Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2020shares | |
Cover [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | FY |
Trading Symbol | BMO |
Entity Registrant Name | BANK OF MONTREAL /CAN/ |
Entity Central Index Key | 0000927971 |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 646,542,126 |
Entity Interactive Data Current | Yes |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Shares |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2020 | [1] | Oct. 31, 2019 | Oct. 31, 2018 | ||
Interest, Dividend and Fee Income | |||||
Loans | $ 17,945 | $ 19,824 | $ 16,275 | ||
Securities (Note 3) | [2] | 4,980 | 5,541 | 4,119 | |
Deposits with banks | 390 | 787 | 641 | ||
Interest, Dividend and Fee Income | 23,315 | 26,152 | 21,035 | ||
Interest Expense | |||||
Deposits | 6,239 | 8,616 | 6,080 | ||
Subordinated debt | 265 | 279 | 226 | ||
Other liabilities (Note 14) | 2,840 | 4,369 | 3,291 | ||
Interest Expense | 9,344 | 13,264 | 9,597 | ||
Net Interest Income | 13,971 | 12,888 | 11,438 | ||
Non-Interest Revenue | |||||
Securities commissions and fees | 1,036 | 1,023 | 1,025 | ||
Deposit and payment service charges | 1,221 | 1,204 | 1,134 | ||
Trading revenues (Note 17) | 15 | 298 | 705 | ||
Lending fees | 1,295 | 1,192 | 997 | ||
Card fees | 358 | 437 | 428 | ||
Investment management and custodial fees | 1,807 | 1,747 | 1,749 | ||
Mutual fund revenues | 1,417 | 1,419 | 1,473 | ||
Underwriting and advisory fees | 1,070 | 975 | 943 | ||
Securities gains, other than trading (Note 3) | 124 | 249 | 239 | ||
Foreign exchange gains, other than trading | 127 | 166 | 182 | ||
Insurance revenue | 2,178 | 3,183 | 1,879 | ||
Investments in associates and joint ventures | 161 | 151 | 167 | ||
Other | 406 | 551 | 546 | ||
Non-Interest Revenue | 11,215 | 12,595 | 11,467 | ||
Total Revenue | 25,186 | 25,483 | 22,905 | ||
Provision for Credit Losses (Note 4) | 2,953 | 872 | 662 | ||
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities (Note 14) | 1,708 | 2,709 | 1,352 | ||
Non-Interest Expense | |||||
Employee compensation (Notes 20 and 21) | 7,944 | 8,423 | 7,461 | ||
Premises and equipment (Note 9) | 3,202 | 2,988 | 2,753 | ||
Amortization of intangible assets (Note 11) | 620 | 554 | 503 | ||
Travel and business development | 384 | 545 | 519 | ||
Communications | 304 | 296 | 282 | ||
Professional fees | 555 | 568 | 572 | ||
Other | 1,168 | 1,256 | 1,387 | ||
Non-Interest Expense | 14,177 | 14,630 | 13,477 | ||
Income Before Provision for Income Taxes | 6,348 | 7,272 | 7,414 | ||
Provision for income taxes (Note 22) | 1,251 | 1,514 | 1,961 | ||
Net Income | $ 5,097 | $ 5,758 | $ 5,453 | ||
Earnings Per Common Share (Canadian $) (Note 23) | |||||
Basic | $ 7.56 | $ 8.68 | $ 8.19 | ||
Diluted | 7.55 | 8.66 | 8.17 | ||
Common shares [member] | |||||
Earnings Per Common Share (Canadian $) (Note 23) | |||||
Dividends per common share | $ 4.24 | $ 4.06 | $ 3.78 | ||
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. | ||||
[2] | Includes interest income on securities measured at fair value through other comprehensive income and amortized cost, calculated using the effective interest rate method, of $1,532 million for the year ended October 31, 2020 ($1,853 million for the year ended October 31, 2019 and $1,290 million for the year ended October 31, 2018). |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Operating Income Expenses [abstract] | |||
Interest income, calculated using the effective interest rate method | $ 1,532 | $ 1,853 | $ 1,290 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Statement [Line Items] | ||||
Net Income | $ 5,097 | [1] | $ 5,758 | $ 5,453 |
Other Comprehensive Income (Loss), net of taxes | ||||
Reclassification to earnings of (gains) in the year | (81) | (72) | (65) | |
Other comprehensive income net of tax OCI debt financial assets | 329 | 340 | (316) | |
Net change in unrealized gains (losses) on cash flow hedges | ||||
Gains (losses) on derivatives designated as cash flow hedges arising during the year | 1,513 | 1,444 | (1,228) | |
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges | (47) | 143 | 336 | |
Other comprehensive income net of tax cash flow hedges | 1,466 | 1,587 | (892) | |
Net gains (losses) on translation of net foreign operations | ||||
Unrealized gains (losses) on translation of net foreign operations | 373 | (11) | 417 | |
Unrealized (losses) on hedges of net foreign operations | (96) | (13) | (155) | |
Other comprehensive income, net of taxes, translation of net foreign operations | 277 | (24) | 262 | |
Items that will not be reclassified to net income | ||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | (255) | (552) | 261 | |
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (28) | 75 | (24) | |
Unrealized gains on fair value through OCI equity securities arising during the year | 1 | |||
Items that will not be reclassified to net income | (283) | (476) | 237 | |
Other Comprehensive Income (Loss), net of taxes | 1,789 | 1,427 | (709) | |
Total Comprehensive Income | 6,886 | 7,185 | 4,744 | |
Debt securities [member] | ||||
Other Comprehensive Income (Loss), net of taxes | ||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the year | $ 410 | $ 412 | $ (251) | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
Assets | |||
Cash and Cash Equivalents | $ 57,408 | [1] | $ 48,803 |
Interest Bearing Deposits with Banks | 9,035 | 7,987 | |
Securities | |||
Trading | 97,834 | 85,903 | |
Fair value through profit or loss | 13,568 | 13,704 | |
Fair value through other comprehensive income | 73,407 | 64,515 | |
Debt securities at amortized cost | 48,466 | 24,472 | |
Investments in associates and joint ventures | 985 | 844 | |
Securities, net | 234,260 | 189,438 | |
Securities Borrowed or Purchased Under Resale Agreements | 111,878 | 104,004 | |
Loans | |||
Residential mortgages | 127,024 | 123,740 | |
Consumer instalment and other personal | 70,148 | 67,736 | |
Credit cards | 7,889 | 8,859 | |
Business and government | 243,246 | 227,609 | |
Loans gross of allowance for loan losses | 448,307 | 427,944 | |
Allowance for credit losses (Note 4) | (3,303) | (1,850) | |
Loans,net | 445,004 | 426,094 | |
Other Assets | |||
Derivative instruments | 36,815 | 22,144 | |
Customers' liability under acceptances | 13,493 | 23,593 | |
Premises and equipment | 4,183 | 2,055 | |
Goodwill | 6,535 | 6,340 | |
Intangible assets | 2,442 | 2,424 | |
Current tax assets | 1,260 | 1,165 | |
Deferred tax assets | 1,473 | 1,568 | |
Other | 25,475 | 16,580 | |
Other assets | 91,676 | 75,869 | |
Total Assets | 949,261 | 852,195 | |
Liabilities and Equity | |||
Deposits | 659,034 | 568,143 | |
Other Liabilities | |||
Derivative instruments | 30,375 | 23,598 | |
Acceptances | 13,493 | 23,593 | |
Securities sold but not yet purchased | 29,376 | 26,253 | |
Securities lent or sold under repurchase agreements | 88,658 | 86,656 | |
Securitization and structured entities' liabilities | 26,889 | 27,159 | |
Current tax liabilities | 126 | 55 | |
Deferred tax liabilities | 108 | 60 | |
Other | 36,193 | 38,607 | |
Other liabilities | 225,218 | 225,981 | |
Subordinated debt | 8,416 | 6,995 | |
Equity | |||
Contributed surplus | 302 | 303 | |
Retained earnings | 30,745 | 28,725 | |
Accumulated other comprehensive income | 5,518 | 3,729 | |
Total Equity | 56,593 | 51,076 | |
Total Liabilities and Equity | 949,261 | 852,195 | |
Preferred shares and other equity instruments [member] | |||
Equity | |||
Issued capital | 6,598 | 5,348 | |
Total Equity | 6,598 | 5,348 | |
Common shares [member] | |||
Equity | |||
Issued capital | 13,430 | 12,971 | |
Total Equity | $ 13,430 | $ 12,971 | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
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 year at Oct. 31, 2017 | $ 307 | $ 23,700 | $ 56 | $ (182) | $ 3,465 | $ (92) | $ (181) | $ 4,240 | $ 13,032 | ||||
Statement [Line Items] | |||||||||||||
Issued under the Stock Option Plan | 99 | ||||||||||||
Repurchased for cancellation or for treasury shares | (202) | ||||||||||||
Impact from adopting IFRS 9 (Note 1) | 99 | (55) | |||||||||||
Net income | $ 5,453 | 5,453 | |||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (184) | ||||||||||||
Dividends on common shares | (2,424) | ||||||||||||
Issued during the year | 400 | ||||||||||||
Stock option expense, net of options exercised (Note 20) | (12) | ||||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | (1,228) | (1,228) | |||||||||||
Unrealized gains (losses) on translation of net foreign operations | 417 | 417 | |||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans (Note 21) | 261 | 261 | |||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (24) | (24) | |||||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the year | (251) | ||||||||||||
Redeemed during the year | (300) | ||||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the year | 336 | 336 | |||||||||||
Unrealized (losses) on hedges of net foreign operations | (155) | (155) | |||||||||||
Equity issue expense | (5) | ||||||||||||
Common shares repurchased for cancellation (Note 16) | (789) | ||||||||||||
Reclassification to earnings of (gains) on fair value through OCI securities during the year | (65) | (65) | |||||||||||
Other | 5 | ||||||||||||
Balance at end of year at Oct. 31, 2018 | 45,721 | 300 | 25,850 | (315) | (1,074) | 3,727 | 169 | (205) | $ 2,302 | 4,340 | 12,929 | ||
Statement [Line Items] | |||||||||||||
Issued under the Stock Option Plan | 62 | ||||||||||||
Repurchased for cancellation or for treasury shares | [1],[2] | (20) | |||||||||||
Net income | 5,758 | 5,758 | |||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (211) | ||||||||||||
Dividends on common shares | (2,594) | ||||||||||||
Issued during the year | 1,008 | ||||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | 1,444 | 1,444 | |||||||||||
Unrealized gains (losses) on translation of net foreign operations | (11) | (11) | |||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans (Note 21) | (552) | (552) | |||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 75 | 75 | |||||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the year | 412 | ||||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 1 | ||||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the year | 143 | 143 | |||||||||||
Unrealized (losses) on hedges of net foreign operations | (13) | (13) | |||||||||||
Equity issue expense | (8) | ||||||||||||
Common shares repurchased for cancellation (Note 16) | (70) | ||||||||||||
Reclassification to earnings of (gains) on fair value through OCI securities during the year | (72) | (72) | |||||||||||
Other | 3 | ||||||||||||
Balance at end of year at Oct. 31, 2019 | 51,076 | 303 | 28,725 | 26 | 513 | 3,703 | (383) | (130) | 3,729 | 5,348 | 12,971 | ||
Statement [Line Items] | |||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 471 | ||||||||||||
Issued under the Stock Option Plan | 40 | ||||||||||||
Repurchased for cancellation or for treasury shares | [1],[2] | (52) | |||||||||||
Impact from adopting IFRS 16 (Note 1) | (59) | ||||||||||||
Net income | 5,097 | [3] | 5,097 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (247) | ||||||||||||
Dividends on common shares | (2,723) | ||||||||||||
Issued during the year | 1,250 | ||||||||||||
Stock option expense, net of options exercised (Note 20) | (1) | ||||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | 1,513 | 1,513 | |||||||||||
Unrealized gains (losses) on translation of net foreign operations | 373 | 373 | |||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans (Note 21) | (255) | ||||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (28) | (255) | (28) | ||||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the year | 410 | ||||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the year | (47) | (47) | |||||||||||
Unrealized (losses) on hedges of net foreign operations | (96) | (96) | |||||||||||
Equity issue expense | (3) | ||||||||||||
Net discount on sale of treasury shares | (45) | ||||||||||||
Reclassification to earnings of (gains) on fair value through OCI securities during the year | (81) | (81) | |||||||||||
Balance at end of year at Oct. 31, 2020 | $ 56,593 | $ 302 | $ 30,745 | $ 355 | $ 1,979 | $ 3,980 | $ (638) | $ (158) | $ 5,518 | $ 6,598 | $ 13,430 | ||
[1] | Common shares are net of 652,730 treasury shares as at October 31, 2020. | ||||||||||||
[2] | During fiscal 2020, we did not purchase any of our common shares under the normal course issuer bid (NCIB). During fiscal 2019, we repurchased and cancelled 1 million of our common shares as part of the NCIB at an average cost of $90.00 per share, totalling $90 million. | ||||||||||||
[3] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |||
Cash Flows from Operating Activities | |||||
Net Income | $ 5,097 | [1] | $ 5,758 | $ 5,453 | |
Adjustments to determine net cash flows provided by (used in) operating activities | |||||
Provision on securities, other than trading (Note 3) | 2 | [1] | 1 | 1 | |
Net (gain) on securities, other than trading (Note 3) | (126) | [1] | (250) | (240) | |
Net (increase) decrease in trading securities | (10,276) | [1] | 13,816 | (2,650) | |
Provision for credit losses (Note 4) | 2,953 | [1] | 872 | 662 | |
(increase) decrease in derivative asset | (12,229) | [1] | 6,902 | 6,069 | |
Increase (decrease) in derivative liability | 5,614 | [1] | (3,774) | (7,481) | |
Amortization of premises and equipment (Note 9) | 801 | [1] | 435 | 400 | |
Amortization of other assets | 197 | [1] | 216 | 224 | |
Amortization of intangible assets (Note 11) | 620 | [1] | 554 | 503 | |
Net decrease in deferred income tax asset (Note 22) | 111 | [1] | 483 | 832 | |
Net increase (decrease) in deferred income tax liability (Note 22) | 26 | [1] | (15) | 2 | |
Net (increase) decrease in current income tax asset | (55) | [1] | 354 | (232) | |
Net increase (decrease) in current income tax liability | 62 | [1] | 6 | (87) | |
(Increase) decrease in interest receivable | 178 | [1] | (299) | (366) | |
Increase (decrease) in interest payable | (352) | [1] | 313 | 337 | |
Changes in other items and accruals, net | (6,022) | [1] | (1,255) | 2,078 | |
Net increase in deposits | 88,341 | [1] | 48,009 | 34,138 | |
Net (increase) in loans | (20,420) | [1] | (43,381) | (23,089) | |
Net increase (decrease) in securities sold but not yet purchased | 2,972 | [1] | (2,524) | 2,004 | |
Net increase in securities lent or sold under repurchase agreements | 824 | [1] | 20,358 | 452 | |
Net (increase) in securities borrowed or purchased under resale agreements | (7,104) | [1] | (19,396) | (2,958) | |
Net increase (decrease) in securitization and structured entities' liabilities | (378) | [1] | 2,120 | 1,860 | |
Net Cash Provided by Operating Activities | 50,836 | [1] | 29,303 | 17,912 | |
Cash Flows from Financing Activities | |||||
Net increase (decrease) in liabilities of subsidiaries | (8,113) | [1] | (1,227) | 2,203 | |
Proceeds from issuance of covered bonds (Note 13) | 4,425 | [1] | 4,168 | 2,706 | |
Redemption/buyback of covered bonds (Note 13) | (6,231) | [1] | (3,765) | (567) | |
Proceeds from issuance of subordinated debt (Note 15) | 1,250 | [1] | 1,000 | 2,685 | |
Repayment of subordinated debt (Note 15) | [1] | (1,000) | (900) | ||
Proceeds from issuance of preferred shares and other equity instruments net of issuance cost (Note 16) | 1,247 | [1] | 1,000 | 395 | |
Redemption of preferred shares (Note 16) | [1] | (300) | |||
Net proceeds from issuance (repurchase) of common shares and sale (purchase) of treasury shares | (76) | [1] | 54 | 88 | |
Common shares repurchased for cancellation (Note 16) | [1] | (90) | (991) | ||
Cash dividends and distributions paid | (2,475) | [1] | (2,752) | (2,582) | |
Repayment of lease liabilities | [1],[2] | (331) | |||
Net Cash Provided by (Used in) Financing Activities | (10,304) | [1] | (2,612) | 2,737 | |
Cash Flows from Investing Activities | |||||
Net (increase) decrease in interest bearing deposits with banks | (979) | [1] | 329 | (1,648) | |
Purchases of securities, other than trading | (86,659) | [1] | (63,496) | (46,749) | |
Maturities of securities, other than trading | 19,982 | [1] | 13,154 | 14,754 | |
Proceeds from sales of securities, other than trading | 36,900 | [1] | 31,561 | 23,561 | |
Premises and equipment – net (purchases) (Note 9) | (399) | [1] | (478) | (330) | |
Purchased and developed software – net (purchases) (Note 11) | (633) | [1] | (650) | (556) | |
Acquisitions (Note 10) | (186) | [1] | (365) | ||
Net Cash (Used in) Investing Activities | (31,974) | [1] | (19,580) | (11,333) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 47 | [1] | (450) | 227 | |
Net increase in Cash and Cash Equivalents | 8,605 | [1] | 6,661 | 9,543 | |
Cash and Cash Equivalents at Beginning of Year | 48,803 | 42,142 | 32,599 | ||
Cash and Cash Equivalents at End of Year (Note 2) | 57,408 | [1] | 48,803 | 42,142 | |
Net cash provided by operating activities includes: | |||||
Interest paid in the year | [3] | 9,679 | [1] | 12,956 | 9,249 |
Income taxes paid in the year | 1,537 | [1] | 1,209 | 1,261 | |
Interest received in the year | 21,576 | [1] | 23,966 | 18,867 | |
Dividends received in the year | $ 1,856 | [1] | $ 1,740 | $ 1,736 | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. | ||||
[2] | Prior to adoption of IFRS 16, repayments of lease liabilities were included in Net Cash Provided by Operating Activities. | ||||
[3] | Includes dividends paid on securities sold but not yet purchased. |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
IFRS 7 Disclosure | Text and tables presented in a blue-tinted font in the Enterprise-Wide Risk Management section of the MD&A form an integral part of the 2020 audited annual consolidated financial statements. They present required disclosures as set out by the International Accounting Standards Board in IFRS 7, Financial Instruments – Disclosures BMO has established an enterprise IBOR Transition Office (ITO) to coordinate and oversee the transition from IBORs to ARRs, with a focus on managing and mitigating internal risks, while ensuring a positive client experience. The ITO, sponsored and supported by senior management, is responsible for running the enterprise-wide program, covering all of BMO’s lines of business and corporate function areas. The ITO has a global mandate to ensure that BMO properly anticipates the discontinuation or unavailability of LIBOR and other IBORs. As part of its mandate, the ITO continues to address BMO’s industry and regulatory engagement, client and financial contract changes, internal and external communications, technology and operations modifications, introduction of new products, migration of existing clients, and program strategy and governance. In addition, the ITO continues to monitor the development and usage of ARRs across the industry, including the Secured Overnight Financing Rate (SOFR). Credit and Counterparty Risk Governance The objective of the Credit Risk Management Framework is to ensure that all material credit risks to which the enterprise is exposed are identified, measured, managed, monitored and reported. The Risk Review Committee (RRC) has oversight of the management of all material risks that BMO faces, including the Credit Risk Management Framework. The Credit Risk Management Framework incorporates governing principles that are defined in a series of corporate policies and standards and are applied to specific operating procedures. These policies and standards are reviewed on a regular basis and modified when necessary to keep them current and consistent with BMO’s risk appetite. The structure, limits (both notional and capital-based), collateral requirements, monitoring, reporting and ongoing management of credit exposures are all governed by these credit risk management principles. Lending officers in the operating groups are responsible for recommending credit decisions based on the completion of appropriate due diligence, and they assume accountability for the related risks. With limited exceptions, credit officers in Enterprise Risk Portfolio Management (ERPM) approve all credit transactions and are accountable for providing an objective independent assessment of the lending recommendations and risks assumed by the lending officers. All of these skilled and experienced individuals in the first and second lines of defence are subject to a rigorous lending qualification process and operate in a disciplined environment with clear delegation of decision-making authority, including individually delegated lending limits, which are reviewed annually, or more frequently as needed. The Board annually reviews the Credit Risk Management Policy and delegates to the CEO discretionary lending limits for further specific delegation to senior officers. Credit decision-making is conducted at the management level appropriate to the size and risk of each transaction, in accordance with comprehensive corporate policies, standards and procedures governing the conduct of activities in which credit risk arises. Corporate Audit Division reviews and tests management processes and controls and samples credit transactions in order to assess adherence to acceptable lending standards as set out in the bank’s risk appetite, as well as compliance with all applicable governing policies, standards and procedures. For corporate and commercial obligors presenting a higher than normal risk of default, BMO has in place formal policies that outline the framework for managing such accounts and the specialized groups that manage them. BMO strives to identify borrowers in financial difficulty early, and every effort is made to bring such accounts back to an acceptable level of risk through the exercise of good business judgment and the implementation of sound and constructive workout solutions. Obligors are managed on a case-by-case All credit risk exposures are subject to regular monitoring. Performing corporate and commercial accounts are reviewed on a regular basis, no less frequently than annually, with most subject to a set of internal monitoring triggers that, if breached, results in an interim review. The frequency of review increases in accordance with the likelihood and size of potential credit losses and deteriorating higher-risk situations are referred to specialized account management groups for closer attention, when appropriate. In addition, regular portfolio and sector reviews are carried out, including stress testing and scenario analysis based on current, emerging or prospective risks, such as the COVID-19 pandemic. Reporting is provided at least quarterly, and more frequently where appropriate, to RRC and senior management committees in order to keep them informed of credit risk developments in the bank’s portfolios, including changes in credit risk concentrations, watchlist accounts, impaired loans, provisions for credit losses, negative credit migration and significant emerging credit risk issues. This supports RRC and senior management committees in giving effect to any measures they may decide to take. Counterparty Credit Risk (CCR) creates a bilateral risk of loss because the market value of a transaction can be positive or negative for either counterparty. CCR exposures are subject to the credit oversight, limit framework and approval process outlined above. However, given the nature of the risk, CCR exposures are monitored under the market risk framework. In order to reduce BMO’s exposure to CCR, exposures are often collateralized, and trades may be cleared through a regulated central counterparty (CCP), which reduces overall systemic risk by standing between counterparties, maximizing netting across trades and insulating counterparties from each other’s defaults. CCPs mitigate default risk of any member through the use of margin requirements (both initial and variation) and a default management process, including a default fund and other resources. BMO’s exposures to CCPs are subject to the same credit risk governance, monitoring and rating framework it applies to all other corporate accounts. Credit and Counterparty Risk Management Collateral Management Collateral is used for credit risk mitigation purposes to minimize losses that would otherwise be incurred in the event of a default. Depending on the type of borrower or counterparty, the assets available and the structure and term of the credit obligations, collateral can take various forms. For corporate and commercial borrowers, collateral can take the form of pledges of the assets of a business, such as accounts receivable, inventory, machinery or real estate, or personal assets pledged in support of guarantees. For trading counterparties, BMO may enter into legally enforceable netting agreements for on-balance Collateral for BMO’s derivatives trading counterparty exposures is primarily comprised of cash and eligible liquid securities that are monitored and revalued on a daily basis. Collateral is obtained under the contractual terms of standardized industry documentation. With limited exceptions, the bank utilizes the International Swaps and Derivatives Association Inc. Master Agreement, frequently with a Credit Support Annex, to document its collateralized trading relationships with counterparties for over-the-counter Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73 Credit Support Annexes entitle a party to demand a transfer of collateral (or other credit support) when its OTC derivatives exposure to the other party exceeds an agreed threshold. Collateral transferred can include variation margin or initial and variation margin. Credit Support Annexes contain, among other measures, provisions setting out acceptable types of collateral and a method for their valuation (discounts are often applied to the market values), as well as thresholds, whether or not the collateral can be re-pledged To document the bank’s contractual securities financing relationships with its counterparties, BMO utilizes master repurchase agreements for repurchase transactions, and master securities lending agreements for securities lending transactions. On a periodic basis, collateral is subject to revaluation specific to asset type. For loans, the value of collateral is initially established at the time of origination, and the frequency of revaluation is dependent on the type of collateral. For commercial real estate collateral, a full external appraisal of the property is typically obtained at the time of loan origination, unless the exposure is below a specified threshold amount, in which case an internal evaluation and a site inspection are conducted. Internal evaluations may consider property tax assessments, purchase prices, real estate listings or realtor opinions. The case for an updated appraisal is reviewed annually, with consideration given to the borrower risk rating, existing tenants and lease contracts, as well as current market conditions. In the event a loan is classified as impaired, and depending on its size, a current external appraisal, evaluation or restricted use appraisal is obtained and updated every twelve months while the loan is classified as impaired. In Canada, for residential real estate that has a loan-to-value For insured mortgages in Canada with a high LTV ratio (greater than 80%), the default insurer is responsible for confirming the lending value. Portfolio Management and Concentrations of Credit and Counterparty Risk BMO’s credit risk governance policies require an acceptable level of diversification to help ensure it avoids undue concentrations of credit risk. Concentrations of credit risk may exist if a number of clients are engaged in similar activities, are located in the same geographic region or have similar economic characteristics such that their ability to meet contractual obligations could be similarly affected by changes in economic, political or other conditions. Limits may be specified for several portfolio dimensions, including industry, specialty segment (e.g., hedge funds and leveraged lending), country, product and single-name concentrations. The diversification of the bank’s credit exposure may be supplemented by the purchase or sale of credit protection through guarantees, insurance or credit default swaps. BMO’s credit assets consist of a well-diversified portfolio representing millions of clients, the majority of them individual consumers and small to medium-sized Total credit exposures at default by industry sector, as at October 31, 2020 and 2019, based on the Basel III classifications, are as follows: (Canadian $ in millions) Drawn (3) Commitments (undrawn) (3) OTC derivatives (4) Other off-balance Repo-style transactions (4)(5) Total (1) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Financial institutions 142,254 117,959 24,302 24,010 19,611 14,849 6,520 6,400 22,866 17,486 215,553 180,704 Governments 78,506 58,050 1,579 1,665 4,892 4,357 590 894 2,624 1,254 88,191 66,220 Manufacturing 27,789 26,265 16,696 16,581 1,741 1,340 1,714 1,494 – – 47,940 45,680 Real estate 40,202 37,146 9,735 8,948 1,383 845 973 861 – – 52,293 47,800 Retail trade 19,835 22,529 4,809 3,974 487 239 604 601 – – 25,735 27,343 Service industries 47,468 46,610 15,443 13,304 2,033 1,252 3,116 2,996 – – 68,060 64,162 Wholesale trade 15,295 16,822 5,455 5,273 423 281 600 564 – – 21,773 22,940 Oil and gas 12,990 13,406 11,675 11,302 6,099 3,637 1,900 1,802 – – 32,664 30,147 Individual 206,370 198,205 52,829 51,432 – – 90 94 – – 259,289 249,731 Others (2) 41,984 40,551 22,216 19,814 1,914 1,335 7,992 6,866 – – 74,106 68,566 Total exposure at default 632,693 577,543 164,739 156,303 38,583 28,135 24,099 22,572 25,490 18,740 885,604 803,293 (1) Credit exposure excluding equity, securitization and other assets such as non-significant (2) Includes industries having a total exposure of less than 2%. (3) Represents gross credit exposures without taking into account any collateral. (4) Credit exposure at default is inclusive of collateral. (5) Impact of collateral on the credit exposure for repo-style transactions is $205,212 million ($192,796 million in 2019) . Certain comparative figures have been reclassified to conform with the current year’s presentation. Risk Rating Systems BMO’s risk rating systems are designed to assess and measure the risk of any exposure. Credit risk-based parameters are reviewed, validated and monitored regularly. The monitoring is on a quarterly basis for both the wholesale and retail models. Refer to page 10 9 discussion Retail (Consumer and Small Business) The retail portfolios are comprised of a diversified group of individual customer accounts and include residential mortgages, personal loans, credit cards, auto loans and small business loans. These loans are managed in pools of homogeneous risk exposures for risk rating purposes. Decision support systems are developed using established statistical techniques and expert systems for underwriting and monitoring purposes. Adjudication models, behavioural scorecards, decision trees and expert knowledge are combined to generate optimal credit decisions in a centralized and automated environment. The retail risk rating system assesses risk based on individual loan characteristics. BMO has a range of internally developed PD, LGD and EAD models for each of the major retail portfolios. The major product lines within each of the retail risk areas are modelled separately, so that the risk-based parameters capture the distinct nature of each product. The models, in general, are designed based on internal data recorded over a period of more than seven years, Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73 Retail Credit Probability of Default Bands by Risk Rating Wholesale (Corporate, Commercial, Bank and Sovereign) Within BMO’s wholesale portfolios, an enterprise-wide risk rating framework is utilized that is applied to all sovereign, bank, corporate and commercial counterparties. One key element of this framework is the assignment of appropriate borrower or counterparty risk ratings (BRRs). BMO has a range of internally designed general and sector-specific BRR models, as well as portfolio-level LGD and EAD models for each of the corporate, commercial, bank and sovereign portfolios. The BRR models capture the key financial and non-financial BRRs are assessed and assigned at the time of loan origination, and reassessed when borrowers request changes to credit facilities or when events trigger a review, such as an external rating change or covenant breach. BRRs are reviewed no less frequently than annually, and more frequent reviews are conducted for borrowers with less acceptable risk ratings. The bank also performed proactive rating reviews to assess the impact of the COVID-19 pandemic on identified risk sectors and its borrowers. Credit Quality Information Portfolio Review Total enterprise-wide outstanding credit risk exposures were $885.6 billion as at October 31, 2020, comprised of $474.3 billion in Canada, $354.2 billion in the United States and $57.1 billion in other jurisdictions. [GRAPHIC] (1) Certain comparative figures have been reclassified to conform with the current year’s presentation. Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73 Loan Maturities and Interest Rate Sensitivity The following table presents gross loans and acceptances by contractual maturity (Canadian $ in millions) 1 year or less Over 1 year to 5 years Over 5 years Total 2020 2019 2020 2019 2020 2019 2020 2019 Canada Consumer 52,771 58,580 125,492 113,162 4,402 4,432 182,665 176,174 Commercial and corporate (excluding real estate) 68,130 65,534 18,254 16,591 2,306 1,973 88,690 84,098 Commercial real estate 7,397 7,928 10,142 11,647 1,275 2,298 18,814 21,873 United States 31,587 37,867 81,717 87,443 47,052 33,423 160,356 158,733 Other countries 10,264 9,214 631 996 380 449 11,275 10,659 Total 170,149 179,123 236,236 229,839 55,415 42,575 461,800 451,537 The following table presents net loans and acceptances by interest rate sensitivity: (Canadian $ in millions) 2020 2019 Fixed rate 237,596 217,002 Floating rate 207,408 209,092 Non-interest (1) 13,493 23,593 Total 458,497 449,687 (1) Non-interest Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73). Market Risk Market risk Trading and Underwriting Market Risk Governance BMO’s market risk-taking activities are subject to a comprehensive governance fram e first-line-of-defence Trading and Underwriting Market Risk BMO’s trading and underwriting businesses give rise to market risk associated with buying and selling financial products in the course of meeting customer requirements, including market making and related financing activities, and assisting clients to raise funds by way of securities issuance. Identification and Measurement of Trading and Underwriting Market Risk As the first step in the management of market risk, thorough assessment processes are in place to identify market risk exposures associated with both new products and the evolving risk profile of existing products, including on- off-balance non-trading Reflecting the multi-dimensional nature of market risk, various metrics and techniques are then employed to measure identified market risk exposures. These metrics primarily include Value at Risk, Stressed Value at Risk, and regulatory and economic capital attribution, as well as stress testing. Other techniques include the analysis of the sensitivity of the trading and underwriting portfolios to various market risk factors and the review of position concentrations, notional values and trading losses. A consistent set of VaR and SVaR models is used for both management and regulatory purposes across all BMO Financial Group legal entities in which trading or underwriting activities are conducted. BMO uses a variety of methods to verify the integrity of its risk models, including the application of back-testing against hypothetical losses and approval by an independent model validation team. This testing is aligned with defined regulatory expectations, and its results confirm the reliability of the models. The volatility data and correlations that underpin the models are updated frequently, so that risk metrics reflect current conditions. Selection of the period of significant financial stress for SVaR incorporates historical periods, inclusive of the 2020 COVID-19 pandemic. Probabilistic stress testing and scenario analysis are used daily to determine the potential impact of plausible but severe market changes on the bank’s portfolios. In addition, historical event stresses are tested on a weekly basis, including tests of scenarios such as the stock market crash of 1987 and the collapse of Lehman Brothers in 2008. Targeted analyses of risks and portfolios, along with other ad hoc analyses, are also conducted to determine sensitivity to hypothetical, low-frequency, high-severity scenarios. Scenarios are amended, added or removed to evolve the bank’s stress testing, such as the volatility in 2020 from COVID-19, and the results are reported to the lines of business, the RMC and the RRC on a regular basis. VaR, SVaR, IRC and stress testing should not be viewed as definitive predictors of the maximum amount of losses that could occur in any one day, as their results are based on models and estimates and are subject to confidence levels, and the estimates could be exceeded under unforeseen market conditions. Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73). Back-testing assumes there are no changes in the previous day’s closing positions and then isolates the effects of each day’s price movements against those closing positions. The bank’s VaR model is back-tested daily, and the one-day If this P&L result is negative and its absolute value is greater than the previous day’s VaR, a back-testing exception occurs. Each exception is investigated, explained and documented, and the back-testing results are reviewed by senior management and reported to regulators. Although it is a valuable indicator of risk, as with any model-driven metric, VaR has limitations, among which is the assumption that all positions can be liquidated within the assumed one-day intra-day Monitoring and Control of Trading and Underwriting Market Risk A comprehensive set of limits is applied to these metrics, and these limits are subject to regular monitoring and reporting, with any breach of the limits escalated to the appropriate level of management. Risk profiles of trading and underwriting activities are maintained within the bank’s risk appetite and supporting limits, and are monitored and reported to traders, management, senior executives and Board committees. Other significant controls include the independent valuation of financial assets and liabilities, as well as compliance with BMO’s Model Risk Management Framework to mitigate model risk. Trading Market Risk Measures Trading VaR and SVaR Total Trading Value at Risk (VaR) Summary (1) (2) (3) As at or for the year ended October 31 (pre-tax 2020 2019 Year-end Average High Low Year-end Average High Low Commodity VaR 5.5 2.5 5.8 0.6 1.0 1.4 4.9 0.6 Equity VaR 16.4 16.0 37.2 4.2 3.0 4.6 12.6 2.5 Foreign exchange VaR 4.2 3.4 6.8 0.8 0.5 0.5 1.4 0.2 Interest rate VaR (4) 40.7 23.1 42.0 5.4 10.8 8.5 14.3 6.0 Debt-specific risk 3.9 3.8 7.6 1.6 2.4 2.0 4.2 1.2 Diversification (25.5 ) (20.3 ) nm nm (9.1 ) (8.0 ) nm nm Total Trading VaR 45.2 28.5 53.4 8.1 8.6 9.0 17.2 5.8 Total Trading SVaR 45.2 50.8 87.1 29.2 19.2 31.7 69.6 16.5 (1) One-day (2) Stressed VaR is produced weekly. (3) In Q1-2020, (4) Interest rate VaR includes general credit spread risk. nm – not meaningful Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73 Structural (Non-Trading) Structural market risk is comprised of interest rate risk arising from BMO’s banking activities (such as loans and deposits) and foreign exchange risk arising from foreign currency operations and exposures. Structural Market Risk Governance BMO’s Corporate Treasury group is responsible for the ongoing management of structural market risk across the enterprise, with independent oversight provided by the Market Risk group. In addition to Board-approved limits on earnings at risk and economic value sensitivities to changes in interest rates, more granular management limits are in place to guide the daily management of this risk. The RRC has oversight of the management of structural market risk, annually approves the structural market risk plan and limits, and regularly reviews structural market risk positions. The RMC and Balance Sheet and Capital Management Committee regularly review structural market risk positions and provide senior management oversight. Structural Market Risk Measurement Interest Rate Risk Structural interest rate risk arises when changes in interest rates affect the market value, cash flows and earnings of assets and liabilities related to BMO’s banking activities. The objective of structural interest rate risk management is to maintain high-quality earnings and maximize sustainable product spreads, while managing the risk to the economic value of BMO’s assets arising from changes in interest rates. Structural interest rate risk is primarily comprised of interest rate mismatch risk and product embedded option risk. Interest rate mismatch risk arises when there are differences in the scheduled maturities, repricing dates or reference rates of assets, liabilities and derivatives. The net interest rate mismatch, representing residual assets funded by common shareholders’ equity, is managed to a target profile through interest rate swaps and securities. Product embedded option risk arises when product features allow customers to alter cash flows, such as scheduled maturity or repricing dates, usually in response to changes in market conditions. Product embedded options include loan prepayments, deposit redemption privileges and committed rates on unadvanced mortgages. Product embedded options and associated customer behaviours are captured in risk modelling, and hedging programs may be used to manage this risk to low levels. Structural interest rate risk is measured using simulations, earnings sensitivity and economic value sensitivity analysis, stress testing and gap analysis, in addition to other treasury risk metrics. Earnings Sensitivity 12-month pre-tax off-balance Economic Value Sensitivity off-balance The models that measure structural interest rate risk incorporate projected changes in interest rates and predict how customers would likely react to these changes. For customer loans and deposits with scheduled maturity and repricing dates (such as mortgages and term deposits), the models measure the extent to which customers are likely to use embedded options to alter those scheduled terms. For customer loans and deposits without scheduled maturity and repricing dates (such as credit card loans and chequing accounts), exposure is measured using models that adjust for elasticity in product pricing and reflect historical and forecasted trends in balances. The results of these structural market risk models, by their nature, have inherent uncertainty, as they reflect potential anticipated pricing and customer behaviours, which may differ from actual experience. These models have been developed using statistical analysis and are independently validated and periodically updated through regular model performance assessment, back-testing processes and ongoing dialogue with the lines of business. Models developed to predict customer behaviour are also used to support product pricing. All models are subject to BMO’s Model Risk Management Framework, which is described in more detail on page 1 09 Structural interest rate earnings and economic value sensitivity to an immediate parallel increase or decrease in the yield curve are disclosed in the table below. As a result of the low interest rate environment, earnings and economic value sensitivity to declining interest rates commencing as at April 30, 2020, are measured using a 25 basis point decline, while prior periods reflected a 100 basis point decline. There were no significant changes in the structural market risk management framework during the year. Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73 Structural Interest Rate Sensitivity (1) As at October 31, 2020 As at October 31, 2019 (Pre-tax Economic value Earnings sensitivity Economic value Earnings sensitivity 100 basis point increase (1,275.1 ) 152.8 (883.4 ) 46.6 25 or 100 basis point decrease (2) 175.0 (62.2 ) 215.6 (80.3 ) (1) Losses are presented in brackets and gains are presented as positive numbers. (2) Due to the low interest rate environment, starting April 30, 2020, economic value sensitivity and earnings sensitivity to declining interest rates are measured using a 25 basis point decline. Insurance Market Risk Insurance market risk includes interest rate and equity market risk arising from BMO’s insurance business activities. A 100 basis point increase in interest rates as at October 31, 2020 would result in an increase in earnings before tax of $39 million ($27 million as at October 31, 2019). A 25 basis point decrease in interest rates as at October 31, 2020 would result in a decrease in earnings before tax of $9 million ($25 million as at October 31, 2019 under a 100 basis point decrease). A 10% increase in equity market values as at October 31, 2020 would result in an increase in earnings before tax of $51 million ($54 million as at October 31, 2019). A 10% decrease in equity market values as at October 31, 2020 would result in a decrease in earnings before tax of $53 million ($57 million as at October 31, 2019). BMO may enter into hedging arrangements to offset the impact of changes in equity market values on its earnings, and did so during the 2020 fiscal year. The impact of insurance market risk on earnings is reflected in insurance claims, commissions and changes in policy benefit liabilities on the Consolidated Statement of Income, and the corresponding change in the fair value of the bank’s policy benefit liabilities is reflected in other liabilities on the Consolidated Balance Sheet. The impact of insurance market risk is not reflected in the table above. Foreign Exchange Risk Structural foreign exchange risk arises primarily from translation risk related to the net investment in U.S. operations and from transaction risk associated with U.S.-dollar-denominated net income. Translation risk represents the impact that changes in foreign exchange rates could have on BMO’s reported shareholders’ equity and capital ratios. BMO may enter into arrangements to offset the impact of foreign exchange rate movements on its capital ratios, and did so during the 2020 fiscal year. Transaction risk represents the impact that fluctuations in the Canadian/U.S. dollar exchange rate could have on the Canadian dollar equivalent of BMO’s U.S.-dollar-denominated financial results. Exchange rate fluctuations will affect future results measured in Canadian dollars and the impact on those results is a function of the periods during which revenues, expenses and provisions for credit losses arise. Hedging positions may be taken to partially offset the pre-tax Insurance Risk Liquidity and Funding Risk Managing liquidity and funding risk is integral to maintaining enterprise soundness and safety, depositor confidence and earnings stability. It is BMO’s policy to ensure that sufficient liquid assets and funding capacity are available to meet financial commitments, even in times of stress. Liquidity and Funding Risk Governance The Corporate Treasury group and the operating groups, as the first line of defence, are responsible for the ongoing identification, assessment, and management of liquidity and funding risk. The Corporate Treasury g Enterprise Risk and Portfolio Management, as the second line of defence, provides oversight, independent risk assessment and effective challenge of liquidity and funding management frameworks, policies, limits, monitoring and reporting across the enterprise. The Risk Management Committee (RMC) and Balance Sheet and Capital Management Committee (BSCMC) provide senior management oversight and also review and discuss significant liquidity and funding policies, issues and developments that arise in the pursuit of its strategic priorities. The Risk Review Committee (RRC) provides oversight of the management of liquidity and funding risk, annually approves applicable policies, limits and the contingency plan, and regularly reviews liquidity and funding positions. Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73 Liquidity and Funding Risk Management BMO’s Liquidity and Funding Risk Management Framework is defined and authorized under Board-approved corporate policies and management-approved standards. These policies and standards outline key management principles, liquidity and funding metrics and related limits, as well as roles and responsibilities for the management of liquidity and funding risk across the enterprise. BMO has a robust limit structure in place in order to manage liquidity and funding risk. Limits define the risk appetite for the key Stress Net Liquidity Position (Stress NLP) measure, regulatory liquidity ratios, secured and unsecured funding appetite (for both trading and structural activities), and enterprise collateral pledging. Limits also establish the tolerance for concentrations of maturities, requirements for counterparty liability diversification, business pledging |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Bank of Montreal (the bank or BMO) is a chartered bank under the Bank Act (Canada) We have prepared these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). We also comply with interpretations of IFRS by our regulator, the Office of the Superintendent of Financial Institutions of Canada (OSFI). Our consolidated financial statements have been prepared on a historic cost basis, except for the revaluation of the following items: assets and liabilities held for trading; financial assets and liabilities measured or designated at fair value through profit or loss (FVTPL); financial assets measured or designated at fair value through other comprehensive income (FVOCI); financial assets and financial liabilities designated as hedged items in qualifying fair value hedge relationships; cash-settled share-based payment liabilities; defined benefit pension and other employee future benefit liabilities; and insurance-related liabilities. These consolidated financial statements were authorized for issue by the Board of Directors on December 1, Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2020. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (SEs), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates, where we exert significant influence over operating and financing decisions (generally companies in which we own between 20% and 50% of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures, which are entities where we exercise joint control through an agreement with other shareholders. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of investee net income or loss, including other comprehensive income or loss. Additional information regarding accounting for investments in associates and joint Significant Accounting Policies To facilitate a better understanding of our consolidated financial statements, we have disclosed our significant accounting policies throughout the following notes with the related financial disclosures by major caption: Note Topic Page 1 Basis of Presentation 150 2 Cash and Interest Bearing Deposits with Banks 155 3 Securities 155 4 Loans and Allowance for Credit Losses 159 5 Risk Management 164 6 Transfer of Assets 165 7 Structured Entities 166 8 Derivative Instruments 168 9 Premises and Equipment 177 10 Acquisitions 178 11 Goodwill and Intangible Assets 178 12 Other Assets 180 13 Deposits 180 14 Other Liabilities 181 15 Subordinated Debt 183 Note Topic Page 16 Equity 184 17 Fair Value of Financial Instruments and Trading-Related 186 18 Offsetting of Financial Assets and Financial Liabilities 194 19 Capital Management 194 20 Employee Compensation – Share-Based Compensation 195 21 Employee Compensation – Pension and Other Employee Future 197 22 Income Taxes 201 23 Earnings Per Share 204 24 Commitments, Guarantees, Pledged Assets, Provisions and 204 25 Operating and Geographic Segmentation 207 26 Significant Subsidiaries 210 27 Related Party Transactions 211 Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gains (losses) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the translation gain (loss) and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange gains, other than trading, in our Consolidated Statement of Income as they arise. From time to time, we enter into foreign exchange hedge contracts to reduce our exposure to changes in the value of foreign currencies. Realized and unrealized gains and losses that arise on the mark-to-market non-interest Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees , merger-and-acquisition Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Otherwise they are classified as operating leases, as we retain substantially all the risks and rewards of asset ownership. As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Refer to Note 9 for our policy on lessee accounting. Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest Changes in Accounting Policies Leases Effective November 1, 2019, we adopted IFRS 16 Leases The main impact for the bank is recording leases related to real estate 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 transition, we calculated the right-of-use right-of-use right-of-use non-lease right-of-use On transition, we recognized the cumulative effect of adopti ng 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 s 3,800 Discounted using the incremental borrowing rate at November 1, 2019 (310 ) Finance lease liabilities recognized as at October 31, 2019 41 E 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 %. Uncertainty Over Income Tax Treatments Effective November 1, 2019, we adopted IFRIC 23 Uncertainty Over Income Tax Treatments Income Taxes Interbank Offered Rate (IBOR) Reform – Phase 1 Amendments 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 (LIBOR) after December 31, 2021. Effective November 1, 2019, we early adopted the IASB’s Phase 1 amendments to IAS 39 Financial instruments: recognition and measurement ( Financial instruments: disclosures Application of these amendments will end at the earlier of the discontinuation of the impacted hedge relationship and when there is no longer uncertainty arising from IBOR reform over the timing and amount of IBOR-based cash flows. 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 still in progress. The notional amount of the derivatives likely subject to IBOR reform designated as hedging instruments that mature after December 31, 2021 on adoption of the Phase 1 amendments as at November 1, 2019 was $85,727 million of USD LIBOR and $759 million of GBP LIBOR. The notional amount excludes derivatives referencing interest rate benchmarks in multi-rate jurisdictions, including the Canadian Dollar Offered Rate and Euro Interbank Offered Rate. We provide disclosure on our current hedging relationships and the notional amount of derivatives likely subject to IBOR reform in Note 8. Revenue Effective November 1, 2018, we adopted IFRS 15 Revenue from Contracts with Customers elected to retrospectively present prior periods as if IFRS 15 had always been applied. Under IFRS 15, the primary impact is the reclassification of amounts within the Consolidated Statement of Income. As a result, loyalty rewards and cash promotion costs on cards previously recorded in non-interest non-interest out-of-pocket non-interest The following table summarizes the impacts of applying IFRS 15 in our 2018 Consolidated Statement of Income: (Canadian $ in millions) 2018 Increase (decrease) in Non-Interest Securities commissions and fees (4 ) Deposit and payment service charges (10 ) Card fees (136 ) Investment management and custodial fees 7 Underwriting and advisory fees 7 Other 4 (132 ) Non-Interest Employee compensation 2 Travel and business development (154 ) Professional fees 8 Other 8 (136 ) Provision for income taxes 1 Net Income 3 Financial Instruments Effective November 1, 2017, we adopted IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement 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 allowance for credit losses; financial instruments measured at fair value; pension and other employee future benefits; impairment of securities; income taxes and deferred tax assets; goodwill and intangible assets; insurance-related liabilities; provisions, including legal proceedings and restructuring charges; and leases. We make judgments in assessing the business model for financial assets as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. The full extent of the impact that COVID-19, Allowance for Credit Losses The expected credit loss (ECL) 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 bank’s methodology for determining significant increase in credit risk is based on the change in probability of default (PD) between origination and reporting date, assessed using probability weighted scenarios as well as certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of expected credit losses, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments 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. In cases where borrowers have opted to participate in payment deferral programs we offered in response to the COVID-19 risk, consistent with OSFI guidance. The calculation of expected credit losses includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States (U.S.) and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts which are probability-weighted in the determination of the final expected credit loss. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the allowance for credit losses is included in Note 4. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities, and are also used in performing impairment testing on certain non-financial Additional information regarding our fair value measurement techniques is included in Note 17. Pension and Other Employee Future Benefits Our pension and other employee future benefit expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefit expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review investments in associates and joint ventures at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the expected credit loss model. For securities determined to have low credit risk, the allowance for credit losses is measured at a 12-month Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and investments in associates and joint ventures, allowance for credit losses and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations and assumptions differ from those of tax authorities or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. 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 tax losses and tax credits may be utilized. We are required to assess whether it is probable that our deferred income tax assets will be realized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the remaining expiration period of tax loss carryforwards and tax credits. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (CGUs), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and value in use. In determining fair value less costs to sell, we employ a discounted cash flow model consistent with those used when we acquire businesses. This model is dependent on assumptions related to revenue growth, discount rates, synergies achieved on acquisition and the availability of comparable acquisition data. Changes in any of these assumptions would affect the determination of fair value for each of the business units in a different manner. Management must exercise judgment and make assumptions in determining fair value less costs to sell, and differences in judgment and assumptions could affect the determination of fair value and any resulting impairment write-down. Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions A provision, including for legal proceedings and restructuring charges, 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 regarding provisions is included in Note 24. Transfer of Assets and Consolidation of Structured Entities We enter into transactions in which we transfer assets, typically mortgage loans, mortgage-backed securities, and credit card loans, to a structured entity or third party to obtain alternate sources of funding or as part of our trading activities. We assess whether substantially all of the risks and rewards of or control over the assets 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 assets, they do not qualify for derecognition. We continue to recognize the assets and the related cash proceeds as secured financings in our Consolidated Balance Sheet. For securitization vehicles sponsored by the bank, the vehicles typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and how activities are funded. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest less than 50%. This may be the case when we are the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Transferred assets are discussed in greater detail in Note 6 and structured entities are discussed in greater detail in Notes 7 and 20. Leases We enter into leases as a lessee for which we recognize a lease liability and a corresponding right-of-use . In calculating our lease liability and corresponding right-of-use asset, we assess whether a contract is a lease by determining if we have the right to control the asset based on our ability to make decisions or direct how and for what purpose the asset is used. We evaluate the lease term based on the terms of the lease contract, including any extension or termination options that we are reasonably certain to exercise based on the economic rationale underlying the decision. We make estimates in determining the incremental borrowing rate that is used to discount lease liabilities, based on our expected costs of secured borrowing for the lease term. Future Changes in IFRS Conceptual Framework In March 2018, the IASB issued the revised Conceptual Framework (Framework), which sets out the fundamental concepts for financial reporting to ensure consistency in standard-setting decisions and that similar transactions are treated in a similar way, so as to provide useful information to users of financial statements. The revised Framework, which is effective for our fiscal year beginning November 1, 2020, will inform future standard-setting decisions but does not impact existing IFRS. We do not expect the Framework to have a significant impact on our accounting policies. Insurance Contracts In June 2020, the IASB issued amendments to IFRS 17 Insurance Contracts IBOR Reform – Phase 2 amendments In August 2020, the IASB published Phase 2 of its amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 Insurance Contracts For financial instruments at amortized cost, the amendments introduce a practical expedient such that if a change in the contractual cash flows is as a result of IBOR reform and occurs on an economically equivalent basis, the change will be accounted for by updating the effective interest rate with no immediate gain or loss recognized. The amendments also provide additional temporary relief from applying specific IAS 39 hedge accounting requirements to hedging relationships affected by IBOR reform. For example, there is an exception from the requirement to discontinue hedge accounting as a result of changes to hedge documentation required solely by IBOR reform. The amendments also require additional disclosure that allow users to understand the effect of IBOR reform on the bank’s financial instruments and risk management strategy. The Phase 2 amendments are effective for our fiscal year beginning November 1, 2021 with early adoption permitted. We are in the process of assessing the impact of these amendments on contracts in scope, including our IBOR-based financial instruments and hedge relationships. |
