Cover Page
Cover Page | 9 Months Ended |
Jul. 31, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jul. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | BANK OF MONTREAL /CAN/ |
Entity Central Index Key | 0000927971 |
Current Fiscal Year End Date | --10-31 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Interest, Dividend and Fee Income | |||||
Loans | $ 4,204 | $ 4,689 | $ 5,120 | $ 13,856 | $ 14,752 |
Securities (Note 2) | 1,249 | 1,363 | 1,407 | 3,971 | 4,126 |
Deposits with banks | 49 | 101 | 187 | 343 | 592 |
Interest, Dividend and Fee Income | 5,502 | 6,153 | 6,714 | 18,170 | 19,470 |
Interest Expense | |||||
Deposits | 1,292 | 1,738 | 2,224 | 5,157 | 6,413 |
Subordinated debt | 65 | 66 | 69 | 201 | 208 |
Other liabilities (Note 1) | 610 | 831 | 1,204 | 2,371 | 3,325 |
Interest Expense | 1,967 | 2,635 | 3,497 | 7,729 | 9,946 |
Net Interest Income | 3,535 | 3,518 | 3,217 | 10,441 | 9,524 |
Non-Interest Revenue | |||||
Securities commissions and fees | 260 | 277 | 259 | 789 | 761 |
Deposit and payment service charges | 299 | 313 | 309 | 916 | 890 |
Trading revenues (losses) | 68 | (217) | 115 | (8) | 319 |
Lending fees | 309 | 322 | 314 | 956 | 879 |
Card fees | 85 | 80 | 109 | 264 | 330 |
Investment management and custodial fees | 455 | 430 | 444 | 1,341 | 1,298 |
Mutual fund revenues | 348 | 348 | 357 | 1,062 | 1,060 |
Underwriting and advisory fees | 287 | 239 | 260 | 811 | 754 |
Securities gains (losses), other than trading | 31 | (11) | 90 | 84 | 181 |
Foreign exchange gains, other than trading | 21 | 21 | 48 | 89 | 137 |
Insurance revenues (losses) | 1,321 | (166) | 989 | 2,035 | 2,748 |
Investments in associates and joint ventures | 52 | 34 | 31 | 112 | 112 |
Other | 118 | 76 | 124 | 308 | 403 |
Non-Interest Revenue | 3,654 | 1,746 | 3,449 | 8,759 | 9,872 |
Total Revenue | 7,189 | 5,264 | 6,666 | 19,200 | 19,396 |
Provision for Credit Losses (Note 3) | 1,054 | 1,118 | 306 | 2,521 | 619 |
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities | 1,189 | (197) | 887 | 1,708 | 2,374 |
Non-Interest Expense | |||||
Employee compensation | 1,964 | 1,902 | 1,960 | 5,994 | 6,042 |
Premises and equipment (Note 1) | 785 | 806 | 734 | 2,348 | 2,229 |
Amortization of intangible assets | 154 | 156 | 135 | 461 | 406 |
Travel and business development | 57 | 118 | 142 | 296 | 411 |
Communications | 71 | 83 | 72 | 233 | 224 |
Professional fees | 135 | 128 | 141 | 396 | 403 |
Other | 278 | 323 | 307 | 901 | 928 |
Non-Interest Expense | 3,444 | 3,516 | 3,491 | 10,629 | 10,643 |
Income Before Provision for Income Taxes | 1,502 | 827 | 1,982 | 4,342 | 5,760 |
Provision for income taxes (Note 11) | 270 | 138 | 425 | 829 | 1,196 |
Net Income attributable to Equity Holders of the Bank | $ 1,232 | $ 689 | $ 1,557 | $ 3,513 | $ 4,564 |
Earnings Per Share (Canadian $) (Note 10) | |||||
Basic | $ 1.81 | $ 1 | $ 2.34 | $ 5.18 | $ 6.90 |
Diluted | 1.81 | 1 | 2.34 | 5.18 | 6.88 |
Common shares [member] | |||||
Earnings Per Share (Canadian $) (Note 10) | |||||
Dividends per common share | $ 1.06 | $ 1.06 | $ 1.03 | $ 3.18 | $ 3.03 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | ||
Statement [Line Items] | ||||||
Net Income | $ 1,232 | $ 689 | $ 1,557 | $ 3,513 | $ 4,564 | |
Other Comprehensive Income (Loss), net of taxes | ||||||
Reclassification to earnings of (gains) in the period | [1] | (18) | (36) | (14) | (74) | (43) |
Other comprehensive income net of tax OCI debt financial assets | 123 | 134 | 98 | 347 | 302 | |
Net change in unrealized gains on cash flow hedges | ||||||
Gains on derivatives designated as cash flow hedges arising during the period | [2] | 83 | 1,380 | 290 | 1,673 | 1,480 |
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | [3] | (37) | 21 | 36 | 8 | 122 |
Other comprehensive income net of tax cash flow hedges | 46 | 1,401 | 326 | 1,681 | 1,602 | |
Net gains (losses) on translation of net foreign operations | ||||||
Unrealized gains (losses) on translation of net foreign operations | (1,180) | 1,487 | (577) | 516 | (46) | |
Unrealized gains (losses) on hedges of net foreign operations | [4] | 206 | (304) | 94 | (145) | 4 |
Other comprehensive income, net of taxes, translation of net foreign operations | (974) | 1,183 | (483) | 371 | (42) | |
Items that will not be reclassified to net income | ||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | [5] | (189) | 73 | (233) | (244) | (383) |
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | [6] | (330) | 351 | 31 | (49) | 12 |
Items that will not be reclassified to net income | (519) | 424 | (202) | (293) | (371) | |
Other Comprehensive Income (Loss), net of taxes | (1,324) | 3,142 | (261) | 2,106 | 1,491 | |
Total Comprehensive Income (Loss) attributable to Equity Holders of the Bank | (92) | 3,831 | 1,296 | 5,619 | 6,055 | |
Debt securities [member] | ||||||
Other Comprehensive Income (Loss), net of taxes | ||||||
Unrealized gains on fair value through OCI debt securities arising during the period | [7] | $ 141 | $ 170 | $ 112 | $ 421 | $ 345 |
[1] | Net of income tax provision of $6 million, $10 million, $5 million for the three months ended, and $23 million, $15 million for the nine months ended, respectively. | |||||
[2] | Net of income tax (provision) of $(27) million, $(497) million, $(106) million for the three months ended, and $(600) million, $(536) million for the nine months ended, respectively. | |||||
[3] | Net of income tax provision (recovery) of $13 million, $(7) million, $(13) million for the three months ended, and $(3) million, $(44) million for the nine months ended, respectively. | |||||
[4] | Net of income tax (provision) recovery of $(74) million, $110 million, $(35) million for the three months ended, and $53 million, $(2) million for the nine months ended, respectively. | |||||
[5] | Net of income tax (provision) recovery of $65 million, $(26) million, $83 million for the three months ended, and $85 million, $138 million for the nine months ended, respectively. | |||||
[6] | Net of income tax (provision) recovery of $120 million, $(127) million, $(11) million for the three months ended, and $18 million, $(4) million for the nine months ended, respectively. | |||||
[7] | Net of income tax (provision) of $(47) million, $(62) million, $(39) million for the three months ended, and $(147) million, $(117) million for the nine months ended, respectively. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Statement [Line Items] | |||||
Net of income tax provision, reclassification to earnings of (gains) | $ 6 | $ 10 | $ 5 | $ 23 | $ 15 |
Net of income tax (provision) gains on derivatives designated as cash flow hedges | (27) | (497) | (106) | (600) | (536) |
Net of income tax provision (recovery), reclassification to earnings of losses on derivatives designated as cash flow hedges | 13 | (7) | (13) | (3) | (44) |
Net of income tax (provision) recovery, unrealized gains on hedges of net foreign operations | (74) | 110 | (35) | 53 | (2) |
Net of income tax (provision) recovery, gains (losses) on remeasurement of pension and other employee future benefit plans | 65 | (26) | 83 | 85 | 138 |
Net of income tax (provision) recovery, gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 120 | (127) | (11) | 18 | (4) |
Debt securities [member] | |||||
Statement [Line Items] | |||||
Net of income tax (provision), unrealized gains on fair value through OCI securities | $ (47) | $ (62) | $ (39) | $ (147) | $ (117) |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Assets | |||
Cash and Cash Equivalents | $ 76,590 | $ 71,593 | $ 48,803 |
Interest Bearing Deposits with Banks | 8,364 | 7,687 | 7,987 |
Securities (Note 2) | |||
Trading | 89,207 | 83,362 | 85,903 |
Fair value through profit or loss | 14,053 | 13,572 | 13,704 |
Fair value through other comprehensive income | 78,493 | 74,476 | 64,515 |
Debt securities at amortized cost | 45,229 | 41,592 | 24,472 |
Investments in associates and joint ventures | 923 | 906 | 844 |
Securities, net | 227,905 | 213,908 | 189,438 |
Securities Borrowed or Purchased Under Resale Agreements | 118,713 | 119,058 | 104,004 |
Loans | |||
Residential mortgages | 125,481 | 125,534 | 123,740 |
Consumer instalment and other personal | 69,168 | 69,818 | 67,736 |
Credit cards | 7,947 | 7,672 | 8,859 |
Business and government | 245,983 | 268,695 | 227,609 |
Loans gross of allowance for loan losses | 448,579 | 471,719 | 427,944 |
Allowance for credit losses (Note 3) | (3,251) | (2,776) | (1,850) |
Loans,net | 445,328 | 468,943 | 426,094 |
Other Assets | |||
Derivative instruments | 38,796 | 41,150 | 22,144 |
Customers' liability under acceptances | 18,032 | 22,473 | 23,593 |
Premises and equipment (Note 1) | 3,881 | 3,973 | 2,055 |
Goodwill | 6,566 | 6,785 | 6,340 |
Intangible assets | 2,470 | 2,526 | 2,424 |
Current tax assets | 1,717 | 1,898 | 1,165 |
Deferred tax assets | 1,456 | 1,391 | 1,568 |
Other | 23,690 | 25,682 | 16,580 |
Other assets | 96,608 | 105,878 | 75,869 |
Total Assets | 973,508 | 987,067 | 852,195 |
Liabilities and Equity | |||
Deposits (Note 5) | 660,600 | 653,710 | 568,143 |
Other Liabilities | |||
Derivative instruments | 39,859 | 45,909 | 23,598 |
Acceptances | 18,032 | 22,473 | 23,593 |
Securities sold but not yet purchased | 30,579 | 30,212 | 26,253 |
Securities lent or sold under repurchase agreements | 99,854 | 105,943 | 86,656 |
Securitization and structured entities' liabilities | 27,461 | 27,888 | 27,159 |
Current tax liabilities | 56 | 88 | 55 |
Deferred tax liabilities | 82 | 65 | 60 |
Other (Note 1) | 33,885 | 38,201 | 38,607 |
Other liabilities | 249,808 | 270,779 | 225,981 |
Subordinated Debt (Note 5) | 8,513 | 7,344 | 6,995 |
Equity | |||
Contributed surplus | 302 | 301 | 303 |
Retained earnings (Note 1) | 29,902 | 29,426 | 28,725 |
Accumulated other comprehensive income | 5,835 | 7,159 | 3,729 |
Total equity | 54,587 | 55,234 | 51,076 |
Total Liabilities and Equity | 973,508 | 987,067 | 852,195 |
Preferred shares and other equity instruments [member] | |||
Equity | |||
Issued capital (Note 6) | 5,348 | 5,348 | 5,348 |
Total equity | 5,348 | 5,348 | 5,348 |
Common shares [member] | |||
Equity | |||
Issued capital (Note 6) | 13,200 | 13,000 | 12,971 |
Total equity | $ 13,200 | $ 13,000 | $ 12,971 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Share premium [member] | Retained earnings [member] | Accumulated other comprehensive income (loss) on Fair Value through OCI Debt Securities, net of taxes [member] | Accumulated other comprehensive Income (Loss) on derivatives designated as Cash Flow Hedges, net of taxes [member] | Accumulated other comprehensive income on translation of net foreign operations, net of taxes [member] | Accumulated Other Comprehensive (Loss) on Pension and Other Employee Future Benefit Plans, net of taxes [member] | Accumulated other comprehensive (loss) on own credit risk on financial liabilities designated at fair value, net of taxes [member] | Total accumulated other comprehensive income [member] | Preferred shares and other equity instruments [member] | Common shares [member] | |
Balance at beginning of period at Oct. 31, 2018 | $ 300 | $ 25,850 | $ (315) | $ (1,074) | $ 3,727 | $ 169 | $ (205) | $ 4,340 | $ 12,929 | |||
Statement [Line Items] | ||||||||||||
Issued under the Stock Option Plan | 49 | |||||||||||
Repurchased for cancellation or for treasury shares | (20) | |||||||||||
Net income attributable to equity holders of the bank | $ 4,564 | 4,564 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (159) | |||||||||||
Dividends on common shares | (1,936) | |||||||||||
Issued during the period | 1,008 | |||||||||||
Stock option expense, net of options exercised | 1 | |||||||||||
Gains on derivatives designated as cash flow hedges arising during the period | 1,480 | [1] | 1,480 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (46) | (46) | ||||||||||
(Losses) on remeasurement of pension and other employee future benefit plans | (383) | [2] | (383) | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 12 | [3] | 12 | |||||||||
Unrealized gains on fair value through OCI debt securities arising during the period | 345 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | 122 | [4] | 122 | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 4 | [5] | 4 | |||||||||
Share issue expense | (8) | |||||||||||
Common shares repurchased for cancellation (Note 6) | (70) | |||||||||||
Reclassification to earnings of (gains) on fair value through OCI debt securities during the period | (43) | [6] | (43) | |||||||||
Other | 2 | |||||||||||
Balance at end of period at Jul. 31, 2019 | 50,643 | 303 | 28,241 | (13) | 528 | 3,685 | (214) | (193) | $ 3,793 | 5,348 | 12,958 | |
Balance at beginning of period at Apr. 30, 2019 | 307 | 27,405 | (111) | 202 | 4,168 | 19 | (224) | 4,690 | 12,939 | |||
Statement [Line Items] | ||||||||||||
Issued under the Stock Option Plan | 19 | |||||||||||
Net income attributable to equity holders of the bank | 1,557 | 1,557 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (59) | |||||||||||
Dividends on common shares | (658) | |||||||||||
Issued during the period | 658 | |||||||||||
Stock option expense, net of options exercised | (3) | |||||||||||
Gains on derivatives designated as cash flow hedges arising during the period | 290 | [1] | 290 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (577) | (577) | ||||||||||
(Losses) on remeasurement of pension and other employee future benefit plans | (233) | [2] | (233) | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 31 | [3] | 31 | |||||||||
Unrealized gains on fair value through OCI debt securities arising during the period | 112 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | 36 | [4] | 36 | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 94 | [5] | 94 | |||||||||
Share issue expense | (4) | |||||||||||
Reclassification to earnings of (gains) on fair value through OCI debt securities during the period | (14) | [6] | (14) | |||||||||
Other | (1) | |||||||||||
Balance at end of period at Jul. 31, 2019 | 50,643 | 303 | 28,241 | (13) | 528 | 3,685 | (214) | (193) | 3,793 | 5,348 | 12,958 | |
Balance at beginning of period at Oct. 31, 2019 | 51,076 | 303 | 28,725 | 26 | 513 | 3,703 | (383) | (130) | 5,348 | 12,971 | ||
Statement [Line Items] | ||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 214 | |||||||||||
Issued under the Stock Option Plan | 30 | |||||||||||
Repurchased for cancellation or for treasury shares | (15) | |||||||||||
Impact from adopting IFRS 16 (Note 1) | (59) | |||||||||||
Net income attributable to equity holders of the bank | 3,513 | 3,513 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (195) | |||||||||||
Dividends on common shares | (2,038) | |||||||||||
Stock option expense, net of options exercised | (1) | |||||||||||
Gains on derivatives designated as cash flow hedges arising during the period | 1,673 | [1] | 1,673 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | 516 | 516 | ||||||||||
(Losses) on remeasurement of pension and other employee future benefit plans | (244) | [2] | (244) | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (49) | [3] | (49) | |||||||||
Unrealized gains on fair value through OCI debt securities arising during the period | 421 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | 8 | [4] | 8 | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | (145) | [5] | (145) | |||||||||
Net discount on sale of treasury shares | (44) | |||||||||||
Reclassification to earnings of (gains) on fair value through OCI debt securities during the period | (74) | [6] | (74) | |||||||||
Balance at end of period at Jul. 31, 2020 | 54,587 | 302 | 29,902 | 373 | 2,194 | 4,074 | (627) | (179) | 5,835 | 5,348 | 13,200 | |
Balance at beginning of period at Apr. 30, 2020 | 55,234 | 301 | 29,426 | 250 | 2,148 | 5,048 | (438) | 151 | 5,348 | 13,000 | ||
Statement [Line Items] | ||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 214 | |||||||||||
Issued under the Stock Option Plan | 1 | |||||||||||
Repurchased for cancellation or for treasury shares | (15) | |||||||||||
Net income attributable to equity holders of the bank | 1,232 | 1,232 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (73) | |||||||||||
Dividends on common shares | (682) | |||||||||||
Stock option expense, net of options exercised | 1 | |||||||||||
Gains on derivatives designated as cash flow hedges arising during the period | 83 | [1] | 83 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (1,180) | (1,180) | ||||||||||
(Losses) on remeasurement of pension and other employee future benefit plans | (189) | [2] | (189) | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (330) | [3] | (330) | |||||||||
Unrealized gains on fair value through OCI debt securities arising during the period | 141 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | (37) | [4] | (37) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 206 | [5] | 206 | |||||||||
Net discount on sale of treasury shares | (1) | |||||||||||
Reclassification to earnings of (gains) on fair value through OCI debt securities during the period | (18) | [6] | (18) | |||||||||
Balance at end of period at Jul. 31, 2020 | $ 54,587 | $ 302 | $ 29,902 | $ 373 | $ 2,194 | $ 4,074 | $ (627) | $ (179) | $ 5,835 | $ 5,348 | $ 13,200 | |
[1] | Net of income tax (provision) of $(27) million, $(497) million, $(106) million for the three months ended, and $(600) million, $(536) million for the nine months ended, respectively. | |||||||||||
[2] | Net of income tax (provision) recovery of $65 million, $(26) million, $83 million for the three months ended, and $85 million, $138 million for the nine months ended, respectively. | |||||||||||
[3] | Net of income tax (provision) recovery of $120 million, $(127) million, $(11) million for the three months ended, and $18 million, $(4) million for the nine months ended, respectively. | |||||||||||
[4] | Net of income tax provision (recovery) of $13 million, $(7) million, $(13) million for the three months ended, and $(3) million, $(44) million for the nine months ended, respectively. | |||||||||||
[5] | Net of income tax (provision) recovery of $(74) million, $110 million, $(35) million for the three months ended, and $53 million, $(2) million for the nine months ended, respectively. | |||||||||||
[6] | Net of income tax provision of $6 million, $10 million, $5 million for the three months ended, and $23 million, $15 million for the nine months ended, respectively. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | ||
Cash Flows from Operating Activities | |||||
Net Income | $ 1,232 | $ 1,557 | $ 3,513 | $ 4,564 | |
Adjustments to determine net cash flows provided by (used in) operating activities | |||||
Provision on securities, other than trading | 1 | 1 | 2 | 2 | |
Net (gain) on securities, other than trading | (32) | (91) | (86) | (183) | |
Net (increase) decrease in trading securities | (7,319) | 5,290 | (1,624) | 4,814 | |
Provision for credit losses (Note 3) | 1,054 | 306 | 2,521 | 619 | |
(increase) decrease in derivative asset | 5,863 | (196) | (14,158) | 5,348 | |
Increase (decrease) in derivative liability | (6,918) | 350 | 15,342 | (2,595) | |
Amortization of premises and equipment | 198 | 110 | 598 | 326 | |
Amortization of other assets | 48 | 56 | 152 | 163 | |
Amortization of intangible assets | 154 | 135 | 461 | 406 | |
Net (increase) decrease in deferred income tax asset | (90) | 84 | 132 | 386 | |
Net increase (decrease) in deferred income tax liability | 16 | 5 | (1) | 2 | |
Net (increase) decrease in current income tax asset | 90 | 11 | (492) | 257 | |
Net (decrease) in current income tax liability | (19) | (6) | (9) | (17) | |
(Increase) decrease in interest receivable | 242 | 80 | 319 | (117) | |
Increase (decrease) in interest payable | 14 | 131 | (198) | 303 | |
Changes in other items and accruals, net | (334) | (1,934) | (6,870) | (2,232) | |
Net increase in deposits | 19,630 | 9,149 | 88,368 | 33,047 | |
Net (increase) decrease in loans | 14,938 | (7,568) | (19,327) | (34,470) | |
Net increase (decrease) in securities sold but not yet purchased | 724 | (4,445) | 4,081 | (1,430) | |
Net increase (decrease) in securities lent or sold under repurchase agreements | (3,645) | 3,772 | 11,616 | 23,561 | |
Net (increase) decrease in securities borrowed or purchased under resale agreements | (1,979) | 2,528 | (13,514) | (22,086) | |
Net increase (decrease) in securitization and structured entities' liabilities | (101) | 18 | 191 | 483 | |
Net Cash Provided by Operating Activities | 23,767 | 9,343 | 71,017 | 11,151 | |
Cash Flows from Financing Activities | |||||
Net increase (decrease) in liabilities of subsidiaries | (5,326) | 81 | (8,113) | (1,267) | |
Proceeds from issuance of covered bonds | 2,290 | 4,425 | 4,168 | ||
Redemption/buyback of covered bonds | (1,371) | (1,511) | (6,868) | (3,765) | |
Proceeds from issuance of subordinated debt (Note 5) | 1,250 | 1,250 | |||
Proceeds from issuance of preferred shares and other equity instruments (Note 6) | 658 | 1,008 | |||
Share issue expense | (4) | (8) | |||
Net proceeds from issuance (repurchase) of common shares or treasury shares (Note 6) | (15) | 17 | (48) | 43 | |
Common shares repurchased for cancellation (Note 6) | (90) | ||||
Cash dividends and distributions paid | (516) | (687) | (1,974) | (2,035) | |
Repayment of lease liabilities | [1] | (82) | (250) | ||
Net Cash Provided by (Used in) Financing Activities | (6,060) | 844 | (11,578) | (1,946) | |
Cash Flows from Investing Activities | |||||
Net (increase) decrease in interest bearing deposits with banks | (950) | 508 | (280) | 1,420 | |
Purchases of securities, other than trading | (20,449) | (16,754) | (73,897) | (43,019) | |
Maturities of securities, other than trading | 5,050 | 2,749 | 12,539 | 10,538 | |
Proceeds from sales of securities, other than trading | 5,223 | 7,710 | 30,556 | 20,033 | |
Premises and equipment – net (purchases) | (74) | (117) | (273) | (303) | |
Purchased and developed software – net (purchases) | (125) | (153) | (490) | (457) | |
Acquisitions | (186) | ||||
Net Cash (Used in) Investing Activities | (11,325) | (6,057) | (32,031) | (11,788) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | (1,385) | (1,031) | 379 | (621) | |
Net increase (decrease) in Cash and Cash Equivalents | 4,997 | 3,099 | 27,787 | (3,204) | |
Cash and Cash Equivalents at Beginning of Period | 71,593 | 35,839 | 48,803 | 42,142 | |
Cash and Cash Equivalents at End of Period | 76,590 | 38,938 | 76,590 | 38,938 | |
Net cash provided by operating activities includes: | |||||
Interest paid in the period | 1,974 | 3,382 | 7,905 | 9,648 | |
Income taxes paid in the period | 140 | 432 | 1,732 | 1,145 | |
Interest received in the period | 5,241 | 6,339 | 16,988 | 17,979 | |
Dividends received in the period | $ 466 | $ 431 | $ 1,289 | $ 1,274 | |
