66 $ 9 $ 98 $ 95,368 $ 102 $ 1 $ 19 $ 113,366 Liabilities Derivative instruments 131 20 18 91,270 298 30 58 109,541 Non-derivative – – 27,157 n.a. – – 28,702 n.a. (1) The fair value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. n.a. not applicable |
Summary of Items Designated as Hedging Instruments | The following tables present the details of the hedged items categorized by their hedging relationships: Fair value hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2021 Carrying amount Accumulated amount of fair (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 42,810 $ – $ (78 ) $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ (1,027 ) Fixed rate liabilities (1) – 65,355 – (59 ) Deposits 1,842 As at and for the year ended October 31, 2020 Carrying amount Accumulated amount of fair value adjustments on the hedged item included in the (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Balance sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 49,272 $ – $ 1,058 $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ 879 Fixed rate liabilities (1) – 68,130 – 1,817 Deposits (1,142 ) (1) As at October 31, 2021, the accumulated amount of fair value hedge adjustments remaining in the Balance Sheet for hedged items that have ceased to be adjusted for hedging gains and losses is a gain of $125 million for fixed-rate assets and a loss of $62 million for fixed-rate liabilities (October 31, 2020 – gain of $32 million and loss of $94 million, respectively). For the year ended October 31, 2020 (Millions of Canadian dollars) Change in fair value of hedging instrument Hedge ineffectiveness recognized in income (1) Changes in the value of the hedging instrument recognized in OCI Amount reclassified from hedge reserves Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ (931 ) $ (52 ) n.a. n.a. Interest rate contracts – fixed rate liabilities 1,157 15 n.a. n.a. Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets 501 16 $ 532 $ 200 Interest rate contracts – variable rate liabilities (1,803 ) 1 (2,127 ) (367 ) Foreign exchange risk Cross currency swap – fixed rate assets (2 ) – 3 (5 ) Cross currency swap – fixed rate liabilities 164 – 113 122 Net investment hedges Foreign exchange risk Foreign currency liabilities (405 ) 5 (410 ) – Forward contracts (124 ) 1 (125 ) (28 ) (1) Hedge ineffectiveness recognized in income included losses of $101 million that are excluded from the assessment of hedge effectiveness and are offset by economic hedges (October 31, 2020 – $94 million). Cash flow and net investment hedges – assets and liabilities designated as hedged items As at and for the year ended October 31, 2021 Balance sheet items: Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ 614 $ (402 ) $ 206 Variable rate liabilities Deposits – Business and government; Deposits – Personal (2,641 ) 1,310 (399 ) Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail (98 ) 1 – Fixed rate liabilities Deposits – Business and government – – – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. (2,331 ) (4,032 ) (421 ) As at and for the year ended October 31, 2020 Balance sheet items: Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail $ (484 ) $ 294 $ 285 Variable rate liabilities Deposits – Business and government; Deposits – Personal 1,839 (1,540 ) (523 ) Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance; Loans – Retail 2 6 – Fixed rate liabilities Deposits (164 ) – – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. 535 (6,363 ) (421 ) n.a. not applicable Effectiveness of designated hedging relationships For the year ended October 31, 2021 (Millions of Canadian dollars) Change in fair value Hedge (1) Changes in the value of Amount reclassified Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ 929 $ (98 ) n.a. n.a. Interest rate contracts – fixed rate liabilities (1,802 ) 40 n.a. n.a. Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets (631 ) (17 ) $ (497 ) $ 279 Interest rate contracts – variable rate liabilities 2,579 9 1,949 (1,024 ) Foreign exchange risk Cross currency swap – fixed rate assets 98 – 98 103 Cross currency swap – fixed rate liabilities – – – – Net investment hedges Foreign exchange risk Foreign currency liabilities 1,882 – 1,882 – Forward contracts 449 – 449 1 |
Reconciliation of Components of Equity by Hedging Designation | Reconciliation of components of equity The following table provides a reconciliation by risk category of each component of equity and an analysis of other comprehensive income relating to hedge accounting: For the year ended October 31, 2021 For the year ended October 31, 2020 (Millions of Canadian dollars) Cash flow hedge Foreign currency Cash flow hedge reserve Foreign currency translation reserve Balance at the beginning of the year $ (1,079 ) $ 4,632 $ (6 ) $ 4,221 Cash flow hedges Effective portion of changes in fair value: Interest rate risk 1,452 (1,595 ) Foreign exchange risk 100 115 Equity price risk 306 (77 ) Net amount reclassified to profit or loss: Ongoing hedges: Interest rate risk 505 277 Foreign exchange risk (105 ) (119 ) Equity price risk (271 ) 53 De-designated Interest rate risk 240 (110 ) Net gain on hedge of net investment in foreign operations Foreign exchange denominated debt 1,882 (410 ) Forward foreign exchange contracts 449 (125 ) Foreign currency translation differences for foreign operations (4,308 ) 813 Reclassification of losses (gains) on foreign currency translation to income (7 ) (21 ) Reclassification of losses (gains) on net investment hedging activities to income (1 ) 28 Tax on movements on reserves during the period (582 ) (592 ) 383 126 Balance at the end of the year $ 566 $ 2,055 $ (1,079 ) $ 4,632 |
Fair value hedges [member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Fair value hedges As at October 31, 2021 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 10,503 $ 25,008 $ 6,568 $ 42,079 $ 19 $ 116 Hedge of fixed rate liabilities 8,939 44,870 11,646 65,455 47 15 Weighted average fixed interest rate Hedge of fixed rate assets 0.8% 0.7% 1.9% 0.9% Hedge of fixed rate liabilities 1.5% 1.2% 1.5% 1.3% As at October 31, 2020 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 14,410 $ 28,182 $ 6,709 $ 49,301 $ 1 $ 298 Hedge of fixed rate liabilities 21,207 38,704 6,415 66,326 101 – Weighted average fixed interest rate Hedge of fixed rate assets 1.5% 1.0% 2.0% 1.3% Hedge of fixed rate liabilities 1.7% 1.4% 1.8% 1.6% (1) The carrying value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Cash flow hedges [member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Cash flow hedges As at October 31, 2021 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 57,304 $ 28,707 $ 4,112 $ 90,123 $ – $ – Hedge of variable rate liabilities 16,659 55,556 13,784 85,999 – – Weighted average fixed interest rate Hedge of variable rate assets 0.5% 1.0% 1.2% 0.7% Hedge of variable rate liabilities 0.8% 1.2% 1.5% 1.2% Foreign exchange risk Cross currency swaps $ – $ 183 $ – $ 183 $ 9 $ – Weighted average CAD-JPY n.a. n.a. n.a. n.a. Weighted average CAD-EUR n.a. 1.52 n.a. 1.52 As at October 31, 2020 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 15,309 $ 10,663 $ 1,762 $ 27,734 $ – $ – Hedge of variable rate liabilities 5,616 61,697 5,384 72,697 – – Weighted average fixed interest rate Hedge of variable rate assets 0.6% 1.4% 1.8% 1.0% Hedge of variable rate liabilities 1.9% 1.5% 1.4% 1.5% Foreign exchange risk Cross currency swaps $ 700 $ 160 $ – $ 860 $ 1 $ 2 Weighted average CAD-JPY 0.01 n.a. n.a. 0.01 Weighted average CAD-EUR n.a. 1.52 n.a. 1.52 (1) The carrying value reflects the impact of the election to characterize the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Net Investment Hedges [Member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Net investment hedges As at October 31, 2021 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 433 $ 26,294 $ 401 $ 27,128 n.a. $ 27,157 Weighted average CAD-USD 1.32 1.29 1.30 1.29 Weighted average CAD-EUR – 1.51 1.48 1.51 Weighted average CAD-GBP – 1.72 – 1.72 Forward contracts $ 4,951 $ – $ – $ 4,951 $ 98 $ 18 Weighted average CAD-USD 1.26 n.a. n.a. 1.26 Weighted average CAD-EUR 1.45 n.a. n.a. 1.45 Weighted average CAD-GBP 1.73 n.a. n.a. 1.73 As at October 31, 2020 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 7,722 $ 18,706 $ 2,274 $ 28,702 n.a. $ 29,175 Weighted average CAD-USD 1.29 1.31 1.31 1.30 Weighted average CAD-EUR – 1.51 1.50 1.51 Weighted average CAD-GBP 1.73 1.65 – 1.69 Forward contracts $ 7,869 $ – $ – $ 7,869 $ 19 $ 58 Weighted average CAD-USD 1.33 n.a. n.a. 1.33 Weighted average CAD-EUR 1.56 n.a. n.a. 1.56 Weighted average CAD-GBP 1.71 n.a. n.a. 1.71 |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Premises and Equipment | For the year ended October 31, 2021 Owned by the Bank (1) Right-of-use (Millions of Canadian dollars) Land Buildings Computer Furniture, fixtures equipment Leasehold improvements Work in process Buildings Equipment Total Cost Balance at beginning of period $ 152 $ 1,416 $ 2,222 $ 1,684 $ 3,383 $ 203 $ 5,171 $ 421 $ 14,652 Additions 1 – 28 6 94 388 379 109 1,005 Transfers from work in process – 13 180 47 170 (410 ) – – – Disposals (2 ) (19 ) (85 ) (21 ) (70 ) (1 ) (49 ) (36 ) (283 ) Foreign exchange translation (6 ) (20 ) (46 ) (25 ) (66 ) (5 ) (167 ) (1 ) (336 ) Other – 29 81 (85 ) (17 ) (5 ) 60 – 63 Balance at end of period $ 145 $ 1,419 $ 2,380 $ 1,606 $ 3,494 $ 170 $ 5,394 $ 493 $ 15,101 Accumulated depreciation Balance at beginning of period $ – $ 754 $ 1,652 $ 1,265 $ 2,188 $ – $ 584 $ 275 $ 6,718 Depreciation – 49 245 94 222 – 578 88 1,276 Disposals – (7 ) (83 ) (20 ) (56 ) – (5 ) (20 ) (191 ) Foreign exchange translation – (9 ) (35 ) (16 ) (35 ) – (24 ) (1 ) (120 ) Other – (12 ) 59 (63 ) 10 – – – (6 ) Balance at end of period $ – $ 775 $ 1,838 $ 1,260 $ 2,329 $ – $ 1,133 $ 342 $ 7,677 Net carrying amount at end of period $ 145 $ 644 $ 542 $ 346 $ 1,165 $ 170 $ 4,261 $ 151 $ 7,424 For the year ended October 31, 2020 Owned by the Bank (1) Right-of-use (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Buildings Equipment Total Cost Balance at beginning of period $ 153 $ 1,395 $ 2,062 $ 1,557 $ 3,001 $ 432 $ 4,956 $ 363 $ 13,919 Additions – 26 82 42 14 623 281 115 1,183 Transfers from work in process – 9 279 93 449 (830 ) – – – Disposals (1 ) (4 ) (157 ) (42 ) (124 ) (2 ) (58 ) (57 ) (445 ) Foreign exchange translation 1 4 7 4 10 (2 ) 38 1 63 Other (1 ) (14 ) (51 ) 30 33 (18 ) (46 ) (1 ) (68 ) Balance at end of period $ 152 $ 1,416 $ 2,222 $ 1,684 $ 3,383 $ 203 $ 5,171 $ 421 $ 14,652 Accumulated depreciation Balance at beginning of period $ – $ 703 $ 1,553 $ 1,137 $ 2,074 $ – $ – $ 205 $ 5,672 Depreciation – 47 267 109 224 – 600 86 1,333 Disposals – (3 ) (155 ) (39 ) (112 ) – (12 ) (16 ) (337 ) Foreign exchange translation – 1 4 3 3 – (2 ) – 9 Other – 6 (17 ) 55 (1 ) – (2 ) – 41 Balance at end of period $ – $ 754 $ 1,652 $ 1,265 $ 2,188 $ – $ 584 $ 275 $ 6,718 Net carrying amount at end of period $ 152 $ 662 $ 570 $ 419 $ 1,195 $ 203 $ 4,587 $ 146 $ 7,934 (1) As at October 31, 2021, we had total contractual commitments of $162 million to purchase premises and equipment (October 31, 2020 – $94 million). |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units | Goodwill For the year ended October 31, 2021 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,557 $ 1,719 $ 587 $ 2,001 $ 2,978 $ 121 $ 112 $ 149 $ 1,078 $ 11,302 Acquisitions – – – – – – – – – – Dispositions – (3 ) – – – (4 ) – – – (7 ) Currency translations – (116 ) (10 ) (37 ) (210 ) (2 ) – (1 ) (65 ) (441 ) Balance at end of period $ 2,557 $ 1,600 $ 577 $ 1,964 $ 2,768 $ 115 $ 112 $ 148 $ 1,013 $ 10,854 For the year ended October 31, 2020 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Insurance Investor & Capital Total Balance at beginning of period $ 2,555 $ 1,727 $ 579 $ 1,985 $ 2,943 $ 120 $ 112 $ 148 $ 1,067 $ 11,236 Acquisitions 2 – 6 – 1 – – – – 9 Dispositions – (16 ) – – – – – – – (16 ) Currency translations – 8 2 16 34 1 – 1 11 73 Balance at end of period $ 2,557 $ 1,719 $ 587 $ 2,001 $ 2,978 $ 121 $ 112 $ 149 $ 1,078 $ 11,302 |
Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models | As at August 1, 2021 August 1, 2020 Discount (1) Terminal Discount (1) Terminal Group of cash generating units Canadian Banking 9.4% 3.0% 9.5% 3.0% Caribbean Banking 10.9 3.5 11.4 3.7 Canadian Wealth Management 10.5 3.0 10.4 3.0 Global Asset Management 10.5 3.0 10.5 3.0 U.S. Wealth Management (including City National) 11.1 3.0 10.7 3.0 International Wealth Management (2) n.m. n.m. n.m. n.m. Insurance 10.2 3.0 10.2 3.0 Investor & Treasury Services 9.9 3.0 10.2 3.0 Capital Markets 11.8 3.0 12.0 3.0 (1) Pre-tax post-tax (2) The recoverable amount for our International Wealth Management CGU is determined using a multiples-based approach. |
Summary of Carrying Amount of Other Intangible Assets | Other intangible assets For the year ended October 31, 2021 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 7,676 $ 1,901 $ 1,586 $ 1,916 $ 1,241 $ 14,320 Additions 48 15 – – 1,129 1,192 Acquisitions through business combinations – – – – – – Transfers 1,022 69 – – (1,091 ) – Dispositions (66 ) (87 ) – (38 ) (8 ) (199 ) Impairment losses (157 ) – – – (9 ) (166 ) Currency translations (126 ) (60 ) (112 ) (41 ) (29 ) (368 ) Other changes (7 ) 8 – 5 3 9 Balance at end of period $ 8,390 $ 1,846 $ 1,474 $ 1,842 $ 1,236 $ 14,788 Accumulated amortization Balance at beginning of period $ (5,884 ) $ (1,500 ) $ (793 ) $ (1,391 ) $ – $ (9,568 ) Amortization charge for the year (898 ) (138 ) (150 ) (101 ) – (1,287 ) Dispositions 65 86 – 38 – 189 Impairment losses 137 – – – – 137 Currency translations 88 41 58 29 – 216 Other changes 9 (13 ) – – – (4 ) Balance at end of period $ (6,483 ) $ (1,524 ) $ (885 ) $ (1,425 ) $ – $ (10,317 ) Net balance at end of period $ 1,907 $ 322 $ 589 $ 417 $ 1,236 $ 4,471 For the year ended October 31, 2020 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 6,941 $ 1,684 $ 1,567 $ 1,773 $ 1,240 $ 13,205 Additions 54 47 – 143 1,157 1,401 Acquisitions through business combinations – 6 – 10 – 16 Transfers 936 193 – – (1,129 ) – Dispositions (149 ) (13 ) – – (4 ) (166 ) Impairment losses (116 ) (4 ) – – (10 ) (130 ) Currency translations 20 7 19 13 8 67 Other changes (10 ) (19 ) – (23 ) (21 ) (73 ) Balance at end of period $ 7,676 $ 1,901 $ 1,586 $ 1,916 $ 1,241 $ 14,320 Accumulated amortization Balance at beginning of period $ (5,256 ) $ (1,357 ) $ (627 ) $ (1,291 ) $ – $ (8,531 ) Amortization charge for the year (855 ) (144 ) (160 ) (114 ) – (1,273 ) Dispositions 147 12 – – – 159 Impairment losses 88 – – – – 88 Currency translations (14 ) (6 ) (6 ) (9 ) – (35 ) Other changes 6 (5 ) – 23 – 24 Balance at end of period $ (5,884 ) $ (1,500 ) $ (793 ) $ (1,391 ) $ – $ (9,568 ) Net balance at end of period $ 1,792 $ 401 $ 793 $ 525 $ 1,241 $ 4,752 |
Joint ventures and associated_2
Joint ventures and associated companies (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method | The following table summarizes the carrying value of our interests in joint ventures and associated companies accounted for under the equity method as well as our share of the income of those entities. Joint ventures Associated companies As at and for the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 October 31 2021 October 31 2020 Carrying amount $ 223 $ 193 $ 431 $ 459 Share of: Net income $ 107 $ 87 $ 23 $ (10 ) |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Assets | As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Accounts receivable and prepaids $ 5,056 $ 4,600 Accrued interest receivable 2,195 2,362 Cash collateral 14,541 18,119 Commodity trading receivables 6,996 4,104 Deferred income tax asset 2,011 2,579 Employee benefit assets 2,640 143 Insurance-related assets Collateral loans 615 801 Policy loans 87 97 Reinsurance assets 1,032 949 Other 62 93 Investments in joint ventures and associates 654 652 Margin deposits 11,441 9,816 Precious metals 1,619 2,371 Receivable from brokers, dealers and clients 3,395 2,077 Taxes receivable 4,891 5,487 Other 4,648 4,671 $ 61,883 $ 58,921 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Deposit Liabilities | As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 207,493 $ 64,613 $ 90,382 $ 362,488 $ 182,745 $ 61,761 $ 98,546 $ 343,052 Business and government 356,020 20,800 319,533 696,353 315,472 16,585 292,254 624,311 Bank 12,549 449 28,992 41,990 12,502 956 31,064 44,522 $ 576,062 $ 85,862 $ 438,907 $ 1,100,831 $ 510,719 $ 79,302 $ 421,864 $ 1,011,885 Non-interest-bearing (4) Canada $ 151,475 $ 8,051 $ 713 $ 160,239 $ 123,402 $ 7,390 $ 368 $ 131,160 United States 54,021 – – 54,021 43,831 – – 43,831 Europe (5) 632 – – 632 654 – – 654 Other International 8,002 – – 8,002 7,372 – – 7,372 Interest-bearing (4) Canada 315,464 19,857 312,987 648,308 287,046 19,036 310,492 616,574 United States 6,978 57,260 77,597 141,835 7,190 52,046 57,037 116,273 Europe (5) 34,278 693 36,788 71,759 33,810 830 37,250 71,890 Other International 5,212 1 10,822 16,035 7,414 – 16,717 24,131 $ 576,062 $ 85,862 $ 438,907 $ 1,100,831 $ 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 include both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at October 31, 2021, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $399 billion, $35 billion, $43 billion and $27 billion, respectively (October 31, 2020 – $347 billion, $32 billion, $47 billion and $33 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. |
Summary of Contractual Maturities of Term Deposit Liabilities | Contractual maturities of term deposits As at (Millions of Canadian dollars) October 31 2021 October 31 2020 (1) Within 1 year: less than 3 months $ 133,776 $ 123,290 3 to 6 months 64,062 65,782 6 to 12 months 83,871 80,737 1 to 2 years 45,532 34,400 2 to 3 years 29,204 42,907 3 to 4 years 24,573 21,136 4 to 5 years 25,329 22,885 Over 5 years 32,560 30,727 $ 438,907 $ 421,864 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 416,000 $ 388,000 (1) Amounts previously presented were reclassified to reflect the contractual maturities of certain term deposits. |
Summary of Average Deposit Balances and Average Rates of Interest | Average deposit balances and average rates of interest For the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars, except for percentage amounts) Average Average Average Average Canada $ 772,875 0.61% $ 725,021 1.02% United States 180,230 0.13 144,011 0.46 Europe 77,217 0.55 73,317 0.76 Other International 28,731 0.33 28,283 0.68 $ 1,059,053 0.51% $ 970,632 0.90% |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Statement [Line Items] | |
Summary of Net Premiums and Claims | Net premiums and claims For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Gross premiums $ 5,090 $ 4,515 Premiums ceded to reinsurers (250 ) (249 ) Net premiums $ 4,840 $ 4,266 Gross claims and benefits (1) $ 3,834 $ 3,700 Reinsurers’ share of claims and benefits (287 ) (316 ) Net claims $ 3,547 $ 3,384 (1) Includes the change in fair value of investments backing our policyholder liabilities. |
Significant Insurance Assumptions | Significant insurance assumptions As at October 31 2021 October 31 2020 Life Insurance Canadian Insurance Mortality rates (1) 0.12% 0.11% Morbidity rates (2) 1.78 1.81 Future reinvestment yield (3) 3.76 3.82 Lapse rates (4) 0.50 0.50 International Insurance Mortality rates (1) 0.79 0.66 Future reinvestment yield (3) 2.90 3.05 (1) Average annual death rate for the largest portfolio of insured policies. (2) Average net termination rate for the individual and group disability insurance portfolio. (3) Ultimate reinvestment rate of the insurance operations. (4) Ultimate policy termination rate (lapse rate) for the largest permanent life insurance portfolio that relies on a |
Summary of Gross and Reinsurers' Share of Insurance Liabilities | Insurance claims and policy benefit liabilities The following table summarizes our gross and reinsurers’ share of insurance liabilities at the end of the year. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Life insurance policyholder liabilities Life, health and annuity $ 12,775 $ 861 $ 11,914 $ 12,089 $ 752 $ 11,337 Investment contracts (1) 42 – 42 34 – 34 $ 12,817 $ 861 $ 11,956 $ 12,123 $ 752 $ 11,371 Non-life insurance policyholder liabilities Unearned premium provision (1) $ 6 $ – $ 6 $ 7 $ – $ 7 Unpaid claims provision 41 3 38 126 31 95 $ 47 $ 3 $ 44 $ 133 $ 31 $ 102 $ 12,864 $ 864 $ 12,000 $ 12,256 $ 783 $ 11,473 (1) Insurance liabilities for investment contracts and unearned premium provision are reported in Other liabilities on the Consolidated Balance Sheets. |
Reconciliation of Life Insurance Policyholder Liabilities | Reconciliation of life insurance policyholder liabilities For the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Balances at beginning of period $ 12,123 $ 752 $ 11,371 $ 11,377 $ 601 $ 10,776 New and in-force policies (1) 775 108 667 735 141 594 Changes in assumption and methodology (89 ) 1 (90 ) 15 10 5 Net change in investment contracts 8 – 8 (4 ) – (4 ) Balances at end of period $ 12,817 $ 861 $ 11,956 $ 12,123 $ 752 $ 11,371 (1) Includes the change in fair value of investments backing our policyholder liabilities. |
Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions | The analyses are performed where a single assumption is changed while holding other assumptions constant, which is unlikely to occur in practice. Net income impact for the year ended (Millions of Canadian dollars, except for percentage amounts) Change in October 31 2021 October 31 2020 Increase in market interest rates (1) 1% $ (14 ) $ 5 Decrease in market interest rates (1) 1 17 (11 ) Increase in equity market values (2) 10 8 8 Decrease in equity market values (2) 10 (10 ) (22 ) Increase in maintenance expenses (3) 5 (37 ) (37 ) Life Insurance (3) Adverse change in annuitant mortality rates 2 (287 ) (278 ) Adverse change in assurance mortality rates 2 (67 ) (70 ) Adverse change in morbidity rates 5 (213 ) (219 ) Adverse change in lapse rates 10 (253 ) (252 ) (1) Sensitivities for market interest rates include the expected current period earnings impact of a 100 (2) Sensitivities to changes in equity market values are composed of the expected current period earnings impact from differences in the changes in fair value of the equity asset holdings and the partially offsetting impact on the actuarial liabilities. (3) Sensitivities to changes in maintenance expenses and life insurance actuarial assumptions include the expected current period earnings impact from recognition of increased liabilities due to an adverse change in the given assumption over the lifetime of all in-force policies. |
Segregated funds (Tables)
Segregated funds (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Segregated Funds Net Assets | Segregated funds net assets As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Cash $ 40 $ 35 Investment in mutual funds 2,625 1,886 Other assets (liabilities), net 1 1 $ 2,666 $ 1,922 Changes in net assets For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Net assets at beginning of period $ 1,922 $ 1,663 Additions (deductions): Deposits from policyholders 975 724 Net realized and unrealized gains (losses) 381 12 Interest and dividends 51 49 Payment to policyholders (604 ) (479 ) Management and administrative fees (59 ) (47 ) Net assets at end of period $ 2,666 $ 1,922 |
Changes in Segregated Funds Net Assets |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Analysis of Financial Position Related to Pension and Other Post-Employment Benefit Plans | The following table presents the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Defined benefit Other post- Defined benefit Other post- Canada Fair value of plan assets $ 16,698 $ – $ 15,044 $ – Present value of defined benefit obligation 14,403 1,703 15,408 1,863 Net surplus (deficit) $ 2,295 $ (1,703 ) $ (364 ) $ (1,863 ) International Fair value of plan assets $ 1,005 $ – $ 980 $ – Present value of defined benefit obligation 912 77 943 90 Net surplus (deficit) $ 93 $ (77 ) $ 37 $ (90 ) Total Fair value of plan assets $ 17,703 $ – $ 16,024 $ – Present value of defined benefit obligation 15,315 1,780 16,351 1,953 Total net surplus (deficit) $ 2,388 $ (1,780 ) $ (327 ) $ (1,953 ) Effect of asset ceiling (6 ) – (1 ) – Total net surplus (deficit), net of effect of asset ceiling $ 2,382 $ (1,780 ) $ (328 ) $ (1,953 ) Amounts recognized in our Consolidated Balance Sheets Employee benefit assets $ 2,640 $ – $ 143 $ – Employee benefit liabilities (258 ) (1,780 ) (471 ) (1,953 ) Total net surplus (deficit), net of effect of asset ceiling $ 2,382 $ (1,780 ) $ (328 ) $ (1,953 ) |
Analysis of Movement in Financial Position Related to Pension and Other Post-Employment Benefit Plans | The following table presents an analysis of the movement in the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at or for the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Defined benefit (1) Other post- Defined benefit (1) Other post- Fair value of plan assets at beginning of period $ 16,024 $ – $ 14,785 $ 1 Interest income 432 – 447 – Remeasurements Return on plan assets (excluding interest income) 1,614 – 793 – Change in foreign currency exchange rate (21 ) – 17 – Contributions – Employer 221 75 798 63 Contributions – Plan participant 46 19 48 19 Payments (594 ) (94 ) (623 ) (83 ) Payments – amount paid in respect of settlements (2 ) – (223 ) – Business combinations/Disposals (4 ) Other (13 ) – (18 ) – Fair value of plan assets at end of period $ 17,703 $ – $ 16,024 $ – Benefit obligation at beginning of period $ 16,351 $ 1,953 $ 15,517 $ 1,820 Current service costs 359 46 367 46 Past service costs – (1 ) – (12 ) Gains and losses on settlements 2 – (5 ) – Interest expense 439 57 462 59 Remeasurements Actuarial losses (gains) from demographic assumptions – (6 ) – (5 ) Actuarial losses (gains) from financial assumptions (1,253 ) (184 ) 791 68 Actuarial losses (gains) from experience adjustments (5 ) (2 ) 2 38 Change in foreign currency exchange rate (24 ) (7 ) 15 3 Contributions – Plan participant 46 19 48 19 Payments (594 ) (94 ) (623 ) (83 ) Payments – amount paid in respect of settlements (2 ) – (223 ) – Business combinations/Disposals (4 ) (1 ) – – Benefit obligation at end of period $ 15,315 $ 1,780 $ 16,351 $ 1,953 Unfunded obligation $ 26 $ 1,633 $ 30 $ 1,792 Wholly or partly funded obligation 15,289 147 16,321 161 Total benefit obligation $ 15,315 $ 1,780 $ 16,351 $ 1,953 (1) For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2021 were $413 million and $155 million, respectively (October 31, 2020 – $15,054 million and $14,583 million, respectively). |
Summary of Composition of Pension and Other Post-Employment Benefit Expense | The following table presents the composition of our pension and other post-employment benefit expense related to our material pension and other post-employment benefit plans worldwide. For the year ended Pension plans Other post-employment (Millions of Canadian dollars) October 31 2021 October 31 2020 October 31 2021 October 31 2020 Current service costs $ 359 $ 367 $ 46 $ 46 Past service costs – – (1 ) (12 ) Gains and losses on settlements 2 (5 ) – – Net interest expense (income) 7 15 57 59 Remeasurements of other long-term benefits – – (12 ) 13 Administrative expense 13 18 – – Defined benefit pension expense $ 381 $ 395 $ 90 $ 106 Defined contribution pension expense 235 226 – – $ 616 $ 621 $ 90 $ 106 |
Summary of Composition of Remeasurements Recorded in OCI related to pension and other post employment benefit plans | Pension and other post-employment benefit remeasurements The following table presents the composition of our remeasurements recorded in OCI related to our material pension and other post-employment benefit plans worldwide. For the year ended Defined benefit pension plans Other post-employment (Millions of Canadian dollars) October 31 2021 October 31 2020 October 31 2021 October 31 2020 Actuarial (gains) losses: Changes in demographic assumptions $ – $ – $ (6 ) $ (14 ) Changes in financial assumptions (1,253 ) 791 (177 ) 62 Experience adjustments (5 ) 2 3 40 Return on plan assets (excluding interest based on discount rate) (1,614 ) (793 ) – – Change in asset ceiling (excluding interest income) 5 – – – $ (2,867 ) $ – $ (180 ) $ 88 |
Asset Allocation of Defined Benefit Pension Plans | Asset allocation of defined benefit pension plans (1) , (2) As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars, except percentages) Fair value Percentage Quoted ( 3 Fair value Percentage Quoted ( 3 Equity securities Domestic $ 1,879 11 % 100 % $ 1,493 9 % 100 % Foreign 4,202 24 100 3,859 24 100 Debt securities Domestic government bonds (4) 3,766 21 – 3,259 20 – Foreign government bonds 71 – – 81 1 – Corporate and other bonds 3,844 22 – 3,701 23 – Alternative investments and other 3,941 22 12 3,631 23 13 $ 17,703 100 % 37 % $ 16,024 100 % 36 % (1) The asset allocation is based on the underlying investments held directly and indirectly through the funds as this is how we manage our investment policy and strategies. (2) Represents the total plan assets held in our Canadian and International pension plans. ( 3 If our assessment of whether or not an asset was quoted in an active market was based on direct investments, 41% of our total plan assets would be classified as quoted in an active market (October 31, 2020 – 38%). (4) Amounts are net of securities sold under repurchase agreements. |
Maturity Profile of Defined Benefit Pension Plan Obligation | The following table presents the maturity profile of our defined benefit pension plan obligation. (Millions of Canadian dollars, except participants and years) As at October 31, 2021 Canada International Total Number of plan participants 67,580 5,321 72,901 Actual benefit payments 2021 $ 564 $ 32 $ 596 Benefits expected to be paid 2022 659 34 693 Benefits expected to be paid 2023 679 34 713 Benefits expected to be paid 2024 700 35 735 Benefits expected to be paid 2025 720 35 755 Benefits expected to be paid 2026 738 35 773 Benefits expected to be paid 2027-2031 3,914 182 4,096 Weighted average duration of defined benefit payments 15.0 20.8 years 15.3 years |
Pension and Other Post-Employment Benefits -Weighted Average Assumptions to Determine Benefit Obligation | Weighted average assumptions to determine benefit obligation As at Defined benefit pension Other post-employment October 31 2021 October 31 2020 October 31 2021 October 31 2020 Discount rate 3.3% 2.7% 3.6% 3.0% Rate of increase in future compensation 3.0% 3.3% n.a. n.a. Healthcare cost trend rates (1) – Medical n.a. n.a. 3.4% 3.5% – Dental n.a. n.a. 3.1% 3.1% (1) For our other post-employment benefit plans, the assumed trend rates used to measure the expected benefit costs of the defined benefit obligations are also the ultimate trend rates. n.a. not applicable |
Mortality Assumptions to Determine Defined Benefit Pension Plan Obligation | The following table summarizes the mortality assumptions used for material plans. As at October 31, 2021 October 31, 2020 Life expectancy at 65 for a member currently at Life expectancy at 65 for a member currently at Age 65 Age 45 Age 65 Age 45 (In years) Male Female Male Female Male Female Male Female Country Canada 23.8 24.2 24.8 25.1 23.8 24.1 24.7 25.1 United Kingdom 23.6 25.4 25.3 27.2 23.5 25.3 25.2 27.1 |
Sensitivity Analysis of Key Assumptions | The following table presents the sensitivity analysis of key assumptions for 2021. Increase (decrease) in obligation (Millions of Canadian dollars) Defined benefit Other post- Discount rate Impact of 100 bps $ (2,113 ) $ (223 ) Impact of 100 bps 2,625 282 Rate of increase in future compensation Impact of 5 0 56 – Impact of 5 0 (62 ) – Mortality rate Impact of an increase in longevity by on yea 444 31 Healthcare cost trend rate Impact of 10 0 n.a. 64 Impact of 10 0 n.a. (54 ) n.a. not applicable |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Other Liabilities | As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Accounts payable and accrued expenses $ 1,867 $ 1,500 Accrued interest payable 2,178 2,855 Cash collateral 16,712 19,433 Commodity liabilities 7,916 8,354 Deferred income 3,518 2,945 Deferred income taxes 74 52 Dividends payable 1,622 1,611 Employee benefit liabilities 2,038 2,424 Insurance related liabilities 366 341 Lease liabilities 5,077 5,357 Negotiable instruments 1,774 1,676 Payable to brokers, dealers and clients 6,461 5,108 Payroll and related compensation 9,340 7,476 Precious metals certificates 613 623 Provisions 601 618 Taxes payable 3,403 2,209 Other 6,741 7,249 $ 70,301 $ 69,831 |
Subordinated debentures (Tables
Subordinated debentures (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Net of Holdings in Debentures | The amounts presented below are net of our own holdings in these debentures, and include the impact of fair value hedges used for managing interest rate risk. (Millions of Canadian dollars, except percentage and foreign currency) Interest Denominated in foreign currency As at Maturity Earliest par value October 31 2021 October 31 2020 July 15, 2022 5.38% US$150 $ 188 $ 205 June 8, 2023 9.30% 110 110 January 20, 2026 (1) (2) January 20, 2021 3.31% – 1,501 January 27, 2026 (2) 4.65% US$1,500 1,916 2,148 September 29, 2026 (2) (3) September 29, 2021 3.45% – 1,017 November 1, 2027 November 1, 2022 4.75% TT$300 55 59 July 25, 2029 (2) July 25, 2024 2.74% (4) 1,499 1,559 December 23, 2029 (2) December 23, 2024 2.88% (5) 1,489 1,578 June 30, 2030 (2) June 30, 2025 2.09% (6) 1,250 1,247 November 3, 2031 (2) November 3, 2026 2.14% (7) 1,717 – January 28, 2033 (2) January 28, 2028 1.67% (8) 943 – October 1, 2083 Any interest payment date (9) 224 224 June 29, 2085 Any interest payment date (10) US$174 215 231 $ 9,606 $ 9,879 Deferred financing costs (13 ) (12 ) $ 9,593 $ 9,867 The terms and conditions of the debentures are as follows: (1) On January 20, 2021, we redeemed all $1,500 million of our outstanding non-viability contingency capital (NVCC) 3.31% subordinated debentures due on January 20, 2026 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (2) The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. (3) On September 29, 2021, we redeemed all $1,000 million of our issued and outstanding NVCC 3.45% subordinated debentures due on September 29, 2026 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (4) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month CDOR. (5) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.89% above the 3-month CDOR. (6) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.31% above the 3-month CDOR. (7) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.61% above the 3-month CDOR. (8) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.55% above the 3-month CDOR. (9) Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate. (10) Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN). In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. |
Maturities of Subordinated Debentures | The aggregate maturities of subordinated debentures, based on the maturity dates under the terms of issue, are as follows: As at (Millions of Canadian dollars) October 31 2021 Within 1 year $ 188 1 to 5 years 2,026 5 to 10 years 4,293 Thereafter 3,099 $ 9,606 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Common and Preferred Shares and Other Equity Instruments Outstanding | The following table details our common and preferred shares and other equity instruments outstanding. As at and for the year ended October 31, 2021 October 31, 2020 (Millions of Canadian dollars, except the number of shares and as otherwise noted) Number of Amount Dividends Number of Amount Dividends Common shares issued Balance at beginning of period 1,423,861 $ 17,628 1,430,678 $ 17,645 Issued in connection with share-based compensation plans (1) 1,326 100 1,043 80 Purchased for cancellation (2) – – (7,860 ) (97 ) Balance at end of period 1,425,187 $ 17,728 $ 4.32 1,423,861 $ 17,628 $ 4.29 Treasury – common shares Balance at beginning of period (3) (1,388 ) $ (129 ) (582 ) $ (58 ) Purchases (37,603 ) (4,060 ) (58,775 ) (4,739 ) Sales 38,329 4,116 57,969 4,668 Balance at end of period (3) (662 ) $ (73 ) (1,388 ) $ (129 ) Common shares outstanding 1,424,525 $ 17,655 1,422,473 $ 17,499 Preferred shares and other equity instruments issued First preferred (4) Non-cumulative, fixed rate Series BH 6,000 $ 150 $ 1.23 6,000 $ 150 $ 1.23 Series BI 6,000 150 1.23 6,000 150 1.23 Series BJ 6,000 150 1.31 6,000 150 1.31 Non-cumulative, 5-Year Rate Reset Series AZ 20,000 500 0.93 20,000 500 0.93 Series BB 20,000 500 0.91 20,000 500 0.91 Series BD 24,000 600 0.80 24,000 600 0.85 Series BF 12,000 300 0.75 12,000 300 0.90 Series BK (5) – – 0.69 29,000 725 1.38 Series BM (6) – – 1.03 30,000 750 1.38 Series BO 14,000 350 1.20 14,000 350 1.20 Non-cumulative, fixed rate/floating rate Series C-2 15 23 US$ 67.50 15 23 US$ 67.50 Other equity instruments Limited recourse capital notes (LRCNs) (7) Series 1 (8) 1,750 1,750 4.50% 1,750 1,750 4.50% Series 2 ( 8 1,250 1,250 4.00% – – – Series 3 ( 8 1,000 1,000 3.65% – – – 112,015 $ 6,723 168,765 $ 5,948 Treasury – preferred shares and other equity instruments Balance at beginning of period (3) (2 ) $ (3 ) 34 $ 1 Purchases (6,306 ) (683 ) (5,319 ) (114 ) Sales 6,144 647 5,283 110 Balance at end of period (3) (164 ) $ (39 ) (2 ) $ (3 ) Preferred shares and other equity instruments outstanding 111,851 $ 6,684 168,763 $ 5,945 (1) Includes fair value adjustments to stock options of $11 million (October 31, 2020 – $9 million). (2) During the year ended October 31, 2020, we purchased common shares for cancellation at an average cost of $103.62 per share with a book value of $12.34 per share. (3) Positive amounts represent a short position and negative amounts represent a long position. (4) First Preferred Shares were issued at $25 per share with the exception of Non-Cumulative Fixed Rate/Floating Rate First Preferred Shares Series C-2 (Series C-2) which were issued at US$1,000 per share (equivalent to US$25 per depositary share). (5) 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. (6) On August 24, 2021, we redeemed all 30 million of our issued and outstanding Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BM at a price of $25 per share. (7) Each series of LRCNs (LRCN Series) were issued at a $1,000 per note. The number of shares represent the number of notes issued and the dividends declared per share represent the annual interest rate percentage applicable to the notes issued as at the reporting date. (8) In connection with the issuance of LRCN Series 1, we issued $1,750 million of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BQ (Series BQ); in connection with the issuance of LRCN Series 2, we issued $1,250 million of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BR (Series BR); in connection with the issuance of LRCN Series 3, we issued $1,000 million of Non-Cumulative 5-Year Rate Reset First Preferred Shares Series BS (Series BS).The Series BQ, BR and BS preferred shares were issued at a price of $1,000 per share and were issued to a consolidated trust to be held as trust assets in connection with each respective LRCN Series. |
Summary of Significant Terms and Conditions of Preferred Shares and Other Equity Instruments | Significant terms and conditions of preferred shares and other equity instruments As at October 31, 2021 Current Premium Current dividend Earliest Issue date Redemption , Preferred shares First preferred Non-cumulative, fixed rate Series BH (4) 4.90% $ .306250 November 24, 2020 June 5, 2015 $ 26.00 Series BI (4) 4.90% .306250 November 24, 2020 July 22, 2015 26.00 Series BJ (4) 5.25% .328125 February 24, 2021 October 2, 2015 26.00 Non-cumulative, 5-Year Rate Reset (5) Series AZ (4) 3.70% 2.21% .231250 May 24, 2019 January 30, 2014 25.00 Series BB (4) 3.65% 2.26% .228125 August 24, 2019 June 3, 2014 25.00 Series BD (4) 3.20% 2.74% .200000 May 24, 2020 January 30, 2015 25.00 Series BF (4) 3.60% 2.62% .187500 November 24, 2020 March 13, 2015 25.00 Series BO (4) 4.80% 2.38% .300000 February 24, 2024 November 2, 2018 25.00 Non-cumulative, fixed rate/floating rate Series C-2 (6) 6.75% 4.052% US$ 16.875000 November 7, 2023 November 2, 2015 US$ 1,000.00 Other equity instruments Limited recourse capital notes (7) Series 1 (8) 4.50% 4.137% n.a. October 24, 2025 July 28, 2020 $ 1,000.00 Series 2 (9) 4.00% 3.617% n.a. January 24, 2026 November 2, 2020 1,000.00 Series 3 (10) 3.65% 2.665% n.a. October 24, 2026 June 8, 2021 1,000.00 (1) Non-cumulative preferential dividends of each Series are payable quarterly, as and when declared by the Board of Directors, on or about the 24th day (7th day for Series C-2) of February, May, August and November. (2) Subject to the consent of OSFI and the requirements of the Bank Act (3) Subject to the consent of OSFI and the requirements of the Bank Act (4) The preferred shares include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each preferred share is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1 and with a conversion price based on the greater of: (i) a floor price of $5 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the preferred share value ($25 plus declared and unpaid dividends) by the conversion price. (5) The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Government of Canada bond yield plus the premium indicated. The holders have the option to convert their shares into non-cumulative floating rate First Preferred Shares subject to certain conditions on the earliest redemption date and every fifth year thereafter at a rate equal to the three-month Government of Canada Treasury Bill rate plus the premium indicated. (6) The dividend rate will change on the earliest redemption date at a rate equal to the 3-month LIBOR plus the premium indicated. Series C-2 do not qualify as Tier 1 regulatory capital. (7) The current annual yield on each LRCN Series represents the annual interest rate applicable to the notes issued as at the reporting date. The payments of interest and principal in cash on the LRCN Series are made at our discretion, and non-payment of interest and principal in cash does not constitute an event of default. 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 a LRCN Series, (iii) non-payment of principal at the maturity of a LRCN Series, or (iv) an event of default on a LRCN Series, holders of such LRCN Series will have recourse only to the assets (Trust Assets) held by a third-party trustee in a consolidated trust in respect of such LRCN Series and each such noteholder will be entitled to receive its pro rata share of the Trust Assets. In such an event, the delivery of the Trust Assets for each LRCN Series will represent the full and complete extinguishment of our obligations under the related LRCN Series. The LRCNs include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is 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 the series of preferred shares that were issued concurrently with the related LRCN Series. Each series of preferred shares include an automatic conversion formula with a conversion price based on the greater of: (i) a floor price of (8) LRCN Series 1 bear interest at a fixed rate of 4.5% per annum until November 24, 2025, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 4.137% until maturity on November 24, 2080. The interest is paid semi-annually on or about the 24 th Bank Act (9) LRCN Series 2 bear interest 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. The interest is paid semi-annually on or about the 24th day of February and August. LRCN Series 2 is redeemable during the period from January 24 to and including February 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BR pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (10) LRCN Series 3 bear interest at a fixed rate of 3.65% per annum until November 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 2.665% until maturity on November 24, 2081. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 3 is redeemable during the period from October 24 to and including November 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BS pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act n.a. not applicable |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Stock Option Activity and Related Information | A summary of our stock option activity and related information For the year ended October 31, 2021 October 31, 2020 (Canadian dollars per share except share amounts) Number of Weighted (1) Number of Weighted (1) Outstanding at beginning of period 6,973 $ 86.02 6,950 $ 79.88 Granted 1,251 106.00 1,089 103.64 Exercised (2) (3) (1,150 ) 65.56 (1,044 ) 65.39 Forfeited in the period (19 ) 93.23 (22 ) 50.28 Outstanding at end of period 7,055 $ 92.27 6,973 $ 86.02 Exercisable at end of period 3,273 $ 80.38 3,314 $ 71.77 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rates as of October 31, 2021 and October 31, 2020. For foreign currency-denominated options exercised during the year, the weighted average exercise prices are translated using exchange rates as at the settlement date. (2) Cash received for options exercised during the year was $75 million (October 31, 2020 – $68 million) and the weighted average share price at the date of exercise was $115.11 (October 31, 2020 – $100.20). (3) New shares were issued for all stock options exercised in 2021 and 2020. |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding as at October 31, 2021 by range of exercise price Options outstanding Options exercisable (Canadian dollars per share except share amounts and years) Number Weighted (1) Weighted Number Weighted (1) $36.68 – $71.11 739 $ 59.67 1.91 739 $ 59.67 $73.14 – $78.59 968 75.70 3.80 968 75.70 $90.23 – $96.55 2,285 93.23 5.66 1,202 90.25 $102.33 – $104.70 1,818 103.73 7.13 364 102.35 $106.00 1,245 106.00 9.12 – – 7,055 $ 92.27 6.00 3,273 $ 80.38 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rate as of October 31, 2021. |
Weighted Average Assumptions | Weighted average assumptions For the year ended (Canadian dollars per share except percentages and years) October 31 2021 October 31 2020 Share price at grant date $ 104.86 $ 104.80 Risk-free interest rate 0.48% 1.64% Expected dividend yield 4.59% 3.90% Expected share price volatility 14% 13% Expected life of option 6 Years 6 Years |