Cash and Interest Bearing Depos
Cash and Interest Bearing Deposits with Banks | 12 Months Ended |
Oct. 31, 2020 | |
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Cash and Interest Bearing Deposits with Banks | Note 2: Cash and Interest Bearing Deposits with Banks Cash and Cash Equivalents (Canadian $ in millions) 2020 2019 Cash and deposits with banks (1) 55,926 47,598 Cheques and other items in transit, net 1,482 1,205 Total cash and cash equivalents 57,408 48,803 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. Cheques and Other Items in Transit, Net Cheques and other items in transit are recorded at cost and represent the net position of the uncleared cheques and other items in transit between us and other banks. Cash Restrictions Certain of our foreign operations are required to maintain reserves or minimum balances with central banks in their respective countries of operation, totalling $111 million as at October 31, 2020 ($1,895 million in 2019). Interest Bearing Deposits with Banks Deposits with banks are recorded at amortized cost and include acceptances we have purchased that were issued by other banks. Interest income earned on these deposits is recorded on an accrual basis. |
Securities
Securities | 12 Months Ended |
Oct. 31, 2020 | |
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Securities | Note 3: Securities Securities are divided into six types, each with a different purpose and accounting treatment. The types of securities we hold are as follows: Trading securities Fair value through profit or loss securities Securities Designated at FVTPL In order to qualify for this designation, the security must have reliably measurable fair values, and the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the gains and losses on a different basis. Securities must be designated on initial recognition, and the designation is irrevocable. If these securities were not designated at FVTPL, they would be accounted for at either FVOCI or amortized cost. We designate certain securities held by our insurance subsidiaries that support our insurance liabilities at fair value through profit or loss, since the actuarial calculation of insurance liabilities is based on the fair value of the investments supporting them. This designation aligns the accounting result with the way the portfolio is managed on a fair value basis. The change in fair value of the securities is recorded in non-interest non-interest and a decrease of $372 million for the years ended October 31, 2019 and 2018, respectively). Securities Mandatorily Measured at FVTPL Securities managed on a fair value basis, but not held for trading, or debt securities with cash flows that do not represent solely payments of principal and interest and equity securities not held for trading or designated at FVOCI are classified as FVTPL. The fair value of these investments of $2,420 million as at October 31, 2020 ($2,899 million as at October 31, 2019) is recorded in securities in our Consolidated Balance Sheet. Debt securities at amortized cost Debt securities at FVOCI Debt securities measured at FVOCI are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in our Consolidated Statement of Comprehensive Income until the security is sold or impaired. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest Equity securities at FVOCI Investments in associates and joint ventures decisions; generally companies in which we own between 20% and 50% of the voting shares. Investments in joint ventures are where we have joint control. Our share of the net income or loss, including any impairment losses, are recorded in investments in associates and joint ventures in our Consolidated Statement of Income. Any other comprehensive income amounts are reflected in the relevant sections of our Consolidated Statement of Comprehensive Income. We account for all of our securities transactions using settlement date accounting in our Consolidated Balance Sheet. Changes in fair value between the trade date and settlement date are recorded in net income, except for those related to securities measured at FVOCI, which are recorded in other comprehensive income. Impairment Review Debt securities at amortized cost or FVOCI are assessed for impairment using the ECL model, with the exception of those Debt securities at amortized cost totalling $48,466 million as at October 31, 2020 ($24,472 million as at October 31, 2019) are net of allowances for credit losses of $1 million as at October 31, 2020 ($1 million as at October 31, 2019). Debt securities at FVOCI totalling $73,314 million as at October 31, 2020 ($64,434 million as at October 31, 2019) are net of allowances for credit losses of $4 million as at October 31, 2020 ($2 million as at October 31, 2019). Fair Value Measurement For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Where market quotes are not available, we use estimation techniques to determine fair value. Additional information regarding fair value measurement techniques is included in Note 17. Remaining Term to Maturity of Securities The following table shows the remaining term to maturities of securities . (Canadian $ in millions, except as noted) Term to maturity 2020 2019 Within 1 1 to 3 3 to 5 5 to 10 Over 10 No Total Total Trading Securities Issued or guaranteed by: Canadian federal government 1,658 2,502 2,727 2,739 1,274 – 10,900 8,330 Canadian provincial and municipal governments 1,768 1,063 678 1,153 3,673 – 8,335 7,527 U.S. federal government 1,403 2,560 1,981 2,253 221 – 8,418 8,763 U.S. states, municipalities and agencies 127 110 32 186 48 – 503 674 Other governments 1,156 500 481 246 133 – 2,516 1,585 NHA MBS, U.S. agency MBS and CMO (1) 95 186 138 183 11,695 – 12,297 11,046 Corporate debt 2,982 1,438 2,390 2,276 1,955 – 11,041 7,718 Trading loans – 6 36 25 – – 67 103 Corporate equity – – – – – 43,757 43,757 40,157 Total trading securities 9,189 8,365 8,463 9,061 18,999 43,757 97,834 85,903 FVTPL Securities Issued or guaranteed by: Canadian federal government 438 30 3 10 120 – 601 517 Canadian provincial and municipal governments 10 58 11 62 1,288 – 1,429 1,279 U.S. federal government 44 – – – – – 44 48 Other governments – 42 52 – – – 94 49 NHA MBS, U.S. agency MBS and CMO (1) 1 2 – – – – 3 5 Corporate debt 205 92 279 949 6,372 – 7,897 8,217 Corporate equity – – – – – 3,500 3,500 3,589 Total FVTPL securities 698 224 345 1,021 7,780 3,500 13,568 13,704 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 9,002 6,299 6,481 458 – – 22,240 11,876 Fair value 9,014 6,363 6,590 483 – – 22,450 11,944 Yield (%) 1.20 1.63 1.54 1.99 – – 1.44 1.72 Canadian provincial and municipal governments Amortized cost 1,723 1,078 1,298 529 – – 4,628 5,907 Fair value 1,727 1,111 1,356 553 – – 4,747 6,012 Yield (%) 0.43 2.06 2.14 1.89 – – 1.46 2.34 U.S. federal government Amortized cost 908 3,494 4,644 7,835 – – 16,881 15,363 Fair value 915 3,644 5,079 8,056 – – 17,694 15,975 Yield (%) 1.45 2.18 2.52 1.09 – – 1.73 2.42 U.S. states, municipalities and agencies Amortized cost 592 1,202 1,085 1,162 1,091 – 5,132 4,091 Fair value 597 1,238 1,128 1,211 1,102 – 5,276 4,161 Yield (%) 1.98 2.28 2.00 2.15 1.35 – 1.96 2.58 Other governments Amortized cost 1,997 3,149 1,714 362 – – 7,222 7,179 Fair value 2,008 3,251 1,763 359 – – 7,381 7,335 Yield (%) 1.20 2.13 1.28 1.34 – – 1.63 2.38 NHA MBS (1) Amortized cost 15 615 953 – – – 1,583 1,953 Fair value 15 633 981 – – – 1,629 1,970 Yield (%) 0.54 2.05 1.64 – – – 1.79 2.18 U.S. agency MBS and CMO (1) Amortized cost – 114 475 2,344 7,667 – 10,600 11,966 Fair value – 117 507 2,440 7,839 – 10,903 12,030 Yield (%) – 1.99 2.89 1.95 1.44 – 1.62 2.14 Corporate debt Amortized cost 743 1,214 883 243 70 – 3,153 4,899 Fair value 739 1,243 933 247 72 – 3,234 5,007 Yield (%) 1.05 1.65 2.26 1.81 2.73 – 1.72 2.48 Corporate equity Cost – – – – – 90 90 79 Fair value – – – – – 93 93 81 Total cost or amortized cost 14,980 17,165 17,533 12,933 8,828 90 71,529 63,313 Total fair value 15,015 17,600 18,337 13,349 9,013 93 73,407 64,515 Yield (%) 1.15 1.93 1.93 1.43 1.44 – 1.61 2.23 Amortized Cost Securities Issued or guaranteed by: Canadian federal government Amortized cost 697 1,158 3,729 654 – – 6,238 4,532 Fair value 694 1,165 3,743 658 – – 6,260 4,534 Canadian provincial and municipal governments Amortized cost 54 1,415 2,282 1,899 – – 5,650 3,553 Fair value 39 1,434 2,321 1,912 – – 5,706 3,576 U.S. federal government Amortized cost 3,270 1,748 2,079 1,688 – – 8,785 6,213 Fair value 3,269 1,751 2,088 1,697 – – 8,805 6,214 Other governments Amortized cost 133 769 498 80 – – 1,480 1,049 Fair value 128 771 504 82 – – 1,485 1,049 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 229 223 2,175 3,926 18,216 – 24,769 8,274 Fair value 223 224 2,220 4,047 18,484 – 25,198 8,398 Corporate debt Amortized cost 115 702 464 190 73 – 1,544 851 Fair value 102 712 473 193 75 – 1,555 851 Total amortized cost 4,498 6,015 11,227 8,437 18,289 – 48,466 24,472 Total fair value 4,455 6,057 11,349 8,589 18,559 – 49,009 24,622 Investments in associates and joint ventures Carrying value – – – – – 985 985 844 Total carrying value or amortized cost of securities 29,365 31,769 37,568 31,452 53,896 48,332 232,382 188,236 Total value of securities 29,400 32,204 38,372 31,868 54,081 48,335 234,260 189,438 Total by Currency Canadian dollar 17,347 14,758 19,506 9,492 14,578 24,863 100,544 85,905 U.S. dollar 9,584 17,300 18,575 22,214 39,300 18,822 125,795 100,573 Other currencies 2,469 146 291 162 203 4,650 7,921 2,960 Total securities 29,400 32,204 38,372 31,868 54,081 48,335 234,260 189,438 (1) These amounts are supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. Yields in the table above are calculated using the cost of the security and the contractual interest rate associated with each security, adjusted for any amortization of premiums and discounts. Tax effects are not taken into consideration. The term to maturity included in the table above is based on the contractual maturity date of the security. Actual maturities could differ, as issuers may have the right to call or prepay obligations. Unrealized Gains and Losses on FVOCI Securities The following table summarizes the unrealized gains and losses: (Canadian $ in millions) 2020 2019 Cost or Gross Gross Fair Cost or Gross Gross Fair Issued or guaranteed by: Canadian federal government 22,240 211 1 22,450 11,876 72 4 11,944 Canadian provincial and municipal governments 4,628 119 – 4,747 5,907 106 1 6,012 U.S. federal government 16,881 844 31 17,694 15,363 617 5 15,975 U.S. states, municipalities and agencies 5,132 147 3 5,276 4,091 74 4 4,161 Other governments 7,222 168 9 7,381 7,179 158 2 7,335 NHA MBS 1,583 46 – 1,629 1,953 18 1 1,970 U.S. agency MBS and CMO 10,600 307 4 10,903 11,966 106 42 12,030 Corporate debt 3,153 91 10 3,234 4,899 110 2 5,007 Corporate equity 90 3 – 93 79 2 – 81 Total 71,529 1,936 58 73,407 63,313 1,263 61 64,515 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest, Dividend and Fee Income Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows, excluding investments in associates and joint ventures and trading securities. Related income for trading securities is included under Trading-Related Revenue in Note 17. (Canadian $ in millions) 2020 2019 2018 FVTPL 17 34 16 FVOCI 959 1,585 1,118 Amortized cost 573 268 172 Total 1,549 1,887 1,306 Non-Interest Net gains and losses from securities, excluding net realized and unrealized gains on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) 2020 2019 2018 FVTPL securities 30 164 93 FVOCI securities (1) Gross realized gains 109 209 363 Gross realized (losses) (13 ) (123 ) (216 ) Impairment losses (2 ) (1 ) (1 ) Securities gains, other than trading (2) 124 249 239 (1) Gains (losses) are net of (losses) gains on hedge contracts. (2) The following amounts of income related to our insurance operations were included in non-interest , and million for the years ended October 31, 2020, 2019 and 2018, respectively; securities gains, other than trading, from FVOCI securities o f $19 million , million for the years ended October 31, 2020, 2019 and 2018, respectively; and securities gains, other than trading, from securities designated at FVTPL of $281 million, $1,006 million and $(372) million for the years ended October 31, 2020, 2019 and 2018, respectively. Gains and losses on trading securities are included in trading-related revenue in Note 17. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Oct. 31, 2020 | |
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Loans and Allowance for Credit Losses | Note 4: Loans and Allowance for Credit Losses Loans Loans are initially measured at fair value plus directly attributable costs, and are subsequently measured at amortized cost using the effective interest method where the cash flows of those loans represent solely payments of principal and interest, otherwise those loans are measured at FVTPL. Where the loans are held with the objective of both collecting contractual cash flows and selling the loans, and the cash flows represent solely payments of principal and interest, these loans are measured at FVOCI. The effective interest method allocates interest income over the expected term of the loan by applying the effective interest rate to the carrying amount of the loan. The effective interest rate is defined as the rate that exactly discounts estimated future cash receipts through the expected term of the loan to the net carrying amount of the loan. Under the effective interest method, the amount recognized in interest, dividend and fee income, loans, varies over the term of the loan based on the principal outstanding. The treatment of interest income for impaired loans is described below. Securities Borrowed or Purchased Under Resale Agreements Securities borrowed or purchased under resale agreements represent the amounts we will receive as a result of our commitment to return or resell securities that we have borrowed or purchased, back to the original lender or seller, on a specified date at a specified price. We account for these instruments as if they were loans. Lending Fees Lending fees primarily arise in Personal Impaired Loans We classify a loan as impaired (Stage 3) when one or more loss events have occurred, such as bankruptcy, default or delinquency. Generally, consumer loans in both Canada and the U.S. are classified as impaired when payment is contractually 90 days past due, or one year past due for residential mortgages if guaranteed by the Government of Canada. Credit card loans are immediately written off when principal or interest payments are 180 days past due, and are not reported as impaired. In Canada, consumer instalment loans, other personal loans and some small business loans are normally written off when they are one year past due. In the U.S., all consumer loans are generally written off when they are 180 days past due, except for non-real Corporate and commercial loans are classified as impaired when we determine there is no longer reasonable assurance that principal or interest will be collected in their entirety on a timely basis. Generally, we consider corporate and commercial loans to be impaired when payments are 90 days past due. Corporate and commercial loans are written off following a review on an individual loan basis that confirms all recovery attempts have been exhausted. A loan will be reclassified to performing status when we determine that there is reasonable assurance of full and timely repayment of interest and principal in accordance with the terms and conditions of the loan, and that none of the criteria for classification of the loan as impaired continue s Loans are in default when the borrower is unlikely to pay its credit obligations in full without recourse by the bank, such as realizing security, or when the borrower’s payments are past due more than 90 days (180 days for credit card loans). Overdrafts are considered to be past due once the customer has breached an advised limit or has been advised of a limit smaller than currently outstanding or, in the case of retail overdrafts, has not brought the overdraft down to a $nil balance within a specified time period. Once a loan is identified as impaired, we continue to recognize interest income based on the original effective interest rate on the loan amount net of its related allowance. In the periods following the recognition of impairment, adjustments to the allowance for these loans reflecting the time value of money are recognized as interest income. Interest income on impaired loans of $96 million was recognized for the year ended October 31, 2020 During the year ended October 31, 2020, we recorded a net loss of $ mil lion before tax (gains of Allowance for Credit Losses (ACL) The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level that we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $3,814 million as at October 31, 2020 ($2,094 million in 201 9 Significant changes in the gross balances, including originations, maturities and repayments in the normal course of operations, impact the allowance for credit losses. Allowance on Performing Loans We maintain an allowance in order to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Our approach to establishing and maintaining the allowance on performing loans is based on the requirements of IFRS, considering guidelines issued by OSFI. Under the IFRS 9 ECL methodology, an allowance is recorded for expected credit losses on financial assets regardless of whether there has been an actual impairment. We recognize a loss allowance at an amount generally equal to 12 - The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The bank’s methodology for determining significant increase in credit risk is based on the change in probability of default (PD) between origination and reporting date, assessed using probability weighted scenarios as well as certain other criteria, such as 30-day For each exposure, ECL is a function of the PD, exposure at default (EAD) and loss given default (LGD), with the timing of the loss also considered, and is estimated by incorporating forward-looking economic information and through the use of experienced credit judgment to reflect factors not captured in ECL models. PD represents the likelihood that a loan will not be repaid and will go into default in either a 12 - EAD is modelled based on historical data and represents an estimate of the outstanding amount of credit exposure at the time a default may occur. For off-balance LGD is the amount that may not be recovered in the event of default and is modelled based on historical data and reasonable and supportable information about future economic conditions, where appropriate. LGD takes into consideration the amount and quality of any collateral held. We consider past events, current market conditions and reasonable forward-looking supportable information about future economic conditions in determining the amount of expected losses. In assessing information about possible future economic conditions, we utilize multiple economic scenarios, including our base case, which represents, in our view, the most probable outcome, as well as benign and adverse forecasts, all of which are developed by our Economics group. Key economic variables used in the determination of the allowance for credit losses reflect the geographic diversity of our portfolios, where appropriate. In considering the lifetime of a loan, the contractual period of the loan, including prepayment, extension and other options, is generally used. For revolving instruments, such as credit cards, which may not have a defined contractual period, the lifetime is based on historical behaviour. Our ECL methodology also requires the use of experienced credit judgment to incorporate the estimated impact of factors that are not captured in the modelled ECL results. We have applied experienced credit judgment to reflect the impact of the extraordinary and highly uncertain environment on credit conditions and the economy as a result of the COVID-19 Allowance on Impaired Loans We maintain an allowance on individually identified impaired loans (Stage 3) of $727 million as at October 31, 2020 ($463 million as at October 31, 2019) on our gross impaired loans of $3,638 million as at October 31, 2020 ($2,629 million as at October 31, 2019), to reduce their carrying value to an expected recoverable amount of $2,911 million as at October 31, 2020 ($2,166 million as at October 31, 2019). We review our loans on an ongoing basis to assess whether any loans should be classified as impaired and whether an allowance or write-off Individually Significant Impaired Loans To determine the amount we expect to recover from an individually significant impaired loan, we use the value of the estimated future cash flows discounted at the loan’s original effective interest rate. The determination of estimated future cash flows of a collateralized impaired loan reflects the expected realization of the underlying security, net of expected costs and any amounts legally required to be paid to the borrower. Security can vary by type of loan and may include cash, securities, real estate properties, accounts receivable, guarantees, inventory or other capital assets. Individually Insignificant Impaired Loans Residential mortgages and consumer instalment and other personal loans are individually insignificant and may be assessed individually or collectively for losses at the time of impairment, taking into account historical loss experience and expectations of future economic conditions. Collectively assessed loans are grouped together by similar risk characteristics, such as type of instrument, geographic location, industry, type of collateral and term to maturity. Loans: Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at October 31, 2020 and 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) 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 1 – – 1 – – – – Very low 79,295 429 – 79,724 79,011 242 – 79,253 Low 24,490 2,481 – 26,971 20,853 2,821 – 23,674 Medium 11,560 6,461 – 18,021 13,651 4,578 – 18,229 High 172 446 – 618 124 397 – 521 Not rated 1,132 148 – 1,280 1,531 118 – 1,649 Impaired – – 409 409 – – 414 414 Allowance for credit losses 51 75 16 142 15 32 17 64 Carrying amount 116,599 9,890 393 126,882 115,155 8,124 397 123,676 Loans: Consumer instalment and other personal Exceptionally low 1,550 31 – 1,581 21,023 25 – 21,048 Very low 26,645 37 – 26,682 16,491 194 – 16,685 Low 20,935 585 – 21,520 9,894 346 – 10,240 Medium 10,324 4,334 – 14,658 10,510 4,264 – 14,774 High 429 1,470 – 1,899 397 1,423 – 1,820 Not rated 3,372 96 – 3,468 2,594 107 – 2,701 Impaired – – 340 340 – – 468 468 Allowance for credit losses 134 429 105 668 82 318 136 536 Carrying amount 63,121 6,124 235 69,480 60,827 6,041 332 67,200 Loans: Credit cards (1) Exceptionally low 2,252 – – 2,252 2,418 – – 2,418 Very low 1,106 15 – 1,121 1,214 16 – 1,230 Low 899 148 – 1,047 970 158 – 1,128 Medium 1,611 899 – 2,510 2,020 876 – 2,896 High 58 377 – 435 140 440 – 580 Not rated 524 – – 524 606 1 – 607 Impaired – – – – – – – – Allowance for credit losses 61 272 – 333 43 193 – 236 Carrying amount 6,389 1,167 – 7,556 7,325 1,298 – 8,623 Loans: Business and government (2) Acceptable Investment grade 127,525 3,242 – 130,767 134,587 1,028 – 135,615 Sub-investment 84,356 30,106 – 114,462 96,731 11,553 – 108,284 Watchlist – 8,621 – 8,621 – 5,556 – 5,556 Impaired – – 2,889 2,889 – – 1,747 1,747 Allowance for credit losses 510 1,044 606 2,160 263 441 310 1,014 Carrying amount 211,371 40,925 2,283 254,579 231,055 17,696 1,437 250,188 Commitments and financial guarantee contracts Acceptable Investment grade 138,141 1,628 – 139,769 134,920 884 – 135,804 Sub-investment 41,650 20,421 – 62,071 45,178 6,435 – 51,613 Watchlist – 4,861 – 4,861 – 2,133 – 2,133 Impaired – – 1,261 1,261 – – 324 324 Allowance for credit losses 211 288 12 511 119 103 22 244 Carrying amount (3)(4) 179,580 26,622 1,249 207,451 179,979 9,349 302 189,630 (1) Credit card loans are immediately written off when principal or interest payments are 180 days past due, and as a result are not reported as impaired in Stage 3. (2) Includes customers’ liability under acceptances. (3) Represents the total contractual amounts of undrawn credit facilities and other off-balance sheet exposures, excluding personal lines of credit and credit cards that are unconditionally cancellable at our discretion. (4) Certain commercial borrower commitments are conditional and may include recourse with other parties. The following table shows the continuity in the loss allowance, by product type, for the years ended October 31, 2020 and 2019. Transfers represent the amount of ECL that moved between stages during the year, for example, moving from a 12-month (Canadian $ in millions) 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of year 15 33 38 86 20 38 44 102 Transfer to Stage 1 25 (22 ) (3 ) – 27 (25 ) (2 ) – Transfer to Stage 2 (3 ) 10 (7 ) – (2 ) 7 (5 ) – Transfer to Stage 3 – (5 ) 5 – – (8 ) 8 – Net remeasurement of loss allowance 6 70 22 98 (35 ) 26 15 6 Loan originations 14 – – 14 7 – – 7 Derecognitions and maturities (3 ) (6 ) – (9 ) (2 ) (4 ) – (6 ) Model changes (3 ) (5 ) – (8 ) – – – – Total Provision for Credit Losses (PCL) (1) 36 42 17 95 (5 ) (4 ) 16 7 Write-offs (2) – – (11 ) (11 ) – – (19 ) (19 ) Recoveries of previous write-offs – – 8 8 – – 13 13 Foreign exchange and other – – (26 ) (26 ) – (1 ) (16 ) (17 ) Balance as at end of year 51 75 26 152 15 33 38 86 Loans: Consumer instalment and other personal Balance as at beginning of year 89 333 136 558 90 326 144 560 Transfer to Stage 1 189 (180 ) (9 ) – 174 (161 ) (13 ) – Transfer to Stage 2 (25 ) 86 (61 ) – (18 ) 85 (67 ) – Transfer to Stage 3 (4 ) (96 ) 100 – (5 ) (109 ) 114 – Net remeasurement of loss allowance (148 ) 315 196 363 (183 ) 232 167 216 Loan originations 49 – – 49 48 – – 48 Derecognitions and maturities (18 ) (38 ) – (56 ) (16 ) (40 ) – (56 ) Model changes 16 33 – 49 – – – – Total PCL (1) 59 120 226 405 – 7 201 208 Write-offs (2) – – (320 ) (320 ) – – (306 ) (306 ) Recoveries of previous write-offs – – 87 87 – – 118 118 Foreign exchange and other – 1 (24 ) (23 ) (1 ) – (21 ) (22 ) Balance as at end of year 148 454 105 707 89 333 136 558 Loans: Credit cards Balance as at beginning of year 80 225 – 305 74 219 – 293 Transfer to Stage 1 152 (152 ) – – 107 (107 ) – – Transfer to Stage 2 (32 ) 32 – – (21 ) 21 – – Transfer to Stage 3 (1 ) (178 ) 179 – (1 ) (173 ) 174 – Net remeasurement of loss allowance (100 ) 429 82 411 (96 ) 288 72 264 Loan originations 18 – – 18 20 – – 20 Derecognitions and maturities (6 ) (25 ) – (31 ) (4 ) (24 ) – (28 ) Model changes (1 ) (10 ) – (11 ) – – – – Total PCL (1) 30 96 261 387 5 5 246 256 Write-offs (2) – – (333 ) (333 ) – – (339 ) (339 ) Recoveries of previous write-offs – – 85 85 – – 93 93 Foreign exchange and other – – (13 ) (13 ) 1 1 – 2 Balance as at end of year 110 321 – 431 80 225 – 305 Loans: Business and government Balance as at beginning of year 338 496 311 1,145 298 408 209 915 Transfer to Stage 1 180 (172 ) (8 ) – 201 (187 ) (14 ) – Transfer to Stage 2 (184 ) 195 (11 ) – (50 ) 65 (15 ) – Transfer to Stage 3 (8 ) (285 ) 293 – (1 ) (66 ) 67 – Net remeasurement of loss allowance 227 1,106 744 2,077 (214 ) 353 250 389 Loan originations 208 – – 208 199 – – 199 Derecognitions and maturities (85 ) (128 ) – (213 ) (102 ) (82 ) – (184 ) Model changes (30 ) 8 – (22 ) – – – – Total PCL (1) 308 724 1,018 2,050 33 83 288 404 Write-offs (2) – – (716 ) (716 ) – – (203 ) (203 ) Recoveries of previous write-offs – – 72 72 – – 66 66 Foreign exchange and other 12 38 (77 ) (27 ) 7 5 (49 ) (37 ) Balance as at end of year 658 1,258 608 2,524 338 496 311 1,145 Total as at end of year 967 2,108 739 3,814 522 1,087 485 2,094 Comprised of: Loans 756 1,820 727 3,303 403 984 463 1,850 Other credit instruments (3) 211 288 12 511 119 103 22 244 (1) Excludes PCL on other assets of $16 ( ) (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) Other credit instruments, including off-balance Loans and allowance for credit losses by geographic region as at October 31, 2020 and 2019 are as follows: (Canadian $ in millions) 2020 2019 Gross Allowance for Allowance for Net Gross amount Allowance for Allowance for Net By geographic region (1) : Canada 276,868 303 1,323 275,242 258,842 207 740 257,895 United States 160,192 410 1,225 158,557 158,454 256 630 157,568 Other countries 11,247 14 28 11,205 10,648 – 17 10,631 Total 448,307 727 2,576 445,004 427,944 463 1,387 426,094 (1) Geographic region is based upon the 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 in 2019). (3) Excludes allowance for credit losses on performing loans of $499 million for other credit instruments, which is included in other liabilities ($222 million in 2019). Impaired (Stage 3) loans, including the related allowances, as at October 31, 2020 and 2019 are as follows: (Canadian $ in millions) 2020 2019 Gross impaired Allowance for Net impaired Gross impaired Allowance for Net impaired Residential mortgages 409 16 393 414 17 397 Consumer instalment and other personal 340 105 235 468 136 332 Business and government (1) 2,889 606 2,283 1,747 310 1,437 Total 3,638 727 2,911 2,629 463 2,166 By geographic region (2) Canada 1,343 303 1,040 914 207 707 United States 2,211 410 1,801 1,715 256 1,459 Other countries 84 14 70 – – – Total 3,638 727 2,911 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 in 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 October 31, 2020 and 2019. (Canadian $ in millions) 2020 2019 1 to 29 30 to 89 90 days Total 1 to 29 30 to 89 90 days Total Residential mortgages 806 543 43 1,392 806 465 16 1,287 Credit card, consumer instalment and other personal 2,136 345 65 2,546 1,590 426 87 2,103 Business and government 180 330 22 532 351 207 59 617 Total 3,122 1,218 130 4,470 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 $53 million and $54 million as at October 31 , 2020 and 2019 , respectively. ECL Sensitivity and Key Economic Variables The allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. Many of the factors have a high degree of interdependency, although there is no single factor to which loan impairment allowances as a whole are sensitive. As at October 31, 2020, the base case economic forecast used to calculate the allowance depicts a contracting Canadian economy with the U.S. economy following a similar trajectory. This is in contrast to the base case economic forecast as at October 31, 2019, which depicted moderate economic growth in Canada and the United States over the projection period. If we assumed a 100% base case economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $2,375 million as at October 31, 2020 ($1,325 million in 2019) compared to the reported allowance for performing loans of $3,075 million ($1,609 million in 2019). As at October 31, 2020, the adverse case economic forecast depicts a more severe contraction of the Canadian and U.S. economy for the remainder of 2020 with a further decline in 2021 before recovering in 2022. This is in contrast to the adverse scenario forecast as at October 31, 2019, which depicted a more typical recession followed by a steady recovery through the end of the projection period. If we assumed a 100% adverse economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $4,875 million as at October 31, 2020 ($2,800 million in 2019) compared to the reported allowance for performing loans of $3,075 million ($1,609 million in 2019). Actual results in a recession will differ as our portfolio will change through time due to migrat i The following table shows the key economic variables used to estimate the allowance on performing loans during the forecast period. The values shown represent the national annual average values for calendar 2020 for the base case scenario, calendar 2021 and 2022 for all scenarios. While the values disclosed below are national variables, we use regional variables in our underlying models and consider factors impacting particular industries where considered appropriate. As at October 31, 2020 As at October 31, 2019 All figures are average annual values Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario 2021 2022 2020 2021 2022 2021 2022 202 0 202 1 20 19 202 0 202 1 202 0 202 1 Real GDP growth rates ( 1 Canada 9.0% 4.0% (5.5)% 6.0% 3.0% (2.1)% 0.8% 2.9% 2.5% 1.5% 1.7% 1.6% (2.3)% 0.5% United States 7.0% 3.7% (4.5)% 4.0% 3.0% (2.9)% 0.8% 2.4% 2.4% 2.3% 1.8% 1.9% (2.0)% 0.6% Corporate BBB 10-year spread Canada 1.8% 2.0% 2.3% 2.2% 2.2% 4.5% 4.0% 2.0% 2.1% 2.1% 2.3% 2.3% 4.5% 4.1% United States 1.6% 1.8% 2.2% 2.0% 2.1% 4.4% 3.7% 1.8% 2.0% 1.9% 2.3% 2.4% 4.1% 3.6% Unemployment rates Canada 6.4% 5.9% 9.6% 8.0% 7.1% 13.8% 13.9% 5.1% 5.0% 5.7% 5.7% 5.9% 8.5% 9.0% United States 5.2% 4.6% 8.5% 6.8% 5.6% 12.6% 12.7% 3.3% 3.2% 3.7% 3.7% 3.8% 6.1% 6.8% Housing Price Index ( 1 Canada ( 2 9.6% 5.4% 7.2% 4.5% 2.5% (9.1)% (4.6)% 3.7% 3.7% 0.5% 2.0% 2.5% (12.3)% (4.7)% United States ( 3 4.7% 4.2% 3.9% 1.4% 2.7% (7.3)% (2.2)% 4.4% 4.2% 3.4% 3.0% 2.7% (5.7)% (2.2)% (1) Real gross domestic product (GDP) and housing price index are year-over-year growth rates. (2) In Canada, we use the HPI Benchmark Composite. (3) 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 on performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios, if all our performing loans were in Stage 1, our models would generate an allowance for performing loans of approximately $2,300 million compared to the reported allowance for performing loans of $3,075 million as at October 31, 2020 ($1,050 million compared to the reported allowance for performing loans of $1,609 million as at October 31, 2019). Renegotiated Loans From time to time we modify the contractual terms of a loan due to the poor financial condition of the borrower. We assess renegotiated loans for impairment consistent with our existing policies for impairment. When renegotiation leads to significant concessions being granted, and the concessions are for economic or legal reasons related to the borrower’s financial difficulty that we would not otherwise consider, the loan is classified as impaired. We consider one or a combination of the following to be significant concessions: (1) a reduction of the stated interest rate, (2) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for a new loan with similar terms, or (3) forgiveness of principal or accrued interest. Renegotiated loans remain in performing status if the modifications are not considered to be significant, or are returned to performing status when none of the criteria for classification as impaired continue s The carrying value of loans with lifetime allowance for credit losses modified during the year ended October 31, 2020 was million in 2019), including modifications for COVID-19 payment deferrals of $ 8,485 8 20 As at October 31, 2020, $1,469 million ($66 million as at October 31, 2019) of loans previously modified saw their loss allowance during the year change from lifetime to 12-month expected credit loss. Foreclosed Assets Property or other assets that we received from borrowers to satisfy their loan commitments are classified as either held for use or held for sale according to management’s intention, recorded initially at fair value for own use assets and lower of carrying value or fair value less costs to sell for any assets held for sale. Assets held for own use are subsequently accounted for in accordance with the relevant asset classification and assets held for sale are assessed for impairment. During the year ended October 31, 2020, we foreclosed on impaired loans and received Collateral Collateral is used to manage credit risk related to securities borrowed or purchased under resale agreements, residential mortgages, consumer instalment and other personal loans , 84 85 |
Risk Management
Risk Management | 12 Months Ended |
Oct. 31, 2020 | |
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Risk Management | Note 5: 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. 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 Our risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 84 to 91 of this report. Additional information on credit risk related to loans and derivatives is included in Notes 4 and 8, respectively. 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 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, as well as in our structural banking activities. Our market risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 92 to 96 of this report. 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 enterprise soundness and safety, depositor confidence and earnings stability. Our liquidity and funding risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 97 to 105 of this report. |
Transfer of Assets
Transfer of Assets | 12 Months Ended |
Oct. 31, 2020 | |
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Transfer of Assets | Note 6: Transfer of Assets Loan Securitization We sell Canadian residential mortgages to third-party Canadian securitization programs, including the Canada Mortgage Bond program, directly to third-party investors under the National Housing Act Mortgage-Backed Securities (NHA MBS) program and under our own program. We assess whether substantially all of the risks and rewards of or control over the loans have been transferred to determine whether they qualify for derecognition. Under these programs, we are entitled to the payment over time of the excess of the sum of interest and fees collected from customers, in connection with the mortgages that were sold, over the yield paid to investors, less credit losses and other costs. We also act as counterparty in interest rate swap agreements where we pay the interest due to Canadian Mortgage Bond holders and receive the interest on the underlying mortgages, which are converted into MBS through the NHA In the second quarter, we participated in the Insured Mortgage Purchase Program (IMPP), launched by the Government of Canada as part of its response to COVID-19. The following table presents the carrying amounts and fair values of transferred assets that did not qualify for derecognition and the associated liabilities: (Canadian $ in millions) 2020 2019 Carrying amount Fair value Carrying amount (1) Fair value Assets Trading securities (2) 345 165 Residential mortgages 8,453 6,357 Other related assets ( 3 10,363 10,872 Total 19,161 19,357 17,394 17,418 Associated liabilities ( 4 18,617 19,213 16,993 17,202 (1) Carrying amount of loans is net of allowance, where applicable. (2) Trading securities represent collateralized mortgage obligations issued by third party sponsored vehicles, where we do not substantially transfer all the risks and rewards of ownership to third party investors. (3) Other related assets represent payments received on account of mortgages pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held in permitted instruments on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying amount of the securitized assets in the table above. (4) Associated liabilities are recognized in Securitization and structured entities’ liabilities in our Consolidated Balance Sheet. Certain comparative figures have been reclassified to conform with the current year’s presentation. Transferred Financial Assets We retain the mortgage servicing rights for certain mortgage loans purchased or originated in the U.S. which are sold and derecognized. During the year ended October 31, 2020, we sold and derecognized $720 million ($460 million in 2019 and $936 million in 2018 and $21 million in 2018 non-interest In addition, we hold U.S. government agency CMOs issued by third party sponsored vehicles, which we may further securitize by packaging them into new CMOs prior to selling to third party investors. Where we do not substantially transfer all we recognize these CMOs and the related cash proceeds Also where reta ined intere sts Where we sold these CMOs, associated gains and losses are recognized in non-interest revenue, tra d nue . million of CMOs carried at fair value, classified as part of our trading securities in our Consolidated Balance Sheet ( $1 million as at October 31, 2019), representing our continuing involvement. Refer to Note 3 for further information. In the second quarter of 2020, the Canadian Government launched the Canada Emergency Business Account Program as part of its response to COVID-19, Securities Lent or Sold Under Repurchase Agreements Securities lent or sold under repurchase agreements represent short-term funding transactions in which we sell securities that we own and simultaneously commit to repurchase the same securities at a specified price on a specified date in the future. We retain substantially all the risks and rewards associated with the securities and we continue to recognize them in our Consolidated Balance Sheet, with the obligation to repurchase these securities recorded as secured borrowing transactions at the amount owing. The carrying value of these securities approximates the carrying value of the associated liabilities due to their , . |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2020 | |