[1] | Prior to adoption of IFRS 16, repayments of finance lease liabilities were included in “Net Cash Provided by Operating Activities“. |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Bank of Montreal (“the bank”) is a chartered bank under the Bank Act (Canada) These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting Leases Uncertainty Over Income Tax Treatments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Changes in Accounting Policy Leases Effective November , , we adopted IFRS Leases (“IFRS ”), which provides guidance whereby lessees are required to recognize a liability for the present value of future lease payments and record a corresponding asset on the balance sheet for most leases. There are minimal changes to the accounting from the lessor’s perspective. The main impact for the bank is recording real estate leases on the balance sheet. Previously most of our real estate leases were classified as operating leases, whereby we recorded the lease expense over the lease term with no asset or liability recorded on the balance sheet other than related leasehold improvements. On adoption, we elected to exclude intangibles from the scope of lease accounting. We recalculated the right-of-use right-of-use right-of-use non-lease right-of-use On transition, we recognized the cumulative effect of adoption in opening retained earnings as at November 1, 2019 with no changes to prior periods. The impact to the Consolidated Balance Sheet as at November 1, 2019 was an increase in premises and equipment of $1,965 million, an increase in other liabilities of $2,024 million, and a decrease in retained earnings of $80 million ($59 million after tax). The following table sets out a reconciliation of our operating lease commitments, as disclosed under IAS 17 Leases (Canadian $ in millions) November 1, 2019 Operating lease commitment at October 31, 2019 as disclosed in our consolidated financial statements 3,800 Discounted using the incremental borrowing rate at November 1, 2019 (310 ) Finance lease liabilities recognized as at October 31, 2019 41 Recognition exemption for low-value (13 ) Extension and termination options reasonably certain to be exercised 37 Executory costs not included in the lease liability (166 ) Leases signed but not yet started (1,222 ) Lease liabilities recognized at November 1, 2019 2,167 When measuring lease liabilities, we discounted lease payments using our incremental borrowing rate at November 1, 2019. The weighted-average rate applied was 2.52%. When we enter into new arrangements as a lessee, a right-of-use non-cancellable The right-of-use The lease liability accretes interest which is recognized in interest expense, other liabilities, based on the effective interest method over the lease term. The lease liability is remeasured when decisions are made to exercise options under the lease arrangement or when the likelihood of exercising an option within the lease changes. Amounts relating to leases of low value are expensed when incurred in non-interest Uncertainty Over Income Tax Treatment Effective November , , we adopted IFRIC . The Interpretation clarifies the recognition and measurement requirements in IAS Income Taxes when there is uncertainty over income tax treatments. The Interpretation had no impact on our financial results on adoption. Interbank Offered Rate (“IBOR”) Reform Effective November , , we early adopted the IASB’s Phase amendments to IAS and IFRS , which provide hedge accounting relief from the uncertainty arising from IBOR reform during the period prior to replacement of IBORs. These amendments modify certain hedge accounting requirements, allowing us to assume the interest rate benchmark on which the cash flows of the hedged item and the hedging instrument are based are not altered as a result of IBOR reform, allowing hedge accounting to continue. They also provide an exception from the requirement to discontinue hedge accounting if a hedging relationship does not meet the effectiveness requirements as a result of IBOR reform. Mandatory application of the amendments ends at the earlier of when the uncertainty regarding the timing and amount of interest rate benchmark-based cash flows is no longer present and discontinuation of the hedging relationship. Under IBOR reform, certain benchmark rates may be subject to discontinuance, changes in methodology, increased volatility or decreased liquidity during the transition from IBORs to alternative rates. Banks will cease rate submissions for the calculation of the London Interbank Offered Rates after December 31, 2021. In order to manage the transition from IBORs to alternative rates, our enterprise-wide IBOR Transition Office is evaluating potential changes to market infrastructures on our risk framework, models, systems and processes, and reviewing legal documents to ensure the bank is prepared prior to the cessation of IBORs. We will apply judgment with respect to the need for new or revised hedging relationships; however, given market uncertainty, the assessment of the impact on the bank’s hedging relationships and its mitigation plans are in the early stages. The notional amount of the derivatives likely subject to IBOR reform designated as hedging instruments that mature after December 31, 2021 was $85,727 million of USD LIBOR and $1,560 million of other potentially impacted IBORs as at November 1, 2019. Future changes in IFRS Insurance Contracts In June 2020, the IASB issued amendments to IFRS 17 Insurance Contracts (“IFRS 17”), which included a deferral of the effective date, resulting in a new adoption date for the bank of November 1, 2023 instead of November 1, 2022. The amendments also simplify some requirements, such as excluding certain credit cards from the scope of IFRS 17 and providing a policy choice to exclude certain loan contracts from IFRS 17, allowing us to continue accounting for them as we do today. We continue to assess the impact of the standard on our future financial results. Use of Estimates and Judgments The preparation of the consolidated financial statements requires management to use estimates and assumptions that affect the carrying amounts of certain assets and liabilities, certain amounts reported in net income and other related disclosures. The most significant assets and liabilities for which we must make estimates and judgments include the ; The full extent of the impact that COVID-19, remains Allowance for Credit Losses As detailed further in Note of our annual consolidated financial statements for the year ended October , on page of the Annual Report, the allowance for credit losses (“ACL”) consists of allowances on impaired loans, which represent estimated losses related to impaired loans in the portfolio provided for but not yet written off, and allowances on performing loans, which is our best estimate of impairment in the existing portfolio for loans that have not yet been individually identified as impaired. The expected credit loss model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The main factors considered in making this determination are relative changes in probability of default since origination, and certain other criteria, such as 30-day COVID-19 The judgments we apply in determining the ACL include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the allowance for credit losses. Additional information regarding the allowance for credit losses is included in Note 3. Financial Instruments Measured at Fair Value Our fair value measurement techniques have not changed from those outlined in Note of our annual consolidated financial statements for the year ended October , on pages to of the Annual Report. Additional information on fair value of financial instruments is included in Note . Income Taxes and Deferred Tax Assets Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences or unused taxes losses and tax credits may be realized. On the evidence available, including management projections of income, we believe that it is probable there will be sufficient taxable income generated by our business operations to recognize these deferred tax assets. Additional information on income taxes is included in Note 11. Goodwill and Intangible Assets As a result of the current economic conditions due to the COVID-19 Provisions A provision, including for restructuring, is recognized if, as a result of a past event, the bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recorded at the best estimate of the amounts required to settle the obligation as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Management and external experts are involved in estimating any provision, as necessary. The actual costs of settling some obligations may be substantially higher or lower than the amounts of the provisions. Additional information on legal proceedings is included in Note 13. Transfer of Assets and Consolidation of Structured Entities We enter into transactions in which we transfer assets to a structured entity or third party to obtain alternate sources of funding. We assess whether substantially all of the risks and rewards of or control over the loans have been transferred to determine if they qualify for derecognition. Where we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized loans, they do not qualify for derecognition. We continue to recognize the loans and the related cash proceeds as secured financing in our Consolidated Balance Sheet. Further details of our assessment of certain government offered programs launched in response to the impact of COVID-19 |
Securities
Securities | 9 Months Ended |
Jul. 31, 2020 | |
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Securities | Note 2: Securities Classification of Securities The bank’s fair value through profit or loss (“FVTPL”) securities of $14,053 million ($13,704 million as at October 31, 2019) are comprised of $2,361 million mandatorily measured at fair value and $11,692 million investment securities held by insurance subsidiaries designated at fair value ($2,899 million and $10,805 million, respectively, as at October 31, 2019). Our fair value through other comprehensive income (“FVOCI”) securities totalling $78,493 million ($64,515 million as at October 31, 2019), are net of an Amortized cost securities totalling $45,229 million ($24,472 million as at October 31, 2019), are net of an Unrealized Gains and Losses on FVOCI Securities The following table summarizes the unrealized gains and losses: (Canadian $ in millions) July 31, 2020 October 31, 2019 Cost/ Gross Gross Cost/ Gross Gross Amortized cost unrealized gains unrealized losses Fair value Amortized cost unrealized gains unrealized losses Fair value Issued or guaranteed by: Canadian federal government 27,329 253 – 27,582 11,876 72 4 11,944 Canadian provincial and municipal governments 4,585 140 – 4,725 5,907 106 1 6,012 U.S. federal government 17,646 1,039 6 18,679 15,363 617 5 15,975 U.S. states, municipalities and agencies 5,196 169 2 5,363 4,091 74 4 4,161 Other governments 6,949 205 4 7,150 7,179 158 2 7,335 National Housing Act (“NHA”) mortgage-backed securities (“MBS”) 1,614 51 2 1,663 1,953 18 1 1,970 U.S. agency MBS and collateralized mortgage obligations (“CMO”) 9,543 336 4 9,875 11,966 106 42 12,030 Corporate debt 3,241 129 1 3,369 4,899 110 2 5,007 Corporate equity 85 2 – 87 79 2 - 81 Total 76,188 2,324 19 78,493 63,313 1,263 61 64,515 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest Income on Debt Securities The following table presents interest income calculated using the effective interest method: (Canadian $ in millions) For the three months ended For the nine months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 FVOCI - Debt 185 403 823 1,202 Amortized cost 144 75 455 163 Total 329 478 1,278 1,365 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Loans and Allowance for Credit Losses | Note 3: Loans and Allowance for Credit Losses Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at July 31, 2020 and October 31, 2019. Stage 1 represents those performing loans carried with up to a 12 month expected credit loss, Stage 2 represents those performing loans carried with a lifetime expected credit loss, and Stage 3 represents those loans with a lifetime credit loss that are credit impaired. (Canadian $ in millions) July 31, 2020 October 31, 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 1 - - 1 - - - - Very low 79,472 278 - 79,750 79,011 242 - 79,253 Low 22,654 2,765 - 25,419 20,853 2,821 - 23,674 Medium 11,594 6,560 - 18,154 13,651 4,578 - 18,229 High 91 362 - 453 124 397 - 521 Not rated 1,082 192 - 1,274 1,531 118 - 1,649 Impaired - - 430 430 - - 414 414 Allowance for credit losses 65 58 17 140 15 32 17 64 Carrying amount 114,829 10,099 413 125,341 115,155 8,124 397 123,676 Loans: Consumer instalment and other personal Exceptionally low 1,584 33 - 1,617 21,023 25 - 21,048 Very low 25,827 43 - 25,870 16,491 194 - 16,685 Low 20,281 873 - 21,154 9,894 346 - 10,240 Medium 9,921 4,856 - 14,777 10,510 4,264 - 14,774 High 367 1,493 - 1,860 397 1,423 - 1,820 Not rated 3,349 108 - 3,457 2,594 107 - 2,701 Impaired - - 433 433 - - 468 468 Allowance for credit losses 115 420 127 662 82 318 136 536 Carrying amount 61,214 6,986 306 68,506 60,827 6,041 332 67,200 Loans: Credit cards Exceptionally low 2,155 - - 2,155 2,418 - - 2,418 Very low 1,076 16 - 1,092 1,214 16 - 1,230 Low 904 164 - 1,068 970 158 - 1,128 Medium 1,700 965 - 2,665 2,020 876 - 2,896 High 49 388 - 437 140 440 - 580 Not rated 530 - - 530 606 1 - 607 Impaired - - - - - - - - Allowance for credit losses 60 270 - 330 43 193 - 236 Carrying amount 6,354 1,263 - 7,617 7,325 1,298 - 8,623 Loans: Business and government (1) Acceptable Investment grade 124,728 6,757 - 131,485 134,587 1,028 - 135,615 Sub-investment 93,201 27,697 - 120,898 96,731 11,553 - 108,284 Watchlist - 8,082 - 8,082 - 5,556 - 5,556 Impaired - - 3,550 3,550 - - 1,747 1,747 Allowance for credit losses 573 971 575 2,119 263 441 310 1,014 Carrying amount 217,356 41,565 2,975 261,896 231,055 17,696 1,437 250,188 Commitments and financial guarantee contracts Acceptable Investment grade 132,838 1,491 - 134,329 134,920 884 - 135,804 Sub-investment 42,765 17,614 - 60,379 45,178 6,435 - 51,613 Watchlist - 3,419 - 3,419 - 2,133 - 2,133 Impaired - - 1,164 1,164 - - 324 324 Allowance for credit losses 212 232 12 456 119 103 22 244 Carrying amount (2) 175,391 22,292 1,152 198,835 179,979 9,349 302 189,630 (1) Includes customers’ liability under acceptances. (2) Represents the total contractual amounts of undrawn credit facilities and other off-balance Allowance for Credit Losses (“ACL”) The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $3,707 million at July 31, 2020 ($2,094 million at October 31, 2019) of which $3,251 million ($1,850 million at October 31, 2019) was recorded in loans and $456 million ($244 million at October 31, 2019) was recorded in other liabilities in our Consolidated Balance Sheet. Significant changes in the gross balances, including originations, maturities and repayments in the normal course of operations, impact the allowance for credit losses. The following table shows the continuity in the loss allowance by product type. Transfers represent the amount of expected credit loss (“ECL”) that moved between stages during the period, for example, moving from a 12-month (Canadian $ in millions) For the three months ended July 31, 2020 July 31, 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 29 37 27 93 16 37 44 97 Transfer to Stage 1 8 (7 ) (1 ) - 7 (6 ) (1 ) - Transfer to Stage 2 (1 ) 4 (3 ) - (1 ) 2 (1 ) - Transfer to Stage 3 - (1 ) 1 - - (3 ) 3 - Net remeasurement of loss allowance 27 30 10 67 (9 ) 6 - (3 ) Loan originations 4 - - 4 2 - - 2 Derecognitions and maturities - (2 ) - (2 ) (1 ) (1 ) - (2 ) Model changes (1 ) (3 ) - (4 ) - - - - Total Provision for Credit Losses (“PCL”) (1) 37 21 7 65 (2 ) (2 ) 1 (3 ) Write-offs (2) - - (3 ) (3 ) - - (6 ) (6 ) Recoveries of previous write-offs - - 2 2 - - 7 7 Foreign exchange and other (1 ) - (6 ) (7 ) - - (8 ) (8 ) Balance as at end of period 65 58 27 150 14 35 38 87 Loans: Consumer instalment and other personal Balance as at beginning of period 116 407 125 648 86 324 128 538 Transfer to Stage 1 59 (57 ) (2 ) - 44 (42 ) (2 ) - Transfer to Stage 2 (10 ) 21 (11 ) - (4 ) 18 (14 ) - Transfer to Stage 3 (1 ) (27 ) 28 - (1 ) (32 ) 33 - Net remeasurement of loss allowance (50 ) 103 56 109 (40 ) 66 52 78 Loan originations 9 - - 9 12 - - 12 Derecognitions and maturities (4 ) (9 ) - (13 ) (4 ) (13 ) - (17 ) Model changes 11 8 - 19 - - - - Total PCL (1) 14 39 71 124 7 (3 ) 69 73 Write-offs (2) - - (81 ) (81 ) - - (80 ) (80 ) Recoveries of previous write-offs - - 22 22 - - 25 25 Foreign exchange and other (3 ) (3 ) (10 ) (16 ) (1 ) (1 ) (7 ) (9 ) Balance as at end of period 127 443 127 697 92 320 135 547 Loans: Credit cards Balance as at beginning of period 115 319 - 434 77 231 - 308 Transfer to Stage 1 50 (50 ) - - 28 (28 ) - - Transfer to Stage 2 (9 ) 9 - - (5 ) 5 - - Transfer to Stage 3 - (48 ) 48 - (1 ) (46 ) 47 - Net remeasurement of loss allowance (44 ) 105 20 81 (24 ) 79 24 79 Loan originations 5 - - 5 5 - - 5 Derecognitions and maturities (1 ) (7 ) - (8 ) (1 ) (6 ) - (7 ) Model changes (1 ) (10 ) - (11 ) - - - - Total PCL (1) - (1 ) 68 67 2 4 71 77 Write-offs (2) - - (80 ) (80 ) - - (91 ) (91 ) Recoveries of previous write-offs - - 19 19 - - 20 20 Foreign exchange and other (3 ) (1 ) (7 ) (11 ) - 1 - 1 Balance as at end of period 112 317 - 429 79 236 - 315 Loans: Business and government Balance as at beginning of period 580 795 586 1,961 336 423 260 1,019 Transfer to Stage 1 45 (45 ) - - 31 (30 ) (1 ) - Transfer to Stage 2 (65 ) 66 (1 ) - (16 ) 17 (1 ) - Transfer to Stage 3 (4 ) (163 ) 167 - (1 ) (14 ) 15 - Net remeasurement of loss allowance 145 510 134 789 (23 ) 91 89 157 Loan originations 53 - - 53 53 - - 53 Derecognitions and maturities (21 ) (36 ) - (57 ) (28 ) (22 ) - (50 ) Model changes (7 ) (4 ) - (11 ) - - - - Total PCL (1) 146 328 300 774 16 42 102 160 Write-offs (2) - - (300 ) (300 ) - - (52 ) (52 ) Recoveries of previous write-offs - - 37 37 - - 2 2 Foreign exchange and other (5 ) 10 (46 ) (41 ) (1 ) (4 ) (15 ) (20 ) Balance as at end of period 721 1,133 577 2,431 351 461 297 1,109 Total as at end of period 1,025 1,951 731 3,707 536 1,052 470 2,058 Comprised of: Loans 813 1,719 719 3,251 409 946 447 1,802 Other credit instruments (3) 212 232 12 456 127 106 23 256 (1) Excludes PCL on other assets of $24 million for the three months ended July 31, 2020 ($(1) million for the three months ended July 31, 2019). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Recorded in other liabilities on the Consolidated Balance Sheet. The following table shows the continuity in the loss allowance by each product type: (Canadian $ in millions) For the nine months ended July 31, 2020 July 31, 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 15 33 38 86 20 38 44 102 Transfer to Stage 1 19 (17 ) (2 ) - 21 (19 ) (2 ) - Transfer to Stage 2 (2 ) 7 (5 ) - (2 ) 5 (3 ) - Transfer to Stage 3 - (4 ) 4 - - (7 ) 7 - Net remeasurement of loss allowance 29 47 17 93 (29 ) 21 7 (1 ) Loan originations 8 - - 8 5 - - 5 Derecognitions and maturities (1 ) (4 ) - (5 ) (1 ) (3 ) - (4 ) Model changes (3 ) (5 ) - (8 ) - - - - Total PCL (1) 50 24 14 88 (6 ) (3 ) 9 - Write-offs (2) - - (9 ) (9 ) - - (13 ) (13 ) Recoveries of previous write-offs - - 6 6 - - 12 12 Foreign exchange and other - 1 (22 ) (21 ) - - (14 ) (14 ) Balance as at end of period 65 58 27 150 14 35 38 87 Loans: Consumer instalment and other personal Balance as at beginning of period 89 333 136 558 90 326 144 560 Transfer to Stage 1 138 (131 ) (7 ) - 131 (122 ) (9 ) - Transfer to Stage 2 (20 ) 66 (46 ) - (13 ) 62 (49 ) - Transfer to Stage 3 (3 ) (79 ) 82 - (4 ) (84 ) 88 - Net remeasurement of loss allowance (112 ) 247 162 297 (134 ) 168 112 146 Loan originations 32 - - 32 35 - - 35 Derecognitions and maturities (12 ) (27 ) - (39 ) (12 ) (30 ) - (42 ) Model changes 16 33 - 49 - - - - Total PCL (1) 39 109 191 339 3 (6 ) 142 139 Write-offs (2) - - (248 ) (248 ) - - (233 ) (233 ) Recoveries of previous write-offs - - 64 64 - - 97 97 Foreign exchange and other (1 ) 1 (16 ) (16 ) (1 ) - (15 ) (16 ) Balance as at end of period 127 443 127 697 92 320 135 547 Loans: Credit cards Balance as at beginning of period 80 225 - 305 74 219 - 293 Transfer to Stage 1 107 (107 ) - - 78 (78 ) - - Transfer to Stage 2 (25 ) 25 - - (16 ) 16 - - Transfer to Stage 3 (1 ) (129 ) 130 - (1 ) (125 ) 126 - Net remeasurement of loss allowance (57 ) 332 68 343 (68 ) 221 58 211 Loan originations 13 - - 13 15 - - 15 Derecognitions and maturities (3 ) (19 ) - (22 ) (3 ) (18 ) - (21 ) Model changes (1 ) (10 ) - (11 ) - - - - Total PCL (1) 33 92 198 323 5 16 184 205 Write-offs (2) - - (257 ) (257 ) - - (250 ) (250 ) Recoveries of previous write-offs - - 66 66 - - 66 66 Foreign exchange and other (1 ) - (7 ) (8 ) - 1 - 1 Balance as at end of period 112 317 - 429 79 236 - 315 Loans: Business and government Balance as at beginning of period 338 496 311 1,145 298 408 209 915 Transfer to Stage 1 109 (102 ) (7 ) - 139 (135 ) (4 ) - Transfer to Stage 2 (118 ) 121 (3 ) - (41 ) 53 (12 ) - Transfer to Stage 3 (6 ) (226 ) 232 - (1 ) (41 ) 42 - Net remeasurement of loss allowance 321 883 558 1,762 (141 ) 230 159 248 Loan originations 153 - - 153 163 - - 163 Derecognitions and maturities (63 ) (86 ) - (149 ) (75 ) (57 ) - (132 ) Model changes (30 ) 8 - (22 ) - - - - Total PCL (1) 366 598 780 1,744 44 50 185 279 Write-offs (2) - - (516 ) (516 ) - - (123 ) (123 ) Recoveries of previous write-offs - - 60 60 - - 61 61 Foreign exchange and other 17 39 (58 ) (2 ) 9 3 (35 ) (23 ) Balance as at end of period 721 1,133 577 2,431 351 461 297 1,109 Total as at end of period 1,025 1,951 731 3,707 536 1,052 470 2,058 Comprised of: Loans 813 1,719 719 3,251 409 946 447 1,802 Other credit instruments (3) 212 232 12 456 127 106 23 256 (1) Excludes PCL on other assets of $27 million for the nine months ended July 31, 2020 ($(4) million for the nine months ended July 31, 2019). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Recorded in other liabilities on the Consolidated Balance Sheet. Loans and allowance for credit losses by geographic region as at July 31, 2020 and October 31, 2019 are as follows: (Canadian $ in millions) July 31, 2020 October 31, 2019 Gross Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net Amount Gross amount Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net Amount By geographic region (1): Canada 270,348 345 1,335 268,668 258,842 207 740 257,895 United States 166,278 374 1,164 164,740 158,454 256 630 157,568 Other countries 11,953 - 33 11,920 10,648 - 17 10,631 Total 448,579 719 2,532 445,328 427,944 463 1,387 426,094 (1) Geographic region is based upon country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $12 million for other credit instruments, which is included in other liabilities ($22 million as at October 31, 2019). (3) Excludes allowance for credit losses on performing loans of $444 million for other credit instruments, which is included in other liabilities ($222 million as at October 31, 2019). Impaired (Stage 3) loans, including the related allowances, as at July 31, 2020 and October 31, 2019 are as follows: (Canadian $ in millions) July 31, 2020 October 31, 2019 Gross impaired Allowance for credit losses Net impaired Gross impaired Allowance for credit losses on impaired loans (4) Net impaired amount (3) Residential mortgages 430 17 413 414 17 397 Consumer instalment and other personal 433 127 306 468 136 332 Business and government (1) 3,550 575 2,975 1,747 310 1,437 Total 4,413 719 3,694 2,629 463 2,166 By geographic region (2): Canada 1,469 345 1,124 914 207 707 United States 2,885 374 2,511 1,715 256 1,459 Other countries 59 - 59 - - - Total 4,413 719 3,694 2,629 463 2,166 (1) Includes customers’ liability under acceptances. (2) Geographic region is based upon the country of ultimate risk. (3) Gross impaired loans and net impaired loans exclude purchased credit impaired loans. (4) Excludes allowance for credit losses on impaired loans of $12 million for other credit instruments, which is included in other liabilities ($22 million as at October 31, 2019). Loans Past Due Not Impaired Loans that are past due but not classified as impaired are loans where our customers have failed to make payments when contractually due but for which we expect the full amount of principal and interest payments to be collected, or loans which are held at fair value. The following table presents loans that are past due but not classified as impaired as at July 31, 2020 and October 31, 2019. In cases where borrowers have opted to participate in payment deferral programs we offered as a result of the COVID-19 (Canadian $ in millions) July 31, 2020 October 31, 2019 1 to 29 days 30 to 89 days 90 days or more Total 1 to 29 days 30 to 89 days 90 days or more Total Residential mortgages 598 335 28 961 806 465 16 1,287 Credit card, consumer instalment and other personal 1,261 328 81 1,670 1,590 426 87 2,103 Business and government 387 293 32 712 351 207 59 617 Total 2,246 956 141 3,343 2,747 1,098 162 4,007 Fully secured loans with amounts past due between 90 and 180 days that we have not classified as impaired totalled $43 million and $54 million as at July 31, 2020 and October 31, 2019, respectively. ECL Sensitivity and Key Economic Variables The expected credit loss model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. We incorporate multiple economic forecasts and those used are representative of our view of future economic conditions and considering external data, developed internally by our Economics group. Many of the variables used in our forecasts have a high degree of interdependency, and as such there is no single factor to which loan impairment allowances as a whole are sensitive. We apply experienced credit judgment to reflect factors not captured in the ECL models as we deem necessary. In Q3 2020, we have applied experienced credit judgment to reflect the impact of the extraordinary and highly uncertain environment on credit conditions and the economy. As at July 31, 2020, our base case economic forecast depicts a contracting Canadian economy, with real GDP falling in 2020 as a result of a sharp decline in the first half of the year, as a result of the COVID-19 As at July 31, 2020, our adverse case economic forecast also depicts a contracting Canadian economy, with real GDP declining in 2020, with an increase in 2021. In our adverse case scenario, the dislocations caused by the pandemic are more significant and persist for a longer period of time compared with our base case scenario. This is in contrast to the adverse scenario forecast as at October 31, 2019 which depicted a typical recession, with the economy contracting in the first year followed by a steady recovery through the end of the projection period. If we assume a 100% adverse economic forecast and include the impact of loan migration by restaging, with other assumptions held constant, including the application of experienced credit judgment, the allowance on performing loans would be approximately $3,550 million as at July 31, 2020 ($2,800 million as at October 31, 2019), compared to the reported allowance for performing loans of $2,976 million ($1,609 million as at October 31, 2019). The following table shows the key economic variables we use to estimate our allowance on performing loans during the forecast period. This table is typically provided on an annual basis. However, given the significant level of change in the forward-looking information since the end of 2019, the disclosures have been provided as an update to the bank’s Annual Report for the year ended October 31, 2019. The values shown represent the national average values for calendar 2020 and calendar 2021. The base case scenario reflects our view of the most probable outcome. While the values disclosed below are national variables, we use regional variables in our underlying models where considered appropriate and consider factors impacting particular industries. Benign scenario Base scenario Adverse scenario (1) 2020 2021 2020 2021 2020 2021 All figures are average annual values July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, Real gross domestic product (2) Canada (4.6) % 2.9% 8.9 % 2.5% (6.0) % 1.7% 6.0 % 1.6% (7.6 ) % (2.3)% 3.7 % 0.5% United States (4.1) % 2.4% 7.8 % 2.4% (5.5) % 1.8% 5.0 % 1.9% (7.1 ) % (2.0)% 2.5 % 0.6% Corporate BBB 10-year Canada 2.1 % 2.0% 1.9 % 2.1% 2.4 % 2.3% 2.3 % 2.3% 2.8 % 4.5% 3.1 % 4.1% United States 2.2 % 1.8% 1.9 % 2.0% 2.5 % 2.3% 2.4 % 2.4% 3.0 % 4.1% 3.2 % 3.6% Unemployment rates Canada 8.5 % 5.1% 6.5 % 5.0% 9.5 % 5.7% 8.0 % 5.9% 10.9 % 8.5% 10.0 % 9.0% United States 7.5 % 3.3% 5.4 % 3.2% 8.9 % 3.7% 7.0 % 3.8% 10.3 % 6.1% 8.9 % 6.8% Housing Price Index (“HPI”) (2) Canada (3) 5.3 % 3.7% 5.4 % 3.7% 3.5 % 2.0% 0.0 % 2.5% 0.8 % (12.3)% (7.5) % (4.7)% United States (4) 2.4 % 4.4% 4.6 % 4.2% 1.0 % 3.0% 1.6 % 2.7% (0.4) % (5.7)% (1.9) % (2.2)% (1) In Q4 2019, the adverse scenario was reflective of a typical recession that extends for four quarters. However, beginning Q2 2020, the adverse scenario used is reflective of a more adverse outcome compared with our base case forecast. (2) Real gross domestic product and housing price index are year-over-year growth rates. (3) In Canada, we use the HPI Benchmark Composite. (4) In the United States, we use the National Case-Shiller House Price Index. The ECL approach requires the recognition of credit losses generally based on 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses for performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios and based on the current risk profile of our loan exposures, if all our performing loans were in Stage 1, our allowance for performing loans would be approximately $2,300 million ($1,050 million as at October 31, 2019), compared with the reported allowance for performing loans of $2,976 million ($1,609 million as at October 31, 2019). Transfer of Assets In the normal course, we sell Canadian mortgage loans to third-party Canadian securitization programs. Beginning in the second quarter , COVID-19. Under the IMPP, we assessed whether substantially all of the risks and rewards of the loans have been transferred, in order to determine if the mortgages qualify for derecognition. Since we continue to be exposed to substantially all of the risks and rewards of ownership associated with these securitized mortgages, they do not qualify for derecognition. We continue to recognize the loans and recognize the related cash proceeds as secured financing in our Consolidated Balance Sheet. The government also launched the Canada Emergency Business Account (“CEBA”) Program in the second quarter, where we issue loans that are funded by the government. We determined these loans qualify for derecognition as the risks and rewards were transferred to the government, therefore we do not recognize these loans on our Consolidated Balance Sheet. |