Summary of Units Granted Under Deferred Share and Other Plans | The following table presents the units granted under the deferred share and other plans for the year. Units granted under deferred share and other plans For the year ended October 31, 2021 October 31, 2020 (Units and per unit amounts) Units Weighted Units granted Weighted Deferred share unit plans 462 $ 113.34 503 $ 98.91 Capital Markets compensation plan unit awards 4,066 128.95 4,796 92.06 Performance deferred share award plans 2,486 106.10 2,409 104.14 Deferred compensation plans 87 104.21 92 103.49 Other share-based plans 767 109.24 759 100.55 7,868 $ 118.62 8,559 $ 96.74 |
Summary of Obligation Under Deferred Share and Other Plans | The following tables present the units that have been earned by the participants, our obligations for these earned units under the deferred share and other plans, and the related compensation expenses (recoveries) recognized for the year. Obligations under deferred share and other plans As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars except units) Units Carrying Units Carrying Deferred share unit plans 5,001 $ 644 5,221 $ 486 Capital Markets compensation plan unit awards 9,925 1,280 9,560 874 Performance deferred share award plans 6,216 801 5,860 550 Deferred compensation plans (1) 2,574 331 2,685 250 Other share-based plans 1,724 216 1,828 167 25,440 $ 3,272 25,154 $ 2,327 (1) Excludes obligations not determined based on the quoted market price of our common shares. |
Summary of Compensation Expenses Recognized Under Deferred Share and Other Plans | Compensation expenses recognized under deferred share and other plans For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Deferred share unit plans $ 205 $ (48 ) Capital Markets compensation plan unit awards 518 115 Performance deferred share award plans 506 190 Deferred compensation plans 627 137 Other share-based plans 142 60 $ 1,998 $ 454 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Components of Tax Expenses | Components of tax expense For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Income taxes (recoveries) in Consolidated Statements of Income Current tax Tax expense for current year $ 4,893 $ 3,673 Adjustments for prior years (92 ) (106 ) Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (16 ) (25 ) 4,785 3,542 Deferred tax Origination and reversal of temporary difference (216 ) (655 ) Effects of changes in tax rates (4 ) 6 Adjustments for prior years 74 98 Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net (58 ) (39 ) (204 ) (590 ) 4,581 2,952 Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity Other comprehensive income Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income (35 ) 43 Provision for credit losses recognized in income – 3 Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income (28 ) (56 ) Unrealized foreign currency translation gains (losses) 1 5 Net foreign currency translation gains (losses) from hedging activities 591 (138 ) Reclassification of losses (gains) on net investment hedging activities to income – 7 Net gains (losses) on derivatives designated as cash flow hedges 485 (410 ) Reclassification of losses (gains) on derivatives designated as cash flow hedges to income 97 27 Remeasurements of employee benefit plans 796 (20 ) Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss 20 (93 ) Net gains (losses) on equity securities designated at fair value through other comprehensive income 17 6 Share-based compensation awards (17 ) 7 Distributions on other equity instruments and issuance costs (42 ) (12 ) 1,885 (631 ) Total income taxes $ 6,466 $ 2,321 |
Reconciliation to Statutory Tax Rate | Reconciliation to statutory tax rate For the year ended (Millions of Canadian dollars, except for percentage amounts) October 31, 2021 October 31, 2020 Income taxes at Canadian statutory tax rate $ 5,405 26.2 % $ 3,799 26.4 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries (361 ) (1.8 ) (513 ) (3.6 ) Tax-exempt income from securities (379 ) (1.8 ) (364 ) (2.5 ) Tax rate change (4 ) – 6 – Other (80 ) (0.4 ) 24 0.2 Income taxes in Consolidated Statements of Income / effective tax rate $ 4,581 22.2 % $ 2,952 20.5 % |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities As at and for the year ended October 31, 2021 (Millions of Canadian dollars) Net asset Change through equity Change through profit or loss Exchange rate differences Other Net asset end of period Net deferred tax asset/(liability) Allowance for credit losses $ 1,362 $ – $ (372 ) $ (16 ) $ – $ 974 Deferred compensation 1,269 17 396 (68 ) – 1,614 Business realignment charges 9 – 2 – – 11 Tax loss and tax credit carryforwards 204 – 40 (2 ) – 242 Deferred (income) expense (104 ) 6 205 3 – 110 Financial instruments measured at fair value through other comprehensive income (68 ) 45 (1 ) 5 – (19 ) Premises and equipment and intangibles (784 ) – (82 ) 30 – (836 ) Pension and post-employment related 592 (796 ) 45 (4 ) – (163 ) Other 47 (12 ) (29 ) 3 (5 ) 4 $ 2,527 $ (740 ) $ 204 $ (49 ) $ (5 ) $ 1,937 Comprising Deferred tax assets $ 2,579 $ 2,011 Deferred tax liabilities (52 ) (74 ) $ 2,527 $ 1,937 As at and for the year ended October 31, 2020 (Millions of Canadian dollars) Net asset Change Change Exchange Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 716 $ – $ 646 $ – $ – $ 1,362 Deferred compensation 1,246 (7 ) 19 11 – 1,269 Business realignment charges 10 – (1 ) – – 9 Tax loss and tax credit carryforwards 202 – 2 – – 204 Deferred (income) expense (15 ) 5 (93 ) (1 ) – (104 ) Financial instruments measured at fair value through other comprehensive income (43 ) (23 ) (2 ) – – (68 ) Premises and equipment and intangibles (831 ) – 60 (10 ) (3 ) (784 ) Pension and post-employment related 631 20 (59 ) – – 592 Other 29 4 18 (4 ) – 47 $ 1,945 $ (1 ) $ 590 $ (4 ) $ (3 ) $ 2,527 Comprising Deferred tax assets $ 2,027 $ 2,579 Deferred tax liabilities (82 ) (52 ) $ 1,945 $ 2,527 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Earnings Per Share | For the year ended (Millions of Canadian dollars, except share and per share amounts) October 31 2021 October 31 2020 Basic earnings per share Net income $ 16,050 $ 11,437 Dividends on preferred shares and distributions on other equity instruments (257 ) (268 ) Net income attributable to non-controlling interests (12 ) (5 ) Net income available to common shareholders $ 15,781 $ 11,164 Weighted average number of common shares (in thousands) 1,424,343 1,423,915 Basic earnings per share (in dollars) $ 11.08 $ 7.84 Diluted earnings per share Net income available to common shareholders $ 15,781 $ 11,164 Dilutive impact of exchangeable shares – 13 Net income available to common shareholders including dilutive impact of exchangeable shares $ 15,781 $ 11,177 Weighted average number of common shares (in thousands) 1,424,343 1,423,915 Stock options (1) 1,737 1,054 Issuable under other share-based compensation plans 655 755 Exchangeable shares – 3,046 Average number of diluted common shares (in thousands) 1,426,735 1,428,770 Diluted earnings per share (in dollars) $ 11.06 $ 7.82 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the year ended October 31, 2021, no outstanding options were excluded from the calculation of diluted earnings per share. For the year ended October 31, 2020, an average of 2,809,041 outstanding options with an average exercise price of $100.88 were excluded from the calculation of diluted earnings per share. |
Guarantees, commitments, pled_2
Guarantees, commitments, pledged assets and contingencies (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties | The maximum exposure to credit risk relating to a commitment to extend credit is the full amount of the commitment. In both cases, the maximum risk exposure is significantly greater than the amount recognized as a liability in our Consolidated Balance Sheets. Maximum exposure As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Financial guarantees Financial standby letters of credit $ 16,867 $ 17,141 Commitments to extend credit Backstop liquidity facilities 38,405 40,212 Credit enhancements 2,537 2,664 Documentary and commercial letters of credit 447 286 Other commitments to extend credit 248,522 239,077 Other credit-related commitments Securities lending indemnifications 99,797 77,953 Performance guarantees 7,195 7,040 Sponsored member guarantees 142 1,302 Other 326 1,030 |
Details of Assets Pledged Against Liabilities and Collateral Assets Held or Re-pledged | Assets pledged against liabilities and collateral assets held or re-pledged As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Sources of pledged assets and collateral Bank assets Loans $ 79,282 $ 99,302 Securities 66,277 59,479 Other assets 25,981 27,934 $ 171,540 $ 186,715 Client assets (1) Collateral received and available for sale or re-pledging 454,844 438,686 Less: not sold or re-pledged (17,436 ) (37,879 ) $ 437,408 $ 400,807 $ 608,948 $ 587,522 Uses of pledged assets and collateral Securities borrowing and lending $ 154,699 $ 127,852 Obligations related to securities sold short 46,151 36,647 Obligations related to securities lent or sold under repurchase agreements 263,005 252,425 Securitization 39,687 45,440 Covered bonds 46,699 62,131 Derivative transactions 31,941 35,044 Foreign governments and central banks 7,314 6,456 Clearing systems, payment systems and depositories 3,809 6,380 Other 15,643 15,147 $ 608,948 $ 587,522 (1) Primarily relates to Obligations related to securities lent or sold under repurchase agreements, Securities lent and Derivative transactions. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Summary of Compensation of Key Management Personnel and Directors | Compensation of Key management personnel and Directors For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 (1) Salaries and other short-term employee benefits (2) $ 19 $ 21 Post-employment benefits (3) 3 2 Share-based payments 35 32 $ 57 $ 55 (1) During the year ended October 31, 2020 certain executives, who were members of the Bank’s Group Executive as at October 31, 2019, left the Bank and therefore, were no longer part of KMP. Compensation for the year ended October 31, 2020, attributable to the former executives, including benefits and share-based payments relating to awards granted in prior years was (2) Includes the portion of the annual variable short-term incentive bonus that certain executives elected to receive in the form of DSUs. Refer to Note 20 for further details. Directors receive retainers but do not receive salaries and other short-term employee benefits. (3) Directors do not receive post-employment benefits. |
Summary of Stock Options, Stock Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members | Stock options, stock awards and shares held by Key management personnel, Directors and their close family members As at October 31, 2021 October 31, 2020 (2) (Millions of Canadian dollars, except number of units) No. of Value No. of Value Stock options ( 3 2,369,659 $ 81 1,912,482 $ 15 Other non-option stock based awards ( 3 983,004 127 869,756 81 RBC common and preferred shares 183,783 24 206,652 19 3,536,446 $ 232 2,988,890 $ 115 (1) During the year ended October 31, 2021 certain directors, who were members of the Board of Directors as at October 31, 2020, retired. Total shareholdings held upon their retirement was (2) During the year ended October 31, 2020 certain executives, who were members of the Bank’s Group Executive as at October 31, 2019, left the Bank and therefore, were no longer part of KMP. Total shareholdings and options held upon their departure was ( 3 Directors do not receive stock options or any other non-option stock based awards . |
Summary of Other Transactions, Arrangements or Agreements Involving Joint Ventures and Associates | Other transactions, arrangements or agreements involving joint ventures and associates As at or for the year (Millions of Canadian dollars) October 31 2021 October 31 2020 Commitments and other contingencies $ 1,017 $ 589 Other fees received for services rendered 48 43 Other fees paid for services received 108 117 |
Results by business segment (Ta
Results by business segment (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
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Disclosure of operating segments | For the year ended October 31, 2021 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2) $ 12,621 $ 2,689 $ – $ 460 $ 4,553 $ (321 ) $ 20,002 $ 13,947 $ 4,447 $ 1,608 Non-interest income 5,725 10,607 5,600 1,704 5,634 421 29,691 15,454 8,083 6,154 Total revenue 18,346 13,296 5,600 2,164 10,187 100 49,693 29,401 12,530 7,762 Provision for credit losses (187 ) (47 ) (1 ) (8 ) (509 ) (1 ) (753 ) (203 ) (277 ) (273 ) Insurance policyholder benefits, claims and acquisition expense – – 3,891 – – – 3,891 2,036 – 1,855 Non-interest expense 7,978 9,929 596 1,589 5,427 405 25,924 12,897 9,107 3,920 Net income (loss) before income taxes 10,555 3,414 1,114 583 5,269 (304 ) 20,631 14,671 3,700 2,260 Income taxes (recoveries) 2,708 788 225 143 1,082 (365 ) 4,581 3,599 649 333 Net income $ 7,847 $ 2,626 $ 889 $ 440 $ 4,187 $ 61 $ 16,050 $ 11,072 $ 3,051 $ 1,927 Non-interest expense includes: Depreciation and amortization $ 923 $ 883 $ 59 $ 197 $ 497 $ 4 $ 2,563 $ 1,594 $ 728 $ 241 Impairment of other intangibles 5 3 1 2 18 – 29 16 11 2 Total assets $ 549,702 $ 148,990 $ 22,724 $ 240,055 $ 692,278 $ 52,574 $ 1,706,323 $ 964,747 $ 454,949 $ 286,627 Total assets include: Additions to premises and equipment and intangibles $ 503 $ 752 $ 48 $ 80 $ 355 $ 459 $ 2,197 $ 1,238 $ 739 $ 220 Total liabilities $ 549,619 $ 149,096 $ 22,966 $ 239,960 $ 691,767 $ (45,847 ) $ 1,607,561 $ 866,287 $ 454,903 $ 286,371 For the year ended October 31, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Canada United Other Net interest income (2) $ 12,568 $ 2,860 $ – $ 329 $ 5,135 $ (57 ) $ 20,835 $ 14,185 $ 4,959 $ 1,691 Non-interest income 5,163 9,270 5,361 1,982 4,749 (179 ) 26,346 13,510 6,775 6,061 Total revenue 17,731 12,130 5,361 2,311 9,884 (236 ) 47,181 27,695 11,734 7,752 Provision for credit losses 2,891 214 – 6 1,239 1 4,351 2,881 949 521 Insurance policyholder benefits, claims and acquisition expense – – 3,683 – – – 3,683 1,993 – 1,690 Non-interest expense 7,946 9,123 592 1,589 5,362 146 24,758 12,513 8,380 3,865 Net income (loss) before income taxes 6,894 2,793 1,086 716 3,283 (383 ) 14,389 10,308 2,405 1,676 Income taxes (recoveries) 1,807 639 255 180 507 (436 ) 2,952 2,516 209 227 Net income $ 5,087 $ 2,154 $ 831 $ 536 $ 2,776 $ 53 $ 11,437 $ 7,792 $ 2,196 $ 1,449 Non-interest expense includes: Depreciation and amortization $ 929 $ 879 $ 58 $ 217 $ 517 $ 6 $ 2,606 $ 1,587 $ 725 $ 294 Impairment of other intangibles – 1 – 7 6 28 42 40 1 1 Total assets $ 509,679 $ 129,706 $ 21,253 $ 230,695 $ 688,054 $ 45,161 $ 1,624,548 $ 911,932 $ 431,473 $ 281,143 Total assets include: Additions to premises and equipment and intangibles $ 722 $ 704 $ 46 $ 101 $ 452 $ 559 $ 2,584 $ 1,454 $ 706 $ 424 Total liabilities $ 509,682 $ 129,673 $ 21,311 $ 230,618 $ 688,314 $ (41,817 ) $ 1,537,781 $ 825,034 $ 431,570 $ 281,177 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. (3) Effective Q4 2021, gains (losses) on economic hedges of our U.S. share-based compensation plans, which are reflected in revenue, and related variability in share-based compensation expense driven by changes in the fair value of liabilities relating to our U.S. share-based compensation plans have been reclassified from our Wealth Management segment to Corporate Support. Comparative amounts have been reclassified to conform with this presentation. |
Nature and extent of risks ar_2
Nature and extent of risks arising from financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Credit Exposure Associated with On-and Off-Balance Sheet Financial Instruments | Concentrations of credit risk indicate the relative sensitivity of our performance to developments affecting a particular industry or geographic location. The amounts of credit exposure associated with certain of our on- off-balance As at October 31, 2021 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance (1) $ 701,779 67% $ 213,389 20% $ 85,271 8% $ 49,001 5% $ 1,049,440 Derivatives before master netting agreements (2), (3) 19,927 21% 23,910 25% 45,717 47% 7,111 7% 96,665 $ 721,706 63% $ 237,299 21% $ 130,988 11% $ 56,112 5% $ 1,146,105 Off-balance (4) Committed and uncommitted (5) $ 370,479 59% $ 196,692 32% $ 46,187 8% $ 9,335 1% $ 622,693 Other 82,010 66% 14,014 11% 26,920 22% 1,383 1% 124,327 $ 452,489 61% $ 210,706 28% $ 73,107 10% $ 10,718 1% $ 747,020 (Millions of Canadian dollars, As at October 31, 2020 Canada % United % Europe % Other % Total On-balance (1), (6) $ 650,311 65% $ 222,087 22% $ 78,836 8% $ 47,026 5% $ 998,260 Derivatives before master netting agreements (2), (3) 22,761 20% 28,074 24% 56,229 49% 8,185 7% 115,249 $ 673,072 61% $ 250,161 22% $ 135,065 12% $ 55,211 5% $ 1,113,509 Off-balance (4) Committed and uncommitted (5), (6) $ 380,352 63% $ 171,922 29% $ 34,785 6% $ 11,689 2% $ 598,748 Other 62,329 60% 12,697 12% 27,232 26% 2,208 2% 104,466 $ 442,681 63% $ 184,619 26% $ 62,017 9% $ 13,897 2% $ 703,214 (1) Includes assets purchased under reverse repurchase agreements and securities borrowed, loans and customers’ liability under acceptances. The largest concentrations in Canada are Ontario at 56% (October 31, 2020 – 56%), the Prairies at 16% (October 31, 2020 – 16%), British Columbia and the territories at 14% (October 31, 2020 – 14%) and Quebec at 10% (October 31, 2020 – 10%). No industry accounts for more than 24% (October 31, 2020 – 25%) of total on-balance (2) A further breakdown of our derivative exposures by risk rating and counterparty type is provided in Note 8. (3) Excludes valuation adjustments determined on a pooled basis. (4) Balances presented are contractual amounts representing our maximum exposure to credit risk. (5) Represents our maximum exposure to credit risk. Retail and wholesale commitments respectively comprise 45% and 55% of our total commitments (October 31, 2020 – 46% and 54%). The largest concentrations in the wholesale portfolio relate to Financial services at 13% (October 31, 2020 – 13%), Utilities at 10% (October 31, 2020 – 12%), Real estate & related at 10% (October 31, 2020 – 10%), Other services at 8% (October 31, 2020 – 8%), and Oil & gas at 6% (October 31, 2020 – 7%). The classification of our sectors aligns with our view of credit risk by industry. Certain sector percentage amounts have been revised from those previously presented. (6) Amounts and percentage amounts by geography have been revised from those previously presented. |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | During 2021 and 2020, we complied with all capital and leverage requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) October 31 2021 October 31 2020 Capital (1) CET1 capital $ 75,583 $ 68,082 Tier 1 capital 82,246 74,005 Total capital 92,026 84,928 Risk-weighted assets (RWA) used in calculation of capital ratios (1) Credit risk $ 444,142 $ 448,821 Market risk 34,806 27,374 Operational risk 73,593 70,047 Total RWA $ 552,541 $ 546,242 Capital ratios and Leverage ratio (1) CET1 ratio 13.7% 12.5% Tier 1 capital ratio 14.9% 13.5% Total capital ratio 16.7% 15.5% Leverage ratio 4.9% 4.8% Leverage ratio exposure (billions) $ 1,662 $ 1,553 (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI’s Leverage Requirements (LR) guideline as updated in accordance with the regulatory guidance issued by OSFI in response to the COVID-19 |
Offsetting financial assets a_2
Offsetting financial assets and financial liabilities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | Financial assets subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2021 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (Millions of Canadian dollars) Gross amounts of financial assets before balance sheet offsetting Amounts of financial liabilities offset on the balance sheet Net amount of financial assets presented on the balance sheet Impact of master netting agreements Financial collateral received Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Assets purchased under reverse repurchase agreements and securities borrowed $ 384,439 $ 77,028 $ 307,411 $ 101 $ 305,071 $ 2,239 $ 492 $ 307,903 Derivative assets (3) 84,595 314 84,281 57,101 12,978 14,202 11,260 95,541 Other financial assets 412 240 172 1 61 110 – 172 $ 469,446 $ 77,582 $ 391,864 $ 57,203 $ 318,110 $ 16,551 $ 11,752 $ 403,616 As at October 31, 2020 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (1) (Millions of Canadian dollars) Gross amounts of financial assets before balance sheet offsetting Amounts of financial liabilities offset on the balance sheet Net amount of Impact of master netting agreements Financial collateral received (2) Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Assets purchased under reverse repurchase agreements and securities borrowed $ 347,327 $ 35,783 $ 311,544 $ 36 $ 310,128 $ 1,380 $ 1,471 $ 313,015 Derivative assets (3) 99,535 657 98,878 69,300 18,627 10,951 14,610 113,488 Other financial assets 445 192 253 2 50 201 – 253 $ 447,307 $ 36,632 $ 410,675 $ 69,338 $ 328,805 $ 12,532 $ 16,081 $ 426,756 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $12 billion (October 31, 2020 – $15 billion) and non-cash (3) Includes cash margin of $3 billion (October 31, 2020 - $5 billion) which offset against the derivative balance on the balance sheet. |
Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | Financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements As at October 31, 2021 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (Millions of Canadian dollars) Gross amounts of financial liabilities before balance sheet offsetting Amounts of financial assets offset on the balance sheet Net amount of financial liabilities presented on the balance sheet Impact of master netting agreements Financial collateral pledged Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Obligations related to assets sold under repurchase agreements and securities loaned $ 338,737 $ 77,028 $ 261,709 $ 101 $ 261,135 $ 473 $ 492 $ 262,201 Derivative liabilities (3) 77,514 314 77,200 57,101 10,503 9,596 14,239 91,439 Other financial liabilities 412 240 172 1 – 171 – 172 $ 416,663 $ 77,582 $ 339,081 $ 57,203 $ 271,638 $ 10,240 $ 14,731 $ 353,812 As at October 31, 2020 Amounts subject to offsetting and enforceable netting arrangements Amounts subject to master netting arrangements or similar agreements but do not qualify for offsetting on the balance sheet (1) (Millions of Canadian dollars) Gross amounts of financial liabilities before balance sheet offsetting Amounts of financial assets offset on the balance sheet Net amount of financial liabilities presented on the balance sheet Impact of master netting agreements Financial collateral pledged (2) Net amount Amounts not subject to enforceable netting arrangements Total amount recognized on the balance sheet Obligations related to assets sold under repurchase agreements and securities loaned $ 309,130 $ 35,783 $ 273,347 $ 36 $ 272,871 $ 440 $ 884 $ 274,231 Derivative liabilities (3) 96,138 657 95,481 69,300 16,232 9,949 14,446 109,927 Other financial liabilities 358 192 166 2 – 164 – 166 $ 405,626 $ 36,632 $ 368,994 $ 69,338 $ 289,103 $ 10,553 $ 15,330 $ 384,324 (1) Financial collateral is reflected at fair value. The amount of financial instruments and financial collateral disclosed is limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $9 billion (October 31, 2020 – $14 billion) and non-cash (3) Includes cash margin of $3 billion (October 31, 2020 – $2 billion) which offset against the derivative balance on the balance sheet. |
Recovery and settlement of on_2
Recovery and settlement of on-balance sheet assets and liabilities (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Text Block [Abstract] | |
Recovery and settlement of on-balance sheet assets and liabilities | As at October 31, 2021 October 31, 2020 (Millions of Canadian dollars) Within one year After one year Total Within one year After one year Total Assets Cash and due from banks (1) $ 112,924 $ 922 $ 113,846 $ 117,375 $ 1,513 $ 118,888 Interest-bearing deposits with banks 79,638 – 79,638 39,013 – 39,013 Securities Trading (2) 129,206 10,034 139,240 126,309 9,762 136,071 Investment, net of applicable allowance 29,831 115,653 145,484 34,728 105,015 139,743 Assets purchased under reverse repurchase agreements and securities borrowed 307,805 98 307,903 313,013 2 313,015 Loans Retail 98,946 404,652 503,598 97,223 360,753 457,976 Wholesale 60,099 157,967 218,066 51,296 157,359 208,655 Allowance for loan losses (4,089 ) (5,639 ) Segregated fund net assets – 2,666 2,666 – 1,922 1,922 Other Customers’ liability under acceptances 19,793 5 19,798 18,507 – 18,507 Derivatives (2) 93,409 2,132 95,541 110,217 3,271 113,488 Premises and equipment 28 7,396 7,424 – 7,934 7,934 Goodwill – 10,854 10,854 – 11,302 11,302 Other intangibles – 4,471 4,471 – 4,752 4,752 Other assets 47,634 14,249 61,883 46,953 11,968 58,921 $ 979,313 $ 731,099 $ 1,706,323 $ 954,634 $ 675,553 $ 1,624,548 Liabilities Deposits (3), (4) $ 943,633 $ 157,198 $ 1,100,831 $ 859,829 $ 152,056 $ 1,011,885 Segregated fund net liabilities – 2,666 2,666 – 1,922 1,922 Other Acceptances 19,868 5 19,873 18,618 – 18,618 Obligations related to securities sold short 35,524 2,317 37,841 26,754 2,531 29,285 Obligations related to assets sold under repurchase agreements and securities loaned 261,533 668 262,201 269,260 4,971 274,231 Derivatives (2) 89,804 1,635 91,439 108,407 1,520 109,927 Insurance claims and policy benefit liabilities 1,867 10,949 12,816 1,798 10,417 12,215 Other liabilities 48,901 21,400 70,301 48,844 20,987 69,831 Subordinated debentures 188 9,405 9,593 – 9,867 9,867 $ 1,401,318 $ 206,243 $ 1,607,561 $ 1,333,510 $ 204,271 $ 1,537,781 (1) Cash and due from banks are assumed to be recovered within one year, except for cash balances not available for use by the Bank. (2) Trading securities classified as FVTPL and trading derivatives are presented as within one year as this best represents in most instances the short-term nature of our trading activities. Non-trading (3) Demand deposits of $576 billion (October 31, 2020 – $511 billion) are presented as within one year due to their being repayable on demand or at short notice on a contractual basis. In practice, these deposits relate to a broad range of individuals and customer-types which form a stable base for our operations and liquidity needs. (4) Amounts previously presented were reclassified to reflect the contractual maturities of certain term deposits. |
Parent company information (Tab
Parent company information (Tables) | 12 Months Ended |
Oct. 31, 2021 | |
Parent [member] | |
Statement [Line Items] | |
Summary of Parent Company Information | The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis. Condensed Balance Sheets As at (Millions of Canadian dollars) October 31 2021 October 31 2020 Assets Cash and due from banks $ 97,617 $ 109,397 Interest-bearing deposits with banks 56,896 21,603 Securities 153,780 146,524 Investments in bank subsidiaries and associated corporations (1) 43,546 41,029 Investments in other subsidiaries and associated corporations 80,216 76,358 Assets purchased under reverse repurchase agreements and securities borrowed 125,590 134,037 Loans, net of allowance for loan losses 601,742 554,173 Other assets 155,421 171,622 $ 1,314,808 $ 1,254,743 Liabilities and shareholders’ equity Deposits $ 854,833 $ 782,637 Net balances due to bank subsidiaries (1) 28,201 42,157 Net balances due to other subsidiaries 38,309 36,421 Other liabilities 285,447 297,261 1,206,790 1,158,476 Subordinated debentures 9,351 9,603 Shareholders’ equity 98,667 86,664 $ 1,314,808 $ 1,254,743 (1) Bank refers primarily to regulated deposit-taking institutions and securities firms. Condensed Statements of Income and Comprehensive Income For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Interest and dividend income (1) $ 19,793 $ 23,596 Interest expense 5,615 9,548 Net interest income 14,178 14,048 Non-interest (2) 5,393 4,792 Total revenue 19,571 18,840 Provision for credit losses (606 ) 3,888 Non-interest 9,466 9,580 Income before income taxes 10,711 5,372 Income taxes 2,088 1,139 Net income before equity in undistributed income of subsidiaries 8,623 4,233 Equity in undistributed income of subsidiaries 7,415 7,199 Net income $ 16,038 $ 11,432 Other comprehensive income (loss), net of taxes 1,463 (1,137 ) Total comprehensive income $ 17,501 $ 10,295 (1) Includes dividend income from investments in subsidiaries and associated corporations of $5 million (October 31, 2020 – $27 million). (2) Includes a nominal share of profit (loss) from associated corporations (October 31, 2020 – nominal). Condensed Statements of Cash Flows For the year ended (Millions of Canadian dollars) October 31 2021 October 31 2020 Cash flows from operating activities Net income $ 16,038 $ 11,432 Adjustments to determine net cash from operating activities: Change in undistributed earnings of subsidiaries (7,415 ) (7,199 ) Change in deposits, net of securitizations 72,196 101,128 Change in loans, net of securitizations (46,194 ) (30,833 ) Change in trading securities (8,756 ) 404 Change in obligations related to assets sold under repurchase agreements and securities loaned 5,228 26,716 Change in assets purchased under reverse repurchase agreements and securities borrowed 8,447 (10,282 ) Change in obligations related to securities sold short 2,405 (3,032 ) Other operating activities, net 6,316 685 Net cash from (used in) operating activities 48,265 89,019 Cash flows from investing activities Change in interest-bearing deposits with banks (35,293 ) 676 Proceeds from sales and maturities of investment securities 70,260 74,849 Purchases of investment securities (73,150 ) (101,551 ) Net acquisitions of premises and equipment and other intangibles (1,093 ) (1,243 ) Change in cash invested in subsidiaries (3,078 ) 1,484 Change in net funding provided to subsidiaries (12,068 ) 39,306 Net cash from (used in) investing activities (54,422 ) 13,521 Cash flows from financing activities Issuance of subordinated debentures 2,750 2,750 Repayment of subordinated debentures (2,500 ) (3,000 ) Issue of common shares, net of issuance costs 90 70 Common shares purchased for cancellation – (814 ) Issue of preferred shares and other equity instruments, net of issuance costs 2,245 1,745 Redemption of preferred shares and other equity instruments (1,475 ) (1,508 ) Dividends paid on shares and distributions paid on other equity instruments (6,420 ) (6,333 ) Repayment of lease liabilities (313 ) (317 ) Net cash from (used in) financing activities (5,623 ) (7,407 ) Net change in cash and due from banks (11,780 ) 95,133 Cash and due from banks at beginning of year 109,397 14,264 Cash and due from banks at end of year $ 97,617 $ 109,397 Supplemental disclosure of cash flow information Amount of interest paid $ 6,306 $ 10,335 Amount of interest received 17,831 22,340 Amount of dividends received 2,185 1,977 Amount of income taxes paid 1,772 917 |
IFRS 7 Disclosure - Wholesale C
IFRS 7 Disclosure - Wholesale Credit Risk - Rankings of 22 Grade Internal Risk Ratings with Ratings Used by S&P and Moody's (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2021 | |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.03% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.015% |
Internal credit grade one [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1+ |
Internal credit grade one [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AAA |
Internal credit grade one [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aaa |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.03% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0151% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.025% |
Internal credit grade two [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1H |
Internal credit grade two [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA+ |
Internal credit grade two [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa1 |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.00% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.035% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0251% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.035% |
Internal credit grade three [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1M |
Internal credit grade three [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA |
Internal credit grade three [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa2 |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0351% |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.045% |
Internal credit grade four [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1L |
Internal credit grade four [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA- |
Internal credit grade four [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa3 |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0451% |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.055% |
Internal credit grade five [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+H |
Internal credit grade five [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A+ |
Internal credit grade five [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A1 |
Internal credit grade six [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0551% |
Internal credit grade six [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.065% |
Internal credit grade six [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+M |
Internal credit grade six [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A |
Internal credit grade six [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A2 |
Internal credit grade seven [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0651% |
Internal credit grade seven [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.075% |
Internal credit grade seven [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+L |
Internal credit grade seven [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A- |
Internal credit grade seven [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A3 |
Internal credit grade eight [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0751% |
Internal credit grade eight [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.085% |
Internal credit grade eight [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2H |
Internal credit grade eight [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB+ |
Internal credit grade eight [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa1 |
Internal credit grade nine [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0851% |
Internal credit grade nine [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.10% |
Internal credit grade nine [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2M |
Internal credit grade nine [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB |
Internal credit grade nine [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa2 |
Internal credit grade ten [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1001% |
Internal credit grade ten [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.177% |
Internal credit grade ten [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2L |
Internal credit grade ten [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB- |
Internal credit grade ten [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa3 |
Internal credit grade eleven [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1771% |
Internal credit grade eleven [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.3705% |
Internal credit grade eleven [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-H |
Internal credit grade eleven [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB+ |
Internal credit grade eleven [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba1 |
Internal credit grade twelve [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.3706% |
Internal credit grade twelve [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.7065% |
Internal credit grade twelve [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-M |
Internal credit grade twelve [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB |
Internal credit grade twelve [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba2 |
Internal credit grade thirteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.7066% |
Internal credit grade thirteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.16% |
Internal credit grade thirteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-L |
Internal credit grade thirteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB- |
Internal credit grade thirteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba3 |
Internal credit grade fourteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.1601% |
Internal credit grade fourteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.681% |
Internal credit grade fourteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+H |
Internal credit grade fourteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B+ |
Internal credit grade fourteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B1 |
Internal credit grade fifteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.6811% |
Internal credit grade fifteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 2.349% |
Internal credit grade fifteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+M |
Internal credit grade fifteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B |
Internal credit grade fifteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B2 |
Internal credit grade sixteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 2.3491% |
Internal credit grade sixteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 4.404% |
Internal credit grade sixteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+L |
Internal credit grade sixteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B- |
Internal credit grade sixteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B3 |
Internal credit grade seventeen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 4.4041% |
Internal credit grade seventeen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.001% |
Internal credit grade seventeen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3H |
Internal credit grade seventeen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC+ |
Internal credit grade seventeen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa1 |
Internal credit grade eighteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.0011% |
Internal credit grade eighteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 13.176% |
Internal credit grade eighteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3M |
Internal credit grade eighteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC |
Internal credit grade eighteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa2 |
Internal credit grade nineteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 13.1761% |
Internal credit grade nineteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 24.967% |
Internal credit grade nineteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3L |
Internal credit grade nineteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC- |
Internal credit grade nineteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa3 |
Internal credit grade twenty [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 24.9671% |
Internal credit grade twenty [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 99.999% |
Internal credit grade twenty [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 4 |
Internal credit grade twenty [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CC |
Internal credit grade twenty [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ca |
Internal credit grade twenty one [member] | Impaired Wholesale [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100.00% |
Internal credit grade twenty one [member] | Internal BRR Rate [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 5 |
Internal credit grade twenty one [member] | S&P [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | D |
Internal credit grade twenty one [member] | Moody's [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
Internal credit grade twenty two [member] | Impaired Wholesale [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100.00% |
Internal credit grade twenty two [member] | Internal BRR Rate [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 6 |
Internal credit grade twenty two [member] | S&P [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | D |
Internal credit grade twenty two [member] | Moody's [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
IFRS 7 Disclosure - Retail Cred
IFRS 7 Disclosure - Retail Credit Risk - Summary of PD Bands to Various Risk Levels (Detail) - Retail [member] - Credit risk [member] | 12 Months Ended |
Oct. 31, 2021 | |
Impaired/Default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100.00% |
Bottom of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.03% |
Bottom of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 3.845% |
Bottom of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 6.787% |
Top of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 3.844% |
Top of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 6.786% |
Top of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 99.99% |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Summary of Market Risk VaR and Market Risk SVaR (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | $ 24 | $ 23 |
Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 4 | 3 |
Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 3 | 3 |
Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 61 | 47 |
Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 9 | 7 |
Risk diversification effect [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | (51) | (18) |
Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 50 | 65 |
Market risk Stressed VaR | 59 | 86 |
Weighted average [member] | Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 20 | 33 |
Weighted average [member] | Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 4 | 3 |
Weighted average [member] | Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 3 | 3 |
Weighted average [member] | Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 44 | 54 |
Weighted average [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 8 | 6 |
Weighted average [member] | Risk diversification effect [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | (35) | (25) |
Weighted average [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 44 | 74 |
Market risk Stressed VaR | 53 | 109 |
Top of range [member] | Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 38 | 64 |
Top of range [member] | Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 6 | 6 |
Top of range [member] | Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 4 | 7 |
Top of range [member] | Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 64 | 178 |
Top of range [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 11 | 7 |
Top of range [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 72 | 232 |
Market risk Stressed VaR | 101 | 228 |
Bottom of range [member] | Equity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 12 | 13 |
Bottom of range [member] | Foreign exchange risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 2 | 1 |
Bottom of range [member] | Commodity price risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 2 | 1 |
Bottom of range [member] | Interest rate risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 21 | 11 |
Bottom of range [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 6 | 4 |
Bottom of range [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 23 | 18 |
Market risk Stressed VaR | $ 29 | $ 49 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary of Market Risk Structural Interest Rate Sensitivities Measures (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | $ (2,009) | $ (1,756) |
100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 929 | 818 |
100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 1,537 | 1,321 |
100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (921) | $ (621) |
Canadian dollar [member] | 100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (1,641) | |
Canadian dollar [member] | 100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 571 | |
Canadian dollar [member] | 100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 1,540 | |
Canadian dollar [member] | 100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (603) | |
U.S. dollars [member] | 100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (368) | |
U.S. dollars [member] | 100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 358 | |
U.S. dollars [member] | 100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (3) | |
U.S. dollars [member] | 100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | $ (318) |
IFRS 7 Disclosure - Liquidity a
IFRS 7 Disclosure - Liquidity and Funding Risk - Long-Term Funding Sources (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | $ 155,755 | $ 160,672 |
Unsecured long-term funding [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | 89,447 | 88,055 |
Secured long-term funding [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | 56,688 | 63,043 |
Subordinated debentures [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | $ 9,620 | $ 9,574 |
IFRS 7 Disclosure - Liquidity_2
IFRS 7 Disclosure - Liquidity and Funding Risk - Summary of Contractual Maturities of Financial Liabilities and Off-Balance Sheet Items - Undiscounted Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | $ 1,100,831 | $ 1,011,885 |
Acceptances | 19,873 | 18,618 |
Obligations related to securities sold short | 37,841 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 |
Other liabilities | 70,301 | 69,831 |
Lease liabilities | 5,077 | 5,357 |
Subordinated debentures | 9,593 | 9,867 |
Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 1,099,635 | 1,010,795 |
Acceptances | 19,873 | 18,618 |
Obligations related to securities sold short | 37,462 | 29,121 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,217 | 274,231 |
Other liabilities | 45,405 | 47,104 |
Lease liabilities | 5,077 | 5,357 |
Subordinated debentures | 9,606 | 9,867 |
Financial liabilities | 1,479,275 | 1,395,093 |
Off-balance sheet items | 307,494 | 300,096 |
Total financial liabilities and off-balance sheet items | 1,786,769 | 1,695,189 |
Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 16,867 | 17,141 |
Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 716 | 716 |
Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 289,911 | 282,239 |
On demand [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 576,161 | 510,849 |
Acceptances | 1 | 9 |
Obligations related to assets sold under repurchase agreements and securities loaned | 19,234 | 11,576 |
Other liabilities | 620 | 199 |
Financial liabilities | 596,016 | 522,633 |
Off-balance sheet items | 265,461 | 256,353 |
Total financial liabilities and off-balance sheet items | 861,477 | 778,986 |
On demand [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 16,867 | 17,141 |
On demand [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 248,594 | 239,212 |
Under 1 year [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 943,633 | 859,829 |
Acceptances | 19,868 | 18,618 |
Obligations related to securities sold short | 35,524 | 26,754 |
Obligations related to assets sold under repurchase agreements and securities loaned | 261,533 | 269,260 |
Other liabilities | 48,901 | 48,844 |
Subordinated debentures | 188 | |
Under 1 year [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 367,389 | 350,298 |
Acceptances | 19,867 | 18,609 |
Obligations related to securities sold short | 37,462 | 29,121 |
Obligations related to assets sold under repurchase agreements and securities loaned | 242,314 | 257,684 |
Other liabilities | 35,984 | 37,681 |
Lease liabilities | 631 | 633 |
Subordinated debentures | 188 | |
Financial liabilities | 703,835 | 694,026 |
Off-balance sheet items | 41,319 | 43,106 |
Total financial liabilities and off-balance sheet items | 745,154 | 737,132 |
Under 1 year [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 81 | 81 |
Under 1 year [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 41,238 | 43,025 |
1 to 2 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 44,951 | 34,618 |
Acceptances | 5 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 669 | 4,971 |
Other liabilities | 384 | 188 |
Lease liabilities | 582 | 604 |
Subordinated debentures | 110 | 205 |
Financial liabilities | 46,701 | 40,586 |
Off-balance sheet items | 159 | 84 |
Total financial liabilities and off-balance sheet items | 46,860 | 40,670 |
1 to 2 years [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 82 | 82 |
1 to 2 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 77 | 2 |
2 years to 5 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 78,071 | 85,198 |
Other liabilities | 544 | 358 |
Lease liabilities | 1,522 | 1,545 |
Subordinated debentures | 1,916 | 110 |
Financial liabilities | 82,053 | 87,211 |
Off-balance sheet items | 211 | 209 |
Total financial liabilities and off-balance sheet items | 82,264 | 87,420 |
2 years to 5 years [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 209 | 209 |
2 years to 5 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 2 | |
Over 5 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 33,063 | 29,832 |
Other liabilities | 7,873 | 8,678 |
Lease liabilities | 2,342 | 2,575 |
Subordinated debentures | 7,392 | 9,552 |
Financial liabilities | 50,670 | 50,637 |
Off-balance sheet items | 344 | 344 |
Total financial liabilities and off-balance sheet items | 51,014 | 50,981 |
Over 5 years [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | $ 344 | $ 344 |
Summary of significant accoun_4
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Computer software [member] | |
Disclosure of property, plant and equipment and intangibles [line items] | |
Estimated useful lives of intangible assets | 3 to 10 years |
Customer list and relationships [member] | |
Disclosure of property, plant and equipment and intangibles [line items] | |
Estimated useful lives of intangible assets | 10 to 20 years |
Buildings [member] | |
Disclosure of property, plant and equipment and intangibles [line items] | |
Useful life of premises and equipment | 25 to 50 years |
Computer equipment [member] | |
Disclosure of property, plant and equipment and intangibles [line items] | |
Useful life of premises and equipment | 3 to 10 years |
Furniture Fixtures and Other Equipment [member] | |
Disclosure of property, plant and equipment and intangibles [line items] | |
Useful life of premises and equipment | 5 to 10 years |
Leasehold Improvements [member] | |
Disclosure of property, plant and equipment and intangibles [line items] | |
Useful life of premises and equipment | maximum of 10 years |
Summary of significant accoun_5
Summary of significant accounting policies, estimates and judgments - Summary of Bank's Significant Exposures to Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 |
Disclosure of financial instruments by type of interest rate [line items] | |||
Non-derivative financial assets | $ 71,915 | $ 65,274 | |
Non-derivative financial liabilities | 4,855 | 4,624 | |
Derivative notional | 7,509,332 | 5,842,637 | $ 23,732,226 |
Interest rate swap contract [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Non-derivative financial assets | 71,915 | 65,274 | |
Non-derivative financial liabilities | 4,855 | 4,624 | |
Derivative notional | 6,934,491 | 5,405,499 | |
Cross currency swaps [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Derivative notional | 574,841 | 437,138 | |
USD LIBOR [member] | Interest rate swap contract [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Non-derivative financial assets | 68,325 | 57,432 | |
Non-derivative financial liabilities | 1,420 | 941 | |
Derivative notional | 4,533,965 | 3,368,307 | |
GBP LIBOR [member] | Interest rate swap contract [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Non-derivative financial assets | 3,250 | 7,518 | |
Non-derivative financial liabilities | 1,175 | 1,227 | |
Derivative notional | 2,308,125 | 1,773,893 | |
Other IBOR currencies [Member] | Interest rate swap contract [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Non-derivative financial assets | 340 | 324 | |
Non-derivative financial liabilities | 2,260 | 2,456 | |
Derivative notional | 92,401 | 263,299 | |
USD LIBOR – GBP LIBOR [Member] | Cross currency swaps [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Derivative notional | 507,437 | 384,263 | |
Other combinations [Member] | Cross currency swaps [Member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Derivative notional | $ 67,404 | $ 52,875 |
Summary of significant accoun_6
Summary of significant accounting policies, estimates and judgments - Summary of Undrawn Balances of Loan Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 |
Disclosure of Undrawn Balances of Loan Commitments Referencing Benchmark Interest Rates [Line Items] | ||
Authorized and committed undrawn commitments | $ 125,468 | $ 90,957 |
USD LIBOR [member] | ||
Disclosure of Undrawn Balances of Loan Commitments Referencing Benchmark Interest Rates [Line Items] | ||
Authorized and committed undrawn commitments | 122,437 | 82,054 |
GBP LIBOR [member] | ||
Disclosure of Undrawn Balances of Loan Commitments Referencing Benchmark Interest Rates [Line Items] | ||
Authorized and committed undrawn commitments | 3,026 | 7,533 |
Other IBOR currencies [Member] | ||
Disclosure of Undrawn Balances of Loan Commitments Referencing Benchmark Interest Rates [Line Items] | ||
Authorized and committed undrawn commitments | $ 5 | $ 1,370 |
Fair value of financial instr_3
Fair value of financial instruments - Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Financial assets | ||
Interest-bearing deposits with banks | $ 79,638 | $ 39,013 |
Securities | ||
Trading | 139,240 | 136,071 |
Investment, net of applicable allowance | 145,484 | 139,743 |
Securities | 284,724 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 |
Loans, net of applicable allowance | ||
Loans, net | 717,575 | 660,992 |
Other | ||
Derivatives | 95,541 | 113,488 |
Deposits | ||
Personal | 362,488 | 343,052 |
Business and government | 696,353 | 624,311 |
Bank | 41,990 | 44,522 |
Deposits | 1,100,831 | 1,011,885 |
Other | ||
Obligations related to securities sold short | 37,841 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 |
Derivatives | 91,439 | 109,927 |
Subordinated debentures | 9,593 | 9,867 |
Financial assets classified as at FVTPL [member] | ||
Securities | ||
Trading | 125,801 | 126,027 |
Securities | 125,801 | 126,027 |
Assets purchased under reverse repurchase agreements and securities borrowed | 265,011 | 264,394 |
Loans, net of applicable allowance | ||
Wholesale | 8,428 | 6,197 |
Loans, net | 8,428 | 6,197 |
Other | ||
Derivatives | 95,541 | 113,488 |
Other assets | 4,109 | 3,414 |
Financial assets designated as at FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 56,896 | 21,603 |
Securities | ||
Trading | 13,439 | 10,044 |
Securities | 13,439 | 10,044 |
Loans, net of applicable allowance | ||
Retail | 241 | 253 |
Wholesale | 2,769 | 2,363 |
Loans, net | 3,010 | 2,616 |
Financial assets classified as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 77,802 | 81,395 |
Securities | 77,802 | 81,395 |
Loans, net of applicable allowance | ||
Retail | 327 | 260 |
Wholesale | 813 | 744 |
Loans, net | 1,140 | 1,004 |
Financial assets designated as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 533 | 525 |
Securities | 533 | 525 |
Financial liabilities classified as at FVTPL [member] | ||
Deposits | ||
Personal | 321 | 104 |
Business and government | 739 | 389 |
Deposits | 1,060 | 493 |
Other | ||
Obligations related to securities sold short | 37,841 | 29,285 |
Derivatives | 91,439 | 109,927 |
Other liabilities | 654 | 80 |
Financial liabilities designated as at FVTPL [member] | ||
Deposits | ||
Personal | 18,328 | 17,096 |
Business and government | 131,630 | 107,466 |
Bank | 17,251 | 18,015 |
Deposits | 167,209 | 142,577 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 236,147 | 255,922 |
Other liabilities | 171 | 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 | 22,742 | 17,410 |
Securities | ||
Investment, net of applicable allowance | 66,823 | 58,627 |
Securities | 66,823 | 58,627 |
Assets purchased under reverse repurchase agreements and securities borrowed | 42,892 | 48,621 |
Loans, net of applicable allowance | ||
Retail | 502,277 | 462,884 |
Wholesale | 204,683 | 198,753 |
Loans, net | 706,960 | 661,637 |
Other | ||
Other assets | 58,483 | 57,065 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 344,040 | 324,804 |
Business and government | 565,106 | 518,501 |
Bank | 24,743 | 26,518 |
Deposits | 933,889 | 869,823 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 26,054 | 18,309 |
Other liabilities | 64,749 | 65,719 |
Subordinated debentures | 9,601 | 10,071 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 79,638 | 39,013 |
Securities | ||
Trading | 139,240 | 136,071 |
Investment, net of applicable allowance | 145,484 | 139,743 |
Securities | 284,724 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 |
Loans, net of applicable allowance | ||
Retail | 501,189 | 454,942 |
Wholesale | 216,386 | 206,050 |
Loans, net | 717,575 | 660,992 |
Other | ||
Derivatives | 95,541 | 113,488 |
Other assets | 62,592 | 60,479 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 22,742 | 17,410 |
Securities | ||
Investment, net of applicable allowance | 67,149 | 57,823 |
Securities | 67,149 | 57,823 |
Assets purchased under reverse repurchase agreements and securities borrowed | 42,892 | 48,621 |
Loans, net of applicable allowance | ||
Retail | 500,621 | 454,429 |
Wholesale | 204,376 | 196,746 |
Loans, net | 704,997 | 651,175 |
Other | ||
Other assets | 58,483 | 57,065 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 79,638 | 39,013 |
Securities | ||
Trading | 139,240 | 136,071 |
Investment, net of applicable allowance | 145,158 | 140,547 |
Securities | 284,398 | 276,618 |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 |
Loans, net of applicable allowance | ||
Retail | 502,845 | 463,397 |
Wholesale | 216,693 | 208,057 |
Loans, net | 719,538 | 671,454 |
Other | ||
Derivatives | 95,541 | 113,488 |
Other assets | 62,592 | 60,479 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 362,488 | 343,052 |
Business and government | 696,353 | 624,311 |
Bank | 41,990 | 44,522 |
Deposits | 1,100,831 | 1,011,885 |
Other | ||
Obligations related to securities sold short | 37,841 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 |
Derivatives | 91,439 | 109,927 |
Other liabilities | 65,571 | 65,878 |
Subordinated debentures | 9,593 | 9,867 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 343,839 | 325,852 |
Business and government | 563,984 | 516,456 |
Bank | 24,739 | 26,507 |
Deposits | 932,562 | 868,815 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 26,054 | 18,309 |
Other liabilities | 64,746 | 65,712 |
Subordinated debentures | 9,593 | 9,867 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 362,689 | 342,004 |
Business and government | 697,475 | 626,356 |
Bank | 41,994 | 44,533 |
Deposits | 1,102,158 | 1,012,893 |
Other | ||
Obligations related to securities sold short | 37,841 | 29,285 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 |
Derivatives | 91,439 | 109,927 |
Other liabilities | 65,574 | 65,885 |
Subordinated debentures | $ 9,601 | $ 10,071 |
Fair value of financial instr_4
Fair value of financial instrument - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Changes in the fair value of the financial assets designated as at FVTPL attributable to changes in credit risk | $ 613 | $ (379) |
Maximum exposure to credit risk | 484 | 520 |
Cumulative change in fair value attributable to changes in credit risk | 173 | (442) |
Interest rate contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 107 | |
Transfers out of Level 3 to Level 2 | 211 | |
Transfers out of Level 3 to Level 2 | 318 | |
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 | 277 | 69 |
Transfers out of Level 3 to Level 2 | 245 | 109 |
Banking services [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fees received for services | 5,583 | 5,134 |
Investment management, trust, custodial, underwriting, brokerage and other similar fiduciary services [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fees received for services | 15,167 | 13,166 |
Derivative liabilities [member] | 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 | 294 | 120 |
Transfers out of Level 3 to Level 2 | 314 | 185 |
Personal deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 154 | 113 |
Transfers out of Level 3 to Level 2 | 343 | 347 |
Derivative assets [member] | 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 | 17 | 51 |
Transfers out of Level 3 to Level 2 | 69 | 76 |
Loan [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 624 | |
Transfers out of Level 3 to Level 2 | 298 | 179 |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Positive fair value using reasonably possible alternatives | 101 | |
Negative fair value using reasonably possible alternatives | 98 | |
Positive fair value using other reasonably possible alternatives assets recorded in other components of equity | 51 | |
Negative fair value using other reasonably possible alternatives assets recorded in other components of equity | 51 | |
Negative fair value movement from using reasonably possible alternatives | 77 | |
Positive fair value movement from using reasonably possible alternatives | $ 30 | |
Significant unobservable inputs used in fair value measurement of assets and liabilities [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Discount rate adjustment when discounted cash flow method is used to determine fair value | 2.00% | |
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 | $ 498 | 804 |
Transfers out of Level 2 to Level 1 | $ 130 | |
Trading Securities [member] | US Federal State Municipal And Agencies Debt Issued Or Guaranteed [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 1,125 | |
Investment [Member] | US Federal State Municipal And Agencies Debt Issued Or Guaranteed [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 1,200 | |
Transfers out of Level 2 to Level 1 | $ 937 |
Fair value of financial instr_5
Fair value of financial instrument - Summary of Liabilities Designated as at Fair Value Through Profit or Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | $ 403,623 | $ 397,442 |
Carrying value | 403,527 | 398,585 |
Difference between carrying value and contractual maturity amount | (96) | 1,143 |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (100) | 356 |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 488 | 588 |
Term deposits - Personal [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 18,205 | 17,279 |
Carrying value | 18,328 | 17,096 |
Difference between carrying value and contractual maturity amount | 123 | (183) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (17) | 67 |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 72 | 89 |
Term deposits - Business and government [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 131,830 | 106,153 |
Carrying value | 131,630 | 107,466 |
Difference between carrying value and contractual maturity amount | (200) | 1,313 |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (75) | 281 |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 416 | 491 |
Term deposits - Bank [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 17,253 | 18,016 |
Carrying value | 17,251 | 18,015 |
Difference between carrying value and contractual maturity amount | (2) | (1) |
Term deposits [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 167,288 | 141,448 |
Carrying value | 167,209 | 142,577 |
Difference between carrying value and contractual maturity amount | (79) | 1,129 |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (92) | 348 |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 488 | 580 |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 236,164 | 255,908 |
Carrying value | 236,147 | 255,922 |
Difference between carrying value and contractual maturity amount | (17) | 14 |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | (8) | 8 |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 8 | |
Other liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 171 | 86 |
Carrying value | $ 171 | $ 86 |
Fair value of financial instr_6
Fair value of financial instrument - Summary of Liabilities Designated as at Fair Value Through Profit or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of financial liabilities [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ (100) | $ 356 |
Financial liabilities designated as at FVTPL [member] | ||
Disclosure of financial liabilities [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ (25) | $ 2 |
Fair value of financial instr_7
Fair value of financial instrument - Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | $ 2,040 | $ 1,464 |
Interest Rate and Credit [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 1,033 | 1,490 |
Equities [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 57 | (501) |
Foreign Exchange and Commodities [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 950 | 475 |
Financial Instruments At Fair Value Through Profit Or Loss Classified As Fair Value Through Profit Loss Category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 3,447 | (69) |
Financial Instruments At Fair Value Through Profit Or Loss Designated upon Initial Recognition Category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | $ (1,407) | $ 1,533 |
Fair value of financial instr_8
Fair value of financial instrument - Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net fair value gains (losses) on financial liabilities designated as at FVTPL | $ (1,408) | $ 1,532 |
Insurance [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ 14 | $ 329 |
Fair value of financial instr_9
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | $ 28,145 | $ 34,883 |
Interest expense | 8,143 | 14,048 |
Net interest income | 20,002 | 20,835 |
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 | 4,551 | 8,480 |
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 | 375 | 957 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | 23,219 | 25,446 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | 5,278 | 7,983 |
Interest expense [member] | Financial assets measured at fair value through profit or loss [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | $ 2,865 | $ 6,065 |
Fair value of financial inst_10
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 5,600 | $ 5,361 |
Dividend income | 2,436 | 2,670 |
Interest expense on lease liabilities | 110 | 123 |
Interest income [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | 576 | 521 |
Interest expense [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 4 | $ 7 |
Fair value of financial inst_11
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Financial assets | |||
Interest-bearing deposits with banks | $ 79,638 | $ 39,013 | |
Trading | |||
Trading securities | 139,240 | 136,071 | |
Investment | |||
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 | |
Loans | 717,575 | 660,992 | |
Derivatives | |||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (77,582) | (36,632) | |
Derivatives | 95,541 | 113,488 | |
Deposits | |||
Personal | 362,488 | 343,052 | |
Business and government | 696,353 | 624,311 | |
Bank | 41,990 | 44,522 | |
Other | |||
Obligations related to securities sold short | 37,841 | 29,285 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 | |
Derivatives | |||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (77,582) | (36,632) | |
Total derivatives | 91,439 | 109,927 | |
Level 3 [member] | |||
Derivatives | |||
Financial assets | 3,594 | 3,584 | |
Derivatives | |||
Financial liabilities | 1,548 | 1,606 | |
Netting adjustments [member] | |||
Derivatives | |||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (314) | (657) | |
Financial assets | (314) | (657) | |
Derivatives | |||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (314) | (657) | |
Financial liabilities | (314) | (657) | |
Total gross fair value [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 68,747 | 57,161 | |
Investment | |||
Investment securities | 2,031 | 845 | |
Derivatives | |||
Total gross derivatives, assets | 3,175 | 4,459 | |
Other assets | 1,474 | 1,154 | |
Financial assets | 75,427 | 63,619 | |
Other | |||
Obligations related to securities sold short | 18,345 | 12,484 | |
Derivatives | |||
Total gross derivatives, liabilities | 3,699 | 5,734 | |
Other liabilities | 258 | 118 | |
Financial liabilities | 22,302 | 18,336 | |
Total gross fair value [member] | Level 2 [member] | |||
Financial assets | |||
Interest-bearing deposits with banks | 56,896 | 21,603 | |
Trading | |||
Trading securities | 68,911 | 77,573 | |
Investment | |||
Investment securities | 75,798 | 80,553 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 265,011 | 264,394 | |
Loans | 11,501 | 8,747 | |
Derivatives | |||
Total gross derivatives, assets | 92,251 | 109,084 | |
Other assets | 2,635 | 2,207 | |
Financial assets | 573,003 | 564,161 | |
Deposits | |||
Personal | 18,498 | 17,061 | |
Business and government | 132,369 | 107,855 | |
Bank | 17,251 | 18,015 | |
Other | |||
Obligations related to securities sold short | 19,496 | 16,801 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 236,147 | 255,922 | |
Derivatives | |||
Total gross derivatives, liabilities | 86,664 | 103,421 | |
Other liabilities | 560 | 10 | |
Financial liabilities | 510,985 | 519,085 | |
Total gross fair value [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 1,582 | 1,337 | |
Investment | |||
Investment securities | 506 | 522 | |
Loans | 1,077 | 1,070 | |
Derivatives | |||
Total gross derivatives, assets | 429 | 602 | |
Other assets | 0 | 53 | |
Financial assets | 3,594 | 3,584 | |
Deposits | |||
Personal | 151 | 139 | |
Derivatives | |||
Total gross derivatives, liabilities | 1,390 | 1,429 | |
Other liabilities | 7 | 38 | |
Financial liabilities | 1,548 | 1,606 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 8,977 | 12,773 | |
Investment | |||
Investment securities | 1,973 | 647 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 2,380 | 3,012 | |
Investment | |||
Investment securities | 1,730 | 1,894 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 11,068 | 11,562 | |
Investment | |||
Investment securities | 3,132 | 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 | 215 | 1,508 | |
Investment | |||
Investment securities | 12 | 160 | |
Total gross fair value [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 22,738 | 35,029 | |
Investment | |||
Investment securities | 34,815 | 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 | 25 | 44 | |
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 2,729 | 3,085 | |
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 5,730 | 3,380 | |
Investment | |||
Investment securities | 5,956 | 7,345 | |
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 4 | 39 | |
Investment | |||
Investment securities | 2,727 | 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 | 891 | 526 | |
Investment | |||
Investment securities | 586 | 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 | 23,085 | 21,464 | |
Investment | |||
Investment securities | 19,625 | 18,954 | |
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 25 | 30 | |
Investment | |||
Investment securities | 152 | 160 | |
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 56,826 | 39,795 | |
Investment | |||
Investment securities | 46 | 38 | |
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 3,015 | 2,561 | |
Investment | |||
Investment securities | 153 | 152 | |
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 1,530 | 1,261 | |
Investment | |||
Investment securities | 334 | 335 | |
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | |||
Investment | |||
Investment securities | 7,074 | 7,414 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 0 | 1 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 33,857 | 53,720 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 320 | 501 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 41,224 | 39,246 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 74 | 57 | |
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 34 | 463 | |
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 3,175 | 4,458 | |
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 17,955 | 16,767 | |
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 26 | 36 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | (819) | (1,112) | |
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 9 | 8 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 28,566 | 46,723 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 955 | 1,089 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 40,484 | 38,210 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 27 | 35 | |
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 120 | 531 | |
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 3,699 | 5,734 | |
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 17,456 | 18,041 | |
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 419 | 337 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 38 | (84) | |
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | (11) | (32) | |
Recurring [member] | |||
Financial assets | |||
Interest-bearing deposits with banks | 56,896 | 21,603 | |
Trading | |||
Trading securities | 139,240 | 136,071 | |
Investment | |||
Investment securities | 78,335 | 81,920 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 265,011 | 264,394 | |
Loans | 12,578 | 9,817 | |
Derivatives | |||
Total gross derivatives, assets | 95,855 | 114,145 | |
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (314) | (657) | |
Derivatives | 95,541 | 113,488 | |
Other assets | 4,109 | 3,414 | |
Financial assets | 651,710 | 630,707 | |
Deposits | |||
Personal | 18,649 | 17,200 | |
Business and government | 132,369 | 107,855 | |
Bank | 17,251 | 18,015 | |
Other | |||
Obligations related to securities sold short | 37,841 | 29,285 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 236,147 | 255,922 | |
Derivatives | |||
Total gross derivatives, liabilities | 91,753 | 110,584 | |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (314) | (657) | |
Total derivatives | 91,439 | 109,927 | |
Other liabilities | 825 | 166 | |
Financial liabilities | 534,521 | 538,370 | |
Recurring [member] | Level 3 [member] | |||
Derivatives | |||
Financial liabilities | (158) | (177) | $ (216) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | |||
Trading | |||
Trading securities | 11,357 | 15,785 | |
Investment | |||
Investment securities | 3,703 | 2,541 | |
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | |||
Trading | |||
Trading securities | 11,068 | 11,562 | |
Investment | |||
Investment securities | 3,132 | 3,233 | |
Recurring [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | |||
Trading | |||
Trading securities | 22,978 | 36,581 | |
Investment | |||
Investment securities | 34,827 | 38,524 | |
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | |||
Trading | |||
Trading securities | 8,459 | 6,465 | |
Investment | |||
Investment securities | 5,956 | 7,345 | |
Recurring [member] | Mortgage-backed securities [member] | |||
Trading | |||
Trading securities | 4 | 39 | |
Investment | |||
Investment securities | 2,747 | 2,370 | |
Recurring [member] | Asset- backed securities, Non-CDO [member] | |||
Trading | |||
Trading securities | 893 | 528 | |
Investment | |||
Investment securities | 586 | 854 | |
Recurring [member] | Corporate debt and other debt [member] | |||
Trading | |||
Trading securities | 23,110 | 21,494 | |
Investment | |||
Investment securities | 19,777 | 19,114 | |
Recurring [member] | Equity securities [member] | |||
Trading | |||
Trading securities | 61,371 | 43,617 | |
Investment | |||
Investment securities | 533 | 525 | |
Recurring [member] | Asset-backed securities, CDO [member] | |||
Investment | |||
Investment securities | 7,074 | 7,414 | |
Recurring [member] | Interest rate contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 34,177 | 54,222 | |
Recurring [member] | Foreign exchange contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 41,298 | 39,303 | |
Recurring [member] | Credit derivatives [member] | |||
Derivatives | |||
Total gross derivatives, assets | 34 | 463 | |
Recurring [member] | Other contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 21,156 | 21,261 | |
Recurring [member] | Valuation adjustments [member] | |||
Derivatives | |||
Total gross derivatives, assets | (810) | (1,104) | |
Recurring [member] | Interest rate contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 29,521 | 47,812 | |
Recurring [member] | Foreign exchange contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 40,511 | 38,245 | |
Recurring [member] | Credit derivatives [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 120 | 531 | |
Recurring [member] | Other contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 21,574 | 24,112 | |
Recurring [member] | Valuation adjustments [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | $ 27 | $ (116) |
Fair value of financial inst_12
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 139,240 | $ 136,071 |
Investment securities | 145,484 | 139,743 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 13,124 | 20,520 |
Investment securities | 13,542 | 9,487 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 2,592 | $ 2,137 |
Fair value of financial inst_13
Fair value of financial instrument - Summary of Quantitative Information About Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | $ 95,541,000,000 | $ 113,488,000,000 |
Loans | 717,575,000,000 | 660,992,000,000 |
Deposits | 1,100,831,000,000 | 1,011,885,000,000 |
Derivative related liabilities | 91,439,000,000 | 109,927,000,000 |
Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value assets | 3,594,000,000 | 3,584,000,000 |
Fair value liabilities | 1,548,000,000 | 1,606,000,000 |
Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Corporate debt, related derivatives and other debt | 27,000,000 | 33,000,000 |
Loans | 1,077,000,000 | 1,070,000,000 |
Derivative related liabilities | 9,000,000 | 25,000,000 |
Government Debt and Municipal Bonds [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Corporate debt, related derivatives and other debt | 150,000,000 | 157,000,000 |
Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equities | 1,864,000,000 | 1,596,000,000 |
Derivative related liabilities | 2,000,000 | 10,000,000 |
Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | 367,000,000 | 540,000,000 |
Derivative related liabilities | 974,000,000 | 1,103,000,000 |
Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | 25,000,000 | 36,000,000 |
Deposits | 151,000,000 | 139,000,000 |
Derivative related liabilities | 381,000,000 | 238,000,000 |
Other [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
U.S. state, municipal and agencies debt | 25,000,000 | 44,000,000 |
Mortgage Backed Securities | 20,000,000 | 27,000,000 |
Asset-backed securities | 2,000,000 | 2,000,000 |
Derivative related assets | 37,000,000 | 26,000,000 |
Other assets | 53,000,000 | |
Derivative related liabilities | 24,000,000 | 53,000,000 |
Other liabilities | $ 7,000,000 | $ 38,000,000 |
Bottom of range [member] | Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit enhancement | 11.92% | 11.82% |
Bottom of range [member] | Corporate debt and related derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 1.15% | 1.75% |
Bottom of range [member] | Corporate debt and related derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 29.18 | $ 1.33 |
Bottom of range [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 3.91% | 4.21% |
Bottom of range [member] | Government Debt and Municipal Bonds [Member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 64.62 | |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Liquidity discounts | 10.00% | 10.00% |
Discount rate | 10.65% | 10.52% |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 1.14X | 1.61X |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 9.40X | 9.40X |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 8.82X | 7.00X |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
IR-IR correlations | 19.00% | 19.00% |
FX-IR correlations | 29.00% | 29.00% |
FX-FX correlations | 68.00% | 68.00% |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | 0.13% | 1.20% |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | 1.76% | 1.46% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EQ-FX correlations | (60.60%) | (71.40%) |
EQ volatilities | 8.00% | 9.00% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | 0.00% | 0.00% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | 32.00% | 21.90% |
Top of range [member] | Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit enhancement | 15.90% | 15.75% |
Top of range [member] | Corporate debt and related derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 6.92% | 14.10% |
Top of range [member] | Corporate debt and related derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 127.09 | $ 136.34 |
Top of range [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 8.17% | 7.89% |
Top of range [member] | Government Debt and Municipal Bonds [Member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 64.62 | |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Liquidity discounts | 40.00% | 40.00% |
Discount rate | 10.65% | 10.52% |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 20.80X | 9.10X |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 38.00X | 33.47X |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 26.00X | 15.38X |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
IR-IR correlations | 67.00% | 67.00% |
FX-IR correlations | 56.00% | 56.00% |
FX-FX correlations | 68.00% | 68.00% |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | 2.46% | 1.60% |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | 2.42% | 1.83% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EQ-FX correlations | 27.30% | 45.10% |
EQ volatilities | 128.00% | 176.00% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | 6.37% | 11.38% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | 95.00% | 97.00% |
Weighted average [member] | Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit enhancement | 13.25% | 13.13% |
Weighted average [member] | Corporate debt and related derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 4.04% | 7.93% |
Weighted average [member] | Corporate debt and related derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 96.36 | $ 94.23 |
Weighted average [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 5.91% | 5.88% |
Weighted average [member] | Government Debt and Municipal Bonds [Member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 64.62 | |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Liquidity discounts | 16.40% | 16.40% |
Discount rate | 10.65% | 10.52% |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 5.40X | 2.04X |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 10.96X | 19.10X |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 9.16X | 13.31X |
Weighted average [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
IR-IR correlations | Even | Even |
FX-IR correlations | Even | Even |
FX-FX correlations | Even | Even |
Weighted average [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | High | Even |
Weighted average [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | Even | Even |
Weighted average [member] | Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EQ-FX correlations | Middle | Middle |
EQ volatilities | Upper | Upper |
Weighted average [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | Lower | Lower |
Weighted average [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | Middle | Middle |
Fair value of financial inst_14
Fair value of financial instrument - Summary of Quantitative Information About Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Parenthetical) (Detail) - Level 3 [member] - CAD ($) $ / shares in Units, $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value inputs application on par value | $ 100 | |
Discounted cash flow [member] | Liquidity discounts [member] | Private equities hedge fund investments and related equity derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value of securities with liquidity discount inputs | $ 385 | $ 286 |
Fair value of financial inst_15
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | $ 3,584 | |
Fair value assets, ending balance | 3,594 | $ 3,584 |
Fair value liabilities, beginning balance | 1,606 | |
Fair value liabilities, ending balance | 1,548 | 1,606 |
Level 3 [member] | Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 160 | |
Fair value assets, ending balance | 152 | 160 |
Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 335 | |
Fair value assets, ending balance | 334 | 335 |
Level 3 [member] | Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 53 | |
Fair value assets, ending balance | 53 | |
Level 3 [member] | Trading Securities [member] | Corporate debt and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 30 | |
Fair value assets, ending balance | 25 | 30 |
Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,261 | |
Fair value assets, ending balance | 1,530 | 1,261 |
Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 630,707 | |
Fair value assets, ending balance | 651,710 | 630,707 |
Fair value liabilities, beginning balance | 538,370 | |
Fair value liabilities, ending balance | 534,521 | 538,370 |
Recurring [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 2,155 | 1,794 |
Gains (losses) included in earnings | 128 | (241) |
Gains (losses) included in earnings | (44) | 57 |
Gains (losses) included in OCI | (58) | 56 |
Fair value liabilities, beginning balance | (177) | (216) |
Gains (losses) included in OCI | 6 | (4) |
Purchases (issuances) | 526 | 609 |
Settlement (sales) and other | (223) | (752) |
Transfers into Level 3 | (160) | 580 |
Transfers out of Level 3 | (164) | 109 |
Fair value assets, ending balance | 2,204 | 2,155 |
Gains (losses) included in earnings for positions still held | 269 | (147) |
Purchases (issuances) | (191) | (292) |
Settlement (sales) and other | 59 | 44 |
Transfers into Level 3 | (154) | (113) |
Transfers out of Level 3 | 343 | 347 |
Fair value liabilities, ending balance | (158) | (177) |
Gains (losses) included in earnings for positions still held | 29 | 34 |
Recurring [member] | Level 3 [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 522 | 474 |
Gains (losses) included in OCI | 15 | 41 |
Purchases (issuances) | 5 | 8 |
Fair value assets, ending balance | 506 | 522 |
Transfers out of Level 3 | (38) | |
Settlement (sales) and other | 2 | (1) |
Recurring [member] | Level 3 [member] | Mortgage-backed securities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 27 | 27 |
Gains (losses) included in OCI | (7) | |
Fair value assets, ending balance | 20 | 27 |
Recurring [member] | Level 3 [member] | Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 160 | 153 |
Gains (losses) included in OCI | (12) | 4 |
Fair value assets, ending balance | 152 | 160 |
Settlement (sales) and other | 4 | 3 |
Recurring [member] | Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 335 | 294 |
Gains (losses) included in OCI | 34 | 37 |
Fair value assets, ending balance | 334 | 335 |
Transfers out of Level 3 | (38) | |
Purchases (issuances) | 5 | 8 |
Settlement (sales) and other | (2) | (4) |
Recurring [member] | Level 3 [member] | Interest rate contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | (588) | (585) |
Gains (losses) included in earnings | 84 | (116) |
Gains (losses) included in OCI | (1) | (2) |
Purchases (issuances) | 5 | (31) |
Settlement (sales) and other | (109) | 4 |
Transfers into Level 3 | (4) | 35 |
Transfers out of Level 3 | (22) | 107 |
Fair value assets, ending balance | (635) | (588) |
Gains (losses) included in earnings for positions still held | 84 | (57) |
Recurring [member] | Level 3 [member] | Foreign exchange contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 22 | 21 |
Gains (losses) included in earnings | 14 | (7) |
Gains (losses) included in OCI | (3) | |
Purchases (issuances) | 38 | 23 |
Settlement (sales) and other | (25) | |
Transfers into Level 3 | 7 | (6) |
Transfers out of Level 3 | (9) | (6) |
Fair value assets, ending balance | 47 | 22 |
Gains (losses) included in earnings for positions still held | 1 | (13) |
Recurring [member] | Level 3 [member] | Other contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | (301) | (195) |
Gains (losses) included in earnings | (20) | (76) |
Gains (losses) included in OCI | 11 | (1) |
Purchases (issuances) | (142) | (174) |
Settlement (sales) and other | 102 | 44 |
Transfers into Level 3 | (276) | (88) |
Transfers out of Level 3 | 233 | 189 |
Fair value assets, ending balance | (393) | (301) |
Gains (losses) included in earnings for positions still held | (10) | (8) |
Recurring [member] | Level 3 [member] | Valuation adjustments [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 40 | 22 |
Purchases (issuances) | 6 | |
Settlement (sales) and other | (26) | 18 |
Fair value assets, ending balance | 20 | 40 |
Recurring [member] | Level 3 [member] | Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 53 | 77 |
Gains (losses) included in earnings | (39) | (7) |
Gains (losses) included in OCI | (2) | 2 |
Settlement (sales) and other | (12) | (19) |
Fair value assets, ending balance | 53 | |
Gains (losses) included in earnings for positions still held | (7) | |
Recurring [member] | Level 3 [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,070 | 680 |
Gains (losses) included in earnings | (5) | 92 |
Gains (losses) included in OCI | (19) | 8 |
Purchases (issuances) | 264 | 551 |
Settlement (sales) and other | (8) | (706) |
Transfers into Level 3 | 73 | 624 |
Transfers out of Level 3 | (298) | (179) |
Fair value assets, ending balance | 1,077 | 1,070 |
Gains (losses) included in earnings for positions still held | (15) | |
Gains (losses) included in earnings for positions still held | 30 | |
Recurring [member] | Level 3 [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,337 | 1,300 |
Gains (losses) included in earnings | 94 | (127) |
Gains (losses) included in OCI | (62) | 11 |
Purchases (issuances) | 350 | 232 |
Settlement (sales) and other | (147) | (92) |
Transfers into Level 3 | 40 | 15 |
Transfers out of Level 3 | (30) | (2) |
Fair value assets, ending balance | 1,582 | 1,337 |
Gains (losses) included in earnings for positions still held | 164 | (47) |
Recurring [member] | Level 3 [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 44 | 58 |
Gains (losses) included in OCI | (2) | 1 |
Settlement (sales) and other | (17) | (15) |
Fair value assets, ending balance | 25 | 44 |
Gains (losses) included in earnings for positions still held | 1 | |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Asset-backed securities, Non-CDO securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 2 | 2 |
Fair value assets, ending balance | 2 | 2 |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Corporate debt and other debt [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 30 | 21 |
Gains (losses) included in earnings | (2) | (1) |
Purchases (issuances) | 12 | 1 |
Settlement (sales) and other | (5) | (3) |
Transfers into Level 3 | 14 | 12 |
Fair value assets, ending balance | 25 | 30 |
Transfers out of Level 3 | (24) | |
Gains (losses) included in earnings for positions still held | (1) | |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,261 | 1,219 |
Gains (losses) included in earnings | 96 | (126) |
Gains (losses) included in OCI | (60) | 10 |
Purchases (issuances) | 338 | 231 |
Settlement (sales) and other | (125) | (74) |
Transfers into Level 3 | 26 | 3 |
Transfers out of Level 3 | (6) | (2) |
Fair value assets, ending balance | 1,530 | 1,261 |
Gains (losses) included in earnings for positions still held | (47) | |
Gains (losses) included in earnings for positions still held | 164 | |
Recurring [member] | Level 3 [member] | Deposits - Personal [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Gains (losses) included in earnings | (66) | 52 |
Fair value liabilities, beginning balance | (139) | (156) |
Gains (losses) included in OCI | 5 | (3) |
Purchases (issuances) | (191) | (296) |
Settlement (sales) and other | 51 | 30 |
Transfers into Level 3 | (154) | (113) |
Transfers out of Level 3 | 343 | 347 |
Fair value liabilities, ending balance | (151) | (139) |
Gains (losses) included in earnings for positions still held | 6 | 29 |
Recurring [member] | Level 3 [member] | Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Gains (losses) included in earnings | 22 | 5 |