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Structured Entities | Note 7: Structured Entities We enter into certain transactions in the ordinary course of business which involve the establishment of SEs to facilitate or secure customer transactions and to obtain alternate sources of funding. We are required to consolidate a SE if we control the entity. We control a SE when we have power over the SE, exposure to variable returns as a result of our involvement, and the ability to exercise power to affect the amount of our returns. In assessing whether we control a SE, we consider the entire arrangement to determine the purpose and design of the SE, the nature of any rights held through contractual arrangements, and whether we are acting as principal or agent. We perform a reassessment of consolidation if facts and circumstances indicate that there have been changes to one or more of the elements of control over the SE. Information regarding our basis of consolidation is included in Note 1. Consolidated Structured Entities Bank Securitization Vehicles We use securitization vehicles to securitize our Canadian credit card loans, Canadian real estate lines of credit, Canadian auto loans and U.S. equipment loans in order to obtain alternate sources of funding. The structure of these vehicles limits the activities they can undertake and the types of assets they can hold, and the vehicles have limited decision-making authority. The vehicles issue term asset-backed securities (ABS) to fund their activities. We control and consolidate these vehicles, as we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. The following table presents the carrying amounts and fair values of transferred assets that did not qualify for derecognition and the associated liabilities issued by our bank securitization vehicles: (Canadian $ in millions) 2020 2019 Carrying amount Fair value Carrying amount (1) Fair value Assets Credit cards 6,825 6,825 7,747 7,747 Consumer instalment and other personal (2) 6,291 6,312 5,872 5,876 Business and government 484 484 716 721 Total 13,600 13,621 14,335 14,344 Associated liabilities (3) 8,272 8,416 10,166 10,209 (1) Carrying amount of loans is net of allowance. (2) Includes real estate lines of credit and auto loans. (3) Associated liabilities are recognized in Securitization and structured entities’ liabilities in our Consolidated Balance Sheet. U.S. Customer Securitization Vehicle We sponsor one customer securitization vehicle (also referred to as a bank-sponsored multi-seller conduit) that provides our customers with alternate sources of funding through the securitization of their assets. This vehicle provides clients with access to financing in the asset-backed commercial paper (ABCP) markets by allowing them to either sell their assets directly into the vehicle or indirectly by selling an interest in the securitized assets into the vehicle, which then issues ABCP to investors in order to fund the purchases. We do not sell assets to the customer securitization vehicle. We earn fees for providing services related to the securitizations, including liquidity, distribution and financial arrangement fees for supporting the ongoing operations of the vehicle. We have determined that we control and therefore consolidate this vehicle, as we are exposed to its variable returns and we have the key decision-making powers necessary to affect the amount of those returns in our capacity as liquidity provider and servicing agent. We provide committed liquidity support facilities to this vehicle, which may require that we provide additional financing to the vehicle in the event that certain events occur. The total committed undrawn amount under these facilities at October 31, 2020 was $7,340 million ($6,733 million at October 31, 2019). Capital and Funding Vehicles During the year, we established a Trust in connection with the issuance of $1,250 million 4.3% Limited Recourse Capital Notes Series 1 ( LRCN LRCN . We determined that we control and therefore consolidate this vehicle as we are exposed to its variable returns and have key decision-making powers over its activities. Refer to Note 16 for further information. We have a funding vehicle, created under the covered bond program, that was established to guarantee payments due to bondholders on bonds issued by us. We sell assets to this funding vehicle in exchange for an intercompany loan. Refer to Note 13 for further information on our covered bond deposit liabilities. We may also use capital vehicles to transfer our credit exposure on certain loan assets. We purchase credit protection against eligible credit events from these vehicles. The vehicles collateralize their obligation through the issuance of guarantee-linked notes. Loan assets are not sold or assigned to the vehicles and remain on our Consolidated Balance Sheet. As at October 31, 2020, $120 million of guarantee-linked notes issued by these vehicles were included in deposits in our Consolidated Balance Sheet ($325 million at October 31, 2019). For those vehicles that purchase assets from us or are designed to pass on our credit risk, we have determined that, based on the rights of the arrangements or through our equity interest, we have significant exposure to the variable returns of the vehicles, and we control and therefore consolidate these vehicles. Additional information related to notes issued by, and assets sold to, these vehicles is provided in Notes 13 and 24, respectively. Unconsolidated Structured Entities The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2020 2019 Canadian customer Capital Securitization Canadian customer Capital Securitization Interests recorded on our consolidated balance sheet Cash and cash equivalents 46 1,173 – 66 547 – Trading securities 75 – 72 8 – 35 FVTPL securities 158 – – 567 – – FVOCI securities 291 – – 616 – – Amortized cost securities – – 102 – – 102 Derivatives 22 – – – – – Other – 39 – – 15 – 592 1,212 174 1,257 562 137 Deposits 46 1,173 – 66 547 – Other – 25 – – 9 – 46 1,198 – 66 556 – Exposure to loss (2) 7,015 1 174 7,453 – 137 Total assets of the entities 5,265 1,198 2,560 4,854 556 875 (1) Securities held that are issued by our Canadian customer securitization vehicles are comprised of asset-backed commercial paper and are classified as trading securities, FVTPL securities and FVOCI securities. All assets held by these vehicles relate to assets in Canada. (2) Exposure to loss represents securities held, undrawn liquidity facilities, total committed amounts of the BMO funded vehicle, derivative assets and loans. Canadian Customer Securitization Vehicles We sponsor customer securitization vehicles (also referred to as bank-sponsored multi-seller conduits) that provide our customers with alternate sources of funding through the securitization of their assets. These vehicles provide clients with access to financing either from BMO or in the ABCP markets by allowing them to either sell their assets directly into the vehicle or indirectly by selling an interest in the securitized assets into the vehicle, which then issues ABCP to either investors or BMO to fund the purchases. We do not sell assets to the customer securitization vehicles. We earn fees for providing services related to the securitizations, including liquidity, distribution and financial arrangement fees for supporting the ongoing operations of the vehicles. We have determined that we do not control these entities, as their key relevant activity, the servicing of program assets, does not reside with us. We provide liquidity facilities to the market-funded vehicles, which may require that we provide additional financing to the vehicles in the event that certain events occur. The total committed and undrawn amount under these liquidity facilities and any undrawn amounts of the BMO funded vehicle as as Capital Vehicles We also use capital vehicles to pass our credit risk to security holders of the vehicles. In these situations, we are not exposed to significant default or credit risk. Our remaining exposure to variable returns is less than that of the note holders in these vehicles, who are exposed to our default and credit risk. We are not required to consolidate these vehicles. In 2019, one of our capital vehicles redeemed a note issued by us. Additional information is provided in Note 16. Securitization Vehicles Securitization vehicles include holdings in asset-backed securitizations. Where we are a sponsor of certain SEs that securitize MBS into CMOs, we may have interests through our holdings of CMOs but do not consolidate them as we do not have power to direct their relevant activities. These include government-sponsored agency securities such as U.S. government agency issuances. In determining whether we are a sponsor of a SE, we consider both qualitative and quantitative factors, including the purpose and nature of the entity, and our initial and continuing involvement. Subsequent to the securitization, we sell the CMOs to third parties. Our maximum exposure to loss is limited to our on-balance Where the asset-backed instruments in . Where the Bank retains substantially all risks and rewards related to the transferred assets, we recognize the related cash proceeds as secured financing in our Consolidated Balance Sheet. As at October 31, 2020, these transferred assets were carried at fair value totalling $69 million ($35 million as at October 31, 2019) with $nil ($nil as at October 31, 2019) recognized in securitization and structured entities’ liabilities, also carried at fair value. Where the asset-backed instruments in these securitizations are transferred to third parties and qualify for derecognition, we record the related gains or losses in non-interest $3 million carried at fair value on our Consolidated Balance Sheet ($nil as at October 31, 2019). During the year ended October 31, 2020, we sold $5,797 million of MBS to these sponsored securitization vehicles ($810 million in 2019), where we divested all interests in the securitized MBSs and any gains and losses were recorded in non-interest BMO Managed Funds We have established a number of funds that we also manage. We assess whether or not we control these funds based on the economic interest we have in the funds, including investments in the funds and management fees earned from the funds, and any investors’ rights to remove us as investment manager. Based on our assessment, we have determined that we do not control these funds. Our total interest in unconsolidated BMO managed funds was $1,718 million at October 31, 2020 ($1,728 million in 2019), with $444 million included in FVTPL securities and $1,274 million included in trading securities as at October 31, 2020 ($469 million and $ 1,259 Other Structured Entities We purchase and hold investments in a variety of third-party SEs, including exchange-traded funds, mutual funds, limited partnerships investment trusts and government-sponsored ABS vehicles which are recorded in securities in our Consolidated Balance Sheet. We are considered to have an interest in these investments through our holdings and because we may act as a counterparty in certain derivatives contracts. We are not the investment manager or the sponsor of any of these investments. We are generally a passive investor and do not have power over the key decision-making activities of these investments. Our maximum exposure to loss from our investments is limited to the carrying amounts of our investments and any unutilized commitment we have provided. Sponsored Structured Entities We may be deemed to be the sponsor of a SE if we are involved in its design, legal set-up Financial Support Provided to Structured Entities During the years ended October 31, 2020 and 2019, we did not provide any financial or non-financial |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Derivative Instruments | Note 8: Derivative Instruments Derivative instruments are financial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other financial or commodity prices or indices. Derivative instruments are either regulated exchange-traded contracts or negotiated over-the-counter Types of Derivatives Swaps Swaps are contractual agreements between two parties to exchange a series of cash flows. The various swap agreements that we enter into are as follows: • Interest rate swaps – counterparties generally exchange fixed and floating rate interest payments based on a notional value in a single currency. • Cross-currency swaps – fixed rate interest payments and principal amounts are exchanged in different currencies. • Cross-currency interest rate swaps – fixed and/or floating rate interest payments and principal amounts are exchanged in different currencies. • Commodity swaps – counterparties generally exchange fixed and floating rate payments based on a notional value of a single commodity. • Equity swaps – counterparties exchange the return on an equity security or a group of equity securities for the return based on a fixed or floating interest rate or the return on another equity security or group of equity securities. • Credit default swaps – one counterparty pays the other a fee in exchange for that other counterparty agreeing to make a payment if a credit event occurs, such as bankruptcy or failure to pay. • Total return swaps – one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a reference asset or group of assets, including any returns such as interest earned on these assets, in exchange for amounts that are based on prevailing market funding rates. Forwards and Futures Forwards and futures are contractual agreements to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a specified price and date in the future. Forwards are customized contracts transacted in the over-the-counter Options Options are contractual agreements that convey to the purchaser the right but not the obligation to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a fixed future date or at any time within a fixed future period. For options written by us, we receive a premium from the purchaser for accepting market risk. For options purchased by us, we pay a premium for the right to exercise the option. Since we have no obligation to exercise the option, our primary exposure to risk is the potential credit risk if the writer of an over-the-counter Caps, collars and floors are specialized types of written and purchased options. They are contractual agreements in which the writer agrees to pay the purchaser, based on a specified notional amount, the difference between the market rate and the prescribed rate of the cap, collar or floor. The writer receives a premium for selling this instrument. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. A future option is an option contract in which the underlying instrument is a single futures contract. The main risks associated with these derivative instruments are related to exposure to movements in interest rates, foreign exchange rates, credit quality, value of the underlying financial instrument or commodity, as applicable, and the possible inability of counterparties to meet the terms of the contracts. Embedded Derivatives From time to time, we purchase or issue financial instruments containing embedded derivatives. The embedded derivative in a financial liability is separated from the host contract and carried at fair value if the economic characteristics of the derivative are not closely related to those of the host contract, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not measured at fair value. To the extent that we cannot reliably identify and measure the embedded derivative, the entire contract is carried at fair value, with changes in fair value reflected in income. Embedded derivatives in certain of our equity linked notes are accounted for separately from the host instrument. Contingent Features Certain over-the-counter Risks Hedged Interest Rate Risk We manage interest rate risk through interest rate futures, interest rate swaps and options, which are linked to and adjust the interest rate sensitivity of a specific asset, liability, forecasted transaction or firm commitment, or a specific pool of transactions with similar risk characteristics. Foreign Currency Risk We manage foreign currency risk through currency futures, foreign currency options, cross-currency swaps, foreign exchange spot transactions, forward contracts and deposits denominated in foreign currencies. Equity Price Risk We manage equity price risk through total return swaps. Trading Derivatives Trading derivatives include derivatives entered into with customers to accommodate their risk management needs, market-making to facilitate customer-driven demand for derivatives, derivatives transacted on a limited basis to generate trading income from our principal trading positions, and certain derivatives that we enter into as part of our risk management strategy that do not qualify as hedges for accounting purposes (“economic hedges”). We structure and market derivative products to enable customers to transfer, modify or reduce current or expected exposure to risks. Principal trading activities include market-making and positioning activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenues based on spread and volume. Positioning activities involve managing market risk positions with the expectation of profiting from favourable movements in prices, rates or indices. Trading derivatives are recorded at fair value. Realized and unrealized gains and losses are generally recorded in non-interest We may also economically hedge a portion of our U.S. dollar earnings through forward foreign exchange contracts and/or options to minimize fluctuations in our consolidated net income due to the translation of our U.S. dollar earnings. These contracts are recorded at fair value, with changes in fair value recorded in non-interest Fair Value of Trading and Hedging Derivatives Fair value represents point-in-time Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2020 2019 Gross assets Gross Net Gross assets Gross liabilities Net Trading Interest Rate Contracts Swaps 10,510 (7,585 ) 2,925 7,588 (5,834 ) 1,754 Forward rate agreements 29 (276 ) (247 ) 44 (157 ) (113 ) Futures 3 (18 ) (15 ) 1 (4 ) (3 ) Purchased options 667 – 667 632 – 632 Written options – (714 ) (714 ) – (403 ) (403 ) Foreign Exchange Contracts (1) Cross-currency swaps 2,080 (1,428 ) 652 2,394 (1,383 ) 1,011 Cross-currency interest rate swaps 4,151 (4,207 ) (56 ) 3,471 (4,950 ) (1,479 ) Forward foreign exchange contracts 3,611 (2,954 ) 657 2,796 (2,379 ) 417 Purchased options 346 – 346 188 – 188 Written options – (312 ) (312 ) – (203 ) (203 ) Commodity Contracts Swaps 2,162 (1,733 ) 429 754 (1,273 ) (519 ) Futures 53 (144 ) (91 ) 122 (40 ) 82 Purchased options 373 – 373 270 – 270 Written options – (456 ) (456 ) – (367 ) (367 ) Equity Contracts 8,461 (6,514 ) 1,947 1,199 (2,999 ) (1,800 ) Credit Contracts Purchased 11 (6 ) 5 2 (98 ) (96 ) Written – (8 ) (8 ) 47 (4 ) 43 Total fair value – trading derivatives 32,457 (26,355 ) 6,102 19,508 (20,094 ) (586 ) Hedging Interest Rate Contracts (2) Cash flow hedges – swaps 2,602 (43 ) 2,559 1,393 (121 ) 1,272 Fair value hedges – swaps 1,118 (2,257 ) (1,139 ) 799 (1,435 ) (636 ) Total swaps 3,720 (2,300 ) 1,420 2,192 (1,556 ) 636 Foreign Exchange Contracts Cash flow hedges 638 (1,710 ) (1,072 ) 420 (1,948 ) (1,528 ) Fair value hedges – (1 ) (1 ) – – – Total foreign exchange contracts 638 (1,711 ) (1,073 ) 420 (1,948 ) (1,528 ) Equity Contracts Cash flow hedges – (9 ) (9 ) 24 – 24 Total equity contracts – (9 ) (9 ) 24 – 24 Total fair value – hedging derivatives ( 3 4,358 (4,020 ) 338 2,636 (3,504 ) (868 ) Total fair value – trading and hedging derivatives 36,815 (30,375 ) 6,440 22,144 (23,598 ) (1,454 ) Less: impact of master netting agreements (19,302 ) 19,302 – (13,538 ) 13,538 – Total 17,513 (11,073 ) 6,440 8,606 (10,060 ) (1,454 ) (1) Gold contracts are included with foreign exchange contracts. (2) The fair value of bond futures designated in fair value hedge relationships rounds down to $ w (3) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance Assets are shown net of liabilities to customers where we have a legally enforceable right to offset amounts and we intend to settle contracts on a net basis. Notional Amounts of Trading Derivatives The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (Canadian $ in millions) 2020 2019 Exchange traded Over-the-counter Total Exchange traded Over-the-counter Total Interest Rate Contracts Swaps – 4,148,257 4,148,257 – 4,209,193 4,209,193 Forward rate agreements – 517,332 517,332 – 491,437 491,437 Purchased options 24,683 57,833 82,516 13,737 42,084 55,821 Written options 3,796 64,728 68,524 16,446 49,487 65,933 Futures 297,578 – 297,578 225,747 – 225,747 Total interest rate contracts 326,057 4,788,150 5,114,207 255,930 4,792,201 5,048,131 Foreign Exchange Contracts Cross-currency swaps – 47,805 47,805 – 47,977 47,977 Cross-currency interest rate swaps – 534,752 534,752 – 499,571 499,571 Forward foreign exchange contracts – 494,640 494,640 – 453,711 453,711 Purchased options 1,673 39,067 40,740 3,295 37,397 40,692 Written options 2,346 41,327 43,673 2,502 42,075 44,577 Futures 1,608 – 1,608 882 – 882 Total foreign exchange contracts 5,627 1,157,591 1,163,218 6,679 1,080,731 1,087,410 Commodity Contracts Swaps – 30,613 30,613 – 24,722 24,722 Purchased options 4,846 5,728 10,574 3,615 6,608 10,223 Written options 6,514 3,704 10,218 5,230 4,371 9,601 Futures 39,011 – 39,011 32,422 – 32,422 Total commodity contracts 50,371 40,045 90,416 41,267 35,701 76,968 Equity Contracts 110,274 60,202 170,476 39,952 50,910 90,862 Credit Contracts Purchased – 7,407 7,407 – 5,361 5,361 Written – 1,795 1,795 – 2,068 2,068 Total 492,329 6,055,190 6,547,519 343,828 5,966,972 6,310,800 (1) Gold contracts are included with foreign exchange contracts . Table excludes loan commitment derivatives with notionals of $2,603 million ($2,613 million in 2019). Derivatives Used in Hedge Accounting In accordance with our risk management strategy, we enter into various derivative contracts to hedge our interest rate, foreign currency and equity price exposures. In addition, we use deposits to hedge foreign currency exposure in our net investment in foreign operations. To the extent these instruments qualify for hedge accounting, we designate them in accounting hedge relationships. Our structural market risk strategies, including our approach to managing interest rate and foreign exchange risk, are included in the blue-tinted font in the Structural (Non-Trading) Mid-Term By using derivatives to hedge exposures to interest rates, foreign currency exchange rates, and equity prices, we are also exposed to the credit risk of the derivative counterparty. We mitigate credit risk by entering into transactions with high-quality counterparties, requiring the counterparties to post collateral, entering into master netting agreements, or settling through centrally cleared counterparties. In order to qualify as an accounting hedge, the hedging relationship must be designated and formally documented at its inception, detailing the particular risk management objective and strategy for the hedge and the specific asset, liability or cash flow being hedged, as well as how effectiveness is to be assessed. Changes in the fair value of the derivative must be highly effective in offsetting changes in the fair value or changes in the amount of future cash flows of the hedged item. We evaluate hedge effectiveness at the inception of the hedging relationship and on an ongoing basis, retrospectively and prospectively, primarily using a quantitative statistical regression analysis. We consider a hedging relationship highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8; the slope of the regression is within a 0.8 to 1.25 range; and the confidence level of the slope is at least 95%. The practice is different for our net investment hedge, discussed in the Net Investment Hedges section below. Any ineffectiveness in the hedging relationship is recognized as it arises in non-interest The following table outlines the notional amounts and average rates of derivatives and the carrying amounts of deposits designated as hedging instruments, by term to maturity, hedge type, and risk type, where applicable. Remaining term to maturity 2020 2019 (Canadian $ in millions, except as noted) Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total Total Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount (1) 16,332 29,011 30,395 16,040 518 92,296 93,611 Average fixed interest rate 1.04 % 1.60 % 1.51 % 1.14 % 1.57 % 1.39 % 2. 0 % Foreign exchange risk – Cross-currency swaps and foreign exchange forwards CAD-USD Notional amount 8,405 15,218 12,435 7,072 251 43,381 40,154 Average fixed interest rate 1.86 % 1.96 % 2.10 % 1.53 % 3.02 % 1.92 % 1. 95 % Average exchange rate: CAD-USD 1.3378 1.3140 1.3076 1.3458 1.3122 1.3219 1.3034 CAD-EUR Notional amount 4,621 10,553 1,924 – 201 17,299 20,357 Average fixed interest rate 2.27 % 2.07 % 2.41 % – 2.97 % 2.17 % 2.21 % Average exchange rate: CAD-EUR 1.4671 1.5088 1.5395 – 1.4870 1.5008 1.4892 Other currency pairs (3) Notional amount (4) 365 4,426 2,077 236 – 7,104 7,849 Average fixed interest rate 2.83 % 2.80 % 2.35 % 1.62 % – 2.63 % 2.57 % Average exchange rate: CAD-Non 0.7725 1.3338 1.2744 1.4753 – 1.2923 1.3348 Equity price risk – Total return swap Notional amount 302 – – – – 302 316 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount ( 5 19,571 31,221 28,393 15,553 – 94,738 93,467 Average fixed interest rate 0.85 % 1.69 % 1.68 % 1.40 % – 1.47 % 2. 23 % Interest rate risk – Bond futures (Exchange-traded derivatives) Notional amount 48 – – – – 48 – Average price in dollars 126 – – – – 126 – Foreign exchange risk – Cross-currency swaps USD-GBP pair Notional amount (6) – – 39 – – 39 – Average fixed interest rate – – 0.66 % – – 0.66 % – Average exchange rate: USD-GBP – – 1.3024 – – 1.3024 – Net Investment Hedges Foreign exchange risk USD denominated deposit – carrying amount 8,219 – – – – 8,219 6,495 GBP denominated deposit – carrying amount 892 – – – – 892 685 (1) The notional amount of the interest rate swaps likely subject to IBOR reform that mature after December 31, 2021 was $48,825 million of USD LIBOR (2) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EURO-USD cross-currency swap split into EURO-CAD and CAD - (3) Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP CAD-HKD (4) The notional amount of the cross-currency swaps likely subject to IBOR reform that mature after December 31, 2021 was $718 million of GBP LIBOR as at October 31, 2020. (5) The notional amount of the (6) The notional amount of the cross-currency swaps likely subject to IBOR reform that mature after at October 31, 2020. Cash Flow Hedges Cash flow hedges modify exposure to variability in cash flows for variable interest rate bearing instruments, foreign currency denominated assets and liabilities and certain cash-settled share-based payment grants subject to equity price risk. We use interest rate swaps with or without embedded options, cross-currency swaps, and total return swaps to hedge this variability. We hedge the full amount of foreign exchange risk, but interest rate risk is hedged only to the extent of benchmark interest rates. The benchmark interest rate is a component of interest rate risk that is observable in the relevant financial markets, for example LIBOR or Bankers’ Acceptances (BA) rate. We determine the amount of the exposure to which hedge accounting is applied by assessing the potential impact of changes in interest rates, foreign exchange rates, and equity prices on the future cash flows of floating rate loans and deposits, foreign currency denominated assets and liabilities and certain cash-settled share-based payments. This assessment is performed using analytical techniques, such as simulation, sensitivity analysis, stress testing and gap analysis. We record interest that we pay or receive on these cash flow hedge derivatives as an adjustment to net interest income in our Consolidated Statement of Income over the life of the hedge. To the extent that changes in the fair value of the derivative offset changes in the fair value of the hedged item for the designated hedged risk, they are recorded in other comprehensive income. Hedge ineffectiveness, the portion of the change in fair value of the derivative that does not offset changes in the fair value of the hedged item, is recorded directly in non-interest For cash flow hedges that are discontinued before the end of the original hedge term, the cumulative unrealized gain or loss recorded in other comprehensive income is amortized to our Consolidated Statement of Income in net interest income for interest rate swaps and in employee compensation for total return swaps as the hedged item is recorded in earnings. The entire unrealized gain or loss is recognized immediately in net interest income in our Consolidated Statement of Income, if the hedged item is sold or settled. In general, we do not terminate our foreign exchange hedges before maturity. For cash flow hedges, we use a hypothetical derivative to measure the hedged risk of floating rate loans, deposits, foreign currency denominated assets and liabilities, or share-based payment grants. This hypothetical derivative matches the critical terms of the hedged items identically, and it perfectly offsets the hedged cash flow. In our cash flow hedge relationships, the main sources of ineffectiveness are differences in interest rate indices, tenor and reset/settlement frequencies between the hedging instrument and the hedged item. Net Investment Hedges Net investment hedges mitigate our exposure to foreign currency exchange rate fluctuations related to our net investment in foreign operations. Deposits denominated in foreign currencies are designated as a hedging instrument for a portion of the net investment in foreign operations. The foreign currency translation of our net investment in foreign operations and the effective portion of the corresponding hedging instrument are recorded in unrealized gains (losses) on translation of net foreign operations in other comprehensive income. The effectiveness of our net investment hedge is determined using the dollar offset method with spot foreign currency rates. As the notional amount of the deposits and the hedged net investment in foreign operations are the same, there is no source of ineffectiveness in these hedging relationships. For cash flow hedges and net investment hedges, the following tables contain information related to items designated as hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2020 and October 31, 2019. 2020 Carrying amount of Hedge ineffectiveness (Canadian $ in millions) Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash flow hedges Interest rate risk – Interest rate swaps 2,602 (43 ) 2,516 (2,520 ) 4 Foreign exchange risk – Cross-currency swaps and 638 (1,710 ) (315 ) 315 – Equity price risk – Total return swaps – (9 ) (108 ) 108 – 3,240 (1,762 ) 2,093 (2,097 ) 4 Net investment hedges Foreign exchange risk – Deposit liabilities – (9,111 ) (131 ) 131 – Total 3,240 (10,873 ) 1,962 (1,966 ) 4 (1) Represents the unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. 2019 Carrying amount of Hedge ineffectiveness (Canadian $ in millions) Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash flow hedges Interest rate risk – Interest rate swaps 1,393 (121 ) 3,142 (3,118 ) 15 Foreign exchange risk – Cross-currency swaps and 420 (1,948 ) (1,195 ) 1,195 – Equity price risk – Total return swaps 24 – 15 (15 ) – 1,837 (2,069 ) 1,962 (1,938 ) 15 Net investment hedges Foreign exchange risk – Deposit liabilities – (7,180 ) (17 ) 17 – Total 1,837 (9,249 ) 1,945 (1,921 ) 15 (1) Represents the unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. For cash flow hedges and net investment hedges, the following tables contain information related to impacts in our Consolidated Statement of Other Comprehensive Income, on a pre-tax 2020 Balance in cash flow hedge AOCI / (Canadian $ in millions) Balance Gains / Amount reclassified to net income as the Balance Active hedges Discontinued hedges Cash flow hedges Interest rate risk 1,156 2,512 (139 ) 3,529 2,359 1,170 Foreign exchange risk (444 ) (350 ) 35 (759 ) (759 ) – Equity price risk 17 (108 ) 41 (50 ) (50 ) – 729 2,054 (63 ) 2,720 1,550 1,170 Net investment hedges Foreign exchange risk (1,808 ) (131 ) – (1,939 ) (1,939 ) – Total (1,079 ) 1,923 (63 ) 781 (389 ) 1,170 (1) Tax balance related to cash flow hedge 2019 Balance in cash flow hedge AOCI / (Canadian $ in millions) Balance Gains / Amount reclassified to net income as the Balance Active hedges Discontinued hedges Cash flow hedges Interest rate risk (2,211 ) 3,127 240 1,156 1,150 6 Foreign exchange risk 751 (1,177 ) (18 ) (444 ) (444 ) – Equity price risk 30 15 (28 ) 17 17 – (1,430 ) 1,965 194 729 723 6 Net investment hedges Foreign exchange risk (1,791 ) (17 ) – (1,808 ) (1,808 ) – Total (3,221 ) 1,948 194 (1,079 ) (1,085 ) 6 (1) Tax balance related to cash flow hedge AOCI is $ ( ) million. Fair Value Hedges Fair value hedges modify exposure to changes in a fixed rate instrument’s fair value caused by changes in interest rates. These hedges economically convert fixed rate assets and liabilities to floating rate. We use cross currency swaps, interest rate swaps, and bond futures to hedge foreign exchange risk and interest rate risk, including benchmark interest rates, inherent in fixed rate securities, a portfolio of mortgages, deposits and subordinated debt and other liabilities. Any fixed rate assets or liabilities that are part of a hedging relationship are adjusted for the change in value of the risk being hedged. To the extent that the change in the fair value of the derivative does not offset changes in the fair value of the hedged item for the risk being hedged, the net amount (hedge ineffectiveness) is recorded directly in non-interest For fair value hedges that are discontinued, we cease adjusting the hedged item. The cumulative fair value adjustment of the hedged item is then amortized to net interest income over the hedged item’s remaining term to maturity. If the hedged item is sold or settled, the cumulative fair value adjustment is included in the gain or loss on sale or settlement. In our fair value hedge relationships, the main sources of ineffectiveness are the counterparty effect and our own credit risk on the fair value of the swap, and the difference in terms such as fixed interest rate or reset/settlement frequency between the swap and the hedged item. The amounts relating to derivatives designated as fair value hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2020 and 2019 are as follows: (Canadian $ in millions) 2020 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Carrying amount Active hedges Discontinued Fair value hedge (3) Interest rate swaps 1,118 (2,257 ) Cross currency swaps – (1 ) – – – – – – Securities and loans – – (1,791 ) 1,794 3 58,608 2,762 25 Deposit s, and other liabilities – – 622 (620 ) 2 (39,950 ) (943 ) 8 Total 1,118 (2,258 ) (1,169 ) 1,174 5 18,658 1,819 33 (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. (3) For bond futures designated in fair value hedge relationships, all amounts in the table round down to $nil w (Canadian $ in millions) 2019 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Carrying amount Active hedges Discontinued Fair value hedge Interest rate swaps 799 (1,435 ) Cross currency swaps – – – – – – – – Securities and loans – – (2,072 ) 2,058 (14 ) 53,672 1,249 8 Deposits, subordinated debt and other liabilities – – 1,269 (1,255 ) 14 (41,277 ) (609 ) 308 Total 799 (1,435 ) (803 ) 803 – 12,395 640 316 (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in Derivative-Related Market Risk Derivative instruments are subject to market risk. Market risk arises from the potential for a negative impact on the balance sheet and/or statement of income due to adverse changes in the value of derivative instruments as a result of changes in certain market variables. These variables include interest rates, foreign exchange rates, equity and commodity prices and their implied volatilities, as well as credit spreads, credit migration and default. We strive to limit market risk by employing comprehensive governance and management processes for all market risk-taking activities. Derivative-Related Credit Risk Derivative instruments are subject to credit risk arising from the possibility that counterparties may default on their obligations. The credit risk associated with a derivative is normally a small fraction of the notional amount of the derivative instrument. Derivative contracts generally expose us to potential credit loss if changes in market rates affect the counterparty’s position unfavourably and the counterparty defaults on payment. The credit risk is represented by the positive fair value of the derivative instrument. We strive to limit credit risk by dealing with counterparties that we believe are creditworthy, and we manage our credit risk for derivatives using the same credit risk process that is applied to loans and other credit assets. We also pursue opportunities to reduce our exposure to credit losses on derivative instruments, including through collateral and by entering into master netting agreements with counterparties. The credit risk associated with favourable contracts is mitigated by legally enforceable master netting agreements to the extent that unfavourable contracts with the same counterparty must be settled concurrently with favourable contracts. Exchange-traded derivatives have limited potential for credit exposure, as they are settled net daily with each exchange. Terms used in the credit risk tables below are as follows: Replacement cost in Credit risk equivalent Risk-weighted assets (Canadian $ in millions) 2020 2019 Replacement (1) Credit risk (1) Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Over-the-counter Swaps 5,228 10,713 3,380 3,233 8,114 2,300 Forward rate agreements 1,153 3,332 1,479 102 1,162 236 Purchased options 2 55 12 11 62 39 Written options 68 206 150 38 154 98 6,451 14,306 5,021 3,384 9,492 2,673 Exchange traded Futures 22 83 2 90 161 3 Purchased options 45 66 1 28 40 1 Written options 3 4 – 3 6 – 70 153 3 121 207 4 Total interest rate contracts 6,521 14,459 5,024 3,505 9,699 2,677 Foreign Exchange Contracts (2) Over-the-counter Swaps 872 5,581 794 1,184 6,248 989 Forward foreign exchange contracts 1,032 7,859 823 1,753 7,225 1,260 Purchased options 68 196 95 40 167 46 Written options 5 76 27 10 119 29 1,977 13,712 1,739 2,987 13,759 2,324 Exchange traded Futures 1 2 – 13 20 – Purchased options 12 17 – 13 24 – Written options 12 18 – – 2 – 25 37 – 26 46 – Total foreign exchange contracts 2,002 13,749 1,739 3,013 13,805 2,324 Commodity Contracts Over-the-counter Swaps 1,424 4,215 2,119 213 2,154 629 Purchased options 117 746 257 98 472 125 Written options 1 234 74 116 370 204 1,542 5,195 2,450 427 2,996 958 Exchange traded Futures 635 1,612 33 393 1,079 22 Purchased options 373 562 11 378 567 11 Written options 221 363 7 1 52 1 1,229 2,537 51 772 1,698 34 Total commodity contracts 2,771 7,732 2,501 1,199 4,694 992 Equity Contracts Over-the-counter 563 8,010 2,399 197 4,572 1,246 Exchange traded 5,958 10,135 203 1,083 2,580 52 Total equity contracts 6,521 18,145 2,602 1,280 7,152 1,298 Credit Contracts 272 741 75 277 496 34 Total 18,087 54,826 11,941 9,274 35,846 7,325 (1) Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach Counterparty Credit Risk (SA-CCR) (2) Gold contracts are included in foreign exchange contracts. Term to Maturity Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are set out below: (Canadian $ in millions) Term to maturity 2020 2019 Within 1 1 to 3 3 to 5 5 to 10 Over 10 Total notional Total notional Interest Rate Contracts Swaps 1,605,404 1,235,423 802,411 526,599 165,454 4,335,291 4,396,272 Forward rate agreements, futures and options 787,563 134,021 30,870 11,245 2,299 965,998 838,938 Total interest rate contracts 2,392,967 1,369,444 833,281 537,844 167,753 5,301,289 5,235,210 Foreign Exchange Contracts (1) Swaps 155,542 215,827 138,246 100,254 27,632 637,501 604,728 Forward foreign exchange contracts 480,223 11,892 2,209 289 27 494,640 453,711 Futures 1,580 28 – – – 1,608 882 Options 76,721 6,490 1,202 – – 84,413 85,269 Total foreign exchange contracts 714,066 234,237 141,657 100,543 27,659 1,218,162 1,144,590 Commodity Contracts Swaps 9,591 18,447 2,296 279 – 30,613 24,722 Futures 15,300 20,536 2,878 297 – 39,011 32,422 Options 9,180 10,583 1,012 17 – 20,792 19,824 Total commodity contracts 34,071 49,566 6,186 593 – 90,416 76,968 Equity Contracts 118,139 38,527 11,758 2,071 283 170,778 91,178 Credit Contracts (2) 944 615 3,395 3,815 433 9,202 7,429 Total notional amount 3,260,187 1,692,389 996,277 644,866 196,128 6,789,847 6,555,375 (1) Gold contracts are included with foreign exchange contracts. (2) Under the SA-CCR, excludes loan commitment derivatives. |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Oct. 31, 2020 | |
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Premises and Equipment | Note 9: Premises and Equipment We record all owned and Buildings 10 to 40 years Computer equipment and operating system software 5 to 7 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years Depreciation methods, useful lives and the residual values of premises and equipment are reviewed annually for any change in circumstances and are adjusted if appropriate. At each reporting period, we review whether there are any indications that premises and equipment need to be tested for impairment. If there is an indication that an asset may be impaired, we test for impairment by comparing the asset’s carrying value to its recoverable amount. The recoverable amount is calculated as the higher of the value in use and the fair value less costs to sell. Value in use is the present value of the future cash flows expected to be derived from the asset. An impairment charge is recorded when the recoverable amount is less than the carrying value. There were write-downs of computer equipment of $4 million due to impairment during the year ended October 31, 2020 ($nil in 2019 a nd non-interest Leases When we enter into a new arrangement as a lessee, a right-of-use non-cancellable The right-of-use The lease liability accretes interest over the lease term, using the effective interest method, with the associated interest expense recognized in interest expense, other liabilities, in our Consolidated Statement of Income. 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. Refer to Note 14 for further information. Amounts relating to leases of low value are expensed when incurred in non-interest Prior to the adoption of IFRS 16, net rent expense reported in non-interest respectively. The total cost and associated accumulated depreciation for premises and equipment owned and leased are set out below: (Canadian $ in millions) 2020 2019 Land Buildings Computer Other Leasehold Right-of-use Total Land Buildings Computer Other Leasehold Total Cost Balance at beginning of year 109 1,534 2,470 973 1,615 na 6,701 145 1,627 2,229 933 1,514 6,448 Impact from adopting IFRS 16 (1) (2) – (23 ) (65 ) – – 2,053 1,965 na na na na na na Additions /lease modifications 8 53 168 41 167 559 996 10 86 343 57 124 620 Disposals ( 3 (6 ) (116 ) (104 ) (122 ) (28 ) (22 ) (398 ) (45 ) (179 ) (102 ) (15 ) (24 ) (365 ) Foreign exchange and other 1 6 12 12 15 (10 ) 36 (1 ) – – (2 ) 1 (2 ) Balance at end of year 112 1,454 2,481 904 1,769 2,580 9,300 109 1,534 2,470 973 1,615 6,701 Accumulated Depreciation and Impairment Balance at beginning of year – 961 1,786 742 1,157 na 4,646 – 1,016 1,662 704 1,080 4,462 Impact from adopting IFRS 16 (1) – – (27 ) – – 27 – na na na na na na Disposals (2) – (93 ) (100 ) (120 ) (25 ) (22 ) (360 ) – (114 ) (101 ) (12 ) (20 ) (247 ) Depreciation – 64 218 52 107 360 801 – 59 227 51 98 435 Foreign exchange and other – 4 11 6 11 ( ) 30 – – (2 ) (1 ) (1 ) (4 ) Balance at end of year – 936 1,888 680 1,250 363 5,117 – 961 1,786 742 1,157 4,646 Net carrying value 112 518 593 224 519 2,217 4,183 109 573 684 231 458 2,055 (1) Effective November 1, 2019, we adopted IFRS 16 Leases (2) Includes net book value of buildings transferred to right-of-use assets. (3) Includes fully depreciated assets written off. na – not applicable due to IFRS 16 adoption. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2020 | |
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Acquisitions | Note 10: Acquisitions The cost of an acquisition is measured at the fair value of the consideration transferred, including contingent consideration. Acquisition-related costs are recognized as an expense in the period in which they are incurred. The identifiable assets acquired and liabilities assumed and contingent consideration are measured at their fair values at the date of acquisition. Goodwill is measured as the excess of the aggregate of the consideration transferred over the net of the fair value of identifiable assets acquired and liabilities assumed. The results of operations of acquired businesses are included in our consolidated financial statements beginning on the date of acquisition. Clearpool Group Inc. (Clearpool) On April 6, 2020, we completed the acquisition of 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$7 As part of this acquisition, we acquired intangible assets of $85 million and goodwill of $132 million. The intangible assets are being amortized over three to eight 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 217 Other assets 44 Total assets 261 Liabilities 54 Purchase price 207 The purchase price allocation for Clearpool has been completed. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2020 | |
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Goodwill and Intangible Assets | Note 11: Goodwill and Intangible Assets Goodwill When we complete an acquisition, we allocate the purchase price paid to the assets acquired, including identifiable intangible assets, and the liabilities assumed. Any portion of the consideration transferred that is in excess of the fair value of those net assets is considered to be goodwill. Goodwill is not amortized and is instead tested for impairment annually. In performing the impairment test, we utilize the fair value less costs to sell for each group of CGUs based on discounted cash flow projections. Cash flows were projected for the first 10 years based on actual operating results, expected future business performance and past experience. Beyond 10 years, cash flows were assumed to grow at perpetual annual rates of up to 2.5% (2.5% in 2019). The discount rates we applied in determining the recoverable amounts in 2020 ranged from 6.0% to 10.3% (8.0% to 11.0% in 2019), and were based on our estimate of the cost of capital for each CGU. The cost of capital for each CGU was estimated using the Capital Asset Pricing Model, based on the historical betas of publicly traded peer companies that are comparable to the CGU. There were no write-downs of goodwill due to impairment during the years ended October 31, 2020, 2019 or The key assumptions described above may change as market and economic conditions change. However, we estimate that reasonably possible changes in these assumptions are not expected to cause the recoverable amounts of our CGUs to decline below their carrying amounts. A continuity of our goodwill by group of CGUs for the years ended October 31, 2020 and 2019 is as follows: (Canadian $ in millions) Personal and Commercial Banking BMO Management BMO Total Canadian U.S. Total Traditional Insurance Total Balance – October 31, 2018 97 3,797 3,894 2,129 2 2,131 348 6,373 Foreign exchange and other (1) – (1 ) (1 ) 16 – 16 (48 ) (33 ) Balance – October 31, 2019 97 3,796 3,893 2,145 2 2,147 300 6,340 Acquisitions during the year – – – – – – 132 132 Foreign exchange and other (1) – 45 45 23 – 23 (5 ) 63 Balance – October 31, 2020 97 3,841 3,938 2,168 2 2,170 427 6,535 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I and GE Transportation Finance. (4) Relates to BMO Nesbitt Burns Inc., Guardian Group of Funds Ltd., Pyrford International Limited, LGM Investments Limited, M&I, myCFO, Inc., Stoker Ostler Wealth Advisors, Inc., CTC Consulting LLC, AWMB and F&C Asset Management plc. (5) Relates to AIG. (6) Relates to Gerard Klauer Mattison, BMO Nesbitt Burns Inc., Paloma Securities L.L.C., M&I, Greene Holcomb Fisher, KGS-Alpha Capital Markets and Clearpool. Intangible Assets Intangible assets related to our acquisitions are initially recorded at their fair value at the acquisition date and subsequently at cost less accumulated amortization. Software is recorded at cost less accumulated amortization. Amortization expense is recorded in amortization of intangible assets in our Consolidated Statement of Income. The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Cost as at October 31, 2018 688 951 191 4,127 496 384 6,837 Additions (disposals) – – – 718 (91 ) 30 657 Foreign exchange and other 72 – – (9 ) (3 ) 33 93 Cost as at October 31, 2019 760 951 191 4,836 (1) 402 447 7,587 Additions (disposals) – – – 562 (124 ) (17 ) 421 Foreign exchange and other 7 11 2 18 2 (2 ) 38 Cost as at October 31, 2020 767 962 193 5,416 (1) 280 428 8,046 (1) Includes $4,458 million of internally generated software as at October 31, 2020 ($3,969 million as at October 31, 2019). The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Accumulated amortization at October 31, 2018 475 830 191 2,970 – 99 4,565 Amortization 60 48 – 395 – 51 554 Disposals – – – (11 ) – – (11 ) Foreign exchange and other 16 – – 7 – 32 55 Accumulated amortization at October 31, 2019 551 878 191 3,361 (1) – 182 5,163 Amortization 52 46 – 478 – 44 620 Disposals – – – (173 ) – (38 ) (211 ) Foreign exchange and other 13 9 2 15 – (7 ) 32 Accumulated amortization at October 31, 2020 616 933 193 3,681 (1) – 181 5,604 Carrying value at October 31, 2020 151 29 – 1,735 280 247 2,442 Carrying value at October 31, 2019 209 73 – 1,475 402 265 2,424 (1) Includes $ 2,909 2,594 Intangible assets are amortized to income over the period during which we believe the assets will benefit us, on either a straight-line or an accelerated basis, over a period not to exceed 15 years. We have $172 million as at October 31, 2020 ($168 million as at October 31, 2019) in intangible assets with indefinite lives that relate primarily to fund management contracts. The useful lives of intangible assets are reviewed annually for any changes in circumstances. We test definite-life intangible assets for impairment when events or changes in circumstances indicate that their carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell. There were write-downs of software-related intangible assets of $5 million during the year ended October 31, 2020 ($10 million in 2019 and $13 million in 2018). |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2020 | |
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Other Assets | Note 12: Other Assets Customers’ Liability under Acceptances Acceptances represent a form of negotiable short-term debt issued by our customers, which we guarantee for a fee. The fees earned are recorded in non-interest revenue, lending fees in our Consolidated Statement of Income over the term of the acceptance. The amount potentially due under acceptances is recorded in other liabilities in our Consolidated Balance Sheet. We record the bank’s equivalent claim against our customers in the event of a call on these commitments in other assets in our Consolidated Balance Sheet. Other The components of other within other assets are as follows: (Canadian $ in millions) 2020 2019 Accounts receivable, prepaid expenses and other items 2,942 2,700 Accrued interest receivable 1,586 1,755 Bank owned life insurance policies 4,352 4,242 Leased vehicles, net of accumulated amortization 677 870 Cash collateral 6,344 3,722 Due from clients, dealers and brokers 161 177 Insurance-related assets 1,507 1,163 Other employee future benefits assets (Note 21) 38 46 Pension asset (Note 21) 124 186 Precious metals (1) 7,744 1,719 Total 25,475 16,580 (1) Precious metals are recorded at their fair value based on quoted prices in active markets. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2020 | |
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Deposits | Note 13: Deposits Payable on demand (Canadian $ in millions) Interest Non-interest Payable after Payable on a fixed date 2020 2019 Deposits by: Banks (1) 3,594 2,460 1,231 31,540 38,825 23,816 Business and government 44,111 44,258 124,813 187,497 400,679 343,157 Individuals 4,661 30,369 111,905 72,595 219,530 201,170 Total (2) (4) 52,366 77,087 237,949 291,632 659,034 568,143 Booked in: Canada 41,855 67,873 112,543 185,655 407,926 349,714 United States 8,818 9,170 124,129 78,175 220,292 189,546 Other countries 1,693 44 1,277 27,802 30,816 28,883 Total 52,366 77,087 237,949 291,632 659,034 568,143 (1) Includes regulated and central banks. (2) Includes structured notes designated at FVTPL. (3) Includes $25,651 million of senior unsecured debt as at October 31, 2020 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (4) Included in deposits as at October 31, 2020 and 2019 are $322,951 million and $279,860 million, respectively, of deposits denominated in U.S. dollars, and $32,254 million and $36,680 million, respectively, of deposits denominated in other foreign currencies. Deposits payable on demand are comprised primarily of our customers’ chequing accounts, on • Various investment instruments purchased by our customers to earn interest over a fixed period, such as retail and small business term deposits , wholesale and guaranteed investment certificates. 27,353 30,051 • Commercial paper, which totalled $8,358 million as at October 31, 2020 ($9,495 million as at October 31, 2019). • Covered bonds, which totalled $24,699 million as at October 31, 2019). The following table presents the maturity schedule for our deposits payable on a fixed date: (Canadian $ in millions) Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total As at October 31, 2020 192,617 27,855 30,053 18,260 9,683 13,164 291,632 As at October 31, 2019 183,952 34,401 23,855 21,735 16,959 13,991 294,893 We have unencumbered liquid assets of $306,120 million to support these and other deposit liabilities ($249,650 million in 2019). The following table presents deposits payable on a fixed date greater than one hundred thousand dollars: (Canadian $ in millions) Canada United States Other Total As at October 31, 2020 158,475 72,186 27,799 258,460 As at October 31, 2019 152,499 79,682 26,681 258,862 Comparative figures have been reclassified to conform with the current period’s presentation. The following table presents the (Canadian $ in millions) Less than 3 months 3 to 6 months 6 to 12 months Over 12 months Total As at October 31, 2020 18,081 29,679 28,109 82,606 158,475 As at October 31, 2019 26,234 8,400 31,155 86,710 152,499 Comparative figures have been reclassified to conform with the current period’s presentation. Most of our structured note liabilities included in deposits have been designated at fair value through profit or loss, which aligns the accounting result with the way the portfolio is managed. The change in fair value of these structured notes is recorded in non-interest The following table presents fair value and changes in fair value of structured note liabilities: (Canadian $ in millions) Fair value Notional amount Change in Change in Cumulative change As at October 31, 2020 18,073 19,175 1,319 (26 ) (168 ) As at October 31, 2019 15,829 15,431 (1,414 ) 114 (141 ) (1) Change in fair value may be offset by related change in fair value on hedge contracts. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2020 | |
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Other Liabilities | Note 14: Other Liabilities Acceptances Acceptances represent a form of negotiable short-term debt that is issued by our customers, which we guarantee for a fee. The fees earned are recorded in non-interest revenue, lending fees in our Consolidated Statement of Income over the term of the acceptance. The amount potentially due under acceptances is recorded in other liabilities in our Consolidated Balance Sheet. We record the bank’s equivalent claim against our customers in the event of a call on these commitments in other assets in our Consolidated Balance Sheet. Securities Lending and Borrowing Securities lending and borrowing transactions are generally collateralized by securities or cash. Cash advanced or received as collateral is recorded in securities borrowed or purchased under resale agreements or other liabilities, securities lent or sold under repurchase agreements, respectively. Interest earned on cash collateral is recorded in interest, dividend and fee income in our Consolidated Statement of Income, and interest expense on cash collateral is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. The transfer of the securities to counterparties is only reflected in our Consolidated Balance Sheet if the risks and rewards of ownership have also been transferred. Securities borrowed are not recognized in our Consolidated Balance Sheet unless they are then sold to third parties, in which case the obligation to return the securities is recorded at fair value in securities sold but not yet purchased, with any gains or losses recorded in non-interest Securities Sold But Not Yet Purchased Securities sold but not yet purchased represent our obligations to deliver securities that we did not own at the time of sale. These obligations are recorded at their fair value. Adjustments to the fair value as at the balance sheet date and gains and losses on the settlement of these obligations are recorded in trading revenues in our Consolidated Statement of Income. Securitization and Structured Entities’ Liabilities Securitization and structured entities’ liabilities include notes issued by our consolidated bank securitization vehicles and liabilities associated with the securitization of our Canadian mortgage loans as part of the Canada Mortgage Bond program, the National Housing Act Mortgage-Backed Securities program and our own programs. Additional information on our securitization programs and associated liabilities is provided in Notes 6 and 7. These liabilities are initially measured at fair value plus any directly attributable costs and are subsequently measured at amortized cost. The interest expense related to these liabilities is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. Other The components of other within other liabilities are as follows: (Canadian $ in millions) 2020 2019 Accounts payable, accrued expenses and other items 8,719 8,613 Accrued interest payable 1,359 1,693 Cash collateral 6,596 5,128 Insurance-related liabilities 12,441 11,581 Lease Liabilities (1) 2,409 na Liabilities of subsidiaries, other than deposits – 7,934 Other employee future benefits liability (Note 21) 1,147 1,125 Payable to brokers, dealers and clients 2,969 2,204 Pension liability (Note 21) 553 329 Total 36,193 38,607 (1) Effective November 1, 2019, we adopted IFRS 16 Leases, Insurance-Related Liabilities We are engaged in insurance businesses related to life insurance, annuities, which includes pension risk, accident and sickness, creditor insurance, and reinsurance. We designate the obligation related to certain investment contracts in our insurance business at fair value through profit or loss, which eliminates a measurement inconsistency that would otherwise arise from measuring the investment contract liabilities and offsetting changes in the fair value of the investments supporting them on a different basis. The change in fair value of these investment contract liabilities is recorded in insurance claims, commissions and changes in policy benefit liabilities with the exception of changes in our own credit risk recognized in other comprehensive income. The impact of changes in our own credit risk is measured based on movements in our own credit spread year over year. Changes in the fair value of investments backing these investment contract liabilities are recorded in non-interest The following table presents fair value and changes in fair value in our investment contract liabilities. (Canadian $ in millions) Fair value Notional amount due at Change in Change in Cumulative change in fair value due to own As at October 31, 2020 1,168 1,594 88 (12 ) (46 ) As at October 31, 2019 1,043 1,529 119 (12 ) (33 ) Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2020 2019 Insurance-related liabilities, beginning of year 11,581 9,585 Increase (decrease) in life insurance policy benefit liabilities from: New business 476 706 In-force 182 906 Changes in actuarial assumptions and methodology (58 ) 23 Net increase in life insurance policy benefit liabilities 600 1,635 Change in other insurance-related liabilities 260 361 Insurance-related liabilities, end of year 12,441 11,581 Reinsurance In the ordinary course of business, our insurance subsidiaries reinsure risks to other insurance and reinsurance companies in order to provide greater diversification, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries of their direct obligation to the insured parties. We evaluate the financial condition of the reinsurers and monitor their credit ratings to minimize our exposure to losses from reinsurer insolvency. Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest (Canadian $ in millions) 2020 2019 2018 Direct premium income 1,582 1,944 1,976 Ceded premiums (154 ) (158 ) (148 ) 1,428 1,786 1,828 Lease Liabilities Beginning November 1, 2019, when we enter into leases we record lease liabilities representing the present value of future lease payments over the lease term. Interest expense recorded on lease liabilities for the year ended October 31, 2020 was $53 million . Total cash outflow for lease liab i million . Variable lease payments (for example maintenance, utilities and property taxes) not included in the measurement of lease liabilities for the year ended October 31, 2020 was $219 million . IFRS 16 was adopted on November 1, 2019, prior period amounts are not applicable. The maturity profile of 2 $293 million for 2023, |
Subordinated Debt
Subordinated Debt | 12 Months Ended |
Oct. 31, 2020 | |