Risk Management
Risk Management | 9 Months Ended |
Jul. 31, 2020 | |
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Risk Management | Note 4: Risk Management We have an enterprise-wide approach to the identification, measurement, monitoring and control of risks faced across our organization. The key risks related to our financial instruments are classified as credit and counterparty, market, and liquidity and funding risk. Our risk management policies and processes have not changed significantly from those outlined in the Enterprise-Wide Risk Management sections on pages 68 to 106 of the bank’s Annual Report for the year ended October 31, 2019. However, the COVID-19 Credit and Counterparty Risk Credit and counterparty risk is the potential for loss due to the failure of a borrower, endorser, guarantor or counterparty to repay a loan or honour another predetermined financial obligation. Credit risk arises predominantly with respect to loans, over-the-counter Market Risk Market risk is the potential for adverse changes in the value of our assets and liabilities resulting from changes in market variables such as interest rates, foreign exchange rates, equity prices, dividend policies and commodity prices and their implied volatilities, and credit spreads, and includes the risk of credit migration and default in our trading book. We incur market risk in our trading and underwriting activities and in the management of structural market risk in our banking and insurance activities. Updated market risk measures are included on page 36 of our interim Management’s Discussion and Analysis. Liquidity and Funding Risk Liquidity and funding risk is the potential for loss if we are unable to meet our financial commitments in a timely manner at reasonable prices as they become due. It is our policy to ensure that sufficient liquid assets and funding capacity are available to meet financial commitments, including liabilities to depositors and suppliers, and lending, investment and pledging commitments, even in times of stress. Managing liquidity and funding risk is essential to maintaining a safe and sound enterprise, depositor confidence and earnings stability. Updated contractual maturities of assets, liabilities and off-balance |
Deposits and Subordinated Debt
Deposits and Subordinated Debt | 9 Months Ended |
Jul. 31, 2020 | |
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Deposits and Subordinated Debt | Note 5: Deposits and Subordinated Debt Deposits Payable on demand Payable Payable on (Canadian $ in millions) Interest bearing Non-interest after notice a fixed date (4)(5) Total July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, Deposits by: Banks (1) (6) 3,245 1,996 1,773 1,530 1,240 1,017 35,641 19,273 41,899 23,816 Business and government 45,320 29,083 41,901 33,853 115,048 85,022 195,436 195,199 397,705 343,157 Individuals 4,213 3,361 28,729 23,084 107,521 94,304 80,533 80,421 220,996 201,170 Total (2) (3) 52,778 34,440 72,403 58,467 223,809 180,343 311,610 294,893 660,600 568,143 Booked in: Canada 39,943 27,338 62,427 49,911 107,555 90,630 201,878 181,835 411,803 349,714 United States 11,254 6,043 9,935 8,531 114,926 88,604 77,713 86,368 213,828 189,546 Other countries 1,581 1,059 41 25 1,328 1,109 32,019 26,690 34,969 28,883 Total 52,778 34,440 72,403 58,467 223,809 180,343 311,610 294,893 660,600 568,143 (1) Includes regulated and central banks. (2) Includes structured notes designated at fair value through profit or loss (Note 7). (3) As at July 31, 2020 and October 31, 2019, total deposits payable on a fixed date included $40,757 million and $25,438 million, respectively, of federal funds purchased and commercial paper issued and other deposit liabilities. Included in deposits as at July 31, 2020 and October 31, 2019 are $318,088 million and $279,860 million, respectively, of deposits denominated in U.S. dollars, and $38,861 million and $36,680 million, respectively, of deposits denominated in other foreign currencies. (4) Includes $276,218 million of deposits, each greater than one hundred thousand dollars, of which $173,167 million were booked in Canada, $71,037 million were booked in the United States and $32,014 million were booked in other countries ($258,862 million, $152,499 million, $79,682 million and $26,681 million, respectively, as at October 31, 2019). Of the $173,167 million of deposits booked in Canada, $27,729 million mature in less than three months, $11,351 million mature in three to six months, $41,220 million mature in six to twelve months and $92,867 million mature after twelve months ($152,499 million, $26,234 million, $8,400 million, $31,155 million and $86,710 million, respectively, as at October 31, 2019). Certain comparative figures have been reclassified to conform with the current period’s presentation. (5) Includes $24,990 million of senior unsecured debt as at July 31, 2020 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (6) Includes $12,741 million of deposits with the Bank of Canada, where we have used our own bearer deposit notes as collateral under its term repo facility ($nil as at October 31, 2019). Subordinated Debt On June 17, 2020, we issued $1,250 million of 2.077% unsecured subordinated notes under our Canadian Medium-Term Note Program. The issue, Series J Medium-Term Notes Second Tranche, is due June 17, 2030. The notes reset to a floating rate on June 17, 2025. During the three and nine months ended July 31, 2020, we did not redeem any subordinated debt. |
Equity
Equity | 9 Months Ended |
Jul. 31, 2020 | |
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Equity | Note 6: Equity Preferred and Common Shares Outstanding and Other Equity Instruments (1) (Canadian $ in millions, except as noted) July 31, 2020 October 31, 2019 Number of shares Amount Number of shares Amount Convertible into... Preferred Shares - Classified as Equity Class B – Series 25 9,425,607 236 9,425,607 236 Class B -Series 26 (2) Class B – Series 26 2,174,393 54 2,174,393 54 Class B -Series 25 (2) Class B – Series 27 20,000,000 500 20,000,000 500 Class B -Series 28 (2)(3) Class B – Series 29 16,000,000 400 16,000,000 400 Class B -Series 30 (2)(3) Class B – Series 31 12,000,000 300 12,000,000 300 Class B -Series 32 (2)(3) Class B – Series 33 8,000,000 200 8,000,000 200 Class B -Series 34 (2)(3) Class B – Series 35 6,000,000 150 6,000,000 150 Not convertible (3) Class B – Series 36 600,000 600 600,000 600 Class B -Series 37 (2)(3) Class B – Series 38 24,000,000 600 24,000,000 600 Class B -Series 39 (2)(3) Class B – Series 40 20,000,000 500 20,000,000 500 Class B - Series 41 (2)(3) Class B – Series 42 16,000,000 400 16,000,000 400 Class B -Series 43 (2)(3) Class B – Series 44 16,000,000 400 16,000,000 400 Class B -Series 45 (2)(3) Class B – Series 46 14,000,000 350 14,000,000 350 Class B -Series 47 (2)(3) Preferred Shares - Classified as Equity 4,690 4,690 Other Equity Instruments (4) 658 658 Common Shares (5) (6) (7) 642,804,880 13,200 639,232,276 12,971 Share Capital and Other Equity Instruments 18,548 18,319 (1) For additional information refer to Notes 16 and 20 of our annual consolidated financial statements for the year ended October 31, 2019 on pages 177 and 188 of our 2019 Annual Report. (2) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (3) The shares issued include a non-viability non-viable non-viability. (4) The other equity instruments non-viability non-viable non-viability. (5) The stock options issued under the Stock Option Plan are convertible into 6,635,228 common shares as at July 31, 2020 (6,108,307 common shares as at October 31, 2019). (6) During the three and nine months ended July 31, 2020, we issued 3,355,394 common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan and 8,614 and 423,737 common shares under the Stock Option Plan. (7) Common shares are net of 206,527 treasury shares as at July 31, 2020. Other Equity Instruments The bank’s US$500 million ( CAD non-viability Preferred Shares On June 29, 2020, we announced that we did not intend to exercise our right to redeem the current outstanding Non-Cumulative 5-Year ("Preferred Shares Series 33") one-for-one Non-Cumulative ("Preferred Shares Series 34") During the three and nine months ended July 31, 2020, we did not issue or redeem any preferred shares. Common Shares On February 25, 2020, we announced our intention million common shares over a 12-month Shareholder Dividend Reinvestment and Share Purchase Plan On August 25, 2020, we announced that commencing with common share dividend declared for the fourth quarter of fiscal 2020, and subsequently until further notice, common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan (the “Plan”) will be purchased on the open market without a discount. During the three and nine months ended July 31, 2020, we issued 3,355,394 common shares under the Plan. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Jul. 31, 2020 | |
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Fair Value of Financial Instruments | Note 7: Fair Value of Financial Instruments Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following table are the amounts that would be reported if all financial assets and liabilities not currently carried at fair value were reported at their fair values. Refer to Note 17 to our annual consolidated financial statements for the year ended October 31, 2019 on pages 179 to 186 for further discussion on the determination of fair value. (Canadian $ in millions) July 31, 2020 October 31, 2019 Carrying value Fair value Carrying value Fair value Securities Amortized cost 45,229 45,875 24,472 24,622 Loans (1) Residential mortgages 125,341 127,108 123,676 124,093 Consumer instalment and other personal 68,506 69,181 67,200 67,516 Credit cards 7,617 7,617 8,623 8,623 Business and government (2) 240,352 242,295 224,442 225,145 441,816 446,201 423,941 425,377 Deposits (3) 643,133 645,402 552,314 553,444 Securitization and structured entities’ liabilities 27,461 28,159 27,159 27,342 Subordinated debt 8,513 8,790 6,995 7,223 This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. (1) Carrying value of loans is net of allowance. (2) Excludes $3,562 million of loans classified as FVTPL and $50 million of loans classified as FVOCI as at July 31, 2020, respectively ($2,156 million and $22 million as at October 31, 2019). (3) Excludes $17,467 million of structured note liabilities designated at FVTPL and accounted for at fair value ($15,829 million as at October 31, 2019). Fair Value Hierarchy We use a fair value hierarchy to categorize financial instruments according to the inputs we use in valuation techniques to measure fair value. Valuation Techniques and Significant Inputs We determine the fair value of publicly traded fixed maturity debt and equity securities using quoted prices in active markets (Level 1) when these are available. When quoted prices in active markets are not available, we determine the fair value of financial instruments using models such as discounted cash flows with observable market data for inputs such as yield and prepayment rates or broker quotes and other third-party vendor quotes (Level 2). Fair value may also be determined using models where significant market inputs are not observable due to inactive markets or minimal market activity (Level 3). We maximize the use of observable market inputs to the extent possible. We have considered the current market conditions due to COVID-19 Our Level 2 trading and FVOCI securities are primarily valued using discounted cash flow models with observable spreads or third-party vendor quotes. Level 2 structured note liabilities are valued using models with observable market information. Level 2 derivative assets and liabilities are valued using industry standard models and observable market information. The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models without observable market information as inputs (Level 3) in the valuation of securities, business and government loans classified as FVTPL, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: (Canadian $ in millions) July 31, 2020 October 31, 2019 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Trading Securities Issued or guaranteed by: Canadian federal government 4,746 3,898 - 8,644 6,959 1,371 - 8,330 Canadian provincial and municipal governments 2,056 6,967 - 9,023 3,871 3,656 - 7,527 U.S. federal government 8,000 1,210 - 9,210 8,001 762 - 8,763 U.S. states, municipalities and agencies 38 370 - 408 48 626 - 674 Other governments 1,406 1,485 - 2,891 888 697 - 1,585 NHA MBS, U.S. agency MBS and CMO 5 9,113 584 9,702 14 10,494 538 11,046 Corporate debt 3,694 6,765 - 10,459 2,620 5,091 7 7,718 Trading loans - 45 - 45 - 103 - 103 Corporate equity 38,825 - - 38,825 40,155 2 - 40,157 58,770 29,853 584 89,207 62,556 22,802 545 85,903 FVTPL Securities Issued or guaranteed by: Canadian federal government 627 108 - 735 410 107 - 517 Canadian provincial and municipal governments 239 1,231 - 1,470 364 915 - 1,279 U.S. federal government 9 35 - 44 - 48 - 48 Other governments - 95 - 95 - 49 - 49 NHA MBS, U.S. agency MBS and CMO - 3 - 3 - 5 - 5 Corporate debt 97 8,140 - 8,237 146 8,071 - 8,217 Corporate equity 1,654 8 1,807 3,469 1,536 69 1,984 3,589 2,626 9,620 1,807 14,053 2,456 9,264 1,984 13,704 FVOCI Securities Issued or guaranteed by: Canadian federal government 21,492 6,090 - 27,582 11,168 776 - 11,944 Canadian provincial and municipal governments 1,944 2,781 - 4,725 3,798 2,214 - 6,012 U.S. federal government 17,046 1,633 - 18,679 15,068 907 - 15,975 U.S. states, municipalities and agencies 6 5,356 1 5,363 1 4,159 1 4,161 Other governments 2,748 4,402 - 7,150 4,396 2,939 - 7,335 NHA MBS, U.S. agency MBS and CMO - 11,538 - 11,538 - 14,000 - 14,000 Corporate debt 590 2,779 - 3,369 2,205 2,802 - 5,007 Corporate equity - - 87 87 - - 81 81 43,826 34,579 88 78,493 36,636 27,797 82 64,515 Business and government loans - 1,409 2,203 3,612 - 442 1,736 2,178 Fair Value Liabilities Securities sold but not yet purchased 25,323 5,256 - 30,579 22,393 3,860 - 26,253 Structured note liabilities and other note liabilities (1) - 17,467 - 17,467 - 15,829 - 15,829 Annuity liabilities (2) - 1,232 - 1,232 - 1,043 - 1,043 25,323 23,955 - 49,278 22,393 20,732 - 43,125 Derivative Assets Interest rate contracts 24 17,333 - 17,357 14 10,443 - 10,457 Foreign exchange contracts 9 15,804 - 15,813 7 9,262 - 9,269 Commodity contracts 457 1,555 - 2,012 329 817 - 1,146 Equity contracts 743 2,860 - 3,603 226 997 - 1,223 Credit default swaps - 11 - 11 - 49 - 49 1,233 37,563 - 38,796 576 21,568 - 22,144 Derivative Liabilities Interest rate contracts 31 12,836 - 12,867 11 7,943 - 7,954 Foreign exchange contracts 12 18,723 - 18,735 20 10,843 - 10,863 Commodity contracts 603 2,247 - 2,850 218 1,462 - 1,680 Equity contracts 478 4,907 - 5,385 103 2,896 - 2,999 Credit default swaps - 19 3 22 - 101 1 102 1,124 38,732 3 39,859 352 23,245 1 23,598 (1) These structured note liabilities and other note liabilities included in deposits have been designated at FVTPL. (2) These investment contract liabilities in our insurance business have been designated at FVTPL. Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments that are measured at a fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumption to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. Range of input values (1) As at July 31, 2020 (Canadian $ in millions, except as noted) Reporting line in fair value hierarchy table Fair value of assets Valuation techniques Significant unobservable inputs Low High Private equity (2) Corporate equity 1,807 Net Asset Value Net Asset Value na na EV/EBITDA Multiple 5x 16x Loans (3) Business and government loans 2,203 Discounted cash flows Discount margin 56bps 224bps NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 584 Discounted cash flows Prepayment rate 7% 86% Market Comparable Comparability Adjustment (4) (5.26 ) 5.54 (1) The low and high input values represent the highest and lowest actual level of 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 specific underlying instruments within each 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. (2) Included in private equity is $490 million of Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost, which approximates fair value, and hold to meet regulatory requirements. (3) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans is $2 million. (4) Range of input values represents price per security adjustment. na – not applicable Significant Transfers Our policy is to record transfers of assets and liabilities between fair value hierarchy levels at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Transfers between the various fair value hierarchy levels reflect changes in the availability of quoted market prices or observable market inputs that result from changes in market conditions. Transfers from Leve l The following table presents significant transfers between Level 1 and Level 2 for the three and nine months ended July 31, 2020 and July 31, 2019. (Canadian $ in millions) For the three months ended July 31, 2020 July 31, 2019 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 994 2,682 1,734 901 FVTPL Securities 19 241 218 38 FVOCI Securities 1,768 4,294 1,834 2,335 Securities sold but not yet purchased 681 2,067 6,362 98 (Canadian $ in millions) For the nine months ended July 31, 2020 July 31, 2019 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 5,761 3,952 5,392 4,260 FVTPL Securities 518 302 682 390 FVOCI Securities 9,032 7,012 9,723 3,910 Securities sold but not yet purchased 4,432 2,982 9,905 2,501 Changes in Level 3 Fair Value Measurements The table below presents a reconciliation of all changes in Level 3 financial instruments during the three and nine months ended July 31, 2020, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value (Canadian $ in millions) For the three months ended July 31, 2020 Balance Included in Included in other comprehensive income (1) Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in for instruments Trading Securities NHA MBS and U.S. agency MBS and CMO 487 (115 ) (18 ) 362 (151 ) - 41 (22 ) 584 (74 ) Corporate debt 48 10 (2 ) - (56 ) - - - - - Total trading securities 535 (105 ) (20 ) 362 (207 ) - 41 (22 ) 584 (74 ) FVTPL Securities Corporate equity 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 Total FVTPL securities 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 83 - - 4 - - - - 87 na Total FVOCI securities 84 - - 4 - - - - 88 na Business and government loans 2,028 - 95 765 - (685 ) - - 2,203 - Fair Value Liabilities Securities sold but not yet purchased - - - - - - - - - - Total fair value liabilities - - - - - - - - - - Derivative Liabilities Equity contracts - - - - - - - - - - Credit default swaps 4 - - - - - - (1 ) 3 - Total derivative liabilities 4 - - - - - - (1 ) 3 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2020 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable Change in fair value (Canadian $ in millions) For the nine months ended July 31, 2020 Balance Included in Included in other comprehensive Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in in income for instruments Trading Securities NHA MBS and U.S. agency MBS and CMO 538 (245 ) 12 811 (540 ) - 202 (194 ) 584 (158 ) Corporate debt 7 10 (2 ) 50 (68 ) - 3 - - (1 ) Total trading securities 545 (235 ) 10 861 (608 ) - 205 (194 ) 584 (159 ) FVTPL Securities Corporate equity 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 Total FVTPL 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 81 - - 6 - - - - 87 na Total FVOCI securities 82 - - 6 - - - - 88 na Business and government loans 1,736 (3 ) 183 1,705 - (1,418 ) - - 2,203 – Fair Value Liabilities Securities sold but not yet purchased - - - - - - - - - – Total fair value liabilities - - - - - - - - - – Derivative Liabilities Equity contracts - - - - - - - - - – Credit default swaps 1 - - - - - 3 (1 ) 3 – Total derivative liabilities 1 - - - - - 3 (1 ) 3 – (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2020 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable The table below presents a reconciliation of all changes in Level 3 financial instruments during the three and nine months ended July 31, 2019, including realized and unrealized gains (losses) included in earnings and other comprehensive income. Change in fair value (Canadian $ in millions) For the three months ended July 31, 2019 Balance Included in Included in other income (1) Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in unrealized gains (losses) recorded in income for instruments Trading Securities NHA MBS and U.S. agency MBS and CMO 215 (15 ) (3 ) 97 (96 ) - 53 (5 ) 246 (6 ) Corporate debt 7 - - 26 (6 ) - - (1 ) 26 - Total trading securities 222 (15 ) (3 ) 123 (102 ) - 53 (6 ) 272 (6 ) FVTPL Securities Corporate equity 1,907 10 (21 ) 77 (66 ) (1 ) - - 1,906 16 Total FVTPL 1,907 10 (21 ) 77 (66 ) (1 ) - - 1,906 16 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 69 - - 10 - - - - 79 na Total FVOCI securities 70 - - 10 - - - - 80 na Business and government loans 2,172 - (31 ) 155 - (132 ) - - 2,164 - Fair Value Liabilities Securities sold but not yet purchased - - - - 172 - - - 172 - Total fair value liabilities - - - - 172 - - - 172 - Derivative Liabilities Equity contracts - - - - - - - - - - Credit default swaps - - - - - - 1 - 1 - Total derivative liabilities - - - - - - 1 - 1 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2019 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable Change in fair value (Canadian $ in millions) For the nine months ended July 31, 2019 Balance Included in Included in other comprehensive Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in unrealized gains (losses) recorded for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 255 (22 ) 1 280 (326 ) - 98 (40 ) 246 (13 ) Corporate debt 7 - - 32 (12 ) - - (1 ) 26 - Total trading securities 262 (22 ) 1 312 (338 ) - 98 (41 ) 272 (13 ) FVTPL Securities Corporate equity 1,825 20 2 324 (264 ) (1 ) - - 1,906 36 Total FVTPL 1,825 20 2 324 (264 ) (1 ) - - 1,906 36 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 62 - - 17 - - - - 79 na Total FVOCI securities 63 - - 17 - - - - 80 na Business and government loans 1,450 7 13 1,369 - (675 ) - - 2,164 - Fair Value Liabilities Securities sold but not yet purchased - - - (7 ) 179 - - - 172 - Total fair value liabilities - - - (7 ) 179 - - - 172 - Derivative Liabilities Equity contracts 1 - - - - - - (1 ) - - Credit default swaps 1 - - - - - 1 (1 ) 1 - Total derivative liabilities 2 - - - - - 1 (2 ) 1 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2019 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable |
Capital Management
Capital Management | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Capital Management | Note 8: Capital Management Our objective is to maintain a strong capital position in a cost-effective structure that: is appropriate given our target regulatory capital ratios and internal assessment of required economic capital; underpins our operating groups’ business strategies; supports depositor, investor and regulator confidence, while building long-term shareholder value; and is consistent with our target credit ratings. As at July 31, 2020, we met OSFI’s target capital ratio requirements, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Surcharge for Domestic Systemically Important Banks (“D-SIBs”), D-SIBs. 15 18 |