Fair value liabilities, beginning balance | (38) | (60) |
Gains (losses) included in OCI | 1 | (1) |
Purchases (issuances) | 4 | |
Settlement (sales) and other | 8 | 14 |
Fair value liabilities, ending balance | (7) | (38) |
Gains (losses) included in earnings for positions still held | $ 23 | $ 5 |
Fair value of financial inst_16
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | $ 95,541 | $ 113,488 |
Derivative liabilities | 91,439 | 109,927 |
Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | 95,541 | 113,488 |
Derivative liabilities | 91,439 | 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 | 46 | 32 |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | 429 | 602 |
Derivative liabilities | $ 1,390 | $ 1,429 |
Fair value of financial inst_17
Fair value of financial instrument - Summary of Positive and Negative Fair Value Movement of Level 3 Financial Instruments From Using Reasonably Possible Alternative Assumptions (Detail) - Level 3 [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | $ 3,594 | $ 3,584 |
Positive fair value movement from using reasonably possible alternatives | 101 | |
Negative fair value movement from using reasonably possible alternatives | (98) | |
Level 3 fair value | (1,548) | (1,606) |
Positive fair value movement from using reasonably possible alternatives | 30 | |
Negative fair value movement from using reasonably possible alternatives | (77) | |
Financial assets at fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 3,594 | 3,584 |
Positive fair value movement from using reasonably possible alternatives | 101 | 117 |
Negative fair value movement from using reasonably possible alternatives | (98) | (115) |
U.S. state, municipal and agencies debt [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 25 | 44 |
Positive fair value movement from using reasonably possible alternatives | 1 | |
Negative fair value movement from using reasonably possible alternatives | (1) | (1) |
Asset-backed securities [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 2 | 2 |
Corporate debt and other debt [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 25 | 30 |
Positive fair value movement from using reasonably possible alternatives | 1 | 1 |
Negative fair value movement from using reasonably possible alternatives | (1) | (1) |
Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 152 | 160 |
Positive fair value movement from using reasonably possible alternatives | 14 | 18 |
Negative fair value movement from using reasonably possible alternatives | (13) | (16) |
Equities [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 1,530 | 1,261 |
Positive fair value movement from using reasonably possible alternatives | 19 | 15 |
Negative fair value movement from using reasonably possible alternatives | (16) | (15) |
Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 334 | 335 |
Positive fair value movement from using reasonably possible alternatives | 33 | 28 |
Negative fair value movement from using reasonably possible alternatives | (34) | (28) |
Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 1,077 | 1,070 |
Positive fair value movement from using reasonably possible alternatives | 23 | 49 |
Negative fair value movement from using reasonably possible alternatives | (24) | (49) |
Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 53 | |
Mortgage backed securities [Member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 20 | 27 |
Positive fair value movement from using reasonably possible alternatives | 4 | 3 |
Negative fair value movement from using reasonably possible alternatives | (4) | (3) |
Derivatives [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 429 | 602 |
Positive fair value movement from using reasonably possible alternatives | 7 | 2 |
Negative fair value movement from using reasonably possible alternatives | (5) | (2) |
Deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (151) | (139) |
Positive fair value movement from using reasonably possible alternatives | 4 | |
Negative fair value movement from using reasonably possible alternatives | (4) | |
Derivatives [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (1,390) | (1,429) |
Positive fair value movement from using reasonably possible alternatives | 30 | 13 |
Negative fair value movement from using reasonably possible alternatives | (77) | (55) |
Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (7) | (38) |
Financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (1,548) | (1,606) |
Positive fair value movement from using reasonably possible alternatives | 30 | 17 |
Negative fair value movement from using reasonably possible alternatives | $ (77) | $ (59) |
Fair value of financial inst_18
Fair value of financial instrument - Summary of Fair Value for Financial Instruments Carried at Amortized Cost and Classified Using the Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | $ 79,638 | $ 39,013 |
Investment securities | 284,724 | 275,814 |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 |
Deposits | ||
Personal | 362,488 | 343,052 |
Business and government | 696,353 | 624,311 |
Bank | 41,990 | 44,522 |
Deposits | 1,100,831 | 1,011,885 |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 |
Subordinated debentures | 9,593 | 9,867 |
Level 3 [member] | ||
Loans | ||
Fair value | 3,594 | 3,584 |
Deposits | ||
Financial liabilities | 1,548 | 1,606 |
Fair value of financial instruments not measured at fair value [member] | Fair Value Always Approximates Carrying Value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | 22,742 | 17,410 |
Assets purchased under reverse repurchase agreements and securities borrowed | 31,368 | 37,064 |
Loans | ||
Retail | 68,377 | 66,151 |
Wholesale | 16,228 | 11,278 |
Financial assets, excluding other financial assets | 84,605 | 77,429 |
Other assets | 57,859 | 56,484 |
Fair value | 196,574 | 188,387 |
Deposits | ||
Personal | 272,675 | 245,777 |
Business and government | 418,185 | 364,451 |
Bank | 16,943 | 19,070 |
Deposits | 707,803 | 629,298 |
Obligations related to assets sold under repurchase agreements and securities loaned | 26,054 | 18,309 |
Other liabilities | 55,495 | 56,200 |
Financial liabilities | 789,352 | 703,807 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 66,823 | 58,627 |
Assets purchased under reverse repurchase agreements and securities borrowed | 11,524 | 11,557 |
Loans | ||
Retail | 433,900 | 396,733 |
Wholesale | 188,455 | 187,475 |
Financial assets, excluding other financial assets | 622,355 | 584,208 |
Other assets | 624 | 581 |
Fair value | 701,326 | 654,973 |
Deposits | ||
Personal | 71,365 | 79,027 |
Business and government | 146,921 | 154,050 |
Bank | 7,800 | 7,448 |
Deposits | 226,086 | 240,525 |
Other liabilities | 9,254 | 9,519 |
Subordinated debentures | 9,601 | 10,071 |
Financial liabilities | 244,941 | 260,115 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 1 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 1,025 | 502 |
Loans | ||
Fair value | 1,025 | 502 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 2 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 65,798 | 58,125 |
Assets purchased under reverse repurchase agreements and securities borrowed | 11,524 | 11,557 |
Loans | ||
Retail | 429,672 | 392,093 |
Wholesale | 184,055 | 182,094 |
Financial assets, excluding other financial assets | 613,727 | 574,187 |
Other assets | 489 | 450 |
Fair value | 691,538 | 644,319 |
Deposits | ||
Personal | 70,908 | 78,500 |
Business and government | 146,334 | 153,395 |
Bank | 7,792 | 7,439 |
Deposits | 225,034 | 239,334 |
Other liabilities | 1,256 | 1,004 |
Subordinated debentures | 9,545 | 10,012 |
Financial liabilities | 235,835 | 250,350 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 3 [member] | ||
Loans | ||
Retail | 4,228 | 4,640 |
Wholesale | 4,400 | 5,381 |
Financial assets, excluding other financial assets | 8,628 | 10,021 |
Other assets | 135 | 131 |
Fair value | 8,763 | 10,152 |
Deposits | ||
Personal | 457 | 527 |
Business and government | 587 | 655 |
Bank | 8 | 9 |
Deposits | 1,052 | 1,191 |
Other liabilities | 7,998 | 8,515 |
Subordinated debentures | 56 | 59 |
Financial liabilities | 9,106 | 9,765 |
Fair value of financial instruments not measured at fair value [member] | At fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | 22,742 | 17,410 |
Investment securities | 66,823 | 58,627 |
Assets purchased under reverse repurchase agreements and securities borrowed | 42,892 | 48,621 |
Loans | ||
Retail | 502,277 | 462,884 |
Wholesale | 204,683 | 198,753 |
Financial assets, excluding other financial assets | 706,960 | 661,637 |
Other assets | 58,483 | 57,065 |
Fair value | 897,900 | 843,360 |
Deposits | ||
Personal | 344,040 | 324,804 |
Business and government | 565,106 | 518,501 |
Bank | 24,743 | 26,518 |
Deposits | 933,889 | 869,823 |
Obligations related to assets sold under repurchase agreements and securities loaned | 26,054 | 18,309 |
Other liabilities | 64,749 | 65,719 |
Subordinated debentures | 9,601 | 10,071 |
Financial liabilities | $ 1,034,293 | $ 963,922 |
Securities - Summary of Contrac
Securities - Summary of Contractual Maturities of the Carrying Values of Financial Instruments Held (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Securities | $ 284,724 | $ 275,814 |
Cost/Amortized cost | 78,180 | 81,756 |
U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 34,678 | 38,523 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,949 | 7,336 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,757 | 2,418 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 19,731 | 19,041 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 242 | 276 |
Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 284,724 | 275,814 |
Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 139,240 | 136,071 |
Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 22,425 | 27,347 |
Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 22,978 | 36,581 |
Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,459 | 6,465 |
Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4 | 39 |
Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 893 | 528 |
Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 451 | 292 |
Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 111 | |
Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 22,659 | 21,091 |
Trading Securities [member] | Trading Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 61,371 | 43,617 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 78,180 | 81,756 |
Fair value | 78,335 | 81,920 |
Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 34,678 | 38,523 |
Fair value | $ 34,827 | $ 38,524 |
Yield | 1.10% | 1.70% |
Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,949 | $ 7,336 |
Fair value | $ 5,956 | $ 7,345 |
Yield | 1.20% | 2.00% |
Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,757 | $ 2,418 |
Fair value | $ 2,747 | $ 2,370 |
Yield | 1.20% | 1.20% |
Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 7,654 | $ 8,363 |
Fair value | $ 7,660 | $ 8,268 |
Yield | 1.30% | 1.40% |
Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 19,731 | $ 19,041 |
Fair value | $ 19,777 | $ 19,114 |
Yield | 1.20% | 1.50% |
Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,841 | $ 2,562 |
Fair value | $ 3,703 | $ 2,541 |
Yield | 1.30% | 1.40% |
Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,328 | $ 3,237 |
Fair value | $ 3,132 | $ 3,233 |
Yield | 2.60% | 2.20% |
Securities measured at fair value through other comprehensive income [member] | Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 242 | $ 276 |
Fair value | 533 | 525 |
Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 67,149 | 57,823 |
Fair value | 66,823 | 58,627 |
Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 24,816 | 20,163 |
Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 27,411 | 22,313 |
Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,974 | 6,866 |
Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 663 | 160 |
Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 8,285 | 8,321 |
Within 3 months [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 20,625 | 12,007 |
Within 3 months [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,595 | 4,034 |
Within 3 months [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,244 | 2,301 |
Within 3 months [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,381 | 559 |
Within 3 months [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,049 | 56 |
Within 3 months [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 288 | 3 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 316 | 65 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2 | |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,317 | 1,048 |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,436 | 4,721 |
Fair value | 7,437 | 4,724 |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 161 | |
Fair value | $ 161 | |
Yield | 0.40% | |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,131 | 1,772 |
Fair value | 1,132 | $ 1,775 |
Yield | 0.10% | |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 176 | $ 274 |
Fair value | $ 176 | $ 274 |
Yield | 1.70% | 1.70% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,965 | $ 2,670 |
Fair value | $ 5,965 | $ 2,670 |
Yield | 0.90% | 0.90% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3 | $ 5 |
Fair value | $ 3 | $ 5 |
Yield | 4.20% | 4.50% |
Within 3 months [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,593 | $ 3,249 |
Fair value | 4,597 | 3,252 |
Within 3 months [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 453 | 438 |
Within 3 months [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,093 | 8 |
Within 3 months [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,914 | 2,178 |
Within 3 months [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,133 | 625 |
3 months to 1 year [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 27 | 164 |
3 months to 1 year [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 27,513 | 42,440 |
3 months to 1 year [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 10,629 | 16,157 |
3 months to 1 year [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4,252 | 7,004 |
3 months to 1 year [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,616 | 4,532 |
3 months to 1 year [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,073 | 695 |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 135 | 227 |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 63 | |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,526 | 3,472 |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 10,344 | 18,932 |
Fair value | 10,347 | 18,944 |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,010 | 9,736 |
Fair value | $ 5,013 | $ 9,739 |
Yield | 0.90% | 1.70% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,274 | $ 2,288 |
Fair value | $ 1,274 | $ 2,289 |
Yield | 1.00% | 2.40% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,597 | $ 5,796 |
Fair value | $ 2,599 | $ 5,801 |
Yield | 1.20% | 1.60% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,180 | $ 204 |
Fair value | $ 1,178 | $ 204 |
Yield | 0.70% | 1.40% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 283 | $ 908 |
Fair value | $ 283 | $ 911 |
Yield | 2.60% | 1.30% |
3 months to 1 year [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 6,537 | $ 7,339 |
Fair value | 6,567 | 7,392 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,979 | 1,862 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 274 | 787 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,212 | 2,045 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1 | |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,072 | 2,644 |
1 to 5 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 73,087 | 78,870 |
1 to 5 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 19,329 | 27,248 |
1 to 5 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,187 | 6,054 |
1 to 5 years [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,203 | 12,546 |
1 to 5 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,231 | 3,010 |
1 to 5 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 275 | 82 |
1 to 5 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 35 | |
1 to 5 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 5,433 | 5,521 |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 24,898 | 26,303 |
Fair value | 24,917 | 26,356 |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,960 | 8,777 |
Fair value | $ 7,960 | $ 8,779 |
Yield | 0.40% | 1.10% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,498 | $ 4,773 |
Fair value | $ 4,505 | $ 4,781 |
Yield | 1.30% | 1.80% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 56 | |
Fair value | $ 56 | |
Yield | 1.20% | |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 10 | |
Fair value | $ 10 | |
Yield | 1.40% | |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 9,676 | $ 10,425 |
Fair value | $ 9,699 | $ 10,466 |
Yield | 1.50% | 1.50% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,382 | $ 1,689 |
Fair value | $ 1,375 | $ 1,690 |
Yield | 1.80% | 1.40% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,326 | $ 629 |
Fair value | $ 1,322 | $ 630 |
Yield | 2.40% | 2.70% |
1 to 5 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 28,841 | $ 25,266 |
Fair value | 28,701 | 25,663 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 17,589 | 16,044 |
1 to 5 years [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,718 | 1,615 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,790 | 2,643 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 320 | 159 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 4,424 | 4,805 |
5 to 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 28,338 | 22,199 |
5 to 10 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 11,557 | 11,482 |
5 to 10 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 3,339 | 3,569 |
5 to 10 years [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4,092 | 4,134 |
5 to 10 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 294 | 584 |
5 to 10 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 116 | 181 |
5 to 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 7 | |
5 to 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 3,716 | 3,007 |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 9,356 | 7,085 |
Fair value | 9,386 | 7,057 |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,380 | 2,227 |
Fair value | $ 2,446 | $ 2,237 |
Yield | 2.60% | 2.60% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1 | $ 1 |
Fair value | $ 1 | $ 1 |
Yield | 3.90% | 3.60% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 55 | $ 192 |
Fair value | $ 55 | $ 189 |
Yield | 1.30% | 1.20% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,719 | $ 4,294 |
Fair value | $ 4,719 | $ 4,247 |
Yield | 1.20% | 1.40% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,451 | $ 92 |
Fair value | $ 1,463 | $ 106 |
Yield | 0.80% | 2.10% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 592 | $ 272 |
Fair value | $ 544 | $ 269 |
Yield | 0.90% | 1.20% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 158 | $ 7 |
Fair value | $ 158 | $ 8 |
Yield | 1.70% | 4.30% |
5 to 10 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 7,395 | $ 3,660 |
Fair value | 7,311 | 3,798 |
5 to 10 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,601 | 1,819 |
5 to 10 years [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,767 | 1,622 |
5 to 10 years [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 58 | |
5 to 10 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 336 | |
5 to 10 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 633 | 219 |
Over 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 73,257 | 76,156 |
Over 10 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 27,759 | 33,533 |
Over 10 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 7,403 | 8,419 |
Over 10 years [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,686 | 14,810 |
Over 10 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,812 | 2,120 |
Over 10 years [member] | Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4 | 39 |
Over 10 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 187 | 98 |
Over 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Certificates of deposit [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4 | |
Over 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,667 | 8,043 |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 25,904 | 24,439 |
Fair value | 25,715 | 24,314 |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 18,197 | 16,011 |
Fair value | $ 18,276 | $ 15,994 |
Yield | 1.30% | 2.20% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,646 | $ 2,226 |
Fair value | $ 2,636 | $ 2,181 |
Yield | 1.20% | 1.20% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,935 | $ 4,059 |
Fair value | $ 2,941 | $ 4,011 |
Yield | 1.30% | 1.40% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 42 | $ 58 |
Fair value | $ 51 | $ 71 |
Yield | 3.60% | 2.40% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government debt, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 526 | $ 397 |
Fair value | $ 445 | $ 378 |
Yield | 2.40% | 1.40% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,558 | $ 1,688 |
Fair value | $ 1,366 | $ 1,679 |
Yield | 2.90% | 2.60% |
Over 10 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 19,783 | $ 18,309 |
Fair value | 19,647 | 18,522 |
Over 10 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 194 | |
Over 10 years [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 19,559 | 18,281 |
Over 10 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7 | |
Over 10 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 23 | 28 |
With no specific maturity [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 61,904 | 44,142 |
With no specific maturity [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 61,371 | 43,617 |
With no specific maturity [member] | Trading Securities [member] | Trading Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 61,371 | 43,617 |
With no specific maturity [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 242 | 276 |
Fair value | 533 | 525 |
With no specific maturity [member] | Securities measured at fair value through other comprehensive income [member] | Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 242 | 276 |
Fair value | $ 533 | $ 525 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 78,180 | $ 81,756 |
Gross unrealized gains | 723 | 698 |
Gross unrealized losses | (568) | (534) |
Fair value | 78,335 | 81,920 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,841 | 2,562 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | (139) | (22) |
Fair value | 3,703 | 2,541 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,328 | 3,237 |
Gross unrealized gains | 3 | 27 |
Gross unrealized losses | (199) | (31) |
Fair value | 3,132 | 3,233 |
U.S. federal state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 34,678 | 38,523 |
Gross unrealized gains | 353 | 323 |
Gross unrealized losses | (204) | (322) |
Fair value | 34,827 | 38,524 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,949 | 7,336 |
Gross unrealized gains | 8 | 11 |
Gross unrealized losses | (1) | (2) |
Fair value | 5,956 | 7,345 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,757 | 2,418 |
Gross unrealized gains | 2 | 5 |
Gross unrealized losses | (12) | (53) |
Fair value | 2,747 | 2,370 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,074 | 7,504 |
Gross unrealized gains | 1 | |
Gross unrealized losses | (1) | (90) |
Fair value | 7,074 | 7,414 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 580 | 859 |
Gross unrealized gains | 6 | 2 |
Gross unrealized losses | (7) | |
Fair value | 586 | 854 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 19,731 | 19,041 |
Gross unrealized gains | 57 | 76 |
Gross unrealized losses | (11) | (3) |
Fair value | 19,777 | 19,114 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 242 | 276 |
Gross unrealized gains | 292 | 253 |
Gross unrealized losses | (1) | (4) |
Fair value | $ 533 | $ 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 | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 78,180 | $ 81,756 |
Allowance for credit losses on debt securities at FVOCI | (9) | 8 |
Gross unrealized gains on securities measured at FVOCI | 723 | 698 |
Gross unrealized losses on securities measured at FVOCI | 568 | 534 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 2,603 | 2,185 |
Gross unrealized gains on securities measured at FVOCI | 1 | 0 |
Gross unrealized losses on securities measured at FVOCI | 12 | 48 |
Fair value | 2,592 | 2,137 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 67,149 | $ 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 | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Balance at beginning of period | $ 8 | $ (3) |
Provision for credit losses | ||
Model Changes | (4) | |
Purchases | 8 | 18 |
Sales and maturities | (11) | (13) |
Changes in risk, parameters and exposures | (10) | 7 |
Exchange rate and other | 0 | (1) |
Balance at end of period | (9) | 8 |
Performing Stage one [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 12 | 4 |
Provision for credit losses | ||
Model Changes | (4) | |
Transfers to Stage 1 | 1 | |
Purchases | 8 | 18 |
Sales and maturities | (10) | (13) |
Changes in risk, parameters and exposures | (4) | 3 |
Exchange rate and other | (1) | |
Balance at end of period | 2 | 12 |
Performing Stage two [member] | ||
Provision for credit losses | ||
Transfers to Stage 1 | (1) | |
Sales and maturities | (1) | |
Changes in risk, parameters and exposures | 3 | |
Balance at end of period | 1 | |
Impaired Stage three [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | (4) | (7) |
Provision for credit losses | ||
Changes in risk, parameters and exposures | (9) | 4 |
Exchange rate and other | 1 | (1) |
Balance at end of period | $ (12) | $ (4) |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Credit Losses - Securities at Amortized Cost (Detail) - Debt securities at amortized cost [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 29 | $ 24 |
Provision for credit losses | ||
Model Changes | (4) | |
Purchases | 9 | 9 |
Sales and maturities | (1) | (2) |
Changes in risk, parameters and exposures | (8) | (1) |
Exchange rate and other | (2) | (1) |
Balance at end of period | 23 | 29 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 10 | 5 |
Provision for credit losses | ||
Model Changes | (4) | |
Purchases | 9 | 9 |
Sales and maturities | (1) | (2) |
Changes in risk, parameters and exposures | (9) | (2) |
Balance at end of period | 5 | 10 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 19 | 19 |
Provision for credit losses | ||
Changes in risk, parameters and exposures | 1 | 1 |
Exchange rate and other | (2) | (1) |
Balance at end of period | $ 18 | $ 19 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 78,180 | $ 81,756 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 77,229 | 80,806 |
Non-investment grade | 423 | 432 |
Impaired | 150 | 157 |
Carrying amount of securities measured at FVOCI subject to impairment | 77,802 | 81,395 |
Items not subject to impairment | 533 | 525 |
Carrying amount of securities measured at FVOCI | 78,335 | 81,920 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 66,033 | 56,885 |
Non-investment grade | 1,139 | 967 |
Amount before allowance for credit losses | 67,172 | 57,852 |
Allowance for credit losses | 23 | 29 |
Amortized cost | 67,149 | 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 | 77,147 | 80,719 |
Non-investment grade | 423 | 431 |
Carrying amount of securities measured at FVOCI subject to impairment | 77,570 | 81,150 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 66,033 | 56,885 |
Non-investment grade | 928 | 647 |
Amount before allowance for credit losses | 66,961 | 57,532 |
Allowance for credit losses | 5 | 10 |
Amortized cost | 66,956 | 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 | 82 | 87 |
Non-investment grade | 0 | 1 |
Carrying amount of securities measured at FVOCI subject to impairment | 82 | 88 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Non-investment grade | 211 | 320 |
Amount before allowance for credit losses | 211 | 320 |
Allowance for credit losses | 18 | 19 |
Amortized cost | 193 | 301 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 150 | 157 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 150 | $ 157 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 150 | $ 157 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Disclosure of Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 721,664 | $ 666,631 |
Allowance for loan losses | (4,089) | (5,639) |
Loans, net of allowance for credit losses | 717,575 | 660,992 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 380,332 | 342,597 |
Allowance for loan losses | (416) | (515) |
Loans, net of allowance for credit losses | 379,916 | 342,082 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 93,441 | 92,011 |
Allowance for loan losses | (973) | (1,185) |
Loans, net of allowance for credit losses | 92,468 | 90,826 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 17,822 | 17,626 |
Allowance for loan losses | (852) | (1,211) |
Loans, net of allowance for credit losses | 16,970 | 16,415 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 12,003 | 5,742 |
Allowance for loan losses | (168) | (123) |
Loans, net of allowance for credit losses | 11,835 | 5,619 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 218,066 | 208,655 |
Allowance for loan losses | (1,680) | (2,605) |
Loans, net of allowance for credit losses | 216,386 | 206,050 |
Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 245,944 | 232,381 |
Allowance for loan losses | (136) | (176) |
Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 371,578 | 361,027 |
Allowance for loan losses | (105) | (187) |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 549,722 | 509,652 |
Canada [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 354,169 | 319,287 |
Canada [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 78,232 | 79,778 |
Canada [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 17,235 | 17,060 |
Canada [member] | Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 12,003 | 5,742 |
Canada [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 88,083 | 87,785 |
Canada [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 240,242 | 226,439 |
Canada [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 107,070 | 109,900 |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 121,629 | 115,662 |
United States [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 23,423 | 20,331 |
United States [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 11,794 | 9,050 |
United States [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 384 | 340 |
United States [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 86,028 | 85,941 |
United States [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,713 | 4,314 |
United States [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 189,177 | 183,847 |
Other International [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 50,313 | 41,317 |
Other International [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 2,740 | 2,979 |
Other International [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,415 | 3,183 |
Other International [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 203 | 226 |
Other International [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 43,955 | 34,929 |
Other International [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 1,989 | 1,628 |
Other International [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 75,331 | $ 67,280 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Disclosure of Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Loans classified as FVOCI [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | $ 14 | $ 6 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Disclosure of Loans Maturity and Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Total loans | $ 721,664 | $ 666,631 |
Allowance for loan losses (Note 5) | (4,089) | (5,639) |
Total loans net of allowance for loan losses | 717,575 | 660,992 |
Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 721,664 | 666,631 |
Allowance for loan losses (Note 5) | (4,089) | (5,639) |
Total loans net of allowance for loan losses | 717,575 | 660,992 |
Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 721,664 | 666,631 |
Allowance for loan losses (Note 5) | (4,089) | (5,639) |
Total loans net of allowance for loan losses | 717,575 | 660,992 |
Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 203,053 | 164,556 |
Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 508,773 | 493,293 |
Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 9,838 | 8,782 |
Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 503,598 | 457,976 |
Retail [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 503,598 | 457,976 |
Retail [member] | Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 166,910 | 129,870 |
Retail [member] | Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 329,185 | 322,122 |
Retail [member] | Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 7,503 | 5,984 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for loan losses (Note 5) | (1,680) | (2,605) |
Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 218,066 | 208,655 |
Wholesale [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 218,066 | 208,655 |
Wholesale [member] | Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 36,143 | 34,686 |
Wholesale [member] | Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 179,588 | 171,171 |
Wholesale [member] | Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 2,335 | 2,798 |
Under 1 year [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 423,708 | 373,977 |
Under 1 year [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 249,363 | 213,946 |
Under 1 year [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 174,345 | 160,031 |
1 to 5 years [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 256,290 | 255,688 |
1 to 5 years [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 222,408 | 218,342 |
1 to 5 years [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 33,882 | 37,346 |
Over 5 years [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 41,666 | 36,966 |
Over 5 years [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 31,827 | 25,688 |
Over 5 years [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | $ 9,839 | $ 11,278 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 107 | $ 24 |
Provision for credit losses | (32) | 83 |
Exchange rate changes/other | 0 | 0 |
Balance at end of period | 75 | 107 |
Allowance for credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 6,115 | 3,419 |
Provision for credit losses | (672) | 4,231 |
Net write-offs | (794) | (1,340) |
Exchange rate changes/other | (230) | (195) |
Balance at end of period | 4,419 | 6,115 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 5,639 | 3,100 |
Balance at end of period | 4,089 | 5,639 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 363 | 295 |
Balance at end of period | 241 | 363 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 107 | 24 |
Balance at end of period | 75 | 107 |
Allowance for credit losses [member] | Other components of equity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 6 | |
Balance at end of period | 14 | 6 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 518 | 402 |
Provision for credit losses | (43) | 190 |
Net write-offs | (27) | (34) |
Exchange rate changes/other | (32) | (40) |
Balance at end of period | 416 | 518 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,309 | 935 |
Provision for credit losses | 23 | 801 |
Net write-offs | (247) | (411) |
Exchange rate changes/other | (6) | (16) |
Balance at end of period | 1,079 | 1,309 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,246 | 832 |
Provision for credit losses | (72) | 900 |
Net write-offs | (297) | (484) |
Exchange rate changes/other | (2) | (2) |
Balance at end of period | 875 | 1,246 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 140 | 61 |
Provision for credit losses | 12 | 117 |
Net write-offs | (23) | (31) |
Exchange rate changes/other | 48 | (7) |
Balance at end of period | 177 | 140 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 2,795 | 1,165 |
Provision for credit losses | (560) | 2,140 |
Net write-offs | (200) | (380) |
Exchange rate changes/other | (238) | (130) |
Balance at end of period | $ 1,797 | $ 2,795 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [abstract] | ||
Loan contractual amount outstanding on loans written-off during the period that are no longer subject to enforcement activity | $ 93 | $ 193 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Residential Mortgages (Detail) - Retail [member] - Residential mortgages [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 518 | $ 402 |
Provision for credit losses | ||
Model changes | (11) | |
Originations | 113 | 76 |
Maturities | (54) | (31) |
Changes in risk, parameters and exposures | (91) | 145 |
Write-offs | (37) | (44) |
Recoveries | 10 | 10 |
Exchange rate and other | (32) | (40) |
Balance at end of period | 416 | 518 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 206 | 146 |
Provision for credit losses | ||
Model changes | (6) | |
Transfers to Stage 1 | 205 | 221 |
Transfers to Stage 2 | (14) | (35) |
Transfers to Stage 3 | (2) | (3) |
Originations | 113 | 76 |
Maturities | (30) | (16) |
Changes in risk, parameters and exposures | (284) | (180) |
Exchange rate and other | (2) | (3) |
Balance at end of period | 186 | 206 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 160 | 77 |
Provision for credit losses | ||
Model changes | (5) | |
Transfers to Stage 1 | (182) | (186) |
Transfers to Stage 2 | 18 | 42 |
Transfers to Stage 3 | (44) | (33) |
Maturities | (24) | (15) |
Changes in risk, parameters and exposures | 178 | 291 |
Exchange rate and other | (9) | (16) |
Balance at end of period | 92 | 160 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 152 | 179 |
Provision for credit losses | ||
Transfers to Stage 1 | (23) | (35) |
Transfers to Stage 2 | (4) | (7) |
Transfers to Stage 3 | 46 | 36 |
Changes in risk, parameters and exposures | 15 | 34 |
Write-offs | (37) | (44) |
Recoveries | 10 | 10 |
Exchange rate and other | (21) | (21) |
Balance at end of period | $ 138 | $ 152 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Personal (Detail) - Retail [member] - Personal [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,309 | $ 935 |
Provision for credit losses | ||
Model changes | (1) | |
Originations | 128 | 118 |
Maturities | (226) | (146) |
Changes in risk, parameters and exposures | 122 | 829 |
Write-offs | (387) | (545) |
Recoveries | 140 | 134 |
Exchange rate and other | (6) | (16) |
Balance at end of period | 1,079 | 1,309 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 480 | 272 |
Provision for credit losses | ||
Model changes | (1) | |
Transfers to Stage 1 | 710 | 494 |
Transfers to Stage 2 | (97) | (107) |
Transfers to Stage 3 | (3) | (3) |
Originations | 128 | 118 |
Maturities | (96) | (49) |
Changes in risk, parameters and exposures | (697) | (245) |
Exchange rate and other | (2) | |
Balance at end of period | 422 | 480 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 733 | 520 |
Provision for credit losses | ||
Transfers to Stage 1 | (706) | (487) |
Transfers to Stage 2 | 97 | 109 |
Transfers to Stage 3 | (58) | (64) |
Maturities | (130) | (97) |
Changes in risk, parameters and exposures | 633 | 756 |
Exchange rate and other | 0 | (4) |
Balance at end of period | 569 | 733 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 96 | 143 |
Provision for credit losses | ||
Transfers to Stage 1 | (4) | (7) |
Transfers to Stage 2 | 0 | (2) |
Transfers to Stage 3 | 61 | 67 |
Changes in risk, parameters and exposures | 186 | 318 |
Write-offs | (387) | (545) |
Recoveries | 140 | 134 |
Exchange rate and other | (4) | (12) |
Balance at end of period | $ 88 | $ 96 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Credit Cards (Detail) - Retail [member] - Credit cards [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,246 | $ 832 |
Provision for credit losses | ||
Originations | 6 | 7 |
Maturities | (38) | (37) |
Changes in risk, parameters and exposures | (40) | 930 |
Write-offs | (460) | (617) |
Recoveries | 163 | 133 |
Exchange rate and other | (2) | (2) |
Balance at end of period | 875 | 1,246 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 364 | 173 |
Provision for credit losses | ||
Transfers to Stage 1 | 723 | 470 |
Transfers to Stage 2 | (105) | (98) |
Transfers to Stage 3 | (4) | (2) |
Originations | 6 | 7 |
Maturities | (7) | (8) |
Changes in risk, parameters and exposures | (742) | (177) |
Exchange rate and other | (2) | (1) |
Balance at end of period | 233 | 364 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 882 | 659 |
Provision for credit losses | ||
Transfers to Stage 1 | (723) | (470) |
Transfers to Stage 2 | 105 | 98 |
Transfers to Stage 3 | (309) | (372) |
Originations | 0 | |
Maturities | (31) | (29) |
Changes in risk, parameters and exposures | 719 | 997 |
Exchange rate and other | (1) | (1) |
Balance at end of period | 642 | 882 |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 313 | 374 |
Changes in risk, parameters and exposures | (17) | 110 |
Write-offs | (460) | (617) |
Recoveries | 163 | $ 133 |
Exchange rate and other | $ 1 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Small Business (Detail) - Retail [member] - Small business [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 140 | $ 61 |
Provision for credit losses | ||
Model changes | 4 | |
Originations | 36 | 20 |
Maturities | (43) | (13) |
Changes in risk, parameters and exposures | 15 | 110 |
Write-offs | (32) | (38) |
Recoveries | 9 | 7 |
Exchange rate and other | 48 | (7) |
Balance at end of period | 177 | 140 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 78 | 29 |
Provision for credit losses | ||
Model changes | 3 | |
Transfers to Stage 1 | 57 | 12 |
Transfers to Stage 2 | (11) | (11) |
Transfers to Stage 3 | (1) | |
Originations | 36 | 20 |
Maturities | (21) | (7) |
Changes in risk, parameters and exposures | (77) | 35 |
Exchange rate and other | 24 | |
Balance at end of period | 88 | 78 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 29 | 10 |
Provision for credit losses | ||
Model changes | 1 | |
Transfers to Stage 1 | (57) | (12) |
Transfers to Stage 2 | 11 | 11 |
Transfers to Stage 3 | (2) | (2) |
Maturities | (22) | (6) |
Changes in risk, parameters and exposures | 64 | 28 |
Exchange rate and other | 31 | |
Balance at end of period | 55 | 29 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 33 | 22 |
Provision for credit losses | ||
Transfers to Stage 3 | 3 | 2 |
Changes in risk, parameters and exposures | 28 | 47 |
Write-offs | (32) | (38) |
Recoveries | 9 | 7 |
Exchange rate and other | (7) | (7) |
Balance at end of period | $ 34 | $ 33 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Wholesale (Detail) - Wholesale [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 2,795 | $ 1,165 |
Provision for credit losses | ||
Model changes | 25 | |
Originations | 601 | 860 |
Maturities | (988) | (780) |
Changes in risk, parameters and exposures | (198) | 2,060 |
Write-offs | (253) | (437) |
Recoveries | 53 | 57 |
Exchange rate and other | (238) | (130) |
Balance at end of period | 1,797 | 2,795 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 995 | 281 |
Provision for credit losses | ||
Model changes | 1 | |
Transfers to Stage 1 | 581 | 154 |
Transfers to Stage 2 | (132) | (200) |
Transfers to Stage 3 | (4) | (14) |
Originations | 601 | 860 |
Maturities | (488) | (479) |
Changes in risk, parameters and exposures | (931) | 410 |
Exchange rate and other | (57) | (17) |
Balance at end of period | 566 | 995 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,132 | 396 |
Provision for credit losses | ||
Model changes | 24 | |
Transfers to Stage 1 | (576) | (149) |
Transfers to Stage 2 | 161 | 221 |
Transfers to Stage 3 | (60) | (116) |
Maturities | (500) | (301) |
Changes in risk, parameters and exposures | 689 | 1,091 |
Exchange rate and other | (76) | (10) |
Balance at end of period | 794 | 1,132 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 668 | 488 |
Provision for credit losses | ||
Transfers to Stage 1 | (5) | (5) |
Transfers to Stage 2 | (29) | (21) |
Transfers to Stage 3 | 64 | 130 |
Changes in risk, parameters and exposures | 44 | 559 |
Write-offs | (253) | (437) |
Recoveries | 53 | 57 |
Exchange rate and other | (105) | (103) |
Balance at end of period | $ 437 | $ 668 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses, Key Inputs and Assumptions - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2021CAD ($)$ / Perbarrel | Oct. 31, 2020CAD ($)$ / Perbarrel | |
Statement [Line Items] | |||
Increase to ACL on performing loans relative to Base Scenario | $ | $ 726 | $ 606 | |
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 | 56 | 48 | |
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 | 71 | 43 | |
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 | 89 | ||
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 | 61 | ||
Oil price (West Texas Intermediate) average price [member] | Alternative Downside Scenario [Member] | Next Two To Five Years [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers oil price per barrel | 36 | ||
Oil price (West Texas Intermediate) average price [member] | Alternative Downside Scenario [Member] | Next Twelve Months [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers oil price per barrel | 27 | ||
Canadian unemployment rate [member] | Quarterly Average [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 6.70% | ||
US unemployment rate [member] | Quarterly Average [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 4.70% | ||
Canada GDP growth rate [member] | Above Pre Shock Level [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 0.50% | ||
U.S. GDP growth rate [member] | Above Pre Shock Level [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 2.70% | ||
Canadian housing price index growth rate [member] | Base Scenario [member] | Next Two To Five Years [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 4.10% | 4.50% | |