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Subordinated Debt | Note 15: Subordinated Debt Subordinated debt represents our direct unsecured obligations to our debt holders, in the form of notes and debentures, and forms part of our regulatory capital. Subordinated debt is recorded at amortized cost using the effective interest rate method. Where appropriate, we enter into fair value hedges to hedge the risks caused by changes in interest rates (see Note 8). The rights of the holders of our notes and debentures are subordinate to the claims of depositors and certain other creditors. We require approval from OSFI before we can redeem any part of our subordinated debt. The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Redeemable at our option 2020 2019 Debentures Series 20 150 December 2025 to 2040 8.25 Not redeemable 146 145 Series H Medium-Term Notes, Second Tranche (8) 1,000 December 2025 3.34 December 2020 (1) 961 983 Series I Medium-Term Notes, First Tranche (8) 1,250 June 2026 3.32 June 2021 (2) 1,242 1,230 Series I Medium-Term Notes, Second Tranche (8) 850 June 2027 2.57 June 2022 (3) 833 820 3.803% Subordinated Notes due 2032 (8) US 1,250 December 2032 3.80 December 2027 (4) 1,771 1,646 4.338% Subordinated Notes due 2028 (8) US 850 October 2028 4.34 October 2023 (5) 1,219 1,180 Series J Medium-Term Notes, First Tranche (8) 1,000 September 2029 2.88 September 2024 (6) 996 991 Series J Medium-Term Notes, Second Tranche (8)(9) 1,250 June 2030 2.08 June 2025 (7) 1,248 – Total (10) 8,416 6,995 (1) Redeemable at the greater of par and the Canada Yield Price prior to December 8, 2020, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing December 8, 2020. On November 2, 2020, we announced our intention to redeem all of our $1,000 million Series H Medium-Term Notes, Second Tranche on December 8, 2020. (2) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2021, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2021. (3) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2022, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2022. (4) Redeemable at par on December 15, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (5) Redeemable at par on October 5, 2023 together with accrued and unpaid interest to, but excluding, the redemption date. (6) Redeemable at par on September 17, 2024 together with accrued and unpaid interest to, but excluding, the redemption date. (7) Redeemable at par on June 17, 2025 together w ith accrued and unpaid interest to, but excluding, the redemption date. (8) These notes include a non-viability non-viable non-viability. (9) On June 17, 2020, we issued $1,250 million of Series J Medium–Term Notes, (10) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together increased their carrying value as at October 31, 2020 by $119 The aggregate remaining maturities of our subordinated debt, based on the maturity dates under the terms of issue, can be found in the blue-tinted font in the Contractual Maturities of Assets and Liabilities and Off-Balance |
Equity
Equity | 12 Months Ended |
Oct. 31, 2020 | |
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Equity | Note 16: Equity Preferred and Common Shares Outstanding and Other Equity Instruments (Canadian $ in millions, except as noted) 2020 2019 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 25 9,425,607 236 0.45 9,425,607 236 0.45 Class B – Series 26 2,174,393 54 0.52 2,174,393 54 0.70 Class B – Series 27 20,000,000 500 0.96 20,000,000 500 0.98 Class B – Series 29 16,000,000 400 0.91 16,000,000 400 0.96 Class B – Series 31 12,000,000 300 0.96 12,000,000 300 0.95 Class B – Series 33 8,000,000 200 0.90 8,000,000 200 0.95 Class B – Series 35 (6) 6,000,000 150 1.25 6,000,000 150 1.25 Class B – Series 36 (6) 600,000 600 58.50 600,000 600 58.50 Class B – Series 38 24,000,000 600 1.21 24,000,000 600 1.21 Class B – Series 40 20,000,000 500 1.13 20,000,000 500 1.13 Class B – Series 42 16,000,000 400 1.10 16,000,000 400 1.10 Class B – Series 44 16,000,000 400 1.21 16,000,000 400 1.44 Class B – Series 46 (1) 14,000,000 350 1.28 14,000,000 350 0.77 Preferred Shares – Classified as Equity 4,690 4,690 Other Equity Instruments 4.8% Additional Tier 1 Capital Notes (2) 658 658 4. 3 , 1,250 – Preferred Shares and Other Equity Instruments 6,598 5,348 Common Shares Balance at beginning of year 639,232,276 12,971 639,329,625 12,929 Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan 6,746,237 471 – – Issued/cancelled under the Stock Option Plan and other stock-based compensation plans (Note 20) 563,613 40 902,651 62 Repurchased for cancellation and /or /purchased (4) ( 5) (652,730 ) (52 ) (1,000,000 ) (20 ) Balance at End of Year 645,889,396 13,430 4.24 639,232,276 12,971 4.06 (1) On April 17, 2019, we issued 14 million Non-Cumulative (2) On July 30, 2019, we issued US$500 million 4.8% Additional Tier 1 Capital Notes. (3) On September 16, 2020, we issued $1,250 million 4.3% Limited Recourse Capital Notes, Series 1 . (4) Common shares are net of 652,730 treasury shares as at October 31, 2020. (5) During fiscal 2020, we did not purchase any of our common shares under the normal course issuer bid (NCIB). During fiscal 2019, we repurchased and cancelled 1 million of our common shares as part of the NCIB at an average cost of $90.00 per share, totalling $90 million. (6) Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount Quarterly non-cumulative dividend (1) Reset premium Date redeemable / convertible Convertible to Class B – Series 25 25.00 $0.112813 (2) 1.15% August 25, 2021 (3)(4) Class B – Series 26 (8) Class B – Series 26 25.00 Floating (7) 1.15% August 25, 2021 (3)(5) Class B – Series 25 (8) Class B – Series 27 25.00 $ 0.24075 (2) 2.33% May 25, 2024 (3)(4) Class B – Series 28 (8)(9) Class B – Series 29 25.00 $ 0.2265 (2) 2.24% August 25, 2024 (3)(4) Class B – Series 30 (8)(9) Class B – Series 31 25.00 $ 0.240688 (2) 2.22% November 25, 2024 (3)(4) Class B – Series 32 (8)(9) Class B – Series 33 25.00 $ 0.190875 (2) 2.71% August 25, 2025 (3)(4) Class B – Series 34 (8)(9) Class B – Series 35 25.00 $ 0.3125 (6) Does not reset August 25, 2020 (6) Not convertible ( 6 Class B – Series 36 1,000.00 $ 14.6250 ( 6 4.97% November 25, 2020 (6) Class B – Series 37 (6) Class B – Series 38 25.00 $0.303125 (2) 4.06% February 25, 2022 (3)(4) Class B – Series 39 (8)(9) Class B – Series 40 25.00 $ 0.28125 (2) 3.33% May 25, 2022 (3)(4) Class B – Series 41 (8)(9) Class B – Series 42 25.00 $ 0.2750 (2) 3.17% August 25, 2022 (3)(4) Class B – Series 43 (8)(9) Class B – Series 44 25.00 $0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (8)(9) Class B – Series 46 25.00 $ 0.31875 (2) 3.51% May 25, 2024 (3)(4) Class B – Series 47 (8)(9) (1) Non-cumulative (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become floating rate preferred shares. (5) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become fixed rate preferred shares. (6) Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. (7) Floating rate will be set as, and when declared, at the 3-month (8) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (9) The shares issued include a non-viability Non-Viability On November 25, 2020, BMO redeemed all of its 6 million issued and outstanding Non-Cumulative Perpetual Class B Preferred Shares, Series 35 (Non-Viability On June 29, 2020, we announced that we did not intend to exercise our right to redeem the current outstanding Non-Cumulative 5-Year , one-for-one Non-Cumulative , Other Equity Instruments On September 16, 2020, we issued $1,250 million 4.3% Limited Recourse Capital Notes Series 1 (LRCN) (NVCC), which are classified as equity and form part of our Additional Tier 1 non-viability currently Non- Cumulative , 5- Year Rate Reset Class B Preferred Shares, Series 48 (NVCC) (Preferred Shares Series 48) issued concurrently with the LRCN. As the Preferred Shares Series 48 eliminate on consolidation, they do not currently form part of our Additional Tier 1 capital. On July 30, 2019, we issued US$500 million 4.8% Additional Tier 1 Capital Notes (NVCC) (AT1 notes), which are also classified as equity and form part of our additional Tier 1 capital. Both the LRCN and AT1 notes are compound financial instruments that have both equity and liability features. On the date of issuance, we assigned an insignificant value to the liability components of both types of instrument and, as a result, the full amount of proceeds ha ve (Canadian $, in millions, except as noted) 2020 2019 Face value Interest rate (%) Redeemable at our option Convertible to Total Total 4.8% Additional Tier 1 Capital Notes US$500 4.8 (1) August 2024 (2) Variable number of common shares (3) 658 658 4. 3 $1,250 4.3 (4) November Variable number of common shares ( 4 1,250 – Total 1,908 658 (1) Non-cumulative (2) The notes are redeemable at a redemption price equal to 100 (3) The notes issued include a non-viability Non-Viability (4) Non-deferrable Authorized Share Capital We classify financial instruments that we issue as financial liabilities, equity instruments or compound instruments. Financial instruments that will be settled by a variable number of our common shares upon conversion by the holders are classified as liabilities in our Consolidated Balance Sheet. Dividends and interest payments on financial liabilities are classified as interest expense in our Consolidated Statement of Income. Financial instruments are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Issued instruments that are not mandatorily redeemable, or that are not convertible into a variable number of our common shares at the holder’s option, are classified as equity and presented in share capital. Dividend payments on equity instruments are recognized as a reduction in equity. Common Shares We are authorized by our shareholders to issue an unlimited number of our common shares, without par value, for unlimited consideration. Our common shares are not redeemable or convertible. Dividends are declared by our Board of Directors at their discretion. Historically, the Board of Directors has declared dividends on a quarterly basis and the amount can vary from quarter to quarter. Preferred Shares We are authorized by our shareholders to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares, without par value, in series, for unlimited consideration. Class B Preferred Shares may be issued in a foreign currency. Treasury Shares When we purchase our common shares as part of our trading business, we record the cost of those shares as a reduction in shareholders’ equity. If those shares are resold at a price higher than their cost, the premium is recorded as an increase in contributed surplus. If those shares are resold at a price below their cost, the discount is recorded as a reduction first to contributed surplus and then to retained earnings for any amount in excess of the total contributed surplus related to treasury shares. Non-Viability Class B – Series 27, Class B – Series 29, Class B – Series 31, Class B – Series 33, Class B – Series 35, Class B – Series 36, Class B – Series 38, Class B – Series 40, Class B – Series 42, Class B – Series 44 and Class B – Series 46 preferred share issues as well as the AT1 notes and by virtue of the recourse to the Preferred Shares Series 48, the LRCN include a non-viability non-viable non-viability. Normal Course Issuer Bid Our previous normal course issuer bid (NCIB) expired on June 2, 2020. Our plan, subject to the approval of OSFI and the Toronto Stock Exchange, was to establish a new NCIB permitting us to purchase for cancellation up to 12 million common shares over a 12-month buybacks by Federally Regulated Financial Institutions should be halted for the time being. During fiscal 2020, we did not purchase any of our common shares under the NCIB. During fiscal 2019, we repurchased and cancelled 1 million of our common shares as part of the NCIB at an average cost of $90.00 per share, totalling $90 million. Share Redemption and Dividend Restrictions OSFI must approve any plan to redeem any of our preferred share issues or other equity instruments for cash. We are prohibited from declaring dividends on our preferred or common shares when we would be, as a result of paying such a dividend, in contravention of the capital adequacy, liquidity or any other regulatory directive issued under the Bank Act (Canada) In addition, if the bank does not pay the interest in full on the Additional Tier 1 Capital Notes, the bank will not declare dividends on its common shares or preferred shares or redeem, purchase or otherwise retire such shares until the month commencing after the bank resumes full interest payments on the Additional Tier 1 Capital Notes. Currently, these limitations do not restrict the payment of dividends on common or preferred shares. Shareholder Dividend Reinvestment and Share Purchase Plan We offer a Dividend Reinvestment and Share Purchase Plan (DRIP) for our shareholders. Participation in the plan is optional. Under the terms of the DRIP, cash dividends on common shares are reinvested to purchase additional common shares. Shareholders also have the opportunity to make optional cash payments to acquire additional common shares. In the first and second quarters of fiscal 2020, common shares to supply the DRIP were purchased on the open market. In the third and fourth quarters of fiscal 2020, common shares to supply the dividend reinvestment feature of the DRIP were issued from treasury at a 2% discount from their then-current market price. During fiscal 2019, common shares to supply the DRIP were purchased on the open market. Potential Share Issuances As at October 31, 2020, we had reserved 33,200,910 common shares (39,947,147 in 2019) for potential issuance in respect of the DRIP. We have also reserved 6,446,110 common shares (6,108,307 in 2019) for the potential exercise of stock options, as further described in Note 20. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Trading-Related Revenue | 12 Months Ended |
Oct. 31, 2020 | |
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Fair Value of Financial Instruments and Trading-Related Revenue | Note 17: Fair Value of Financial Instruments and Trading-Related Revenue We record trading assets and liabilities, derivatives, certain equity and debt securities and securities sold but not yet purchased at fair value, and other non-trading Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The fair value amounts disclosed represent point-in-time Governance Over the Determination of Fair Value Senior executive oversight of our valuation processes is provided through various valuation and risk committees. In order to ensure that all financial instruments carried at fair value are reasonably measured for risk management and financial reporting purposes, we have established governance structures and controls, such as model validation and approval, independent price verification (IPV) and profit or loss attribution analysis (PAA), consistent with industry practice. These controls are applied independently of the relevant operating groups. We establish valuation methodologies for each financial instrument that is required to be measured at fair value. The application of valuation models for products or portfolios is subject to independent approval to ensure only validated models are used. The impact of known limitations of models and data inputs is also monitored on an ongoing basis. IPV is a process that regularly and independently verifies the accuracy and appropriateness of market prices or model inputs used in the valuation of financial instruments. This process assesses fair values using a variety of different approaches to verify and validate the valuations. PAA is a daily process carried out by management to identify and explain changes in fair value positions across all operating lines of business within BMO Capital Markets. This process works in concert with other processes to ensure that the fair values being reported are reasonable and appropriate. Securities For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Securities for which no active market exists are valued using all reasonably available market information. Our fair value methodologies are described below. Government Securities The fair value of government issued or guaranteed debt securities in active markets is determined by reference to recent transaction prices, broker quotes or third-party vendor prices. The fair value of securities that are not traded in an active market is modelled using implied yields derived from the prices of similar actively traded government securities and observable spreads. Mortgage-Backed Securities and Collateralized Mortgage Obligations The fair value of mortgage-backed securities and collateralized mortgage obligations is determined using prices obtained from independent third-party vendors, broker quotes and relevant market indices, as applicable. If such prices are not available, fair value is determined using cash flow models that make maximum use of observable market inputs or benchmark prices for similar instruments. Valuation assumptions for mortgage-backed securities and collateralized mortgage obligations include discount rates, default rates, expected prepayments, credit spreads and recoveries. Corporate Debt Securities The fair value of corporate debt securities is determined using prices observed in the most recent transactions. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discounting curves and spreads obtained from independent dealers, brokers and third party vendors. Trading Loans The fair value of trading loans is determined by referring to current market prices for the same or similar instruments. Corporate Equity Securities The fair value of corporate equity securities is based on quoted prices in active markets, where available. Where quoted prices in active markets are not readily available, fair value is determined using either quoted market prices for similar securities or using valuation techniques, which include discounted cash flow analysis and earnings multiples. Privately Issued Securities Privately issued debt and equity securities are valued using prices observed in recent market transactions, where available. Otherwise, fair value is derived from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings, revenue and other third-party evidence, as available. The fair value of our privately issued securities includes net asset values published by third-party fund managers as applicable. Prices from dealers, brokers and third party vendors are corroborated as part of our independent review process, which may include using valuation techniques or obtaining consensus or composite prices from other pricing services. We validate the estimates of fair value by independently obtaining multiple quotes for external market prices and input values. We review the approach taken by third-party vendors to ensure that vendors employ a valuation model that maximizes the use of observable inputs such as benchmark yields, bid-ask Loans In determining the fair value of our fixed rate performing loans, other than credit card loans, we discount the remaining contractual cash flows, adjusted for estimated prepayment, at market interest rates currently offered for loans with similar terms and credit risks. For credit card performing loans, fair value is considered to be equal to carrying value, due to their short-term nature. For floating rate performing loans, changes in interest rates have minimal impact on fair value since interest rates are repriced or reset frequently. On that basis, fair value is assumed to be equal to carrying value. The fair value of loans is not adjusted for the value of any credit protection purchased to mitigate credit risk. Derivative Instruments A number of valuation techniques are employed to estimate fair value, including discounted cash flow analysis, the Black-Scholes model, Monte Carlo simulation and other accepted market models. These independently validated models incorporate current market data for interest rates, foreign currency exchange rates, equity and commodity prices and indices, credit spreads, recovery rates, corresponding market volatility levels, spot prices, correlation levels and other market-based pricing factors. Option implied volatilities, an input into many valuation models, are either obtained directly from market sources or calculated from market prices. Multi-contributor pricing sources are used wherever possible. In determining the fair value of complex and customized derivatives, we consider all reasonably available information, including dealer and broker quotations, multi-contributor pricing sources and any relevant observable market inputs. Our models calculate fair value based on inputs specific to the type of contract, which may include stock prices, correlation for multiple assets, interest rates, foreign currency exchange rates, yield curves and volatilities. We calculate a credit valuation adjustment (CVA) to recognize the credit risk that the bank’s counterparty may not ultimately be able to fulfill its derivative obligations. The CVA is derived from market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk exposure, taking into account credit mitigants such as collateral, master netting agreements and novation to central counterparties. We also calculate a funding valuation adjustment (FVA) to recognize the implicit funding costs associated with over-the-counter Deposits In determining the fair value of our deposits, we incorporate the following assumptions: • For fixed rate, fixed maturity deposits, we discount the remaining contractual cash flows related to these deposits, adjusted for expected redemptions, at market interest rates currently offered for deposits with similar terms and risks. The fair value of our senior note liabilities and covered bonds is determined by referring to current market prices for similar instruments or using valuation techniques, such as discounted cash flow models that use market interest rate yield curves and funding spreads. • For fixed rate deposits with no defined maturities, we consider fair value to equal carrying value, since carrying value is equivalent to the amount payable on the reporting date. • For floating rate deposits, changes in interest rates have minimal impact on fair value, since deposits reprice to market frequently. On that basis, fair value is considered to equal carrying value. Certain of our structured note liabilities that have coupons or repayment terms linked to the performance of interest rates, foreign currencies, commodities or equity securities have been designated at fair value through profit or loss. The fair value of these structured notes is estimated using internally validated valuation models and incorporates observable market prices for identical or comparable securities, as well as other inputs, such as interest rate yield curves, option volatilities and foreign exchange rates, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine the fair value by assessing other relevant sources of information, such as historical data and proxy information from similar transactions. Securities Sold But Not Yet Purchased The fair value of these obligations is based on the fair value of the underlying securities, which can be equity or debt securities. As these obligations are fully collateralized, the method used to determine fair value would be the same as that used for the relevant underlying equity or debt securities. Securitization and Structured Entities’ Liabilities The determination of the fair value of our securitization and structured entities’ liabilities is based on quoted market prices or quoted market prices for similar financial instruments, where available. Where quoted prices are not available, fair value is determined using valuation techniques, such as discounted cash flow models that maximize the use of observable inputs. Subordinated Debt The fair value of our subordinated debt is determined by referring to current market prices for the same or similar instruments. Financial Instruments with a Carrying Value Approximating Fair Value Carrying value is considered to be a reasonable estimate of fair value for our cash and cash equivalents. The carrying value of certain financial assets and liabilities, such as 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, is a reasonable estimate of fair value due to their short-term nature or because they are frequently repriced to current market rates. 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. Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following tables are the fair values of financial instruments not carried at fair value in (Canadian $ in millions) 2020 Carrying Fair value Valued using Valued using Valued using Securities Amortized cost 48,466 49,009 18,831 30,178 – Loans Residential mortgages 126,882 128,815 – 128,815 – Consumer instalment and other personal 69,480 70,192 – 70,192 – Credit cards 7,556 7,556 – 7,556 – Business and government (2) 238,239 239,929 – 239,929 – 442,157 446,492 – 446,492 – Deposits 640,961 643,156 – 643,156 – Securitization and structured entities’ liabilities 26,889 27,506 – 27,506 – Subordinated debt 8,416 8,727 – 8,727 – (1) Carrying value is net of allowance. (2) Excludes $2,890 million of loans classified as FVTPL and $51 million of loans classified as FVOCI. (3) Excludes $18,073 million of structured note liabilities designated at FVTPL. This table excludes certain 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. (Canadian $ in millions) 2019 Carrying Fair value Valued using Valued using Valued using Securities Amortized cost 24,472 24,622 13,612 11,010 – Loans Residential mortgages 123,676 124,093 – 124,093 – Consumer instalment and other personal 67,200 67,516 – 67,516 – Credit cards 8,623 8,623 – 8,623 – Business and government (2) 224,442 225,145 – 225,145 – 423,941 425,377 – 425,377 – Deposits 552,314 553,444 – 553,444 – Securitization and structured entities’ liabilities 27,159 27,342 – 27,342 – Subordinated debt 6,995 7,223 – 7,223 – (1) Carrying value is net of allowance. (2) Excludes $2,156 million of loans classified as FVTPL and $22 million of loans classified as FVOCI. (3) Excludes $15,829 million of structured note liabilities designated at FVTPL. This table excludes certain 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. 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 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. Our Level 2 trading securities are primarily valued using discounted cash flow models with observable spreads or broker quotes. The fair value of Level 2 FVOCI securities is determined 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 table: (Canadian $ in millions) 2020 2019 Valued using Valued using Valued using Total Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 6,529 4,371 – 10,900 6,959 1,371 – 8,330 Canadian provincial and municipal governments 1,868 6,467 – 8,335 3,871 3,656 – 7,527 U.S. federal government 5,702 2,716 – 8,418 8,001 762 – 8,763 U.S. states, municipalities and agencies 16 487 – 503 48 626 – 674 Other governments 1,021 1,495 – 2,516 888 697 – 1,585 NHA MBS and U.S. agency MBS and CMO 7 11,487 803 12,297 14 10,494 538 11,046 Corporate debt 3,767 7,274 – 11,041 2,620 5,091 7 7,718 Trading loans – 67 – 67 – 103 – 103 Corporate equity 43,757 – – 43,757 40,155 2 – 40,157 62,667 34,364 803 97,834 62,556 22,802 545 85,903 FVTPL Securities Issued or guaranteed by: Canadian federal government 452 149 – 601 410 107 – 517 Canadian provincial and municipal governments 180 1,249 – 1,429 364 915 – 1,279 U.S. federal government – 44 – 44 – 48 – 48 Other governments – 94 – 94 – 49 – 49 NHA MBS and U.S. agency MBS and CMO – 3 – 3 – 5 – 5 Corporate debt 70 7,827 – 7,897 146 8,071 – 8,217 Corporate equity 1,587 10 1,903 3,500 1,536 69 1,984 3,589 2,289 9,376 1,903 13,568 2,456 9,264 1,984 13,704 FVOCI Securities Issued or guaranteed by: Canadian federal government 20,765 1,685 – 22,450 11,168 776 – 11,944 Canadian provincial and municipal governments 2,604 2,143 – 4,747 3,798 2,214 – 6,012 U.S. federal government 14,852 2,842 – 17,694 15,068 907 – 15,975 U.S. states, municipalities and agencies 8 5,267 1 5,276 1 4,159 1 4,161 Other governments 3,643 3,738 – 7,381 4,396 2,939 – 7,335 NHA MBS and U.S. agency MBS and CMO – 12,532 – 12,532 – 14,000 – 14,000 Corporate debt 792 2,442 – 3,234 2,205 2,802 – 5,007 Corporate equity – – 93 93 – – 81 81 42,664 30,649 94 73,407 36,636 27,797 82 64,515 Business and Government Loans – 996 1,945 2,941 – 442 1,736 2,178 Precious Metals 7,744 – – 7,744 1,719 – – 1,719 Fair Value Liabilities Securities sold but not yet purchased 19,740 9,636 – 29,376 22,393 3,860 – 26,253 Structured note liabilities – 18,073 – 18,073 – 15,829 – 15,829 Investment contract liabilities – 1,168 – 1,168 – 1,043 – 1,043 19,740 28,877 – 48,617 22,393 20,732 – 43,125 Derivative Assets Interest rate contracts 13 14,916 – 14,929 14 10,443 – 10,457 Foreign exchange contracts 1 10,825 – 10,826 7 9,262 – 9,269 Commodity contracts 123 2,465 – 2,588 329 817 – 1,146 Equity contracts 750 7,711 – 8,461 226 997 – 1,223 Credit default swaps – 11 – 11 – 49 – 49 887 35,928 – 36,815 576 21,568 – 22,144 Derivative Liabilities Interest rate contracts 22 10,871 – 10,893 11 7,943 – 7,954 Foreign exchange contracts 3 10,609 – 10,612 20 10,843 – 10,863 Commodity contracts 350 1,983 – 2,333 218 1,462 – 1,680 Equity contracts 456 6,067 – 6,523 103 2,896 – 2,999 Credit default swaps – 10 4 14 – 101 1 102 831 29,540 4 30,375 352 23,245 1 23,598 Certain comparative figures have been reclassified to conform with the current year’s presentation. Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments, 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. As at Octobe r 31, 2020 (Canadian $ in millions, except as noted) Reporting line in fair Fair value Valuation Significant Range of input values (1) Low High Private equity (2) Corporate equity 1,903 Net asset value Net asset value na 5x na 17x Loans (3) Business and 1,945 Discounted Discount margin 65 bps 141 bps NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency 803 Discounted Prepayment rate 6 % 62 % Market Comparability (4) (4.93) 5.74 (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 $487 (3) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans is $3 million. (4) Range of input values represents price per security adjustment. na – not applicable As at October 31, 2019 Reporting line in fair value hierarchy table Fair value Valuation techniques Significant Range of input values (1) Low High Private equity (2) Corporate equity 1,984 Net asset value Net asset value Multiple na 5x na 16x Loans (3) Business and government loans 1,736 Discounted cash flows Discount margin 70 115 NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 538 Discounted cash flows Prepayment rate 2 % 30 % Market Comparable Comparability Adjustment (4) (5.91 ) 8.57 (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 $829 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 $3 million. (4) Range of input values represents price per security adjustment. na – not applicable Significant Unobservable Inputs in Level 3 Instrument Valuations Net Asset Value Net asset value represents the estimated value of a security based on valuations received from the investment or fund manager. The valuation of certain private equity securities is based on the economic benefit we derive from our investment. EV/EBITDA Multiple The fair value of private equity and merchant banking investments is derived by calculating an enterprise value (EV) using the EV/EBITDA multiple and then proceeding through a waterfall of the company’s capital structure to determine the value of the assets or securities we hold. The EV/EBITDA multiple is determined using judgment in considering factors such as multiples for comparable listed companies, recent transactions and company-specific factors, as well as liquidity discounts that account for the lack of active trading in these assets and securities. Discount Margin Loan and corporate debt yield is the interest rate used to discount expected future cash flows in the valuation model. The discount margin is the difference between an instrument’s yield and a benchmark instrument’s yield. Benchmark instruments, such as government bonds, have high credit quality ratings and similar maturities. The discount margin therefore represents a market return that accounts for uncertainty in future cash flows. Generally, a higher or lower discount margin will result in a lower or higher fair value. Prepayment Rates Discounted cash flow models are used to fair value our NHA MBS and U.S. agency MBS and CMOs. The cash flow model includes assumptions related to conditional prepayment rates, constant default rates and percentage loss on default. Prepayment rates impact our estimate of future cash flows. Changes in the prepayment rate tend to be negatively correlated with interest rates. In other words, an increase in the prepayment rate will result in a higher fair value when the asset interest rate is lower than the current reinvestment rate. A decrease in the prepayment rate will result in a lower fair value when the asset interest rate is higher than the current reinvestment rate. Comparability Adjustment Market comparable pricing is used to evaluate the fair value of NHA MBS and U.S. agency MBS and CMOs. This technique involves sourcing prices from third parties for similar instruments and applying adjustments to reflect recent transaction prices and instrument specific characteristics. 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 Level 1 to Level 2 were due to reduced observability of the inputs used to value the securities. Transfers from Level 2 to Level 1 were due to increased availability of quoted prices in active markets. The following table presents significant transfers between Level 1 and Level 2 for the years ended October 31, 2020 and October 31, 2019. (Canadian $ in millions) 2020 2019 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 6,582 5,930 5,831 7,985 FVTPL Securities 667 334 715 808 FVOCI Securities 12,193 13,425 11,014 7,309 Securities sold but not yet purchased 7,781 3,871 9,973 7,898 Changes in Level 3 Fair Value Measurements The tables below present a reconciliation of all changes in Level 3 financial instruments during the years ended October 31, 2020 and 2019, 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 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value For the year ended October 31, 2020 Balance Included in Included hensive Purchases/ Issuances Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS and CMO 538 (351 ) 9 1,338 (715 ) – 225 (241 ) 803 (232 ) Corporate debt 7 10 (2 ) 50 (68 ) – 3 – – (1 ) Total trading securities 545 (341 ) 7 1,388 (783 ) – 228 (241 ) 803 (233 ) FVTPL Securities Corporate equity 1,984 4 17 356 (459 ) – 1 – 1,903 35 Total FVTPL securities 1,984 4 17 356 (459 ) – 1 – 1,903 35 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate equity 81 – 1 11 – – – – 93 na Total FVOCI securities 82 – 1 11 – – – – 94 na Business and Government Loans 1,736 (3 ) 156 1,803 – (1,747 ) – – 1,945 – Fair Value Liabilities Securities sold but not yet purchased – – – – – – – – – – Total fair value liabilities – – – – – – – – – – Derivative Liabilities Equity contracts – – – – – – – – – – Credit default swaps 1 – – – – – 4 (1 ) 4 – Total derivative liabilities 1 – – – – – 4 (1 ) 4 – (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on FVTPL securities still held on October 31, 2020 are included in earnings for the year. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by on economic hedge contracts. na – not applicable Change in fair value For the year ended October 31, 2019 Balance Included in Included hensive Purchases/ Issuances Sales (2) Maturities/ Transfers Transfers Fair value as Change in 3 Trading Securities NHA MBS and U.S. agency MBS and CMO 255 (46 ) 1 654 (399 ) – 159 (86 ) 538 (16 ) Corporate debt 7 – – 44 (43 ) – – (1 ) 7 – Total trading securities 262 (46 ) 1 698 (442 ) – 159 (87 ) 545 (16 ) FVTPL Securities Corporate equity 1,825 21 (2 ) 421 (280 ) (1 ) – – 1,984 58 Total FVTPL securities 1,825 21 (2 ) 421 (280 ) (1 ) – – 1,984 58 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate equity 62 – 2 17 – – – – 81 na Total FVOCI securities 63 – 2 17 – – – – 82 na Business and Government Loans 1,450 7 8 1,410 – (1,139 ) – – 1,736 – Fair Value Liabilities Securities sold but not yet purchased – – – (7 ) 7 – – – – na Total fair value liabilities – – – (7 ) 7 – – – – – 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 received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on trading securities, derivative assets and derivative liabilities still held on October 31, 2019 are included in earnings for the year. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable Trading-Related Revenue Trading assets and liabilities, including derivatives, securities and financial instruments designated at fair value through profit or loss, are measured at fair value, with gains and losses recognized in trading revenues, non-interest our non-interest our (Canadian $ in millions) 2020 2019 2018 Interest rates 1,199 700 437 Foreign exchange 474 401 377 Equities (32 ) 269 449 Commodities 271 145 63 Other 34 6 95 Total trading revenue 1,946 1,521 1,421 Reported as: Net interest income 1,931 1,223 716 Non-interest 15 298 705 Total trading revenue 1,946 1,521 1,421 |
Offsetting of Financial Assets
Offsetting of Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2020 | |
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Offsetting of Financial Assets and Financial Liabilities | Note 18: Offsetting of Financial Assets and Financial Liabilities Financial assets and financial liabilities are offset and the net amount is reported in our Consolidated Balance Sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The following table presents the amounts that have been offset in our Consolidated Balance Sheet, including securities purchased under resale agreements, securities sold under repurchase agreements and derivative instruments, generally under a market settlement mechanism (e.g. an exchange or clearing house) where simultaneous net settlement can be achieved to eliminate credit and liquidity risk between counterparties. Also presented are amounts not offset in the Consolidated Balance Sheet related to transactions where a master netting agreement or similar arrangement is in place with a right to offset the amounts only in the event of default, insolvency or bankruptcy, or where the offset criteria are otherwise not met. (Canadian $ in millions) 2020 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities received/pledged as collateral Cash Net Financial Assets Securities borrowed or purchased under resale agreements 115,863 3,985 111,878 17,302 92,066 194 2,316 Derivative instruments 37,164 349 36,815 19,302 3,318 4,799 9,396 153,027 4,334 148,693 36,604 95,384 4,993 11,712 Financial Liabilities Derivative instruments 30,724 349 30,375 19,302 3,011 3,301 4,761 Securities lent or sold under repurchase agreements 92,643 3,985 88,658 17,302 70,374 263 719 123,367 4,334 119,033 36,604 73,385 3,564 5,480 (Canadian $ in millions) 2019 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities received/pledged as collateral (1)(2) Cash Net Financial Assets Securities borrowed or purchased under resale agreements 104,949 945 104,004 9,919 93,062 82 941 Derivative instruments 22,423 279 22,144 13,538 1,740 2,750 4,116 127,372 1,224 126,148 23,457 94,802 2,832 5,057 Financial Liabilities Derivative instruments 23,877 279 23,598 13,538 1,940 2,971 5,149 Securities lent or sold under repurchase agreements 87,601 945 86,656 9,919 76,501 4 232 111,478 1,224 110,254 23,457 78,441 2,975 5,381 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management
Capital Management | 12 Months Ended |
Oct. 31, 2020 | |
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Capital Management | Note 19: 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. Our approach includes establishing limits, targets and performance measures that are used to manage balance sheet positions, risk levels and capital requirements, as well as issuing and redeeming capital instruments to achieve a cost-effective capital structure. Regulatory capital requirements for the bank are determined in accordance with OSFI’s Capital Adequacy Requirements Guideline, which is based on the Basel III framework developed by the Basel Committee on Banking Supervision. To address the market disruption posed by the COVID-19 pandemic, OSFI announced a suite of modifications to capital requirements effective from the second quarter of 2020. Common Equity Tier 1 (CET1) capital is the most permanent form of capital. It is comprised of common shareholders’ equity and may include a portion of expected credit loss provisions, less deductions for goodwill, intangible assets and certain other items. Tier 1 capital is primarily comprised of CET1, preferred shares and other equity instruments, less regulatory deductions. Tier 2 capital is primarily comprised of subordinated debentures and may include a portion of expected credit loss provisions, less regulatory deductions. Total capital includes Tier 1 and Tier 2 capital. Details of the components of our capital position are presented in Notes 11, 12, 15 and 16. CET1 Capital Ratio, Tier 1 Capital Ratio, Total Capital Ratio and Leverage Ratio are the primary regulatory capital measures. • The CET1 Capital Ratio is defined as CET1 capital divided by risk-weighted assets. • The Tier 1 Capital Ratio is defined as Tier 1 capital divided by risk-weighted assets. • The Total Capital Ratio is defined as Total capital divided by risk-weighted assets. • The Leverage Ratio is defined as Tier 1 capital divided by leverage exposure s on-balance off-balance As at October 31, 2020, we met OSFI’s required target capital ratios, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Tier 1 Surcharge for domestic systemically important banks, a Countercyclical Buffer and a 1.0% Domestic Stability Buffer. Regulatory Capital Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) 2020 2019 CET 1 40,077 36,071 Tier 1 Capital 45,840 41,201 Total Capital 54,661 48,340 Risk-Weighted Assets 336,607 317,029 Leverage Exposure s 953,640 956,493 CET 1 11.9% 11.4% Tier 1 Capital Ratio 13.6% 13.0% Total Capital Ratio 16.2% 15.2% Leverage Ratio 4.8% 4.3% (1) Reflects modifications to capital requirements announced by OSFI in response to the COVID-19 |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation | 12 Months Ended |
Oct. 31, 2020 | |
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Employee Compensation - Share-Based Compensation | Note 20: Employee Compensation – Share-Based Compensation Stock Option Plan We maintain a Stock Option Plan for designated officers and employees. Options are granted at an exercise price equal to the closing price of our common shares on the day before the grant date. Stock options granted vest in equal tranches of 50% on the third and fourth anniversaries of their grant date. Each tranche is treated as a separate award with a different vesting period. In general, options expire 10 years from their grant date. We determine the fair value of stock options on their grant date and record this amount as compensation expense over the period that the stock options vest, with a corresponding increase to contributed surplus. When these stock options are exercised, we issue shares and record the amount of proceeds, together with the amount recorded in contributed surplus, in share capital. The estimated grant date fair value of stock options granted to employees who are eligible to retire is expensed at the date of grant. The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2020 2019 2018 Number of Weighted- Number of Weighted- Number of Weighted- Outstanding at beginning of year 6,108,307 76.59 6,095,201 72.19 7,525,296 72.05 Granted 976,087 101.47 931,047 89.90 705,398 100.63 Exercised 563,613 61.89 902,651 60.21 1,513,307 58.40 Forfeited/cancelled 34,052 97.10 4,756 98.96 152,417 86.85 Expired 40,619 82.78 10,534 103.79 469,769 153.40 Outstanding at end of year 6,446,110 81.50 6,108,307 76.59 6,095,201 72.19 Exercisable at end of year 3,595,744 69.16 3,507,803 64.57 3,782,481 61.39 Available for grant 13,575,259 2,487,645 3,405,239 (1) The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2020, October 31, 2019 and October 31, 2018, respectively. For foreign currency denominated options exercised or expired during the year, the weighted-average exercise prices are translated using the exchange rates as at the settlement date and expiry date , Employee compensation expense related to this plan for the years ended October 31, 2020, 2019 and 2018 was $9 million, $9 million and $7 million before tax, respectively ($8 million, $8 million and $7 million after tax, respectively). The intrinsic value of a stock option grant is the difference between the current market price of our common shares and the strike price of the option. The aggregate intrinsic value of stock options outstanding at October 31, 2020, 2019 and 2018 was $42 million, $130 million and $162 million, respectively. The aggregate intrinsic value of stock options exercisable at October 31, 2020, 2019 and 2018 was $42 million, $116 million and $140 million, respectively. Options outstanding and exercisable at October 31, 2020 by range of exercise price were as follows: (Canadian $, except as noted) 2020 Options outstanding Options exercisable Range of exercise prices Number of Weighted- Weighted-average Number of Weighted- Weighted-average $50.01 to $60.00 866,275 0.9 56.37 866,275 0.9 56.37 $60.01 to $70.00 1,394,952 2.6 64.53 1,394,952 2.6 64.53 $70.01 to $80.00 1,009,522 4.7 77.57 1,009,522 4.7 77.57 $80.01 to $90.00 909,310 8.1 89.90 – – – $90.01 and over 2,266,051 7.7 99.93 324,995 6.1 96.94 The following table summarizes additional information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2020 2019 2018 Unrecognized compensation cost for non-vested 7 6 5 Total intrinsic value of stock options exercised 18 36 67 Cash proceeds from stock options exercised 35 54 88 Weighted-average share price for stock options exercised (in dollars) 94.44 99.84 102.55 The fair value of options granted was estimated using a binomial option pricing model. The weighted-average fair value of options granted during the years ended October 31, 2020, 2019 and 2018 was $9.46, $10.23 and $11.30, respectively. To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used for each option pricing assumption: 2020 2019 2018 Expected dividend yield 4.3 % 5.7% 4.1% Expected share price volatility 15.4 % 20.0% – 20.1% 17.0% – 17.3% Risk-free rate of return 1.9% – 2.0 % 2.5% 2.1% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 6.5 – 7.0 Changes to the input assumptions can result in different fair value estimates. Expected dividend yield is based on market expectations of future dividends on our common shares. Expected share price volatility is determined based on the market consensus implied volatility for traded options on our common shares. The risk-free rate is based on the yields of a Canadian swap curve with maturities similar to the expected period until exercise of the options. The weighted-average exercise price on the grant date for the years ended October 31, 2020, 2019 and 2018 was $101.47, $89.90 and $100.63, respectively. Other Share-Based Compensation Share Purchase Plans We offer various employee share purchase plans. The largest of these plans provides employees with the option of directing a portion of their gross salary toward the purchase of our common shares. We match 50% of employee contributions up to 6% of their individual gross salary to a maximum of $100,000. Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. The shares held in the employee share purchase plan are purchased on the open market and are considered outstanding for purposes of computing earnings per share. The dividends earned on our common shares held by the plan are used to purchase additional common shares on the open market. We account for our contributions as employee compensation expense when they are contributed to the plan. Employee compensation expense related to these plans for the years ended October 31, 2020, 2019 and 2018 was $58 million, $54 million and $51 million, respectively. There were 19.2 million, 18.0 million and 17.8 million common shares held in these plans for the years ended October 31, 2020, 2019 and 2018, respectively. Compensation Trusts We sponsor various share ownership arrangements, certain of which are administered through trusts into which our matching contributions are paid. We are not required to consolidate our compensation trusts. The assets held by the trusts are not included in our consolidated financial statements. Total assets held under our share ownership arrangements amounted to $1,523 million as at October 31, 2020 ($1,752 million in 2019). Mid-Term We offer mid-term Mid-term The grant date fair value of these awards as at October 31, 2020, 2019 and 2018 was $568 million, $616 million and $581 million, respectively, for which we recorded employee compensation expense of $363 million, $610 million and $595 million before tax, respectively ($269 million, $448 million and $437 million after tax, respectively). We hedge the impact of the change in market value of our common shares by entering into total return swaps. We also enter into foreign currency swaps to manage the foreign exchange translation from our U.S. businesses. Gains (losses) A total of 17.0 million, 17.2 million and 17.1 million mid-term Deferred Incentive Plans We offer deferred incentive plans for members of our Board of Directors, executives and key employees in BMO Capital Markets and Wealth Management. Under these plans, fees, annual incentive payments and/or commissions can be deferred as share units of our common shares. These share units are either fully vested on the grant date or vest at the end of three years. The value of these share units is adjusted to reflect reinvested dividends and changes in the market value of our common shares. Deferred incentive plan payments are paid in cash upon the participant’s departure from the bank. Employee compensation expense for these plans is recorded in the year the fees, incentive payments and/or commissions are earned. Changes in the amount of the incentive plan payments as a result of dividends and share price movements are recorded as increases or decreases in employee compensation expense in the period of the change. Deferred incentive plan units granted during the years ended October 31, 2020, 2019 and 2018 totalled 0.3 million, 0.3 million and 0.3 million, respectively, and the grant date fair value of these units was $23 million, $32 million and $33 million, respectively. Liabilities related to these plans are recorded in other liabilities in our Consolidated Balance Sheet and totalled $379 million and $478 million as at October 31, 2020 and 2019, respectively. Payments made under these plans for the years ended October 31, 2020, 2019 and 2018 were $58 million, $59 million and $60 million, respectively. Employee compensation expense related to these plans for the years ended October 31, 2020, 2019 and 2018 was $(62) million, $17 million and $27 million before tax, respectively ($ (losses) (losses) A total of 4.7 million, 4.8 million and 4.9 million deferred incentive plan units were outstanding as at October 31, 2020, 2019 and 2018, respectively. |
Employee Compensation - Pension
Employee Compensation - Pension and Other Employee Future Benefits | 12 Months Ended |
Oct. 31, 2020 | |