Employee Compensation
Employee Compensation | 9 Months Ended |
Jul. 31, 2020 | |
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Employee Compensation | Note 9: Employee Compensation Stock Options We did not grant any stock options during the three months ended July 31, 2020 and 2019. During the nine months ended July 31, 2020, we granted a total of 976,087 stock options (931,047 stock options during the nine months ended July 31, 2019). The weighted-average fair value of options granted during the nine months ended July 31, 2020 was $9.46 per option ($10.23 per option for the nine months ended July 31, 2019). To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption: For stock options granted during the nine months ended July 31, 2020 July 31, 2019 Expected dividend yield 4.3% 5.7% Expected share price volatility 15.4% 20.0% - 20.1% Risk-free rate of return 1.9% - 2.0% 2.5% Expected period until exercise (in years) 6.5 - 7.0 6.5 - 7.0 Exercise price ($) 101.47 89.90 Changes to the input assumptions can result in different fair value estimates. Pension and Other Employee Future Benefit Expenses Pension and other employee future benefit expenses are determined as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the three months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Current service cost 62 48 2 2 Net interest (income) expense on net defined benefit (asset) liability 1 (5 ) 8 10 Administrative expenses 1 1 - - Benefits expense 64 44 10 12 Canada and Quebec pension plan expense 22 23 - - Defined contribution expense 37 37 - - Total pension and other employee future benefit expenses 123 104 10 12 (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the nine months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Current service cost 187 144 8 7 Net interest (income) expense on net defined benefit (asset) liability 1 (14 ) 24 29 Past service income - (5 ) - - Administrative expenses 3 3 - - Benefits expense 191 128 32 36 Canada and Quebec pension plan expense 75 70 - - Defined contribution expense 135 127 - - Total pension and other employee future benefit expenses 401 325 32 36 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jul. 31, 2020 | |
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Earnings Per Share | Note 10: Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to equity holders of the bank, after deducting dividends on preferred shares and distributions payable on other equity instruments, by the daily average number of fully paid common shares outstanding throughout the period. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into our common shares. The following tables present our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended For the nine months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Net income attributable to equity holders of the bank 1,232 1,557 3,513 4,564 Dividends on preferred shares and distributions payable on other equity instruments (73 ) (59 ) (195 ) (159) Net income available to common shareholders 1,159 1,498 3,318 4,405 Weighted-average number of common shares outstanding (in thousands) 641,300 638,900 640,129 638,803 Basic earnings per share (Canadian $) 1.81 2.34 5.18 6.90 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 1,159 1,498 3,318 4,405 Weighted-average number of common shares outstanding (in thousands) 641,300 638,900 640,129 638,803 Effect of dilutive instruments Stock options potentially exercisable (1) 2,400 5,734 3,473 5,697 Common shares potentially repurchased (2,046 ) (4,184 ) (2,721 ) (4,137) Weighted-average number of diluted common shares outstanding (in thousands) 641,654 640,450 640,881 640,363 Diluted earnings per share (Canadian $) 1.81 2.34 5.18 6.88 (1) In computing diluted earnings per share we excluded average stock options outstanding of 4,238,334 and 3,124,912 with a weighted-average exercise price of $94.30 and $99.72, respectively, for the three and nine months ended July 31, 2020 (687,059 and 908,194 with a weighted-average exercise price of $104.14 and $102.98, respectively, for the three and nine months ended July 31, 2019) as the average share price for the period did not exceed the exercise price. |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2020 | |
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Income Taxes | Note 11: Income Taxes The Canada Revenue Agency (“CRA”) has reassessed us for additional income tax and interest in an amount of approximately $941 million, to date, in respect of certain 2011-2015 Canadian corporate dividends. In its reassessments, the CRA denied dividend deductions on the basis that the dividends were received as part of a “dividend rental arrangement”. The tax rules raised by the CRA were prospectively addressed in the 2015 and 2018 Canadian Federal Budgets. In the future, we expect to be reassessed for significant income tax for similar activities in subsequent years. We remain of the view that our tax filing positions were appropriate and intend to challenge all reassessments. |
Operating Segmentation
Operating Segmentation | 9 Months Ended |
Jul. 31, 2020 | |
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Operating Segmentation | Note 12: Operating Segmentation Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. Our operating groups are Personal and Commercial Banking (“P&C”) (comprised of Canadian Personal and Commercial Banking (“Canadian P&C”) and U.S. Personal and Commercial Banking (“U.S. P&C”)), BMO Wealth Management and BMO Capital Markets (“BMO CM”), along with a Corporate Services unit. For additional information refer to Note 25 of our annual consolidated financial statements for the year ended October 31, 2019 on pages 199 to 202 of the Annual Report. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) For the three months ended July 31, 2020 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income (2) 1,509 1,107 229 952 (262 ) 3,535 Non-interest 453 292 2,255 576 78 3,654 Total Revenue 1,962 1,399 2,484 1,528 (184 ) 7,189 Provision for credit losses on impaired loans 257 109 1 79 - 446 Provision for credit losses on performing loans 313 223 7 58 7 608 Total Provision for credit losses 570 332 8 137 7 1,054 Insurance claims, commissions and changes in policy benefit liabilities - - 1,189 - - 1,189 Depreciation and amortization 117 131 93 59 - 400 Other non-interest 843 621 744 766 70 3,044 Income (loss) before taxes 432 315 450 566 (261 ) 1,502 Provision for (recovery of) income taxes 112 52 109 140 (143 ) 270 Reported net income (loss) 320 263 341 426 (118 ) 1,232 Average Assets 252,028 140,615 46,308 379,131 159,682 977,764 For the three months ended July 31, 2019 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income (2) 1,500 1,066 237 537 (123 ) 3,217 Non-interest 543 298 1,876 670 62 3,449 Total Revenue 2,043 1,364 2,113 1,207 (61 ) 6,666 Provision for credit losses on impaired loans 174 61 - 7 1 243 Provision for (recovery of) credit losses on performing loans 30 37 (2 ) 3 (5 ) 63 Provision for (recovery of) credit losses 204 98 (2 ) 10 (4 ) 306 Insurance claims, commissions and changes in policy benefit liabilities - - 887 - - 887 Depreciation and amortization 87 111 68 35 - 301 Other non-interest 874 693 817 764 42 3,190 Income (loss) before taxes 878 462 343 398 (99 ) 1,982 Provision for (recovery of) income taxes 228 94 93 84 (74 ) 425 Reported net income (loss) 650 368 250 314 (25 ) 1,557 Average Assets 239,948 129,098 41,891 343,292 82,734 836,963 (Canadian $ in millions) For the nine months ended July 31, 2020 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income 4,561 3,287 672 2,503 (582 ) 10,441 Non-interest 1,443 912 4,727 1,445 232 8,759 Total Revenue 6,004 4,199 5,399 3,948 (350 ) 19,200 Provision for credit losses on impaired loans 607 365 4 205 2 1,183 Provision for credit losses on performing loans 612 315 13 390 8 1,338 Total Provision for credit losses 1,219 680 17 595 10 2,521 Insurance claims, commissions and changes in policy benefit liabilities - - 1,708 - - 1,708 Depreciation and amortization 373 417 250 171 - 1,211 Non-interest 2,549 1,913 2,387 2,264 305 9,418 Income (loss) before taxes 1,863 1,189 1,037 918 (665 ) 4,342 Provision for (recovery of ) 482 236 261 210 (360 ) 829 Reported net income (loss) 1,381 953 776 708 (305 ) 3,513 Average Assets 251,325 139,196 45,234 370,363 129,399 935,517 For the nine months ended July 31, 2019 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income 4,342 3,160 699 1,695 (372 ) 9,524 Non-interest 1,564 858 5,396 1,885 169 9,872 Total Revenue 5,906 4,018 6,095 3,580 (203 ) 19,396 Provision for (recovery of) credit losses on impaired loans 410 94 1 20 (5 ) 520 Provision for (recovery of) credit losses on performing loans 52 33 (1 ) 20 (5 ) 99 Provision for (recovery of) credit losses 462 127 - 40 (10 ) 619 Insurance claims, commissions and changes in policy benefit liabilities - - 2,374 - - 2,374 Depreciation and amortization 250 338 200 107 - 895 Non-interest 2,610 2,008 2,463 2,380 287 9,748 Income (loss) before taxes 2,584 1,545 1,058 1,053 (480 ) 5,760 Provision for (recovery of) income taxes 670 327 265 233 (299 ) 1,196 Reported net income (loss) 1,914 1,218 793 820 (181 ) 4,564 Average Assets 235,562 124,590 40,345 342,829 82,778 826,104 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis (“teb”). Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Jul. 31, 2020 | |
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Legal Proceedings | Note 13: Legal Proceedings The bank and its subsidiaries are party to legal proceedings, including regulatory investigations, in the ordinary course of business. Last pre-judgment An appropriate provision is in place. While there is inherent difficulty in predicting the ultimate outcome of this or other proceedings, management does not expect the outcome of any of these proceedings, individually or in the aggregate, to have a material adverse effect on the consolidated financial position or the results of operations of the bank. |
Acquisition
Acquisition | 9 Months Ended |
Jul. 31, 2020 | |
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Acquisition | Note 14: Acquisition On April 6, 2020, we completed the acquisition of Clearpool Group Inc. (“Clearpool”), a New York-based provider of electronic trading solutions, operating in the United States and Canada, for cash consideration of US$139 million (CAD$196 million) plus contingent consideration of approximately US$8 million (CAD$11 million) based on meeting certain revenue targets over four years. The acquisition was accounted for as a business combination, and the acquired business and corresponding goodwill are included in our Capital Markets reporting segment. As part of this acquisition, we acquired intangible assets of $85 million and goodwill of $138 million. The intangible assets are being amortized over three to twelve years. Goodwill related to this acquisition is not deductible for tax purposes. The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) Clearpool Goodwill and intangible assets 223 Other assets 44 Total assets 267 Liabilities 60 Purchase price 207 The purchase price allocation for Clearpool is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
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Reconcilation of lease commitements | The following table sets out a reconciliation of our operating lease commitments, as disclosed under IAS 17 Leases (Canadian $ in millions) November 1, 2019 Operating lease commitment at October 31, 2019 as disclosed in our consolidated financial statements 3,800 Discounted using the incremental borrowing rate at November 1, 2019 (310 ) Finance lease liabilities recognized as at October 31, 2019 41 Recognition exemption for low-value (13 ) Extension and termination options reasonably certain to be exercised 37 Executory costs not included in the lease liability (166 ) Leases signed but not yet started (1,222 ) Lease liabilities recognized at November 1, 2019 2,167 |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
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Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized Gains and Losses on FVOCI Securities The following table summarizes the unrealized gains and losses: (Canadian $ in millions) July 31, 2020 October 31, 2019 Cost/ Gross Gross Cost/ Gross Gross Amortized cost unrealized gains unrealized losses Fair value Amortized cost unrealized gains unrealized losses Fair value Issued or guaranteed by: Canadian federal government 27,329 253 – 27,582 11,876 72 4 11,944 Canadian provincial and municipal governments 4,585 140 – 4,725 5,907 106 1 6,012 U.S. federal government 17,646 1,039 6 18,679 15,363 617 5 15,975 U.S. states, municipalities and agencies 5,196 169 2 5,363 4,091 74 4 4,161 Other governments 6,949 205 4 7,150 7,179 158 2 7,335 National Housing Act (“NHA”) mortgage-backed securities (“MBS”) 1,614 51 2 1,663 1,953 18 1 1,970 U.S. agency MBS and collateralized mortgage obligations (“CMO”) 9,543 336 4 9,875 11,966 106 42 12,030 Corporate debt 3,241 129 1 3,369 4,899 110 2 5,007 Corporate equity 85 2 – 87 79 2 - 81 Total 76,188 2,324 19 78,493 63,313 1,263 61 64,515 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. |
Summary of Interest Income Calculated Using the Effective Interest Method | The following table presents interest income calculated using the effective interest method: (Canadian $ in millions) For the three months ended For the nine months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 FVOCI - Debt 185 403 823 1,202 Amortized cost 144 75 455 163 Total 329 478 1,278 1,365 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
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Summary of Credit Risk Exposures for Loans Carried at Amortized Cost or FVTPL | The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at July 31, 2020 and October 31, 2019. Stage 1 represents those performing loans carried with up to a 12 month expected credit loss, Stage 2 represents those performing loans carried with a lifetime expected credit loss, and Stage 3 represents those loans with a lifetime credit loss that are credit impaired. (Canadian $ in millions) July 31, 2020 October 31, 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 1 - - 1 - - - - Very low 79,472 278 - 79,750 79,011 242 - 79,253 Low 22,654 2,765 - 25,419 20,853 2,821 - 23,674 Medium 11,594 6,560 - 18,154 13,651 4,578 - 18,229 High 91 362 - 453 124 397 - 521 Not rated 1,082 192 - 1,274 1,531 118 - 1,649 Impaired - - 430 430 - - 414 414 Allowance for credit losses 65 58 17 140 15 32 17 64 Carrying amount 114,829 10,099 413 125,341 115,155 8,124 397 123,676 Loans: Consumer instalment and other personal Exceptionally low 1,584 33 - 1,617 21,023 25 - 21,048 Very low 25,827 43 - 25,870 16,491 194 - 16,685 Low 20,281 873 - 21,154 9,894 346 - 10,240 Medium 9,921 4,856 - 14,777 10,510 4,264 - 14,774 High 367 1,493 - 1,860 397 1,423 - 1,820 Not rated 3,349 108 - 3,457 2,594 107 - 2,701 Impaired - - 433 433 - - 468 468 Allowance for credit losses 115 420 127 662 82 318 136 536 Carrying amount 61,214 6,986 306 68,506 60,827 6,041 332 67,200 Loans: Credit cards Exceptionally low 2,155 - - 2,155 2,418 - - 2,418 Very low 1,076 16 - 1,092 1,214 16 - 1,230 Low 904 164 - 1,068 970 158 - 1,128 Medium 1,700 965 - 2,665 2,020 876 - 2,896 High 49 388 - 437 140 440 - 580 Not rated 530 - - 530 606 1 - 607 Impaired - - - - - - - - Allowance for credit losses 60 270 - 330 43 193 - 236 Carrying amount 6,354 1,263 - 7,617 7,325 1,298 - 8,623 Loans: Business and government (1) Acceptable Investment grade 124,728 6,757 - 131,485 134,587 1,028 - 135,615 Sub-investment 93,201 27,697 - 120,898 96,731 11,553 - 108,284 Watchlist - 8,082 - 8,082 - 5,556 - 5,556 Impaired - - 3,550 3,550 - - 1,747 1,747 Allowance for credit losses 573 971 575 2,119 263 441 310 1,014 Carrying amount 217,356 41,565 2,975 261,896 231,055 17,696 1,437 250,188 Commitments and financial guarantee contracts Acceptable Investment grade 132,838 1,491 - 134,329 134,920 884 - 135,804 Sub-investment 42,765 17,614 - 60,379 45,178 6,435 - 51,613 Watchlist - 3,419 - 3,419 - 2,133 - 2,133 Impaired - - 1,164 1,164 - - 324 324 Allowance for credit losses 212 232 12 456 119 103 22 244 Carrying amount (2) 175,391 22,292 1,152 198,835 179,979 9,349 302 189,630 (1) Includes customers’ liability under acceptances. (2) Represents the total contractual amounts of undrawn credit facilities and other off-balance |
Summary of Continuity in Loss Allowance by Each Product Type | The following table shows the continuity in the loss allowance by product type. Transfers represent the amount of expected credit loss (“ECL”) that moved between stages during the period, for example, moving from a 12-month (Canadian $ in millions) For the three months ended July 31, 2020 July 31, 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 29 37 27 93 16 37 44 97 Transfer to Stage 1 8 (7 ) (1 ) - 7 (6 ) (1 ) - Transfer to Stage 2 (1 ) 4 (3 ) - (1 ) 2 (1 ) - Transfer to Stage 3 - (1 ) 1 - - (3 ) 3 - Net remeasurement of loss allowance 27 30 10 67 (9 ) 6 - (3 ) Loan originations 4 - - 4 2 - - 2 Derecognitions and maturities - (2 ) - (2 ) (1 ) (1 ) - (2 ) Model changes (1 ) (3 ) - (4 ) - - - - Total Provision for Credit Losses (“PCL”) (1) 37 21 7 65 (2 ) (2 ) 1 (3 ) Write-offs (2) - - (3 ) (3 ) - - (6 ) (6 ) Recoveries of previous write-offs - - 2 2 - - 7 7 Foreign exchange and other (1 ) - (6 ) (7 ) - - (8 ) (8 ) Balance as at end of period 65 58 27 150 14 35 38 87 Loans: Consumer instalment and other personal Balance as at beginning of period 116 407 125 648 86 324 128 538 Transfer to Stage 1 59 (57 ) (2 ) - 44 (42 ) (2 ) - Transfer to Stage 2 (10 ) 21 (11 ) - (4 ) 18 (14 ) - Transfer to Stage 3 (1 ) (27 ) 28 - (1 ) (32 ) 33 - Net remeasurement of loss allowance (50 ) 103 56 109 (40 ) 66 52 78 Loan originations 9 - - 9 12 - - 12 Derecognitions and maturities (4 ) (9 ) - (13 ) (4 ) (13 ) - (17 ) Model changes 11 8 - 19 - - - - Total PCL (1) 14 39 71 124 7 (3 ) 69 73 Write-offs (2) - - (81 ) (81 ) - - (80 ) (80 ) Recoveries of previous write-offs - - 22 22 - - 25 25 Foreign exchange and other (3 ) (3 ) (10 ) (16 ) (1 ) (1 ) (7 ) (9 ) Balance as at end of period 127 443 127 697 92 320 135 547 Loans: Credit cards Balance as at beginning of period 115 319 - 434 77 231 - 308 Transfer to Stage 1 50 (50 ) - - 28 (28 ) - - Transfer to Stage 2 (9 ) 9 - - (5 ) 5 - - Transfer to Stage 3 - (48 ) 48 - (1 ) (46 ) 47 - Net remeasurement of loss allowance (44 ) 105 20 81 (24 ) 79 24 79 Loan originations 5 - - 5 5 - - 5 Derecognitions and maturities (1 ) (7 ) - (8 ) (1 ) (6 ) - (7 ) Model changes (1 ) (10 ) - (11 ) - - - - Total PCL (1) - (1 ) 68 67 2 4 71 77 Write-offs (2) - - (80 ) (80 ) - - (91 ) (91 ) Recoveries of previous write-offs - - 19 19 - - 20 20 Foreign exchange and other (3 ) (1 ) (7 ) (11 ) - 1 - 1 Balance as at end of period 112 317 - 429 79 236 - 315 Loans: Business and government Balance as at beginning of period 580 795 586 1,961 336 423 260 1,019 Transfer to Stage 1 45 (45 ) - - 31 (30 ) (1 ) - Transfer to Stage 2 (65 ) 66 (1 ) - (16 ) 17 (1 ) - Transfer to Stage 3 (4 ) (163 ) 167 - (1 ) (14 ) 15 - Net remeasurement of loss allowance 145 510 134 789 (23 ) 91 89 157 Loan originations 53 - - 53 53 - - 53 Derecognitions and maturities (21 ) (36 ) - (57 ) (28 ) (22 ) - (50 ) Model changes (7 ) (4 ) - (11 ) - - - - Total PCL (1) 146 328 300 774 16 42 102 160 Write-offs (2) - - (300 ) (300 ) - - (52 ) (52 ) Recoveries of previous write-offs - - 37 37 - - 2 2 Foreign exchange and other (5 ) 10 (46 ) (41 ) (1 ) (4 ) (15 ) (20 ) Balance as at end of period 721 1,133 577 2,431 351 461 297 1,109 Total as at end of period 1,025 1,951 731 3,707 536 1,052 470 2,058 Comprised of: Loans 813 1,719 719 3,251 409 946 447 1,802 Other credit instruments (3) 212 232 12 456 127 106 23 256 (1) Excludes PCL on other assets of $24 million for the three months ended July 31, 2020 ($(1) million for the three months ended July 31, 2019). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Recorded in other liabilities on the Consolidated Balance Sheet. The following table shows the continuity in the loss allowance by each product type: (Canadian $ in millions) For the nine months ended July 31, 2020 July 31, 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 15 33 38 86 20 38 44 102 Transfer to Stage 1 19 (17 ) (2 ) - 21 (19 ) (2 ) - Transfer to Stage 2 (2 ) 7 (5 ) - (2 ) 5 (3 ) - Transfer to Stage 3 - (4 ) 4 - - (7 ) 7 - Net remeasurement of loss allowance 29 47 17 93 (29 ) 21 7 (1 ) Loan originations 8 - - 8 5 - - 5 Derecognitions and maturities (1 ) (4 ) - (5 ) (1 ) (3 ) - (4 ) Model changes (3 ) (5 ) - (8 ) - - - - Total PCL (1) 50 24 14 88 (6 ) (3 ) 9 - Write-offs (2) - - (9 ) (9 ) - - (13 ) (13 ) Recoveries of previous write-offs - - 6 6 - - 12 12 Foreign exchange and other - 1 (22 ) (21 ) - - (14 ) (14 ) Balance as at end of period 65 58 27 150 14 35 38 87 Loans: Consumer instalment and other personal Balance as at beginning of period 89 333 136 558 90 326 144 560 Transfer to Stage 1 138 (131 ) (7 ) - 131 (122 ) (9 ) - Transfer to Stage 2 (20 ) 66 (46 ) - (13 ) 62 (49 ) - Transfer to Stage 3 (3 ) (79 ) 82 - (4 ) (84 ) 88 - Net remeasurement of loss allowance (112 ) 247 162 297 (134 ) 168 112 146 Loan originations 32 - - 32 35 - - 35 Derecognitions and maturities (12 ) (27 ) - (39 ) (12 ) (30 ) - (42 ) Model changes 16 33 - 49 - - - - Total PCL (1) 39 109 191 339 3 (6 ) 142 139 Write-offs (2) - - (248 ) (248 ) - - (233 ) (233 ) Recoveries of previous write-offs - - 64 64 - - 97 97 Foreign exchange and other (1 ) 1 (16 ) (16 ) (1 ) - (15 ) (16 ) Balance as at end of period 127 443 127 697 92 320 135 547 Loans: Credit cards Balance as at beginning of period 80 225 - 305 74 219 - 293 Transfer to Stage 1 107 (107 ) - - 78 (78 ) - - Transfer to Stage 2 (25 ) 25 - - (16 ) 16 - - Transfer to Stage 3 (1 ) (129 ) 130 - (1 ) (125 ) 126 - Net remeasurement of loss allowance (57 ) 332 68 343 (68 ) 221 58 211 Loan originations 13 - - 13 15 - - 15 Derecognitions and maturities (3 ) (19 ) - (22 ) (3 ) (18 ) - (21 ) Model changes (1 ) (10 ) - (11 ) - - - - Total PCL (1) 33 92 198 323 5 16 184 205 Write-offs (2) - - (257 ) (257 ) - - (250 ) (250 ) Recoveries of previous write-offs - - 66 66 - - 66 66 Foreign exchange and other (1 ) - (7 ) (8 ) - 1 - 1 Balance as at end of period 112 317 - 429 79 236 - 315 Loans: Business and government Balance as at beginning of period 338 496 311 1,145 298 408 209 915 Transfer to Stage 1 109 (102 ) (7 ) - 139 (135 ) (4 ) - Transfer to Stage 2 (118 ) 121 (3 ) - (41 ) 53 (12 ) - Transfer to Stage 3 (6 ) (226 ) 232 - (1 ) (41 ) 42 - Net remeasurement of loss allowance 321 883 558 1,762 (141 ) 230 159 248 Loan originations 153 - - 153 163 - - 163 Derecognitions and maturities (63 ) (86 ) - (149 ) (75 ) (57 ) - (132 ) Model changes (30 ) 8 - (22 ) - - - - Total PCL (1) 366 598 780 1,744 44 50 185 279 Write-offs (2) - - (516 ) (516 ) - - (123 ) (123 ) Recoveries of previous write-offs - - 60 60 - - 61 61 Foreign exchange and other 17 39 (58 ) (2 ) 9 3 (35 ) (23 ) Balance as at end of period 721 1,133 577 2,431 351 461 297 1,109 Total as at end of period 1,025 1,951 731 3,707 536 1,052 470 2,058 Comprised of: Loans 813 1,719 719 3,251 409 946 447 1,802 Other credit instruments (3) 212 232 12 456 127 106 23 256 (1) Excludes PCL on other assets of $27 million for the nine months ended July 31, 2020 ($(4) million for the nine months ended July 31, 2019). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Recorded in other liabilities on the Consolidated Balance Sheet. |
Schedule of Loans and Allowance for Credit Losses by Geographic Region | Loans and allowance for credit losses by geographic region as at July 31, 2020 and October 31, 2019 are as follows: (Canadian $ in millions) July 31, 2020 October 31, 2019 Gross Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net Amount Gross amount Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net Amount By geographic region (1): Canada 270,348 345 1,335 268,668 258,842 207 740 257,895 United States 166,278 374 1,164 164,740 158,454 256 630 157,568 Other countries 11,953 - 33 11,920 10,648 - 17 10,631 Total 448,579 719 2,532 445,328 427,944 463 1,387 426,094 (1) Geographic region is based upon country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $12 million for other credit instruments, which is included in other liabilities ($22 million as at October 31, 2019). (3) Excludes allowance for credit losses on performing loans of $444 million for other credit instruments, which is included in other liabilities ($222 million as at October 31, 2019). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired (Stage 3) loans, including the related allowances, as at July 31, 2020 and October 31, 2019 are as follows: (Canadian $ in millions) July 31, 2020 October 31, 2019 Gross impaired Allowance for credit losses Net impaired Gross impaired Allowance for credit losses on impaired loans (4) Net impaired amount (3) Residential mortgages 430 17 413 414 17 397 Consumer instalment and other personal 433 127 306 468 136 332 Business and government (1) 3,550 575 2,975 1,747 310 1,437 Total 4,413 719 3,694 2,629 463 2,166 By geographic region (2): Canada 1,469 345 1,124 914 207 707 United States 2,885 374 2,511 1,715 256 1,459 Other countries 59 - 59 - - - Total 4,413 719 3,694 2,629 463 2,166 (1) Includes customers’ liability under acceptances. (2) Geographic region is based upon the country of ultimate risk. (3) Gross impaired loans and net impaired loans exclude purchased credit impaired loans. (4) Excludes allowance for credit losses on impaired loans of $12 million for other credit instruments, which is included in other liabilities ($22 million as at October 31, 2019). |