Canadian housing price index growth rate [member] | Base Scenario [member] | Next Twelve Months [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 0.10% | 0.60% | |
Canadian housing price index growth rate [member] | Upside Scenario [member] | Next Twelve Months [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 10.90% | ||
Canadian housing price index growth rate [member] | Upside Scenario [member] | Next Two To Five Years [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 9.60% | ||
Canadian housing price index growth rate [member] | Alternative Downside Scenario [Member] | Next Twelve Months [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | (29.60%) | ||
Canadian housing price index growth rate [member] | Alternative Downside Scenario [Member] | Next Two To Five Years [Member] | |||
Statement [Line Items] | |||
Average value macroeconomic drivers percentage | 4.20% |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Impact of Staging on Allowances for Credit Losses for Performing Loans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure Of Impact Of Staging On Allowance For Credit Losses on Performing Loans [Abstract] | ||
ACL - All performing loans in Stage 1 | $ 2,521 | $ 4,028 |
Impact of staging | 1,125 | 1,031 |
Stage 1 and 2 ACL | $ 3,646 | $ 5,059 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Residential Mortgage (Detail) - Residential mortgages [member] - Retail loans [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 380,091 | $ 342,344 |
Items not subject to impairment | 241 | 253 |
Gross carrying amount of financial assets | 380,332 | 342,597 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 311,841 | 273,244 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 17,203 | 18,537 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,977 | 5,813 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 46,425 | 44,112 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 645 | 638 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 374,341 | 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 | 310,334 | 270,396 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,152 | 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 | 3,343 | 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 | 45,512 | 43,176 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,105 | 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 | 1,507 | 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 | 2,051 | 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 | 634 | 1,467 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 913 | 936 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 645 | 638 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 645 | $ 638 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Personal (Detail) - Personal [member] - Retail loans [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 93,441 | $ 92,011 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 72,965 | 72,329 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,525 | 9,389 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,732 | 2,233 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,022 | 7,848 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 197 | 212 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 86,862 | 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 | 72,267 | 71,245 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,974 | 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 | 687 | 817 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,934 | 7,704 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,382 | 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 | 698 | 1,084 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,551 | 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 | 1,045 | 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 | 88 | 144 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 197 | 212 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 197 | $ 212 |
Loans and Allowance for Cred_17
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Credit Cards (Detail) - Credit cards [member] - Retail loans [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 17,822 | $ 17,626 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 12,888 | 11,887 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,291 | 3,956 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,073 | 1,237 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 570 | 546 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,173 | 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 | 12,864 | 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 | 1,646 | 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 | 136 | 132 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 527 | 490 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,649 | 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 | 24 | 63 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,645 | 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 | 937 | 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 | $ 43 | $ 56 |
Loans and Allowance for Cred_18
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Small Business (Detail) - Small business [member] - Retail loans [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 12,003 | $ 5,742 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,883 | 2,206 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,562 | 3,119 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 445 | 318 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4 | 9 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 109 | 90 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,423 | 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 | 8,609 | 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 | 1,583 | 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 | 227 | 126 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4 | 9 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,471 | 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 | 274 | 172 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 979 | 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 | 218 | 192 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 109 | 90 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 109 | $ 90 |
Loans and Allowance for Cred_19
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Retail (Detail) - Undrawn loan commitments - retail [member] - Retail loans [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 245,944 | $ 232,381 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 230,090 | 215,063 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,608 | 10,693 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,302 | 1,270 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,944 | 5,355 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 245,050 | 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 | 229,516 | 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 | 9,475 | 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 | 1,205 | 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 | 4,854 | 5,238 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 894 | 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 | 574 | 887 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 133 | 291 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 97 | 129 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 90 | $ 117 |
Loans and Allowance for Cred_20
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Wholesale (Detail) - Wholesale [member] - Loans outstanding [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 206,869 | $ 200,095 |
Items not subject to impairment | 11,197 | 8,560 |
Gross carrying amount of financial assets | 218,066 | 208,655 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 63,201 | 51,326 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 132,542 | 139,009 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,769 | 7,525 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,357 | 2,235 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 189,710 | 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 | 62,975 | 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 | 117,396 | 112,434 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,339 | 7,093 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,802 | 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 | 226 | 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 | 15,146 | 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 | 430 | 432 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,357 | 2,235 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1,357 | $ 2,235 |
Loans and Allowance for Cred_21
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Wholesale (Detail) - Wholesale [member] - Undrawn loan commitments [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 371,578 | $ 361,027 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 247,661 | 243,266 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 120,440 | 113,843 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,477 | 3,918 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 358,078 | 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 | 246,539 | 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 | 108,063 | 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 | 3,476 | 3,918 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,500 | 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 | 1,122 | 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 | 12,377 | 21,581 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1 | $ 0 |
Loans and Allowance for Cred_22
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of credit impaired loans collateralized fully or partially | 86.00% | 90.00% |
Loans and Allowance for Cred_23
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 2,472 | $ 1,729 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,242 | 1,142 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,230 | 587 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 2,335 | 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 | 1,105 | 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 | 1,230 | 574 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 137 | 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 | 137 | 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 | $ 0 | $ 13 |
Loans and Allowance for Cred_24
Loans and Allowance for Credit Losses, Loan modifications - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Disclosure of credit risk exposure [line items] | |
Modified loans, in Stage 2 or Stage 3, Pre-modification | $ 8,437 |
Derecognition of financial as_3
Derecognition of financial assets - Additional Information (Detail) - Canadian residential mortgage loans [member] | 12 Months Ended |
Oct. 31, 2021 | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Threshold for the borrower to pay the insurance for mortgages | We require the borrower to pay for mortgage insurance when the loan amount is greater than 80% of the original appraised value of the property (LTV ratio). For residential mortgage loans securitized under this program with LTV ratios less than 80%, we are required to insure the mortgages at our own expense. Under the NHA MBS program, we are responsible for making all payments due on our issued MBS, regardless of whether we collect the necessary funds from the mortgagor or the insurer. |
Description of insurance claim | The insurance claim process is managed by the insurance provider in accordance with the insurer’s policies and covers the entire unpaid loan balance plus generally up to 12 months of interest, selling costs and other eligible expenses. |
Top of range [member] | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Percentage of loan amount to appraised value (LTV) ratio which insurance amount payable by borrower | 80.00% |
Bottom of range [member] | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Percentage of loan amount to appraised value (LTV) ratio which insurance amount payable by borrower | 80.00% |
Derecognition of financial as_4
Derecognition of financial assets - Summary of Carrying Amount and Fair Value of Transferred Assets Did Not Qualify for Derecognition (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | $ 296,253 | $ 309,232 |
Carrying amount of associated liabilities | 295,970 | 309,036 |
Fair value of transferred assets | 296,343 | 309,524 |
Fair value of associated liabilities | 296,274 | 310,188 |
Fair value of net position | 69 | (664) |
Canadian residential mortgage loans [member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 34,052 | 35,001 |
Carrying amount of associated liabilities | 33,769 | 34,805 |
Fair value of transferred assets | 34,142 | 35,293 |
Fair value of associated liabilities | 34,073 | 35,957 |
Fair value of net position | 69 | (664) |
Securities Sold Under Repurchase Agreements [member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 252,920 | 267,361 |
Carrying amount of associated liabilities | 252,920 | 267,361 |
Fair value of transferred assets | 252,920 | 267,361 |
Fair value of associated liabilities | 252,920 | 267,361 |
Securities Loaned [Member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 9,281 | 6,870 |
Carrying amount of associated liabilities | 9,281 | 6,870 |
Fair value of transferred assets | 9,281 | 6,870 |
Fair value of associated liabilities | $ 9,281 | $ 6,870 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Trading securities | $ 139,240 | $ 136,071 |
Other liabilities | 70,301 | 69,831 |
Sponsored entities [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Commercial mortgages carrying amount | 469 | |
Multi-seller conduits [member] | Loans [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Financial assets | 1,076 | 957 |
Multi-seller conduits [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Asset-backed commercial paper issued | 665 | 558 |
Credit card securitization vehicles [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
The amount of notes and debentures issued by the entity | 3,000 | 6,000 |
Collateralized commercial paper vehicle [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Commercial paper issued | 13,000 | 12,000 |
Covered bond guarantor limited partnership [member] | Loans [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Mortgages transferred and outstanding | 80,000 | 106,000 |
Covered bond guarantor limited partnership [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Covered bonds issued | 37,000 | 40,000 |
Municipal Bond TOB Structures [member] | Deposits [Member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Floating rate certificates issued | 7,000 | 8,000 |
Municipal Bond TOB Structures [member] | Investment Securities [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Municipal bonds issued | 7,000 | 8,000 |
RBC Managed Investment Funds [member] | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||
Trading securities | 514 | 516 |
Other liabilities | $ 365 | $ 293 |
Structured Entities - Summary o
Structured Entities - Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | $ 284,724 | $ 275,814 | |
Loans | 717,575 | 660,992 | |
Derivatives | 95,541 | 113,488 | |
Other assets | 61,883 | 58,921 | |
Derivatives | 91,439 | 109,927 | |
Multi-seller conduits [member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | [1] | 12 | 138 |
Derivatives | [1] | 17 | 60 |
Assets | [1] | 29 | 198 |
Derivatives | [1] | 93 | 38 |
Liabilities | [1] | 93 | 38 |
Maximum exposure to loss | [2] | 40,893 | 42,863 |
Total assets of unconsolidated structured entities | [1] | 40,074 | 41,964 |
Structured Finance [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Loans | 4,569 | 2,670 | |
Other assets | 27 | 46 | |
Assets | 4,596 | 2,716 | |
Maximum exposure to loss | [2] | 8,361 | 6,522 |
Total assets of unconsolidated structured entities | 19,881 | 18,200 | |
Non RBC Managed Investment Funds [member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | 3,047 | 2,297 | |
Assets | 3,047 | 2,297 | |
Maximum exposure to loss | [2] | 3,651 | 2,557 |
Total assets of unconsolidated structured entities | 506,699 | 462,947 | |
Third-party Securitization Vehicles [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Loans | 6,855 | 5,628 | |
Assets | 6,855 | 5,628 | |
Maximum exposure to loss | [2] | 12,214 | 10,389 |
Total assets of unconsolidated structured entities | 80,458 | 87,631 | |
Other [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | 537 | 422 | |
Loans | 1,453 | 931 | |
Derivatives | 108 | 84 | |
Other assets | 363 | 261 | |
Assets | 2,461 | 1,698 | |
Maximum exposure to loss | [2] | 4,057 | 2,108 |
Total assets of unconsolidated structured entities | 392,348 | 286,200 | |
Unconsolidated Structured Entities [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | 3,596 | 2,857 | |
Loans | 12,877 | 9,229 | |
Derivatives | 125 | 144 | |
Other assets | 390 | 307 | |
Assets | 16,988 | 12,537 | |
Derivatives | 93 | 38 | |
Liabilities | 93 | 38 | |
Maximum exposure to loss | [2] | 69,176 | 64,439 |
Total assets of unconsolidated structured entities | $ 1,039,460 | $ 896,942 | |
[1] | Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $25 billion as at October 31, 2021 (October 31, 2020 – $23 billion). | ||
[2] | The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance sheet assets primarily because of the notional amounts of the backstop liquidity and credit enhancement facilities. Refer to Note 23. |
Structured Entities - Summary_2
Structured Entities - Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Multi-seller conduits [member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Financial assets purchased by conduits | $ 25 | $ 23 |
Derivative financial instrume_3
Derivative financial instruments and hedging activities - Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 7,509,332 | $ 5,842,637 | $ 23,732,226 |
Derivative notional amount | 23,344,503 | ||
Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,000 | 1,000 | |
Under 1 year [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 8,637,171 | 9,919,592 | |
1 to 5 years [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 9,163,667 | 8,938,413 | |
Over 5 years [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 5,543,665 | 4,874,221 | |
Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,028,697 | 3,210,251 | |
Over-the-counter contracts [member] | Interest rate contracts swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 14,763,913 | 13,154,831 | |
Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 764,494 | 876,286 | |
Over-the-counter contracts [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 784,205 | 911,806 | |
Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,789,538 | 1,725,341 | |
Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 213,148 | 201,289 | |
Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 2,408,900 | 2,162,124 | |
Over-the-counter contracts [member] | Foreign exchange contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 65,216 | 64,031 | |
Over-the-counter contracts [member] | Foreign exchange contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 72,524 | 66,916 | |
Over-the-counter contracts [member] | Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 42,911 | 48,763 | |
Over-the-counter contracts [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 337,877 | 291,724 | |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts forward rate agreements [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 866,704 | 2,782,447 | |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 3,936,638 | 3,409,078 | |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 266,798 | 282,837 | |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 271,000 | 303,347 | |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts forward contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,730,712 | 1,691,079 | |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts cross currency swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 82,316 | 80,186 | |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts cross currency interest rate swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 439,169 | 412,053 | |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 46,060 | 46,719 | |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 53,342 | 50,099 | |
Over-the-counter contracts [member] | Under 1 year [member] | Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,027 | 1,309 | |
Over-the-counter contracts [member] | Under 1 year [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 218,270 | 177,220 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts forward rate agreements [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 161,835 | 427,464 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 6,559,032 | 5,990,160 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 312,149 | 407,782 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 309,540 | 410,237 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts forward contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 56,335 | 32,474 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts cross currency swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 57,968 | 56,563 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts cross currency interest rate swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,193,669 | 1,117,048 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 16,097 | 13,963 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 16,122 | 13,407 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 35,759 | 39,877 | |
Over-the-counter contracts [member] | 1 to 5 years [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 98,850 | 94,378 | |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts forward rate agreements [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 158 | 340 | |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 4,268,243 | 3,755,593 | |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 185,547 | 185,667 | |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 203,665 | 198,222 | |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts forward contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 2,491 | 1,788 | |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts cross currency swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 72,864 | 64,540 | |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts cross currency interest rate swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 776,062 | 633,023 | |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 3,059 | 3,349 | |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 3,060 | 3,410 | |
Over-the-counter contracts [member] | Over 5 years [member] | Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 6,125 | 7,577 | |
Over-the-counter contracts [member] | Over 5 years [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 20,757 | 20,126 | |
Exchange-traded contracts [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 43,321 | 88,682 | |
Exchange-traded contracts [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 23,572 | 68,507 | |
Exchange-traded contracts [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 476,649 | 210,689 | |
Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 258,880 | 277,401 | |
Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 270,529 | 373,510 | |
Exchange-traded contracts [member] | Foreign exchange contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 129 | 75 | |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 28,071 | 74,494 | |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 22,272 | 58,116 | |
Exchange-traded contracts [member] | Under 1 year [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 391,339 | 179,681 | |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 110,285 | 164,925 | |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts, Futures short positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 173,039 | 205,927 | |
Exchange-traded contracts [member] | Under 1 year [member] | Foreign exchange contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 129 | 75 | |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 15,250 | 14,188 | |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,300 | 10,391 | |
Exchange-traded contracts [member] | 1 to 5 years [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 84,135 | 30,768 | |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 148,262 | 112,363 | |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts, Futures short positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 97,364 | 167,350 | |
Exchange-traded contracts [member] | Over 5 years [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,175 | 240 | |
Exchange-traded contracts [member] | Over 5 years [member] | Interest rate contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 333 | 113 | |
Exchange-traded contracts [member] | Over 5 years [member] | Interest rate contracts, Futures short positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 126 | 233 | |
Trading Derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 22,733,022 | 23,141,360 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,015,263 | 3,172,950 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 14,259,757 | 12,685,595 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 764,494 | 876,153 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 784,205 | 911,806 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,753,075 | 1,707,082 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 204,789 | 194,773 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 2,376,225 | 2,112,625 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 65,216 | 64,031 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 72,524 | 66,916 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 42,428 | 48,244 | |
Trading Derivatives [member] | Over-the-counter contracts [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 325,226 | 282,321 | |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 43,321 | 88,682 | |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts options written [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 23,572 | 68,507 | |
Trading Derivatives [member] | Exchange-traded contracts [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 476,649 | 210,689 | |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 256,020 | 277,401 | |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 270,129 | 373,510 | |
Trading Derivatives [member] | Exchange-traded contracts [member] | Foreign exchange contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 129 | 75 | |
Other than trading [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 611,481 | 590,866 | |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 13,434 | 37,301 | |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 504,156 | 469,236 | |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 133 | ||
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 36,463 | 18,259 | |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 8,359 | 6,516 | |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 32,675 | 49,499 | |
Other than trading [member] | Over-the-counter contracts [member] | Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 483 | 519 | |
Other than trading [member] | Over-the-counter contracts [member] | Other contracts [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 12,651 | $ 9,403 | |
Other than trading [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 2,860 | ||
Other than trading [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 400 |
Derivative financial instrume_4
Derivative financial instruments and hedging activities - Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Nov. 01, 2020 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 7,509,332 | $ 23,732,226 | $ 5,842,637 |
Debt Syndication Derivatives | 9,000 | 2,000 | |
Credit derivatives [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 1,000 | 1,000 | |
Trading credit derivatives protection purchase amount | 25,000 | 26,000 | |
Trading credit derivatives protection sold amount | $ 17,000 | $ 22,000 |
Derivative financial instrume_5
Derivative financial instruments and hedging activities - Summary of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | $ 96,665 | $ 115,249 |
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (77,582) | (36,632) |
Derivative financial assets | 95,541 | 113,488 |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (77,582) | (36,632) |
Derivative financial liabilities | 91,439 | 109,927 |
Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 93,953 | 110,936 |
Negative gross fair value | 89,577 | 108,919 |
Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 2,712 | 4,313 |
Negative gross fair value | 2,149 | 1,780 |
Gross fair values before netting [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 96,665 | 115,249 |
Negative gross fair value | 91,726 | 110,699 |
Net fair values after netting [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Derivative financial assets | 95,541 | 113,488 |
Derivative financial liabilities | 91,439 | 109,927 |
Interest rate contracts forward rate agreements [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 10 | 33 |
Negative gross fair value | 11 | 33 |
Interest rate contracts swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 28,400 | 44,732 |
Negative gross fair value | 23,136 | 37,453 |
Interest rate contracts swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,187 | 1,959 |
Negative gross fair value | 1,116 | 1,410 |
Interest rate contracts options purchased [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 4,580 | 7,498 |
Interest rate contracts options written [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 5,258 | 8,916 |
Interest rate contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 32,990 | 52,263 |
Negative gross fair value | 28,405 | 46,402 |
Interest rate contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,187 | 1,959 |
Negative gross fair value | 1,116 | 1,410 |
Foreign exchange contracts forward contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 11,404 | 10,765 |
Negative gross fair value | 11,515 | 10,190 |
Foreign exchange contracts forward contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 305 | 76 |
Negative gross fair value | 260 | 85 |
Foreign exchange contracts cross currency swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 4,469 | 5,117 |
Negative gross fair value | 4,929 | 5,080 |
Foreign exchange contracts cross currency swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 32 | 89 |
Negative gross fair value | 22 | |
Foreign exchange contracts cross currency interest rate swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 23,208 | 19,880 |
Negative gross fair value | 22,382 | 21,826 |
Foreign exchange contracts cross currency interest rate swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 859 | 2,084 |
Negative gross fair value | 447 | 132 |
Foreign exchange contracts options purchased [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,021 | 1,292 |
Foreign exchange contracts options written [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 978 | 910 |
Foreign exchange contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 40,102 | 37,054 |
Negative gross fair value | 39,804 | 38,006 |
Foreign exchange contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,196 | 2,249 |
Negative gross fair value | 707 | 239 |
Credit derivatives [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 34 | 463 |
Negative gross fair value | 115 | 526 |
Credit derivatives [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 5 | 5 |
Other contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 20,827 | 21,156 |
Negative gross fair value | 21,253 | 23,985 |
Other contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 329 | 105 |
Negative gross fair value | 321 | 126 |
Valuation adjustments determined on a pooled basis [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Derivative asset valuation adjustment pooled basis | (810) | (1,104) |
Derivative liability valuation adjustments determined on a pooled basis | 27 | (115) |
Impact Of Netting Agreements [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (314) | (657) |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | $ (314) | $ (657) |
Derivative financial instrume_6
Derivative financial instruments and hedging activities - Summary of Fair Value of Derivative Instruments by Term to Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | $ 95,541 | $ 113,488 |
Derivative liabilities | 91,439 | 109,927 |
At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 95,541 | 113,488 |
Derivative liabilities | 91,439 | 109,927 |
Under 1 year [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 93,409 | 110,217 |
Derivative liabilities | 89,804 | 108,407 |
Under 1 year [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 27,771 | 27,072 |
Derivative liabilities | 26,766 | 26,507 |
1 to 5 years [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 28,029 | 33,755 |
Derivative liabilities | 27,938 | 32,885 |
Over 5 years [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 39,741 | 52,661 |
Derivative liabilities | $ 36,735 | $ 50,535 |
Derivative financial instrume_7
Derivative financial instruments and hedging activities - Disclosure of detailed information about hedging instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 |
Disclosure of detailed information about hedging instruments [line items] | |||
Notional/Principal amount | $ 7,509,332 | $ 5,842,637 | $ 23,732,226 |
IBOR [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional/Principal amount | 39,235 | 24,153 | |
IBOR [member] | Interest rate contracts [member] | USD LIBOR [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional/Principal amount | 38,730 | 22,640 | |
IBOR [member] | Interest rate contracts [member] | GBP LIBOR [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional/Principal amount | 290 | 591 | |
IBOR [member] | Non-derivative instruments [member] | USD LIBOR [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional/Principal amount | $ 215 | 231 | |
IBOR [member] | Non-derivative instruments [member] | GBP LIBOR [member] | |||
Disclosure of detailed information about hedging instruments [line items] | |||
Notional/Principal amount | $ 691 |
Derivative financial instrume_8
Derivative financial instruments and hedging activities - Summary of Derivative-related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Replacement cost | $ 20,944 | $ 20,085 |
Credit equivalent amount | 88,391 | 79,418 |
Risk-weighted equivalent | 24,246 | 24,721 |
Exchange-traded contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 1,814 | 3,137 |
Credit equivalent amount | 6,218 | 8,842 |
Risk-weighted equivalent | 124 | 177 |
Interest rate contracts forward rate agreements [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 9 | 30 |
Credit equivalent amount | 64 | 191 |
Risk-weighted equivalent | 20 | 79 |
Interest rate contracts swaps [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 4,519 | 7,112 |
Credit equivalent amount | 16,203 | 17,324 |
Risk-weighted equivalent | 4,569 | 7,359 |
Interest rate contracts options purchased [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 113 | 142 |
Credit equivalent amount | 403 | 392 |
Risk-weighted equivalent | 187 | 285 |
Interest rate contracts Options written [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 23 | 4 |
Credit equivalent amount | 415 | 307 |
Risk-weighted equivalent | 141 | 136 |
Foreign exchange contracts forward contracts [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 3,085 | 2,796 |
Credit equivalent amount | 19,097 | 17,641 |
Risk-weighted equivalent | 4,232 | 4,537 |
Foreign exchange contracts swaps [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 2,621 | 2,392 |
Credit equivalent amount | 16,484 | 15,349 |
Risk-weighted equivalent | 4,092 | 3,997 |
Foreign exchange contracts options purchased [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 177 | 465 |
Credit equivalent amount | 510 | 923 |
Risk-weighted equivalent | 145 | 292 |
Foreign exchange contracts, Options written [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 2 | 1 |
Credit equivalent amount | 196 | 155 |
Risk-weighted equivalent | 43 | 59 |
Credit derivatives [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 913 | 429 |
Credit equivalent amount | 2,234 | 1,839 |
Risk-weighted equivalent | 213 | 81 |
Other contracts [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 7,668 | 3,577 |
Credit equivalent amount | 26,567 | 16,455 |
Risk-weighted equivalent | $ 10,480 | $ 7,719 |
Derivative financial instrume_9
Derivative financial instruments and hedging activities - Summary of Derivative-related Credit Risk (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Credit valuation adjustment | $ 18 | $ 18 |
Derivative financial instrum_10
Derivative financial instruments and hedging activities - Summary of Replacement Cost of Derivative Instruments by Risk Rating and by Counterparty Type (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | $ 96,665 | $ 115,249 |
Impact of master netting agreements and applicable margins | 75,721 | 95,164 |
Replacement cost (after netting agreements) | 20,944 | 20,085 |
Banks [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 42,361 | 49,146 |
Impact of master netting agreements and applicable margins | 41,554 | 48,291 |
Replacement cost (after netting agreements) | 807 | 855 |
OECD Governmemnts [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 15,964 | 22,109 |
Impact of master netting agreements and applicable margins | 15,731 | 21,534 |
Replacement cost (after netting agreements) | 233 | 575 |
Other Counterparties [Member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 38,340 | 43,994 |
Impact of master netting agreements and applicable margins | 18,436 | 25,339 |
Replacement cost (after netting agreements) | 19,904 | 18,655 |
Risk rating AAA, AA [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 22,801 | 30,097 |
Impact of master netting agreements and applicable margins | 20,545 | 27,110 |
Replacement cost (after netting agreements) | 2,256 | 2,987 |
Risk rating A [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 37,938 | 44,736 |
Impact of master netting agreements and applicable margins | 33,257 | 40,359 |
Replacement cost (after netting agreements) | 4,681 | 4,377 |
Risk rating BBB [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 16,333 | 18,392 |
Impact of master netting agreements and applicable margins | 12,050 | 14,238 |
Replacement cost (after netting agreements) | 4,283 | 4,154 |
Risk rating BB or lower [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 19,593 | 22,024 |
Impact of master netting agreements and applicable margins | 9,869 | 13,457 |
Replacement cost (after netting agreements) | $ 9,724 | $ 8,567 |
Derivative financial instrum_11
Derivative financial instruments and hedging activities - Summary of Fair Values of Derivative and Non-derivative Instruments Categorized by Hedging Relationships (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about hedges [line items] | ||
Derivatives | $ 95,541 | $ 113,488 |
Derivatives | 91,439 | 109,927 |
Designated as hedging instruments in hedging relationships [member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 66 | 102 |
Derivatives | 131 | 298 |
Designated as hedging instruments in hedging relationships [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 9 | 1 |
Derivatives | 20 | 30 |
Designated as hedging instruments in hedging relationships [member] | Net investment hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 98 | 19 |
Derivatives | 18 | 58 |
Non-derivative instruments, liabilities | 27,157 | 28,702 |
Not designated in hedging relationship [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 95,368 | 113,366 |
Derivatives | $ 91,270 | $ 109,541 |
Derivative financial instrum_12
Derivative financial instruments and hedging activities - Maturity Analysis of notional Amounts and Average Rates of hedging Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 7,509,332 | $ 5,842,637 | $ 23,732,226 |
Under 1 year [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 8,637,171 | 9,919,592 | |
1 to 5 years [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 9,163,667 | 8,938,413 | |
Over 5 years [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | 5,543,665 | 4,874,221 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of fixed rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount, Assets | 19 | 1 | |
Carrying amount, Liabilities | 116 | 298 | |
Derivative notional amount | $ 42,079 | $ 49,301 | |
Weighted average fixed interest rate | 0.90% | 1.30% | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount, Assets | $ 47 | $ 101 | |
Carrying amount, Liabilities | 15 | ||
Derivative notional amount | $ 65,455 | $ 66,326 | |
Weighted average fixed interest rate | 1.30% | 1.60% | |
Fair value hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of fixed rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 10,503 | $ 14,410 | |
Weighted average fixed interest rate | 0.80% | 1.50% | |
Fair value hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 8,939 | $ 21,207 | |
Weighted average fixed interest rate | 1.50% | 1.70% | |
Fair value hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of fixed rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 25,008 | $ 28,182 | |
Weighted average fixed interest rate | 0.70% | 1.00% | |
Fair value hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 44,870 | $ 38,704 | |
Weighted average fixed interest rate | 1.20% | 1.40% | |
Fair value hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of fixed rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 6,568 | $ 6,709 | |
Weighted average fixed interest rate | 1.90% | 2.00% | |
Fair value hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 11,646 | $ 6,415 | |
Weighted average fixed interest rate | 1.50% | 1.80% | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of variable rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 90,123 | $ 27,734 | |
Weighted average fixed interest rate | 0.70% | 1.00% | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 85,999 | $ 72,697 | |
Weighted average fixed interest rate | 1.20% | 1.50% | |
Cash flow hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of variable rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 57,304 | $ 15,309 | |
Weighted average fixed interest rate | 0.50% | 0.60% | |
Cash flow hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 16,659 | $ 5,616 | |
Weighted average fixed interest rate | 0.80% | 1.90% | |
Cash flow hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of variable rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 28,707 | $ 10,663 | |
Weighted average fixed interest rate | 1.00% | 1.40% | |
Cash flow hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 55,556 | $ 61,697 | |
Weighted average fixed interest rate | 1.20% | 1.50% | |
Cash flow hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of variable rate assets [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 4,112 | $ 1,762 | |
Weighted average fixed interest rate | 1.20% | 1.80% | |
Cash flow hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 13,784 | $ 5,384 | |
Weighted average fixed interest rate | 1.50% | 1.40% | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross Currency Swaps [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount, Assets | $ 9 | $ 1 | |
Carrying amount, Liabilities | 2 | ||
Derivative notional amount | $ 183 | $ 860 | |
Weighted average CAD-JPY exchange rate | 0.01 | ||
Weighted average CAD-EUR exchange rate | 1.52 | 1.52 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Cross Currency Swaps [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 700 | ||
Weighted average CAD-JPY exchange rate | 0.01 | ||
Cash flow hedges [member] | Foreign exchange risk [member] | 1 to 5 years [member] | Cross Currency Swaps [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 183 | $ 160 | |
Weighted average CAD-EUR exchange rate | 1.52 | 1.52 | |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign Currency liabilities [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount, Liabilities | $ 27,157 | $ 29,175 | |
Derivative notional amount | $ 27,128 | $ 28,702 | |
Weighted average CAD-USD exchange rate | 1.29 | 1.30 | |
Weighted average CAD-EUR exchange rate | 1.51 | 1.51 | |
Weighted average CAD-GBP exchange rate | 1.72 | 1.69 | |
Net investment hedges [member] | Foreign exchange risk [member] | Forward contract [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount, Assets | $ 98 | $ 19 | |
Carrying amount, Liabilities | 18 | 58 | |
Derivative notional amount | $ 4,951 | $ 7,869 | |
Weighted average CAD-USD exchange rate | 1.26 | 1.33 | |
Weighted average CAD-EUR exchange rate | 1.45 | 1.56 | |
Weighted average CAD-GBP exchange rate | 1.73 | 1.71 | |
Net investment hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Foreign Currency liabilities [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 433 | $ 7,722 | |
Weighted average CAD-USD exchange rate | 1.32 | 1.29 | |
Weighted average CAD-GBP exchange rate | 1.73 | ||
Net investment hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Forward contract [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 4,951 | $ 7,869 | |
Weighted average CAD-USD exchange rate | 1.26 | 1.33 | |
Weighted average CAD-EUR exchange rate | 1.45 | 1.56 | |
Weighted average CAD-GBP exchange rate | 1.73 | 1.71 | |
Net investment hedges [member] | Foreign exchange risk [member] | 1 to 5 years [member] | Foreign Currency liabilities [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 26,294 | $ 18,706 | |
Weighted average CAD-USD exchange rate | 1.29 | 1.31 | |
Weighted average CAD-EUR exchange rate | 1.51 | 1.51 | |
Weighted average CAD-GBP exchange rate | 1.72 | 1.65 | |
Net investment hedges [member] | Foreign exchange risk [member] | Over 5 years [member] | Foreign Currency liabilities [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Derivative notional amount | $ 401 | $ 2,274 | |
Weighted average CAD-USD exchange rate | 1.30 | 1.31 | |
Weighted average CAD-EUR exchange rate | 1.48 | 1.50 |