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Employee Compensation - Pension and Other Employee Future Benefits | Note 21: Employee Compensation – Pension and Other Employee Future Benefits Pension and Other Employee Future Benefit Plans We sponsor a number of arrangements globally that provide pension and other employee future benefits to our retired and current employees. The largest of these arrangements, by defined benefit obligation, are the primary defined benefit pension plans for employees in Canada and the United States and the primary other employee future benefit plan for employees in Canada. Pension arrangements include defined benefit pension plans, as well as supplementary arrangements that provide pension benefits in excess of statutory limits. Generally, under these plans we provide retirement benefits based on an employee’s years of service and average annual earnings over a period of time prior to retirement. Our pension and other employee future benefit expenses, recorded in employee compensation expense, mainly comprise the current service cost plus or minus the interest on net defined benefit assets or liabilities. In addition, we provide defined contribution pension plans to employees in some of our subsidiaries. The costs of these plans, recorded in employee compensation expense, are equal to our contributions to the plans. During the year ended October 31, 2018, we announced changes to our other employee future benefit plan for Canadian employees that will become mandatory for new retirees beginning January 1, 2021. Plan changes include an increase in the service requirement for eligibility and flexible benefits with employer premium caps. In 2018, we recorded a $277 million benefit from the remeasurement of the benefit liability in non-interest Effective December 31, 2020, the primary defined benefit pension plan for employees in Canada will be closed to new employees hired after that date. Employees hired effective January 1, 2021 and onwards will be eligible to participate in a defined contribution pension plan after a six-month waiting period. We also provide other employee future benefits, including health and dental care benefits and life insurance, for eligible current and retired employees. Short-term employee benefits, such as salaries, paid absences, bonuses and other benefits, are accounted for on an accrual basis over the period in which the employees provide the related services. Investment Policy The defined benefit pension plans are administered under a defined governance structure, with oversight resting with the Board of Directors. The plans are managed under a framework that considers both assets and liabilities in the development of an investment policy and in managing risk. Over the past several years, we have implemented a liability-driven investment strategy for the primary Canadian plan to enhance risk-adjusted returns while reducing the plan’s surplus volatility. This strategy has reduced the impact of the plan on our regulatory capital. The plans invest in asset classes that include equities, fixed income and alternative strategies, under established investment guidelines. Plan assets are diversified across asset classes and by geographic exposure. They are managed by asset management firms that are responsible for the selection of investment securities. Derivative instruments are permitted under policy guidelines and are generally used to hedge foreign currency exposures, manage interest rate exposures or replicate the return of an asset. Asset Allocations The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on fair market values at October 31, Pension benefit plans Target range Actual 2020 Actual 2019 Equities 20% – 45% 30 % 32 % Fixed income investments 35% – 60% 47 % 51 % Alternative strategies 15% – 45% 23 % 17 % Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. Risk Management The defined benefit pension plans are exposed to various risks, including market risk (interest rate, equity and foreign currency risks), credit risk, operational risk, surplus risk and longevity risk. We follow a number of approaches to monitor and actively manage these risks, including: • monitoring surplus-at-risk, • stress testing and scenario analyses to evaluate the volatility of the plans’ financial positions and any potential impact on the bank; • hedging of currency exposures and interest rate risk within policy limits; • controls related to asset mix allocations, geographic allocations, portfolio duration, credit quality of debt securities, sector guidelines, issuer/counterparty limits and others; and • ongoing monitoring of exposures, performance and risk levels. Pension and Other Employee Future Benefit Liabilities Our actuaries perform valuations of our defined benefit obligations for pension and other employee future benefits as at October 31 of each year using the projected unit credit method based on management’s assumptions about discount rates, rates of compensation increase, retirement age, mortality and health care cost trend rates. The discount rates for the primary Canadian and U.S. pension and other employee future benefit plans were selected based on the yields of high-quality AA rated corporate bonds with terms matching the plans’ cash flows. The fair value of plan assets is deducted from the defined benefit obligation to determine the net defined benefit asset or liability. For defined benefit pension plans that are in a net defined benefit asset position, the recognized asset is limited to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan (the “asset ceiling”). Changes in the asset ceiling are recognized in other comprehensive income. Components of the change in our net defined benefit assets or liabilities and our pension and other employee future benefit expense s Current service cost Interest on net defined benefit asset or liability Actuarial gains and losses Plan amendments Settlements Funding of Pension and Other Employee Future Benefit Plans We fund our defined benefit pension plans in Canada and the United States in accordance with statutory requirements, and the assets in these plans are used to pay benefits to retirees and other employees. Some groups of employees are also eligible to make voluntary contributions in order to receive enhanced benefits. Our supplementary pension plan in Canada is funded, while the supplementary pension plan in the U.S. is unfunded. Our other employee future benefit plans in Canada and the United States are either funded or unfunded. Benefit payments related to these plans are paid either through the respective plan or directly by us. We measure the fair value of plan assets for our plans in Canada and the United States as at October 31. In addition to actuarial valuations for accounting purposes, we are required to prepare valuations for determining our minimum funding requirements for our pension arrangements in accordance with the relevant statutory framework (our “funding valuation”). An annual funding valuation is performed for our plans in Canada and the United States. The most recent funding valuation for our primary Canadian pension plan was performed as at October 31, 2020 and the most recent funding valuation for our primary U.S. pension plan was performed as at January 1, 2020. A summary of plan information for the past three years is as follows: (Canadian $ in millions) Other employee future benefit plans 2020 2019 2018 2020 2019 2018 Defined benefit obligation 10,493 9,866 8,311 1,290 1,254 1,113 Fair value of plan assets 10,064 9,723 8,719 181 175 153 Surplus (deficit) and net defined benefit asset (liability) (429 ) (143 ) 408 (1,109 ) (1,079 ) (960 ) Surplus (deficit) is comprised of: Funded or partially funded plans (266 ) 36 573 38 46 37 Unfunded plans (163 ) (179 ) (165 ) (1,147 ) (1,125 ) (997 ) Surplus (deficit) and net defined benefit asset (liability) (429 ) (143 ) 408 (1,109 ) (1,079 ) (960 ) 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 2020 2019 2018 2020 2019 2018 Annual benefits expense Current service cost 249 193 210 11 9 26 Net interest (income) expense on net defined benefit (asset) liability 1 (20 ) (10 ) 32 37 45 Past service cost (income) – (5 ) 7 – – (277 ) Administrative expenses 5 5 5 – – – Remeasurement of other long-term benefits – – – 10 6 (10 ) Benefits expense 255 173 212 53 52 (216 ) Canada and Quebec pension plan expense 87 82 76 – – – Defined contribution expense 169 170 153 – – – Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income 511 425 441 53 52 (216 ) Weighted-Average Assumptions Pension benefit plans Other employee future benefit plans 2020 2019 2018 2020 2019 2018 Defined Benefit Expenses Discount rate at beginning of year (2)(3) 3.0% 4.0% 3.5% 3.0% 4.1% 3.6% Rate of compensation increase 2.1% 2.4% 2.4% 2.0% 2.0% 2.0% Assumed overall health care cost trend rate na na na 4.9% 4.9% (1) 4.9% (1) Defined Benefit Obligation Discount rate at end of year 2.7% 3.0% 4.0% 2.7% 3.0% 4.1% Rate of compensation increase 2.1% 2.1% 2.4% 2.0% 2.0% 2.0% Assumed overall health care cost trend rate na na na 4.8% 4.9% (1) 4.9% (1) (1) Trending to 4.1% in 2040 and remaining at that level thereafter. (2) The pension benefit current service cost was calculated using a separate discount rate of 3.10%, 4.10% and for 2020, 2019 and 2018, respectively. (3) The other employee future benefit plans current service cost was calculated using a separate discount rate of for 2020, 2019 and 2018, respectively. na – not applicable Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2020 2019 2020 2019 Life expectancy for those currently age 65 Males 23.8 23.7 21.7 21.7 Females 24.1 24.1 23.1 23.0 Life expectancy at age 65 for those currently age 45 Males 24.7 24.7 22.9 22.8 Females 25.1 25.0 24.3 24.2 Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2020 2019 2020 2019 Defined benefit obligation Defined benefit obligation at beginning of year 9,866 8,311 1,254 1,113 U.S. plan merger (1) – 46 – – Current service cost 249 193 11 9 Past service (income) – (5 ) – – Interest cost 286 324 37 44 Benefits paid (516 ) (456 ) (48 ) (53 ) Employee contributions 17 17 5 5 Actuarial (gains) losses due to: Changes in demographic assumptions 16 (9 ) 14 (22 ) Changes in financial assumptions 484 1,345 50 161 Plan member experience 59 92 (35 ) (3 ) Foreign exchange and other 32 8 2 – Defined benefit obligation at end of year 10,493 9,866 1,290 1,254 Wholly or partially funded defined benefit obligation 10,330 9,687 143 129 Unfunded defined benefit obligation 163 179 1,147 1,125 Total defined benefit obligation 10,493 9,866 1,290 1,254 Fair value of plan assets Fair value of plan assets at beginning of year 9,723 8,719 175 153 U.S. plan merger (1) – 43 – – Interest income 285 344 5 7 Return on plan assets (excluding interest income) 235 795 6 23 Employer contributions 296 256 36 40 Employee contributions 17 17 5 5 Benefits paid (516 ) (456 ) (48 ) (53 ) Administrative expenses (5 ) (5 ) – – Foreign exchange and other 29 10 2 – Fair value of plan assets at end of year 10,064 9,723 181 175 ( ) (429 ) (143 ) (1,109 ) (1,079 ) Recorded in: Other assets 124 186 38 46 Other liabilities (553 ) (329 ) (1,147 ) (1,125 ) ( ) (429 ) (143 ) (1,109 ) (1,079 ) Actuarial (losses) recognized in other comprehensive income Net actuarial gains on plan assets 235 795 6 23 Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions (16 ) 9 (12 ) 21 Changes in financial assumptions (484 ) (1,345 ) (45 ) (153 ) Plan member experience (59 ) (92 ) 38 3 Foreign exchange and other (6 ) (9 ) – – Actuarial (losses) recognized in other comprehensive income for the year (330 ) (642 ) (13 ) (106 ) (1) In 2019, the benefit obligation and assets related to employees formerly included in a multi-employer plan, which was accounted for as a defined contribution plan, merged with the U.S. defined benefit pension plan. The impact of the merger was recognized as a remeasurement of the U.S. defined benefit pension plan. Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The fair values of plan assets held by our primary plans as at October 31 are as follows: (Canadian $ in millions) 2020 2019 Quoted Unquoted Total Quoted Unquoted Total Cash and money market funds 208 – 208 156 6 162 Securities issued or guaranteed by: Canadian federal government 17 54 71 1 57 58 Canadian provincial and municipal governments 308 404 712 334 368 702 U.S. federal government 393 7 400 345 – 345 Pooled funds 1,331 3,442 4,773 1,450 3,204 4,654 Derivative instruments 1 (16 ) (15 ) – 8 8 Corporate debt 2 1,363 1,365 – 1,354 1,354 Corporate equity 1,255 – 1,255 1,219 – 1,219 3,515 5,254 8,769 3,505 4,997 8,502 No plan assets are directly invested in the bank’s or related parties’ securities as at October 31, 2020 and 2019. As at October 31, 2020, our primary Canadian plan indirectly held, through pooled funds, approximately $9 million ($10 million in 2019) of our common shares and fixed income securities. The plans do not hold any property we occupy or other assets we use. The plans paid $3 million in the year ended October 31, 2020 ($3 million in 2019) to the bank and certain of our subsidiaries for investment management, record-keeping, custodial and administrative services rendered. Sensitivity of Assumptions Key weighted-average assumptions used in measuring the defined benefit obligations for our primary plans are outlined in the following table. The sensitivity analysis provided in the table should be used with caution, as it is hypothetical and the impact of changes in each key assumption may not be linear. The sensitivities to changes in each key variable have been calculated independently of the impact of changes in other key variables. Actual experience may result in simultaneous changes in a number of key assumptions, which would amplify or reduce certain sensitivities. Defined benefit obligation (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans Discount rate (%) 2.7 2.7 Impact of: 1% increase ($) (1,161 ) (120 ) 1% decrease ($) 1,479 148 Rate of compensation increase (%) 2.1 2.0 Impact of: 0.25% increase ($) 55 – (1) 0.25% decrease ($) (54 ) – (1) Mortality Impact of: 1 year shorter life expectancy ($) (202 ) (32 ) 1 year longer life expectancy ($) 199 32 Assumed overall health care cost trend rate (%) na 4.8 (2) Impact of: 1% increase ($) na 53 1% decrease ($) na (51 ) (1) The change in this assumption is immaterial. (2) Trending to 4.1% in 2040 and remaining at that level thereafter. na – not applicable Maturity Profile The duration of the defined benefit obligation for our primary plans is as follows: (Years) 2020 2019 Canadian pension plans 15.4 15.2 U.S. pension plans 9.9 7.9 Canadian other employee future benefit plans 14.3 14.5 Cash Flows Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2020 2019 2018 2020 2019 2018 Contributions to defined benefit plans 251 203 154 – – – Contributions to defined contribution plans 169 170 153 – – – Benefits paid directly to pensioners 45 53 59 36 40 35 465 426 366 36 40 35 Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2021 is approximately $300 million for for for the year ending October 31, 2021 are estimated to be $ 550 |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2020 | |
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Income Taxes | Note 22: Income Taxes We report our provision for income taxes in our Consolidated Statement of Income based upon transactions recorded in our consolidated financial statements regardless of when they are recognized for income tax purposes, with the exception of repatriation of retained earnings from our subsidiaries, as noted below. In addition, we record an income tax expense or benefit in other comprehensive income or directly in equity when the taxes relate to amounts recorded in other comprehensive income or equity. For example, income tax expense (recovery) on hedging gains (losses) related to our net investment in foreign operations is recorded in our Consolidated Statement of Comprehensive Income as part of net gains (losses) on translation of net foreign operations. Current tax is the amount of income tax recoverable (payable) in respect of the taxable loss (profit) for a period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. Deferred income tax assets and liabilities are measured at the tax rates expected to apply when temporary differences reverse. Changes in deferred income tax assets and liabilities related to a change in tax rates are recorded in income in the period the tax rate is substantively enacted, except to the extent that the tax arises from a transaction or event which is recognized either in other comprehensive income or directly in equity. Current and deferred taxes are offset only when they are levied by the same tax authority, on the same entity or group of entities, and when there is a legal right to offset. Included in deferred income tax assets is $20 million ($26 million in 2019) related to Canadian tax loss carryforwards that will expire in 2037, $75 million ($289 million in 2019) related to both U.S. tax loss carryforwards and tax credits that will expire in various amounts in U.S. taxation years from 2021 through 2040 Income that we earn through our foreign subsidiaries is generally taxed in the foreign country in which they operate. Income that we earn through our foreign branches is also generally taxed in the foreign country in which they operate. Canada also taxes the income we earn through foreign branches and a credit is allowed for certain foreign taxes paid on such income. Repatriation of earnings from certain foreign subsidiaries would require us to pay tax on certain of these earnings. As repatriation of such earnings is not planned in the foreseeable future, we have not recorded a related deferred income tax liability. The taxable temporary differences associated with the repatriation of earnings from investments in certain subsidiaries, branches, associates and interests in joint ventures for which deferred tax liabilities have not been recognized totalled $16 billion as at October 31, 2020 ($15 billion in 2019). Provision for Income Taxes (Canadian $ in millions) 2020 2019 2018 Consolidated Statement of Income Current Provision for income taxes for the current period 1,154 1,198 1,340 Adjustments for prior periods 10 (14 ) 20 Deferred Origination and reversal of temporary differences 91 327 268 Effect of changes in tax rates (4 ) 3 425 Previously unrecognized tax loss, tax credit or temporary difference for a prior period – – (92 ) 1,251 1,514 1,961 Other Comprehensive Income and Equity Income tax expense (recovery) related to: Unrealized gains (losses) on FVOCI debt securities 143 140 (69 ) Reclassification to earnings of (gains) on FVOCI debt securities (25 ) (26 ) (23 ) Gains (losses) on derivatives designated as cash flow hedges 541 521 (432 ) Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges (16 ) 51 121 Unrealized (losses) on hedges of net foreign operations (35 ) (4 ) (56 ) Gains (losses) on remeasurement of pension and other employee future benefit plans (88 ) (196 ) 111 Gains ( l (10 ) 27 (6 ) Unrealized gains on FVOCI equity securities – 1 – Share-based compensation 3 – 10 513 514 (344 ) Total provision for income taxes 1,764 2,028 1,617 Components of Total Provision for Income Taxes (Canadian $ in millions) 2020 2019 2018 Canada: Current income taxes Federal 694 791 501 Provincial 402 465 299 1,096 1,256 800 Canada: Deferred income taxes Federal (11 ) (113 ) (44 ) Provincial (6 ) (66 ) (27 ) (17 ) (179 ) (71 ) Total Canadian 1,079 1,077 729 Foreign: Current income taxes 450 308 233 Deferred income taxes 235 643 655 Total foreign 685 951 888 Total provision for income taxes 1,764 2,028 1,617 Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective income tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2020 2019 2018 Combined Canadian federal and provincial income taxes at the statutory tax rate 1,688 26.6 % 1,934 26.6 % 1,972 26.6 % Increase (decrease) resulting from: Tax-exempt (247 ) (3.9 ) (220 ) (3.0 ) (226 ) (3.0 ) Foreign operations subject to different tax rates (175 ) (2.8 ) (158 ) (2.2 ) (110 ) (1.5 ) Change in tax rate for deferred income taxes (4 ) (0.1 ) 3 – 425 5.7 Previously unrecognized tax loss, tax credit or temporary difference for a prior period – – – – (92 ) (1.2 ) Income attributable to investments in associates and joint ventures (39 ) (0.6 ) (37 ) (0.5 ) (39 ) (0.5 ) Other 28 0.5 (8 ) (0.1 ) 31 0.4 Provision for income taxes in the Consolidated Statement of Income and effective tax rate 1,251 19.7 % 1,514 20.8 % 1,961 26.5 % (Canadian $ in millions) Deferred Income Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 511 334 – 4 849 Employee future benefits 325 11 1 – 337 Deferred compensation benefits 483 (69 ) – 2 416 Other comprehensive income (143 ) – (218 ) 3 (358 ) Tax loss carryforwards 145 (59 ) – 1 87 Tax credits 189 (189 ) – 31 31 Premises and equipment (282 ) (78 ) – (1 ) (361 ) Pension benefits 27 (35 ) 86 – 78 Goodwill and intangible assets (217 ) (18 ) – (2 ) (237 ) Securities 50 (39 ) – – 11 Other 441 55 – 16 512 Net deferred tax assets (liabilities) 1,529 (87 ) (131 ) 54 1,365 Comprising Deferred tax assets 1,589 1,473 Deferred tax liabilities (60 ) (108 ) Net deferred tax assets (liabilities) 1,529 1,365 (Canadian $ in millions) Deferred Income Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 484 23 – 4 511 Employee future benefits 282 12 31 – 325 Deferred compensation benefits 494 (12 ) – 1 483 Other comprehensive income 195 – (331 ) (7 ) (143 ) Tax loss carryforwards 606 (462 ) – 1 145 Tax credits 415 (228 ) – 2 189 Premises and equipment (515 ) 234 – (1 ) (282 ) Pension benefits (121 ) (18 ) 166 – 27 Goodwill and intangible assets (201 ) (14 ) – (2 ) (217 ) Securities 38 12 – – 50 Other 288 123 – 9 420 Net deferred tax assets (liabilities) 1,965 (330 ) (134 ) 7 1,508 Comprising Deferred tax assets 2,039 1,568 Deferred tax liabilities (74 ) (60 ) Net deferred tax assets (liabilities) 1,965 1,508 (1) Includes IFRS 16 adoption adjustment of $21 million (refer to Note 1). 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. However, if such challenges are unsuccessful, the additional expense would negatively impact our net income. On December 22, 2017, the U.S. government enacted new tax legislation that became effective on January 1, 2018. Under the new legislation, our U.S. net deferred tax asset was revalued by $483 million because of the lower income tax rate. The $483 million revaluation is comprised of a $425 million income tax expense recorded in our Consolidated Statement of Income, and a $58 million income tax charge recorded in other comprehensive income and equity for the year ended October 31, 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2020 | |
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Earnings Per Share | Note 23: Earnings Per Share Basic earnings per share is calculated by dividing net income, after deducting dividends on preferred shares and distributions on other equity instruments, by the daily average number of fully paid common shares outstanding throughout the year. 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 table presents our basic and diluted earnings per share: Basic Earnings Per Common Share 2020 2019 2018 Net income 5,097 5,758 5,453 Dividends on preferred shares and distributions on other equity instruments (247 ) (211 ) (184 ) Net income available to common shareholders 4,850 5,547 5,269 Weighted-average number of common shares outstanding (in thousands) 641,424 638,881 642,930 Basic earnings per common share (Canadian $) 7.56 8.68 8.19 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 4,850 5,547 5,269 Weighted-average number of common shares outstanding (in thousands) 641,424 638,881 642,930 Effect of dilutive instruments Stock options potentially exercisable (1) 3,433 5,326 5,876 Common shares potentially repurchased (2,729 ) (3,847 ) (3,893 ) Weighted-average number of diluted common shares outstanding (in thousands) 642,128 640,360 644,913 Diluted earnings per common share (Canadian $) 7.55 8.66 8.17 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 3,146,040 , 1,177,152 and 1,101,938 with weighted-average exercise prices of $99.57 , $101.83 and $127.45 for the years ended October 31 , 2020 , 2019 and 2018 , respectively, as the average share price for the period did not exceed the exercise price. |
Commitments, Guarantees, Pledge
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | 12 Months Ended |
Oct. 31, 2020 | |
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Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | Note 24: Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities In the normal course of business, we enter into a variety of contracts under which we may be required to make payments to reimburse a counterparty for a loss if a third party does not perform according to the terms of a contract or does not make payments when due under the terms of a debt instrument, and contracts under which we provide indirect guarantees of the indebtedness of another party, all of which are considered guarantees. Guarantees that qualify as derivatives are accounted for in accordance with the policy for derivative instruments (see Note 8). For guarantees that do not qualify as derivatives, the liability is initially recorded at fair value, which is generally the fee received. Subsequently, guarantees are recorded at the higher of the initial fair value, less amortization to recognize any fee income earned over the period, and our best estimate of the amount required to settle the obligation. Any change in the liability is reported in our Consolidated Statement of Income. We enter into a variety of commitments, including off-balance A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. We strive to limit credit risk by dealing only with counterparties that we believe are creditworthy, and we manage our credit risk for these instruments using the same credit risk process that is applied to loans and other credit assets. The maximum amount payable related to our various commitments is as follows: (Canadian $ in millions) 2020 2019 Financial Guarantees Standby letters of credit 23,144 21,395 Credit default swaps (1) 1,795 2,068 Other Credit Instruments Backstop liquidity facilities 5,601 5,550 Securities lending 4,349 4,102 Documentary and commercial letters of credit 1,034 1,272 Commitments to extend credit (2) 175,689 158,533 Other commitments 5,302 5,181 Total 216,914 198,101 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $(8) million as at October 31, 2020 ($43 million in 2019). (2) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. Financial Guarantees Standby letters of credit represent our obligation to make payments to third parties on behalf of customers if they are unable to make the required payments or meet other contractual requirements. The majority have a term of one year or less. Collateral requirements for standby letters of credit and guarantees are consistent with our collateral requirements for loans. Standby letters of credit and guarantees include our guarantee of a subsidiary’s debt directly provided to a third party. Written credit default swaps require us to compensate a counterparty following the occurrence of a credit event in relation to a specified reference obligation, such as a bond or a loan. The terms of these contracts range from less than one year to 10 years. Refer to Note 8 for details. Other Credit Instruments Backstop liquidity facilities are provided to ABCP programs administered by either us or third parties as an alternative source of financing when ABCP markets cannot be accessed. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of insolvency of the borrower and generally do not require us to advance money against non-performing We lend eligible customers’ securities to third-party borrowers who have been evaluated for credit risk using the same credit risk process that is applied to loans and other credit assets. In connection with these activities, we may provide indemnification to clients against losses resulting from the failure of the borrower to return loaned securities when due. All borrowings are fully collateralized with cash or marketable securities. As securities are loaned, we require borrowers to maintain collateral that is equal to or in excess of 100% of the fair value of the securities borrowed. The collateral is revalued on a daily basis. Documentary and commercial letters of credit represent our agreement to honour drafts presented by a third party upon completion of specific activities. Commitments to extend credit represent our commitment to our customers to grant them credit in the form of loans or other financings for specific amounts and maturities, subject to their meeting certain conditions. Other commitments include commitments to fund external private equity funds and investments in equity and debt securities at market value at the time the commitments are drawn. In addition, we act as underwriter for certain new issuances under which we, alone or together with a syndicate of financial institutions, purchase the new issue for resale to investors. Indemnification Agreements In the normal course of operations, we enter into various agreements that provide general indemnifications. These indemnifications typically occur in connection with sales of assets, securities offerings, service contracts, director contracts, membership agreements, clearing arrangements, derivative contracts and leasing transactions. Based on historical experience, we expect the risk of loss to be remote. Exchange and Clearinghouse Guarantees We are a member of several securities and futures exchanges and central counterparties. Membership in certain of these organizations may require us to pay a pro rata share of the losses incurred by the organization in the event of default of another member. It is difficult to estimate our maximum exposure under these membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. Based on historical experience, we expect the risk of material Pledged Assets and Collateral In the ordinary course of business, we enter into trading, lending and borrowing activities that require us to pledge assets or provide collateral. Pledging and collateral transactions are typically conducted under terms and conditions that are usual and customary to the se The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2020 2019 Bank Assets Cash and due from banks 111 1,895 Securities (1)(2) 75,104 71,001 Loans (2) 58,974 73,838 Other assets 6,344 3,722 140,533 150,456 Third-party Assets (3) Collateral received and available for sale or re-pledging 169,197 162,879 Less: Collateral not sold or re-pledged (58,312 ) (50,192 ) 110,885 112,687 251,418 263,143 (Canadian $ in millions) 2020 2019 Uses of pledged assets and collateral Clearing systems, payment systems and depositories 7,550 4,958 Foreign governments and central banks 111 1,895 Obligations related to securities sold short 29,376 26,253 Obligations related to securities sold under repurchase agreements 80,962 73,696 Securities borrowing and lending 58,791 67,758 Derivatives transactions 9,613 9,614 Securitization 31,417 31,713 Covered bonds 25,948 27,208 Other 7,650 20,048 Total pledged assets and collateral 251,418 263,143 (1) Includes NHA mortgage-backed securities of $6,121 million, which are included in loans on the Consolidated Balance Sheet ($3,688 million in 2019). (2) Includes encumbered assets relating to Large Value Transfer System. (3) Includes on-balance sheet securities borrowed or purchased under resale agreements and available off-balance sheet collateral received. Certain comparative figures have been reclassified to conform with the current year’s presentation. Lease Commitments We have entered into a number of non-cancellable Provisions and Contingent Liabilities Provisions are recognized when we have a legal or constructive obligation as a result of past events, such as contractual commitments, legal or other obligations for which we can reliably estimate the obligation, and it is probable we will be required to settle the obligation. We recognize as a provision our best estimate of the amount required to settle the obligations as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligations. Provisions are recorded in other liabilities on the Consolidated Balance Sheet. Contingent liabilities are potential obligations arising from past events, the existence of which will only be confirmed by the occurrence or non-occurrence Legal Proceedings The bank and its subsidiaries are party to legal proceedings, including regulatory investigations, in the ordinary course of business. We review the status of these proceedings regularly and establish provisions when in our judgment it becomes probable that we will incur a loss and the amount can be reliably estimated. While it is inherently difficult to predict the ultimate outcome of these proceedings, based on our current knowledge, we do 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. During the year, an Ontario court made a liability finding and awarded an accounting of profits in a class action involving BMO Nesbitt Burns Inc., BMO InvestorLine Inc. and BMO Trust Company regarding disclosures of foreign exchange conversion spreads when converting foreign exchange in registered accounts. The monetary award will be determined at a court hearing in Q1 2021 based on an amount of $102.9 million, less reasonable expenses, plus prejudgment interest. The lawsuit claimed monetary awards up to $ 419 million (at May 2 0 19) . We h a ve appealed the decision. The Plaintiffs have also appealed. An appropriate provision is in place. Restructuring Charges Provisions for restructuring charges as at October 31, 2020 are $336 million ($603 million as at October 31, 2019) which includes severance related costs to improve efficiency, and accelerate delivery against key bank-wide initiatives focused on digitization, organizational redesign and simplification of the way we do our business. This represents our best estimate of the amount that will ultimately be paid out. Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2020 2019 Balance at beginning of year 680 284 Additional provisions/increase in provisions 141 666 Provisions utilized (334 ) (251 ) Amounts reversed (16 ) (32 ) Foreign exchange and other 1 13 Balance at end of year (1) 472 680 (1) Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segmen
Operating and Geographic Segmentation | 12 Months Ended |
Oct. 31, 2020 | |
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Operating and Geographic Segmentation | Note 25: Operating and Geographic Segmentation Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. We determine our operating groups based on our management structure and therefore these groups, and the results attributed to them, may not be comparable with those of other financial services companies. We evaluate the performance of our groups using reported and adjusted measures, such as net income, revenue growth, return on equity, and non-interest expense-to-revenue Personal and Commercial Banking Personal and Commercial Banking (P&C) is comprised of two operating segments: Canadian Personal and Commercial Banking and U.S. Personal and Commercial Banking. Canadian Personal and Commercial Banking Canadian Personal and Commercial Banking (Canadian P&C) provides a full range of financial products and services to eight million customers. Personal Banking provides financial solutions through a network of almost 900 branches, contact centres, digital banking platforms and over 3,200 automated teller machines. Commercial Banking serves clients across Canada and delivers sector and industry expertise, as well as a local presence. U.S. Personal and Commercial Banking U.S. Personal and Commercial Banking (U.S. P&C) offers a broad range of products and services. Our retail and small and mid-sized BMO Wealth Management BMO’s group of wealth management businesses serves a full range of client segments from mainstream to ultra high net worth and institutional, with a broad offering of wealth management products and services, including insurance products. BMO Capital Markets BMO Capital Markets (BMO CM) is a North American-based financial services provider offering a complete range of products and services to corporate, institutional and government clients. Through our Investment and Corporate Banking and Global Markets lines of business, we operate in 35 locations around the world, including 22 offices in North America. Corporate Services Corporate Services consists of Corporate Units and Technology and Operations (T&O). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, finance, legal and regulatory compliance, human resources, communications, marketing, real estate and procurement. T&O develops, monitors, manages and maintains governance of information technology including data and analytics, and also provides cyber security and operations services. The costs of these Corporate Units and T&O services are largely transferred to the three operating groups (P&C, BMO WM and BMO CM), with any remaining amounts retained in Corporate Services results. As such, Corporate Services results largely reflect the impact of residual treasury-related activities, the elimination of taxable equivalent adjustments and residual unallocated expenses. Basis of Presentation The results of these operating groups are based on our internal financial reporting systems. The accounting policies used in these segments are generally consistent with those followed in the preparation of our consolidated financial statements, as disclosed in Note 1 and throughout the consolidated financial statements. Income taxes presented below may not be reflective of taxes paid in each jurisdiction in which we operate. Income taxes are generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities specific to each segment. A notable accounting measurement difference is the taxable equivalent basis adjustment, as described below. Periodically, certain business lines and units within the business lines are transferred between client and corporate support groups to more closely align our organizational structure with our strategic priorities. In addition, revenue and expense allocations are updated to more accurately align with current experience. Results for prior periods are restated to conform with the current year’s presentation. Taxable Equivalent Basis We analyze revenue on a taxable equivalent basis (teb) at the operating group level. Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Inter-Group Allocations Various estimates and allocation methodologies are used in the preparation of the operating groups’ financial information. Overhead expenses are allocated to operating groups using allocation formulas applied on a consistent basis. Operating group net interest income reflects internal funding charges and credits on the groups’ assets, liabilities and capital, at market rates, taking into account relevant terms and currency considerations. The offset of the net impact of these charges and credits is reflected in Corporate Services. These inter-group allocations are also applied to the geographic segmentation. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate Total 2020 Net interest income (2) 6,105 4,345 900 3,320 (699 ) 13,971 Non-interest 1,930 1,186 5,808 2,006 285 11,215 Total Revenue 8,035 5,531 6,708 5,326 (414 ) 25,186 Provision for (recovery of) credit losses on impaired loans 787 418 4 310 3 1,522 Provision for (recovery of) credit losses on performing loans 623 441 18 349 – 1,431 Total provision for (recovery of) credit losses 1,410 859 22 659 3 2,953 Insurance claims, commissions and changes in policy benefit liabilities – – 1,708 – – 1,708 Depreciation and amortization 505 554 324 235 – 1,618 Non-interest 3,385 2,521 3,195 3,001 457 12,559 Income (loss) before taxes 2,735 1,597 1,459 1,431 (874 ) 6,348 Provision for (recovery of) income taxes 707 320 363 344 (483 ) 1,251 Reported net income (loss) 2,028 1,277 1,096 1,087 (391 ) 5,097 Average Assets 251,471 137,644 45,573 369,518 138,244 942,450 (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate Total 2019 Net interest income (2) 5,885 4,216 935 2,390 (538 ) 12,888 Non-interest 2,099 1,162 6,727 2,369 238 12,595 Total Revenue 7,984 5,378 7,662 4,759 (300 ) 25,483 Provision for (recovery of) credit losses on impaired loans 544 160 2 52 (7 ) 751 Provision for (recovery of) credit losses on performing loans 63 37 (2 ) 28 (5 ) 121 Total provision for (recovery of) credit losses 607 197 – 80 (12 ) 872 Insurance claims, commissions and changes in policy benefit liabilities – – 2,709 – – 2,709 Depreciation and amortization 340 449 264 152 – 1,205 Non-interest 3,496 2,687 3,259 3,127 856 13,425 Income (loss) before taxes 3,541 2,045 1,430 1,400 (1,144 ) 7,272 Provision for (recovery of) income taxes 917 434 371 309 (517 ) 1,514 Reported net income (loss) 2,624 1,611 1,059 1,091 (627 ) 5,758 Average Assets 237,741 126,539 40,951 342,626 85,395 833,252 (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate Total 2018 Net interest income (2) 5,546 3,844 826 1,780 (558 ) 11,438 Non-interest 2,040 1,096 5,475 2,608 248 11,467 Total Revenue 7,586 4,940 6,301 4,388 (310 ) 22,905 Provision for (recovery of) credit losses on impaired loans 466 258 6 (17 ) (13 ) 700 Provision for (recovery of) credit losses on performing loans 3 (38 ) – (1 ) (2 ) (38 ) Total provision 469 220 6 (18 ) (15 ) 662 Insurance claims, commissions and changes in policy benefit liabilities – – 1,352 – – 1,352 Depreciation and amortization 320 448 233 126 – 1,127 Non-interest 3,361 2,516 3,284 2,753 436 12,350 Income (loss) before taxes 3,436 1,756 1,426 1,527 (731 ) 7,414 Provision for (recovery of) income taxes 882 359 354 368 (2 ) 1,961 Reported net income (loss) 2,554 1,397 1,072 1,159 (729 ) 5,453 Average Assets 224,310 110,303 35,913 307,357 76,412 754,295 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis – see Basis of Presentation section. Certain comparative figures have been reclassified to conform with the current year’s presentation. Geographic Information We operate primarily in Canada and the United States, but we also have operations in the U.K., Europe, the Caribbean and Asia, which are grouped in other countries in the table below. We allocate our results by geographic region based on the location of the unit responsible for managing the related assets, liabilities, revenues and expenses. Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) Canada United States Other countries Total 2020 Total Revenue 14,515 8,659 2,012 25,186 Income before taxes 3,815 1,891 642 6,348 Reported net income 3,021 1,554 522 5,097 Average Assets 522,155 361,651 58,644 942,450 (Canadian $ in millions) Canada United States Other countries Total 2019 Total Revenue 14,998 8,282 2,203 25,483 Income before taxes 4,218 2,367 687 7,272 Reported net income 3,313 1,903 542 5,758 Average Assets 462,427 316,983 53,842 833,252 (Canadian $ in millions) Canada United States Other countries Total 2018 Total Revenue 13,506 7,273 2,126 22,905 Income before taxes 4,746 1,871 797 7,414 Reported net income 3,728 1,100 625 5,453 Average Assets 433,843 277,764 42,688 754,295 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Oct. 31, 2020 | |
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Significant Subsidiaries | Note 26: Significant Subsidiaries As at October 31, 2020, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant subsidiaries (1) (2) Head or principal office Book value of shares owned by the Bank of Montreal (China) Co. Ltd. Beijing, China 453 Bank of Montreal Europe plc Dublin, Ireland 1,055 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 33,280 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michaels, Barbados BMO Nesbitt Burns Holdings Corporation Toronto, Canada BMO Nesbitt Burns Inc. Toronto, Canada BMO Investments Inc. Toronto, Canada BMO InvestorLine Inc. Toronto, Canada BMO Capital Markets Limited London, England 295 BMO Financial Corp. and subsidiaries, including: Chicago, United States 25,789 BMO Asset Management Corp. and subsidiaries Chicago, United States BMO Capital Markets Corp. New York, United States BMO Family Office, LLC Palo Alto, United States BMO Harris Bank National Association and subsidiaries, including: Chicago, United States BMO Harris Investment Company LLC Chicago, United States BMO Harris Financial Advisors, Inc. Chicago, United States BMO Harris Financing, Inc. and subsidiaries Chicago, United States BMO Global Asset Management (Asia) Limited Hong Kong, China 5 BMO Global Asset Management (Europe) Limited and subsidiaries, including: London, England 657 BMO Asset Management (Holdings) plc and subsidiaries London, England BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,208 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 588 BMO Trustee Asia Limited Hong Kong, China 3 LGM Investments Limited London, England 39 Pyrford International Limited London, England 59 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp., BMO Capital Markets Corp., BMO Harris Financial Advisors, Inc., BMO Harris Financing, Inc., and BMO Family Office, LLC, which are incorporated under the laws of the state of Delaware, United States. BMO Asset Management (Holdings) plc is incorporated under the laws of Scotland. BMO Harris Investment Company LLC is organized under the laws of the state of Nevada, United States. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. Significant Restrictions Our ability to transfer funds between our subsidiaries may be restricted by statutory, contractual, capital and regulatory requirements. Restrictions include: • Assets pledged as security for various liabilities we incur. Refer to Note 24 for details. • Assets of our consolidated structured entities that are held for the benefit of the note holders. Refer to Note 7 for details. • Assets held by our insurance subsidiaries. Refer to Note 12 for details. • Regulatory and statutory requirements that reflect capital and liquidity requirements. • Funds required to be held with central banks. Refer to Note 2 for details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2020 | |
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Related Party Transactions | Note 27: Related Party Transactions Related parties include subsidiaries, associates, joint ventures, employee future benefit plans and key management personnel and their close family members. Close family members include spouses, common-law Key Management Personnel Compensation Key management personnel is defined as those persons having authority and responsibility for planning, directing and/or controlling the activities of an entity, being the members of our Board of Directors (directors) and certain senior executives. The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2020 2019 2018 Base salary and incentives 20 22 21 Post-employment benefits 3 2 2 Share-based payments (1) 32 43 31 Total key management personnel compensation 55 67 54 (1) Amounts included in share-based payments are the fair values of awards granted in the year. We offer senior executives market interest rates on credit card balances, a fee-based Directors receive a specified amount of their annual retainer in deferred stock units. Until a director’s shareholdings (including deferred stock units) are eight times greater than their annual retainer, they are required to take 100% of their annual retainer and other fees in the form of either our common shares or deferred stock units. They may elect to receive the remainder of such retainer fees and other remuneration in cash, common shares or deferred stock units. Directors of our wholly owned subsidiary, BMO Financial Corp., are required to take a specified minimum amount of their annual retainer and other fees in the form of deferred stock units. Joint Ventures and Associates We provide banking services to our joint ventures and associates on the same terms offered to our customers for these services. The following table presents the carrying amount of our interests in joint ventures and associates accounted for under the equity method as well as our share of the income of those entities: (Canadian $ in millions) Joint ventures Associates 2020 2019 2020 2019 Carrying amount 412 343 573 501 Share of net income 99 99 62 52 We do not have any joint ventures or associates that are individually material to our consolidated financial statements. The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2020 2019 Loans 155 169 Deposits 115 106 Fees paid for services received 63 69 Guarantees and commitments 57 76 |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2020 | |
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Basis of Consolidation | Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2020. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (SEs), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates, where we exert significant influence over operating and financing decisions (generally companies in which we own between 20% and 50% of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures, which are entities where we exercise joint control through an agreement with other shareholders. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of investee net income or loss, including other comprehensive income or loss. Additional information regarding accounting for investments in associates and joint |
Translation of Foreign Currencies | Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gains (losses) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the translation gain (loss) and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange gains, other than trading, in our Consolidated Statement of Income as they arise. From time to time, we enter into foreign exchange hedge contracts to reduce our exposure to changes in the value of foreign currencies. Realized and unrealized gains and losses that arise on the mark-to-market non-interest |
Revenue | Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees , merger-and-acquisition |
Leases – Bank as a lessor | Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Otherwise they are classified as operating leases, as we retain substantially all the risks and rewards of asset ownership. As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Refer to Note 9 for our policy on lessee accounting. |
Assets Held-for-Sale | Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest |
Changes in Accounting Policies | Changes in Accounting Policies Leases Effective November 1, 2019, we adopted IFRS 16 Leases The main impact for the bank is recording leases related to real estate 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 transition, we calculated the right-of-use right-of-use right-of-use non-lease right-of-use On transition, we recognized the cumulative effect of adopti ng 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 s 3,800 Discounted using the incremental borrowing rate at November 1, 2019 (310 ) Finance lease liabilities recognized as at October 31, 2019 41 E 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 %. Uncertainty Over Income Tax Treatments Effective November 1, 2019, we adopted IFRIC 23 Uncertainty Over Income Tax Treatments Income Taxes Interbank Offered Rate (IBOR) Reform – Phase 1 Amendments 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 (LIBOR) after December 31, 2021. Effective November 1, 2019, we early adopted the IASB’s Phase 1 amendments to IAS 39 Financial instruments: recognition and measurement ( Financial instruments: disclosures Application of these amendments will end at the earlier of the discontinuation of the impacted hedge relationship and when there is no longer uncertainty arising from IBOR reform over the timing and amount of IBOR-based cash flows. 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 still in progress. The notional amount of the derivatives likely subject to IBOR reform designated as hedging instruments that mature after December 31, 2021 on adoption of the Phase 1 amendments as at November 1, 2019 was $85,727 million of USD LIBOR and $759 million of GBP LIBOR. The notional amount excludes derivatives referencing interest rate benchmarks in multi-rate jurisdictions, including the Canadian Dollar Offered Rate and Euro Interbank Offered Rate. We provide disclosure on our current hedging relationships and the notional amount of derivatives likely subject to IBOR reform in Note 8. Revenue Effective November 1, 2018, we adopted IFRS 15 Revenue from Contracts with Customers elected to retrospectively present prior periods as if IFRS 15 had always been applied. Under IFRS 15, the primary impact is the reclassification of amounts within the Consolidated Statement of Income. As a result, loyalty rewards and cash promotion costs on cards previously recorded in non-interest non-interest out-of-pocket non-interest The following table summarizes the impacts of applying IFRS 15 in our 2018 Consolidated Statement of Income: (Canadian $ in millions) 2018 Increase (decrease) in Non-Interest Securities commissions and fees (4 ) Deposit and payment service charges (10 ) Card fees (136 ) Investment management and custodial fees 7 Underwriting and advisory fees 7 Other 4 (132 ) Non-Interest Employee compensation 2 Travel and business development (154 ) Professional fees 8 Other 8 (136 ) Provision for income taxes 1 Net Income 3 Financial Instruments Effective November 1, 2017, we adopted IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement |
Use of Estimates and Judgments | 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 allowance for credit losses; financial instruments measured at fair value; pension and other employee future benefits; impairment of securities; income taxes and deferred tax assets; goodwill and intangible assets; insurance-related liabilities; provisions, including legal proceedings and restructuring charges; and leases. We make judgments in assessing the business model for financial assets as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. The full extent of the impact that COVID-19, Allowance for Credit Losses The expected credit loss (ECL) 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 bank’s methodology for determining significant increase in credit risk is based on the change in probability of default (PD) between origination and reporting date, assessed using probability weighted scenarios as well as certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of expected credit losses, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments 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. In cases where borrowers have opted to participate in payment deferral programs we offered in response to the COVID-19 risk, consistent with OSFI guidance. The calculation of expected credit losses includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States (U.S.) and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts which are probability-weighted in the determination of the final expected credit loss. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the allowance for credit losses is included in Note 4. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities, and are also used in performing impairment testing on certain non-financial Additional information regarding our fair value measurement techniques is included in Note 17. Pension and Other Employee Future Benefits Our pension and other employee future benefit expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefit expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review investments in associates and joint ventures at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the expected credit loss model. For securities determined to have low credit risk, the allowance for credit losses is measured at a 12-month Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and investments in associates and joint ventures, allowance for credit losses and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations and assumptions differ from those of tax authorities or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. 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 tax losses and tax credits may be utilized. We are required to assess whether it is probable that our deferred income tax assets will be realized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the remaining expiration period of tax loss carryforwards and tax credits. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (CGUs), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and value in use. In determining fair value less costs to sell, we employ a discounted cash flow model consistent with those used when we acquire businesses. This model is dependent on assumptions related to revenue growth, discount rates, synergies achieved on acquisition and the availability of comparable acquisition data. Changes in any of these assumptions would affect the determination of fair value for each of the business units in a different manner. Management must exercise judgment and make assumptions in determining fair value less costs to sell, and differences in judgment and assumptions could affect the determination of fair value and any resulting impairment write-down. Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions A provision, including for legal proceedings and restructuring charges, 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 regarding provisions is included in Note 24. Transfer of Assets and Consolidation of Structured Entities We enter into transactions in which we transfer assets, typically mortgage loans, mortgage-backed securities, and credit card loans, to a structured entity or third party to obtain alternate sources of funding or as part of our trading activities. We assess whether substantially all of the risks and rewards of or control over the assets 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 assets, they do not qualify for derecognition. We continue to recognize the assets and the related cash proceeds as secured financings in our Consolidated Balance Sheet. For securitization vehicles sponsored by the bank, the vehicles typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and how activities are funded. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest less than 50%. This may be the case when we are the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Transferred assets are discussed in greater detail in Note 6 and structured entities are discussed in greater detail in Notes 7 and 20. Leases We enter into leases as a lessee for which we recognize a lease liability and a corresponding right-of-use . In calculating our lease liability and corresponding right-of-use asset, we assess whether a contract is a lease by determining if we have the right to control the asset based on our ability to make decisions or direct how and for what purpose the asset is used. We evaluate the lease term based on the terms of the lease contract, including any extension or termination options that we are reasonably certain to exercise based on the economic rationale underlying the decision. We make estimates in determining the incremental borrowing rate that is used to discount lease liabilities, based on our expected costs of secured borrowing for the lease term. |
Future Changes in IFRS | Future Changes in IFRS Conceptual Framework In March 2018, the IASB issued the revised Conceptual Framework (Framework), which sets out the fundamental concepts for financial reporting to ensure consistency in standard-setting decisions and that similar transactions are treated in a similar way, so as to provide useful information to users of financial statements. The revised Framework, which is effective for our fiscal year beginning November 1, 2020, will inform future standard-setting decisions but does not impact existing IFRS. We do not expect the Framework to have a significant impact on our accounting policies. Insurance Contracts In June 2020, the IASB issued amendments to IFRS 17 Insurance Contracts IBOR Reform – Phase 2 amendments In August 2020, the IASB published Phase 2 of its amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 Insurance Contracts For financial instruments at amortized cost, the amendments introduce a practical expedient such that if a change in the contractual cash flows is as a result of IBOR reform and occurs on an economically equivalent basis, the change will be accounted for by updating the effective interest rate with no immediate gain or loss recognized. The amendments also provide additional temporary relief from applying specific IAS 39 hedge accounting requirements to hedging relationships affected by IBOR reform. For example, there is an exception from the requirement to discontinue hedge accounting as a result of changes to hedge documentation required solely by IBOR reform. The amendments also require additional disclosure that allow users to understand the effect of IBOR reform on the bank’s financial instruments and risk management strategy. The Phase 2 amendments are effective for our fiscal year beginning November 1, 2021 with early adoption permitted. We are in the process of assessing the impact of these amendments on contracts in scope, including our IBOR-based financial instruments and hedge relationships. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Schedule of Total Credit Risk Exposures | Total credit exposures at default by industry sector, as at October 31, 2020 and 2019, based on the Basel III classifications, are as follows: (Canadian $ in millions) Drawn (3) Commitments (undrawn) (3) OTC derivatives (4) Other off-balance Repo-style transactions (4)(5) Total (1) 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 2020 2019 Financial institutions 142,254 117,959 24,302 24,010 19,611 14,849 6,520 6,400 22,866 17,486 215,553 180,704 Governments 78,506 58,050 1,579 1,665 4,892 4,357 590 894 2,624 1,254 88,191 66,220 Manufacturing 27,789 26,265 16,696 16,581 1,741 1,340 1,714 1,494 – – 47,940 45,680 Real estate 40,202 37,146 9,735 8,948 1,383 845 973 861 – – 52,293 47,800 Retail trade 19,835 22,529 4,809 3,974 487 239 604 601 – – 25,735 27,343 Service industries 47,468 46,610 15,443 13,304 2,033 1,252 3,116 2,996 – – 68,060 64,162 Wholesale trade 15,295 16,822 5,455 5,273 423 281 600 564 – – 21,773 22,940 Oil and gas 12,990 13,406 11,675 11,302 6,099 3,637 1,900 1,802 – – 32,664 30,147 Individual 206,370 198,205 52,829 51,432 – – 90 94 – – 259,289 249,731 Others (2) 41,984 40,551 22,216 19,814 1,914 1,335 7,992 6,866 – – 74,106 68,566 Total exposure at default 632,693 577,543 164,739 156,303 38,583 28,135 24,099 22,572 25,490 18,740 885,604 803,293 (1) Credit exposure excluding equity, securitization and other assets such as non-significant (2) Includes industries having a total exposure of less than 2%. (3) Represents gross credit exposures without taking into account any collateral. (4) Credit exposure at default is inclusive of collateral. (5) Impact of collateral on the credit exposure for repo-style transactions is $205,212 million ($192,796 million in 2019) . Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Loan Maturities and Interest Rate Sensitivity | The following table presents gross loans and acceptances by contractual maturity (Canadian $ in millions) 1 year or less Over 1 year to 5 years Over 5 years Total 2020 2019 2020 2019 2020 2019 2020 2019 Canada Consumer 52,771 58,580 125,492 113,162 4,402 4,432 182,665 176,174 Commercial and corporate (excluding real estate) 68,130 65,534 18,254 16,591 2,306 1,973 88,690 84,098 Commercial real estate 7,397 7,928 10,142 11,647 1,275 2,298 18,814 21,873 United States 31,587 37,867 81,717 87,443 47,052 33,423 160,356 158,733 Other countries 10,264 9,214 631 996 380 449 11,275 10,659 Total 170,149 179,123 236,236 229,839 55,415 42,575 461,800 451,537 |