Summary of Loans that are Past Due but not Classified as Impaired | The following table presents loans that are past due but not classified as impaired as at July 31, 2020 and October 31, 2019. (Canadian $ in millions) July 31, 2020 October 31, 2019 1 to 29 days 30 to 89 days 90 days or more Total 1 to 29 days 30 to 89 days 90 days or more Total Residential mortgages 598 335 28 961 806 465 16 1,287 Credit card, consumer instalment and other personal 1,261 328 81 1,670 1,590 426 87 2,103 Business and government 387 293 32 712 351 207 59 617 Total 2,246 956 141 3,343 2,747 1,098 162 4,007 Fully secured loans with amounts past due between 90 and 180 days that we have not classified as impaired totalled $43 million and $54 million as at July 31, 2020 and October 31, 2019, respectively. |
Summary of Key Economic Variables Used in Base Case | The following table shows the key economic variables we use to estimate our allowance on performing loans during the forecast period. This table is typically provided on an annual basis. However, given the significant level of change in the forward-looking information since the end of 2019, the disclosures have been provided as an update to the bank’s Annual Report for the year ended October 31, 2019. The values shown represent the national average values for calendar 2020 and calendar 2021. The base case scenario reflects our view of the most probable outcome. While the values disclosed below are national variables, we use regional variables in our underlying models where considered appropriate and consider factors impacting particular industries. Benign scenario Base scenario Adverse scenario (1) 2020 2021 2020 2021 2020 2021 All figures are average annual values July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, Real gross domestic product (2) Canada (4.6) % 2.9% 8.9 % 2.5% (6.0) % 1.7% 6.0 % 1.6% (7.6 ) % (2.3)% 3.7 % 0.5% United States (4.1) % 2.4% 7.8 % 2.4% (5.5) % 1.8% 5.0 % 1.9% (7.1 ) % (2.0)% 2.5 % 0.6% Corporate BBB 10-year Canada 2.1 % 2.0% 1.9 % 2.1% 2.4 % 2.3% 2.3 % 2.3% 2.8 % 4.5% 3.1 % 4.1% United States 2.2 % 1.8% 1.9 % 2.0% 2.5 % 2.3% 2.4 % 2.4% 3.0 % 4.1% 3.2 % 3.6% Unemployment rates Canada 8.5 % 5.1% 6.5 % 5.0% 9.5 % 5.7% 8.0 % 5.9% 10.9 % 8.5% 10.0 % 9.0% United States 7.5 % 3.3% 5.4 % 3.2% 8.9 % 3.7% 7.0 % 3.8% 10.3 % 6.1% 8.9 % 6.8% Housing Price Index (“HPI”) (2) Canada (3) 5.3 % 3.7% 5.4 % 3.7% 3.5 % 2.0% 0.0 % 2.5% 0.8 % (12.3)% (7.5) % (4.7)% United States (4) 2.4 % 4.4% 4.6 % 4.2% 1.0 % 3.0% 1.6 % 2.7% (0.4) % (5.7)% (1.9) % (2.2)% (1) In Q4 2019, the adverse scenario was reflective of a typical recession that extends for four quarters. However, beginning Q2 2020, the adverse scenario used is reflective of a more adverse outcome compared with our base case forecast. (2) Real gross domestic product and housing price index are year-over-year growth rates. (3) In Canada, we use the HPI Benchmark Composite. (4) In the United States, we use the National Case-Shiller House Price Index. |
Deposits and Subordinated Debt
Deposits and Subordinated Debt (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Summary of Deposits | Deposits Payable on demand Payable Payable on (Canadian $ in millions) Interest bearing Non-interest after notice a fixed date (4)(5) Total July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, Deposits by: Banks (1) (6) 3,245 1,996 1,773 1,530 1,240 1,017 35,641 19,273 41,899 23,816 Business and government 45,320 29,083 41,901 33,853 115,048 85,022 195,436 195,199 397,705 343,157 Individuals 4,213 3,361 28,729 23,084 107,521 94,304 80,533 80,421 220,996 201,170 Total (2) (3) 52,778 34,440 72,403 58,467 223,809 180,343 311,610 294,893 660,600 568,143 Booked in: Canada 39,943 27,338 62,427 49,911 107,555 90,630 201,878 181,835 411,803 349,714 United States 11,254 6,043 9,935 8,531 114,926 88,604 77,713 86,368 213,828 189,546 Other countries 1,581 1,059 41 25 1,328 1,109 32,019 26,690 34,969 28,883 Total 52,778 34,440 72,403 58,467 223,809 180,343 311,610 294,893 660,600 568,143 (1) Includes regulated and central banks. (2) Includes structured notes designated at fair value through profit or loss (Note 7). (3) As at July 31, 2020 and October 31, 2019, total deposits payable on a fixed date included $40,757 million and $25,438 million, respectively, of federal funds purchased and commercial paper issued and other deposit liabilities. Included in deposits as at July 31, 2020 and October 31, 2019 are $318,088 million and $279,860 million, respectively, of deposits denominated in U.S. dollars, and $38,861 million and $36,680 million, respectively, of deposits denominated in other foreign currencies. (4) Includes $276,218 million of deposits, each greater than one hundred thousand dollars, of which $173,167 million were booked in Canada, $71,037 million were booked in the United States and $32,014 million were booked in other countries ($258,862 million, $152,499 million, $79,682 million and $26,681 million, respectively, as at October 31, 2019). Of the $173,167 million of deposits booked in Canada, $27,729 million mature in less than three months, $11,351 million mature in three to six months, $41,220 million mature in six to twelve months and $92,867 million mature after twelve months ($152,499 million, $26,234 million, $8,400 million, $31,155 million and $86,710 million, respectively, as at October 31, 2019). Certain comparative figures have been reclassified to conform with the current period’s presentation. (5) Includes $24,990 million of senior unsecured debt as at July 31, 2020 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (6) Includes $12,741 million of deposits with the Bank of Canada, where we have used our own bearer deposit notes as collateral under its term repo facility ($nil as at October 31, 2019). |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | Preferred and Common Shares Outstanding and Other Equity Instruments (1) (Canadian $ in millions, except as noted) July 31, 2020 October 31, 2019 Number of shares Amount Number of shares Amount Convertible into... Preferred Shares - Classified as Equity Class B – Series 25 9,425,607 236 9,425,607 236 Class B -Series 26 (2) Class B – Series 26 2,174,393 54 2,174,393 54 Class B -Series 25 (2) Class B – Series 27 20,000,000 500 20,000,000 500 Class B -Series 28 (2)(3) Class B – Series 29 16,000,000 400 16,000,000 400 Class B -Series 30 (2)(3) Class B – Series 31 12,000,000 300 12,000,000 300 Class B -Series 32 (2)(3) Class B – Series 33 8,000,000 200 8,000,000 200 Class B -Series 34 (2)(3) Class B – Series 35 6,000,000 150 6,000,000 150 Not convertible (3) Class B – Series 36 600,000 600 600,000 600 Class B -Series 37 (2)(3) Class B – Series 38 24,000,000 600 24,000,000 600 Class B -Series 39 (2)(3) Class B – Series 40 20,000,000 500 20,000,000 500 Class B - Series 41 (2)(3) Class B – Series 42 16,000,000 400 16,000,000 400 Class B -Series 43 (2)(3) Class B – Series 44 16,000,000 400 16,000,000 400 Class B -Series 45 (2)(3) Class B – Series 46 14,000,000 350 14,000,000 350 Class B -Series 47 (2)(3) Preferred Shares - Classified as Equity 4,690 4,690 Other Equity Instruments (4) 658 658 Common Shares (5) (6) (7) 642,804,880 13,200 639,232,276 12,971 Share Capital and Other Equity Instruments 18,548 18,319 (1) For additional information refer to Notes 16 and 20 of our annual consolidated financial statements for the year ended October 31, 2019 on pages 177 and 188 of our 2019 Annual Report. (2) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (3) The shares issued include a non-viability non-viable non-viability. (4) The other equity instruments non-viability non-viable non-viability. (5) The stock options issued under the Stock Option Plan are convertible into 6,635,228 common shares as at July 31, 2020 (6,108,307 common shares as at October 31, 2019). (6) During the three and nine months ended July 31, 2020, we issued 3,355,394 common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan and 8,614 and 423,737 common shares under the Stock Option Plan. (7) Common shares are net of 206,527 treasury shares (nil as at October 31, 2019). |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet | Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following table are the amounts that would be reported if all financial assets and liabilities not currently carried at fair value were reported at their fair values. Refer to Note 17 to our annual consolidated financial statements for the year ended October 31, 2019 on pages 179 to 186 for further discussion on the determination of fair value. (Canadian $ in millions) July 31, 2020 October 31, 2019 Carrying value Fair value Carrying value Fair value Securities Amortized cost 45,229 45,875 24,472 24,622 Loans (1) Residential mortgages 125,341 127,108 123,676 124,093 Consumer instalment and other personal 68,506 69,181 67,200 67,516 Credit cards 7,617 7,617 8,623 8,623 Business and government (2) 240,352 242,295 224,442 225,145 441,816 446,201 423,941 425,377 Deposits (3) 643,133 645,402 552,314 553,444 Securitization and structured entities’ liabilities 27,461 28,159 27,159 27,342 Subordinated debt 8,513 8,790 6,995 7,223 This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. (1) Carrying value of loans is net of allowance. (2) Excludes $3,562 million of loans classified as FVTPL and $50 million of loans classified as FVOCI as at July 31, 2020, respectively ($2,156 million and $22 million as at October 31, 2019). (3) Excludes $17,467 million of structured note liabilities designated at FVTPL and accounted for at fair value ($15,829 million as at October 31, 2019). |
Summary of Assets and Liabilities categorized by the Fair Value Hierarchy | The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models without observable market information as inputs (Level 3) in the valuation of securities, business and government loans classified as FVTPL, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: (Canadian $ in millions) July 31, 2020 October 31, 2019 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Trading Securities Issued or guaranteed by: Canadian federal government 4,746 3,898 - 8,644 6,959 1,371 - 8,330 Canadian provincial and municipal governments 2,056 6,967 - 9,023 3,871 3,656 - 7,527 U.S. federal government 8,000 1,210 - 9,210 8,001 762 - 8,763 U.S. states, municipalities and agencies 38 370 - 408 48 626 - 674 Other governments 1,406 1,485 - 2,891 888 697 - 1,585 NHA MBS, U.S. agency MBS and CMO 5 9,113 584 9,702 14 10,494 538 11,046 Corporate debt 3,694 6,765 - 10,459 2,620 5,091 7 7,718 Trading loans - 45 - 45 - 103 - 103 Corporate equity 38,825 - - 38,825 40,155 2 - 40,157 58,770 29,853 584 89,207 62,556 22,802 545 85,903 FVTPL Securities Issued or guaranteed by: Canadian federal government 627 108 - 735 410 107 - 517 Canadian provincial and municipal governments 239 1,231 - 1,470 364 915 - 1,279 U.S. federal government 9 35 - 44 - 48 - 48 Other governments - 95 - 95 - 49 - 49 NHA MBS, U.S. agency MBS and CMO - 3 - 3 - 5 - 5 Corporate debt 97 8,140 - 8,237 146 8,071 - 8,217 Corporate equity 1,654 8 1,807 3,469 1,536 69 1,984 3,589 2,626 9,620 1,807 14,053 2,456 9,264 1,984 13,704 FVOCI Securities Issued or guaranteed by: Canadian federal government 21,492 6,090 - 27,582 11,168 776 - 11,944 Canadian provincial and municipal governments 1,944 2,781 - 4,725 3,798 2,214 - 6,012 U.S. federal government 17,046 1,633 - 18,679 15,068 907 - 15,975 U.S. states, municipalities and agencies 6 5,356 1 5,363 1 4,159 1 4,161 Other governments 2,748 4,402 - 7,150 4,396 2,939 - 7,335 NHA MBS, U.S. agency MBS and CMO - 11,538 - 11,538 - 14,000 - 14,000 Corporate debt 590 2,779 - 3,369 2,205 2,802 - 5,007 Corporate equity - - 87 87 - - 81 81 43,826 34,579 88 78,493 36,636 27,797 82 64,515 Business and government loans - 1,409 2,203 3,612 - 442 1,736 2,178 Fair Value Liabilities Securities sold but not yet purchased 25,323 5,256 - 30,579 22,393 3,860 - 26,253 Structured note liabilities and other note liabilities (1) - 17,467 - 17,467 - 15,829 - 15,829 Annuity liabilities (2) - 1,232 - 1,232 - 1,043 - 1,043 25,323 23,955 - 49,278 22,393 20,732 - 43,125 Derivative Assets Interest rate contracts 24 17,333 - 17,357 14 10,443 - 10,457 Foreign exchange contracts 9 15,804 - 15,813 7 9,262 - 9,269 Commodity contracts 457 1,555 - 2,012 329 817 - 1,146 Equity contracts 743 2,860 - 3,603 226 997 - 1,223 Credit default swaps - 11 - 11 - 49 - 49 1,233 37,563 - 38,796 576 21,568 - 22,144 Derivative Liabilities Interest rate contracts 31 12,836 - 12,867 11 7,943 - 7,954 Foreign exchange contracts 12 18,723 - 18,735 20 10,843 - 10,863 Commodity contracts 603 2,247 - 2,850 218 1,462 - 1,680 Equity contracts 478 4,907 - 5,385 103 2,896 - 2,999 Credit default swaps - 19 3 22 - 101 1 102 1,124 38,732 3 39,859 352 23,245 1 23,598 (1) These structured note liabilities and other note liabilities included in deposits have been designated at FVTPL. (2) These investment contract liabilities in our insurance business have been designated at FVTPL. |
Significant Unobservable Inputs in Level 3 Instrument Valuations | Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments that are measured at a fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumption to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. Range of input values (1) As at July 31, 2020 (Canadian $ in millions, except as noted) Reporting line in fair value hierarchy table Fair value of assets Valuation techniques Significant unobservable inputs Low High Private equity (2) Corporate equity 1,807 Net Asset Value Net Asset Value na na EV/EBITDA Multiple 5x 16x Loans (3) Business and government loans 2,203 Discounted cash flows Discount margin 56bps 224bps NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 584 Discounted cash flows Prepayment rate 7% 86% Market Comparable Comparability Adjustment (4) (5.26 ) 5.54 (1) The low and high input values represent the highest and lowest actual level of 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 specific underlying instruments within each 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. (2) Included in private equity is $490 million of Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost, which approximates fair value, and hold to meet regulatory requirements. (3) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans is $2 million. (4) Range of input values represents price per security adjustment. na – not applicable |
Summary of Transfers Between Level 1 and Level 2 | The following table presents significant transfers between Level 1 and Level 2 for the three and nine months ended July 31, 2020 and July 31, 2019. (Canadian $ in millions) For the three months ended July 31, 2020 July 31, 2019 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 994 2,682 1,734 901 FVTPL Securities 19 241 218 38 FVOCI Securities 1,768 4,294 1,834 2,335 Securities sold but not yet purchased 681 2,067 6,362 98 (Canadian $ in millions) For the nine months ended July 31, 2020 July 31, 2019 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 5,761 3,952 5,392 4,260 FVTPL Securities 518 302 682 390 FVOCI Securities 9,032 7,012 9,723 3,910 Securities sold but not yet purchased 4,432 2,982 9,905 2,501 |
Summary of Changes in Level 3 Instruments Carried At Fair Value | The table below presents a reconciliation of all changes in Level 3 financial instruments during the three and nine months ended July 31, 2020, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value (Canadian $ in millions) For the three months ended July 31, 2020 Balance Included in Included in other comprehensive income (1) Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in for instruments Trading Securities NHA MBS and U.S. agency MBS and CMO 487 (115 ) (18 ) 362 (151 ) - 41 (22 ) 584 (74 ) Corporate debt 48 10 (2 ) - (56 ) - - - - - Total trading securities 535 (105 ) (20 ) 362 (207 ) - 41 (22 ) 584 (74 ) FVTPL Securities Corporate equity 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 Total FVTPL securities 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 83 - - 4 - - - - 87 na Total FVOCI securities 84 - - 4 - - - - 88 na Business and government loans 2,028 - 95 765 - (685 ) - - 2,203 - Fair Value Liabilities Securities sold but not yet purchased - - - - - - - - - - Total fair value liabilities - - - - - - - - - - Derivative Liabilities Equity contracts - - - - - - - - - - Credit default swaps 4 - - - - - - (1 ) 3 - Total derivative liabilities 4 - - - - - - (1 ) 3 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2020 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable Change in fair value (Canadian $ in millions) For the nine months ended July 31, 2020 Balance Included in Included in other comprehensive Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in in income for instruments Trading Securities NHA MBS and U.S. agency MBS and CMO 538 (245 ) 12 811 (540 ) - 202 (194 ) 584 (158 ) Corporate debt 7 10 (2 ) 50 (68 ) - 3 - - (1 ) Total trading securities 545 (235 ) 10 861 (608 ) - 205 (194 ) 584 (159 ) FVTPL Securities Corporate equity 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 Total FVTPL 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 81 - - 6 - - - - 87 na Total FVOCI securities 82 - - 6 - - - - 88 na Business and government loans 1,736 (3 ) 183 1,705 - (1,418 ) - - 2,203 – Fair Value Liabilities Securities sold but not yet purchased - - - - - - - - - – Total fair value liabilities - - - - - - - - - – Derivative Liabilities Equity contracts - - - - - - - - - – Credit default swaps 1 - - - - - 3 (1 ) 3 – Total derivative liabilities 1 - - - - - 3 (1 ) 3 – (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2020 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable The table below presents a reconciliation of all changes in Level 3 financial instruments during the three and nine months ended July 31, 2019, including realized and unrealized gains (losses) included in earnings and other comprehensive income. Change in fair value (Canadian $ in millions) For the three months ended July 31, 2019 Balance Included in Included in other income (1) Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in unrealized gains (losses) recorded in income for instruments Trading Securities NHA MBS and U.S. agency MBS and CMO 215 (15 ) (3 ) 97 (96 ) - 53 (5 ) 246 (6 ) Corporate debt 7 - - 26 (6 ) - - (1 ) 26 - Total trading securities 222 (15 ) (3 ) 123 (102 ) - 53 (6 ) 272 (6 ) FVTPL Securities Corporate equity 1,907 10 (21 ) 77 (66 ) (1 ) - - 1,906 16 Total FVTPL 1,907 10 (21 ) 77 (66 ) (1 ) - - 1,906 16 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 69 - - 10 - - - - 79 na Total FVOCI securities 70 - - 10 - - - - 80 na Business and government loans 2,172 - (31 ) 155 - (132 ) - - 2,164 - Fair Value Liabilities Securities sold but not yet purchased - - - - 172 - - - 172 - Total fair value liabilities - - - - 172 - - - 172 - Derivative Liabilities Equity contracts - - - - - - - - - - Credit default swaps - - - - - - 1 - 1 - Total derivative liabilities - - - - - - 1 - 1 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2019 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable Change in fair value (Canadian $ in millions) For the nine months ended July 31, 2019 Balance Included in Included in other comprehensive Issuances/ Sales (2) Maturities/ Transfers Transfers Fair Value Change in unrealized gains (losses) recorded for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 255 (22 ) 1 280 (326 ) - 98 (40 ) 246 (13 ) Corporate debt 7 - - 32 (12 ) - - (1 ) 26 - Total trading securities 262 (22 ) 1 312 (338 ) - 98 (41 ) 272 (13 ) FVTPL Securities Corporate equity 1,825 20 2 324 (264 ) (1 ) - - 1,906 36 Total FVTPL 1,825 20 2 324 (264 ) (1 ) - - 1,906 36 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 62 - - 17 - - - - 79 na Total FVOCI securities 63 - - 17 - - - - 80 na Business and government loans 1,450 7 13 1,369 - (675 ) - - 2,164 - Fair Value Liabilities Securities sold but not yet purchased - - - (7 ) 179 - - - 172 - Total fair value liabilities - - - (7 ) 179 - - - 172 - Derivative Liabilities Equity contracts 1 - - - - - - (1 ) - - Credit default swaps 1 - - - - - 1 (1 ) 1 - Total derivative liabilities 2 - - - - - 1 (2 ) 1 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds recovered on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2019 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by related (losses) gains on hedge contracts. na – Not applicable |
Employee Compensation (Tables)
Employee Compensation (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Summary of Ranges of Values used for each Option Pricing Assumption | To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption: For stock options granted during the nine months ended July 31, 2020 July 31, 2019 Expected dividend yield 4.3% 5.7% Expected share price volatility 15.4% 20.0% - 20.1% Risk-free rate of return 1.9% - 2.0% 2.5% Expected period until exercise (in years) 6.5 - 7.0 6.5 - 7.0 Exercise price ($) 101.47 89.90 |
Summary of Pension and Other Employee Future Benefit Expenses | Pension and Other Employee Future Benefit Expenses Pension and other employee future benefit expenses are determined as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the three months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Current service cost 62 48 2 2 Net interest (income) expense on net defined benefit (asset) liability 1 (5 ) 8 10 Administrative expenses 1 1 - - Benefits expense 64 44 10 12 Canada and Quebec pension plan expense 22 23 - - Defined contribution expense 37 37 - - Total pension and other employee future benefit expenses 123 104 10 12 (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the nine months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Current service cost 187 144 8 7 Net interest (income) expense on net defined benefit (asset) liability 1 (14 ) 24 29 Past service income - (5 ) - - Administrative expenses 3 3 - - Benefits expense 191 128 32 36 Canada and Quebec pension plan expense 75 70 - - Defined contribution expense 135 127 - - Total pension and other employee future benefit expenses 401 325 32 36 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following tables present our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended For the nine months ended July 31, 2020 July 31, 2019 July 31, 2020 July 31, 2019 Net income attributable to equity holders of the bank 1,232 1,557 3,513 4,564 Dividends on preferred shares and distributions payable on other equity instruments (73 ) (59 ) (195 ) (159) Net income available to common shareholders 1,159 1,498 3,318 4,405 Weighted-average number of common shares outstanding (in thousands) 641,300 638,900 640,129 638,803 Basic earnings per share (Canadian $) 1.81 2.34 5.18 6.90 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 1,159 1,498 3,318 4,405 Weighted-average number of common shares outstanding (in thousands) 641,300 638,900 640,129 638,803 Effect of dilutive instruments Stock options potentially exercisable (1) 2,400 5,734 3,473 5,697 Common shares potentially repurchased (2,046 ) (4,184 ) (2,721 ) (4,137) Weighted-average number of diluted common shares outstanding (in thousands) 641,654 640,450 640,881 640,363 Diluted earnings per share (Canadian $) 1.81 2.34 5.18 6.88 (1) In computing diluted earnings per share we excluded average stock options outstanding of 4,238,334 and 3,124,912 with a weighted-average exercise price of $94.30 and $99.72, respectively, for the three and nine months ended July 31, 2020 (687,059 and 908,194 with a weighted-average exercise price of $104.14 and $102.98, respectively, for the three and nine months ended July 31, 2019) as the average share price for the period did not exceed the exercise price. |
Operating Segmentation (Tables)