Derivative financial instrum_13
Derivative financial instruments and hedging activities - Summary of Fair Value Hedges - Assets and Liabilities Designated as hedged Items (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet items | Securities Investment, net of applicable allowance; Loans Retail; Loans Wholesale | |
Fair value hedges [member] | Interest rate risk [member] | Fixed rate assets [member] | Designated as hedged items in hedging relationships [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount, Assets | $ 42,810 | $ 49,272 |
Accumulated amount of fair value adjustments on the hedged item, Assets | $ (78) | 1,058 |
Balance sheet items | Securities Investment, net of applicable allowance; Loans Retail; Loans Wholesale | |
Changes in fair values used for calculating hedge ineffectiveness | $ (1,027) | 879 |
Fair value hedges [member] | Interest rate risk [member] | Fixed rate liabilities [member] | Designated as hedged items in hedging relationships [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount, Liabilities | 65,355 | 68,130 |
Accumulated amount of fair value adjustments on the hedged item, Liabilities | $ (59) | $ 1,817 |
Balance sheet items | Deposits - Business and government; Subordinated debentures | Deposits Business and government; Subordinated debentures |
Changes in fair values used for calculating hedge ineffectiveness | $ 1,842 | $ (1,142) |
Derivative financial instrum_14
Derivative financial instruments and hedging activities - Summary of Fair Value Hedges - Assets and Liabilities Designated as hedged Items (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Fair value hedge, Hedged items - Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Accumulated amount of fair value hedge adjustments on hedged items ceased to be adjusted for hedging gains/losses | $ 125 | $ 32 |
Fair value hedge, Hedged items - Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Accumulated amount of fair value hedge adjustments on hedged items ceased to be adjusted for hedging gains/losses | $ 62 | $ 94 |
Derivative financial instrum_15
Derivative financial instruments and hedging activities - Summary of Cash flow and Net Investment Hedges - Assets and Liabilities Designated as Hedged Items (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet items | Securities Investment, net of applicable allowance; Loans Retail; Loans Wholesale | |
Cash flow hedges [member] | Interest rate risk [member] | Variable rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet items | Securities Investment, net of applicable allowance; Loans Retail | Securities Investment, net of applicable allowance; Loans Retail |
Changes in fair values used for calculating hedge ineffectiveness | $ 614 | $ (484) |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | (402) | 294 |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ 206 | $ 285 |
Cash flow hedges [member] | Interest rate risk [member] | Variable rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet items | Deposits Business and government; Deposits Personal | Deposits Business and government; Deposits Personal |
Changes in fair values used for calculating hedge ineffectiveness | $ (2,641) | $ 1,839 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | 1,310 | (1,540) |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ (399) | $ (523) |
Cash flow hedges [member] | Foreign exchange risk [member] | Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet items | Securities Investment, net of applicable allowance; Loans Retail | Securities Investment, net of applicable allowance; Loans Retail |
Changes in fair values used for calculating hedge ineffectiveness | $ (98) | $ 2 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | $ 1 | $ 6 |
Cash flow hedges [member] | Foreign exchange risk [member] | Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Balance sheet items | Deposits - Business and government | Deposits Business and government |
Changes in fair values used for calculating hedge ineffectiveness | $ (164) | |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign subsidiary [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Changes in fair values used for calculating hedge ineffectiveness | $ (2,331) | 535 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | (4,032) | (6,363) |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ (421) | $ (421) |
Derivative financial instrum_16
Derivative financial instruments and hedging activities - Summary of Effectiveness of Designated Hedging Relationships (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Fixed rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | $ 929 | $ (931) |
Hedge ineffectiveness recognized in income | (98) | (52) |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Fixed rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (1,802) | 1,157 |
Hedge ineffectiveness recognized in income | 40 | 15 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Variable rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (631) | 501 |
Hedge ineffectiveness recognized in income | (17) | 16 |
Changes in the value of the hedging instrument recognized in OCI | (497) | 532 |
Amount reclassified from hedge reserves to income | 279 | 200 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Variable rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 2,579 | (1,803) |
Hedge ineffectiveness recognized in income | 9 | 1 |
Changes in the value of the hedging instrument recognized in OCI | 1,949 | (2,127) |
Amount reclassified from hedge reserves to income | (1,024) | (367) |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap - fixed rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 98 | (2) |
Changes in the value of the hedging instrument recognized in OCI | 98 | 3 |
Amount reclassified from hedge reserves to income | 103 | (5) |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap - fixed rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 164 | |
Changes in the value of the hedging instrument recognized in OCI | 113 | |
Amount reclassified from hedge reserves to income | 122 | |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 1,882 | (405) |
Hedge ineffectiveness recognized in income | 5 | |
Changes in the value of the hedging instrument recognized in OCI | 1,882 | (410) |
Net investment hedges [member] | Foreign exchange risk [member] | Forward contract [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 449 | (124) |
Hedge ineffectiveness recognized in income | 1 | |
Changes in the value of the hedging instrument recognized in OCI | 449 | (125) |
Amount reclassified from hedge reserves to income | $ 1 | $ (28) |
Derivative financial instrum_17
Derivative financial instruments and hedging activities - Summary of Effectiveness of Designated Hedging Relationships (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Changes in the value of the hedging instrument recognized in income [member] | Excluded from assessment of hedge effectiveness and offset by economic hedges [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Hedging loss | $ 101 | $ 94 |
Derivative financial instrum_18
Derivative financial instruments and hedging activities - Reconciliation of Components of Equity by Hedging Designation (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Reclassification of losses (gains) on foreign currency translation to income | $ 7 | $ 21 | |
Reclassification of losses (gains) on net investment hedging activities to income | 1 | (21) | |
Balance at the end of the year, Cash Flow Hedges Reserve | 1,645 | (1,073) | |
Net investment hedges [member] | Foreign currency translation reserve [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Tax on movements on reserves during the period | (592) | 126 | |
Balance at the end of the year, Foreign currency translation reserves | 2,055 | 4,632 | $ 4,221 |
Net investment hedges [member] | Foreign currency translation reserve [member] | Foreign exchange denominated debt [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 1,882 | (410) | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Forward Foreign Exchange Contracts [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 449 | (125) | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Foreign currency translation differences for foreign operations [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | (4,308) | 813 | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Reclassification of losses (gains) on foreign currency translation to income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Reclassification of losses (gains) on foreign currency translation to income | (7) | (21) | |
Net investment hedges [member] | Foreign currency translation reserve [member] | Reclassification of losses (gains) on net investment hedging activities to income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Reclassification of losses (gains) on net investment hedging activities to income | (1) | 28 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Tax on movements on reserves during the period | (582) | 383 | |
Balance at the end of the year, Cash Flow Hedges Reserve | 566 | (1,079) | $ (6) |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | 1,452 | (1,595) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | 100 | 115 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Equity price risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | 306 | (77) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | 505 | 277 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | (105) | (119) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Equity price risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | (271) | 53 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | De-designated hedges [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | $ 240 | $ (110) |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 7,934 | |
Ending balance | 7,424 | $ 7,934 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 152 | |
Ending balance | 145 | 152 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 662 | |
Ending balance | 644 | 662 |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 570 | |
Ending balance | 542 | 570 |
Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 419 | |
Ending balance | 346 | 419 |
Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,195 | |
Ending balance | 1,165 | 1,195 |
Work In Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 203 | |
Ending balance | 170 | 203 |
Gross carrying amount [member] | Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 152 | 153 |
Additions | 1 | |
Disposals | (2) | (1) |
Foreign exchange translation | (6) | 1 |
Other | (1) | |
Ending balance | 145 | 152 |
Gross carrying amount [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,416 | 1,395 |
Additions | 26 | |
Transfers from work in process | 13 | 9 |
Disposals | (19) | (4) |
Foreign exchange translation | (20) | 4 |
Other | 29 | (14) |
Ending balance | 1,419 | 1,416 |
Gross carrying amount [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,222 | 2,062 |
Additions | 28 | 82 |
Transfers from work in process | 180 | 279 |
Disposals | (85) | (157) |
Foreign exchange translation | (46) | 7 |
Other | 81 | (51) |
Ending balance | 2,380 | 2,222 |
Gross carrying amount [member] | Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,684 | 1,557 |
Additions | 6 | 42 |
Transfers from work in process | 47 | 93 |
Disposals | (21) | (42) |
Foreign exchange translation | (25) | 4 |
Other | (85) | 30 |
Ending balance | 1,606 | 1,684 |
Gross carrying amount [member] | Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 3,383 | 3,001 |
Additions | 94 | 14 |
Transfers from work in process | 170 | 449 |
Disposals | (70) | (124) |
Foreign exchange translation | (66) | 10 |
Other | (17) | 33 |
Ending balance | 3,494 | 3,383 |
Gross carrying amount [member] | Work In Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 203 | 432 |
Additions | 388 | 623 |
Transfers from work in process | (410) | (830) |
Disposals | (1) | (2) |
Foreign exchange translation | (5) | (2) |
Other | (5) | (18) |
Ending balance | 170 | 203 |
Accumulated depreciation and amortisation [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (754) | (703) |
Depreciation | 49 | 47 |
Disposals | 7 | 3 |
Foreign exchange translation | (9) | 1 |
Other | (12) | 6 |
Ending balance | (775) | (754) |
Accumulated depreciation and amortisation [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,652) | (1,553) |
Depreciation | 245 | 267 |
Disposals | 83 | 155 |
Foreign exchange translation | (35) | 4 |
Other | 59 | (17) |
Ending balance | (1,838) | (1,652) |
Accumulated depreciation and amortisation [member] | Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,265) | (1,137) |
Depreciation | 94 | 109 |
Disposals | 20 | 39 |
Foreign exchange translation | (16) | 3 |
Other | (63) | 55 |
Ending balance | (1,260) | (1,265) |
Accumulated depreciation and amortisation [member] | Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (2,188) | (2,074) |
Depreciation | 222 | 224 |
Disposals | 56 | 112 |
Foreign exchange translation | (35) | 3 |
Other | 10 | (1) |
Ending balance | (2,329) | (2,188) |
Right-of-use lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 7,934 | |
Ending balance | 7,424 | 7,934 |
Right-of-use lease assets [Member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 4,587 | |
Ending balance | 4,261 | 4,587 |
Right-of-use lease assets [Member] | Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 146 | |
Ending balance | 151 | 146 |
Right-of-use lease assets [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 14,652 | 13,919 |
Additions | 1,005 | 1,183 |
Disposals | (283) | (445) |
Foreign exchange translation | (336) | 63 |
Other | 63 | (68) |
Ending balance | 15,101 | 14,652 |
Right-of-use lease assets [Member] | Gross carrying amount [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,171 | 4,956 |
Additions | 379 | 281 |
Disposals | (49) | (58) |
Foreign exchange translation | (167) | 38 |
Other | 60 | (46) |
Ending balance | 5,394 | 5,171 |
Right-of-use lease assets [Member] | Gross carrying amount [member] | Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 421 | 363 |
Additions | 109 | 115 |
Disposals | (36) | (57) |
Foreign exchange translation | (1) | 1 |
Other | (1) | |
Ending balance | 493 | 421 |
Right-of-use lease assets [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (6,718) | (5,672) |
Depreciation | 1,276 | 1,333 |
Disposals | 191 | 337 |
Foreign exchange translation | (120) | 9 |
Other | (6) | 41 |
Ending balance | (7,677) | (6,718) |
Right-of-use lease assets [Member] | Accumulated depreciation and amortisation [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (584) | |
Depreciation | 578 | 600 |
Disposals | 5 | 12 |
Foreign exchange translation | (24) | (2) |
Other | (2) | |
Ending balance | (1,133) | (584) |
Right-of-use lease assets [Member] | Accumulated depreciation and amortisation [member] | Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (275) | (205) |
Depreciation | 88 | 86 |
Disposals | 20 | 16 |
Foreign exchange translation | (1) | |
Ending balance | $ (342) | $ (275) |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Total contractual commitments to purchase premises and equipment | $ 162 | $ 94 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Payments of lease liabilities, classified as financing activities | $ 621 | $ 588 |
Variable Lease Payments | $ 613 | $ 654 |
Percentage Of Variable Lease Payments To Lease Payments | 49.00% | 49.00% |
Fixed Lease Payments | $ 646 | $ 684 |
Variable lease payments excluded from the measurement of lease liabilities | $ 603 | $ 635 |
Percentage Of Fixed Lease Payments To Lease Payments | 51.00% | 51.00% |
Lease Payments [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Payments of lease liabilities, classified as financing activities | $ 1,259 | $ 1,338 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 11,302 | $ 11,236 |
Acquisitions | 9 | |
Dispositions | (7) | (16) |
Currency translations | (441) | 73 |
Ending balance | 10,854 | 11,302 |
Canadian Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,557 | 2,555 |
Acquisitions | 2 | |
Ending balance | 2,557 | 2,557 |
Caribbean Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,719 | 1,727 |
Dispositions | (3) | (16) |
Currency translations | (116) | 8 |
Ending balance | 1,600 | 1,719 |
Canadian Wealth Management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 587 | 579 |
Acquisitions | 6 | |
Currency translations | (10) | 2 |
Ending balance | 577 | 587 |
Global asset management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,001 | 1,985 |
Currency translations | (37) | 16 |
Ending balance | 1,964 | 2,001 |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,978 | 2,943 |
Acquisitions | 1 | |
Currency translations | (210) | 34 |
Ending balance | 2,768 | 2,978 |
International wealth management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 121 | 120 |
Dispositions | (4) | |
Currency translations | (2) | 1 |
Ending balance | 115 | 121 |
Insurance [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 112 | 112 |
Ending balance | 112 | 112 |
Investor & Treasury Services [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 149 | 148 |
Currency translations | (1) | 1 |
Ending balance | 148 | 149 |
Capital Markets [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,078 | 1,067 |
Currency translations | (65) | 11 |
Ending balance | $ 1,013 | $ 1,078 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Additional Information (Detail) - CAD ($) $ in Millions | Aug. 01, 2021 | Aug. 01, 2020 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Period of discounted cash flow method for calculating value in use | five-year | |
Caribbean Banking [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Description of valuation techniques used to measure fair value less costs of disposal | FVLCD using a discounted cash flow method that projects future cash flows over a 5-year period. | |
Description of level of fair value hierarchy within which fair value measurement is categorised | level 3 | |
Reduction in future cash flows to determine sensitivity of current estimate of fair value less costs of disposal | 10.00% | |
Percentage of unit's recoverable amount exceeds its carrying amount | 123.00% | |
Pretax discount rate for future cash flows | 10.90% | 11.40% |
Terminal growth rate | 3.50% | 3.70% |
A 50 bps change in the discount rate would Increase in recoverable amount of goodwill | $ 360 | |
A 50 bps change in the terminal growth rate would Increase in recoverable amount of goodwill | 339 | |
A 50 bps change in the terminal growth rate would decrease in recoverable amount of goodwill | 289 | |
Decrease in recoverable amount of goodwill due to percentage reduction in cash flow forecast | $ 469 |
Goodwill and other intangible_5
Goodwill and other intangible assets - Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models (Detail) | Aug. 01, 2021 | Aug. 01, 2020 |
Canadian Banking [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 9.40% | 9.50% |
Terminal growth rate | 3.00% | 3.00% |
Caribbean Banking [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.90% | 11.40% |
Terminal growth rate | 3.50% | 3.70% |
Canadian Wealth Management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.50% | 10.40% |
Terminal growth rate | 3.00% | 3.00% |
Global asset management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.50% | 10.50% |
Terminal growth rate | 3.00% | 3.00% |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.10% | 10.70% |
Terminal growth rate | 3.00% | 3.00% |
Insurance [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 10.20% | 10.20% |
Terminal growth rate | 3.00% | 3.00% |
Investor & Treasury Services [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 9.90% | 10.20% |
Terminal growth rate | 3.00% | 3.00% |
Capital Markets [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.80% | 12.00% |
Terminal growth rate | 3.00% | 3.00% |
Goodwill and other intangible_6
Goodwill and other intangible assets - Summary of Carrying Amount of Other Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | $ 4,752 | |
Amortization charge for the year | 1,287 | $ 1,273 |
Impairment losses | 29 | 42 |
Balance at end of period | 4,471 | 4,752 |
Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,792 | |
Balance at end of period | 1,907 | 1,792 |
Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 401 | |
Balance at end of period | 322 | 401 |
Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 793 | |
Balance at end of period | 589 | 793 |
Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 525 | |
Balance at end of period | 417 | 525 |
In process software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,241 | |
Balance at end of period | 1,236 | 1,241 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 14,320 | 13,205 |
Additions | 1,192 | 1,401 |
Acquisitions through business combinations | 16 | |
Dispositions | (199) | (166) |
Impairment losses | (166) | (130) |
Currency translations | (368) | 67 |
Other changes | 9 | (73) |
Balance at end of period | 14,788 | 14,320 |
Gross carrying amount [member] | Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 7,676 | 6,941 |
Additions | 48 | 54 |
Transfers | 1,022 | 936 |
Dispositions | (66) | (149) |
Impairment losses | (157) | (116) |
Currency translations | (126) | 20 |
Other changes | (7) | (10) |
Balance at end of period | 8,390 | 7,676 |
Gross carrying amount [member] | Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,901 | 1,684 |
Additions | 15 | 47 |
Acquisitions through business combinations | 6 | |
Transfers | 69 | 193 |
Dispositions | (87) | (13) |
Impairment losses | (4) | |
Currency translations | (60) | 7 |
Other changes | 8 | (19) |
Balance at end of period | 1,846 | 1,901 |
Gross carrying amount [member] | Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,586 | 1,567 |
Currency translations | (112) | 19 |
Balance at end of period | 1,474 | 1,586 |
Gross carrying amount [member] | Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,916 | 1,773 |
Additions | 143 | |
Acquisitions through business combinations | 10 | |
Dispositions | (38) | |
Currency translations | (41) | 13 |
Other changes | 5 | (23) |
Balance at end of period | 1,842 | 1,916 |
Gross carrying amount [member] | In process software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,241 | 1,240 |
Additions | 1,129 | 1,157 |
Transfers | (1,091) | (1,129) |
Dispositions | (8) | (4) |
Impairment losses | (9) | (10) |
Currency translations | (29) | 8 |
Other changes | 3 | (21) |
Balance at end of period | 1,236 | 1,241 |
Accumulated amortization [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (9,568) | (8,531) |
Amortization charge for the year | (1,287) | (1,273) |
Dispositions | 189 | 159 |
Impairment losses | 137 | 88 |
Currency translations | 216 | (35) |
Other changes | (4) | 24 |
Balance at end of period | (10,317) | (9,568) |
Accumulated amortization [member] | Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (5,884) | (5,256) |
Amortization charge for the year | (898) | (855) |
Dispositions | 65 | 147 |
Impairment losses | 137 | 88 |
Currency translations | 88 | (14) |
Other changes | 9 | 6 |
Balance at end of period | (6,483) | (5,884) |
Accumulated amortization [member] | Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (1,500) | (1,357) |
Amortization charge for the year | (138) | (144) |
Dispositions | 86 | 12 |
Currency translations | 41 | (6) |
Other changes | (13) | (5) |
Balance at end of period | (1,524) | (1,500) |
Accumulated amortization [member] | Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (793) | (627) |
Amortization charge for the year | (150) | (160) |
Currency translations | 58 | (6) |
Balance at end of period | (885) | (793) |
Accumulated amortization [member] | Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (1,391) | (1,291) |
Amortization charge for the year | (101) | (114) |
Dispositions | 38 | |
Currency translations | 29 | (9) |
Other changes | 23 | |
Balance at end of period | $ (1,425) | $ (1,391) |
Joint ventures and associated_3
Joint ventures and associated companies - Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Net income | $ 130 | $ 77 |
Joint ventures [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Carrying amount | 223 | 193 |
Net income | 107 | 87 |
Associated companies [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Carrying amount | 431 | 459 |
Net income | $ 23 | $ (10) |
Joint ventures and associated_4
Joint ventures and associated companies - Additional Information (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Associated companies [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Restricted net assets of subsidiaries, joint ventures and associates | $ 39 | $ 38 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of other assets [abstract] | |||
Accounts receivable and prepaids | $ 5,056 | $ 4,600 | |
Accrued interest receivable | 2,195 | 2,362 | |
Cash collateral | 14,541 | 18,119 | |
Commodity trading receivables | 6,996 | 4,104 | |
Deferred income tax asset | 2,011 | 2,579 | $ 2,027 |
Employee benefit assets | 2,640 | 143 | |
Insurance-related assets | |||
Collateral loans | 615 | 801 | |
Policy loans | 87 | 97 | |
Reinsurance assets | 1,032 | 949 | |
Other | 62 | 93 | |
Investments in joint ventures and associates | 654 | 652 | |
Margin deposits | 11,441 | 9,816 | |
Precious metals | 1,619 | 2,371 | |
Receivable from brokers, dealers and clients | 3,395 | 2,077 | |
Taxes receivable | 4,891 | 5,487 | |
Other | 4,648 | 4,671 | |
Other assets | $ 61,883 | $ 58,921 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Term | $ 438,907 | $ 421,864 |
Total deposits | 1,100,831 | 1,011,885 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 207,493 | 182,745 |
Notice | 64,613 | 61,761 |
Term | 90,382 | 98,546 |
Total deposits | 362,488 | 343,052 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 356,020 | 315,472 |
Notice | 20,800 | 16,585 |
Term | 319,533 | 292,254 |
Total deposits | 696,353 | 624,311 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 12,549 | 12,502 |
Notice | 449 | 956 |
Term | 28,992 | 31,064 |
Total deposits | 41,990 | 44,522 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 576,062 | 510,719 |
Notice | 85,862 | 79,302 |
Term | 438,907 | 421,864 |
Total deposits | 1,100,831 | 1,011,885 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 151,475 | 123,402 |
Notice | 8,051 | 7,390 |
Term | 713 | 368 |
Total deposits | 160,239 | 131,160 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 315,464 | 287,046 |
Notice | 19,857 | 19,036 |
Term | 312,987 | 310,492 |
Total deposits | 648,308 | 616,574 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 54,021 | 43,831 |
Total deposits | 54,021 | 43,831 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 6,978 | 7,190 |
Notice | 57,260 | 52,046 |
Term | 77,597 | 57,037 |
Total deposits | 141,835 | 116,273 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 632 | 654 |
Total deposits | 632 | 654 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 34,278 | 33,810 |
Notice | 693 | 830 |
Term | 36,788 | 37,250 |
Total deposits | 71,759 | 71,890 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 8,002 | 7,372 |
Total deposits | 8,002 | 7,372 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,212 | 7,414 |
Notice | 1 | |
Term | 10,822 | 16,717 |
Total deposits | $ 16,035 | $ 24,131 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Total deposits | $ 1,100,831 | $ 1,011,885 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 399,000 | 347,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 35,000 | 32,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 43,000 | 47,000 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 27,000 | $ 33,000 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 438,907 | $ 421,864 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 416,000 | 388,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 133,776 | 123,290 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 64,062 | 65,782 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 83,871 | 80,737 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 45,532 | 34,400 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 29,204 | 42,907 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 24,573 | 21,136 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 25,329 | 22,885 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 32,560 | $ 30,727 |
Deposits - Summary of Average D
Deposits - Summary of Average Deposit Balances and Average Rates of Interest (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of deposits [line items] | ||
Average balances | $ 1,059,053 | $ 970,632 |
Average rates | 0.51% | 0.90% |
Canada [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 772,875 | $ 725,021 |
Average rates | 0.61% | 1.02% |
United States [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 180,230 | $ 144,011 |
Average rates | 0.13% | 0.46% |
Europe [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 77,217 | $ 73,317 |
Average rates | 0.55% | 0.76% |
Other International [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 28,731 | $ 28,283 |
Average rates | 0.33% | 0.68% |
Insurance - Summary of Net Prem
Insurance - Summary of Net Premiums and Claims (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Gross amount [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | $ 5,090 | $ 4,515 |
Claims and benefits | 3,834 | 3,700 |
Reinsurers' share of amount [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | (250) | (249) |
Claims and benefits | (287) | (316) |
Net Amounts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | 4,840 | 4,266 |
Claims and benefits | $ 3,547 | $ 3,384 |
Insurance - Significant Insuran
Insurance - Significant Insurance Assumptions (Detail) - Life insurance contracts [member] | Oct. 31, 2021 | Oct. 31, 2020 |
Country of domicile [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Mortality rates | 0.12% | 0.11% |
Morbidity rates | 1.78% | 1.81% |
Future reinvestment yield | 3.76% | 3.82% |
Lapse rates | 0.50% | 0.50% |
Foreign countries [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Mortality rates | 0.79% | 0.66% |
Future reinvestment yield | 2.90% | 3.05% |
Insurance - Summary of Gross an
Insurance - Summary of Gross and Reinsurers' Share of Insurance Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | $ 12,816 | $ 12,215 |
Life insurance contracts, Life, health and annuity [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 12,775 | 12,089 |
Ceded amount | 861 | 752 |
Net amount | 11,914 | 11,337 |
Life insurance contracts, Investment contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 42 | 34 |
Net amount | 42 | 34 |
Life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 12,817 | 12,123 |
Ceded amount | 861 | 752 |
Net amount | 11,956 | 11,371 |
Non-life insurance contracts, Unearned premium provision [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 6 | 7 |
Net amount | 6 | 7 |
Non-life insurance contracts, Unpaid claims provision [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 41 | 126 |
Ceded amount | 3 | 31 |
Net amount | 38 | 95 |
Non-life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 47 | 133 |
Ceded amount | 3 | 31 |
Net amount | 44 | 102 |
Life and non-life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 12,864 | 12,256 |
Ceded amount | 864 | 783 |
Net amount | $ 12,000 | $ 11,473 |
Insurance - Reconciliation of L
Insurance - Reconciliation of Life Insurance Policyholder Liabilities (Detail) - Life insurance contracts [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Gross amount [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | $ 12,123 | $ 11,377 |
New and in-force policies | 775 | 735 |
Changes in assumption and methodology | (89) | 15 |
Net change in investment contracts | 8 | (4) |
Balances, at end of period | 12,817 | 12,123 |
Reinsurers' share of amount [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | 752 | 601 |
New and in-force policies | 108 | 141 |
Changes in assumption and methodology | 1 | 10 |
Balances, at end of period | 861 | 752 |
Net Amounts [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | 11,371 | 10,776 |
New and in-force policies | 667 | 594 |
Changes in assumption and methodology | (90) | 5 |
Net change in investment contracts | 8 | (4) |
Balances, at end of period | $ 11,956 | $ 11,371 |
Insurance - Additional Informat
Insurance - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2021CAD ($) | |
Changes in insurance liabilities due to updates to actuarial methods and assumptions [abstract] | |
Net decrease in insurance liabilities | $ 90 |
Decrease in insurance liabilities due to revised actuarial reserves on interest rate risk | (94) |
Increase in insurance liabilities due to insurance risk related assumption updates | 34 |
Decrease in insurance liabilities due to reinsurance contract renegotiations | (5) |
Decrease in insurance liabilities due to valuation system and data changes | $ (25) |
Insurance - Sensitivity Analysi
Insurance - Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
1% increase in market interest rates impact on net income | $ (14) | $ 5 |
1% decrease in market interest rates impact on net income | 17 | (11) |
10% increase in equity market values impact on net income | 8 | 8 |
10% decrease in equity market values impact on net income | (10) | (22) |
5% increase in maintenance expenses impact on net income | (37) | (37) |
Life insurance [member] | ||
Life Insurance | ||
2% adverse change in annuitant mortality rates impact on net income | (287) | (278) |
2% adverse change in assurance mortality rates impact on net income | (67) | (70) |
5% adverse change in morbidity rates impact on net income | (213) | (219) |
10% adverse change in lapse rates impact on net income | $ (253) | $ (252) |
Insurance - Sensitivity Analy_2
Insurance - Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Life Insurance | |
Expected current period earnings impact in yield curve | 1.00% |
Segregated funds - Summary of C
Segregated funds - Summary of Changes in Net Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of segregated funds net assets [Line Items] | |||
Segregated funds net assets | $ 2,666 | $ 1,922 | |
Level 1 [member] | Segregated funds net assets [member] | |||
Disclosure of segregated funds net assets [Line Items] | |||
Cash | 40 | 35 | |
Investment in mutual funds | 2,625 | 1,886 | |
Other assets (liabilities) net | 1 | 1 | |
Segregated funds net assets | $ 2,666 | $ 1,922 | $ 1,663 |
Segregated funds - Summary of S
Segregated funds - Summary of Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of changes in segregated fund net assets [Line Items] | ||
Net assets at beginning of period | $ 1,922 | |
Additions (deductions): | ||
Net assets at end of period | 2,666 | $ 1,922 |
Level 1 [member] | Segregated funds net assets [member] | ||
Disclosure of changes in segregated fund net assets [Line Items] | ||
Net assets at beginning of period | 1,922 | 1,663 |
Additions (deductions): | ||
Deposits from policyholders | 975 | 724 |
Net realized and unrealized gains (losses) | 381 | 12 |
Interest and dividends | 51 | 49 |
Payment to policyholders | (604) | (479) |
Management and administrative fees | (59) | (47) |
Net assets at end of period | $ 2,666 | $ 1,922 |
Employee benefits - Pension a_3
Employee benefits - Pension and other post-employment benefits - Additional Information (Detail) - CAD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of employee benefits [line items] | ||
Plan assets, fair value of our debt securities | $ 29 | $ 32 |
Dividends received on our common shares held in plan assets | $ 4 | $ 4 |
Common shares [member] | ||
Disclosure of employee benefits [line items] | ||
Number of our common shares included in plan assets | 1 | 1 |
Plan assets, fair value of our common shares | $ 128 | $ 96 |
Defined benefit pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Remeasurement gains (losses) recorded in OCI | 2,819 | 7 |
Defined benefit pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Remeasurement gains (losses) recorded in OCI | (48) | (7) |
Defined benefit and contribution pension plans [member] | ||
Disclosure of employee benefits [line items] | ||
Contributions to pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans | 456 | 1,024 |
Estimated contributions to pension plans and other post-employment benefit plans | 520 | |
Defined benefit and contribution pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Service costs for pension plans | 356 | 363 |
Net interest expense (income) for pension plans | 7 | 14 |
Defined benefit and contribution pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Service costs for pension plans | 3 | 4 |
Net interest expense (income) for pension plans | 0 | 1 |
Other post employment benefit plan [member] | ||
Disclosure of employee benefits [line items] | ||
Contributions to pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans | 75 | $ 63 |
Estimated contributions to pension plans and other post-employment benefit plans | $ 84 |
Employee benefits - Pension a_4
Employee benefits - Pension and other post-employment benefits - Analysis of Financial Position Related to Pension and Other Post-employment Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | ||
Amounts recognized in our Consolidated Balance Sheets | |||
Employee benefit assets | $ 2,640 | $ 143 | |
Defined benefit pension plans [member] | |||
Disclosure of employee benefits [line items] | |||
Fair value of plan assets | 17,703 | 16,024 | |
Present value of defined benefit obligation | 15,315 | [1] | 16,351 |
Net surplus (deficit) | 2,388 | (327) | |
Effect of asset ceiling | (6) | (1) | |
Total net surplus (deficit), net of effect of asset ceiling | 2,382 | (328) | |
Amounts recognized in our Consolidated Balance Sheets | |||
Employee benefit assets | 2,640 | 143 | |
Employee benefit liabilities | (258) | (471) | |
Total net surplus (deficit), net of effect of asset ceiling | 2,382 | (328) | |
Defined benefit pension plans [member] | Canada [member] | |||
Disclosure of employee benefits [line items] | |||
Fair value of plan assets | 16,698 | 15,044 | |
Present value of defined benefit obligation | 14,403 | 15,408 | |
Net surplus (deficit) | 2,295 | (364) | |
Defined benefit pension plans [member] | Foreign countries [member] | |||
Disclosure of employee benefits [line items] | |||
Fair value of plan assets | 1,005 | 980 | |
Present value of defined benefit obligation | 912 | 943 | |
Net surplus (deficit) | 93 | 37 | |
Other post employment benefit plan [member] | |||
Disclosure of employee benefits [line items] | |||
Present value of defined benefit obligation | 1,780 | 1,953 | |
Net surplus (deficit) | (1,780) | (1,953) | |
Total net surplus (deficit), net of effect of asset ceiling | (1,780) | (1,953) | |
Amounts recognized in our Consolidated Balance Sheets | |||
Employee benefit liabilities | (1,780) | (1,953) | |
Total net surplus (deficit), net of effect of asset ceiling | (1,780) | (1,953) | |
Other post employment benefit plan [member] | Canada [member] | |||
Disclosure of employee benefits [line items] | |||
Present value of defined benefit obligation | 1,703 | 1,863 | |
Net surplus (deficit) | (1,703) | (1,863) | |
Other post employment benefit plan [member] | Foreign countries [member] | |||
Disclosure of employee benefits [line items] | |||
Present value of defined benefit obligation | 77 | 90 | |
Net surplus (deficit) | $ (77) | $ (90) | |
[1] | For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2021 were $413 million and $155 million, respectively (October 31, 2020 – $15,054 million and $14,583 million, respectively). |
Employee benefits - Pension a_5
Employee benefits - Pension and other post-employment benefits - Analysis of Movement in Financial Position Related to Pension and Other Post-employment Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | |||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Payments | $ 596 | |||
Defined benefit pension plans [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 16,351 | |||
Opening Fair value of plan assets at beginning of period | 16,024 | |||
Closing Benefit obligation at end of period | 15,315 | [1] | $ 16,351 | |
Closing fair value of plan assets at end of period | 17,703 | 16,024 | ||
Defined benefit pension plans [member] | Change in fair value of plan assets [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Fair value of plan assets at beginning of period | 16,024 | [1] | 14,785 | |
Interest income expense | 432 | [1] | 447 | |
Remeasurements: Return on plan assets (excluding interest income) | 1,614 | [1] | 793 | |
Change in foreign currency exchange rate | (21) | [1] | 17 | |
Contributions - Employer | 221 | [1] | 798 | |
Contributions - Plan participant | 46 | [1] | 48 | |
Payments | (594) | [1] | (623) | |
Payments - amount paid in respect of settlements | (2) | [1] | (223) | |
Other | (13) | [1] | (18) | |
Closing fair value of plan assets at end of period | [1] | 17,703 | 16,024 | |
Business combinations/Disposals | [1] | (4) | ||
Defined benefit pension plans [member] | Change in present value of benefit obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 16,351 | [1] | 15,517 | |
Current service costs | 359 | [1] | 367 | |
Gains and losses on settlements | 2 | [1] | (5) | |
Interest income expense | 439 | [1] | 462 | |
Remeasurements: Actuarial losses (gains) from financial assumptions | (1,253) | [1] | 791 | |
Remeasurements: Actuarial losses (gains) from experience adjustments | (5) | [1] | 2 | |
Change in foreign currency exchange rate | (24) | [1] | 15 | |
Contributions - Plan participant | 46 | [1] | 48 | |
Payments | (594) | [1] | (623) | |
Payments - amount paid in respect of settlements | (2) | [1] | (223) | |
Closing Benefit obligation at end of period | [1] | 15,315 | 16,351 | |
Business combinations/Disposals | [1] | (4) | ||
Defined benefit pension plans [member] | Unfunded Obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 30 | |||
Closing Benefit obligation at end of period | 26 | [1] | 30 | |
Defined benefit pension plans [member] | Wholly or partly funded obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 16,321 | |||
Closing Benefit obligation at end of period | 15,289 | [1] | 16,321 | |
Other post employment benefit [member] | Change in fair value of plan assets [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Fair value of plan assets at beginning of period | 1 | |||
Contributions - Employer | 75 | 63 | ||
Contributions - Plan participant | 19 | 19 | ||
Payments | (94) | (83) | ||
Other post employment benefit [member] | Change in present value of benefit obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 1,953 | 1,820 | ||
Current service costs | 46 | 46 | ||
Past service costs | (1) | (12) | ||
Interest income expense | 57 | 59 | ||
Remeasurements: Actuarial losses (gains) from demographic assumptions | (6) | (5) | ||
Remeasurements: Actuarial losses (gains) from financial assumptions | (184) | 68 | ||
Remeasurements: Actuarial losses (gains) from experience adjustments | (2) | 38 | ||
Change in foreign currency exchange rate | (7) | 3 | ||
Contributions - Plan participant | 19 | 19 | ||
Payments | (94) | (83) | ||
Closing Benefit obligation at end of period | 1,780 | 1,953 | ||
Business combinations/Disposals | (1) | |||
Other post employment benefit [member] | Unfunded Obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 1,792 | |||
Closing Benefit obligation at end of period | 1,633 | 1,792 | ||
Other post employment benefit [member] | Wholly or partly funded obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Opening Benefit obligation at beginning of period | 161 | |||
Closing Benefit obligation at end of period | $ 147 | $ 161 | ||
[1] | For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2021 were $413 million and $155 million, respectively (October 31, 2020 – $15,054 million and $14,583 million, respectively). |
Employee benefits - Pension a_6
Employee benefits - Pension and other post-employment benefits - Analysis of Movement in Financial Position Related to Pension and Other Post-employment Benefit Plans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Defined benefit obligation for plans with funding deficits [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Benefit obligations | $ 413 | $ 15,054 |
Fair value of assets for defined benefit plans with funding deficits [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of plan assets | $ 155 | $ 14,583 |
Employee benefits - Pension a_7
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Pension and Other Post-employment Benefit Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of pension and other post employment plan [Line Items] | ||
Total pension and other post-employment benefit expense | $ 16,539 | $ 15,252 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 359 | 367 |
Gains and losses on settlements | 2 | (5) |
Net interest expense (income) | 7 | 15 |
Administrative expense | 13 | 18 |
Defined benefit pension expense | 381 | 395 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Defined contribution pension expense | 235 | 226 |
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 | 616 | 621 |
Other post employment benefit [member] | Other post employment benefit expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 46 | 46 |
Past service costs | (1) | (12) |
Net interest expense (income) | 57 | 59 |
Remeasurements of other long-term benefits | (12) | 13 |
Defined benefit pension expense | 90 | 106 |
Total pension and other post-employment benefit expense | $ 90 | $ 106 |
Employee benefits - Pension a_8
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Remeasurements Recorded in OCI (Detail) - Remeasurements of Employee Benefit Plans to OCI [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Defined benefit pension plans [member] | ||
Actuarial (gains) losses: | ||
Changes in financial assumptions | $ (1,253) | $ 791 |
Experience adjustments | (5) | 2 |
Return on plan assets (excluding interest based on discount rate) | (1,614) | (793) |
Change in asset ceiling (excluding interest income) | 5 | |
Total remeasurements of employee benefit plans | (2,867) | |
Other post employment benefit [member] | ||
Actuarial (gains) losses: | ||
Changes in demographic assumptions | (6) | (14) |
Changes in financial assumptions | (177) | 62 |
Experience adjustments | 3 | 40 |