Summary of Net Loans and Acceptances by Interest Rate Sensitivity | The following table presents net loans and acceptances by interest rate sensitivity: (Canadian $ in millions) 2020 2019 Fixed rate 237,596 217,002 Floating rate 207,408 209,092 Non-interest (1) 13,493 23,593 Total 458,497 449,687 (1) Non-interest |
Summary Total Trading Value at Risk (VaR) Summary | As at or for the year ended October 31 (pre-tax 2020 2019 Year-end Average High Low Year-end Average High Low Commodity VaR 5.5 2.5 5.8 0.6 1.0 1.4 4.9 0.6 Equity VaR 16.4 16.0 37.2 4.2 3.0 4.6 12.6 2.5 Foreign exchange VaR 4.2 3.4 6.8 0.8 0.5 0.5 1.4 0.2 Interest rate VaR (4) 40.7 23.1 42.0 5.4 10.8 8.5 14.3 6.0 Debt-specific risk 3.9 3.8 7.6 1.6 2.4 2.0 4.2 1.2 Diversification (25.5 ) (20.3 ) nm nm (9.1 ) (8.0 ) nm nm Total Trading VaR 45.2 28.5 53.4 8.1 8.6 9.0 17.2 5.8 Total Trading SVaR 45.2 50.8 87.1 29.2 19.2 31.7 69.6 16.5 (1) One-day (2) Stressed VaR is produced weekly. (3) In Q1-2020, (4) Interest rate VaR includes general credit spread risk. nm – not meaningful |
Structural Interest Rate Sensitivity | Structural Interest Rate Sensitivity (1) As at October 31, 2020 As at October 31, 2019 (Pre-tax Economic value Earnings sensitivity Economic value Earnings sensitivity 100 basis point increase (1,275.1 ) 152.8 (883.4 ) 46.6 25 or 100 basis point decrease (2) 175.0 (62.2 ) 215.6 (80.3 ) (1) Losses are presented in brackets and gains are presented as positive numbers. (2) Due to the low interest rate environment, starting April 30, 2020, economic value sensitivity and earnings sensitivity to declining interest rates are measured using a 25 basis point decline. |
Summary of Remaining Contractual Maturity | 2020 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total On-Balance Assets Cash and cash equivalents 56,434 – – – – – – – 974 57,408 Interest bearing deposits with banks 3,901 1,673 1,266 1,204 991 – – – – 9,035 Securities 4,838 5,804 7,817 6,263 4,678 15,730 54,846 85,949 48,335 234,260 Securities borrowed or purchased under resale agreements 79,354 17,030 12,111 2,172 708 503 – – – 111,878 Loans Residential mortgages 2,077 2,110 4,627 5,795 4,928 19,551 80,480 7,456 – 127,024 Consumer instalment and other personal 677 690 1,229 1,223 1,217 5,229 25,243 12,135 22,505 70,148 Credit cards – – – – – – – – 7,889 7,889 Business and government 22,883 5,170 7,409 7,166 6,795 27,816 77,917 35,824 52,266 243,246 Allowance for credit losses – – – – – – – – (3,303 ) (3,303 ) Total loans, net of allowance 25,637 7,970 13,265 14,184 12,940 52,596 183,640 55,415 79,357 445,004 Other Assets Derivative instruments 3,400 5,472 2,111 1,140 915 4,369 9,393 10,015 – 36,815 Customers’ liability under acceptances 9,609 3,633 251 – – – – – – 13,493 Other 1,873 580 188 20 13 16 4 4,530 34,144 41,368 Total other assets 14,882 9,685 2,550 1,160 928 4,385 9,397 14,545 34,144 91,676 Total Assets 185,046 42,162 37,009 24,983 20,245 73,214 247,883 155,909 162,810 949,261 2020 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Liabilities and Equity Deposits (1) (2) Banks 13,499 3,982 13,106 455 463 7 – 28 7,285 38,825 Business and government 24,056 21,813 33,713 13,862 17,567 20,070 45,287 11,129 213,182 400,679 Individuals 4,295 11,509 13,019 11,086 10,192 7,778 12,709 2,007 146,935 219,530 Total deposits 41,850 37,304 59,838 25,403 28,222 27,855 57,996 13,164 367,402 659,034 Other liabilities Derivative instruments 1,374 4,499 1,684 1,171 1,088 3,911 8,588 8,060 – 30,375 Acceptances 9,609 3,633 251 – – – – – – 13,493 Securities sold but not yet purchased (3) 29,376 – – – – – – – – 29,376 Securities lent or sold under repurchase agreements (3) 69,142 10,747 7,439 878 – 452 – – – 88,658 Securitization and structured entities’ liabilities 30 1,656 334 2,810 1,169 4,946 12,577 3,367 – 26,889 Other 10,301 804 102 109 181 798 1,326 3,706 19,100 36,427 Total other liabilities 119,832 21,339 9,810 4,968 2,438 10,107 22,491 15,133 19,100 225,218 Subordinated debt – – – – – – – 8,416 – 8,416 Total Equity – – – – – – – – 56,593 56,593 Total Liabilities and Equity 161,682 58,643 69,648 30,371 30,660 37,962 80,487 36,713 443,095 949,261 (1) Deposits payable on demand and payable after notice have been included under no maturity. (2) Deposits totalling $27,353 million as at October 31, 2020 have a fixed maturity date; however, they can be early redeemed (either fully or partially) by customers without penalty. These are BMO does (3) Presented based on their earliest maturity date. 2020 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Off-Balance Commitments to extend credit (1) 1,789 5,617 11,163 12,287 14,289 31,607 95,881 6,595 – 179,228 Backstop liquidity facilities – – – – – 5,601 – – – 5,601 Leases – – 3 3 3 38 158 786 – 991 Securities lending 4,349 – – – – – – – – 4,349 Purchase obligations 14 27 38 38 56 162 179 62 – 576 (1) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. Material presented in a blue-tinted font above is an integral part of the 2020 audited annual consolidated financial statements (refer to page 73). 2019 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total On-Balance Assets Cash and cash equivalents 47,844 – – – – – – – 959 48,803 Interest bearing deposits with banks 4,088 1,893 1,081 714 211 – – – – 7,987 Securities 2,680 3,420 2,797 3,508 4,670 15,001 46,687 66,005 44,670 189,438 Securities borrowed or purchased under resale agreements 74,972 22,091 5,254 859 518 – 310 – – 104,004 Loans Residential mortgages 1,691 2,059 5,285 6,818 7,138 22,309 68,143 10,297 - 123,740 Consumer instalment and other personal 645 519 991 1,272 1,502 4,823 22,391 11,947 23,646 67,736 Credit cards – – – – – – – – 8,859 8,859 Business and government 12,490 7,072 6,168 7,760 6,547 24,687 87,486 20,331 55,068 227,609 Allowance for credit losses – – – – – – – – (1,850 ) (1,850 ) Total loans, net of allowance 14,826 9,650 12,444 15,850 15,187 51,819 178,020 42,575 85,723 426,094 Other Assets Derivative instruments 1,209 1,867 877 830 911 2,375 5,095 8,980 – 22,144 Customers’ liability under acceptances 20,694 2,562 173 159 5 – – – – 23,593 Other 1,951 593 245 12 5 7 5 4,475 22,839 30,132 Total other assets 23,854 5,022 1,295 1,001 921 2,382 5,100 13,455 22,839 75,869 Total Assets 168,264 42,076 22,871 21,932 21,507 69,202 230,117 122,035 154,191 852,195 2019 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Liabilities and Equity Deposits (1)(2) Banks 12,177 4,187 1,215 319 1,174 - - 201 4,543 23,816 Business and government 21,088 28,511 21,209 22,334 18,023 22,983 49,292 11,759 147,958 343,157 Individuals 3,607 8,932 12,080 13,390 15,706 11,418 13,257 2,031 120,749 201,170 Total deposits 36,872 41,630 34,504 36,043 34,903 34,401 62,549 13,991 273,250 568,143 Other liabilities Derivative instruments 1,329 2,574 1,240 970 1,032 2,985 6,798 6,670 – 23,598 Acceptances 20,694 2,562 173 159 5 – – – – 23,593 Securities sold but not yet purchased (3) 26,253 – – – – – – – – 26,253 Securities lent or sold under repurchase agreements (3) 74,501 7,697 760 1,107 – 2,285 306 – – 86,656 Securitization and structured entities’ liabilities 1 1,655 1,340 1,033 1,038 5,350 13,779 2,963 – 27,159 Other 12,325 3,188 33 29 74 537 3,596 2,406 16,534 38,722 Total other liabilities 135,103 17,676 3,546 3,298 2,149 11,157 24,479 12,039 16,534 225,981 Subordinated debt – – – – – – – 6,995 – 6,995 Total Equity – – – – – – – – 51,076 51,076 Total Liabilities and Equity 171,975 59,306 38,050 39,341 37,052 45,558 87,028 33,025 340,860 852,195 1) Deposits payable on demand and payable after notice have been included under no maturity. (2) Deposits totalling $30,051 million as at October 31, 2019 have a fixed maturity date; however, they can be early redeemed (either fully or partially) by customers without penalty. These are (3) Presented based on their earliest maturity date. Certain comparative figures have been reclassified to conform with the current year’s presentation. 2019 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Off-Balance Commitments to extend credit (1) 1,868 3,777 5,698 8,832 12,511 21,574 102,113 5,643 – 162,016 Backstop liquidity facilities – – – – – – 5,550 – – 5,550 Leases 32 66 98 97 96 361 931 2,119 – 3,800 Securities lending 4,102 – – – – – – – – 4,102 Purchase obligations 53 98 138 133 137 111 187 69 – 926 (1) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Oct. 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 s 3,800 Discounted using the incremental borrowing rate at November 1, 2019 (310 ) Finance lease liabilities recognized as at October 31, 2019 41 E 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 |
Impacts of applying IFRS 15 on our prior period Consolidated Statement of Income: | The following table summarizes the impacts of applying IFRS 15 in our 2018 Consolidated Statement of Income: (Canadian $ in millions) 2018 Increase (decrease) in Non-Interest Securities commissions and fees (4 ) Deposit and payment service charges (10 ) Card fees (136 ) Investment management and custodial fees 7 Underwriting and advisory fees 7 Other 4 (132 ) Non-Interest Employee compensation 2 Travel and business development (154 ) Professional fees 8 Other 8 (136 ) Provision for income taxes 1 Net Income 3 |
Cash and Interest Bearing Dep_2
Cash and Interest Bearing Deposits with Banks (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Disclosure of Cash and Interest Bearing Deposits with Banks | Cash and Cash Equivalents (Canadian $ in millions) 2020 2019 Cash and deposits with banks (1) 55,926 47,598 Cheques and other items in transit, net 1,482 1,205 Total cash and cash equivalents 57,408 48,803 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Fair Value Measurement | The following table shows the remaining term to maturities of securities . (Canadian $ in millions, except as noted) Term to maturity 2020 2019 Within 1 1 to 3 3 to 5 5 to 10 Over 10 No Total Total Trading Securities Issued or guaranteed by: Canadian federal government 1,658 2,502 2,727 2,739 1,274 – 10,900 8,330 Canadian provincial and municipal governments 1,768 1,063 678 1,153 3,673 – 8,335 7,527 U.S. federal government 1,403 2,560 1,981 2,253 221 – 8,418 8,763 U.S. states, municipalities and agencies 127 110 32 186 48 – 503 674 Other governments 1,156 500 481 246 133 – 2,516 1,585 NHA MBS, U.S. agency MBS and CMO (1) 95 186 138 183 11,695 – 12,297 11,046 Corporate debt 2,982 1,438 2,390 2,276 1,955 – 11,041 7,718 Trading loans – 6 36 25 – – 67 103 Corporate equity – – – – – 43,757 43,757 40,157 Total trading securities 9,189 8,365 8,463 9,061 18,999 43,757 97,834 85,903 FVTPL Securities Issued or guaranteed by: Canadian federal government 438 30 3 10 120 – 601 517 Canadian provincial and municipal governments 10 58 11 62 1,288 – 1,429 1,279 U.S. federal government 44 – – – – – 44 48 Other governments – 42 52 – – – 94 49 NHA MBS, U.S. agency MBS and CMO (1) 1 2 – – – – 3 5 Corporate debt 205 92 279 949 6,372 – 7,897 8,217 Corporate equity – – – – – 3,500 3,500 3,589 Total FVTPL securities 698 224 345 1,021 7,780 3,500 13,568 13,704 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 9,002 6,299 6,481 458 – – 22,240 11,876 Fair value 9,014 6,363 6,590 483 – – 22,450 11,944 Yield (%) 1.20 1.63 1.54 1.99 – – 1.44 1.72 Canadian provincial and municipal governments Amortized cost 1,723 1,078 1,298 529 – – 4,628 5,907 Fair value 1,727 1,111 1,356 553 – – 4,747 6,012 Yield (%) 0.43 2.06 2.14 1.89 – – 1.46 2.34 U.S. federal government Amortized cost 908 3,494 4,644 7,835 – – 16,881 15,363 Fair value 915 3,644 5,079 8,056 – – 17,694 15,975 Yield (%) 1.45 2.18 2.52 1.09 – – 1.73 2.42 U.S. states, municipalities and agencies Amortized cost 592 1,202 1,085 1,162 1,091 – 5,132 4,091 Fair value 597 1,238 1,128 1,211 1,102 – 5,276 4,161 Yield (%) 1.98 2.28 2.00 2.15 1.35 – 1.96 2.58 Other governments Amortized cost 1,997 3,149 1,714 362 – – 7,222 7,179 Fair value 2,008 3,251 1,763 359 – – 7,381 7,335 Yield (%) 1.20 2.13 1.28 1.34 – – 1.63 2.38 NHA MBS (1) Amortized cost 15 615 953 – – – 1,583 1,953 Fair value 15 633 981 – – – 1,629 1,970 Yield (%) 0.54 2.05 1.64 – – – 1.79 2.18 U.S. agency MBS and CMO (1) Amortized cost – 114 475 2,344 7,667 – 10,600 11,966 Fair value – 117 507 2,440 7,839 – 10,903 12,030 Yield (%) – 1.99 2.89 1.95 1.44 – 1.62 2.14 Corporate debt Amortized cost 743 1,214 883 243 70 – 3,153 4,899 Fair value 739 1,243 933 247 72 – 3,234 5,007 Yield (%) 1.05 1.65 2.26 1.81 2.73 – 1.72 2.48 Corporate equity Cost – – – – – 90 90 79 Fair value – – – – – 93 93 81 Total cost or amortized cost 14,980 17,165 17,533 12,933 8,828 90 71,529 63,313 Total fair value 15,015 17,600 18,337 13,349 9,013 93 73,407 64,515 Yield (%) 1.15 1.93 1.93 1.43 1.44 – 1.61 2.23 Amortized Cost Securities Issued or guaranteed by: Canadian federal government Amortized cost 697 1,158 3,729 654 – – 6,238 4,532 Fair value 694 1,165 3,743 658 – – 6,260 4,534 Canadian provincial and municipal governments Amortized cost 54 1,415 2,282 1,899 – – 5,650 3,553 Fair value 39 1,434 2,321 1,912 – – 5,706 3,576 U.S. federal government Amortized cost 3,270 1,748 2,079 1,688 – – 8,785 6,213 Fair value 3,269 1,751 2,088 1,697 – – 8,805 6,214 Other governments Amortized cost 133 769 498 80 – – 1,480 1,049 Fair value 128 771 504 82 – – 1,485 1,049 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 229 223 2,175 3,926 18,216 – 24,769 8,274 Fair value 223 224 2,220 4,047 18,484 – 25,198 8,398 Corporate debt Amortized cost 115 702 464 190 73 – 1,544 851 Fair value 102 712 473 193 75 – 1,555 851 Total amortized cost 4,498 6,015 11,227 8,437 18,289 – 48,466 24,472 Total fair value 4,455 6,057 11,349 8,589 18,559 – 49,009 24,622 Investments in associates and joint ventures Carrying value – – – – – 985 985 844 Total carrying value or amortized cost of securities 29,365 31,769 37,568 31,452 53,896 48,332 232,382 188,236 Total value of securities 29,400 32,204 38,372 31,868 54,081 48,335 234,260 189,438 Total by Currency Canadian dollar 17,347 14,758 19,506 9,492 14,578 24,863 100,544 85,905 U.S. dollar 9,584 17,300 18,575 22,214 39,300 18,822 125,795 100,573 Other currencies 2,469 146 291 162 203 4,650 7,921 2,960 Total securities 29,400 32,204 38,372 31,868 54,081 48,335 234,260 189,438 (1) These amounts are supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. |
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) 2020 2019 Cost or Gross Gross Fair Cost or Gross Gross Fair Issued or guaranteed by: Canadian federal government 22,240 211 1 22,450 11,876 72 4 11,944 Canadian provincial and municipal governments 4,628 119 – 4,747 5,907 106 1 6,012 U.S. federal government 16,881 844 31 17,694 15,363 617 5 15,975 U.S. states, municipalities and agencies 5,132 147 3 5,276 4,091 74 4 4,161 Other governments 7,222 168 9 7,381 7,179 158 2 7,335 NHA MBS 1,583 46 – 1,629 1,953 18 1 1,970 U.S. agency MBS and CMO 10,600 307 4 10,903 11,966 106 42 12,030 Corporate debt 3,153 91 10 3,234 4,899 110 2 5,007 Corporate equity 90 3 – 93 79 2 – 81 Total 71,529 1,936 58 73,407 63,313 1,263 61 64,515 |
Summary of Interest, Dividend and Fee Income | Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows, excluding investments in associates and joint ventures and trading securities. Related income for trading securities is included under Trading-Related Revenue in Note 17. (Canadian $ in millions) 2020 2019 2018 FVTPL 17 34 16 FVOCI 959 1,585 1,118 Amortized cost 573 268 172 Total 1,549 1,887 1,306 |
Summary of Non Interest Revenue | Net gains and losses from securities, excluding net realized and unrealized gains on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) 2020 2019 2018 FVTPL securities 30 164 93 FVOCI securities (1) Gross realized gains 109 209 363 Gross realized (losses) (13 ) (123 ) (216 ) Impairment losses (2 ) (1 ) (1 ) Securities gains, other than trading (2) 124 249 239 (1) Gains (losses) are net of (losses) gains on hedge contracts. (2) The following amounts of income related to our insurance operations were included in non-interest , and million for the years ended October 31, 2020, 2019 and 2018, respectively; securities gains, other than trading, from FVOCI securities o f $19 million , million for the years ended October 31, 2020, 2019 and 2018, respectively; and securities gains, other than trading, from securities designated at FVTPL of $281 million, $1,006 million and $(372) million for the years ended October 31, 2020, 2019 and 2018, respectively. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL | The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at October 31, 2020 and 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) 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 1 – – 1 – – – – Very low 79,295 429 – 79,724 79,011 242 – 79,253 Low 24,490 2,481 – 26,971 20,853 2,821 – 23,674 Medium 11,560 6,461 – 18,021 13,651 4,578 – 18,229 High 172 446 – 618 124 397 – 521 Not rated 1,132 148 – 1,280 1,531 118 – 1,649 Impaired – – 409 409 – – 414 414 Allowance for credit losses 51 75 16 142 15 32 17 64 Carrying amount 116,599 9,890 393 126,882 115,155 8,124 397 123,676 Loans: Consumer instalment and other personal Exceptionally low 1,550 31 – 1,581 21,023 25 – 21,048 Very low 26,645 37 – 26,682 16,491 194 – 16,685 Low 20,935 585 – 21,520 9,894 346 – 10,240 Medium 10,324 4,334 – 14,658 10,510 4,264 – 14,774 High 429 1,470 – 1,899 397 1,423 – 1,820 Not rated 3,372 96 – 3,468 2,594 107 – 2,701 Impaired – – 340 340 – – 468 468 Allowance for credit losses 134 429 105 668 82 318 136 536 Carrying amount 63,121 6,124 235 69,480 60,827 6,041 332 67,200 Loans: Credit cards (1) Exceptionally low 2,252 – – 2,252 2,418 – – 2,418 Very low 1,106 15 – 1,121 1,214 16 – 1,230 Low 899 148 – 1,047 970 158 – 1,128 Medium 1,611 899 – 2,510 2,020 876 – 2,896 High 58 377 – 435 140 440 – 580 Not rated 524 – – 524 606 1 – 607 Impaired – – – – – – – – Allowance for credit losses 61 272 – 333 43 193 – 236 Carrying amount 6,389 1,167 – 7,556 7,325 1,298 – 8,623 Loans: Business and government (2) Acceptable Investment grade 127,525 3,242 – 130,767 134,587 1,028 – 135,615 Sub-investment 84,356 30,106 – 114,462 96,731 11,553 – 108,284 Watchlist – 8,621 – 8,621 – 5,556 – 5,556 Impaired – – 2,889 2,889 – – 1,747 1,747 Allowance for credit losses 510 1,044 606 2,160 263 441 310 1,014 Carrying amount 211,371 40,925 2,283 254,579 231,055 17,696 1,437 250,188 Commitments and financial guarantee contracts Acceptable Investment grade 138,141 1,628 – 139,769 134,920 884 – 135,804 Sub-investment 41,650 20,421 – 62,071 45,178 6,435 – 51,613 Watchlist – 4,861 – 4,861 – 2,133 – 2,133 Impaired – – 1,261 1,261 – – 324 324 Allowance for credit losses 211 288 12 511 119 103 22 244 Carrying amount (3)(4) 179,580 26,622 1,249 207,451 179,979 9,349 302 189,630 (1) Credit card loans are immediately written off when principal or interest payments are 180 days past due, and as a result are not reported as impaired in Stage 3. (2) Includes customers’ liability under acceptances. (3) Represents the total contractual amounts of undrawn credit facilities and other off-balance sheet exposures, excluding personal lines of credit and credit cards that are unconditionally cancellable at our discretion. (4) Certain commercial borrower commitments are conditional and may include recourse with other parties. |
Summary of Continuity in Loss Allowance by Each Product Type | The following table shows the continuity in the loss allowance, by product type, for the years ended October 31, 2020 and 2019. Transfers represent the amount of ECL that moved between stages during the year, for example, moving from a 12-month (Canadian $ in millions) 2020 2019 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of year 15 33 38 86 20 38 44 102 Transfer to Stage 1 25 (22 ) (3 ) – 27 (25 ) (2 ) – Transfer to Stage 2 (3 ) 10 (7 ) – (2 ) 7 (5 ) – Transfer to Stage 3 – (5 ) 5 – – (8 ) 8 – Net remeasurement of loss allowance 6 70 22 98 (35 ) 26 15 6 Loan originations 14 – – 14 7 – – 7 Derecognitions and maturities (3 ) (6 ) – (9 ) (2 ) (4 ) – (6 ) Model changes (3 ) (5 ) – (8 ) – – – – Total Provision for Credit Losses (PCL) (1) 36 42 17 95 (5 ) (4 ) 16 7 Write-offs (2) – – (11 ) (11 ) – – (19 ) (19 ) Recoveries of previous write-offs – – 8 8 – – 13 13 Foreign exchange and other – – (26 ) (26 ) – (1 ) (16 ) (17 ) Balance as at end of year 51 75 26 152 15 33 38 86 Loans: Consumer instalment and other personal Balance as at beginning of year 89 333 136 558 90 326 144 560 Transfer to Stage 1 189 (180 ) (9 ) – 174 (161 ) (13 ) – Transfer to Stage 2 (25 ) 86 (61 ) – (18 ) 85 (67 ) – Transfer to Stage 3 (4 ) (96 ) 100 – (5 ) (109 ) 114 – Net remeasurement of loss allowance (148 ) 315 196 363 (183 ) 232 167 216 Loan originations 49 – – 49 48 – – 48 Derecognitions and maturities (18 ) (38 ) – (56 ) (16 ) (40 ) – (56 ) Model changes 16 33 – 49 – – – – Total PCL (1) 59 120 226 405 – 7 201 208 Write-offs (2) – – (320 ) (320 ) – – (306 ) (306 ) Recoveries of previous write-offs – – 87 87 – – 118 118 Foreign exchange and other – 1 (24 ) (23 ) (1 ) – (21 ) (22 ) Balance as at end of year 148 454 105 707 89 333 136 558 Loans: Credit cards Balance as at beginning of year 80 225 – 305 74 219 – 293 Transfer to Stage 1 152 (152 ) – – 107 (107 ) – – Transfer to Stage 2 (32 ) 32 – – (21 ) 21 – – Transfer to Stage 3 (1 ) (178 ) 179 – (1 ) (173 ) 174 – Net remeasurement of loss allowance (100 ) 429 82 411 (96 ) 288 72 264 Loan originations 18 – – 18 20 – – 20 Derecognitions and maturities (6 ) (25 ) – (31 ) (4 ) (24 ) – (28 ) Model changes (1 ) (10 ) – (11 ) – – – – Total PCL (1) 30 96 261 387 5 5 246 256 Write-offs (2) – – (333 ) (333 ) – – (339 ) (339 ) Recoveries of previous write-offs – – 85 85 – – 93 93 Foreign exchange and other – – (13 ) (13 ) 1 1 – 2 Balance as at end of year 110 321 – 431 80 225 – 305 Loans: Business and government Balance as at beginning of year 338 496 311 1,145 298 408 209 915 Transfer to Stage 1 180 (172 ) (8 ) – 201 (187 ) (14 ) – Transfer to Stage 2 (184 ) 195 (11 ) – (50 ) 65 (15 ) – Transfer to Stage 3 (8 ) (285 ) 293 – (1 ) (66 ) 67 – Net remeasurement of loss allowance 227 1,106 744 2,077 (214 ) 353 250 389 Loan originations 208 – – 208 199 – – 199 Derecognitions and maturities (85 ) (128 ) – (213 ) (102 ) (82 ) – (184 ) Model changes (30 ) 8 – (22 ) – – – – Total PCL (1) 308 724 1,018 2,050 33 83 288 404 Write-offs (2) – – (716 ) (716 ) – – (203 ) (203 ) Recoveries of previous write-offs – – 72 72 – – 66 66 Foreign exchange and other 12 38 (77 ) (27 ) 7 5 (49 ) (37 ) Balance as at end of year 658 1,258 608 2,524 338 496 311 1,145 Total as at end of year 967 2,108 739 3,814 522 1,087 485 2,094 Comprised of: Loans 756 1,820 727 3,303 403 984 463 1,850 Other credit instruments (3) 211 288 12 511 119 103 22 244 (1) Excludes PCL on other assets of $16 ( ) (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) Other credit instruments, including off-balance |
Schedule of Loans and Allowance for Credit Losses by Geographic Region | Loans and allowance for credit losses by geographic region as at October 31, 2020 and 2019 are as follows: (Canadian $ in millions) 2020 2019 Gross Allowance for Allowance for Net Gross amount Allowance for Allowance for Net By geographic region (1) : Canada 276,868 303 1,323 275,242 258,842 207 740 257,895 United States 160,192 410 1,225 158,557 158,454 256 630 157,568 Other countries 11,247 14 28 11,205 10,648 – 17 10,631 Total 448,307 727 2,576 445,004 427,944 463 1,387 426,094 (1) Geographic region is based upon the 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 in 2019). (3) Excludes allowance for credit losses on performing loans of $499 million for other credit instruments, which is included in other liabilities ($222 million in 2019). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired (Stage 3) loans, including the related allowances, as at October 31, 2020 and 2019 are as follows: (Canadian $ in millions) 2020 2019 Gross impaired Allowance for Net impaired Gross impaired Allowance for Net impaired Residential mortgages 409 16 393 414 17 397 Consumer instalment and other personal 340 105 235 468 136 332 Business and government (1) 2,889 606 2,283 1,747 310 1,437 Total 3,638 727 2,911 2,629 463 2,166 By geographic region (2) Canada 1,343 303 1,040 914 207 707 United States 2,211 410 1,801 1,715 256 1,459 Other countries 84 14 70 – – – Total 3,638 727 2,911 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 in 2019). |
Disclosure Of Financial Assets That Are Past Due But Not Impaired | The following table presents loans that are past due but not classified as impaired as at October 31, 2020 and 2019. (Canadian $ in millions) 2020 2019 1 to 29 30 to 89 90 days Total 1 to 29 30 to 89 90 days Total Residential mortgages 806 543 43 1,392 806 465 16 1,287 Credit card, consumer instalment and other personal 2,136 345 65 2,546 1,590 426 87 2,103 Business and government 180 330 22 532 351 207 59 617 Total 3,122 1,218 130 4,470 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 $53 million and $54 million as at October 31 , 2020 and 2019 , respectively. |
Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period | The following table shows the key economic variables used to estimate the allowance on performing loans during the forecast period. The values shown represent the national annual average values for calendar 2020 for the base case scenario, calendar 2021 and 2022 for all scenarios. While the values disclosed below are national variables, we use regional variables in our underlying models and consider factors impacting particular industries where considered appropriate. As at October 31, 2020 As at October 31, 2019 All figures are average annual values Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario 2021 2022 2020 2021 2022 2021 2022 202 0 202 1 20 19 202 0 202 1 202 0 202 1 Real GDP growth rates ( 1 Canada 9.0% 4.0% (5.5)% 6.0% 3.0% (2.1)% 0.8% 2.9% 2.5% 1.5% 1.7% 1.6% (2.3)% 0.5% United States 7.0% 3.7% (4.5)% 4.0% 3.0% (2.9)% 0.8% 2.4% 2.4% 2.3% 1.8% 1.9% (2.0)% 0.6% Corporate BBB 10-year spread Canada 1.8% 2.0% 2.3% 2.2% 2.2% 4.5% 4.0% 2.0% 2.1% 2.1% 2.3% 2.3% 4.5% 4.1% United States 1.6% 1.8% 2.2% 2.0% 2.1% 4.4% 3.7% 1.8% 2.0% 1.9% 2.3% 2.4% 4.1% 3.6% Unemployment rates Canada 6.4% 5.9% 9.6% 8.0% 7.1% 13.8% 13.9% 5.1% 5.0% 5.7% 5.7% 5.9% 8.5% 9.0% United States 5.2% 4.6% 8.5% 6.8% 5.6% 12.6% 12.7% 3.3% 3.2% 3.7% 3.7% 3.8% 6.1% 6.8% Housing Price Index ( 1 Canada ( 2 9.6% 5.4% 7.2% 4.5% 2.5% (9.1)% (4.6)% 3.7% 3.7% 0.5% 2.0% 2.5% (12.3)% (4.7)% United States ( 3 4.7% 4.2% 3.9% 1.4% 2.7% (7.3)% (2.2)% 4.4% 4.2% 3.4% 3.0% 2.7% (5.7)% (2.2)% (1) Real gross domestic product (GDP) and housing price index are year-over-year growth rates. (2) In Canada, we use the HPI Benchmark Composite. (3) In the United States, we use the National Case-Shiller House Price Index. |
Transfer of Assets (Tables)
Transfer of Assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Fair Value [Member] | |
Statement [Line Items] | |
Summary of Carrying Amount and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying amounts and fair values of transferred assets that did not qualify for derecognition and the associated liabilities: (Canadian $ in millions) 2020 2019 Carrying amount Fair value Carrying amount (1) Fair value Assets Trading securities (2) 345 165 Residential mortgages 8,453 6,357 Other related assets ( 3 10,363 10,872 Total 19,161 19,357 17,394 17,418 Associated liabilities ( 4 18,617 19,213 16,993 17,202 (1) Carrying amount of loans is net of allowance, where applicable. (2) Trading securities represent collateralized mortgage obligations issued by third party sponsored vehicles, where we do not substantially transfer all the risks and rewards of ownership to third party investors. (3) Other related assets represent payments received on account of mortgages pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held in permitted instruments on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying amount of the securitized assets in the table above. (4) Associated liabilities are recognized in Securitization and structured entities’ liabilities in our Consolidated Balance Sheet. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Statement [Line Items] | |
Summary of Unconsolidated Structured Entities | The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2020 2019 Canadian customer Capital Securitization Canadian customer Capital Securitization Interests recorded on our consolidated balance sheet Cash and cash equivalents 46 1,173 – 66 547 – Trading securities 75 – 72 8 – 35 FVTPL securities 158 – – 567 – – FVOCI securities 291 – – 616 – – Amortized cost securities – – 102 – – 102 Derivatives 22 – – – – – Other – 39 – – 15 – 592 1,212 174 1,257 562 137 Deposits 46 1,173 – 66 547 – Other – 25 – – 9 – 46 1,198 – 66 556 – Exposure to loss (2) 7,015 1 174 7,453 – 137 Total assets of the entities 5,265 1,198 2,560 4,854 556 875 (1) Securities held that are issued by our Canadian customer securitization vehicles are comprised of asset-backed commercial paper and are classified as trading securities, FVTPL securities and FVOCI securities. All assets held by these vehicles relate to assets in Canada. (2) Exposure to loss represents securities held, undrawn liquidity facilities, total committed amounts of the BMO funded vehicle, derivative assets and loans. |
Consolidated structured entities [member] | |
Statement [Line Items] | |
Summary of Carrying Amount and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying amounts and fair values of transferred assets that did not qualify for derecognition and the associated liabilities issued by our bank securitization vehicles: (Canadian $ in millions) 2020 2019 Carrying amount Fair value Carrying amount (1) Fair value Assets Credit cards 6,825 6,825 7,747 7,747 Consumer instalment and other personal (2) 6,291 6,312 5,872 5,876 Business and government 484 484 716 721 Total 13,600 13,621 14,335 14,344 Associated liabilities (3) 8,272 8,416 10,166 10,209 (1) Carrying amount of loans is net of allowance. (2) Includes real estate lines of credit and auto loans. (3) Associated liabilities are recognized in Securitization and structured entities’ liabilities in our Consolidated Balance Sheet. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2020 2019 Gross assets Gross Net Gross assets Gross liabilities Net Trading Interest Rate Contracts Swaps 10,510 (7,585 ) 2,925 7,588 (5,834 ) 1,754 Forward rate agreements 29 (276 ) (247 ) 44 (157 ) (113 ) Futures 3 (18 ) (15 ) 1 (4 ) (3 ) Purchased options 667 – 667 632 – 632 Written options – (714 ) (714 ) – (403 ) (403 ) Foreign Exchange Contracts (1) Cross-currency swaps 2,080 (1,428 ) 652 2,394 (1,383 ) 1,011 Cross-currency interest rate swaps 4,151 (4,207 ) (56 ) 3,471 (4,950 ) (1,479 ) Forward foreign exchange contracts 3,611 (2,954 ) 657 2,796 (2,379 ) 417 Purchased options 346 – 346 188 – 188 Written options – (312 ) (312 ) – (203 ) (203 ) Commodity Contracts Swaps 2,162 (1,733 ) 429 754 (1,273 ) (519 ) Futures 53 (144 ) (91 ) 122 (40 ) 82 Purchased options 373 – 373 270 – 270 Written options – (456 ) (456 ) – (367 ) (367 ) Equity Contracts 8,461 (6,514 ) 1,947 1,199 (2,999 ) (1,800 ) Credit Contracts Purchased 11 (6 ) 5 2 (98 ) (96 ) Written – (8 ) (8 ) 47 (4 ) 43 Total fair value – trading derivatives 32,457 (26,355 ) 6,102 19,508 (20,094 ) (586 ) Hedging Interest Rate Contracts (2) Cash flow hedges – swaps 2,602 (43 ) 2,559 1,393 (121 ) 1,272 Fair value hedges – swaps 1,118 (2,257 ) (1,139 ) 799 (1,435 ) (636 ) Total swaps 3,720 (2,300 ) 1,420 2,192 (1,556 ) 636 Foreign Exchange Contracts Cash flow hedges 638 (1,710 ) (1,072 ) 420 (1,948 ) (1,528 ) Fair value hedges – (1 ) (1 ) – – – Total foreign exchange contracts 638 (1,711 ) (1,073 ) 420 (1,948 ) (1,528 ) Equity Contracts Cash flow hedges – (9 ) (9 ) 24 – 24 Total equity contracts – (9 ) (9 ) 24 – 24 Total fair value – hedging derivatives ( 3 4,358 (4,020 ) 338 2,636 (3,504 ) (868 ) Total fair value – trading and hedging derivatives 36,815 (30,375 ) 6,440 22,144 (23,598 ) (1,454 ) Less: impact of master netting agreements (19,302 ) 19,302 – (13,538 ) 13,538 – Total 17,513 (11,073 ) 6,440 8,606 (10,060 ) (1,454 ) (1) Gold contracts are included with foreign exchange contracts. (2) The fair value of bond futures designated in fair value hedge relationships rounds down to $ w (3) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance |
Schedule of Notional Amounts of Trading Derivatives | (Canadian $ in millions) 2020 2019 Exchange traded Over-the-counter Total Exchange traded Over-the-counter Total Interest Rate Contracts Swaps – 4,148,257 4,148,257 – 4,209,193 4,209,193 Forward rate agreements – 517,332 517,332 – 491,437 491,437 Purchased options 24,683 57,833 82,516 13,737 42,084 55,821 Written options 3,796 64,728 68,524 16,446 49,487 65,933 Futures 297,578 – 297,578 225,747 – 225,747 Total interest rate contracts 326,057 4,788,150 5,114,207 255,930 4,792,201 5,048,131 Foreign Exchange Contracts Cross-currency swaps – 47,805 47,805 – 47,977 47,977 Cross-currency interest rate swaps – 534,752 534,752 – 499,571 499,571 Forward foreign exchange contracts – 494,640 494,640 – 453,711 453,711 Purchased options 1,673 39,067 40,740 3,295 37,397 40,692 Written options 2,346 41,327 43,673 2,502 42,075 44,577 Futures 1,608 – 1,608 882 – 882 Total foreign exchange contracts 5,627 1,157,591 1,163,218 6,679 1,080,731 1,087,410 Commodity Contracts Swaps – 30,613 30,613 – 24,722 24,722 Purchased options 4,846 5,728 10,574 3,615 6,608 10,223 Written options 6,514 3,704 10,218 5,230 4,371 9,601 Futures 39,011 – 39,011 32,422 – 32,422 Total commodity contracts 50,371 40,045 90,416 41,267 35,701 76,968 Equity Contracts 110,274 60,202 170,476 39,952 50,910 90,862 Credit Contracts Purchased – 7,407 7,407 – 5,361 5,361 Written – 1,795 1,795 – 2,068 2,068 Total 492,329 6,055,190 6,547,519 343,828 5,966,972 6,310,800 (1) Gold contracts are included with foreign exchange contracts . |
Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity | The following table outlines the notional amounts and average rates of derivatives and the carrying amounts of deposits designated as hedging instruments, by term to maturity, hedge type, and risk type, where applicable. Remaining term to maturity 2020 2019 (Canadian $ in millions, except as noted) Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total Total Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount (1) 16,332 29,011 30,395 16,040 518 92,296 93,611 Average fixed interest rate 1.04 % 1.60 % 1.51 % 1.14 % 1.57 % 1.39 % 2. 0 % Foreign exchange risk – Cross-currency swaps and foreign exchange forwards CAD-USD Notional amount 8,405 15,218 12,435 7,072 251 43,381 40,154 Average fixed interest rate 1.86 % 1.96 % 2.10 % 1.53 % 3.02 % 1.92 % 1. 95 % Average exchange rate: CAD-USD 1.3378 1.3140 1.3076 1.3458 1.3122 1.3219 1.3034 CAD-EUR Notional amount 4,621 10,553 1,924 – 201 17,299 20,357 Average fixed interest rate 2.27 % 2.07 % 2.41 % – 2.97 % 2.17 % 2.21 % Average exchange rate: CAD-EUR 1.4671 1.5088 1.5395 – 1.4870 1.5008 1.4892 Other currency pairs (3) Notional amount (4) 365 4,426 2,077 236 – 7,104 7,849 Average fixed interest rate 2.83 % 2.80 % 2.35 % 1.62 % – 2.63 % 2.57 % Average exchange rate: CAD-Non 0.7725 1.3338 1.2744 1.4753 – 1.2923 1.3348 Equity price risk – Total return swap Notional amount 302 – – – – 302 316 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount ( 5 19,571 31,221 28,393 15,553 – 94,738 93,467 Average fixed interest rate 0.85 % 1.69 % 1.68 % 1.40 % – 1.47 % 2. 23 % Interest rate risk – Bond futures (Exchange-traded derivatives) Notional amount 48 – – – – 48 – Average price in dollars 126 – – – – 126 – Foreign exchange risk – Cross-currency swaps USD-GBP pair Notional amount (6) – – 39 – – 39 – Average fixed interest rate – – 0.66 % – – 0.66 % – Average exchange rate: USD-GBP – – 1.3024 – – 1.3024 – Net Investment Hedges Foreign exchange risk USD denominated deposit – carrying amount 8,219 – – – – 8,219 6,495 GBP denominated deposit – carrying amount 892 – – – – 892 685 (1) The notional amount of the interest rate swaps likely subject to IBOR reform that mature after December 31, 2021 was $48,825 million of USD LIBOR (2) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EURO-USD cross-currency swap split into EURO-CAD and CAD - (3) Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP CAD-HKD (4) The notional amount of the cross-currency swaps likely subject to IBOR reform that mature after December 31, 2021 was $718 million of GBP LIBOR as at October 31, 2020. (5) The notional amount of the (6) The notional amount of the cross-currency swaps likely subject to IBOR reform that mature after at October 31, 2020. |
Schedule of Hedging Instrument Impacts on Cash Flow Hedge Ineffectiveness | For cash flow hedges and net investment hedges, the following tables contain information related to items designated as hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2020 and October 31, 2019. 2020 Carrying amount of Hedge ineffectiveness (Canadian $ in millions) Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash flow hedges Interest rate risk – Interest rate swaps 2,602 (43 ) 2,516 (2,520 ) 4 Foreign exchange risk – Cross-currency swaps and 638 (1,710 ) (315 ) 315 – Equity price risk – Total return swaps – (9 ) (108 ) 108 – 3,240 (1,762 ) 2,093 (2,097 ) 4 Net investment hedges Foreign exchange risk – Deposit liabilities – (9,111 ) (131 ) 131 – Total 3,240 (10,873 ) 1,962 (1,966 ) 4 (1) Represents the unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. 2019 Carrying amount of Hedge ineffectiveness (Canadian $ in millions) Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash flow hedges Interest rate risk – Interest rate swaps 1,393 (121 ) 3,142 (3,118 ) 15 Foreign exchange risk – Cross-currency swaps and 420 (1,948 ) (1,195 ) 1,195 – Equity price risk – Total return swaps 24 – 15 (15 ) – 1,837 (2,069 ) 1,962 (1,938 ) 15 Net investment hedges Foreign exchange risk – Deposit liabilities – (7,180 ) (17 ) 17 – Total 1,837 (9,249 ) 1,945 (1,921 ) 15 (1) Represents the unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. |
Schedule of Hedging Instrument Impacts on Consolidated Statement of Other Comprehensive Income on Pre-Tax Basis | For cash flow hedges and net investment hedges, the following tables contain information related to impacts in our Consolidated Statement of Other Comprehensive Income, on a pre-tax 2020 Balance in cash flow hedge AOCI / (Canadian $ in millions) Balance Gains / Amount reclassified to net income as the Balance Active hedges Discontinued hedges Cash flow hedges Interest rate risk 1,156 2,512 (139 ) 3,529 2,359 1,170 Foreign exchange risk (444 ) (350 ) 35 (759 ) (759 ) – Equity price risk 17 (108 ) 41 (50 ) (50 ) – 729 2,054 (63 ) 2,720 1,550 1,170 Net investment hedges Foreign exchange risk (1,808 ) (131 ) – (1,939 ) (1,939 ) – Total (1,079 ) 1,923 (63 ) 781 (389 ) 1,170 (1) Tax balance related to cash flow hedge 2019 Balance in cash flow hedge AOCI / (Canadian $ in millions) Balance Gains / Amount reclassified to net income as the Balance Active hedges Discontinued hedges Cash flow hedges Interest rate risk (2,211 ) 3,127 240 1,156 1,150 6 Foreign exchange risk 751 (1,177 ) (18 ) (444 ) (444 ) – Equity price risk 30 15 (28 ) 17 17 – (1,430 ) 1,965 194 729 723 6 Net investment hedges Foreign exchange risk (1,791 ) (17 ) – (1,808 ) (1,808 ) – Total (3,221 ) 1,948 194 (1,079 ) (1,085 ) 6 (1) Tax balance related to cash flow hedge AOCI is $ ( ) million. |
Schedule of Hedging Instrument Impacts on Fair Value Hedge Ineffectiveness | The amounts relating to derivatives designated as fair value hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2020 and 2019 are as follows: (Canadian $ in millions) 2020 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Carrying amount Active hedges Discontinued Fair value hedge (3) Interest rate swaps 1,118 (2,257 ) Cross currency swaps – (1 ) – – – – – – Securities and loans – – (1,791 ) 1,794 3 58,608 2,762 25 Deposit s, and other liabilities – – 622 (620 ) 2 (39,950 ) (943 ) 8 Total 1,118 (2,258 ) (1,169 ) 1,174 5 18,658 1,819 33 (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. (3) For bond futures designated in fair value hedge relationships, all amounts in the table round down to $nil w (Canadian $ in millions) 2019 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Carrying amount Active hedges Discontinued Fair value hedge Interest rate swaps 799 (1,435 ) Cross currency swaps – – – – – – – – Securities and loans – – (2,072 ) 2,058 (14 ) 53,672 1,249 8 Deposits, subordinated debt and other liabilities – – 1,269 (1,255 ) 14 (41,277 ) (609 ) 308 Total 799 (1,435 ) (803 ) 803 – 12,395 640 316 (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in |
Schedule of Derivative-Related Credit Risk | (Canadian $ in millions) 2020 2019 Replacement (1) Credit risk (1) Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Over-the-counter Swaps 5,228 10,713 3,380 3,233 8,114 2,300 Forward rate agreements 1,153 3,332 1,479 102 1,162 236 Purchased options 2 55 12 11 62 39 Written options 68 206 150 38 154 98 6,451 14,306 5,021 3,384 9,492 2,673 Exchange traded Futures 22 83 2 90 161 3 Purchased options 45 66 1 28 40 1 Written options 3 4 – 3 6 – 70 153 3 121 207 4 Total interest rate contracts 6,521 14,459 5,024 3,505 9,699 2,677 Foreign Exchange Contracts (2) Over-the-counter Swaps 872 5,581 794 1,184 6,248 989 Forward foreign exchange contracts 1,032 7,859 823 1,753 7,225 1,260 Purchased options 68 196 95 40 167 46 Written options 5 76 27 10 119 29 1,977 13,712 1,739 2,987 13,759 2,324 Exchange traded Futures 1 2 – 13 20 – Purchased options 12 17 – 13 24 – Written options 12 18 – – 2 – 25 37 – 26 46 – Total foreign exchange contracts 2,002 13,749 1,739 3,013 13,805 2,324 Commodity Contracts Over-the-counter Swaps 1,424 4,215 2,119 213 2,154 629 Purchased options 117 746 257 98 472 125 Written options 1 234 74 116 370 204 1,542 5,195 2,450 427 2,996 958 Exchange traded Futures 635 1,612 33 393 1,079 22 Purchased options 373 562 11 378 567 11 Written options 221 363 7 1 52 1 1,229 2,537 51 772 1,698 34 Total commodity contracts 2,771 7,732 2,501 1,199 4,694 992 Equity Contracts Over-the-counter 563 8,010 2,399 197 4,572 1,246 Exchange traded 5,958 10,135 203 1,083 2,580 52 Total equity contracts 6,521 18,145 2,602 1,280 7,152 1,298 Credit Contracts 272 741 75 277 496 34 Total 18,087 54,826 11,941 9,274 35,846 7,325 (1) Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach Counterparty Credit Risk (SA-CCR) (2) Gold contracts are included in foreign exchange contracts. |
Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts | Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are set out below: (Canadian $ in millions) Term to maturity 2020 2019 Within 1 1 to 3 3 to 5 5 to 10 Over 10 Total notional Total notional Interest Rate Contracts Swaps 1,605,404 1,235,423 802,411 526,599 165,454 4,335,291 4,396,272 Forward rate agreements, futures and options 787,563 134,021 30,870 11,245 2,299 965,998 838,938 Total interest rate contracts 2,392,967 1,369,444 833,281 537,844 167,753 5,301,289 5,235,210 Foreign Exchange Contracts (1) Swaps 155,542 215,827 138,246 100,254 27,632 637,501 604,728 Forward foreign exchange contracts 480,223 11,892 2,209 289 27 494,640 453,711 Futures 1,580 28 – – – 1,608 882 Options 76,721 6,490 1,202 – – 84,413 85,269 Total foreign exchange contracts 714,066 234,237 141,657 100,543 27,659 1,218,162 1,144,590 Commodity Contracts Swaps 9,591 18,447 2,296 279 – 30,613 24,722 Futures 15,300 20,536 2,878 297 – 39,011 32,422 Options 9,180 10,583 1,012 17 – 20,792 19,824 Total commodity contracts 34,071 49,566 6,186 593 – 90,416 76,968 Equity Contracts 118,139 38,527 11,758 2,071 283 170,778 91,178 Credit Contracts (2) 944 615 3,395 3,815 433 9,202 7,429 Total notional amount 3,260,187 1,692,389 996,277 644,866 196,128 6,789,847 6,555,375 (1) Gold contracts are included with foreign exchange contracts. (2) Under the SA-CCR, excludes loan commitment derivatives. |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Maximum Estimated Useful Lives to Amortize Assets | The maximum estimated useful lives we use to depreciate our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 to 7 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years |
Summary of Net Rent Expense for Premises and Equipment | The total cost and associated accumulated depreciation for premises and equipment owned and leased are set out below: (Canadian $ in millions) 2020 2019 Land Buildings Computer Other Leasehold Right-of-use Total Land Buildings Computer Other Leasehold Total Cost Balance at beginning of year 109 1,534 2,470 973 1,615 na 6,701 145 1,627 2,229 933 1,514 6,448 Impact from adopting IFRS 16 (1) (2) – (23 ) (65 ) – – 2,053 1,965 na na na na na na Additions /lease modifications 8 53 168 41 167 559 996 10 86 343 57 124 620 Disposals ( 3 (6 ) (116 ) (104 ) (122 ) (28 ) (22 ) (398 ) (45 ) (179 ) (102 ) (15 ) (24 ) (365 ) Foreign exchange and other 1 6 12 12 15 (10 ) 36 (1 ) – – (2 ) 1 (2 ) Balance at end of year 112 1,454 2,481 904 1,769 2,580 9,300 109 1,534 2,470 973 1,615 6,701 Accumulated Depreciation and Impairment Balance at beginning of year – 961 1,786 742 1,157 na 4,646 – 1,016 1,662 704 1,080 4,462 Impact from adopting IFRS 16 (1) – – (27 ) – – 27 – na na na na na na Disposals (2) – (93 ) (100 ) (120 ) (25 ) (22 ) (360 ) – (114 ) (101 ) (12 ) (20 ) (247 ) Depreciation – 64 218 52 107 360 801 – 59 227 51 98 435 Foreign exchange and other – 4 11 6 11 ( ) 30 – – (2 ) (1 ) (1 ) (4 ) Balance at end of year – 936 1,888 680 1,250 363 5,117 – 961 1,786 742 1,157 4,646 Net carrying value 112 518 593 224 519 2,217 4,183 109 573 684 231 458 2,055 (1) Effective November 1, 2019, we adopted IFRS 16 Leases (2) Includes net book value of buildings transferred to right-of-use assets. (3) Includes fully depreciated assets written off. na – not applicable due to IFRS 16 adoption. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 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 217 Other assets 44 Total assets 261 Liabilities 54 Purchase price 207 The purchase price allocation for Clearpool has been completed. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Continuity of Goodwill By Group of CGUs | A continuity of our goodwill by group of CGUs for the years ended October 31, 2020 and 2019 is as follows: (Canadian $ in millions) Personal and Commercial Banking BMO Management BMO Total Canadian U.S. Total Traditional Insurance Total Balance – October 31, 2018 97 3,797 3,894 2,129 2 2,131 348 6,373 Foreign exchange and other (1) – (1 ) (1 ) 16 – 16 (48 ) (33 ) Balance – October 31, 2019 97 3,796 3,893 2,145 2 2,147 300 6,340 Acquisitions during the year – – – – – – 132 132 Foreign exchange and other (1) – 45 45 23 – 23 (5 ) 63 Balance – October 31, 2020 97 3,841 3,938 2,168 2 2,170 427 6,535 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I and GE Transportation Finance. (4) Relates to BMO Nesbitt Burns Inc., Guardian Group of Funds Ltd., Pyrford International Limited, LGM Investments Limited, M&I, myCFO, Inc., Stoker Ostler Wealth Advisors, Inc., CTC Consulting LLC, AWMB and F&C Asset Management plc. (5) Relates to AIG. (6) Relates to Gerard Klauer Mattison, BMO Nesbitt Burns Inc., Paloma Securities L.L.C., M&I, Greene Holcomb Fisher, KGS-Alpha Capital Markets and Clearpool. |
Summary of Intangible Assets | The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Cost as at October 31, 2018 688 951 191 4,127 496 384 6,837 Additions (disposals) – – – 718 (91 ) 30 657 Foreign exchange and other 72 – – (9 ) (3 ) 33 93 Cost as at October 31, 2019 760 951 191 4,836 (1) 402 447 7,587 Additions (disposals) – – – 562 (124 ) (17 ) 421 Foreign exchange and other 7 11 2 18 2 (2 ) 38 Cost as at October 31, 2020 767 962 193 5,416 (1) 280 428 8,046 (1) Includes $4,458 million of internally generated software as at October 31, 2020 ($3,969 million as at October 31, 2019). The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Accumulated amortization at October 31, 2018 475 830 191 2,970 – 99 4,565 Amortization 60 48 – 395 – 51 554 Disposals – – – (11 ) – – (11 ) Foreign exchange and other 16 – – 7 – 32 55 Accumulated amortization at October 31, 2019 551 878 191 3,361 (1) – 182 5,163 Amortization 52 46 – 478 – 44 620 Disposals – – – (173 ) – (38 ) (211 ) Foreign exchange and other 13 9 2 15 – (7 ) 32 Accumulated amortization at October 31, 2020 616 933 193 3,681 (1) – 181 5,604 Carrying value at October 31, 2020 151 29 – 1,735 280 247 2,442 Carrying value at October 31, 2019 209 73 – 1,475 402 265 2,424 (1) Includes $ 2,909 2,594 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Components of Other within Other Assts | The components of other within other assets are as follows: (Canadian $ in millions) 2020 2019 Accounts receivable, prepaid expenses and other items 2,942 2,700 Accrued interest receivable 1,586 1,755 Bank owned life insurance policies 4,352 4,242 Leased vehicles, net of accumulated amortization 677 870 Cash collateral 6,344 3,722 Due from clients, dealers and brokers 161 177 Insurance-related assets 1,507 1,163 Other employee future benefits assets (Note 21) 38 46 Pension asset (Note 21) 124 186 Precious metals (1) 7,744 1,719 Total 25,475 16,580 (1) Precious metals are recorded at their fair value based on quoted prices in active markets. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Disclosure Of Deposits [Line Items] | |
Summary of Deposits | Payable on demand (Canadian $ in millions) Interest Non-interest Payable after Payable on a fixed date 2020 2019 Deposits by: Banks (1) 3,594 2,460 1,231 31,540 38,825 23,816 Business and government 44,111 44,258 124,813 187,497 400,679 343,157 Individuals 4,661 30,369 111,905 72,595 219,530 201,170 Total (2) (4) 52,366 77,087 237,949 291,632 659,034 568,143 Booked in: Canada 41,855 67,873 112,543 185,655 407,926 349,714 United States 8,818 9,170 124,129 78,175 220,292 189,546 Other countries 1,693 44 1,277 27,802 30,816 28,883 Total 52,366 77,087 237,949 291,632 659,034 568,143 (1) Includes regulated and central banks. (2) Includes structured notes designated at FVTPL. (3) Includes $25,651 million of senior unsecured debt as at October 31, 2020 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (4) Included in deposits as at October 31, 2020 and 2019 are $322,951 million and $279,860 million, respectively, of deposits denominated in U.S. dollars, and $32,254 million and $36,680 million, respectively, of deposits denominated in other foreign currencies. |
Summary of Maturity Schedule For Our Deposits Payable On A Fixed Date | (Canadian $ in millions) Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total As at October 31, 2020 192,617 27,855 30,053 18,260 9,683 13,164 291,632 As at October 31, 2019 183,952 34,401 23,855 21,735 16,959 13,991 294,893 We have unencumbered liquid assets of $306,120 million to support these and other deposit liabilities ($249,650 million in 2019). |
Summary of deposits payable on a fixed date | The following table presents deposits payable on a fixed date greater than one hundred thousand dollars: (Canadian $ in millions) Canada United States Other Total As at October 31, 2020 158,475 72,186 27,799 258,460 As at October 31, 2019 152,499 79,682 26,681 258,862 |
Summary of maturity schedule for deposits greater than one hundred thousand dollars booked in Canada | The following table presents the (Canadian $ in millions) Less than 3 months 3 to 6 months 6 to 12 months Over 12 months Total As at October 31, 2020 18,081 29,679 28,109 82,606 158,475 As at October 31, 2019 26,234 8,400 31,155 86,710 152,499 |
Summary of fair value and changes in fair value of structured note liabilities | The following table presents fair value and changes in fair value of structured note liabilities: (Canadian $ in millions) Fair value Notional amount Change in Change in Cumulative change As at October 31, 2020 18,073 19,175 1,319 (26 ) (168 ) As at October 31, 2019 15,829 15,431 (1,414 ) 114 (141 ) (1) Change in fair value may be offset by related change in fair value on hedge contracts. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Components of Other within Other Liablities | The components of other within other liabilities are as follows: (Canadian $ in millions) 2020 2019 Accounts payable, accrued expenses and other items 8,719 8,613 Accrued interest payable 1,359 1,693 Cash collateral 6,596 5,128 Insurance-related liabilities 12,441 11,581 Lease Liabilities (1) 2,409 na Liabilities of subsidiaries, other than deposits – 7,934 Other employee future benefits liability (Note 21) 1,147 1,125 Payable to brokers, dealers and clients 2,969 2,204 Pension liability (Note 21) 553 329 Total 36,193 38,607 (1) Effective November 1, 2019, we adopted IFRS 16 Leases, |
Summary of Fair Value Changes in Investment Securities | The following table presents fair value and changes in fair value in our investment contract liabilities. (Canadian $ in millions) Fair value Notional amount due at Change in Change in Cumulative change in fair value due to own As at October 31, 2020 1,168 1,594 88 (12 ) (46 ) As at October 31, 2019 1,043 1,529 119 (12 ) (33 ) |
Summary of Reconciliation of the Change in Insurance Related Liabilities | A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2020 2019 Insurance-related liabilities, beginning of year 11,581 9,585 Increase (decrease) in life insurance policy benefit liabilities from: New business 476 706 In-force 182 906 Changes in actuarial assumptions and methodology (58 ) 23 Net increase in life insurance policy benefit liabilities 600 1,635 Change in other insurance-related liabilities 260 361 Insurance-related liabilities, end of year 12,441 11,581 |
Summary of Reinsurance Premiums Ceded | Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest (Canadian $ in millions) 2020 2019 2018 Direct premium income 1,582 1,944 1,976 Ceded premiums (154 ) (158 ) (148 ) 1,428 1,786 1,828 |
Subordinated Debt (Tables)