Operating Segmentation (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) For the three months ended July 31, 2020 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income (2) 1,509 1,107 229 952 (262 ) 3,535 Non-interest 453 292 2,255 576 78 3,654 Total Revenue 1,962 1,399 2,484 1,528 (184 ) 7,189 Provision for credit losses on impaired loans 257 109 1 79 - 446 Provision for credit losses on performing loans 313 223 7 58 7 608 Total Provision for credit losses 570 332 8 137 7 1,054 Insurance claims, commissions and changes in policy benefit liabilities - - 1,189 - - 1,189 Depreciation and amortization 117 131 93 59 - 400 Other non-interest 843 621 744 766 70 3,044 Income (loss) before taxes 432 315 450 566 (261 ) 1,502 Provision for (recovery of) income taxes 112 52 109 140 (143 ) 270 Reported net income (loss) 320 263 341 426 (118 ) 1,232 Average Assets 252,028 140,615 46,308 379,131 159,682 977,764 For the three months ended July 31, 2019 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income (2) 1,500 1,066 237 537 (123 ) 3,217 Non-interest 543 298 1,876 670 62 3,449 Total Revenue 2,043 1,364 2,113 1,207 (61 ) 6,666 Provision for credit losses on impaired loans 174 61 - 7 1 243 Provision for (recovery of) credit losses on performing loans 30 37 (2 ) 3 (5 ) 63 Provision for (recovery of) credit losses 204 98 (2 ) 10 (4 ) 306 Insurance claims, commissions and changes in policy benefit liabilities - - 887 - - 887 Depreciation and amortization 87 111 68 35 - 301 Other non-interest 874 693 817 764 42 3,190 Income (loss) before taxes 878 462 343 398 (99 ) 1,982 Provision for (recovery of) income taxes 228 94 93 84 (74 ) 425 Reported net income (loss) 650 368 250 314 (25 ) 1,557 Average Assets 239,948 129,098 41,891 343,292 82,734 836,963 (Canadian $ in millions) For the nine months ended July 31, 2020 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income 4,561 3,287 672 2,503 (582 ) 10,441 Non-interest 1,443 912 4,727 1,445 232 8,759 Total Revenue 6,004 4,199 5,399 3,948 (350 ) 19,200 Provision for credit losses on impaired loans 607 365 4 205 2 1,183 Provision for credit losses on performing loans 612 315 13 390 8 1,338 Total Provision for credit losses 1,219 680 17 595 10 2,521 Insurance claims, commissions and changes in policy benefit liabilities - - 1,708 - - 1,708 Depreciation and amortization 373 417 250 171 - 1,211 Non-interest 2,549 1,913 2,387 2,264 305 9,418 Income (loss) before taxes 1,863 1,189 1,037 918 (665 ) 4,342 Provision for (recovery of ) 482 236 261 210 (360 ) 829 Reported net income (loss) 1,381 953 776 708 (305 ) 3,513 Average Assets 251,325 139,196 45,234 370,363 129,399 935,517 For the nine months ended July 31, 2019 Canadian U.S. P&C BMO Wealth BMO CM Corporate Total Net interest income 4,342 3,160 699 1,695 (372 ) 9,524 Non-interest 1,564 858 5,396 1,885 169 9,872 Total Revenue 5,906 4,018 6,095 3,580 (203 ) 19,396 Provision for (recovery of) credit losses on impaired loans 410 94 1 20 (5 ) 520 Provision for (recovery of) credit losses on performing loans 52 33 (1 ) 20 (5 ) 99 Provision for (recovery of) credit losses 462 127 - 40 (10 ) 619 Insurance claims, commissions and changes in policy benefit liabilities - - 2,374 - - 2,374 Depreciation and amortization 250 338 200 107 - 895 Non-interest 2,610 2,008 2,463 2,380 287 9,748 Income (loss) before taxes 2,584 1,545 1,058 1,053 (480 ) 5,760 Provision for (recovery of) income taxes 670 327 265 233 (299 ) 1,196 Reported net income (loss) 1,914 1,218 793 820 (181 ) 4,564 Average Assets 235,562 124,590 40,345 342,829 82,778 826,104 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis (“teb”). Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Acquisition (Tables)
Acquisition (Tables) | 9 Months Ended |
Jul. 31, 2020 | |
Text Block [Abstract] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition | The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) Clearpool Goodwill and intangible assets 223 Other assets 44 Total assets 267 Liabilities 60 Purchase price 207 The purchase price allocation for Clearpool is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. |
Basis of Presentation - Reconci
Basis of Presentation - Reconcilation of lease commitements (Detail) $ in Millions | Nov. 01, 2019CAD ($) |
Disclosure of reconcilation of lease commitements [Line Items] | |
Operating lease commitment at October 31, 2019 as disclosed in our consolidated financial statements | $ 3,800 |
Discounted using the incremental borrowing rate at November 1, 2019 | (310) |
Finance lease liabilities recognized as at October 31, 2019 | 41 |
Recognition exemption for low-value asset leases | (13) |
Extension and termination options reasonably certain to be exercised | 37 |
Executory costs not included in the lease liability | (166) |
Leases signed but not yet started | (1,222) |
Lease liabilities recognized at November 1, 2019 | $ 2,167 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Jul. 31, 2020 |
Retained earnings [member] | ||
Basis of presentation [line items] | ||
Decrease in equity after tax | $ (59) | |
USD LIBOR [Member] | ||
Basis of presentation [line items] | ||
Notional amount on derivatives | $ 85,727 | |
Other Potentially Impacted IBORs [Member] | ||
Basis of presentation [line items] | ||
Notional amount on derivatives | $ 1,560 | |
Increase (decrease) due to changes in accounting policy [member] | IFRS 16 [Member] | ||
Basis of presentation [line items] | ||
Weighted average borrowing rate | 2.52% | |
Increase (decrease) due to changes in accounting policy [member] | IFRS 16 [Member] | Retained earnings [member] | ||
Basis of presentation [line items] | ||
Decrease in equity before tax | $ (80) | |
Decrease in equity after tax | (59) | |
Increase (decrease) due to changes in accounting policy [member] | IFRS 16 [Member] | Premises And Equipment [Member] | ||
Basis of presentation [line items] | ||
Increase in assets | 1,965 | |
Increase (decrease) due to changes in accounting policy [member] | IFRS 16 [Member] | Other Liabilities [Member] | ||
Basis of presentation [line items] | ||
Increase in liabilities | $ 2,024 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 14,053 | $ 13,572 | $ 13,704 |
Amortized cost | 45,229 | 41,592 | 24,472 |
FVOCI Securities | 78,493 | $ 74,476 | 64,515 |
Mandatorily measured at fair value [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | 2,361 | 2,899 | |
Designated at fair value [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | 11,692 | 10,805 | |
Allowance for credit losses on securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortized cost | 1 | 1 | |
FVOCI Securities | $ 4 | $ 2 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 78,493 | $ 74,476 | $ 64,515 |
Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 76,188 | 63,313 | |
Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,324 | 1,263 | |
Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 19 | 61 | |
Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 78,493 | 64,515 | |
Canadian federal government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 27,329 | 11,876 | |
Canadian federal government [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 253 | 72 | |
Canadian federal government [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4 | ||
Canadian federal government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 27,582 | 11,944 | |
Canadian Provincial And Municipal Governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4,585 | 5,907 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 140 | 106 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1 | ||
Canadian Provincial And Municipal Governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4,725 | 6,012 | |
US federal Government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 17,646 | 15,363 | |
US federal Government [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,039 | 617 | |
US federal Government [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6 | 5 | |
US federal Government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 18,679 | 15,975 | |
US State Municipal And Agencies Debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,196 | 4,091 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 169 | 74 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2 | 4 | |
US State Municipal And Agencies Debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,363 | 4,161 | |
Other governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,949 | 7,179 | |
Other governments [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 205 | 158 | |
Other governments [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4 | 2 | |
Other governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,150 | 7,335 | |
National Housing Act ("NHA") mortgage-backed securities ("MBS") [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,614 | 1,953 | |
National Housing Act ("NHA") mortgage-backed securities ("MBS") [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 51 | 18 | |
National Housing Act ("NHA") mortgage-backed securities ("MBS") [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2 | 1 | |
National Housing Act ("NHA") mortgage-backed securities ("MBS") [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,663 | 1,970 | |
U.S. agency MBS and collateralized mortgage obligations ("CMO") [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 9,543 | 11,966 | |
U.S. agency MBS and collateralized mortgage obligations ("CMO") [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 336 | 106 | |
U.S. agency MBS and collateralized mortgage obligations ("CMO") [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4 | 42 | |
U.S. agency MBS and collateralized mortgage obligations ("CMO") [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 9,875 | 12,030 | |
Corporate debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,241 | 4,899 | |
Corporate debt [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 129 | 110 | |
Corporate debt [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1 | 2 | |
Corporate debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,369 | 5,007 | |
Corporate equity [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 85 | 79 | |
Corporate equity [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2 | 2 | |
Corporate equity [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 87 | $ 81 |
Securities - Summary of Interes
Securities - Summary of Interest Income Calculated Using Effective Interest Method (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disclosure Of Interest Income [Line Items] | ||||
Total | $ 329 | $ 478 | $ 1,278 | $ 1,365 |
Financial assets at fair value through other comprehensive income, category [member] | Debt securities [member] | ||||
Disclosure Of Interest Income [Line Items] | ||||
Total | 185 | 403 | 823 | 1,202 |
Amortized cost [member] | ||||
Disclosure Of Interest Income [Line Items] | ||||
Total | $ 144 | $ 75 | $ 455 | $ 163 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 9 Months Ended | |
Jul. 31, 2020 | Oct. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | $ 3,707 | $ 2,094 |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 3,251 | 1,850 |
Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 456 | 244 |
Related to performing loans, assuming 100% base case scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,976 | 1,609 |
Modelled allowance account for credit losses of financial assets based on assumptions | 2,725 | 1,325 |
Related to performing loans, assuming 100% adverse scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,976 | 1,609 |
Modelled allowance account for credit losses of financial assets based on assumptions | 3,550 | 2,800 |
Performing loans, stage one scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,976 | 1,609 |
Modelled allowance account for credit losses of financial assets based on assumptions | $ 2,300 | $ 1,050 |
Expected credit loss period | 12 months |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Summary of Credit Risk Exposures for Loans Carried at Amortized Cost or FVTPL (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | $ 3,707 | $ 2,094 |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 125,341 | 123,676 |
Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 140 | 64 |
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 430 | 414 |
Residential mortgages [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1 | |
Residential mortgages [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 79,750 | 79,253 |
Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 25,419 | 23,674 |
Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 18,154 | 18,229 |
Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 453 | 521 |
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,274 | 1,649 |
Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 68,506 | 67,200 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 662 | 536 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 433 | 468 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,617 | 21,048 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 25,870 | 16,685 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 21,154 | 10,240 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 14,777 | 14,774 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,860 | 1,820 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,457 | 2,701 |
Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,617 | 8,623 |
Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 330 | 236 |
Credit Card Loans [Member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,155 | 2,418 |
Credit Card Loans [Member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,092 | 1,230 |
Credit Card Loans [Member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,068 | 1,128 |
Credit Card Loans [Member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,665 | 2,896 |
Credit Card Loans [Member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 437 | 580 |
Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 530 | 607 |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 261,896 | 250,188 |
Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 2,119 | 1,014 |
Business and government loans [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,550 | 1,747 |
Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 131,485 | 135,615 |
Business and government loans [member] | Gross carrying amount [member] | Sub investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 120,898 | 108,284 |
Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 8,082 | 5,556 |
Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 456 | 244 |
Commitments and financial guarantee contracts | 198,835 | 189,630 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 1,164 | 324 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 134,329 | 135,804 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Sub investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 60,379 | 51,613 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 3,419 | 2,133 |
Stage One [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 114,829 | 115,155 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 65 | 15 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1 | |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 79,472 | 79,011 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 22,654 | 20,853 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 11,594 | 13,651 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 91 | 124 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,082 | 1,531 |
Stage One [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 61,214 | 60,827 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 115 | 82 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,584 | 21,023 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 25,827 | 16,491 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 20,281 | 9,894 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 9,921 | 10,510 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 367 | 397 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,349 | 2,594 |
Stage One [member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,354 | 7,325 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 60 | 43 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,155 | 2,418 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,076 | 1,214 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 904 | 970 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,700 | 2,020 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 49 | 140 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 530 | 606 |
Stage One [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 217,356 | 231,055 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 573 | 263 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 124,728 | 134,587 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | Sub investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 93,201 | 96,731 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 212 | 119 |
Commitments and financial guarantee contracts | 175,391 | 179,979 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 132,838 | 134,920 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Sub investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 42,765 | 45,178 |
Stage Two [Member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 10,099 | 8,124 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 58 | 32 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 278 | 242 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,765 | 2,821 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,560 | 4,578 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 362 | 397 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 192 | 118 |
Stage Two [Member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,986 | 6,041 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 420 | 318 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 33 | 25 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 43 | 194 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 873 | 346 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 4,856 | 4,264 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,493 | 1,423 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 108 | 107 |
Stage Two [Member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,263 | 1,298 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 270 | 193 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 16 | 16 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 164 | 158 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 965 | 876 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 388 | 440 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1 | |
Stage Two [Member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 41,565 | 17,696 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 971 | 441 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,757 | 1,028 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Sub investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 27,697 | 11,553 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 8,082 | 5,556 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 232 | 103 |
Commitments and financial guarantee contracts | 22,292 | 9,349 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 1,491 | 884 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Sub investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 17,614 | 6,435 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 3,419 | 2,133 |
Stage three [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 413 | 397 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 17 | 17 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 430 | 414 |
Stage three [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 306 | 332 |
Stage three [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 127 | 136 |
Stage three [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 433 | 468 |
Stage three [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,975 | 1,437 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 575 | 310 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,550 | 1,747 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 12 | 22 |
Commitments and financial guarantee contracts | 1,152 | 302 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | $ 1,164 | $ 324 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | $ 2,094 | |||
Ending balance | $ 3,707 | 3,707 | ||
IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 3,707 | $ 2,058 | 3,707 | $ 2,058 |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 3,251 | 1,802 | 3,251 | 1,802 |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 456 | 256 | 456 | 256 |
Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 93 | 97 | 86 | 102 |
Net remeasurement of loss allowance | 67 | (3) | 93 | (1) |
Loan originations | 4 | 2 | 8 | 5 |
Derecognitions and maturities | (2) | (2) | (5) | (4) |
Model changes | (4) | (8) | ||
Total PCL | 65 | (3) | 88 | |
Write-offs | (3) | (6) | (9) | (13) |
Recoveries of previous write-offs | 2 | 7 | 6 | 12 |
Foreign exchange and other | (7) | (8) | (21) | (14) |
Ending balance | 150 | 87 | 150 | 87 |
Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 648 | 538 | 558 | 560 |
Net remeasurement of loss allowance | 109 | 78 | 297 | 146 |
Loan originations | 9 | 12 | 32 | 35 |
Derecognitions and maturities | (13) | (17) | (39) | (42) |
Model changes | 19 | 49 | ||
Total PCL | 124 | 73 | 339 | 139 |
Write-offs | (81) | (80) | (248) | (233) |
Recoveries of previous write-offs | 22 | 25 | 64 | 97 |
Foreign exchange and other | (16) | (9) | (16) | (16) |
Ending balance | 697 | 547 | 697 | 547 |
Consumer installment and other personal loans [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 3,251 | 3,251 | ||
Consumer installment and other personal loans [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 456 | 456 | ||
Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 434 | 308 | 305 | 293 |
Net remeasurement of loss allowance | 81 | 79 | 343 | 211 |
Loan originations | 5 | 5 | 13 | 15 |
Derecognitions and maturities | (8) | (7) | (22) | (21) |
Model changes | (11) | (11) | ||
Total PCL | 67 | 77 | 323 | 205 |
Write-offs | (80) | (91) | (257) | (250) |
Recoveries of previous write-offs | 19 | 20 | 66 | 66 |
Foreign exchange and other | (11) | 1 | (8) | 1 |
Ending balance | 429 | 315 | 429 | 315 |
Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 1,961 | 1,019 | 1,145 | 915 |
Net remeasurement of loss allowance | 789 | 157 | 1,762 | 248 |
Loan originations | 53 | 53 | 153 | 163 |
Derecognitions and maturities | (57) | (50) | (149) | (132) |
Model changes | (11) | (22) | ||
Total PCL | 774 | 160 | 1,744 | 279 |
Write-offs | (300) | (52) | (516) | (123) |
Recoveries of previous write-offs | 37 | 2 | 60 | 61 |
Foreign exchange and other | (41) | (20) | (2) | (23) |
Ending balance | 2,431 | 1,109 | 2,431 | 1,109 |
Stage One [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 1,025 | 536 | 1,025 | 536 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 813 | 409 | 813 | 409 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 212 | 127 | 212 | 127 |
Stage One [member] | Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 29 | 16 | 15 | 20 |
Transfer to Stage 1 | 8 | 7 | 19 | 21 |
Transfer to Stage 2 | (1) | (1) | (2) | (2) |
Net remeasurement of loss allowance | 27 | (9) | 29 | (29) |
Loan originations | 4 | 2 | 8 | 5 |
Derecognitions and maturities | (1) | (1) | (1) | |
Model changes | (1) | (3) | ||
Total PCL | 37 | (2) | 50 | (6) |
Foreign exchange and other | (1) | |||
Ending balance | 65 | 14 | 65 | 14 |
Stage One [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 116 | 86 | 89 | 90 |
Transfer to Stage 1 | 59 | 44 | 138 | 131 |
Transfer to Stage 2 | (10) | (4) | (20) | (13) |
Transfer to Stage 3 | (1) | (1) | (3) | (4) |
Net remeasurement of loss allowance | (50) | (40) | (112) | (134) |
Loan originations | 9 | 12 | 32 | 35 |
Derecognitions and maturities | (4) | (4) | (12) | (12) |
Model changes | 11 | 16 | ||
Total PCL | 14 | 7 | 39 | 3 |
Foreign exchange and other | (3) | (1) | (1) | (1) |
Ending balance | 127 | 92 | 127 | 92 |
Stage One [member] | Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 115 | 77 | 80 | 74 |
Transfer to Stage 1 | 50 | 28 | 107 | 78 |
Transfer to Stage 2 | (9) | (5) | (25) | (16) |
Transfer to Stage 3 | (1) | (1) | (1) | |
Net remeasurement of loss allowance | (44) | (24) | (57) | (68) |
Loan originations | 5 | 5 | 13 | 15 |
Derecognitions and maturities | (1) | (1) | (3) | (3) |
Model changes | (1) | (1) | ||
Total PCL | 2 | 33 | 5 | |
Foreign exchange and other | (3) | (1) | ||
Ending balance | 112 | 79 | 112 | 79 |
Stage One [member] | Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 580 | 336 | 338 | 298 |
Transfer to Stage 1 | 45 | 31 | 109 | 139 |
Transfer to Stage 2 | (65) | (16) | (118) | (41) |
Transfer to Stage 3 | (4) | (1) | (6) | (1) |
Net remeasurement of loss allowance | 145 | (23) | 321 | (141) |
Loan originations | 53 | 53 | 153 | 163 |
Derecognitions and maturities | (21) | (28) | (63) | (75) |
Model changes | (7) | (30) | ||
Total PCL | 146 | 16 | 366 | 44 |
Foreign exchange and other | (5) | (1) | 17 | 9 |
Ending balance | 721 | 351 | 721 | 351 |
Stage Two [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 1,951 | 1,052 | 1,951 | 1,052 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 1,719 | 946 | 1,719 | 946 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 232 | 106 | 232 | 106 |
Stage Two [Member] | Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 37 | 37 | 33 | 38 |
Transfer to Stage 1 | (7) | (6) | (17) | (19) |
Transfer to Stage 2 | 4 | 2 | 7 | 5 |
Transfer to Stage 3 | (1) | (3) | (4) | (7) |
Net remeasurement of loss allowance | 30 | 6 | 47 | 21 |
Derecognitions and maturities | (2) | (1) | (4) | (3) |
Model changes | (3) | (5) | ||
Total PCL | 21 | (2) | 24 | (3) |
Foreign exchange and other | 1 | |||
Ending balance | 58 | 35 | 58 | 35 |
Stage Two [Member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 407 | 324 | 333 | 326 |
Transfer to Stage 1 | (57) | (42) | (131) | (122) |
Transfer to Stage 2 | 21 | 18 | 66 | 62 |
Transfer to Stage 3 | (27) | (32) | (79) | (84) |
Net remeasurement of loss allowance | 103 | 66 | 247 | 168 |
Derecognitions and maturities | (9) | (13) | (27) | (30) |
Model changes | 8 | 33 | ||
Total PCL | 39 | (3) | 109 | (6) |
Foreign exchange and other | (3) | (1) | 1 | |
Ending balance | 443 | 320 | 443 | 320 |
Stage Two [Member] | Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 319 | 231 | 225 | 219 |
Transfer to Stage 1 | (50) | (28) | (107) | (78) |
Transfer to Stage 2 | 9 | 5 | 25 | 16 |
Transfer to Stage 3 | (48) | (46) | (129) | (125) |
Net remeasurement of loss allowance | 105 | 79 | 332 | 221 |
Derecognitions and maturities | (7) | (6) | (19) | (18) |
Model changes | (10) | (10) | ||
Total PCL | (1) | 4 | 92 | 16 |
Foreign exchange and other | (1) | 1 | 1 | |
Ending balance | 317 | 236 | 317 | 236 |