Total remeasurements of employee benefit plans | $ (180) | $ 88 |
Employee benefits - Pension a_9
Employee benefits - Pension and other post-employment benefits - Asset Allocation of Defined Benefit Pension Plans (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Defined benefit pension plans [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 17,703 | $ 16,024 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 100.00% | 100.00% |
Asset allocation of defined benefit pension plans, Quoted in active market | 37.00% | 36.00% |
Defined benefit pension plans [member] | Equity securities [member] | Canada [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 1,879 | $ 1,493 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 11.00% | 9.00% |
Defined benefit pension plans [member] | Equity securities [member] | Foreign countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 4,202 | $ 3,859 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 24.00% | 24.00% |
Defined benefit pension plans [member] | Alternative investments and other [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,941 | $ 3,631 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 22.00% | 23.00% |
Defined benefit pension plans [member] | Debt securities [member] | Domestic government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,766 | $ 3,259 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 21.00% | 20.00% |
Defined benefit pension plans [member] | Debt securities [member] | Foreign government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 71 | $ 81 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 1.00% | |
Defined benefit pension plans [member] | Debt securities [member] | Corporate And Other Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,844 | $ 3,701 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 22.00% | 23.00% |
Level 1 [member] | Equity securities [member] | Canada [member] | Domestic government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100.00% | |
Level 1 [member] | Equity securities [member] | Foreign countries [member] | Foreign government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100.00% | |
Level 1 [member] | Defined benefit pension plans [member] | Equity securities [member] | Canada [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100.00% | |
Level 1 [member] | Defined benefit pension plans [member] | Equity securities [member] | Foreign countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100.00% | |
Level 1 [member] | Defined benefit pension plans [member] | Alternative investments and other [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 12.00% | 13.00% |
Employee benefits - Pension _10
Employee benefits - Pension and other post-employment benefits - Asset Allocation of Defined Benefit Pension Plans (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Equity securities [member] | Level 1 [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market, based on direct investments | 41.00% | 38.00% |
Employee benefits - Pension _11
Employee benefits - Pension and other post-employment benefits - Maturity Profile of Defined Benefit Pension Plan Obligation (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2021CAD ($)Participants | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 72,901,000,000 |
Actual benefit payments 2021 | $ 596 |
Benefits expected to be paid 2022 | 693 |
Benefits expected to be paid 2023 | 713 |
Benefits expected to be paid 2024 | 735 |
Benefits expected to be paid 2025 | 755 |
Benefits expected to be paid 2026 | 773 |
Benefits expected to be paid 2027-2031 | $ 4,096 |
Weighted average duration of defined benefit payments | 15 years 3 months 18 days |
Canada [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 67,580 |
Actual benefit payments 2021 | $ 564 |
Benefits expected to be paid 2022 | 659 |
Benefits expected to be paid 2023 | 679 |
Benefits expected to be paid 2024 | 700 |
Benefits expected to be paid 2025 | 720 |
Benefits expected to be paid 2026 | 738 |
Benefits expected to be paid 2027-2031 | $ 3,914 |
Weighted average duration of defined benefit payments | 15 years |
Foreign countries [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 5,321,000,000 |
Actual benefit payments 2021 | $ 32 |
Benefits expected to be paid 2022 | 34 |
Benefits expected to be paid 2023 | 34 |
Benefits expected to be paid 2024 | 35 |
Benefits expected to be paid 2025 | 35 |
Benefits expected to be paid 2026 | 35 |
Benefits expected to be paid 2027-2031 | $ 182 |
Weighted average duration of defined benefit payments | 20 years 9 months 18 days |
Employee benefits - Pension _12
Employee benefits - Pension and Other Post-employment Benefits - Weighted Average Assumptions to Determine Benefit Obligation (Detail) | Oct. 31, 2021 | Oct. 31, 2020 |
Defined benefit pension plans [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.30% | 2.70% |
Rate of increase in future compensation | 3.00% | 3.30% |
Other post employment benefit [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 3.60% | 3.00% |
Healthcare cost trend rates | ||
- Medical | 3.40% | 3.50% |
- Dental | 3.10% | 3.10% |
Employee benefits - Pension _13
Employee benefits - Pension and other post-employment benefits - Mortality Assumptions to Determine Benefit Obligation (Detail) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Male [member] | Canada [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 23 years 9 months 18 days | 23 years 9 months 18 days |
Male [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24 years 9 months 18 days | 24 years 8 months 12 days |
Male [member] | United Kingdom [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 23 years 7 months 6 days | 23 years 6 months |
Male [member] | United Kingdom [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25 years 3 months 18 days | 25 years 2 months 12 days |
Female [member] | Canada [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24 years 2 months 12 days | 24 years 1 month 6 days |
Female [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25 years 1 month 6 days | 25 years 1 month 6 days |
Female [member] | United Kingdom [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25 years 4 months 24 days | 25 years 3 months 18 days |
Female [member] | United Kingdom [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 27 years 2 months 12 days | 27 years 1 month 6 days |
Employee benefits - Pension _14
Employee benefits - Pension and other post-employment benefits - Sensitivity Analysis of Key Assumptions (Detail) $ in Millions | Oct. 31, 2021CAD ($) |
Defined benefit pension plans [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | $ (2,113) |
Impact of decrease in actuarial assumption | 2,625 |
Defined benefit pension plans [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 56 |
Impact of decrease in actuarial assumption | (62) |
Defined benefit pension plans [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 444 |
Post employment plan [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | (223) |
Impact of decrease in actuarial assumption | 282 |
Post employment plan [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 31 |
Post employment plan [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 64 |
Impact of decrease in actuarial assumption | $ (54) |
Employee benefits - Pension _15
Employee benefits - Pension and other post-employment benefits - Sensitivity Analysis of Key Assumptions (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2021 | |
Defined benefit pension plans [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Defined benefit pension plans [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Defined benefit pension plans [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Period of reasonably possible increase in actuarial assumption | 1 year |
Defined benefit pension plans [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Post employment plan [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Post employment plan [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Post employment plan [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Period of reasonably possible increase in actuarial assumption | 1 year |
Post employment plan [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1.00% |
Percentage of reasonably possible decrease in actuarial assumption | 1.00% |
Other liabilities - Summary of
Other liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Other Liabilities [abstract] | |||
Accounts payable and accrued expenses | $ 1,867 | $ 1,500 | |
Accrued interest payable | 2,178 | 2,855 | |
Cash collateral | 16,712 | 19,433 | |
Commodity liabilities | 7,916 | 8,354 | |
Deferred income | 3,518 | 2,945 | |
Deferred income taxes | 74 | 52 | $ 82 |
Dividends payable | 1,622 | 1,611 | |
Employee benefit liabilities | 2,038 | 2,424 | |
Insurance related liabilities | 366 | 341 | |
Lease liabilities | 5,077 | 5,357 | |
Negotiable instruments | 1,774 | 1,676 | |
Payable to brokers, dealers and clients | 6,461 | 5,108 | |
Payroll and related compensation | 9,340 | 7,476 | |
Precious metals certificates | 613 | 623 | |
Provisions | 601 | 618 | |
Taxes payable | 3,403 | 2,209 | |
Other | 6,741 | 7,249 | |
Other liabilities | $ 70,301 | $ 69,831 |
Subordinated debentures - Summa
Subordinated debentures - Summary of Net of Holdings in Debentures (Detail) $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | |||
Oct. 31, 2021CAD ($) | Oct. 31, 2021USD ($) | Oct. 31, 2021TTD ($) | Oct. 31, 2020CAD ($) | |
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Dated subordinated liabilities | $ 9,606 | $ 9,879 | ||
Deferred financing costs | (13) | (12) | ||
Subordinated debentures | $ 9,593 | 9,867 | ||
July 15, 2022 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | July 15, 2022 | |||
Interest rate | 5.38% | 5.38% | 5.38% | |
Dated subordinated liabilities | $ 188 | $ 150 | 205 | |
June 8, 2023 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | June 8, 2023 | |||
Interest rate | 9.30% | 9.30% | 9.30% | |
Dated subordinated liabilities | $ 110 | 110 | ||
January 20, 2026 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | January 20, 2026 | |||
Redemption date | Jan. 20, 2021 | |||
Interest rate | 3.31% | 3.31% | 3.31% | |
Dated subordinated liabilities | 1,501 | |||
January 27, 2026 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | January 27, 2026 | |||
Interest rate | 4.65% | 4.65% | 4.65% | |
Dated subordinated liabilities | $ 1,916 | $ 1,500 | 2,148 | |
September 29, 2026 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | September 29, 2026 | |||
Redemption date | Sep. 29, 2021 | |||
Interest rate | 3.45% | 3.45% | 3.45% | |
Dated subordinated liabilities | 1,017 | |||
November 1, 2027 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | November 1, 2027 | |||
Redemption date | Nov. 1, 2022 | |||
Interest rate | 4.75% | 4.75% | 4.75% | |
Dated subordinated liabilities | $ 55 | $ 300 | 59 | |
July 25, 2029 [Member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | July 25, 2029 | |||
Redemption date | Jul. 25, 2024 | |||
Interest rate | 2.74% | 2.74% | 2.74% | |
Dated subordinated liabilities | $ 1,499 | 1,559 | ||
December 23, 2029 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | December 23, 2029 | |||
Redemption date | Dec. 23, 2024 | |||
Interest rate | 2.88% | 2.88% | 2.88% | |
Dated subordinated liabilities | $ 1,489 | 1,578 | ||
June 30, 2030 [Member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | June 30, 2030 | |||
Redemption date | Jun. 30, 2025 | |||
Interest rate | 2.09% | 2.09% | 2.09% | |
Dated subordinated liabilities | $ 1,250 | 1,247 | ||
October 1, 2083 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | October 1, 2083 | |||
Dated subordinated liabilities | $ 224 | 224 | ||
Redemption date | Any interest payment date | |||
June 29, 2085 [member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | June 29, 2085 | |||
Dated subordinated liabilities | $ 215 | $ 174 | $ 231 | |
Redemption date | Any interest payment date | |||
November 3, 2031 [Member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | November 3, 2031 | |||
Redemption date | Nov. 3, 2026 | |||
Interest rate | 2.14% | 2.14% | 2.14% | |
Dated subordinated liabilities | $ 1,717 | |||
January 28, 2033 [Member] | ||||
Disclosure of Detailed Information About Borrowings [Line items] | ||||
Maturity | January 28, 2033 | |||
Redemption date | Jan. 28, 2028 | |||
Interest rate | 1.67% | 1.67% | 1.67% | |
Dated subordinated liabilities | $ 943 |
Subordinated debentures - Sum_2
Subordinated debentures - Summary of Net of Holdings in Debentures (Parenthetical) (Detail) $ / shares in Units, $ in Millions | 12 Months Ended |
Oct. 31, 2021CAD ($)$ / shares | |
January 20, 2026 [member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Redeemed outstanding values | $ | $ 1,500 |
Borrowings interest rate | 3.31% |
Percentage of principal amount | 100.00% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
January 27, 2026 [member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Borrowings interest rate | 4.65% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
September 29, 2026 [member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Redeemed outstanding values | $ | $ 1,000 |
Borrowings interest rate | 3.45% |
Percentage of principal amount | 100.00% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
July 25, 2029 [Member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Borrowings interest rate | 2.74% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
Interest rate | 0.98% |
October 1, 2083 [member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Basis points | 0.40% |
Borrowings, interest rate basis | Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate. |
June 29, 2085 [member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Basis points | 0.25% |
Borrowings, interest rate basis | Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN). In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. |
December 23, 2029 [member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Borrowings interest rate | 2.88% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
Interest rate | 0.89% |
June 30, 2030 [Member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Borrowings interest rate | 2.09% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
Interest rate | 1.31% |
January 28, 2033 [Member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Borrowings interest rate | 1.67% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
Interest rate | 0.55% |
November 3, 2031 [Member] | |
Disclosure of Detailed Information About Borrowings [Line items] | |
Debt conversion price | 1.5 |
Debentures convertible into common shares subject to minimum price per share | $ 5 |
Borrowings interest rate | 2.14% |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. |
Interest rate | 0.61% |
Subordinated debentures - Matur
Subordinated debentures - Maturities of Subordinated Debentures (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | $ 9,606 | $ 9,879 |
Under 1 year [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 188 | |
1 to 5 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 2,026 | |
5 to 10 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 4,293 | |
Over 10 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | $ 3,099 |
Equity - Additional Information
Equity - Additional Information (Detail) shares in Millions, $ in Billions | 12 Months Ended |
Oct. 31, 2021CAD ($)shares | |
Treasury shares [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of shares to be issued in addition | shares | 38.9 |
Preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Explanation of fact that shares without nominal or have no par value | An unlimited number of First Preferred Shares and Second Preferred Shares without nominal or par value |
First preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Preferred stock Par value | 0 |
Aggregate consideration on authorised shares | $ | $ 20 |
Second preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Preferred stock Par value | 0 |
Aggregate consideration on authorised shares | $ | $ 5 |
Common shares [member] | |
Disclosure of classes of share capital [line items] | |
Explanation of fact that shares without nominal or have no par value | An unlimited number of shares without nominal or par value may be issued. |
Common stock no par value per share | 0 |
Shares available for future issuances | shares | 42.8 |
Equity - Summary of Common and
Equity - Summary of Common and Preferred Shares and Other Equity Instruments Outstanding (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Oct. 31, 2021CAD ($)$ / sharesshares | Oct. 31, 2021$ / shares | Oct. 31, 2020CAD ($)$ / sharesshares | Oct. 31, 2020$ / shares | |
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | $ 86,767 | $ 83,518 | ||
Issued in connection with share-based compensation plans | 2,345 | 1,825 | ||
Purchased for cancellation | (814) | |||
Balance at end of period | 98,762 | 86,767 | ||
Purchases | (4,743) | (4,853) | ||
Sales | $ 4,763 | $ 4,778 | ||
Common shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,423,861 | 1,430,678 | ||
Issued in connection with share-based compensation plans | shares | 1,326 | 1,043 | ||
Purchased for cancellation | shares | (7,860) | |||
Balance at end of period | shares | 1,425,187 | 1,423,861 | ||
Balance at beginning of period | $ 17,628 | $ 17,645 | ||
Issued in connection with share-based compensation plans | 100 | 80 | ||
Purchased for cancellation | (97) | |||
Balance at end of period | $ 17,728 | $ 17,628 | ||
Balance at end of period | $ / shares | $ 4.32 | $ 4.29 | ||
Common shares [member] | Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | (1,388) | (582) | ||
Balance at end of period | shares | (662) | (1,388) | ||
Balance at beginning of period | $ (129) | $ (58) | ||
Balance at end of period | $ (73) | $ (129) | ||
Purchases | shares | (37,603) | (58,775) | ||
Sales | shares | 38,329 | 57,969 | ||
Purchases | $ (4,060) | $ (4,739) | ||
Sales | $ 4,116 | $ 4,668 | ||
Common shares [member] | Outstanding capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,422,473 | |||
Balance at end of period | shares | 1,424,525 | 1,422,473 | ||
Balance at beginning of period | $ 17,499 | |||
Balance at end of period | $ 17,655 | $ 17,499 | ||
Preferred shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 168,765 | |||
Balance at end of period | shares | 112,015 | 168,765 | ||
Balance at beginning of period | $ 5,948 | $ 5,706 | ||
Issued in connection with share-based compensation plans | 2,250 | 1,750 | ||
Balance at end of period | $ 6,723 | $ 5,948 | ||
Preferred shares [member] | Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | (2) | 34 | ||
Balance at end of period | shares | (164) | (2) | ||
Balance at beginning of period | $ (3) | $ 1 | ||
Balance at end of period | $ (39) | $ (3) | ||
Purchases | shares | (6,306) | (5,319) | ||
Sales | shares | 6,144 | 5,283 | ||
Purchases | $ (683) | $ (114) | ||
Sales | 647 | 110 | ||
Preferred shares [member] | Outstanding capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | 5,945 | |||
Balance at end of period | $ 6,684 | $ 5,945 | ||
Balance at end of period | shares | 111,851 | 168,763 | ||
Series BH non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series BI non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series BJ non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.31 | $ 1.31 | ||
Series AZ non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20,000 | |||
Balance at end of period | shares | 20,000 | 20,000 | ||
Balance at beginning of period | $ 500 | |||
Balance at end of period | $ 500 | $ 500 | ||
Dividends declared per share | $ / shares | $ 0.93 | $ 0.93 | ||
Series BB non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20,000 | |||
Balance at end of period | shares | 20,000 | 20,000 | ||
Balance at beginning of period | $ 500 | |||
Balance at end of period | $ 500 | $ 500 | ||
Dividends declared per share | $ / shares | $ 0.91 | $ 0.91 | ||
Series BD non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 24,000 | |||
Balance at end of period | shares | 24,000 | 24,000 | ||
Balance at beginning of period | $ 600 | |||
Balance at end of period | $ 600 | $ 600 | ||
Dividends declared per share | $ / shares | $ 0.80 | $ 0.85 | ||
Series BF non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 12,000 | |||
Balance at end of period | shares | 12,000 | 12,000 | ||
Balance at beginning of period | $ 300 | |||
Balance at end of period | $ 300 | $ 300 | ||
Dividends declared per share | $ / shares | $ 0.75 | $ 0.90 | ||
Series BK non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 29,000 | |||
Balance at end of period | shares | 29,000 | |||
Balance at beginning of period | $ 725 | |||
Balance at end of period | $ 725 | |||
Dividends declared per share | $ / shares | $ 0.69 | $ 1.38 | ||
Series BM non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 30,000 | |||
Balance at end of period | shares | 30,000 | |||
Balance at beginning of period | $ 750 | |||
Balance at end of period | $ 750 | |||
Dividends declared per share | $ / shares | $ 1.03 | $ 1.38 | ||
Series BO non-cumulative five year rate reset first preference shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 14,000 | |||
Balance at end of period | shares | 14,000 | 14,000 | ||
Balance at beginning of period | $ 350 | |||
Balance at end of period | $ 350 | $ 350 | ||
Dividends declared per share | $ / shares | $ 1.20 | $ 1.20 | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 15 | |||
Balance at end of period | shares | 15 | 15 | ||
Balance at beginning of period | $ 23 | |||
Balance at end of period | $ 23 | $ 23 | ||
Dividends declared per share | $ / shares | $ 67.50 | $ 67.50 | ||
Series 1 limited recourse capital notes [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,750 | |||
Balance at end of period | shares | 1,750 | 1,750 | ||
Balance at beginning of period | $ 1,750 | |||
Balance at end of period | $ 1,750 | $ 1,750 | ||
dividends declared per share | 4.50% | 4.50% | 4.50% | 4.50% |
Series 2 limited recourse capital notes [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at end of period | shares | 1,250 | |||
Balance at end of period | $ 1,250 | |||
dividends declared per share | 4.00% | 4.00% | ||
Series 3 limited recourse capital notes [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at end of period | shares | 1,000 | |||
Balance at end of period | $ 1,000 | |||
dividends declared per share | 3.65% | 3.65% |
Equity - Summary of Common an_2
Equity - Summary of Common and Preferred Shares and Other Equity Instruments Outstanding (Parenthetical) (Detail) $ / shares in Units, $ in Millions | Aug. 24, 2021$ / sharesshares | May 24, 2021$ / sharesshares | Oct. 31, 2021CAD ($)$ / shares | Oct. 31, 2021CAD ($)$ / shares$ / shares | Oct. 31, 2020CAD ($) | Oct. 31, 2021$ / shares | Jul. 28, 2021$ / shares | Oct. 31, 2019CAD ($) |
Disclosure of classes of share capital [line items] | ||||||||
Equity | $ | $ 98,762 | $ 98,762 | $ 86,767 | $ 83,518 | ||||
Common shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Fair value adjustments to stock options | $ | $ 11 | 9 | ||||||
Average cost of shares purchased for cancellation | $ 103.62 | |||||||
Average book value of shares purchased for cancellation | 12.34 | |||||||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Preferred shares issued price per share | (per share) | $ 25 | $ 1,000 | ||||||
Preferred shares issued price per depositary share | $ 25 | |||||||
Redemption price per share | $ 1,000 | |||||||
Equity | $ | $ 23 | $ 23 | 23 | |||||
Series BM Non Cumulative Five Year Rate Reset First Preference Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | shares | 30,000,000 | |||||||
Equity | $ | 750 | |||||||
Shares issued price per share | $ 25 | |||||||
Series 1 limited recourse capital notes [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 1,000 | $ 1,000 | ||||||
Shares issued price per share | $ 1,000 | |||||||
Series BQ on cumulative reset five year rate first preference shares [member] | Consolidated limited recourse trust [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Equity | $ | $ 1,750 | $ 1,750 | ||||||
Shares issued price per share | $ 1,000 | $ 1,000 | ||||||
Series BK non-cumulative 5-year rate reset first preference shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | shares | 29,000,000 | |||||||
Redemption price per share | $ 25 | |||||||
Equity | $ | $ 725 | |||||||
Series BR noncumulative reset five year rate first preference shares [member] | Consolidated limited recourse trust [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Equity | $ | $ 1,250 | $ 1,250 | ||||||
Shares issued price per share | $ 1,000 | $ 1,000 | ||||||
Series BS noncumulative reset five year rate first preference shares [member] | Consolidated limited recourse trust [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Equity | $ | $ 1,000 | $ 1,000 | ||||||
Shares issued price per share | $ 1,000 | $ 1,000 |
Equity - Summary of Significant
Equity - Summary of Significant Terms and Conditions of Preferred Shares and Other Equity Instruments (Detail) | 12 Months Ended | ||
Oct. 31, 2021CAD ($)$ / shares | Oct. 31, 2021USD ($) | Oct. 31, 2021$ / shares | |
Series BH non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Jun. 5, 2015 | Jun. 5, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series BI non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Jul. 22, 2015 | Jul. 22, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series BJ non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 5.25% | 5.25% | |
Current Dividend per share | $ | $ 0.328125 | ||
Earliest redemption date | Feb. 24, 2021 | Feb. 24, 2021 | |
Issue Date | Oct. 2, 2015 | Oct. 2, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series AZ non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.70% | 3.70% | |
Premium | 2.21% | 2.21% | |
Current Dividend per share | $ | $ 0.231250 | ||
Earliest redemption date | May 24, 2019 | May 24, 2019 | |
Issue Date | Jan. 30, 2014 | Jan. 30, 2014 | |
Redemption price | $ / shares | $ 25 | ||
Series BB non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.65% | 3.65% | |
Premium | 2.26% | 2.26% | |
Current Dividend per share | $ | $ 0.228125 | ||
Earliest redemption date | Aug. 24, 2019 | Aug. 24, 2019 | |
Issue Date | Jun. 3, 2014 | Jun. 3, 2014 | |
Redemption price | $ / shares | $ 25 | ||
Series BD non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.20% | 3.20% | |
Premium | 2.74% | 2.74% | |
Current Dividend per share | $ | $ 0.200000 | ||
Earliest redemption date | May 24, 2020 | May 24, 2020 | |
Issue Date | Jan. 30, 2015 | Jan. 30, 2015 | |
Redemption price | $ / shares | $ 25 | ||
Series BF non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.60% | 3.60% | |
Premium | 2.62% | 2.62% | |
Current Dividend per share | $ | $ 0.187500 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Mar. 13, 2015 | Mar. 13, 2015 | |
Redemption price | $ / shares | $ 25 | ||
Series BO non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.80% | 4.80% | |
Premium | 2.38% | 2.38% | |
Current Dividend per share | $ | $ 0.300000 | ||
Earliest redemption date | Feb. 24, 2024 | Feb. 24, 2024 | |
Issue Date | Nov. 2, 2018 | Nov. 2, 2018 | |
Redemption price | $ / shares | $ 25 | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 6.75% | 6.75% | |
Premium | 4.052% | 4.052% | |
Current Dividend per share | $ | $ 16.875000 | ||
Earliest redemption date | Nov. 7, 2023 | Nov. 7, 2023 | |
Issue Date | Nov. 2, 2015 | Nov. 2, 2015 | |
Redemption price | $ / shares | $ 1,000 | ||
Series 1 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.50% | 4.50% | |
Premium | 4.137% | 4.137% | |
Earliest redemption date | Oct. 24, 2025 | Oct. 24, 2025 | |
Issue Date | Jul. 28, 2020 | Jul. 28, 2020 | |
Redemption price | $ / shares | $ 1,000 | ||
Series 2 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.00% | 4.00% | |
Premium | 3.617% | 3.617% | |
Earliest redemption date | Jan. 24, 2026 | Jan. 24, 2026 | |
Issue Date | Nov. 2, 2020 | Nov. 2, 2020 | |
Redemption price | $ / shares | $ 1,000 | ||
Series 3 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.65% | 3.65% | |
Premium | 2.665% | 2.665% | |
Earliest redemption date | Oct. 24, 2026 | Oct. 24, 2026 | |
Issue Date | Jun. 8, 2021 | Jun. 8, 2021 | |
Redemption price | $ / shares | $ 1,000 |
Equity - Summary of Significa_2
Equity - Summary of Significant Terms and Conditions of Preferred Shares and Other Equity Instruments (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2021$ / shares | |
Series AZ, BB, BD, BF, BK, BM, and BO [member] | |
Disclosure of classes of share capital [line items] | |
Redemption price per share | $ 25 |
Series BH, BI and BJ [member] | |
Disclosure of classes of share capital [line items] | |
Redemption price per share | 26 |
Redemption price per share decreasing rate | 0.25 |
Series C-2 [member] | |
Disclosure of classes of share capital [line items] | |
Redemption price per share | $ 1,000 |
Series BH, BI, BJ, AZ, BB, BD, BF, BK, BO and BM [member] | |
Disclosure of classes of share capital [line items] | |
Preference shares NVCC conversion formula | The number of shares issued is determined by dividing the preferred share value ($25 plus declared and unpaid dividends) by the conversion price. |
Bottom of range [member] | Series BH, BI, BJ, AZ, BB, BD, BF, BK, BO and BM [member] | |
Disclosure of classes of share capital [line items] | |
Preference shares NVCC provision floor price | $ 5 |
Series W non-cumulative fixed rate first preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Redemption price per share | 25 |
Series AD non-cumulative fixed rate first preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Redemption price per share | $ 25 |
Series 1 limited recourse capital notes [member] | |
Disclosure of classes of share capital [line items] | |
First Preferred Shares conversion formula | LRCN Series 1 bear interest at a fixed rate of 4.5% per annum until November 24, 2025, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 4.137% until maturity on November 24, 2080. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 1 is redeemable during the period from October 24 to and including November 24, commencing in 2025 and every fifth year thereafter to the extent we redeem Series BQ pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (Canada) |
Redemption price per share | $ 1,000 |
Preference shares NVCC provision floor price | $ 5 |
Initial period annual yield | 4.50% |
Premium | 4.137% |
Series 2 limited recourse capital notes [member] | |
Disclosure of classes of share capital [line items] | |
First Preferred Shares conversion formula | LRCN Series 2 bear interest 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. The interest is paid semi-annually on or about the 24th day of February and August. LRCN Series 2 is redeemable during the period from January 24 to and including February 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BR pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (Canada). |
Redemption price per share | $ 1,000 |
Initial period annual yield | 4.00% |
Premium | 3.617% |
Series 3 limited recourse capital notes [member] | |
Disclosure of classes of share capital [line items] | |
First Preferred Shares conversion formula | LRCN Series 3 bear interest at a fixed rate of 3.65% per annum until November 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 2.665% until maturity on November 24, 2081. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 3 is redeemable during the period from October 24 to and including November 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BS pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (Canada). |
Redemption price per share | $ 1,000 |
Initial period annual yield | 3.65% |
Premium | 2.665% |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) | 12 Months Ended | ||
Oct. 31, 2021CAD ($)shares | Oct. 31, 2021GBP (£)shares | Oct. 31, 2020CAD ($) | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 1,998,000,000 | $ 454,000,000 | |
Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 10.00% | 10.00% | |
Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 1.00% | 1.00% | |
Stock option plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Stock option plans, vesting period | 4 years | 4 years | |
Compensation expense | $ 6,000,000 | 7,000,000 | |
Weighted average fair value of options granted | $ 4.65 | 6.08 | |
Description of option pricing model, share options granted | Black-Scholes model | Black-Scholes model | |
Stock option plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Stock option plans, exercisable period from grant date | 10 years | 10 years | |
Information about how fair value was measured, share options granted | The weighted average fair value of options granted during the year ended October 31, 2021 was estimated at $4.65 (October 31, 2020 – $6.08). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering the historic average share price volatility over a historical period corresponding to the expected option life. The following assumptions were used to determine the fair value of options granted: | The weighted average fair value of options granted during the year ended October 31, 2021 was estimated at $4.65 (October 31, 2020 – $6.08). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering the historic average share price volatility over a historical period corresponding to the expected option life. The following assumptions were used to determine the fair value of options granted: | |
Capital Markets Compensation Plan unit awards [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 518,000,000 | 115,000,000 | |
Description of vesting requirements for share-based payment arrangement | The bonus is invested as RBC share units and a specified percentage vests on a specified number of anniversary dates each year. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends, valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. | The bonus is invested as RBC share units and a specified percentage vests on a specified number of anniversary dates each year. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends, valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. | |
Performance deferred share award plans [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 506,000,000 | 190,000,000 | |
Description of vesting requirements for share-based payment arrangement | We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. | We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. | |
Performance deferred share award plans [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of share award plans, increase or decrease | 25.00% | 25.00% | |
Non-vested options [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 3,000,000 | $ 2,000,000 | |
Weighted average period for compensation expense to be recognized of non-vested options | 2 years | 2 years | 1 year 10 months 24 days |
RBC Dominion Securities Savings Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Maximum annual employer contribution per employee towards share ownership plans | $ 4,500 | ||
RBC U.K. Share Incentive Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Maximum annual employer contribution per employee towards share ownership plans | £ | £ 1,500 | ||
Employee Savings and Share Ownership Plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of employer matching contribution for each contribution between 1% and 6% | 50.00% | 50.00% | |
Employer contribution towards share ownership plans | $ 123,000,000 | $ 116,000,000 | |
Description of employee ownership plan contribution | Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. | Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. | |
Employee Savings and Share Ownership Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 6.00% | 6.00% | |
Employee Savings and Share Ownership Plan [member] | Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 1.00% | 1.00% | |
Common shares [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Number of shares per board lot | shares | 100 | 100 | |
Common shares [member] | Employee Savings and Share Ownership Plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Common shares held under employee ownership plan | 36,000,000 | 36,000,000 |
Share-based compensation - Summ
Share-based compensation - Summary of Stock Option Activity and Related Information (Detail) shares in Thousands | 12 Months Ended | |
Oct. 31, 2021shares$ / shares | Oct. 31, 2020shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of options, outstanding at beginning of year | shares | 6,973 | 6,950 |
Number of options, granted | shares | 1,251 | 1,089 |
Number of options, exercised | shares | (1,150) | (1,044) |
Number of options, forfeited in the year | shares | (19) | (22) |
Number of options, outstanding at end of year | shares | 7,055 | 6,973 |
Number of options, exercisable at end of year | shares | 3,273 | 3,314 |
Weighted average exercise price, outstanding at beginning of year | $ / shares | $ 86.02 | $ 79.88 |
Weighted average exercise price, granted | $ / shares | 106 | 103.64 |
Weighted average exercise price, exercised | $ / shares | 65.56 | 65.39 |
Weighted average exercise price, forfeited in the year | $ / shares | 93.23 | 50.28 |
Weighted average exercise price, outstanding at end of year | $ / shares | 92.27 | 86.02 |
Weighted average exercise price, exercisable at end of year | $ / shares | $ 80.38 | $ 71.77 |
Share-based compensation - Su_2
Share-based compensation - Summary of Stock Option Activity and Related Information (Parenthetical) (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Cash received for options exercised | $ 75 | $ 68 |
Weighted average share price at the date of exercise | $ 115.11 | $ 100.20 |
Share-based compensation - Su_3
Share-based compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) shares in Thousands | 12 Months Ended | ||
Oct. 31, 2021shares$ / shares | Oct. 31, 2020shares$ / shares | Oct. 31, 2019shares$ / shares | |
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 7,055 | 6,973 | 6,950 |
Options outstanding, weighted average exercise price | $ / shares | $ 92.27 | $ 86.02 | $ 79.88 |
Options outstanding, weighted average remaining contractual life (in years) | 6 years | ||
Options exercisable, number | shares | 3,273 | 3,314 | |
Options exercisable, weighted average exercise price | $ / shares | $ 80.38 | $ 71.77 | |
$36.68 - $71.11 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 739 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 59.67 | ||
Options outstanding, weighted average remaining contractual life (in years) | 1 year 10 months 28 days | ||
Options exercisable, number | shares | 739 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 59.67 | ||
$73.14 - $78.59 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 968 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 75.70 | ||
Options outstanding, weighted average remaining contractual life (in years) | 3 years 9 months 18 days | ||
Options exercisable, number | shares | 968 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 75.70 | ||
$90.23- $96.55 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 2,285 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 93.23 | ||
Options outstanding, weighted average remaining contractual life (in years) | 5 years 7 months 28 days | ||
Options exercisable, number | shares | 1,202 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 90.25 | ||
$102.33- $104.70 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,818 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 103.73 | ||
Options outstanding, weighted average remaining contractual life (in years) | 7 years 1 month 17 days | ||
Options exercisable, number | shares | 364 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 102.35 | ||
$106.00 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,245 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 106 | ||
Options outstanding, weighted average remaining contractual life (in years) | 9 years 1 month 13 days |
Share-based compensation - Weig
Share-based compensation - Weighted average assumptions (Detail) | 12 Months Ended | |
Oct. 31, 2021yr$ / shares | Oct. 31, 2020yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Share price at grant date | $ / shares | $ 104.86 | $ 104.80 |
Risk-free interest rate | 0.48% | 1.64% |
Expected dividend yield | 4.59% | 3.90% |
Expected share price volatility | 14.00% | 13.00% |
Expected life of option | yr | 6 | 6 |
Share-based compensation - Su_4
Share-based compensation - Summary of Units Granted Under Deferred Share and Other Plans (Detail) shares in Thousands | 12 Months Ended | |
Oct. 31, 2021shares$ / shares | Oct. 31, 2020shares$ / shares | |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 462 | 503 |
Units granted, weighted average fair value | $ / shares | $ 113.34 | $ 98.91 |
Capital Markets compensation plan unit awards [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 4,066 | 4,796 |
Units granted, weighted average fair value | $ / shares | $ 128.95 | $ 92.06 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 2,486 | 2,409 |
Units granted, weighted average fair value | $ / shares | $ 106.10 | $ 104.14 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 87 | 92 |
Units granted, weighted average fair value | $ / shares | $ 104.21 | $ 103.49 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 767 | 759 |
Units granted, weighted average fair value | $ / shares | $ 109.24 | $ 100.55 |
Deferred Share and Other Plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 7,868 | 8,559 |
Units granted, weighted average fair value | $ / shares | $ 118.62 | $ 96.74 |
Share-based compensation - Su_5
Share-based compensation - Summary of Obligation Under Deferred Share and Other Plans (Detail) shares in Thousands, $ in Millions | Oct. 31, 2021CAD ($)shares | Oct. 31, 2020CAD ($)shares |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 25,440 | 25,154 |
Carrying amount | $ | $ 3,272 | $ 2,327 |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 5,001 | 5,221 |
Carrying amount | $ | $ 644 | $ 486 |
Capital Markets compensation plan unit awards [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 9,925 | 9,560 |
Carrying amount | $ | $ 1,280 | $ 874 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 6,216 | 5,860 |
Carrying amount | $ | $ 801 | $ 550 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 2,574 | 2,685 |
Carrying amount | $ | $ 331 | $ 250 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 1,724 | 1,828 |
Carrying amount | $ | $ 216 | $ 167 |
Share-based compensation - Su_6
Share-based compensation - Summary of Compensation Expenses Recognized Under Deferred Share and Other Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | $ 1,998 | $ 454 |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 205 | (48) |
Capital Markets compensation plan unit awards [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 518 | 115 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 506 | 190 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 627 | 137 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | $ 142 | $ 60 |
Income taxes - Components of Ta
Income taxes - Components of Tax Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Current tax | ||
Tax expense for current year | $ 4,893 | $ 3,673 |
Adjustments for prior years | (92) | (106) |
Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period | (16) | (25) |
Current tax expense income after adjustments | 4,785 | 3,542 |
Deferred tax | ||
Origination and reversal of temporary difference | (216) | (655) |
Effects of changes in tax rates | (4) | 6 |
Adjustments for prior years | 74 | 98 |
Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net | (58) | (39) |
Deferred tax expense income after adjustments | (204) | (590) |
Income taxes (recoveries) | 4,581 | 2,952 |
Other comprehensive income | ||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (35) | 43 |
Provision for credit losses recognized in income | 3 | |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (28) | (56) |
Unrealized foreign currency translation gains (losses) | 1 | 5 |
Net foreign currency translation gains (losses) from hedging activities | 591 | (138) |
Reclassification of losses (gains) on net investment hedging activities to income | 7 | |
Net gains (losses) on derivatives designated as cash flow hedges | 485 | (410) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 97 | 27 |
Net fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | 20 | (93) |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 17 | 6 |
Remeasurements of employee benefit plans | 796 | (20) |
Share-based compensation awards | (17) | 7 |
Distributions on other equity instruments and issuance costs | (42) | (12) |
Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity | 1,885 | (631) |
Total income taxes | $ 6,466 | $ 2,321 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Additional details on Income taxes [line items] | |||
Effective tax rate | 22.20% | 20.50% | |
Deferred tax assets | $ 2,011 | $ 2,579 | $ 2,027 |
Unused tax losses | 384 | 389 | |
Tax credits | 207 | 305 | |
Amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities is unrecognized | 20,000 | 22,000 | |
2009, 2010 and 2011 taxation year [member] | |||
Additional details on Income taxes [line items] | |||
Tax examinations and assessments amount | 434 | ||
2012, 2013, and 2014 taxation year [member] | |||
Additional details on Income taxes [line items] | |||
Tax examinations and assessments amount | 756 | ||
2015 and 2016 taxation years [member] | |||
Additional details on Income taxes [line items] | |||
Tax examinations and assessments amount | 635 | ||
Tax loss and tax credit carryforwards [member] | Caribbean, Canadian and Japanese Operations [Member] | |||
Additional details on Income taxes [line items] | |||
Deferred tax assets | 242 | 204 | |
Under 1 year [member] | |||
Additional details on Income taxes [line items] | |||
Unused tax losses | 0 | 0 | |
Tax credits | 0 | 0 | |
Expire in two to four years [member] | |||
Additional details on Income taxes [line items] | |||
Unused tax losses | 2 | 10 | |
Tax credits | 115 | 143 | |
Expire after four years [member] | |||
Additional details on Income taxes [line items] | |||
Unused tax losses | 382 | 379 | |
Tax credits | $ 92 | $ 162 |