Subordinated Debt (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Maturities of Subordinated Debt and Repayment | The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Redeemable at our option 2020 2019 Debentures Series 20 150 December 2025 to 2040 8.25 Not redeemable 146 145 Series H Medium-Term Notes, Second Tranche (8) 1,000 December 2025 3.34 December 2020 (1) 961 983 Series I Medium-Term Notes, First Tranche (8) 1,250 June 2026 3.32 June 2021 (2) 1,242 1,230 Series I Medium-Term Notes, Second Tranche (8) 850 June 2027 2.57 June 2022 (3) 833 820 3.803% Subordinated Notes due 2032 (8) US 1,250 December 2032 3.80 December 2027 (4) 1,771 1,646 4.338% Subordinated Notes due 2028 (8) US 850 October 2028 4.34 October 2023 (5) 1,219 1,180 Series J Medium-Term Notes, First Tranche (8) 1,000 September 2029 2.88 September 2024 (6) 996 991 Series J Medium-Term Notes, Second Tranche (8)(9) 1,250 June 2030 2.08 June 2025 (7) 1,248 – Total (10) 8,416 6,995 (1) Redeemable at the greater of par and the Canada Yield Price prior to December 8, 2020, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing December 8, 2020. On November 2, 2020, we announced our intention to redeem all of our $1,000 million Series H Medium-Term Notes, Second Tranche on December 8, 2020. (2) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2021, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2021. (3) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2022, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2022. (4) Redeemable at par on December 15, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (5) Redeemable at par on October 5, 2023 together with accrued and unpaid interest to, but excluding, the redemption date. (6) Redeemable at par on September 17, 2024 together with accrued and unpaid interest to, but excluding, the redemption date. (7) Redeemable at par on June 17, 2025 together w ith accrued and unpaid interest to, but excluding, the redemption date. (8) These notes include a non-viability non-viable non-viability. (9) On June 17, 2020, we issued $1,250 million of Series J Medium–Term Notes, (10) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together increased their carrying value as at October 31, 2020 by $119 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | Preferred and Common Shares Outstanding and Other Equity Instruments (Canadian $ in millions, except as noted) 2020 2019 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 25 9,425,607 236 0.45 9,425,607 236 0.45 Class B – Series 26 2,174,393 54 0.52 2,174,393 54 0.70 Class B – Series 27 20,000,000 500 0.96 20,000,000 500 0.98 Class B – Series 29 16,000,000 400 0.91 16,000,000 400 0.96 Class B – Series 31 12,000,000 300 0.96 12,000,000 300 0.95 Class B – Series 33 8,000,000 200 0.90 8,000,000 200 0.95 Class B – Series 35 (6) 6,000,000 150 1.25 6,000,000 150 1.25 Class B – Series 36 (6) 600,000 600 58.50 600,000 600 58.50 Class B – Series 38 24,000,000 600 1.21 24,000,000 600 1.21 Class B – Series 40 20,000,000 500 1.13 20,000,000 500 1.13 Class B – Series 42 16,000,000 400 1.10 16,000,000 400 1.10 Class B – Series 44 16,000,000 400 1.21 16,000,000 400 1.44 Class B – Series 46 (1) 14,000,000 350 1.28 14,000,000 350 0.77 Preferred Shares – Classified as Equity 4,690 4,690 Other Equity Instruments 4.8% Additional Tier 1 Capital Notes (2) 658 658 4. 3 , 1,250 – Preferred Shares and Other Equity Instruments 6,598 5,348 Common Shares Balance at beginning of year 639,232,276 12,971 639,329,625 12,929 Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan 6,746,237 471 – – Issued/cancelled under the Stock Option Plan and other stock-based compensation plans (Note 20) 563,613 40 902,651 62 Repurchased for cancellation and /or /purchased (4) ( 5) (652,730 ) (52 ) (1,000,000 ) (20 ) Balance at End of Year 645,889,396 13,430 4.24 639,232,276 12,971 4.06 (1) On April 17, 2019, we issued 14 million Non-Cumulative (2) On July 30, 2019, we issued US$500 million 4.8% Additional Tier 1 Capital Notes. (3) On September 16, 2020, we issued $1,250 million 4.3% Limited Recourse Capital Notes, Series 1 . (4) Common shares are net of 652,730 treasury shares as at October 31, 2020. (5) During fiscal 2020, we did not purchase any of our common shares under the normal course issuer bid (NCIB). During fiscal 2019, we repurchased and cancelled 1 million of our common shares as part of the NCIB at an average cost of $90.00 per share, totalling $90 million. (6) Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. |
Summary Of Preferred Share Rights And Privileges | Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount Quarterly non-cumulative dividend (1) Reset premium Date redeemable / convertible Convertible to Class B – Series 25 25.00 $0.112813 (2) 1.15% August 25, 2021 (3)(4) Class B – Series 26 (8) Class B – Series 26 25.00 Floating (7) 1.15% August 25, 2021 (3)(5) Class B – Series 25 (8) Class B – Series 27 25.00 $ 0.24075 (2) 2.33% May 25, 2024 (3)(4) Class B – Series 28 (8)(9) Class B – Series 29 25.00 $ 0.2265 (2) 2.24% August 25, 2024 (3)(4) Class B – Series 30 (8)(9) Class B – Series 31 25.00 $ 0.240688 (2) 2.22% November 25, 2024 (3)(4) Class B – Series 32 (8)(9) Class B – Series 33 25.00 $ 0.190875 (2) 2.71% August 25, 2025 (3)(4) Class B – Series 34 (8)(9) Class B – Series 35 25.00 $ 0.3125 (6) Does not reset August 25, 2020 (6) Not convertible ( 6 Class B – Series 36 1,000.00 $ 14.6250 ( 6 4.97% November 25, 2020 (6) Class B – Series 37 (6) Class B – Series 38 25.00 $0.303125 (2) 4.06% February 25, 2022 (3)(4) Class B – Series 39 (8)(9) Class B – Series 40 25.00 $ 0.28125 (2) 3.33% May 25, 2022 (3)(4) Class B – Series 41 (8)(9) Class B – Series 42 25.00 $ 0.2750 (2) 3.17% August 25, 2022 (3)(4) Class B – Series 43 (8)(9) Class B – Series 44 25.00 $0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (8)(9) Class B – Series 46 25.00 $ 0.31875 (2) 3.51% May 25, 2024 (3)(4) Class B – Series 47 (8)(9) (1) Non-cumulative (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become floating rate preferred shares. (5) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become fixed rate preferred shares. (6) Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. (7) Floating rate will be set as, and when declared, at the 3-month (8) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (9) The shares issued include a non-viability Non-Viability |
Additional Tier 1 Capital Notes (NVCC) [member] | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | On July 30, 2019, we issued US$500 million 4.8% Additional Tier 1 Capital Notes (NVCC) (AT1 notes), which are also classified as equity and form part of our additional Tier 1 capital. Both the LRCN and AT1 notes are compound financial instruments that have both equity and liability features. On the date of issuance, we assigned an insignificant value to the liability components of both types of instrument and, as a result, the full amount of proceeds has been classified as equity. Semi-annual distributions on the LRCN and AT1 notes will be recorded when payable. The LRCN and AT1 notes are subordinate to the claims of the depositors and certain other creditors in right of payment. The following table shows the details of our AT1 notes and LRCN as at October 31, 2020 and October 31, 2019. (Canadian $, in millions, except as noted) 2020 2019 Face value Interest rate (%) Redeemable at our option Convertible to Total Total 4.8% Additional Tier 1 Capital Notes US$500 4.8 (1) August 2024 (2) Variable number of common shares (3) 658 658 4. 3 $1,250 4.3 (4) November Variable number of common shares ( 4 1,250 – Total 1,908 658 (1) Non-cumulative (2) The notes are redeemable at a redemption price equal to 100 (3) The notes issued include a non-viability Non-Viability (4) Non-deferrable |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Trading-Related Revenue (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet | Set out in the following tables are the fair values of financial instruments not carried at fair value in (Canadian $ in millions) 2020 Carrying Fair value Valued using Valued using Valued using Securities Amortized cost 48,466 49,009 18,831 30,178 – Loans Residential mortgages 126,882 128,815 – 128,815 – Consumer instalment and other personal 69,480 70,192 – 70,192 – Credit cards 7,556 7,556 – 7,556 – Business and government (2) 238,239 239,929 – 239,929 – 442,157 446,492 – 446,492 – Deposits 640,961 643,156 – 643,156 – Securitization and structured entities’ liabilities 26,889 27,506 – 27,506 – Subordinated debt 8,416 8,727 – 8,727 – (1) Carrying value is net of allowance. (2) Excludes $2,890 million of loans classified as FVTPL and $51 million of loans classified as FVOCI. (3) Excludes $18,073 million of structured note liabilities designated at FVTPL. This table excludes certain 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. (Canadian $ in millions) 2019 Carrying Fair value Valued using Valued using Valued using Securities Amortized cost 24,472 24,622 13,612 11,010 – Loans Residential mortgages 123,676 124,093 – 124,093 – Consumer instalment and other personal 67,200 67,516 – 67,516 – Credit cards 8,623 8,623 – 8,623 – Business and government (2) 224,442 225,145 – 225,145 – 423,941 425,377 – 425,377 – Deposits 552,314 553,444 – 553,444 – Securitization and structured entities’ liabilities 27,159 27,342 – 27,342 – Subordinated debt 6,995 7,223 – 7,223 – (1) Carrying value is net of allowance. (2) Excludes $2,156 million of loans classified as FVTPL and $22 million of loans classified as FVOCI. (3) Excludes $15,829 million of structured note liabilities designated at FVTPL. This table excludes certain 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. |
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 table: (Canadian $ in millions) 2020 2019 Valued using Valued using Valued using Total Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 6,529 4,371 – 10,900 6,959 1,371 – 8,330 Canadian provincial and municipal governments 1,868 6,467 – 8,335 3,871 3,656 – 7,527 U.S. federal government 5,702 2,716 – 8,418 8,001 762 – 8,763 U.S. states, municipalities and agencies 16 487 – 503 48 626 – 674 Other governments 1,021 1,495 – 2,516 888 697 – 1,585 NHA MBS and U.S. agency MBS and CMO 7 11,487 803 12,297 14 10,494 538 11,046 Corporate debt 3,767 7,274 – 11,041 2,620 5,091 7 7,718 Trading loans – 67 – 67 – 103 – 103 Corporate equity 43,757 – – 43,757 40,155 2 – 40,157 62,667 34,364 803 97,834 62,556 22,802 545 85,903 FVTPL Securities Issued or guaranteed by: Canadian federal government 452 149 – 601 410 107 – 517 Canadian provincial and municipal governments 180 1,249 – 1,429 364 915 – 1,279 U.S. federal government – 44 – 44 – 48 – 48 Other governments – 94 – 94 – 49 – 49 NHA MBS and U.S. agency MBS and CMO – 3 – 3 – 5 – 5 Corporate debt 70 7,827 – 7,897 146 8,071 – 8,217 Corporate equity 1,587 10 1,903 3,500 1,536 69 1,984 3,589 2,289 9,376 1,903 13,568 2,456 9,264 1,984 13,704 FVOCI Securities Issued or guaranteed by: Canadian federal government 20,765 1,685 – 22,450 11,168 776 – 11,944 Canadian provincial and municipal governments 2,604 2,143 – 4,747 3,798 2,214 – 6,012 U.S. federal government 14,852 2,842 – 17,694 15,068 907 – 15,975 U.S. states, municipalities and agencies 8 5,267 1 5,276 1 4,159 1 4,161 Other governments 3,643 3,738 – 7,381 4,396 2,939 – 7,335 NHA MBS and U.S. agency MBS and CMO – 12,532 – 12,532 – 14,000 – 14,000 Corporate debt 792 2,442 – 3,234 2,205 2,802 – 5,007 Corporate equity – – 93 93 – – 81 81 42,664 30,649 94 73,407 36,636 27,797 82 64,515 Business and Government Loans – 996 1,945 2,941 – 442 1,736 2,178 Precious Metals 7,744 – – 7,744 1,719 – – 1,719 Fair Value Liabilities Securities sold but not yet purchased 19,740 9,636 – 29,376 22,393 3,860 – 26,253 Structured note liabilities – 18,073 – 18,073 – 15,829 – 15,829 Investment contract liabilities – 1,168 – 1,168 – 1,043 – 1,043 19,740 28,877 – 48,617 22,393 20,732 – 43,125 Derivative Assets Interest rate contracts 13 14,916 – 14,929 14 10,443 – 10,457 Foreign exchange contracts 1 10,825 – 10,826 7 9,262 – 9,269 Commodity contracts 123 2,465 – 2,588 329 817 – 1,146 Equity contracts 750 7,711 – 8,461 226 997 – 1,223 Credit default swaps – 11 – 11 – 49 – 49 887 35,928 – 36,815 576 21,568 – 22,144 Derivative Liabilities Interest rate contracts 22 10,871 – 10,893 11 7,943 – 7,954 Foreign exchange contracts 3 10,609 – 10,612 20 10,843 – 10,863 Commodity contracts 350 1,983 – 2,333 218 1,462 – 1,680 Equity contracts 456 6,067 – 6,523 103 2,896 – 2,999 Credit default swaps – 10 4 14 – 101 1 102 831 29,540 4 30,375 352 23,245 1 23,598 |
Significant Unobservable Inputs in Level 3 Instrument Valuations | The table below presents the fair values of our significant Level 3 financial instruments, 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. As at Octobe r 31, 2020 (Canadian $ in millions, except as noted) Reporting line in fair Fair value Valuation Significant Range of input values (1) Low High Private equity (2) Corporate equity 1,903 Net asset value Net asset value na 5x na 17x Loans (3) Business and 1,945 Discounted Discount margin 65 bps 141 bps NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency 803 Discounted Prepayment rate 6 % 62 % Market Comparability (4) (4.93) 5.74 (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 $487 (3) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans is $3 million. (4) Range of input values represents price per security adjustment. na – not applicable As at October 31, 2019 Reporting line in fair value hierarchy table Fair value Valuation techniques Significant Range of input values (1) Low High Private equity (2) Corporate equity 1,984 Net asset value Net asset value Multiple na 5x na 16x Loans (3) Business and government loans 1,736 Discounted cash flows Discount margin 70 115 NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 538 Discounted cash flows Prepayment rate 2 % 30 % Market Comparable Comparability Adjustment (4) (5.91 ) 8.57 (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 $829 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 $3 million. (4) Range of input values represents price per security adjustment. na – not applicable |
Summary of significant transfers between level 1 and level 2 | The following table presents significant transfers between Level 1 and Level 2 for the years ended October 31, 2020 and October 31, 2019. (Canadian $ in millions) 2020 2019 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 6,582 5,930 5,831 7,985 FVTPL Securities 667 334 715 808 FVOCI Securities 12,193 13,425 11,014 7,309 Securities sold but not yet purchased 7,781 3,871 9,973 7,898 |
Summary of Changes in Level 3 Instruments Carried At Fair Value | The tables below present a reconciliation of all changes in Level 3 financial instruments during the years ended October 31, 2020 and 2019, 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 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value For the year ended October 31, 2020 Balance Included in Included hensive Purchases/ Issuances Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS and CMO 538 (351 ) 9 1,338 (715 ) – 225 (241 ) 803 (232 ) Corporate debt 7 10 (2 ) 50 (68 ) – 3 – – (1 ) Total trading securities 545 (341 ) 7 1,388 (783 ) – 228 (241 ) 803 (233 ) FVTPL Securities Corporate equity 1,984 4 17 356 (459 ) – 1 – 1,903 35 Total FVTPL securities 1,984 4 17 356 (459 ) – 1 – 1,903 35 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate equity 81 – 1 11 – – – – 93 na Total FVOCI securities 82 – 1 11 – – – – 94 na Business and Government Loans 1,736 (3 ) 156 1,803 – (1,747 ) – – 1,945 – Fair Value Liabilities Securities sold but not yet purchased – – – – – – – – – – Total fair value liabilities – – – – – – – – – – Derivative Liabilities Equity contracts – – – – – – – – – – Credit default swaps 1 – – – – – 4 (1 ) 4 – Total derivative liabilities 1 – – – – – 4 (1 ) 4 – (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on FVTPL securities still held on October 31, 2020 are included in earnings for the year. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by on economic hedge contracts. na – not applicable Change in fair value For the year ended October 31, 2019 Balance Included in Included hensive Purchases/ Issuances Sales (2) Maturities/ Transfers Transfers Fair value as Change in 3 Trading Securities NHA MBS and U.S. agency MBS and CMO 255 (46 ) 1 654 (399 ) – 159 (86 ) 538 (16 ) Corporate debt 7 – – 44 (43 ) – – (1 ) 7 – Total trading securities 262 (46 ) 1 698 (442 ) – 159 (87 ) 545 (16 ) FVTPL Securities Corporate equity 1,825 21 (2 ) 421 (280 ) (1 ) – – 1,984 58 Total FVTPL securities 1,825 21 (2 ) 421 (280 ) (1 ) – – 1,984 58 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate equity 62 – 2 17 – – – – 81 na Total FVOCI securities 63 – 2 17 – – – – 82 na Business and Government Loans 1,450 7 8 1,410 – (1,139 ) – – 1,736 – Fair Value Liabilities Securities sold but not yet purchased – – – (7 ) 7 – – – – na Total fair value liabilities – – – (7 ) 7 – – – – – 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 received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on trading securities, derivative assets and derivative liabilities still held on October 31, 2019 are included in earnings for the year. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable |
Summary Of Trading Revenue | Net interest income arises from interest and dividends related to trading assets and liabilities and is reported net of interest expense associated with funding these assets and liabilities in the following table. (Canadian $ in millions) 2020 2019 2018 Interest rates 1,199 700 437 Foreign exchange 474 401 377 Equities (32 ) 269 449 Commodities 271 145 63 Other 34 6 95 Total trading revenue 1,946 1,521 1,421 Reported as: Net interest income 1,931 1,223 716 Non-interest 15 298 705 Total trading revenue 1,946 1,521 1,421 |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Amounts Not Offset in the Consolidated Balance Sheet | (Canadian $ in millions) 2020 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities received/pledged as collateral Cash Net Financial Assets Securities borrowed or purchased under resale agreements 115,863 3,985 111,878 17,302 92,066 194 2,316 Derivative instruments 37,164 349 36,815 19,302 3,318 4,799 9,396 153,027 4,334 148,693 36,604 95,384 4,993 11,712 Financial Liabilities Derivative instruments 30,724 349 30,375 19,302 3,011 3,301 4,761 Securities lent or sold under repurchase agreements 92,643 3,985 88,658 17,302 70,374 263 719 123,367 4,334 119,033 36,604 73,385 3,564 5,480 (Canadian $ in millions) 2019 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities received/pledged as collateral (1)(2) Cash Net Financial Assets Securities borrowed or purchased under resale agreements 104,949 945 104,004 9,919 93,062 82 941 Derivative instruments 22,423 279 22,144 13,538 1,740 2,750 4,116 127,372 1,224 126,148 23,457 94,802 2,832 5,057 Financial Liabilities Derivative instruments 23,877 279 23,598 13,538 1,940 2,971 5,149 Securities lent or sold under repurchase agreements 87,601 945 86,656 9,919 76,501 4 232 111,478 1,224 110,254 23,457 78,441 2,975 5,381 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Regulatory Capital Measure and Risk-Weighted Assets | Regulatory Capital Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) 2020 2019 CET 1 40,077 36,071 Tier 1 Capital 45,840 41,201 Total Capital 54,661 48,340 Risk-Weighted Assets 336,607 317,029 Leverage Exposure s 953,640 956,493 CET 1 11.9% 11.4% Tier 1 Capital Ratio 13.6% 13.0% Total Capital Ratio 16.2% 15.2% Leverage Ratio 4.8% 4.3% (1) Reflects modifications to capital requirements announced by OSFI in response to the COVID-19 |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Information about our Stock Option Plan | The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2020 2019 2018 Number of Weighted- Number of Weighted- Number of Weighted- Outstanding at beginning of year 6,108,307 76.59 6,095,201 72.19 7,525,296 72.05 Granted 976,087 101.47 931,047 89.90 705,398 100.63 Exercised 563,613 61.89 902,651 60.21 1,513,307 58.40 Forfeited/cancelled 34,052 97.10 4,756 98.96 152,417 86.85 Expired 40,619 82.78 10,534 103.79 469,769 153.40 Outstanding at end of year 6,446,110 81.50 6,108,307 76.59 6,095,201 72.19 Exercisable at end of year 3,595,744 69.16 3,507,803 64.57 3,782,481 61.39 Available for grant 13,575,259 2,487,645 3,405,239 (1) The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2020, October 31, 2019 and October 31, 2018, respectively. For foreign currency denominated options exercised or expired during the year, the weighted-average exercise prices are translated using the exchange rates as at the settlement date and expiry date , |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding and exercisable at October 31, 2020 by range of exercise price were as follows: (Canadian $, except as noted) 2020 Options outstanding Options exercisable Range of exercise prices Number of Weighted- Weighted-average Number of Weighted- Weighted-average $50.01 to $60.00 866,275 0.9 56.37 866,275 0.9 56.37 $60.01 to $70.00 1,394,952 2.6 64.53 1,394,952 2.6 64.53 $70.01 to $80.00 1,009,522 4.7 77.57 1,009,522 4.7 77.57 $80.01 to $90.00 909,310 8.1 89.90 – – – $90.01 and over 2,266,051 7.7 99.93 324,995 6.1 96.94 |
Summary of Further Information about our Stock Option Plan | The following table summarizes additional information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2020 2019 2018 Unrecognized compensation cost for non-vested 7 6 5 Total intrinsic value of stock options exercised 18 36 67 Cash proceeds from stock options exercised 35 54 88 Weighted-average share price for stock options exercised (in dollars) 94.44 99.84 102.55 |
Summary of Ranges of Values used for each Option Pricing Assumption | To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used for each option pricing assumption: 2020 2019 2018 Expected dividend yield 4.3 % 5.7% 4.1% Expected share price volatility 15.4 % 20.0% – 20.1% 17.0% – 17.3% Risk-free rate of return 1.9% – 2.0 % 2.5% 2.1% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 6.5 – 7.0 |
Employee Compensation - Pensi_2
Employee Compensation - Pension and Other Employee Future Benefits (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
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Summary of Asset Allocation Ranges and Weighted-average Actual Asset Allocations | The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on fair market values at October 31, Pension benefit plans Target range Actual 2020 Actual 2019 Equities 20% – 45% 30 % 32 % Fixed income investments 35% – 60% 47 % 51 % Alternative strategies 15% – 45% 23 % 17 % Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. |
Summary of Plan Information for Past Three Years | A summary of plan information for the past three years is as follows: (Canadian $ in millions) Other employee future benefit plans 2020 2019 2018 2020 2019 2018 Defined benefit obligation 10,493 9,866 8,311 1,290 1,254 1,113 Fair value of plan assets 10,064 9,723 8,719 181 175 153 Surplus (deficit) and net defined benefit asset (liability) (429 ) (143 ) 408 (1,109 ) (1,079 ) (960 ) Surplus (deficit) is comprised of: Funded or partially funded plans (266 ) 36 573 38 46 37 Unfunded plans (163 ) (179 ) (165 ) (1,147 ) (1,125 ) (997 ) Surplus (deficit) and net defined benefit asset (liability) (429 ) (143 ) 408 (1,109 ) (1,079 ) (960 ) |
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 2020 2019 2018 2020 2019 2018 Annual benefits expense Current service cost 249 193 210 11 9 26 Net interest (income) expense on net defined benefit (asset) liability 1 (20 ) (10 ) 32 37 45 Past service cost (income) – (5 ) 7 – – (277 ) Administrative expenses 5 5 5 – – – Remeasurement of other long-term benefits – – – 10 6 (10 ) Benefits expense 255 173 212 53 52 (216 ) Canada and Quebec pension plan expense 87 82 76 – – – Defined contribution expense 169 170 153 – – – Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income 511 425 441 53 52 (216 ) |
Summary of Weighted-average Assumptions Used to Determine Benefit Expenses | Weighted-Average Assumptions Pension benefit plans Other employee future benefit plans 2020 2019 2018 2020 2019 2018 Defined Benefit Expenses Discount rate at beginning of year (2)(3) 3.0% 4.0% 3.5% 3.0% 4.1% 3.6% Rate of compensation increase 2.1% 2.4% 2.4% 2.0% 2.0% 2.0% Assumed overall health care cost trend rate na na na 4.9% 4.9% (1) 4.9% (1) Defined Benefit Obligation Discount rate at end of year 2.7% 3.0% 4.0% 2.7% 3.0% 4.1% Rate of compensation increase 2.1% 2.1% 2.4% 2.0% 2.0% 2.0% Assumed overall health care cost trend rate na na na 4.8% 4.9% (1) 4.9% (1) (1) Trending to 4.1% in 2040 and remaining at that level thereafter. (2) The pension benefit current service cost was calculated using a separate discount rate of 3.10%, 4.10% and for 2020, 2019 and 2018, respectively. (3) The other employee future benefit plans current service cost was calculated using a separate discount rate of for 2020, 2019 and 2018, respectively. na – not applicable |
Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations | Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2020 2019 2020 2019 Life expectancy for those currently age 65 Males 23.8 23.7 21.7 21.7 Females 24.1 24.1 23.1 23.0 Life expectancy at age 65 for those currently age 45 Males 24.7 24.7 22.9 22.8 Females 25.1 25.0 24.3 24.2 |
Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans | Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2020 2019 2020 2019 Defined benefit obligation Defined benefit obligation at beginning of year 9,866 8,311 1,254 1,113 U.S. plan merger (1) – 46 – – Current service cost 249 193 11 9 Past service (income) – (5 ) – – Interest cost 286 324 37 44 Benefits paid (516 ) (456 ) (48 ) (53 ) Employee contributions 17 17 5 5 Actuarial (gains) losses due to: Changes in demographic assumptions 16 (9 ) 14 (22 ) Changes in financial assumptions 484 1,345 50 161 Plan member experience 59 92 (35 ) (3 ) Foreign exchange and other 32 8 2 – Defined benefit obligation at end of year 10,493 9,866 1,290 1,254 Wholly or partially funded defined benefit obligation 10,330 9,687 143 129 Unfunded defined benefit obligation 163 179 1,147 1,125 Total defined benefit obligation 10,493 9,866 1,290 1,254 Fair value of plan assets Fair value of plan assets at beginning of year 9,723 8,719 175 153 U.S. plan merger (1) – 43 – – Interest income 285 344 5 7 Return on plan assets (excluding interest income) 235 795 6 23 Employer contributions 296 256 36 40 Employee contributions 17 17 5 5 Benefits paid (516 ) (456 ) (48 ) (53 ) Administrative expenses (5 ) (5 ) – – Foreign exchange and other 29 10 2 – Fair value of plan assets at end of year 10,064 9,723 181 175 ( ) (429 ) (143 ) (1,109 ) (1,079 ) Recorded in: Other assets 124 186 38 46 Other liabilities (553 ) (329 ) (1,147 ) (1,125 ) ( ) (429 ) (143 ) (1,109 ) (1,079 ) Actuarial (losses) recognized in other comprehensive income Net actuarial gains on plan assets 235 795 6 23 Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions (16 ) 9 (12 ) 21 Changes in financial assumptions (484 ) (1,345 ) (45 ) (153 ) Plan member experience (59 ) (92 ) 38 3 Foreign exchange and other (6 ) (9 ) – – Actuarial (losses) recognized in other comprehensive income for the year (330 ) (642 ) (13 ) (106 ) (1) In 2019, the benefit obligation and assets related to employees formerly included in a multi-employer plan, which was accounted for as a defined contribution plan, merged with the U.S. defined benefit pension plan. The impact of the merger was recognized as a remeasurement of the U.S. defined benefit pension plan. |
Summary of Fair Values of Plan Assets Held | Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The fair values of plan assets held by our primary plans as at October 31 are as follows: (Canadian $ in millions) 2020 2019 Quoted Unquoted Total Quoted Unquoted Total Cash and money market funds 208 – 208 156 6 162 Securities issued or guaranteed by: Canadian federal government 17 54 71 1 57 58 Canadian provincial and municipal governments 308 404 712 334 368 702 U.S. federal government 393 7 400 345 – 345 Pooled funds 1,331 3,442 4,773 1,450 3,204 4,654 Derivative instruments 1 (16 ) (15 ) – 8 8 Corporate debt 2 1,363 1,365 – 1,354 1,354 Corporate equity 1,255 – 1,255 1,219 – 1,219 3,515 5,254 8,769 3,505 4,997 8,502 |
Summary of Changes in Number of Key Assumption | Defined benefit obligation (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans Discount rate (%) 2.7 2.7 Impact of: 1% increase ($) (1,161 ) (120 ) 1% decrease ($) 1,479 148 Rate of compensation increase (%) 2.1 2.0 Impact of: 0.25% increase ($) 55 – (1) 0.25% decrease ($) (54 ) – (1) Mortality Impact of: 1 year shorter life expectancy ($) (202 ) (32 ) 1 year longer life expectancy ($) 199 32 Assumed overall health care cost trend rate (%) na 4.8 (2) Impact of: 1% increase ($) na 53 1% decrease ($) na (51 ) (1) The change in this assumption is immaterial. (2) Trending to 4.1% in 2040 and remaining at that level thereafter. na – not applicable |
Summary of Duration of Defined Benefit Obligation | The duration of the defined benefit obligation for our primary plans is as follows: (Years) 2020 2019 Canadian pension plans 15.4 15.2 U.S. pension plans 9.9 7.9 Canadian other employee future benefit plans 14.3 14.5 |
Summary of Cash Payments in Connection with Employee Future Benefit Plans | Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2020 2019 2018 2020 2019 2018 Contributions to defined benefit plans 251 203 154 – – – Contributions to defined contribution plans 169 170 153 – – – Benefits paid directly to pensioners 45 53 59 36 40 35 465 426 366 36 40 35 Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2021 is approximately $300 million for for for the year ending October 31, 2021 are estimated to be $ 550 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Provision for Income Taxes | Provision for Income Taxes (Canadian $ in millions) 2020 2019 2018 Consolidated Statement of Income Current Provision for income taxes for the current period 1,154 1,198 1,340 Adjustments for prior periods 10 (14 ) 20 Deferred Origination and reversal of temporary differences 91 327 268 Effect of changes in tax rates (4 ) 3 425 Previously unrecognized tax loss, tax credit or temporary difference for a prior period – – (92 ) 1,251 1,514 1,961 Other Comprehensive Income and Equity Income tax expense (recovery) related to: Unrealized gains (losses) on FVOCI debt securities 143 140 (69 ) Reclassification to earnings of (gains) on FVOCI debt securities (25 ) (26 ) (23 ) Gains (losses) on derivatives designated as cash flow hedges 541 521 (432 ) Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges (16 ) 51 121 Unrealized (losses) on hedges of net foreign operations (35 ) (4 ) (56 ) Gains (losses) on remeasurement of pension and other employee future benefit plans (88 ) (196 ) 111 Gains ( l (10 ) 27 (6 ) Unrealized gains on FVOCI equity securities – 1 – Share-based compensation 3 – 10 513 514 (344 ) Total provision for income taxes 1,764 2,028 1,617 Components of Total Provision for Income Taxes (Canadian $ in millions) 2020 2019 2018 Canada: Current income taxes Federal 694 791 501 Provincial 402 465 299 1,096 1,256 800 Canada: Deferred income taxes Federal (11 ) (113 ) (44 ) Provincial (6 ) (66 ) (27 ) (17 ) (179 ) (71 ) Total Canadian 1,079 1,077 729 Foreign: Current income taxes 450 308 233 Deferred income taxes 235 643 655 Total foreign 685 951 888 Total provision for income taxes 1,764 2,028 1,617 |
Summary of Reconciliation of Effective Tax Rates | Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective income tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2020 2019 2018 Combined Canadian federal and provincial income taxes at the statutory tax rate 1,688 26.6 % 1,934 26.6 % 1,972 26.6 % Increase (decrease) resulting from: Tax-exempt (247 ) (3.9 ) (220 ) (3.0 ) (226 ) (3.0 ) Foreign operations subject to different tax rates (175 ) (2.8 ) (158 ) (2.2 ) (110 ) (1.5 ) Change in tax rate for deferred income taxes (4 ) (0.1 ) 3 – 425 5.7 Previously unrecognized tax loss, tax credit or temporary difference for a prior period – – – – (92 ) (1.2 ) Income attributable to investments in associates and joint ventures (39 ) (0.6 ) (37 ) (0.5 ) (39 ) (0.5 ) Other 28 0.5 (8 ) (0.1 ) 31 0.4 Provision for income taxes in the Consolidated Statement of Income and effective tax rate 1,251 19.7 % 1,514 20.8 % 1,961 26.5 % |
Summary of Components of Deferred Income Tax Balances | (Canadian $ in millions) Deferred Income Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 511 334 – 4 849 Employee future benefits 325 11 1 – 337 Deferred compensation benefits 483 (69 ) – 2 416 Other comprehensive income (143 ) – (218 ) 3 (358 ) Tax loss carryforwards 145 (59 ) – 1 87 Tax credits 189 (189 ) – 31 31 Premises and equipment (282 ) (78 ) – (1 ) (361 ) Pension benefits 27 (35 ) 86 – 78 Goodwill and intangible assets (217 ) (18 ) – (2 ) (237 ) Securities 50 (39 ) – – 11 Other 441 55 – 16 512 Net deferred tax assets (liabilities) 1,529 (87 ) (131 ) 54 1,365 Comprising Deferred tax assets 1,589 1,473 Deferred tax liabilities (60 ) (108 ) Net deferred tax assets (liabilities) 1,529 1,365 (Canadian $ in millions) Deferred Income Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 484 23 – 4 511 Employee future benefits 282 12 31 – 325 Deferred compensation benefits 494 (12 ) – 1 483 Other comprehensive income 195 – (331 ) (7 ) (143 ) Tax loss carryforwards 606 (462 ) – 1 145 Tax credits 415 (228 ) – 2 189 Premises and equipment (515 ) 234 – (1 ) (282 ) Pension benefits (121 ) (18 ) 166 – 27 Goodwill and intangible assets (201 ) (14 ) – (2 ) (217 ) Securities 38 12 – – 50 Other 288 123 – 9 420 Net deferred tax assets (liabilities) 1,965 (330 ) (134 ) 7 1,508 Comprising Deferred tax assets 2,039 1,568 Deferred tax liabilities (74 ) (60 ) Net deferred tax assets (liabilities) 1,965 1,508 (1) Includes IFRS 16 adoption adjustment of $21 million (refer to Note 1). |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following table presents our basic and diluted earnings per share: Basic Earnings Per Common Share 2020 2019 2018 Net income 5,097 5,758 5,453 Dividends on preferred shares and distributions on other equity instruments (247 ) (211 ) (184 ) Net income available to common shareholders 4,850 5,547 5,269 Weighted-average number of common shares outstanding (in thousands) 641,424 638,881 642,930 Basic earnings per common share (Canadian $) 7.56 8.68 8.19 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 4,850 5,547 5,269 Weighted-average number of common shares outstanding (in thousands) 641,424 638,881 642,930 Effect of dilutive instruments Stock options potentially exercisable (1) 3,433 5,326 5,876 Common shares potentially repurchased (2,729 ) (3,847 ) (3,893 ) Weighted-average number of diluted common shares outstanding (in thousands) 642,128 640,360 644,913 Diluted earnings per common share (Canadian $) 7.55 8.66 8.17 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 3,146,040 , 1,177,152 and 1,101,938 with weighted-average exercise prices of $99.57 , $101.83 and $127.45 for the years ended October 31 , 2020 , 2019 and 2018 , respectively, as the average share price for the period did not exceed the exercise price. |
Commitments, Guarantees, Pled_2
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Maximum Amount Payable Under Various Commitments | The maximum amount payable related to our various commitments is as follows: (Canadian $ in millions) 2020 2019 Financial Guarantees Standby letters of credit 23,144 21,395 Credit default swaps (1) 1,795 2,068 Other Credit Instruments Backstop liquidity facilities 5,601 5,550 Securities lending 4,349 4,102 Documentary and commercial letters of credit 1,034 1,272 Commitments to extend credit (2) 175,689 158,533 Other commitments 5,302 5,181 Total 216,914 198,101 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $(8) million as at October 31, 2020 ($43 million in 2019). (2) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. |
Summary of Maximum Amount Payable Under Various Commitments | The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2020 2019 Bank Assets Cash and due from banks 111 1,895 Securities (1)(2) 75,104 71,001 Loans (2) 58,974 73,838 Other assets 6,344 3,722 140,533 150,456 Third-party Assets (3) Collateral received and available for sale or re-pledging 169,197 162,879 Less: Collateral not sold or re-pledged (58,312 ) (50,192 ) 110,885 112,687 251,418 263,143 (Canadian $ in millions) 2020 2019 Uses of pledged assets and collateral Clearing systems, payment systems and depositories 7,550 4,958 Foreign governments and central banks 111 1,895 Obligations related to securities sold short 29,376 26,253 Obligations related to securities sold under repurchase agreements 80,962 73,696 Securities borrowing and lending 58,791 67,758 Derivatives transactions 9,613 9,614 Securitization 31,417 31,713 Covered bonds 25,948 27,208 Other 7,650 20,048 Total pledged assets and collateral 251,418 263,143 (1) Includes NHA mortgage-backed securities of $6,121 million, which are included in loans on the Consolidated Balance Sheet ($3,688 million in 2019). (2) Includes encumbered assets relating to Large Value Transfer System. (3) Includes on-balance sheet securities borrowed or purchased under resale agreements and available off-balance sheet collateral received. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Changes In Provision Balance | Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2020 2019 Balance at beginning of year 680 284 Additional provisions/increase in provisions 141 666 Provisions utilized (334 ) (251 ) Amounts reversed (16 ) (32 ) Foreign exchange and other 1 13 Balance at end of year (1) 472 680 (1) Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segm_2
Operating and Geographic Segmentation (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate Total 2020 Net interest income (2) 6,105 4,345 900 3,320 (699 ) 13,971 Non-interest 1,930 1,186 5,808 2,006 285 11,215 Total Revenue 8,035 5,531 6,708 5,326 (414 ) 25,186 Provision for (recovery of) credit losses on impaired loans 787 418 4 310 3 1,522 Provision for (recovery of) credit losses on performing loans 623 441 18 349 – 1,431 Total provision for (recovery of) credit losses 1,410 859 22 659 3 2,953 Insurance claims, commissions and changes in policy benefit liabilities – – 1,708 – – 1,708 Depreciation and amortization 505 554 324 235 – 1,618 Non-interest 3,385 2,521 3,195 3,001 457 12,559 Income (loss) before taxes 2,735 1,597 1,459 1,431 (874 ) 6,348 Provision for (recovery of) income taxes 707 320 363 344 (483 ) 1,251 Reported net income (loss) 2,028 1,277 1,096 1,087 (391 ) 5,097 Average Assets 251,471 137,644 45,573 369,518 138,244 942,450 (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate Total 2019 Net interest income (2) 5,885 4,216 935 2,390 (538 ) 12,888 Non-interest 2,099 1,162 6,727 2,369 238 12,595 Total Revenue 7,984 5,378 7,662 4,759 (300 ) 25,483 Provision for (recovery of) credit losses on impaired loans 544 160 2 52 (7 ) 751 Provision for (recovery of) credit losses on performing loans 63 37 (2 ) 28 (5 ) 121 Total provision for (recovery of) credit losses 607 197 – 80 (12 ) 872 Insurance claims, commissions and changes in policy benefit liabilities – – 2,709 – – 2,709 Depreciation and amortization 340 449 264 152 – 1,205 Non-interest 3,496 2,687 3,259 3,127 856 13,425 Income (loss) before taxes 3,541 2,045 1,430 1,400 (1,144 ) 7,272 Provision for (recovery of) income taxes 917 434 371 309 (517 ) 1,514 Reported net income (loss) 2,624 1,611 1,059 1,091 (627 ) 5,758 Average Assets 237,741 126,539 40,951 342,626 85,395 833,252 (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate Total 2018 Net interest income (2) 5,546 3,844 826 1,780 (558 ) 11,438 Non-interest 2,040 1,096 5,475 2,608 248 11,467 Total Revenue 7,586 4,940 6,301 4,388 (310 ) 22,905 Provision for (recovery of) credit losses on impaired loans 466 258 6 (17 ) (13 ) 700 Provision for (recovery of) credit losses on performing loans 3 (38 ) – (1 ) (2 ) (38 ) Total provision 469 220 6 (18 ) (15 ) 662 Insurance claims, commissions and changes in policy benefit liabilities – – 1,352 – – 1,352 Depreciation and amortization 320 448 233 126 – 1,127 Non-interest 3,361 2,516 3,284 2,753 436 12,350 Income (loss) before taxes 3,436 1,756 1,426 1,527 (731 ) 7,414 Provision for (recovery of) income taxes 882 359 354 368 (2 ) 1,961 Reported net income (loss) 2,554 1,397 1,072 1,159 (729 ) 5,453 Average Assets 224,310 110,303 35,913 307,357 76,412 754,295 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis – see Basis of Presentation section. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Bank's Financial Results by Geographic Region | Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) Canada United States Other countries Total 2020 Total Revenue 14,515 8,659 2,012 25,186 Income before taxes 3,815 1,891 642 6,348 Reported net income 3,021 1,554 522 5,097 Average Assets 522,155 361,651 58,644 942,450 (Canadian $ in millions) Canada United States Other countries Total 2019 Total Revenue 14,998 8,282 2,203 25,483 Income before taxes 4,218 2,367 687 7,272 Reported net income 3,313 1,903 542 5,758 Average Assets 462,427 316,983 53,842 833,252 (Canadian $ in millions) Canada United States Other countries Total 2018 Total Revenue 13,506 7,273 2,126 22,905 Income before taxes 4,746 1,871 797 7,414 Reported net income 3,728 1,100 625 5,453 Average Assets 433,843 277,764 42,688 754,295 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Significant Operating Subsidiaries | As at October 31, 2020, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant subsidiaries (1) (2) Head or principal office Book value of shares owned by the Bank of Montreal (China) Co. Ltd. Beijing, China 453 Bank of Montreal Europe plc Dublin, Ireland 1,055 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 33,280 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michaels, Barbados BMO Nesbitt Burns Holdings Corporation Toronto, Canada BMO Nesbitt Burns Inc. Toronto, Canada BMO Investments Inc. Toronto, Canada BMO InvestorLine Inc. Toronto, Canada BMO Capital Markets Limited London, England 295 BMO Financial Corp. and subsidiaries, including: Chicago, United States 25,789 BMO Asset Management Corp. and subsidiaries Chicago, United States BMO Capital Markets Corp. New York, United States BMO Family Office, LLC Palo Alto, United States BMO Harris Bank National Association and subsidiaries, including: Chicago, United States BMO Harris Investment Company LLC Chicago, United States BMO Harris Financial Advisors, Inc. Chicago, United States BMO Harris Financing, Inc. and subsidiaries Chicago, United States BMO Global Asset Management (Asia) Limited Hong Kong, China 5 BMO Global Asset Management (Europe) Limited and subsidiaries, including: London, England 657 BMO Asset Management (Holdings) plc and subsidiaries London, England BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,208 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 588 BMO Trustee Asia Limited Hong Kong, China 3 LGM Investments Limited London, England 39 Pyrford International Limited London, England 59 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp., BMO Capital Markets Corp., BMO Harris Financial Advisors, Inc., BMO Harris Financing, Inc., and BMO Family Office, LLC, which are incorporated under the laws of the state of Delaware, United States. BMO Asset Management (Holdings) plc is incorporated under the laws of Scotland. BMO Harris Investment Company LLC is organized under the laws of the state of Nevada, United States. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2020 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel | The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2020 2019 2018 Base salary and incentives 20 22 21 Post-employment benefits 3 2 2 Share-based payments (1) 32 43 31 Total key management personnel compensation 55 67 54 (1) Amounts included in share-based payments are the fair values of awards granted in the year. |
Summary of Carrying amount in Joint Venture and Associated Companies | The following table presents the carrying amount of our interests in joint ventures and associates accounted for under the equity method as well as our share of the income of those entities: (Canadian $ in millions) Joint ventures Associates 2020 2019 2020 2019 Carrying amount 412 343 573 501 Share of net income 99 99 62 52 |
Summary of Transaction With Joint Ventures and Associates | The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2020 2019 Loans 155 169 Deposits 115 106 Fees paid for services received 63 69 Guarantees and commitments 57 76 |
IFRS 7 Disclosure - Credit and
IFRS 7 Disclosure - Credit and Counterparty Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Credit assets exposure value | $ 259,289 | $ 249,731 |
Outstanding credit exposures | 885,600 | |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | 474,300 | |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | 354,200 | |
Other Jurisdications [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | $ 57,100 | |
Credit risk [member] | Residential real estate loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loan to value ratio | 80.00% |
IFRS 7 Disclosure - Credit an_2
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Credit Risk Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 885,604 | $ 803,293 |
Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 215,553 | 180,704 |
Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 88,191 | 66,220 |
Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 47,940 | 45,680 |
Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 52,293 | 47,800 |
Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 25,735 | 27,343 |
Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 68,060 | 64,162 |
Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 21,773 | 22,940 |
Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 32,664 | 30,147 |
Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 259,289 | 249,731 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 74,106 | 68,566 |
Drawn [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 632,693 | 577,543 |
Drawn [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 142,254 | 117,959 |
Drawn [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 78,506 | 58,050 |
Drawn [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 27,789 | 26,265 |
Drawn [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 40,202 | 37,146 |
Drawn [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,835 | 22,529 |
Drawn [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 47,468 | 46,610 |
Drawn [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 15,295 | 16,822 |
Drawn [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 12,990 | 13,406 |
Drawn [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 206,370 | 198,205 |
Drawn [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 41,984 | 40,551 |
Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 164,739 | 156,303 |
Undrawn commitments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 24,302 | 24,010 |
Undrawn commitments [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,579 | 1,665 |
Undrawn commitments [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 16,696 | 16,581 |
Undrawn commitments [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 9,735 | 8,948 |
Undrawn commitments [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,809 | 3,974 |
Undrawn commitments [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 15,443 | 13,304 |
Undrawn commitments [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 5,455 | 5,273 |
Undrawn commitments [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 11,675 | 11,302 |
Undrawn commitments [member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 52,829 | 51,432 |
Undrawn commitments [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 22,216 | 19,814 |
Over the counter derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 38,583 | 28,135 |
Over the counter derivatives [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,611 | 14,849 |
Over the counter derivatives [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,892 | 4,357 |
Over the counter derivatives [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,741 | 1,340 |
Over the counter derivatives [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,383 | 845 |
Over the counter derivatives [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 487 | 239 |
Over the counter derivatives [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,033 | 1,252 |
Over the counter derivatives [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 423 | 281 |
Over the counter derivatives [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 6,099 | 3,637 |
Over the counter derivatives [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,914 | 1,335 |
Other off balance sheet items [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 24,099 | 22,572 |
Other off balance sheet items [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 6,520 | 6,400 |
Other off balance sheet items [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 590 | 894 |
Other off balance sheet items [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,714 | 1,494 |
Other off balance sheet items [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 973 | 861 |
Other off balance sheet items [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 604 | 601 |
Other off balance sheet items [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 3,116 | 2,996 |
Other off balance sheet items [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 600 | 564 |
Other off balance sheet items [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,900 | 1,802 |
Other off balance sheet items [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 90 | 94 |
Other off balance sheet items [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 7,992 | 6,866 |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 25,490 | 18,740 |
Repo style transactions [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 22,866 | 17,486 |
Repo style transactions [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 2,624 | $ 1,254 |
IFRS 7 Disclosure - Credit an_3
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Credit Risk Exposures (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 205,212 | $ 192,796 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure ratio | 2.00% |
IFRS 7 Disclosure - Credit an_4
IFRS 7 Disclosure - Credit and Counterparty Risk - Summary of Gross Loans and Acceptances by Contractual Maturity and Country of Ultimate Risk (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | $ 461,800 | $ 451,537 |
Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 182,665 | 176,174 |
Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 88,690 | 84,098 |
Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 18,814 | 21,873 |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 160,356 | 158,733 |
Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 11,275 | 10,659 |
Within 1 year [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 170,149 | 179,123 |
Within 1 year [member] | Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 52,771 | 58,580 |
Within 1 year [member] | Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 68,130 | 65,534 |
Within 1 year [member] | Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 7,397 | 7,928 |
Within 1 year [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 31,587 | 37,867 |
Within 1 year [member] | Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 10,264 | 9,214 |
1 to 5 years [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 236,236 | 229,839 |
1 to 5 years [member] | Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 125,492 | 113,162 |
1 to 5 years [member] | Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 18,254 | 16,591 |
1 to 5 years [member] | Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 10,142 | 11,647 |
1 to 5 years [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 81,717 | 87,443 |
1 to 5 years [member] | Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 631 | 996 |
Over 5 years [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 55,415 | 42,575 |
Over 5 years [member] | Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 4,402 | 4,432 |
Over 5 years [member] | Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 2,306 | 1,973 |
Over 5 years [member] | Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 1,275 | 2,298 |
Over 5 years [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 47,052 | 33,423 |
Over 5 years [member] | Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | $ 380 | $ 449 |
IFRS 7 Disclosure - Credit an_5
IFRS 7 Disclosure - Credit and Counterparty Risk - Summary of Net Loans and Acceptances by Interest Rate Sensitivity (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | $ 458,497 | $ 449,687 |
Fixed interest rate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | 237,596 | 217,002 |
Floating interest rate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | 207,408 | 209,092 |
Non interest sensitive [member] | ||
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | $ 13,493 | $ 23,593 |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Hundred basis point increase [member] | ||
Market Risk [Line Items] | ||
Increase in earnings before tax | $ 39 | $ 27 |
Hundred basis point decrease [member] | ||
Market Risk [Line Items] | ||
Decrease in earnings before tax | 25 | |
10% decrease in equity market values | ||
Market Risk [Line Items] | ||
Decrease in earnings before tax | 53 | 57 |
10% increase in equity market values | ||
Market Risk [Line Items] | ||
Increase in earnings before tax | 51 | $ 54 |
Twenty five basis point decrease [Member] | ||
Market Risk [Line Items] | ||
Decrease in earnings before tax | $ 9 | |
Market risk [member] | Value at risk [member] | ||
Market Risk [Line Items] | ||
Percentage of trading and underwriting portfolios | 99.00% | |
Value at risk holding period | 1 day | |
Market risk [member] | Stressed value at risk [member] | ||
Market Risk [Line Items] | ||
Percentage of trading and underwriting portfolios | 99.00% | |
Value at risk holding period | 1 day | |
Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Increase (decrease) adjusted net income before income taxes | $ 15 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary Total Trading Value at Risk (VaR) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Market Risk [Line Items] | ||
Market risk SVaR | $ 45.2 | $ 19.2 |
Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.5 | 1 |
Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 16.4 | 3 |
Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 4.2 | 0.5 |
Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 40.7 | 10.8 |
Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 3.9 | 2.4 |
Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (25.5) | (9.1) |
Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 45.2 | 8.6 |
Average [Member] | ||
Market Risk [Line Items] | ||
Market risk SVaR | 50.8 | 31.7 |
Average [Member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.5 | 1.4 |
Average [Member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 16 | 4.6 |
Average [Member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 3.4 | 0.5 |
Average [Member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 23.1 | 8.5 |
Average [Member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 3.8 | 2 |
Average [Member] | Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (20.3) | (8) |
Average [Member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 28.5 | 9 |
Top of range [member] | ||
Market Risk [Line Items] | ||
Market risk SVaR | 87.1 | 69.6 |
Top of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.8 | 4.9 |
Top of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 37.2 | 12.6 |
Top of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 6.8 | 1.4 |
Top of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 42 | 14.3 |
Top of range [member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 7.6 | 4.2 |