Stage Two [Member] | Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 795 | 423 | 496 | 408 |
Transfer to Stage 1 | (45) | (30) | (102) | (135) |
Transfer to Stage 2 | 66 | 17 | 121 | 53 |
Transfer to Stage 3 | (163) | (14) | (226) | (41) |
Net remeasurement of loss allowance | 510 | 91 | 883 | 230 |
Derecognitions and maturities | (36) | (22) | (86) | (57) |
Model changes | (4) | 8 | ||
Total PCL | 328 | 42 | 598 | 50 |
Foreign exchange and other | 10 | (4) | 39 | 3 |
Ending balance | 1,133 | 461 | 1,133 | 461 |
Stage three [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 731 | 470 | 731 | 470 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 719 | 447 | 719 | 447 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 12 | 23 | 12 | 23 |
Stage three [member] | Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 27 | 44 | 38 | 44 |
Transfer to Stage 1 | (1) | (1) | (2) | (2) |
Transfer to Stage 2 | (3) | (1) | (5) | (3) |
Transfer to Stage 3 | 1 | 3 | 4 | 7 |
Net remeasurement of loss allowance | 10 | 17 | 7 | |
Total PCL | 7 | 1 | 14 | 9 |
Write-offs | (3) | (6) | (9) | (13) |
Recoveries of previous write-offs | 2 | 7 | 6 | 12 |
Foreign exchange and other | (6) | (8) | (22) | (14) |
Ending balance | 27 | 38 | 27 | 38 |
Stage three [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 125 | 128 | 136 | 144 |
Transfer to Stage 1 | (2) | (2) | (7) | (9) |
Transfer to Stage 2 | (11) | (14) | (46) | (49) |
Transfer to Stage 3 | 28 | 33 | 82 | 88 |
Net remeasurement of loss allowance | 56 | 52 | 162 | 112 |
Total PCL | 71 | 69 | 191 | 142 |
Write-offs | (81) | (80) | (248) | (233) |
Recoveries of previous write-offs | 22 | 25 | 64 | 97 |
Foreign exchange and other | (10) | (7) | (16) | (15) |
Ending balance | 127 | 135 | 127 | 135 |
Stage three [member] | Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Transfer to Stage 3 | 48 | 47 | 130 | 126 |
Net remeasurement of loss allowance | 20 | 24 | 68 | 58 |
Total PCL | 68 | 71 | 198 | 184 |
Write-offs | (80) | (91) | (257) | (250) |
Recoveries of previous write-offs | 19 | 20 | 66 | 66 |
Foreign exchange and other | (7) | (7) | ||
Stage three [member] | Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 586 | 260 | 311 | 209 |
Transfer to Stage 1 | (1) | (7) | (4) | |
Transfer to Stage 2 | (1) | (1) | (3) | (12) |
Transfer to Stage 3 | 167 | 15 | 232 | 42 |
Net remeasurement of loss allowance | 134 | 89 | 558 | 159 |
Total PCL | 300 | 102 | 780 | 185 |
Write-offs | (300) | (52) | (516) | (123) |
Recoveries of previous write-offs | 37 | 2 | 60 | 61 |
Foreign exchange and other | (46) | (15) | (58) | (35) |
Ending balance | $ 577 | $ 297 | $ 577 | $ 297 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Other assets [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Provision for credit losses | $ 24 | $ (1) | $ 27 | $ (4) |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | $ 448,579 | $ 471,719 | $ 427,944 |
Allowance for credit losses | 3,251 | 2,776 | 1,850 |
Loans, Net amount | 445,328 | $ 468,943 | 426,094 |
Allowance for credit losses related to loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 448,579 | 427,944 | |
Loans, Net amount | 445,328 | 426,094 | |
Allowance for credit losses related to loans [member] | Related to impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 719 | 463 | |
Allowance for credit losses related to loans [member] | Related to performing loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 2,532 | 1,387 | |
Allowance for credit losses related to loans [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 270,348 | 258,842 | |
Loans, Net amount | 268,668 | 257,895 | |
Allowance for credit losses related to loans [member] | Canada [member] | Related to impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 345 | 207 | |
Allowance for credit losses related to loans [member] | Canada [member] | Related to performing loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 1,335 | 740 | |
Allowance for credit losses related to loans [member] | United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 166,278 | 158,454 | |
Loans, Net amount | 164,740 | 157,568 | |
Allowance for credit losses related to loans [member] | United States [member] | Related to impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 374 | 256 | |
Allowance for credit losses related to loans [member] | United States [member] | Related to performing loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 1,164 | 630 | |
Allowance for credit losses related to loans [member] | Other countries [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 11,953 | 10,648 | |
Loans, Net amount | 11,920 | 10,631 | |
Allowance for credit losses related to loans [member] | Other countries [member] | Related to performing loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | $ 33 | $ 17 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 33,885 | $ 38,201 | $ 38,607 |
Allowance for credit losses on impaired loans, other credit instruments [Member] | Related to impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | 12 | 22 | |
Allowance for credit losses on performing loans, other credit instruments [member] | Related to performing loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 444 | $ 222 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Oct. 31, 2019 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 3,694 | $ 2,166 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,124 | 707 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,511 | 1,459 |
Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 59 | |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 413 | 397 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 306 | 332 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,975 | 1,437 |
Accumulated impairment [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 719 | 463 |
Accumulated impairment [member] | Related to specific allowances [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 345 | 207 |
Accumulated impairment [member] | Related to specific allowances [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 374 | 256 |
Accumulated impairment [member] | Residential mortgages [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 17 | 17 |
Accumulated impairment [member] | Consumer installment and other personal [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 127 | 136 |
Accumulated impairment [member] | Business and government loans [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 575 | 310 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,413 | 2,629 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,469 | 914 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,885 | 1,715 |
Gross carrying amount [member] | Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 59 | |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 430 | 414 |
Gross carrying amount [member] | Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 433 | 468 |
Gross carrying amount [member] | Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 3,550 | $ 1,747 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 33,885 | $ 38,201 | $ 38,607 |
Accumulated impairment [member] | Allowance for credit losses related to other credit instruments [member] | Related to specific allowances [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 12 | $ 22 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Detail) - Financial assets past due but not impaired [member] - CAD ($) $ in Millions | Jul. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 3,343 | $ 4,007 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 961 | 1,287 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,670 | 2,103 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 712 | 617 |
1 - 29 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,246 | 2,747 |
1 - 29 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 598 | 806 |
1 - 29 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,261 | 1,590 |
1 - 29 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 387 | 351 |
1 - 3 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 956 | 1,098 |
1 - 3 Months [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 335 | 465 |
1 - 3 Months [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 328 | 426 |
1 - 3 Months [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 293 | 207 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 141 | 162 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 28 | 16 |
90 days or more [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 81 | 87 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 32 | $ 59 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Oct. 31, 2019 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 43 | $ 54 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Key Economic Variables Used in Base Case (Detail) | 9 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Oct. 31, 2019 | |
Base Scenario [member] | Canada [member] | 2020 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (6.00%) | 1.70% |
BBB | 2.40% | 2.30% |
Unemployment rates | 9.50% | 5.70% |
Housing Price Index ("HPI") | 3.50% | 2.00% |
Base Scenario [member] | Canada [member] | 2021 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 6.00% | 1.60% |
BBB | 2.30% | 2.30% |
Unemployment rates | 8.00% | 5.90% |
Housing Price Index ("HPI") | 0.00% | 2.50% |
Base Scenario [member] | United States [member] | 2020 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (5.50%) | 1.80% |
BBB | 2.50% | 2.30% |
Unemployment rates | 8.90% | 3.70% |
Housing Price Index ("HPI") | 1.00% | 3.00% |
Base Scenario [member] | United States [member] | 2021 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 5.00% | 1.90% |
BBB | 2.40% | 2.40% |
Unemployment rates | 7.00% | 3.80% |
Housing Price Index ("HPI") | 1.60% | 2.70% |
Benign scenario [member] | Canada [member] | 2020 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (4.60%) | 2.90% |
BBB | 2.10% | 2.00% |
Unemployment rates | 8.50% | 5.10% |
Housing Price Index ("HPI") | 5.30% | 3.70% |
Benign scenario [member] | Canada [member] | 2021 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 8.90% | 2.50% |
BBB | 1.90% | 2.10% |
Unemployment rates | 6.50% | 5.00% |
Housing Price Index ("HPI") | 5.40% | 3.70% |
Benign scenario [member] | United States [member] | 2020 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (4.10%) | 2.40% |
BBB | 2.20% | 1.80% |
Unemployment rates | 7.50% | 3.30% |
Housing Price Index ("HPI") | 2.40% | 4.40% |
Benign scenario [member] | United States [member] | 2021 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 7.80% | 2.40% |
BBB | 1.90% | 2.00% |
Unemployment rates | 5.40% | 3.20% |
Housing Price Index ("HPI") | 4.60% | 4.20% |
Adverse scenario [member] | Canada [member] | 2020 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (7.60%) | (2.30%) |
BBB | 2.80% | 4.50% |
Unemployment rates | 10.90% | 8.50% |
Housing Price Index ("HPI") | 0.80% | (12.30%) |
Adverse scenario [member] | Canada [member] | 2021 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 3.70% | 0.50% |
BBB | 3.10% | 4.10% |
Unemployment rates | 10.00% | 9.00% |
Housing Price Index ("HPI") | (7.50%) | (4.70%) |
Adverse scenario [member] | United States [member] | 2020 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (7.10%) | (2.00%) |
BBB | 3.00% | 4.10% |
Unemployment rates | 10.30% | 6.10% |
Housing Price Index ("HPI") | (0.40%) | (5.70%) |
Adverse scenario [member] | United States [member] | 2021 forecast [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 2.50% | 0.60% |
BBB | 3.20% | 3.60% |
Unemployment rates | 8.90% | 6.80% |
Housing Price Index ("HPI") | (1.90%) | (2.20%) |
Deposits and Subordinated Deb_2
Deposits and Subordinated Debt - Summary of Deposits (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line Items] | |||
Interest bearing | $ 52,778 | $ 34,440 | |
Non-interest bearing | 72,403 | 58,467 | |
Payables after notice | 223,809 | 180,343 | |
Payable on a fixed date | 311,610 | 294,893 | |
Total | 660,600 | $ 653,710 | 568,143 |
Canada [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 39,943 | 27,338 | |
Non-interest bearing | 62,427 | 49,911 | |
Payables after notice | 107,555 | 90,630 | |
Payable on a fixed date | 201,878 | 181,835 | |
Total | 411,803 | 349,714 | |
United States [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 11,254 | 6,043 | |
Non-interest bearing | 9,935 | 8,531 | |
Payables after notice | 114,926 | 88,604 | |
Payable on a fixed date | 77,713 | 86,368 | |
Total | 213,828 | 189,546 | |
Other countries [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 1,581 | 1,059 | |
Non-interest bearing | 41 | 25 | |
Payables after notice | 1,328 | 1,109 | |
Payable on a fixed date | 32,019 | 26,690 | |
Total | 34,969 | 28,883 | |
Banks [Member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 3,245 | 1,996 | |
Non-interest bearing | 1,773 | 1,530 | |
Payables after notice | 1,240 | 1,017 | |
Payable on a fixed date | 35,641 | 19,273 | |
Total | 41,899 | 23,816 | |
Business and governments [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 45,320 | 29,083 | |
Non-interest bearing | 41,901 | 33,853 | |
Payables after notice | 115,048 | 85,022 | |
Payable on a fixed date | 195,436 | 195,199 | |
Total | 397,705 | 343,157 | |
Individuals [Member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 4,213 | 3,361 | |
Non-interest bearing | 28,729 | 23,084 | |
Payables after notice | 107,521 | 94,304 | |
Payable on a fixed date | 80,533 | 80,421 | |
Total | $ 220,996 | $ 201,170 |
Deposits and Subordinated Deb_3
Deposits and Subordinated Debt - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 311,610 | $ 294,893 |
Total deposits payable on a fixed date | 40,757 | 25,438 |
Deposits with Bank | 12,741 | |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 318,088 | 279,860 |
Non USD Non CAD [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 38,861 | 36,680 |
Bank Recapitalization (Bail-In) Regime [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 24,990 | 16,248 |
Canada [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 201,878 | 181,835 |
United States [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 77,713 | 86,368 |
Other countries [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 32,019 | 26,690 |
More Than One Hundred Thousand [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 276,218 | 258,862 |
More Than One Hundred Thousand [Member] | Canada [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 173,167 | 152,499 |
More Than One Hundred Thousand [Member] | Canada [member] | 0 to 3 months [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 27,729 | 26,234 |
More Than One Hundred Thousand [Member] | Canada [member] | 3-6 month [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 11,351 | 8,400 |
More Than One Hundred Thousand [Member] | Canada [member] | Later than six months and not later than one year [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 41,220 | 31,155 |
More Than One Hundred Thousand [Member] | Canada [member] | After 12 months [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 92,867 | 86,710 |
More Than One Hundred Thousand [Member] | United States [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 71,037 | 79,682 |
More Than One Hundred Thousand [Member] | Other countries [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 32,014 | $ 26,681 |
Deposits and Subordinated Deb_4
Deposits and Subordinated Debt - Additional Information (Detail) - Subordinated debt [member] $ in Millions | Jul. 17, 2020CAD ($) |
Disclosure Of Deposits [Line Items] | |
Notional amount | $ 1,250 |
Interest rate | 2.077% |
Maturity date | June 17, 2030 |
Equity - Summary of Classes of
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Detail) - CAD ($) $ in Millions | 9 Months Ended | |||||
Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | Jul. 31, 2019 | Apr. 30, 2019 | Oct. 31, 2018 | |
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 54,587 | $ 55,234 | $ 51,076 | $ 50,643 | ||
Class B Series 25 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 9,425,607 | 9,425,607 | ||||
Balance at End of Period | $ 236 | $ 236 | ||||
Convertible into | Class B -Series 26 | |||||
Class B Series 26 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 2,174,393 | 2,174,393 | ||||
Balance at End of Period | $ 54 | $ 54 | ||||
Convertible into | Class B -Series 25 | |||||
Class B Series 27 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 20,000,000 | 20,000,000 | ||||
Balance at End of Period | $ 500 | $ 500 | ||||
Convertible into | Class B -Series 28 | |||||
Class B Series 29 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||||
Balance at End of Period | $ 400 | $ 400 | ||||
Convertible into | Class B -Series 30 | |||||
Class B Series 31 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 12,000,000 | 12,000,000 | ||||
Balance at End of Period | $ 300 | $ 300 | ||||
Convertible into | Class B -Series 32 | |||||
Class B Series 33 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 8,000,000 | 8,000,000 | ||||
Balance at End of Period | $ 200 | $ 200 | ||||
Convertible into | Class B -Series 34 | |||||
Class B Series 35 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 6,000,000 | 6,000,000 | ||||
Balance at End of Period | $ 150 | $ 150 | ||||
Convertible into | Not convertible | |||||
Class B Series 36 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 600,000 | 600,000 | ||||
Balance at End of Period | $ 600 | $ 600 | ||||
Convertible into | Class B -Series 37 | |||||
Class B Series 38 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 24,000,000 | 24,000,000 | ||||
Balance at End of Period | $ 600 | $ 600 | ||||
Convertible into | Class B -Series 39 | |||||
Class B Series 40 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 20,000,000 | 20,000,000 | ||||
Balance at End of Period | $ 500 | $ 500 | ||||
Convertible into | Class B - Series 41 | |||||
Class B Series 42 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||||
Balance at End of Period | $ 400 | $ 400 | ||||
Convertible into | Class B -Series 43 | |||||
Class B Series 44 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||||
Balance at End of Period | $ 400 | $ 400 | ||||
Convertible into | Class B -Series 45 | |||||
Class B Series 46 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 14,000,000 | 14,000,000 | ||||
Balance at End of Period | $ 350 | $ 350 | ||||
Convertible into | Class B -Series 47 | |||||
Preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 4,690 | 4,690 | ||||
Other Equity Instrument [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 658 | $ 658 | ||||
Common shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 642,804,880 | 639,232,276 | ||||
Balance at End of Period | $ 13,200 | $ 13,000 | $ 12,971 | $ 12,958 | $ 12,939 | $ 12,929 |
Ordinary and preference shares [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 18,548 | $ 18,319 |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 31, 2020 | Jul. 31, 2020 | Oct. 31, 2019 | |
Bottom of range [member] | |||
Disclosure of classes of share capital [line items] | |||
Common stock conversion price | $ 5 | $ 5 | |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 642,804,880 | 642,804,880 | 639,232,276 |
Stock options issued, convertible shares | 6,635,228 | 6,108,307 | |
Number of shares issued | 0 | 0 | |
Common shares [member] | Dividend reinvestment and share purchase plan [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 3,355,394 | 3,355,394 | |
Common shares [member] | Stock Option Plan [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares issued | 8,614 | 423,737 | |
Treasury shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 206,527 | 206,527 |
Equity - Additional Information
Equity - Additional Information (Detail) $ in Millions, $ in Millions | Aug. 10, 2020shares | Feb. 25, 2020shares | Jul. 31, 2020CAD ($)shares | Jul. 31, 2020CAD ($)shares | Jul. 31, 2020USD ($) |
Additional Tier 1 Capital Notes (NVCC) [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Note Issued Face Value | $ 658 | $ 658 | $ 500 | ||
Interest Rate | 4.80% | ||||
Common shares [member] | Dividend reinvestment and share purchase plan [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares issued | 3,355,394 | 3,355,394 | |||
Normal course issuer bid [member] | Top of range [member] | Major ordinary share transactions [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Purchase of common shares for cancellation | 12,000,000 | ||||
Class B Series 33 [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Share conversion basis | one-for-one basis | ||||
Dividend rate reset term | 5 years | ||||
Earliest redemption date | Aug. 24, 2025 | ||||
Dividend rate, percent | 3.054% | 3.054% | 3.054% | ||
Class B Series 33 [member] | Major ordinary share transactions [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares tendered | 118,563 | ||||
Number of shares required for conversion | 1,000,000 | ||||
Number of shares issued | 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Securities | |||
Amortized cost | $ 45,229 | $ 41,592 | $ 24,472 |
Loans | |||
Consumer instalment and other personal | 69,168 | 69,818 | 67,736 |
Credit cards | 7,947 | 7,672 | 8,859 |
Business and government | 245,983 | 268,695 | 227,609 |
Loans gross of allowance for loan losses | 448,579 | 471,719 | 427,944 |
Deposits | 660,600 | 653,710 | 568,143 |
Securitization and structured entities' liabilities | 27,461 | 27,888 | 27,159 |
Subordinated Debt | 8,513 | $ 7,344 | 6,995 |
Not Carried At Fair Value [member] | At carrying value [member] | |||
Securities | |||
Amortized cost | 45,229 | 24,472 | |
Loans | |||
Residential mortgages | 125,341 | 123,676 | |
Consumer instalment and other personal | 68,506 | 67,200 | |
Credit cards | 7,617 | 8,623 | |
Business and government | 240,352 | 224,442 | |
Loans gross of allowance for loan losses | 441,816 | 423,941 | |
Deposits | 643,133 | 552,314 | |
Securitization and structured entities' liabilities | 27,461 | 27,159 | |
Subordinated Debt | 8,513 | 6,995 | |
Not Carried At Fair Value [member] | Fair Value [Member] | |||
Securities | |||
Amortized cost | 45,875 | 24,622 | |
Loans | |||
Residential mortgages | 127,108 | 124,093 | |
Consumer instalment and other personal | 69,181 | 67,516 | |
Credit cards | 7,617 | 8,623 | |
Business and government | 242,295 | 225,145 | |
Loans gross of allowance for loan losses | 446,201 | 425,377 | |
Deposits | 645,402 | 553,444 | |
Securitization and structured entities' liabilities | 28,159 | 27,342 | |
Subordinated Debt | $ 8,790 | $ 7,223 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Fairvalue of financial instruments on balance sheet [line items] | |||
Business and government | $ 245,983 | $ 268,695 | $ 227,609 |
Deposits | 660,600 | $ 653,710 | 568,143 |
Financial assets at fair value through profit or loss [member] | |||
Fairvalue of financial instruments on balance sheet [line items] | |||
Business and government | 3,562 | 2,156 | |
Financial assets at fair value through profit or loss [member] | Not Carried At Fair Value [member] | |||
Fairvalue of financial instruments on balance sheet [line items] | |||
Deposits | 17,467 | 15,829 | |
Financial assets at fair value through other comprehensive income [member] | |||
Fairvalue of financial instruments on balance sheet [line items] | |||
Business and government | $ 50 | $ 22 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | $ 89,207 | $ 83,362 | $ 85,903 |
FVTPL Securities | 14,053 | 13,572 | 13,704 |
FVOCI Securities | 78,493 | 74,476 | 64,515 |
Business and Government Loans | 245,983 | 268,695 | 227,609 |
Derivative Assets | |||
Derivative Assets | 38,796 | 41,150 | 22,144 |
Derivative Liabilities | |||
Derivative Liabilities | 39,859 | $ 45,909 | 23,598 |
Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 89,207 | 85,903 | |
FVTPL Securities | 14,053 | 13,704 | |
FVOCI Securities | 78,493 | 64,515 | |
Business and Government Loans | 3,612 | 2,178 | |
Securities sold but not yet purchased | 30,579 | 26,253 | |
Structured note liabilities and other note liabilities | 17,467 | 15,829 | |
Annuity liabilities | 1,232 | 1,043 | |
Fair value liabilities | 49,278 | 43,125 | |
Derivative Assets | |||
Derivative Assets | 38,796 | 22,144 | |
Derivative Liabilities | |||
Derivative Liabilities | 39,859 | 23,598 | |
Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 8,644 | 8,330 | |
FVTPL Securities | 735 | 517 | |
FVOCI Securities | 27,582 | 11,944 | |
Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,023 | 7,527 | |
FVTPL Securities | 1,470 | 1,279 | |
FVOCI Securities | 4,725 | 6,012 | |
Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,210 | 8,763 | |
FVTPL Securities | 44 | 48 | |
FVOCI Securities | 18,679 | 15,975 | |
Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 408 | 674 | |
FVOCI Securities | 5,363 | 4,161 | |
Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2,891 | 1,585 | |
FVTPL Securities | 95 | 49 | |
FVOCI Securities | 7,150 | 7,335 | |
Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,702 | 11,046 | |
FVTPL Securities | 3 | 5 | |
FVOCI Securities | 11,538 | 14,000 | |
Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 10,459 | 7,718 | |
FVTPL Securities | 8,237 | 8,217 | |
FVOCI Securities | 3,369 | 5,007 | |
Measured at fair value [Member] | Loans held for trading [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 45 | 103 | |
Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 38,825 | 40,157 | |
FVTPL Securities | 3,469 | 3,589 | |
FVOCI Securities | 87 | 81 | |
Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 17,357 | 10,457 | |
Derivative Liabilities | |||
Derivative Liabilities | 12,867 | 7,954 | |
Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 15,813 | 9,269 | |
Derivative Liabilities | |||
Derivative Liabilities | 18,735 | 10,863 | |
Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 2,012 | 1,146 | |
Derivative Liabilities | |||
Derivative Liabilities | 2,850 | 1,680 | |
Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 3,603 | 1,223 | |
Derivative Liabilities | |||
Derivative Liabilities | 5,385 | 2,999 | |
Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 11 | 49 | |
Derivative Liabilities | |||
Derivative Liabilities | 22 | 102 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 58,770 | 62,556 | |
FVTPL Securities | 2,626 | 2,456 | |
FVOCI Securities | 43,826 | 36,636 | |
Securities sold but not yet purchased | 25,323 | 22,393 | |
Fair value liabilities | 25,323 | 22,393 | |
Derivative Assets | |||
Derivative Assets | 1,233 | 576 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,124 | 352 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 4,746 | 6,959 | |
FVTPL Securities | 627 | 410 | |
FVOCI Securities | 21,492 | 11,168 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2,056 | 3,871 | |
FVTPL Securities | 239 | 364 | |
FVOCI Securities | 1,944 | 3,798 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 8,000 | 8,001 | |
FVTPL Securities | 9 | ||
FVOCI Securities | 17,046 | 15,068 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 38 | 48 | |
FVOCI Securities | 6 | 1 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,406 | 888 | |
FVOCI Securities | 2,748 | 4,396 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 5 | 14 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,694 | 2,620 | |
FVTPL Securities | 97 | 146 | |
FVOCI Securities | 590 | 2,205 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 38,825 | 40,155 | |
FVTPL Securities | 1,654 | 1,536 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 24 | 14 | |
Derivative Liabilities | |||
Derivative Liabilities | 31 | 11 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 9 | 7 | |
Derivative Liabilities | |||
Derivative Liabilities | 12 | 20 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 457 | 329 | |
Derivative Liabilities | |||
Derivative Liabilities | 603 | 218 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 743 | 226 | |
Derivative Liabilities | |||
Derivative Liabilities | 478 | 103 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 29,853 | 22,802 | |
FVTPL Securities | 9,620 | 9,264 | |
FVOCI Securities | 34,579 | 27,797 | |
Business and Government Loans | 1,409 | 442 | |
Securities sold but not yet purchased | 5,256 | 3,860 | |
Structured note liabilities and other note liabilities | 17,467 | 15,829 | |
Annuity liabilities | 1,232 | 1,043 | |
Fair value liabilities | 23,955 | 20,732 | |
Derivative Assets | |||
Derivative Assets | 37,563 | 21,568 | |
Derivative Liabilities | |||
Derivative Liabilities | 38,732 | 23,245 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,898 | 1,371 | |
FVTPL Securities | 108 | 107 | |
FVOCI Securities | 6,090 | 776 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,967 | 3,656 | |
FVTPL Securities | 1,231 | 915 | |
FVOCI Securities | 2,781 | 2,214 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,210 | 762 | |
FVTPL Securities | 35 | 48 | |
FVOCI Securities | 1,633 | 907 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 370 | 626 | |
FVOCI Securities | 5,356 | 4,159 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,485 | 697 | |
FVTPL Securities | 95 | 49 | |
FVOCI Securities | 4,402 | 2,939 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,113 | 10,494 | |
FVTPL Securities | 3 | 5 | |
FVOCI Securities | 11,538 | 14,000 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,765 | 5,091 | |
FVTPL Securities | 8,140 | 8,071 | |
FVOCI Securities | 2,779 | 2,802 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Loans held for trading [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 45 | 103 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2 | ||
FVTPL Securities | 8 | 69 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 17,333 | 10,443 | |
Derivative Liabilities | |||
Derivative Liabilities | 12,836 | 7,943 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 15,804 | 9,262 | |
Derivative Liabilities | |||
Derivative Liabilities | 18,723 | 10,843 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 1,555 | 817 | |
Derivative Liabilities | |||
Derivative Liabilities | 2,247 | 1,462 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 2,860 | 997 | |
Derivative Liabilities | |||
Derivative Liabilities | 4,907 | 2,896 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 11 | 49 | |
Derivative Liabilities | |||
Derivative Liabilities | 19 | 101 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 584 | 545 | |
FVTPL Securities | 1,807 | 1,984 | |
FVOCI Securities | 88 | 82 | |
Business and Government Loans | 2,203 | 1,736 | |
Derivative Liabilities | |||
Derivative Liabilities | 3 | 1 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
FVOCI Securities | 1 | 1 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 584 | 538 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 7 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
FVTPL Securities | 1,807 | 1,984 | |
FVOCI Securities | 87 | 81 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Liabilities | |||
Derivative Liabilities | $ 3 | $ 1 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Disclosure Of Quantitative Information Of Assets Liabilities (Detail) - Level 3 of fair value hierarchy [member] $ in Millions | 9 Months Ended |
Jul. 31, 2020CAD ($)xbps | |
Corporate equity [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Description of nature of class of assets measured at fair value | Corporate equity |
Financial assets at fairvalue | $ 1,807 |
Description of valuation processes used in fair value measurement, assets | Net Asset Value |
Business and government loans [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Description of nature of class of liabilities measured at fair value | Business and government loans |
Financial assets at fairvalue | $ 2,203 |
Description of valuation processes used in fair value measurement, liabilities | Discounted cash flows |
NHA MBS US agency MBS and CMO [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Description of nature of class of liabilities measured at fair value | NHA MBS and U.S. agency MBS and CMO |
Financial assets at fairvalue | $ 584 |
Description of valuation processes used in fair value measurement, liabilities | Discounted cash flows |
Bottom of range [member] | Corporate equity [member] | Multiple [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | x | 5 |
Bottom of range [member] | Business and government loans [member] | Discount Margin [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | bps | 56 |
Bottom of range [member] | NHA MBS US agency MBS and CMO [member] | Prepayment Rate [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | 7.00% |
Bottom of range [member] | NHA MBS US agency MBS and CMO [member] | Comparability Adjustment [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | (5.26) |
Top of range [member] | Corporate equity [member] | Multiple [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | x | 16 |
Top of range [member] | Business and government loans [member] | Discount Margin [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | bps | 224 |
Top of range [member] | NHA MBS US agency MBS and CMO [member] | Prepayment Rate [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | 86.00% |
Top of range [member] | NHA MBS US agency MBS and CMO [member] | Comparability Adjustment [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Range of input values | 5.54 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Disclosure Of Quantitative Information Of Assets Liabilities (Parenthetical) (Detail) $ in Millions | 9 Months Ended |
Jul. 31, 2020CAD ($) | |
Impact of a 10 basis point increase or decrease in discount margin [member] | |
Quantitative information about level 3 fair value measurements [Line items] | |
Business and government loans | $ 2 |
Corporate equity [member] | |
Quantitative information about level 3 fair value measurements [Line items] | |
Value of shares held in banks | $ 490 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Summary of Transfers Between Level 1 and Level 2 (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Trading securities [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | $ 994 | $ 1,734 | $ 5,761 | $ 5,392 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 2,682 | 901 | 3,952 | 4,260 |
Financial assets at fair value through profit or loss [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 19 | 218 | 518 | 682 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 241 | 38 | 302 | 390 |
Financial assets at fair value through other comprehensive income [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 1,768 | 1,834 | 9,032 | 9,723 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 4,294 | 2,335 | 7,012 | 3,910 |
Securities sold but not yet purchased [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 681 | 6,362 | 4,432 | 9,905 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 2,067 | $ 98 | $ 2,982 | $ 2,501 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Trading securities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | $ 535 | $ 222 | $ 545 | $ 262 |
Change in fair value included in earnings | (105) | (15) | (235) | (22) |
Change in fair value included in other comprehensive income | (20) | (3) | 10 | 1 |
Purchases | 362 | 123 | 861 | 312 |
Sales | (207) | (102) | (608) | (338) |
Transfers into Level 3 | 41 | 53 | 205 | 98 |
Transfers out of Level 3 | (22) | (6) | (194) | (41) |
Assets at end of period | 584 | 272 | 584 | 272 |
Change in unrealized gains (losses) recorded in income for instruments still held | (74) | (6) | (159) | (13) |
Trading securities [member] | NHA MBS US Agency MBS And CMO [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 487 | 215 | 538 | 255 |
Change in fair value included in earnings | (115) | (15) | (245) | (22) |
Change in fair value included in other comprehensive income | (18) | (3) | 12 | 1 |
Purchases | 362 | 97 | 811 | 280 |
Sales | (151) | (96) | (540) | (326) |
Transfers into Level 3 | 41 | 53 | 202 | 98 |
Transfers out of Level 3 | (22) | (5) | (194) | (40) |
Assets at end of period | 584 | 246 | 584 | 246 |
Change in unrealized gains (losses) recorded in income for instruments still held | (74) | (6) | (158) | (13) |
Trading securities [member] | Corporate debt [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 48 | 7 | 7 | 7 |
Change in fair value included in earnings | 10 | 10 | ||
Change in fair value included in other comprehensive income | (2) | (2) | ||
Purchases | 26 | 50 | 32 | |
Sales | (56) | (6) | (68) | (12) |
Transfers into Level 3 | 3 | |||
Transfers out of Level 3 | (1) | (1) | ||
Assets at end of period | 26 | 26 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | (1) | |||
Financial assets at fair value through profit or loss [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 2,062 | 1,907 | 1,984 | 1,825 |
Change in fair value included in earnings | (23) | 10 | (27) | 20 |
Change in fair value included in other comprehensive income | (57) | (21) | 23 | 2 |
Purchases | 58 | 77 | 244 | 324 |
Sales | (233) | (66) | (418) | (264) |
Maturities/Settlement | (1) | (1) | ||
Transfers into Level 3 | 1 | |||
Assets at end of period | 1,807 | 1,906 | 1,807 | 1,906 |
Change in unrealized gains (losses) recorded in income for instruments still held | 2 | 16 | 7 | 36 |
Financial assets at fair value through profit or loss [member] | Corporate equity [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 2,062 | 1,907 | 1,984 | 1,825 |
Change in fair value included in earnings | (23) | 10 | (27) | 20 |
Change in fair value included in other comprehensive income | (57) | (21) | 23 | 2 |
Purchases | 58 | 77 | 244 | 324 |
Sales | (233) | (66) | (418) | (264) |
Maturities/Settlement | (1) | (1) | ||
Transfers into Level 3 | 1 | |||
Assets at end of period | 1,807 | 1,906 | 1,807 | 1,906 |
Change in unrealized gains (losses) recorded in income for instruments still held | 2 | 16 | 7 | 36 |
Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 84 | 70 | 82 | 63 |
Purchases | 4 | 10 | 6 | 17 |
Assets at end of period | 88 | 80 | 88 | 80 |
Financial assets at fair value through other comprehensive income, category [member] | Corporate equity [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 83 | 69 | 81 | 62 |
Purchases | 4 | 10 | 6 | 17 |
Assets at end of period | 87 | 79 | 87 | 79 |
Financial assets at fair value through other comprehensive income, category [member] | US States, municipalities and agencies [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 1 | 1 | 1 | 1 |
Assets at end of period | 1 | 1 | 1 | 1 |
Business and government loans [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 2,028 | 2,172 | 1,736 | 1,450 |
Change in fair value included in earnings | (3) | 7 | ||
Change in fair value included in other comprehensive income | 95 | (31) | 183 | 13 |
Purchases | 765 | 155 | 1,705 | 1,369 |
Maturities/Settlement | (685) | (132) | (1,418) | (675) |
Assets at end of period | 2,203 | 2,164 | 2,203 | 2,164 |
Derivatives Liabilities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 4 | 1 | 2 | |
Transfers into Level 3 | 1 | 3 | 1 | |
Transfers out of Level 3 | (1) | (1) | (2) | |
Liabilities at end of period | 3 | 1 | 3 | 1 |
Derivatives Liabilities [member] | Equity contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 1 | |||
Transfers out of Level 3 | (1) | |||
Derivatives Liabilities [member] | Credit default swaps [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 4 | 1 | 1 | |
Transfers into Level 3 | 1 | 3 | 1 | |
Transfers out of Level 3 | (1) | (1) | (1) | |
Liabilities at end of period | $ 3 | 1 | $ 3 | 1 |
Fair Value Liabilities [Member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Purchases | (7) | |||
Sales | 172 | 179 | ||
Liabilities at end of period | 172 | 172 | ||
Fair Value Liabilities [Member] | Securities sold but not yet purchased [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Purchases | (7) | |||
Sales | 172 | 179 | ||
Liabilities at end of period | $ 172 | $ 172 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2020 | |
Disclosure of capital management [abstract] | |
Capital conservation buffer, percentage | 2.50% |
Common equity surcharge, percentage | 1.00% |
Domestic stability buffer, percentage | 1.00% |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020CAD ($) | Jul. 31, 2019CAD ($) | Jul. 31, 2020CAD ($) | Jul. 31, 2019CAD ($) | |
Disclosure of Sharebased Payment [Line Items] | ||||
Number of stock options, Granted | 0 | 0 | 976,087 | 931,047 |
Weighted average fair value of options granted | $ 9.46 | $ 10.23 | $ 9.46 | $ 10.23 |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) | 9 Months Ended | |
Jul. 31, 2020yr$ / shares | Jul. 31, 2019yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.30% | 5.70% |
Expected share price volatility | 15.40% | |
Risk-free rate of return | 2.50% | |
Exercise price | $ / shares | $ 101.47 | $ 89.90 |
Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected share price volatility | 20.00% | |
Risk-free rate of return | 1.90% | |
Expected period until exercise (in years) | 6.5 | 6.5 |
Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected share price volatility | 20.10% | |
Risk-free rate of return | 2.00% | |
Expected period until exercise (in years) | 7 | 7 |
Employee Compensation - Summary
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disclosure of defined benefit plans [line items] | |||||
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 1,964 | $ 1,902 | $ 1,960 | $ 5,994 | $ 6,042 |
Pension Plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Current service cost | 62 | 48 | 187 | 144 | |
Net interest (income) expense on net defined benefit (asset) liability | 1 | (5) | 1 | (14) | |
Past service cost (income) | (5) | ||||
Administrative expenses | 1 | 1 | 3 | 3 | |
Benefits expense | 64 | 44 | 191 | 128 | |
Canada and Quebec pension plan expense | 22 | 23 | 75 | 70 | |
Defined contribution expense | 37 | 37 | 135 | 127 | |
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 123 | 104 | 401 | 325 | |
Other employee future benefit plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Current service cost | 2 | 2 | 8 | 7 | |
Net interest (income) expense on net defined benefit (asset) liability | 8 | 10 | 24 | 29 | |
Benefits expense | 10 | 12 | 32 | 36 | |
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 10 | $ 12 | $ 32 | $ 36 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Basic Earnings Per Common Share | |||||
Net income attributable to equity holders of the bank | $ 1,232 | $ 689 | $ 1,557 | $ 3,513 | $ 4,564 |
Dividends on preferred shares and distributions payable on other equity instruments | (73) | (59) | (195) | (159) | |
Net income available to common shareholders | $ 1,159 | $ 1,498 | $ 3,318 | $ 4,405 | |
Weighted-average number of common shares outstanding | 641,300 | 638,900 | 640,129 | 638,803 | |
Basic earnings per common share | $ 1.81 | $ 1 | $ 2.34 | $ 5.18 | $ 6.90 |
Diluted Earnings Per Common Share | |||||
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 1,159 | $ 1,498 | $ 3,318 | $ 4,405 | |
Weighted-average number of common shares outstanding | 641,300 | 638,900 | 640,129 | 638,803 | |
Effect of dilutive instruments | |||||
Stock options potentially exercisable | 2,400 | 5,734 | 3,473 | 5,697 | |
Common shares potentially repurchased | (2,046) | (4,184) | (2,721) | (4,137) | |
Weighted-average number of diluted common shares outstanding | 641,654 | 640,450 | 640,881 | 640,363 | |
Diluted earnings per common share | $ 1.81 | $ 1 | $ 2.34 | $ 5.18 | $ 6.88 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Earnings per share [line items] | ||||
Outstanding options excluded from calculation of diluted earnings per share | 4,238,334 | 687,059 | 3,124,912 | 908,194 |
Dilutive potential shares from stock options [Member] | ||||
Earnings per share [line items] | ||||
Weighted-average exercise price | $ 94.30 | $ 104.14 | $ 99.72 | $ 102.98 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 9 Months Ended |
Jul. 31, 2020CAD ($) | |
2011 - 2015 taxation years [member] | |
Disclosure of Income Tax [Line items] | |
Additional income tax expense and interest | $ 941 |
Operating Segmentation - Additi
Operating Segmentation - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2020Business | |
Disclosure of operating segments [line items] | |
Number of operating groups | 3 |
Operating Segmentation - Summar
Operating Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2020 | Apr. 30, 2020 | Jul. 31, 2019 | Jul. 31, 2020 | Jul. 31, 2019 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 3,535 | $ 3,217 | $ 10,441 | $ 9,524 | |
Non-interest revenue | 3,654 | 3,449 | 8,759 | 9,872 | |
Total Revenue | 7,189 | $ 5,264 | 6,666 | 19,200 | 19,396 |
Provision for (recovery of) credit losses | 1,054 | 1,118 | 306 | 2,521 | 619 |
Insurance claims, commissions and changes in policy benefit liabilities | 1,189 | (197) | 887 | 1,708 | 2,374 |
Depreciation and amortization | 400 | 301 | 1,211 | 895 | |
Other non-interest expense | 3,044 | 3,190 | 9,418 | 9,748 | |
Income Before Provision for Income Taxes | 1,502 | 827 | 1,982 | 4,342 | 5,760 |
Provision for (recovery of) income taxes | 270 | 138 | 425 | 829 | 1,196 |
Reported net income (loss) | 1,232 | $ 689 | 1,557 | 3,513 | 4,564 |
Average Assets | 977,764 | 836,963 | 935,517 | 826,104 | |
Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 446 | 243 | 1,183 | 520 | |
Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 608 | 63 | 1,338 | 99 | |
Canadian P&C [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,509 | 1,500 | 4,561 | 4,342 | |
Non-interest revenue | 453 | 543 | 1,443 | 1,564 | |
Total Revenue | 1,962 | 2,043 | 6,004 | 5,906 | |
Provision for (recovery of) credit losses | 570 | 204 | 1,219 | 462 | |
Depreciation and amortization | 117 | 87 | 373 | 250 | |
Other non-interest expense | 843 | 874 | 2,549 | 2,610 | |
Income Before Provision for Income Taxes | 432 | 878 | 1,863 | 2,584 | |
Provision for (recovery of) income taxes | 112 | 228 | 482 | 670 | |
Reported net income (loss) | 320 | 650 | 1,381 | 1,914 | |
Average Assets | 252,028 | 239,948 | 251,325 | 235,562 | |
Canadian P&C [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 257 | 174 | 607 | 410 | |
Canadian P&C [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 313 | 30 | 612 | 52 | |
US P&C [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,107 | 1,066 | 3,287 | 3,160 | |
Non-interest revenue | 292 | 298 | 912 | 858 | |
Total Revenue | 1,399 | 1,364 | 4,199 | 4,018 | |
Provision for (recovery of) credit losses | 332 | 98 | 680 | 127 | |
Depreciation and amortization | 131 | 111 | 417 | 338 | |
Other non-interest expense | 621 | 693 | 1,913 | 2,008 | |
Income Before Provision for Income Taxes | 315 | 462 | 1,189 | 1,545 | |
Provision for (recovery of) income taxes | 52 | 94 | 236 | 327 | |
Reported net income (loss) | 263 | 368 | 953 | 1,218 | |
Average Assets | 140,615 | 129,098 | 139,196 | 124,590 | |
US P&C [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 109 | 61 | 365 | 94 | |
US P&C [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 223 | 37 | 315 | 33 | |
BMO Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 229 | 237 | 672 | 699 | |
Non-interest revenue | 2,255 | 1,876 | 4,727 | 5,396 | |
Total Revenue | 2,484 | 2,113 | 5,399 | 6,095 | |
Provision for (recovery of) credit losses | 8 | (2) | 17 | ||
Insurance claims, commissions and changes in policy benefit liabilities | 1,189 | 887 | 1,708 | 2,374 | |
Depreciation and amortization | 93 | 68 | 250 | 200 | |
Other non-interest expense | 744 | 817 | 2,387 | 2,463 | |
Income Before Provision for Income Taxes | 450 | 343 | 1,037 | 1,058 | |
Provision for (recovery of) income taxes | 109 | 93 | 261 | 265 | |
Reported net income (loss) | 341 | 250 | 776 | 793 | |
Average Assets | 46,308 | 41,891 | 45,234 | 40,345 | |
BMO Wealth Management [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 1 | 4 | 1 | ||
BMO Wealth Management [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 7 | (2) | 13 | (1) | |
BMO capital markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 952 | 537 | 2,503 | 1,695 | |
Non-interest revenue | 576 | 670 | 1,445 | 1,885 | |
Total Revenue | 1,528 | 1,207 | 3,948 | 3,580 | |
Provision for (recovery of) credit losses | 137 | 10 | 595 | 40 | |
Depreciation and amortization | 59 | 35 | 171 | 107 | |
Other non-interest expense | 766 | 764 | 2,264 | 2,380 | |
Income Before Provision for Income Taxes | 566 | 398 | 918 | 1,053 | |
Provision for (recovery of) income taxes | 140 | 84 | 210 | 233 | |
Reported net income (loss) | 426 | 314 | 708 | 820 | |
Average Assets | 379,131 | 343,292 | 370,363 | 342,829 | |
BMO capital markets [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 79 | 7 | 205 | 20 | |
BMO capital markets [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 58 | 3 | 390 | 20 | |
Corporate services [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | (262) | (123) | (582) | (372) | |
Non-interest revenue | 78 | 62 | 232 | 169 | |
Total Revenue | (184) | (61) | (350) | (203) | |
Provision for (recovery of) credit losses | 7 | (4) | 10 | (10) | |
Other non-interest expense | 70 | 42 | 305 | 287 | |
Income Before Provision for Income Taxes | (261) | (99) | (665) | (480) | |
Provision for (recovery of) income taxes | (143) | (74) | (360) | (299) | |
Reported net income (loss) | (118) | (25) | (305) | (181) | |
Average Assets | 159,682 | 82,734 | 129,399 | 82,778 | |
Corporate services [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | 1 | 2 | (5) | ||
Corporate services [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Provision for (recovery of) credit losses | $ 7 | $ (5) | $ 8 | $ (5) |
Legal Proceedings - Disclosure
Legal Proceedings - Disclosure of Legal Proceedings Explanatory (Detail) $ in Millions | May 31, 2019CAD ($) |
BMO Nesbitt Burns Inc., BMO InvestorLine Inc. and BMO Trust Company [Member] | |
Disclosure of contingent liabilities [line items] | |
Legal proceedings, class action claimed various monetary awards | $ 419 |
Acquisition - Additional Inform
Acquisition - Additional Information (Detail) $ in Millions, $ in Millions | Apr. 06, 2020CAD ($) | Jul. 31, 2020CAD ($) | Apr. 06, 2020USD ($) |
Bottom of range [member] | |||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||
Amortization period | 3 years | ||
Top of range [member] | |||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||
Amortization period | 12 years | ||
Clearpool Group Inc [Member] | |||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||
Acquisition of the business | $ 196 | $ 207 | $ 139 |
Acquired intangible assets | 85 | ||
Acquired goodwill | 138 | ||
Contingent consideration | $ 11 | $ 8 |
Acquisition - Summary of Fair V
Acquisition - Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition (Detail) - Clearpool Group Inc [Member] $ in Millions, $ in Millions | Jul. 31, 2020CAD ($) | Apr. 06, 2020CAD ($) | Apr. 06, 2020USD ($) |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||
Goodwill and intangible assets | $ 223 | ||
Other assets | 44 | ||
Total assets | 267 | ||
Liabilities | 60 | ||
Purchase price | $ 207 | $ 196 | $ 139 |