Income taxes - Reconciliation t
Income taxes - Reconciliation to Statutory Tax Rate (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Income taxes at Canadian statutory tax rate | $ 5,405 | $ 3,799 |
Increase (decrease) in income taxes resulting from | ||
Lower average tax rate applicable to subsidiaries | (361) | (513) |
Tax-exempt income from securities | (379) | (364) |
Tax rate change | (4) | 6 |
Other | (80) | 24 |
Income taxes (recoveries) | $ 4,581 | $ 2,952 |
Reconciliation of average effective tax rate | ||
Income taxes at Canadian statutory tax rate | 26.20% | 26.40% |
Increase (decrease) in income taxes result from | ||
Lower average tax rate applicable to subsidiaries | (1.80%) | (3.60%) |
Tax-exempt income from securities | (1.80%) | (2.50%) |
Other | (0.40%) | 0.20% |
Income taxes in Consolidated Statements of Income / effective tax rate | 22.20% | 20.50% |
Income taxes - Significant Comp
Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | $ 2,527 | $ 1,945 | |
Change through equity | (740) | (1) | |
Change through profit or loss | 204 | 590 | |
Exchange rate differences | (49) | (4) | |
Other components of deferred tax expense (income) | (5) | (3) | |
Net deferred asset (liability) at ending of period | 1,937 | 2,527 | |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | 2,011 | 2,579 | $ 2,027 |
Deferred tax liabilities | (74) | (52) | $ (82) |
Financial Instruments Classified As Fair Value Through Other Comprehensive Income Category [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (68) | (43) | |
Change through equity | 45 | (23) | |
Change through profit or loss | (1) | (2) | |
Exchange rate differences | 5 | ||
Net deferred asset (liability) at ending of period | (19) | (68) | |
Allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 1,362 | 716 | |
Change through profit or loss | (372) | 646 | |
Exchange rate differences | (16) | ||
Net deferred asset (liability) at ending of period | 974 | 1,362 | |
Deferred compensation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 1,269 | 1,246 | |
Change through equity | 17 | (7) | |
Change through profit or loss | 396 | 19 | |
Exchange rate differences | (68) | 11 | |
Net deferred asset (liability) at ending of period | 1,614 | 1,269 | |
Business realignment charges [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 9 | 10 | |
Change through profit or loss | 2 | (1) | |
Net deferred asset (liability) at ending of period | 11 | 9 | |
Tax loss and tax credit carryforwards [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 204 | 202 | |
Change through profit or loss | 40 | 2 | |
Exchange rate differences | (2) | ||
Net deferred asset (liability) at ending of period | 242 | 204 | |
Deferred (income) expense [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (104) | (15) | |
Change through equity | 6 | 5 | |
Change through profit or loss | 205 | (93) | |
Exchange rate differences | 3 | (1) | |
Net deferred asset (liability) at ending of period | 110 | (104) | |
Premises and equipment and intangibles [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (784) | (831) | |
Change through profit or loss | (82) | 60 | |
Exchange rate differences | 30 | (10) | |
Other components of deferred tax expense (income) | (3) | ||
Net deferred asset (liability) at ending of period | (836) | (784) | |
Pension and post employment related [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 592 | 631 | |
Change through equity | (796) | 20 | |
Change through profit or loss | 45 | (59) | |
Exchange rate differences | (4) | ||
Net deferred asset (liability) at ending of period | (163) | 592 | |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 47 | 29 | |
Change through equity | (12) | 4 | |
Change through profit or loss | (29) | 18 | |
Exchange rate differences | 3 | (4) | |
Other components of deferred tax expense (income) | (5) | ||
Net deferred asset (liability) at ending of period | $ 4 | $ 47 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Basic earnings per share | ||
Net income | $ 16,050 | $ 11,437 |
Dividends on preferred shares and distributions on other equity instruments | (260) | (274) |
Net income attributable to non-controlling interests | (12) | (5) |
Net income available to common shareholders | $ 15,781 | $ 11,164 |
Weighted average number of common shares (in thousands) | 1,424,343 | 1,423,915 |
Basic earnings per share (in dollars) | $ 11.08 | $ 7.84 |
Diluted earnings per share | ||
Net income available to common shareholders | $ 15,781 | $ 11,164 |
Dilutive impact of exchangeable shares | 13 | |
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 15,781 | $ 11,177 |
Weighted average number of common shares (in thousands) | 1,424,343 | 1,423,915 |
Stock options | 1,737 | 1,054 |
Issuable under other share-based compensation plans | 655 | 755 |
Exchangeable shares | 3,046 | |
Average number of diluted common shares (in thousands) | 1,426,735 | 1,428,770 |
Diluted earnings per share (in dollars) | $ 11.06 | $ 7.82 |
Equity attributable to shareholders [member] | ||
Basic earnings per share | ||
Net income | $ 16,038 | $ 11,432 |
Dividends on preferred shares and distributions on other equity instruments | $ (257) | $ (268) |
Earnings per share - Summary _2
Earnings per share - Summary of Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [Member] - $ / shares | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 0 | 2,809,041 |
Average exercise price | $ 100.88 |
Guarantees, commitments, pled_3
Guarantees, commitments, pledged assets and contingencies - Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Financial guarantees [member] | Financial standby letters of credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | $ 16,867 | $ 17,141 |
Commitments to extend credit [member] | Backstop liquidity facilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 38,405 | 40,212 |
Commitments to extend credit [member] | Credit enhancements [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 2,537 | 2,664 |
Commitments to extend credit [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 447 | 286 |
Commitments to extend credit [member] | Other commitments to extend credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 248,522 | 239,077 |
Other Credit-Related Commitments [Member] | Securities lending indemnifications [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 99,797 | 77,953 |
Other Credit-Related Commitments [Member] | Performance guarantees [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 7,195 | 7,040 |
Other Credit-Related Commitments [Member] | Other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 326 | 1,030 |
Other Credit-Related Commitments [Member] | Sponsored Member Guarantees [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | $ 142 | $ 1,302 |
Guarantees, commitments, pled_4
Guarantees, commitments, pledged assets and contingencies - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | Our clients generally have the right to request settlement of, or draw on, our guarantees and commitments within one year. However, certain guarantees can only be drawn if specified conditions are met. These conditions, along with collateral requirements, are described below. We believe that it is highly unlikely that all or substantially all of the guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. | |
Uncommitted amounts | $ 333,000 | $ 317,000 |
Unfunded commitments | 1,396 | 882 |
Bank of canada [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Average assets pledged intraday to the Bank of Canada on a daily basis | $ 2,000 | $ 3,000 |
Top of range [member] | Performance guarantees [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 7 years | |
Top of range [member] | Financial standby letters of credit [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 7 years | |
Weighted average [member] | Backstop liquidity facilities [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 4 years | |
Weighted average [member] | Credit enhancements [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 3 years | |
Bottom of range [member] | Performance guarantees [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 3 years | |
Bottom of range [member] | Financial standby letters of credit [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 5 years |
Guarantees, commitments, pled_5
Guarantees, commitments, pledged assets and contingencies - Sources of Pledged Assets and Collateral (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 608,948 | $ 587,522 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 171,540 | 186,715 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Loans [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 79,282 | 99,302 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 66,277 | 59,479 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Other assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 25,981 | 27,934 |
Sources Of Pledged Assets And Collateral [Member] | Client assets [member] | ||
Disclosure of financial assets [line items] | ||
Collateral received and available for sale or re-pledging | 454,844 | 438,686 |
Less: not sold or re-pledged | (17,436) | (37,879) |
Net client assets pledged and collateral | $ 437,408 | $ 400,807 |
Guarantees, commitments, pled_6
Guarantees, commitments, pledged assets and contingencies - Uses of Pledged Assets and Collateral (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 608,948 | $ 587,522 |
Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 608,948 | 587,522 |
Securities borrowing and lending [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 154,699 | 127,852 |
Obligations related to securities sold short [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 46,151 | 36,647 |
Obligations related to securities lent or sold under repurchase agreements [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 263,005 | 252,425 |
Securitization [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 39,687 | 45,440 |
Covered bonds [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 46,699 | 62,131 |
Derivative transactions [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 31,941 | 35,044 |
Foreign governments and central banks [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 7,314 | 6,456 |
Clearing systems, payment systems and depositories [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 3,809 | 6,380 |
Other [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 15,643 | $ 15,147 |
Related party transactions - Su
Related party transactions - Summary of Compensation of Key Management Personnel and Directors (Detail) - Key management personnel and Directors [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Salaries and other short-term employee benefits | $ 19 | $ 21 |
Post-employment benefits | 3 | 2 |
Share-based payments | 35 | 32 |
Compensation of key management personnel and Directors | $ 57 | $ 55 |
Related party transactions - _2
Related party transactions - Summary of Compensation of Key Management Personnel and Directors ( Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Certain Executives Who Were Members Of The Banks Group [Member] | Prior Year Stock Based Compensation Awards [Member] | |
Disclosure of transactions between related parties [line items] | |
Compensation granted to former executives benefits and share based payments | $ 27 |
Related party transactions - _3
Related party transactions - Summary of Stock Options, Stock Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members (Detail) $ in Millions | Oct. 31, 2021CAD ($)shares | Oct. 31, 2020CAD ($)shares | Oct. 31, 2019shares |
Disclosure of transactions between related parties [line items] | |||
Number of units held, stock options | 7,055,000 | 6,973,000 | 6,950,000 |
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | 21,723 | 1,600,184 | |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 3 | $ 91 | |
Key management personnel and directors and their close family members [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of units held, stock options | 2,369,659 | 1,912,482 | |
Number of units held, other non-option stock based awards | 983,004 | 869,756 | |
Number of units held, RBC common and preferred shares | 183,783 | 206,652 | |
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | 3,536,446 | 2,988,890 | |
Stock options, value | $ | $ 81 | $ 15 | |
Other non-option stock based awards, value | $ | 127 | 81 | |
RBC common and preferred shares, value | $ | 24 | 19 | |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 232 | $ 115 |
Related party transactions - _4
Related party transactions - Summary of Stock Options, Stock Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members ( Parenthetical) (Detail) $ in Millions | Oct. 31, 2021CAD ($)shares | Oct. 31, 2020CAD ($)shares |
Disclosure of transactions between related parties [line items] | ||
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | shares | 21,723 | 1,600,184 |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 3 | $ 91 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Key management personnel and directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related parties | $ 14,000,000 | $ 6,000,000 |
Provisions for doubtful debts related to outstanding balances of related party transaction | 0 | 0 |
Guarantees or pledges given to related parties | 0 | 0 |
Commitments given to related parties | 0 | 0 |
Joint ventures and associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related parties | 340,000,000 | 215,000,000 |
Provisions for doubtful debts related to outstanding balances of related party transaction | 0 | 0 |
Guarantees or pledges given to related parties | 1,000,000 | 1,000,000 |
Commitments given to related parties | 1,017,000,000 | 589,000,000 |
Deposits from related parties | $ 13,000,000 | $ 15,000,000 |
Related party transactions - _5
Related party transactions - Summary of Other Transactions, Arrangements or Agreements Involving Joint Ventures and Associates (Detail) - Joint ventures and associates [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of transactions between related parties [line items] | ||
Commitments and other contingencies | $ 1,017 | $ 589 |
Other fees received for services rendered | 48 | 43 |
Other fees paid for services received | $ 108 | $ 117 |
Results by business segment - A
Results by business segment - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2021CAD ($) | Oct. 31, 2020CAD ($) | |
Disclosure of operating segments [abstract] | ||
Description of types of products and services from which each reportable segment derives its revenues | For management purposes, based on the products and services offered, we are organized into five business segments: Personal & Commercial Banking, Wealth Management, Insurance, Investor & Treasury Services and Capital Markets. | |
Number of business segments | 5 | |
Taxable equivalent basis adjustment amount | $ 518 | $ 513 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of operating segments [line items] | ||
Net interest income | $ 20,002 | $ 20,835 |
Non-interest income | 29,691 | 26,346 |
Total revenue | 49,693 | 47,181 |
Provision for credit losses | (753) | 4,351 |
Insurance policyholder benefits, claims and acquisition expense | 3,891 | 3,683 |
Non-interest expense | 25,924 | 24,758 |
Net income (loss) before income taxes | 20,631 | 14,389 |
Income taxes (recoveries) | 4,581 | 2,952 |
Net income | 16,050 | 11,437 |
Non-interest expense includes: | ||
Depreciation and amortization | 2,563 | 2,606 |
Impairment of other intangibles | 29 | 42 |
Total assets | 1,706,323 | 1,624,548 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 2,197 | 2,584 |
Total liabilities | 1,607,561 | 1,537,781 |
Canada [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 13,947 | 14,185 |
Non-interest income | 15,454 | 13,510 |
Total revenue | 29,401 | 27,695 |
Provision for credit losses | (203) | 2,881 |
Insurance policyholder benefits, claims and acquisition expense | 2,036 | 1,993 |
Non-interest expense | 12,897 | 12,513 |
Net income (loss) before income taxes | 14,671 | 10,308 |
Income taxes (recoveries) | 3,599 | 2,516 |
Net income | 11,072 | 7,792 |
Non-interest expense includes: | ||
Depreciation and amortization | 1,594 | 1,587 |
Impairment of other intangibles | 16 | 40 |
Total assets | 964,747 | 911,932 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 1,238 | 1,454 |
Total liabilities | 866,287 | 825,034 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 4,447 | 4,959 |
Non-interest income | 8,083 | 6,775 |
Total revenue | 12,530 | 11,734 |
Provision for credit losses | (277) | 949 |
Non-interest expense | 9,107 | 8,380 |
Net income (loss) before income taxes | 3,700 | 2,405 |
Income taxes (recoveries) | 649 | 209 |
Net income | 3,051 | 2,196 |
Non-interest expense includes: | ||
Depreciation and amortization | 728 | 725 |
Impairment of other intangibles | 11 | 1 |
Total assets | 454,949 | 431,473 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 739 | 706 |
Total liabilities | 454,903 | 431,570 |
Other International [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 1,608 | 1,691 |
Non-interest income | 6,154 | 6,061 |
Total revenue | 7,762 | 7,752 |
Provision for credit losses | (273) | 521 |
Insurance policyholder benefits, claims and acquisition expense | 1,855 | 1,690 |
Non-interest expense | 3,920 | 3,865 |
Net income (loss) before income taxes | 2,260 | 1,676 |
Income taxes (recoveries) | 333 | 227 |
Net income | 1,927 | 1,449 |
Non-interest expense includes: | ||
Depreciation and amortization | 241 | 294 |
Impairment of other intangibles | 2 | 1 |
Total assets | 286,627 | 281,143 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 220 | 424 |
Total liabilities | 286,371 | 281,177 |
Operating segments [member] | Personal & Commercial Banking [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 12,621 | 12,568 |
Non-interest income | 5,725 | 5,163 |
Total revenue | 18,346 | 17,731 |
Provision for credit losses | (187) | 2,891 |
Non-interest expense | 7,978 | 7,946 |
Net income (loss) before income taxes | 10,555 | 6,894 |
Income taxes (recoveries) | 2,708 | 1,807 |
Net income | 7,847 | 5,087 |
Non-interest expense includes: | ||
Depreciation and amortization | 923 | 929 |
Impairment of other intangibles | 5 | |
Total assets | 549,702 | 509,679 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 503 | 722 |
Total liabilities | 549,619 | 509,682 |
Operating segments [member] | Wealth Management [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 2,689 | 2,860 |
Non-interest income | 10,607 | 9,270 |
Total revenue | 13,296 | 12,130 |
Provision for credit losses | (47) | 214 |
Non-interest expense | 9,929 | 9,123 |
Net income (loss) before income taxes | 3,414 | 2,793 |
Income taxes (recoveries) | 788 | 639 |
Net income | 2,626 | 2,154 |
Non-interest expense includes: | ||
Depreciation and amortization | 883 | 879 |
Impairment of other intangibles | 3 | 1 |
Total assets | 148,990 | 129,706 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 752 | 704 |
Total liabilities | 149,096 | 129,673 |
Operating segments [member] | Insurance [member] | ||
Disclosure of operating segments [line items] | ||
Non-interest income | 5,600 | 5,361 |
Total revenue | 5,600 | 5,361 |
Provision for credit losses | (1) | |
Insurance policyholder benefits, claims and acquisition expense | 3,891 | 3,683 |
Non-interest expense | 596 | 592 |
Net income (loss) before income taxes | 1,114 | 1,086 |
Income taxes (recoveries) | 225 | 255 |
Net income | 889 | 831 |
Non-interest expense includes: | ||
Depreciation and amortization | 59 | 58 |
Impairment of other intangibles | 1 | |
Total assets | 22,724 | 21,253 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 48 | 46 |
Total liabilities | 22,966 | 21,311 |
Operating segments [member] | Investor & Treasury Services [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 460 | 329 |
Non-interest income | 1,704 | 1,982 |
Total revenue | 2,164 | 2,311 |
Provision for credit losses | (8) | 6 |
Non-interest expense | 1,589 | 1,589 |
Net income (loss) before income taxes | 583 | 716 |
Income taxes (recoveries) | 143 | 180 |
Net income | 440 | 536 |
Non-interest expense includes: | ||
Depreciation and amortization | 197 | 217 |
Impairment of other intangibles | 2 | 7 |
Total assets | 240,055 | 230,695 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 80 | 101 |
Total liabilities | 239,960 | 230,618 |
Operating segments [member] | Capital Markets [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 4,553 | 5,135 |
Non-interest income | 5,634 | 4,749 |
Total revenue | 10,187 | 9,884 |
Provision for credit losses | (509) | 1,239 |
Non-interest expense | 5,427 | 5,362 |
Net income (loss) before income taxes | 5,269 | 3,283 |
Income taxes (recoveries) | 1,082 | 507 |
Net income | 4,187 | 2,776 |
Non-interest expense includes: | ||
Depreciation and amortization | 497 | 517 |
Impairment of other intangibles | 18 | 6 |
Total assets | 692,278 | 688,054 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 355 | 452 |
Total liabilities | 691,767 | 688,314 |
Unallocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | (321) | (57) |
Non-interest income | 421 | (179) |
Total revenue | 100 | (236) |
Provision for credit losses | (1) | 1 |
Non-interest expense | 405 | 146 |
Net income (loss) before income taxes | (304) | (383) |
Income taxes (recoveries) | (365) | (436) |
Net income | 61 | 53 |
Non-interest expense includes: | ||
Depreciation and amortization | 4 | 6 |
Impairment of other intangibles | 28 | |
Total assets | 52,574 | 45,161 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 459 | 559 |
Total liabilities | $ (45,847) | $ (41,817) |
Nature and extent of risks ar_3
Nature and extent of risks arising from financial instruments - Summary of Credit Exposure Associated With on-and Off-balance Sheet Financial Instruments (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 1,146,105 | $ 1,113,509 |
On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 1,049,440 | 998,260 |
On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 96,665 | 115,249 |
Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 747,020 | 703,214 |
Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 622,693 | 598,748 |
Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 124,327 | 104,466 |
Canada [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 721,706 | $ 673,072 |
Maximum exposure to credit risk | 63.00% | 61.00% |
Canada [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 701,779 | $ 650,311 |
Maximum exposure to credit risk | 67.00% | 65.00% |
Canada [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 19,927 | $ 22,761 |
Maximum exposure to credit risk | 21.00% | 20.00% |
Canada [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 452,489 | $ 442,681 |
Maximum exposure to credit risk | 61.00% | 63.00% |
Canada [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 370,479 | $ 380,352 |
Maximum exposure to credit risk | 59.00% | 63.00% |
Canada [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 82,010 | $ 62,329 |
Maximum exposure to credit risk | 66.00% | 60.00% |
United States [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 237,299 | $ 250,161 |
Maximum exposure to credit risk | 21.00% | 22.00% |
United States [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 213,389 | $ 222,087 |
Maximum exposure to credit risk | 20.00% | 22.00% |
United States [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 23,910 | $ 28,074 |
Maximum exposure to credit risk | 25.00% | 24.00% |
United States [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 210,706 | $ 184,619 |
Maximum exposure to credit risk | 28.00% | 26.00% |
United States [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 196,692 | $ 171,922 |
Maximum exposure to credit risk | 32.00% | 29.00% |
United States [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 14,014 | $ 12,697 |
Maximum exposure to credit risk | 11.00% | 12.00% |
Europe [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 130,988 | $ 135,065 |
Maximum exposure to credit risk | 11.00% | 12.00% |
Europe [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 85,271 | $ 78,836 |
Maximum exposure to credit risk | 8.00% | 8.00% |
Europe [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 45,717 | $ 56,229 |
Maximum exposure to credit risk | 47.00% | 49.00% |
Europe [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 73,107 | $ 62,017 |
Maximum exposure to credit risk | 10.00% | 9.00% |
Europe [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 46,187 | $ 34,785 |
Maximum exposure to credit risk | 8.00% | 6.00% |
Europe [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 26,920 | $ 27,232 |
Maximum exposure to credit risk | 22.00% | 26.00% |
Other International [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 56,112 | $ 55,211 |
Maximum exposure to credit risk | 5.00% | 5.00% |
Other International [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 49,001 | $ 47,026 |
Maximum exposure to credit risk | 5.00% | 5.00% |
Other International [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 7,111 | $ 8,185 |
Maximum exposure to credit risk | 7.00% | 7.00% |
Other International [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 10,718 | $ 13,897 |
Maximum exposure to credit risk | 1.00% | 2.00% |
Other International [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 9,335 | $ 11,689 |
Maximum exposure to credit risk | 1.00% | 2.00% |
Other International [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 1,383 | $ 2,208 |
Maximum exposure to credit risk | 1.00% | 2.00% |
Nature and extent of risks ar_4
Nature and extent of risks arising from financial instruments - Summary of Credit Exposure Associated With on-and Off-balance Sheet Financial Instruments (Parenthetical) (Detail) - Credit risk [member] - On balance sheet risk [member] | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Concentration risk threshold percentage | 24.00% | 25.00% |
Number of companies above threshold percentage | No industry accounts for more than 24% (October 31, 2020 – 25%) of total on-balance sheet credit instruments. | |
On balance sheet assets other than derivatives [member] | Ontario Canada [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 56.00% | 56.00% |
On balance sheet assets other than derivatives [member] | Prairies Canada [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 16.00% | 16.00% |
On balance sheet assets other than derivatives [member] | British Columbia and the Territories [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 14.00% | 14.00% |
On balance sheet assets other than derivatives [member] | Quebec [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 10.00% | 10.00% |
Committed and uncommitted [member] | Retail [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 45.00% | 46.00% |
Committed and uncommitted [member] | Wholesale [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 55.00% | 54.00% |
Committed and uncommitted [member] | Wholesale [member] | Bank financial services [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 13.00% | 13.00% |
Committed and uncommitted [member] | Wholesale [member] | Utilities [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 10.00% | 12.00% |
Committed and uncommitted [member] | Wholesale [member] | Real estate & related [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 10.00% | 10.00% |
Committed and uncommitted [member] | Wholesale [member] | Other Services [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 8.00% | 8.00% |
Committed and uncommitted [member] | Wholesale [member] | Oil & gas [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 6.00% | 7.00% |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Capital | ||
CET1 capital | $ 75,583 | $ 68,082 |
Tier 1 capital | 82,246 | 74,005 |
Total capital | 92,026 | 84,928 |
Risk-weighted assets (RWA) used in calculation of capital ratios | ||
Credit risk | 444,142 | 448,821 |
Market risk | 34,806 | 27,374 |
Operational risk | 73,593 | 70,047 |
Total RWA | $ 552,541 | $ 546,242 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 13.70% | 12.50% |
Tier 1 capital ratio | 14.90% | 13.50% |
Total capital ratio | 16.70% | 15.50% |
Leverage ratio | 4.90% | 4.80% |
Leverage ratio exposure (billions) | $ 1,662,000 | $ 1,553,000 |
Offsetting financial assets a_3
Offsetting financial assets and financial liabilities - Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | $ 469,446 | $ 447,307 |
Amounts of financial liabilities offset on the balance sheet | 77,582 | 36,632 |
Net amount of financial assets presented on the balance sheet | 391,864 | 410,675 |
Impact of master netting agreements | 57,203 | 69,338 |
Financial collateral received | 318,110 | 328,805 |
Net amount | 16,551 | 12,532 |
Amounts not subject to enforceable netting arrangements | 11,752 | 16,081 |
Total amount recognized on the balance sheet | 403,616 | 426,756 |
Assets purchased under reverse repurchase agreements and securities borrowed [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 384,439 | 347,327 |
Amounts of financial liabilities offset on the balance sheet | 77,028 | 35,783 |
Net amount of financial assets presented on the balance sheet | 307,411 | 311,544 |
Impact of master netting agreements | 101 | 36 |
Financial collateral received | 305,071 | 310,128 |
Net amount | 2,239 | 1,380 |
Amounts not subject to enforceable netting arrangements | 492 | 1,471 |
Total amount recognized on the balance sheet | 307,903 | 313,015 |
Derivative assets [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 84,595 | 99,535 |
Amounts of financial liabilities offset on the balance sheet | 314 | 657 |
Net amount of financial assets presented on the balance sheet | 84,281 | 98,878 |
Impact of master netting agreements | 57,101 | 69,300 |
Financial collateral received | 12,978 | 18,627 |
Net amount | 14,202 | 10,951 |
Amounts not subject to enforceable netting arrangements | 11,260 | 14,610 |
Total amount recognized on the balance sheet | 95,541 | 113,488 |
Other Financial Assets [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 412 | 445 |
Amounts of financial liabilities offset on the balance sheet | 240 | 192 |
Net amount of financial assets presented on the balance sheet | 172 | 253 |
Impact of master netting agreements | 1 | 2 |
Financial collateral received | 61 | 50 |
Net amount | 110 | 201 |
Total amount recognized on the balance sheet | $ 172 | $ 253 |
Offsetting financial assets a_4
Offsetting financial assets and financial liabilities - Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Net financial assets subject to offsetting, enforceable master netting arrangements or similar agreements [abstract] | ||
Financial cash collateral received | $ 12 | $ 15 |
Financial non-cash collateral received | 307 | 314 |
Cash margin to offset against derivative assets balance on balance sheet | $ 3 | $ 5 |
Offsetting financial assets a_5
Offsetting financial assets and financial liabilities - Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | $ 416,663 | $ 405,626 |
Amounts of financial assets offset on the balance sheet | 77,582 | 36,632 |
Net amount of financial liabilities presented on the balance sheet | 339,081 | 368,994 |
Impact of master netting agreements | 57,203 | 69,338 |
Financial collateral pledged | 271,638 | 289,103 |
Net amount | 10,240 | 10,553 |
Amounts not subject to enforceable netting arrangements | 14,731 | 15,330 |
Total amount recognized on the balance sheet | 353,812 | 384,324 |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 338,737 | 309,130 |
Amounts of financial assets offset on the balance sheet | 77,028 | 35,783 |
Net amount of financial liabilities presented on the balance sheet | 261,709 | 273,347 |
Impact of master netting agreements | 101 | 36 |
Financial collateral pledged | 261,135 | 272,871 |
Net amount | 473 | 440 |
Amounts not subject to enforceable netting arrangements | 492 | 884 |
Total amount recognized on the balance sheet | 262,201 | 274,231 |
Derivative liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 77,514 | 96,138 |
Amounts of financial assets offset on the balance sheet | 314 | 657 |
Net amount of financial liabilities presented on the balance sheet | 77,200 | 95,481 |
Impact of master netting agreements | 57,101 | 69,300 |
Financial collateral pledged | 10,503 | 16,232 |
Net amount | 9,596 | 9,949 |
Amounts not subject to enforceable netting arrangements | 14,239 | 14,446 |
Total amount recognized on the balance sheet | 91,439 | 109,927 |
Other liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 412 | 358 |
Amounts of financial assets offset on the balance sheet | 240 | 192 |
Net amount of financial liabilities presented on the balance sheet | 172 | 166 |
Impact of master netting agreements | 1 | 2 |
Net amount | 171 | 164 |
Total amount recognized on the balance sheet | $ 172 | $ 166 |
Offsetting financial assets a_6
Offsetting financial assets and financial liabilities - Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Net financial liabilities subject to offsetting, enforceable master netting arrangements or similar agreements [abstract] | ||
Financial cash collateral pledged | $ 9 | $ 14 |
Financial non-cash collateral pledged | 262 | 276 |
Cash margin offset against derivative liabilities balance on balance sheet | $ 3 | $ 2 |
Recovery and settlement of on_3
Recovery and settlement of on-balance sheet assets and liabilities - Analysis of Financial Assets and Liabilities by Contractual Maturities Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Assets | |||
Cash and due from banks | $ 113,846 | $ 118,888 | $ 26,310 |
Interest-bearing deposits with banks | 79,638 | 39,013 | |
Securities | |||
Trading | 139,240 | 136,071 | |
Investment, net of applicable allowance | 145,484 | 139,743 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 | |
Loans | |||
Retail | 503,598 | 457,976 | |
Wholesale | 218,066 | 208,655 | |
Allowance for loan losses (Note 5) | (4,089) | (5,639) | |
Segregated fund net assets | 2,666 | 1,922 | |
Other | |||
Customers' liability under acceptances | 19,798 | 18,507 | |
Derivatives | 95,541 | 113,488 | |
Premises and equipment | 7,424 | 7,934 | |
Goodwill | 10,854 | 11,302 | $ 11,236 |
Other intangibles | 4,471 | 4,752 | |
Other assets | 61,883 | 58,921 | |
Total assets | 1,706,323 | 1,624,548 | |
Liabilities | |||
Deposits | 1,100,831 | 1,011,885 | |
Segregated fund net liabilities | 2,666 | 1,922 | |
Other | |||
Acceptances | 19,873 | 18,618 | |
Obligations related to securities sold short | 37,841 | 29,285 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 262,201 | 274,231 | |
Derivatives | 91,439 | 109,927 | |
Insurance claims and policy benefit liabilities | 12,816 | 12,215 | |
Other liabilities | 70,301 | 69,831 | |
Subordinated debentures | 9,593 | 9,867 | |
Total liabilities | 1,607,561 | 1,537,781 | |
Under 1 year [member] | |||
Assets | |||
Cash and due from banks | 112,924 | 117,375 | |
Interest-bearing deposits with banks | 79,638 | 39,013 | |
Securities | |||
Trading | 129,206 | 126,309 | |
Investment, net of applicable allowance | 29,831 | 34,728 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,805 | 313,013 | |
Loans | |||
Retail | 98,946 | 97,223 | |
Wholesale | 60,099 | 51,296 | |
Other | |||
Customers' liability under acceptances | 19,793 | 18,507 | |
Derivatives | 93,409 | 110,217 | |
Premises and equipment | 28 | ||
Other assets | 47,634 | 46,953 | |
Total assets | 979,313 | 954,634 | |
Liabilities | |||
Deposits | 943,633 | 859,829 | |
Other | |||
Acceptances | 19,868 | 18,618 | |
Obligations related to securities sold short | 35,524 | 26,754 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 261,533 | 269,260 | |
Derivatives | 89,804 | 108,407 | |
Insurance claims and policy benefit liabilities | 1,867 | 1,798 | |
Other liabilities | 48,901 | 48,844 | |
Subordinated debentures | 188 | ||
Total liabilities | 1,401,318 | 1,333,510 | |
After 1 year [member] | |||
Assets | |||
Cash and due from banks | 922 | 1,513 | |
Securities | |||
Trading | 10,034 | 9,762 | |
Investment, net of applicable allowance | 115,653 | 105,015 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 98 | 2 | |
Loans | |||
Retail | 404,652 | 360,753 | |
Wholesale | 157,967 | 157,359 | |
Segregated fund net assets | 2,666 | 1,922 | |
Other | |||
Customers' liability under acceptances | 5 | ||
Derivatives | 2,132 | 3,271 | |
Premises and equipment | 7,396 | 7,934 | |
Goodwill | 10,854 | 11,302 | |
Other intangibles | 4,471 | 4,752 | |
Other assets | 14,249 | 11,968 | |
Total assets | 731,099 | 675,553 | |
Liabilities | |||
Deposits | 157,198 | 152,056 | |
Segregated fund net liabilities | 2,666 | 1,922 | |
Other | |||
Acceptances | 5 | ||
Obligations related to securities sold short | 2,317 | 2,531 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 668 | 4,971 | |
Derivatives | 1,635 | 1,520 | |
Insurance claims and policy benefit liabilities | 10,949 | 10,417 | |
Other liabilities | 21,400 | 20,987 | |
Subordinated debentures | 9,405 | 9,867 | |
Total liabilities | $ 206,243 | $ 204,271 |
Recovery and settlement of on_4
Recovery and settlement of on-balance sheet assets and liabilities - Analysis of Financial Assets and Liabilities by Contractual Maturities Basis (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2021 | Oct. 31, 2020 |
Deposits from personal, business and government, and banks by geography [member] | ||
Disclosure of financial assets [line items] | ||
Demand deposits | $ 576 | $ 511 |
Parent company information - Su
Parent company information - Summary of Parent Company Information - Condensed Balance Sheets (Detail) - CAD ($) $ in Millions | Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 |
Assets | |||
Cash and due from banks | $ 113,846 | $ 118,888 | $ 26,310 |
Interest-bearing deposits with banks | 79,638 | 39,013 | |
Securities | 284,724 | 275,814 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 307,903 | 313,015 | |
Loans, net of allowance for loan losses | 717,575 | 660,992 | |
Other assets | 61,883 | 58,921 | |
Total assets | 1,706,323 | 1,624,548 | |
Liabilities and shareholders' equity | |||
Deposits | 1,100,831 | 1,011,885 | |
Other liabilities | 70,301 | 69,831 | |
Subordinated debentures | 9,593 | 9,867 | |
Shareholders' equity | 98,762 | 86,767 | 83,518 |
Total liabilities and equity | 1,706,323 | 1,624,548 | |
Parent [member] | |||
Assets | |||
Cash and due from banks | 97,617 | 109,397 | $ 14,264 |
Interest-bearing deposits with banks | 56,896 | 21,603 | |
Securities | 153,780 | 146,524 | |
Investments in bank subsidiaries and associated corporations | 43,546 | 41,029 | |
Investments in other subsidiaries and associated corporations | 80,216 | 76,358 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 125,590 | 134,037 | |
Loans, net of allowance for loan losses | 601,742 | 554,173 | |
Other assets | 155,421 | 171,622 | |
Total assets | 1,314,808 | 1,254,743 | |
Liabilities and shareholders' equity | |||
Deposits | 854,833 | 782,637 | |
Net balances due to bank subsidiaries | 28,201 | 42,157 | |
Net balances due to other subsidiaries | 38,309 | 36,421 | |
Other liabilities | 285,447 | 297,261 | |
Total other liabilities | 1,206,790 | 1,158,476 | |
Subordinated debentures | 9,351 | 9,603 | |
Shareholders' equity | 98,667 | 86,664 | |
Total liabilities and equity | $ 1,314,808 | $ 1,254,743 |
Parent company information - _2
Parent company information - Summary of Parent Company Information - Condensed Statements of Income and Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Parent company information [line items] | ||
Interest expense | $ 8,143 | $ 14,048 |
Net interest income | 20,002 | 20,835 |
Non-interest income | 29,691 | 26,346 |
Total revenue | 49,693 | 47,181 |
Provision for credit losses | (753) | 4,351 |
Non-interest expense | 25,924 | 24,758 |
Income before income taxes | 20,631 | 14,389 |
Income taxes | 4,581 | 2,952 |
Net income | 16,050 | 11,437 |
Other comprehensive income (loss), net of taxes | 1,456 | (1,135) |
Total comprehensive income (loss) | 17,506 | 10,302 |
Parent [member] | ||
Parent company information [line items] | ||
Interest and dividend income | 19,793 | 23,596 |
Interest expense | 5,615 | 9,548 |
Net interest income | 14,178 | 14,048 |
Non-interest income | 5,393 | 4,792 |
Total revenue | 19,571 | 18,840 |
Provision for credit losses | (606) | 3,888 |
Non-interest expense | 9,466 | 9,580 |
Income before income taxes | 10,711 | 5,372 |
Income taxes | 2,088 | 1,139 |
Net income before equity in undistributed income of subsidiaries | 8,623 | 4,233 |
Equity in undistributed income of subsidiaries | 7,415 | 7,199 |
Net income | 16,038 | 11,432 |
Other comprehensive income (loss), net of taxes | 1,463 | (1,137) |
Total comprehensive income (loss) | $ 17,501 | $ 10,295 |
Parent company information - _3
Parent company information - Summary of Parent Company Information - Condensed Statements of Income and Comprehensive Income (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Parent [member] | ||
Parent company information [line items] | ||
Dividend income from investments in subsidiaries | $ 5 | $ 27 |
Parent company information - _4
Parent company information - Summary of Parent Company Information - Condensed Statements of Cash Flows (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2021 | Oct. 31, 2020 | |
Cash flows from operating activities | ||
Net income | $ 16,050 | $ 11,437 |
Adjustments to determine net cash from operating activities: | ||
Change in deposits, net of securitizations | 88,876 | 126,826 |
Change in loans, net of securitizations | (54,987) | (45,639) |
Change in trading securities | (3,164) | 10,377 |
Change in obligations related to assets sold under repurchase agreements and securities loaned | (12,030) | 47,645 |
Change in assets purchased under reverse repurchase agreements and securities borrowed | 5,112 | (6,054) |
Change in obligations related to securities sold short | 8,556 | (5,784) |
Other operating activities, net | 9,191 | (8,566) |
Net cash from (used in) operating activities | 61,044 | 138,819 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | (40,618) | (676) |
Purchases of investment securities | (123,547) | (149,516) |
Net acquisitions of premises and equipment and other intangibles | (2,186) | (2,629) |
Net cash from (used in) investing activities | (57,348) | (39,557) |
Cash flows from financing activities | ||
Issuance of subordinated debentures | 2,750 | 2,750 |
Repayment of subordinated debentures | (2,500) | (3,000) |
Issue of common shares, net of issuance costs | 90 | 70 |
Common shares purchased for cancellation | (814) | |
Issue of preferred shares and other equity instruments, net of issuance costs | 2,245 | 1,745 |
Redemption of preferred shares and other equity instruments | (1,475) | (1,508) |
Dividends paid on shares and distributions paid on other equity instruments | (6,420) | (6,333) |
Net cash from (used in) financing activities | (5,928) | (7,746) |
Net change in cash and due from banks | (5,042) | 92,578 |
Cash and due from banks at beginning of period | 118,888 | 26,310 |
Cash and due from banks at end of period | 113,846 | 118,888 |
Supplemental disclosure of cash flow information | ||
Amount of interest paid | 7,555 | 13,058 |
Amount of interest received | 26,412 | 33,244 |
Amount of dividends received | 2,575 | 2,753 |
Amount of income taxes paid | 4,198 | 2,880 |
Parent [member] | ||
Cash flows from operating activities | ||
Net income | 16,038 | 11,432 |
Adjustments to determine net cash from operating activities: | ||
Change in undistributed earnings of subsidiaries | (7,415) | (7,199) |
Change in deposits, net of securitizations | 72,196 | 101,128 |
Change in loans, net of securitizations | (46,194) | (30,833) |
Change in trading securities | (8,756) | 404 |
Change in obligations related to assets sold under repurchase agreements and securities loaned | 5,228 | 26,716 |
Change in assets purchased under reverse repurchase agreements and securities borrowed | 8,447 | (10,282) |
Change in obligations related to securities sold short | 2,405 | (3,032) |
Other operating activities, net | 6,316 | 685 |
Net cash from (used in) operating activities | 48,265 | 89,019 |
Cash flows from investing activities | ||
Change in interest-bearing deposits with banks | (35,293) | 676 |
Proceeds from sales and maturities of investment securities | 70,260 | 74,849 |
Purchases of investment securities | (73,150) | (101,551) |
Net acquisitions of premises and equipment and other intangibles | (1,093) | (1,243) |
Change in cash invested in subsidiaries | (3,078) | 1,484 |
Change in net funding provided to subsidiaries | (12,068) | 39,306 |
Net cash from (used in) investing activities | (54,422) | 13,521 |
Cash flows from financing activities | ||
Issuance of subordinated debentures | 2,750 | 2,750 |
Repayment of subordinated debentures | (2,500) | (3,000) |
Issue of common shares, net of issuance costs | 90 | 70 |
Common shares purchased for cancellation | (814) | |
Issue of preferred shares and other equity instruments, net of issuance costs | 2,245 | 1,745 |
Redemption of preferred shares and other equity instruments | (1,475) | (1,508) |
Dividends paid on shares and distributions paid on other equity instruments | (6,420) | (6,333) |
Repayment of lease liabilities | (313) | (317) |
Net cash from (used in) financing activities | (5,623) | (7,407) |
Net change in cash and due from banks | (11,780) | 95,133 |
Cash and due from banks at beginning of period | 109,397 | 14,264 |
Cash and due from banks at end of period | 97,617 | 109,397 |
Supplemental disclosure of cash flow information | ||
Amount of interest paid | 6,306 | 10,335 |
Amount of interest received | 17,831 | 22,340 |
Amount of dividends received | 2,185 | 1,977 |
Amount of income taxes paid | $ 1,772 | $ 917 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) - CAD ($) $ / shares in Units, $ in Thousands | Nov. 05, 2021 | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of non-adjusting events after reporting period [line items] | |||
Issue of equity | $ 2,345,000 | $ 1,825,000 | |
Series BT non cumulative five year rate set reset first preferred shares [Member] | |||
Disclosure of non-adjusting events after reporting period [line items] | |||
Issue of equity | $ 750 | ||
Preferred shares annual yield spread | 2.71% | ||
Earliest redemption date | Feb. 24, 2027 | ||
Initial period annual yield | 4.20% | ||
Term of preferred shares | 5 years | ||
Term of preferred shares per share issue price | $ 1,000 |