Top of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 53.4 | 17.2 |
Bottom of range [member] | ||
Market Risk [Line Items] | ||
Market risk SVaR | 29.2 | 16.5 |
Bottom of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.6 | 0.6 |
Bottom of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 4.2 | 2.5 |
Bottom of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.8 | 0.2 |
Bottom of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.4 | 6 |
Bottom of range [member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.6 | 1.2 |
Bottom of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | $ 8.1 | $ 5.8 |
IFRS 7 Disclosure - Market Ri_3
IFRS 7 Disclosure - Market Risk - Structural Balance Sheet Interest Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Hundred basis point increase [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | $ (1,275.1) | $ (883.4) |
Pre tax earnings sensitivity over the next twelve month | 152.8 | 46.6 |
Twenty five or Hundred basis point decrease [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 175 | 215.6 |
Pre tax earnings sensitivity over the next twelve month | $ (62.2) | $ (80.3) |
Contractual Maturities of Asset
Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | |
Assets | |||||
Cash and cash equivalents | $ 57,408 | [1] | $ 48,803 | $ 42,142 | $ 32,599 |
Interest bearing deposits with banks | 9,035 | 7,987 | |||
Securities | 234,260 | 189,438 | |||
Securities borrowed or purchased under resale agreements | 111,878 | 104,004 | |||
Loans | |||||
Residential mortgages | 127,024 | 123,740 | |||
Consumer instalment and other personal | 70,148 | 67,736 | |||
Credit cards | 7,889 | 8,859 | |||
Business and government | 243,246 | 227,609 | |||
Allowance for credit losses | (3,303) | (1,850) | |||
Loans,net | 445,004 | 426,094 | |||
Other Assets | |||||
Derivative instruments | 36,815 | 22,144 | |||
Customers' liability under acceptances | 13,493 | 23,593 | |||
Other | 41,368 | 30,132 | |||
Other assets | 91,676 | 75,869 | |||
Total Assets | 949,261 | 852,195 | |||
Deposits | |||||
Deposits | 659,034 | 568,143 | |||
Other liabilities | |||||
Derivative instruments | 30,375 | 23,598 | |||
Acceptances | 13,493 | 23,593 | |||
Securities sold but not yet purchased | 29,376 | 26,253 | |||
Securities lent or sold under repurchase agreements | 88,658 | 86,656 | |||
Securitization and structured entities' liabilities | 26,889 | 27,159 | |||
Other | 36,427 | 38,722 | |||
Total other liabilities | 225,218 | 225,981 | |||
Subordinated debt | 8,416 | 6,995 | |||
Total Equity | 56,593 | 51,076 | $ 45,721 | ||
Total Liabilities and Equity | 949,261 | 852,195 | |||
Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 179,228 | 162,016 | |||
Backstop liquidity facilities [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 5,601 | 5,550 | |||
Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 991 | 3,800 | |||
Securities lending [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 4,349 | 4,102 | |||
Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 576 | 926 | |||
Banks [Member] | |||||
Deposits | |||||
Deposits | 38,825 | 23,816 | |||
Business and governments [member] | |||||
Deposits | |||||
Deposits | 400,679 | 343,157 | |||
Individuals [Member] | |||||
Deposits | |||||
Deposits | 219,530 | 201,170 | |||
0 -1 month [member] | |||||
Assets | |||||
Cash and cash equivalents | 56,434 | 47,844 | |||
Interest bearing deposits with banks | 3,901 | 4,088 | |||
Securities | 4,838 | 2,680 | |||
Securities borrowed or purchased under resale agreements | 79,354 | 74,972 | |||
Loans | |||||
Residential mortgages | 2,077 | 1,691 | |||
Consumer instalment and other personal | 677 | 645 | |||
Business and government | 22,883 | 12,490 | |||
Loans,net | 25,637 | 14,826 | |||
Other Assets | |||||
Derivative instruments | 3,400 | 1,209 | |||
Customers' liability under acceptances | 9,609 | 20,694 | |||
Other | 1,873 | 1,951 | |||
Other assets | 14,882 | 23,854 | |||
Total Assets | 185,046 | 168,264 | |||
Deposits | |||||
Deposits | 41,850 | 36,872 | |||
Other liabilities | |||||
Derivative instruments | 1,374 | 1,329 | |||
Acceptances | 9,609 | 20,694 | |||
Securities sold but not yet purchased | 29,376 | 26,253 | |||
Securities lent or sold under repurchase agreements | 69,142 | 74,501 | |||
Securitization and structured entities' liabilities | 30 | 1 | |||
Other | 10,301 | 12,325 | |||
Total other liabilities | 119,832 | 135,103 | |||
Total Liabilities and Equity | 161,682 | 171,975 | |||
0 -1 month [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 1,789 | 1,868 | |||
0 -1 month [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 32 | ||||
0 -1 month [member] | Securities lending [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 4,349 | 4,102 | |||
0 -1 month [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 14 | 53 | |||
0 -1 month [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 13,499 | 12,177 | |||
0 -1 month [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 24,056 | 21,088 | |||
0 -1 month [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 4,295 | 3,607 | |||
1 - 3 Months [member] | |||||
Assets | |||||
Interest bearing deposits with banks | 1,673 | 1,893 | |||
Securities | 5,804 | 3,420 | |||
Securities borrowed or purchased under resale agreements | 17,030 | 22,091 | |||
Loans | |||||
Residential mortgages | 2,110 | 2,059 | |||
Consumer instalment and other personal | 690 | 519 | |||
Business and government | 5,170 | 7,072 | |||
Loans,net | 7,970 | 9,650 | |||
Other Assets | |||||
Derivative instruments | 5,472 | 1,867 | |||
Customers' liability under acceptances | 3,633 | 2,562 | |||
Other | 580 | 593 | |||
Other assets | 9,685 | 5,022 | |||
Total Assets | 42,162 | 42,076 | |||
Deposits | |||||
Deposits | 37,304 | 41,630 | |||
Other liabilities | |||||
Derivative instruments | 4,499 | 2,574 | |||
Acceptances | 3,633 | 2,562 | |||
Securities lent or sold under repurchase agreements | 10,747 | 7,697 | |||
Securitization and structured entities' liabilities | 1,656 | 1,655 | |||
Other | 804 | 3,188 | |||
Total other liabilities | 21,339 | 17,676 | |||
Total Liabilities and Equity | 58,643 | 59,306 | |||
1 - 3 Months [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 5,617 | 3,777 | |||
1 - 3 Months [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 66 | ||||
1 - 3 Months [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 27 | 98 | |||
1 - 3 Months [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 3,982 | 4,187 | |||
1 - 3 Months [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 21,813 | 28,511 | |||
1 - 3 Months [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 11,509 | 8,932 | |||
3-6 month [member] | |||||
Assets | |||||
Interest bearing deposits with banks | 1,266 | 1,081 | |||
Securities | 7,817 | 2,797 | |||
Securities borrowed or purchased under resale agreements | 12,111 | 5,254 | |||
Loans | |||||
Residential mortgages | 4,627 | 5,285 | |||
Consumer instalment and other personal | 1,229 | 991 | |||
Business and government | 7,409 | 6,168 | |||
Loans,net | 13,265 | 12,444 | |||
Other Assets | |||||
Derivative instruments | 2,111 | 877 | |||
Customers' liability under acceptances | 251 | 173 | |||
Other | 188 | 245 | |||
Other assets | 2,550 | 1,295 | |||
Total Assets | 37,009 | 22,871 | |||
Deposits | |||||
Deposits | 59,838 | 34,504 | |||
Other liabilities | |||||
Derivative instruments | 1,684 | 1,240 | |||
Acceptances | 251 | 173 | |||
Securities lent or sold under repurchase agreements | 7,439 | 760 | |||
Securitization and structured entities' liabilities | 334 | 1,340 | |||
Other | 102 | 33 | |||
Total other liabilities | 9,810 | 3,546 | |||
Total Liabilities and Equity | 69,648 | 38,050 | |||
3-6 month [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 11,163 | 5,698 | |||
3-6 month [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 3 | 98 | |||
3-6 month [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 38 | 138 | |||
3-6 month [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 13,106 | 1,215 | |||
3-6 month [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 33,713 | 21,209 | |||
3-6 month [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 13,019 | 12,080 | |||
6-9 month [member] | |||||
Assets | |||||
Interest bearing deposits with banks | 1,204 | 714 | |||
Securities | 6,263 | 3,508 | |||
Securities borrowed or purchased under resale agreements | 2,172 | 859 | |||
Loans | |||||
Residential mortgages | 5,795 | 6,818 | |||
Consumer instalment and other personal | 1,223 | 1,272 | |||
Business and government | 7,166 | 7,760 | |||
Loans,net | 14,184 | 15,850 | |||
Other Assets | |||||
Derivative instruments | 1,140 | 830 | |||
Customers' liability under acceptances | 159 | ||||
Other | 20 | 12 | |||
Other assets | 1,160 | 1,001 | |||
Total Assets | 24,983 | 21,932 | |||
Deposits | |||||
Deposits | 25,403 | 36,043 | |||
Other liabilities | |||||
Derivative instruments | 1,171 | 970 | |||
Acceptances | 159 | ||||
Securities lent or sold under repurchase agreements | 878 | 1,107 | |||
Securitization and structured entities' liabilities | 2,810 | 1,033 | |||
Other | 109 | 29 | |||
Total other liabilities | 4,968 | 3,298 | |||
Total Liabilities and Equity | 30,371 | 39,341 | |||
6-9 month [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 12,287 | 8,832 | |||
6-9 month [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 3 | 97 | |||
6-9 month [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 38 | 133 | |||
6-9 month [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 455 | 319 | |||
6-9 month [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 13,862 | 22,334 | |||
6-9 month [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 11,086 | 13,390 | |||
9-12 month [Member] | |||||
Assets | |||||
Interest bearing deposits with banks | 991 | 211 | |||
Securities | 4,678 | 4,670 | |||
Securities borrowed or purchased under resale agreements | 708 | 518 | |||
Loans | |||||
Residential mortgages | 4,928 | 7,138 | |||
Consumer instalment and other personal | 1,217 | 1,502 | |||
Business and government | 6,795 | 6,547 | |||
Loans,net | 12,940 | 15,187 | |||
Other Assets | |||||
Derivative instruments | 915 | 911 | |||
Customers' liability under acceptances | 5 | ||||
Other | 13 | 5 | |||
Other assets | 928 | 921 | |||
Total Assets | 20,245 | 21,507 | |||
Deposits | |||||
Deposits | 28,222 | 34,903 | |||
Other liabilities | |||||
Derivative instruments | 1,088 | 1,032 | |||
Acceptances | 5 | ||||
Securitization and structured entities' liabilities | 1,169 | 1,038 | |||
Other | 181 | 74 | |||
Total other liabilities | 2,438 | 2,149 | |||
Total Liabilities and Equity | 30,660 | 37,052 | |||
9-12 month [Member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 14,289 | 12,511 | |||
9-12 month [Member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 3 | 96 | |||
9-12 month [Member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 56 | 137 | |||
9-12 month [Member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 463 | 1,174 | |||
9-12 month [Member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 17,567 | 18,023 | |||
9-12 month [Member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 10,192 | 15,706 | |||
1-2 years [member] | |||||
Assets | |||||
Securities | 15,730 | 15,001 | |||
Securities borrowed or purchased under resale agreements | 503 | ||||
Loans | |||||
Residential mortgages | 19,551 | 22,309 | |||
Consumer instalment and other personal | 5,229 | 4,823 | |||
Business and government | 27,816 | 24,687 | |||
Loans,net | 52,596 | 51,819 | |||
Other Assets | |||||
Derivative instruments | 4,369 | 2,375 | |||
Other | 16 | 7 | |||
Other assets | 4,385 | 2,382 | |||
Total Assets | 73,214 | 69,202 | |||
Deposits | |||||
Deposits | 27,855 | 34,401 | |||
Other liabilities | |||||
Derivative instruments | 3,911 | 2,985 | |||
Securities lent or sold under repurchase agreements | 452 | 2,285 | |||
Securitization and structured entities' liabilities | 4,946 | 5,350 | |||
Other | 798 | 537 | |||
Total other liabilities | 10,107 | 11,157 | |||
Total Liabilities and Equity | 37,962 | 45,558 | |||
1-2 years [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 31,607 | 21,574 | |||
1-2 years [member] | Backstop liquidity facilities [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 5,601 | ||||
1-2 years [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 38 | 361 | |||
1-2 years [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 162 | 111 | |||
1-2 years [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 7 | ||||
1-2 years [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 20,070 | 22,983 | |||
1-2 years [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 7,778 | 11,418 | |||
2-5 years [member] | |||||
Assets | |||||
Securities | 54,846 | 46,687 | |||
Securities borrowed or purchased under resale agreements | 310 | ||||
Loans | |||||
Residential mortgages | 80,480 | 68,143 | |||
Consumer instalment and other personal | 25,243 | 22,391 | |||
Business and government | 77,917 | 87,486 | |||
Loans,net | 183,640 | 178,020 | |||
Other Assets | |||||
Derivative instruments | 9,393 | 5,095 | |||
Other | 4 | 5 | |||
Other assets | 9,397 | 5,100 | |||
Total Assets | 247,883 | 230,117 | |||
Deposits | |||||
Deposits | 57,996 | 62,549 | |||
Other liabilities | |||||
Derivative instruments | 8,588 | 6,798 | |||
Securities lent or sold under repurchase agreements | 306 | ||||
Securitization and structured entities' liabilities | 12,577 | 13,779 | |||
Other | 1,326 | 3,596 | |||
Total other liabilities | 22,491 | 24,479 | |||
Total Liabilities and Equity | 80,487 | 87,028 | |||
2-5 years [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 95,881 | 102,113 | |||
2-5 years [member] | Backstop liquidity facilities [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 5,550 | ||||
2-5 years [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 158 | 931 | |||
2-5 years [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 179 | 187 | |||
2-5 years [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 45,287 | 49,292 | |||
2-5 years [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 12,709 | 13,257 | |||
Over 5 years [member] | |||||
Assets | |||||
Securities | 85,949 | 66,005 | |||
Loans | |||||
Residential mortgages | 7,456 | 10,297 | |||
Consumer instalment and other personal | 12,135 | 11,947 | |||
Business and government | 35,824 | 20,331 | |||
Loans,net | 55,415 | 42,575 | |||
Other Assets | |||||
Derivative instruments | 10,015 | 8,980 | |||
Other | 4,530 | 4,475 | |||
Other assets | 14,545 | 13,455 | |||
Total Assets | 155,909 | 122,035 | |||
Deposits | |||||
Deposits | 13,164 | 13,991 | |||
Other liabilities | |||||
Derivative instruments | 8,060 | 6,670 | |||
Securitization and structured entities' liabilities | 3,367 | 2,963 | |||
Other | 3,706 | 2,406 | |||
Total other liabilities | 15,133 | 12,039 | |||
Subordinated debt | 8,416 | 6,995 | |||
Total Liabilities and Equity | 36,713 | 33,025 | |||
Over 5 years [member] | Commitments to extend credit [Member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 6,595 | 5,643 | |||
Over 5 years [member] | Operating lease commitments [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 786 | 2,119 | |||
Over 5 years [member] | Purchase obligations [member] | |||||
Off-Balance Sheet Commitments | |||||
Off-Balance Sheet Commitments | 62 | 69 | |||
Over 5 years [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 28 | 201 | |||
Over 5 years [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 11,129 | 11,759 | |||
Over 5 years [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | 2,007 | 2,031 | |||
No maturity [member] | |||||
Assets | |||||
Cash and cash equivalents | 974 | 959 | |||
Securities | 48,335 | 44,670 | |||
Loans | |||||
Consumer instalment and other personal | 22,505 | 23,646 | |||
Credit cards | 7,889 | 8,859 | |||
Business and government | 52,266 | 55,068 | |||
Allowance for credit losses | (3,303) | (1,850) | |||
Loans,net | 79,357 | 85,723 | |||
Other Assets | |||||
Other | 34,144 | 22,839 | |||
Other assets | 34,144 | 22,839 | |||
Total Assets | 162,810 | 154,191 | |||
Deposits | |||||
Deposits | 367,402 | 273,250 | |||
Other liabilities | |||||
Other | 19,100 | 16,534 | |||
Total other liabilities | 19,100 | 16,534 | |||
Total Equity | 56,593 | 51,076 | |||
Total Liabilities and Equity | 443,095 | 340,860 | |||
No maturity [member] | Banks [Member] | |||||
Deposits | |||||
Deposits | 7,285 | 4,543 | |||
No maturity [member] | Business and governments [member] | |||||
Deposits | |||||
Deposits | 213,182 | 147,958 | |||
No maturity [member] | Individuals [Member] | |||||
Deposits | |||||
Deposits | $ 146,935 | $ 120,749 | |||
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Basis of Presentation - Impacts
Basis of Presentation - Impacts of Applying IFRS 15 on Prior Period Consolidated Statement of Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | [1] | Oct. 31, 2019 | Oct. 31, 2018 | |
Non-Interest Revenue | ||||
Securities commissions and fees | $ 1,036 | $ 1,023 | $ 1,025 | |
Deposit and payment service charges | 1,221 | 1,204 | 1,134 | |
Card fees | 358 | 437 | 428 | |
Investment management and custodial fees | 1,807 | 1,747 | 1,749 | |
Underwriting and advisory fees | 1,070 | 975 | 943 | |
Other | 406 | 551 | 546 | |
Non-Interest Revenue | 11,215 | 12,595 | 11,467 | |
Non-Interest Expense | ||||
Employee compensation | 7,944 | 8,423 | 7,461 | |
Travel and business development | 384 | 545 | 519 | |
Professional fees | 555 | 568 | 572 | |
Other | 1,168 | 1,256 | 1,387 | |
Non-Interest Expense | 14,177 | 14,630 | 13,477 | |
Provision for income taxes | 1,251 | 1,514 | 1,961 | |
Net Income | $ 5,097 | $ 5,758 | 5,453 | |
Increase (decrease) due to application of IFRS 15 [member] | ||||
Non-Interest Revenue | ||||
Securities commissions and fees | (4) | |||
Deposit and payment service charges | (10) | |||
Card fees | (136) | |||
Investment management and custodial fees | 7 | |||
Underwriting and advisory fees | 7 | |||
Other | 4 | |||
Non-Interest Revenue | (132) | |||
Non-Interest Expense | ||||
Employee compensation | 2 | |||
Travel and business development | (154) | |||
Professional fees | 8 | |||
Other | 8 | |||
Non-Interest Expense | (136) | |||
Provision for income taxes | 1 | |||
Net Income | $ 3 | |||
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Basis of Presentation - Reconci
Basis of Presentation - Reconciliation of lease commitments (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Oct. 31, 2020 | [1] |
Disclosure of reconcilation of lease commitements [Line Items] | |||
Operating lease commitments 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 | ||
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 | $ 2,409 | |
[1] | Effective November 1, 2019, we adopted IFRS 16 Leases, recognizing the cumulative effect of adoption in opening retained earnings with no changes to prior periods (Note 1). |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Oct. 31, 2020 | Oct. 31, 2019 |
Basis of presentation [line items] | |||
Notional amount on derivatives | $ 6,789,847 | $ 6,555,375 | |
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 | $ 759 | ||
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 | ||
Bottom of range [member] | |||
Basis of presentation [line items] | |||
Proportion of voting rights held in associate | 20.00% | ||
Top of range [member] | |||
Basis of presentation [line items] | |||
Proportion of voting rights held in associate | 50.00% | ||
Useful lives of Intangible assets other than goodwill | 15 years |
Cash and Interest Bearing Dep_3
Cash and Interest Bearing Deposits with Banks - Disclosure of Cash and Interest Bearing Deposits with Banks (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Cash and interest bearing deposits with banks [abstract] | ||||||
Cash and deposits with banks | [1] | $ 55,926 | $ 47,598 | |||
Cheques and other items in transit, net | 1,482 | 1,205 | ||||
Total cash and cash equivalents | $ 57,408 | [2] | $ 48,803 | $ 42,142 | $ 32,599 | |
[1] | Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. | |||||
[2] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Cash and Interest Bearing Dep_4
Cash and Interest Bearing Deposits with Banks - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of cash and interest bearing deposits with banks [abstract] | ||
Reserves or minimum balances with central banks | $ 111 | $ 1,895 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 13,568 | $ 13,704 | |
Amortized cost | 48,466 | 24,472 | |
FVOCI Securities | $ 73,407 | 64,515 | |
Bottom of range [member] | |||
Disclosure of financial assets [line items] | |||
Company own voting rights of shares | 20.00% | ||
Top of range [member] | |||
Disclosure of financial assets [line items] | |||
Company own voting rights of shares | 50.00% | ||
Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Amortized cost | $ 48,466 | 24,472 | |
FVOCI Securities | 73,314 | 64,434 | |
Allowance for credit losses of amortized cost | 1 | 1 | |
Allowance for credit losses of FVOCI securities | 4 | 2 | |
Mandatorily measured at fair value [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | 2,420 | 2,899 | |
Unrealized gain loss through profit or loss from securities held by insurance subsidiary [member] | |||
Disclosure of financial assets [line items] | |||
Fair value of investment through profit loss increase (decrease) in non-interest revenue, insurance revenue | 281 | 1,006 | $ 372 |
Related to securities held by insurance subsidiaries [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 11,148 | $ 10,805 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value Measurement (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 13,568 | $ 13,704 |
FVOCI Securities | 73,407 | 64,515 |
Amortized Cost Securities | 48,466 | 24,472 |
Total securities | 234,260 | 189,438 |
Trading Securities | 97,834 | 85,903 |
Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 73,407 | 64,515 |
Amortized Cost Securities | 49,009 | 24,622 |
Carrying amount [Member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 985 | 844 |
Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 234,260 | 189,438 |
Total securities | 234,260 | 189,438 |
Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 100,544 | 85,905 |
United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 125,795 | 100,573 |
Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 7,921 | 2,960 |
Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 71,529 | 63,313 |
Amortized Cost Securities | 48,466 | 24,472 |
Investments in associates and joint ventures | $ 232,382 | $ 188,236 |
Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.61% | 2.23% |
Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 601 | $ 517 |
Trading Securities | 10,900 | 8,330 |
Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 22,450 | 11,944 |
Amortized Cost Securities | 6,260 | 4,534 |
Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 22,240 | 11,876 |
Amortized Cost Securities | $ 6,238 | $ 4,532 |
Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.44% | 1.72% |
Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 1,429 | $ 1,279 |
Trading Securities | 8,335 | 7,527 |
Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,747 | 6,012 |
Amortized Cost Securities | 5,706 | 3,576 |
Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,628 | 5,907 |
Amortized Cost Securities | $ 5,650 | $ 3,553 |
Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.46% | 2.34% |
US federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 44 | $ 48 |
Trading Securities | 8,418 | 8,763 |
US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 17,694 | 15,975 |
Amortized Cost Securities | 8,805 | 6,214 |
US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 16,881 | 15,363 |
Amortized Cost Securities | $ 8,785 | $ 6,213 |
US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.73% | 2.42% |
US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 503 | $ 674 |
US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5,276 | 4,161 |
US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 5,132 | $ 4,091 |
US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.96% | 2.58% |
Other governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 94 | $ 49 |
Trading Securities | 2,516 | 1,585 |
Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 7,381 | 7,335 |
Amortized Cost Securities | 1,485 | 1,049 |
Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 7,222 | 7,179 |
Amortized Cost Securities | $ 1,480 | $ 1,049 |
Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.63% | 2.38% |
NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 3 | $ 5 |
Trading Securities | 12,297 | 11,046 |
NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,629 | 1,970 |
Amortized Cost Securities | 25,198 | 8,398 |
NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,583 | 1,953 |
Amortized Cost Securities | $ 24,769 | $ 8,274 |
NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.79% | 2.18% |
Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 7,897 | $ 8,217 |
Trading Securities | 11,041 | 7,718 |
Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,234 | 5,007 |
Amortized Cost Securities | 1,555 | 851 |
Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,153 | 4,899 |
Amortized Cost Securities | $ 1,544 | $ 851 |
Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.72% | 2.48% |
Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 67 | $ 103 |
Corporate equity [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | 3,500 | 3,589 |
Trading Securities | 43,757 | 40,157 |
Corporate equity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 93 | 81 |
Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 90 | 79 |
US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 10,903 | 12,030 |
US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 10,600 | $ 11,966 |
US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.62% | 2.14% |
Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 698 | |
Trading Securities | 9,189 | |
Within 1 year [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 15,015 | |
Amortized Cost Securities | 4,455 | |
Within 1 year [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 29,400 | |
Total securities | 29,400 | |
Within 1 year [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 17,347 | |
Within 1 year [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 9,584 | |
Within 1 year [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 2,469 | |
Within 1 year [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 14,980 | |
Amortized Cost Securities | 4,498 | |
Investments in associates and joint ventures | $ 29,365 | |
Within 1 year [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.15% | |
Within 1 year [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 438 | |
Trading Securities | 1,658 | |
Within 1 year [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 9,014 | |
Amortized Cost Securities | 694 | |
Within 1 year [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 9,002 | |
Amortized Cost Securities | $ 697 | |
Within 1 year [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.20% | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 10 | |
Trading Securities | 1,768 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,727 | |
Amortized Cost Securities | 39 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,723 | |
Amortized Cost Securities | $ 54 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.43% | |
Within 1 year [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 44 | |
Trading Securities | 1,403 | |
Within 1 year [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 915 | |
Amortized Cost Securities | 3,269 | |
Within 1 year [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 908 | |
Amortized Cost Securities | $ 3,270 | |
Within 1 year [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.45% | |
Within 1 year [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 127 | |
Within 1 year [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 597 | |
Within 1 year [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 592 | |
Within 1 year [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.98% | |
Within 1 year [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,156 | |
Within 1 year [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 2,008 | |
Amortized Cost Securities | 128 | |
Within 1 year [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,997 | |
Amortized Cost Securities | $ 133 | |
Within 1 year [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.20% | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 1 | |
Trading Securities | 95 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 15 | |
Amortized Cost Securities | 223 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 15 | |
Amortized Cost Securities | $ 229 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.54% | |
Within 1 year [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 205 | |
Trading Securities | 2,982 | |
Within 1 year [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 739 | |
Amortized Cost Securities | 102 | |
Within 1 year [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 743 | |
Amortized Cost Securities | $ 115 | |
Within 1 year [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.05% | |
1 to 3 years [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 224 | |
Trading Securities | 8,365 | |
1 to 3 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 17,600 | |
Amortized Cost Securities | 6,057 | |
1 to 3 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 32,204 | |
Total securities | 32,204 | |
1 to 3 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 14,758 | |
1 to 3 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 17,300 | |
1 to 3 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 146 | |
1 to 3 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 17,165 | |
Amortized Cost Securities | 6,015 | |
Investments in associates and joint ventures | $ 31,769 | |
1 to 3 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.93% | |
1 to 3 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 30 | |
Trading Securities | 2,502 | |
1 to 3 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,363 | |
Amortized Cost Securities | 1,165 | |
1 to 3 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,299 | |
Amortized Cost Securities | $ 1,158 | |
1 to 3 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.63% | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 58 | |
Trading Securities | 1,063 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,111 | |
Amortized Cost Securities | 1,434 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,078 | |
Amortized Cost Securities | $ 1,415 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.06% | |
1 to 3 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,560 | |
1 to 3 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,644 | |
Amortized Cost Securities | 1,751 | |
1 to 3 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,494 | |
Amortized Cost Securities | $ 1,748 | |
1 to 3 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.18% | |
1 to 3 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 110 | |
1 to 3 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,238 | |
1 to 3 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,202 | |
1 to 3 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.28% | |
1 to 3 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 42 | |
Trading Securities | 500 | |
1 to 3 years [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,251 | |
Amortized Cost Securities | 771 | |
1 to 3 years [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,149 | |
Amortized Cost Securities | $ 769 | |
1 to 3 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.13% | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 2 | |
Trading Securities | 186 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 633 | |
Amortized Cost Securities | 224 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 615 | |
Amortized Cost Securities | $ 223 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.05% | |
1 to 3 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 92 | |
Trading Securities | 1,438 | |
1 to 3 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,243 | |
Amortized Cost Securities | 712 | |
1 to 3 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,214 | |
Amortized Cost Securities | $ 702 | |
1 to 3 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.65% | |
1 to 3 years [member] | Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 6 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 117 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 114 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.99% | |
3 to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 345 | |
Trading Securities | 8,463 | |
3 to 5 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 18,337 | |
Amortized Cost Securities | 11,349 | |
3 to 5 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 38,372 | |
Total securities | 38,372 | |
3 to 5 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 19,506 | |
3 to 5 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 18,575 | |
3 to 5 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 291 | |
3 to 5 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 17,533 | |
Amortized Cost Securities | 11,227 | |
Investments in associates and joint ventures | $ 37,568 | |
3 to 5 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.93% | |
3 to 5 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 3 | |
Trading Securities | 2,727 | |
3 to 5 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,590 | |
Amortized Cost Securities | 3,743 | |
3 to 5 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,481 | |
Amortized Cost Securities | $ 3,729 | |
3 to 5 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.54% | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 11 | |
Trading Securities | 678 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,356 | |
Amortized Cost Securities | 2,321 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,298 | |
Amortized Cost Securities | $ 2,282 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.14% | |
3 to 5 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,981 | |
3 to 5 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5,079 | |
Amortized Cost Securities | 2,088 | |
3 to 5 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,644 | |
Amortized Cost Securities | $ 2,079 | |
3 to 5 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.52% | |
3 to 5 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 32 | |
3 to 5 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,128 | |
3 to 5 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,085 | |
3 to 5 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.00% | |
3 to 5 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 52 | |
Trading Securities | 481 | |
3 to 5 years [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,763 | |
Amortized Cost Securities | 504 | |
3 to 5 years [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,714 | |
Amortized Cost Securities | $ 498 | |
3 to 5 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.28% | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 138 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 981 | |
Amortized Cost Securities | 2,220 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 953 | |
Amortized Cost Securities | $ 2,175 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.64% | |
3 to 5 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 279 | |
Trading Securities | 2,390 | |
3 to 5 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 933 | |
Amortized Cost Securities | 473 | |
3 to 5 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 883 | |
Amortized Cost Securities | $ 464 | |
3 to 5 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.26% | |
3 to 5 years [member] | Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 36 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 507 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 475 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.89% | |
5 to 10 years [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 1,021 | |
Trading Securities | 9,061 | |
5 to 10 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 13,349 | |
Amortized Cost Securities | 8,589 | |
5 to 10 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 31,868 | |
Total securities | 31,868 | |
5 to 10 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 9,492 | |
5 to 10 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 22,214 | |
5 to 10 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 162 | |
5 to 10 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,933 | |
Amortized Cost Securities | 8,437 | |
Investments in associates and joint ventures | $ 31,452 | |
5 to 10 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.43% | |
5 to 10 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 10 | |
Trading Securities | 2,739 | |
5 to 10 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 483 | |
Amortized Cost Securities | 658 | |
5 to 10 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 458 | |
Amortized Cost Securities | $ 654 | |
5 to 10 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.99% | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 62 | |
Trading Securities | 1,153 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 553 | |
Amortized Cost Securities | 1,912 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 529 | |
Amortized Cost Securities | $ 1,899 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.89% | |
5 to 10 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,253 | |
5 to 10 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,056 | |
Amortized Cost Securities | 1,697 | |
5 to 10 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 7,835 | |
Amortized Cost Securities | $ 1,688 | |
5 to 10 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.09% | |
5 to 10 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 186 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,211 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,162 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.15% | |
5 to 10 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 246 | |
5 to 10 years [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 359 | |
Amortized Cost Securities | 82 | |
5 to 10 years [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 362 | |
Amortized Cost Securities | $ 80 | |
5 to 10 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.34% | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 183 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 4,047 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 3,926 | |
5 to 10 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | 949 | |
Trading Securities | 2,276 | |
5 to 10 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 247 | |
Amortized Cost Securities | 193 | |
5 to 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 243 | |
Amortized Cost Securities | $ 190 | |
5 to 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.81% | |
5 to 10 years [member] | Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 25 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 2,440 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 2,344 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.95% | |
Over 10 years [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 7,780 | |
Trading Securities | 18,999 | |
Over 10 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 9,013 | |
Amortized Cost Securities | 18,559 | |
Over 10 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 54,081 | |
Total securities | 54,081 | |
Over 10 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 14,578 | |
Over 10 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 39,300 | |
Over 10 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 203 | |
Over 10 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,828 | |
Amortized Cost Securities | 18,289 | |
Investments in associates and joint ventures | $ 53,896 | |
Over 10 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.44% | |
Over 10 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 120 | |
Trading Securities | 1,274 | |
Over 10 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | 1,288 | |
Trading Securities | 3,673 | |
Over 10 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 221 | |
Over 10 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 48 | |
Over 10 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,102 | |
Over 10 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,091 | |
Over 10 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.35% | |
Over 10 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 133 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 11,695 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 18,484 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 18,216 | |
Over 10 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | 6,372 | |
Trading Securities | 1,955 | |
Over 10 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 72 | |
Amortized Cost Securities | 75 | |
Over 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 70 | |
Amortized Cost Securities | $ 73 | |
Over 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.73% | |
Over 10 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 7,839 | |
Over 10 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 7,667 | |
Over 10 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.44% | |
No maturity [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | $ 3,500 | |
Total securities | 48,335 | $ 44,670 |
Trading Securities | 43,757 | |
No maturity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 93 | |
No maturity [member] | Carrying amount [Member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 985 | |
No maturity [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 48,335 | |
Total securities | 48,335 | |
No maturity [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 24,863 | |
No maturity [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 18,822 | |
No maturity [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 4,650 | |
No maturity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 90 | |
Investments in associates and joint ventures | 48,332 | |
No maturity [member] | Corporate equity [member] | ||
Disclosure of financial assets [line items] | ||
FVTPL Securities | 3,500 | |
Trading Securities | 43,757 | |
No maturity [member] | Corporate equity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 93 | |
No maturity [member] | Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 90 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 73,407 | $ 64,515 |
Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 71,529 | 63,313 |
Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,936 | 1,263 |
Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 58 | 61 |
Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 73,407 | 64,515 |
Canadian federal government [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 22,240 | 11,876 |
Canadian federal government [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 211 | 72 |
Canadian federal government [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1 | 4 |
Canadian federal government [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 22,450 | 11,944 |
Canadian Provincial And Municipal Governments [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,628 | 5,907 |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 119 | 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 | 4,747 | 6,012 |
US federal Government [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 16,881 | 15,363 |
US federal Government [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 844 | 617 |
US federal Government [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 31 | 5 |
US federal Government [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 17,694 | 15,975 |
US State Municipal And Agencies Debt [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5,132 | 4,091 |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 147 | 74 |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3 | 4 |
US State Municipal And Agencies Debt [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5,276 | 4,161 |
Other governments [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 7,222 | 7,179 |
Other governments [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 168 | 158 |
Other governments [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 9 | 2 |
Other governments [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 7,381 | 7,335 |
National housing act mortgage backed securities [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,583 | 1,953 |
National housing act mortgage backed securities [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 46 | 18 |
National housing act mortgage backed securities [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1 | |
National housing act mortgage backed securities [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,629 | 1,970 |
US agency MBS and CMO [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 10,600 | 11,966 |
US agency MBS and CMO [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 307 | 106 |
US agency MBS and CMO [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4 | 42 |
US agency MBS and CMO [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 10,903 | 12,030 |
Corporate debt [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,153 | 4,899 |
Corporate debt [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 91 | 110 |
Corporate debt [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 10 | 2 |
Corporate debt [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,234 | 5,007 |
Corporate equity [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 90 | 79 |
Corporate equity [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3 | 2 |
Corporate equity [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 93 | $ 81 |
Securities - Summary of Interes
Securities - Summary of Interest Income Calculated Using Effective Interest Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | $ 1,549 | $ 1,887 | $ 1,306 |
Financial assets at fair value through profit or loss [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | 17 | 34 | 16 |
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | 959 | 1,585 | 1,118 |
Financial assets at amortised cost, category [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | $ 573 | $ 268 | $ 172 |
Securities - Summary of Non-Int
Securities - Summary of Non-Interest Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Interest Dividend and Fee Income [abstract] | ||||
FVTPL securities | $ 30 | $ 164 | $ 93 | |
Gross realized gains | 363 | |||
Gross realized gains | 109 | 209 | ||
Gross realized (losses) | (216) | |||
Gross realized (losses) | (13) | (123) | ||
Impairment losses | (2) | (1) | (1) | |
Securities gains, other than trading | $ 124 | [1] | $ 249 | $ 239 |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Securities - Summary of Non-I_2
Securities - Summary of Non-Interest Revenue (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Interest,dividend and fee income [Member] | |||
Disclosure Of Non interest, dividend and fee income [Line Items] | |||
Insurance revenue | $ 416 | $ 407 | $ 354 |
Securities gains other than trading [Member] | |||
Disclosure Of Non interest, dividend and fee income [Line Items] | |||
Gain loss on securities other than trading fair value through through other comprehensive income | 19 | 11 | 1 |
Gain loss on securities other than trading fair value through profit or loss | $ 281 | $ 1,006 | $ (372) |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest income on impaired loans | $ 96 | $ 80 | $ 67 |
Net gain on sale of impaired and written-off loans | 46 | 11 | 4 |
Allowances for credit losses | 3,814 | 2,094 | |
Carrying value of renegotiated loans | 8,649 | 209 | |
Renegotiated loans classified as performing | 8,485 | ||
Renegotiated loans written off | 49 | 36 | $ 53 |
Real estate properties held for sale | 27 | 55 | |
12-month expected credit losses [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of renegotiated loans | 1,469 | 66 | |
Allowance for credit losses related to loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,303 | 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 | 511 | 244 | |
Financial assets impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance on Individually identified impaired loans | 727 | 463 | |
Gross impaired loans | 3,638 | 2,629 | |
Loans past due but not classified as impaired | 2,911 | 2,166 | |
Real estate properties held for sale received on foreclosed impaired loan | 44 | 87 | |
Related to performing loans, assuming 100% base case scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,075 | 1,609 | |
Modelled allowance account for credit losses of financial assets based on assumptions | 2,375 | 1,325 | |
Related to performing loans, assuming 100% adverse scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,075 | 1,609 | |
Modelled allowance account for credit losses of financial assets based on assumptions | 4,875 | 2,800 | |
Performing loans, stage one scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,075 | 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, FVOCI or FVTPL (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | $ 885,600 | |
Allowance for credit losses | 3,814 | $ 2,094 |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 126,882 | 123,676 |
Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 142 | 64 |
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 409 | 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 | 79,724 | 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 | 26,971 | 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 | 18,021 | 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 | 618 | 521 |
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,280 | 1,649 |
Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 69,480 | 67,200 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 668 | 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 | 340 | 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 | 1,581 | 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 | 26,682 | 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 | 21,520 | 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 | 14,658 | 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 | 1,899 | 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 | 3,468 | 2,701 |
Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,556 | 8,623 |
Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 333 | 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 | 2,252 | 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 | 1,121 | 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 | 1,047 | 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 | 2,510 | 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 | 435 | 580 |
Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 524 | 607 |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 254,579 | 250,188 |
Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 2,160 | 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 | 2,889 | 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 | 130,767 | 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 | 114,462 | 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 | 8,621 | 5,556 |
Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 207,451 | 189,630 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 511 | 244 |
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 | 1,261 | 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 | 139,769 | 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 | 62,071 | 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 | 4,861 | 2,133 |
Stage One [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 116,599 | 115,155 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 51 | 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 | 79,295 | 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 | 24,490 | 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 | 11,560 | 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 | 172 | 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 | 1,132 | 1,531 |
Stage One [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 63,121 | 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 | 134 | 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 | 1,550 | 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 | 26,645 | 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 | 20,935 | 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 | 10,324 | 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 | 429 | 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 | 3,372 | 2,594 |
Stage One [member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,389 | 7,325 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 61 | 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 | 2,252 | 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 | 1,106 | 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 | 899 | 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 | 1,611 | 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 | 58 | 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 | 524 | 606 |
Stage One [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 211,371 | 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 | 510 | 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 | 127,525 | 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 | 84,356 | 96,731 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 179,580 | 179,979 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 211 | 119 |
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 | 138,141 | 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 | 41,650 | 45,178 |
Stage Two [Member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 9,890 | 8,124 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 75 | 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 | 429 | 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 | 2,481 | 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 | 6,461 | 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 | 446 | 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 | 148 | 118 |
Stage Two [Member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,124 | 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 | 429 | 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 | 31 | 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 | 37 | 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 | 585 | 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 | 4,334 | 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 | 1,470 | 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 | 96 | 107 |
Stage Two [Member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,167 | 1,298 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 272 | 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 | 15 | 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 | 148 | 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 | 899 | 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 | 377 | 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 | 40,925 | 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 | 1,044 | 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 | 3,242 | 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 | 30,106 | 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 | 8,621 | 5,556 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 26,622 | 9,349 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 288 | 103 |
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 | 1,628 | 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 | 20,421 | 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 | 4,861 | 2,133 |
Stage three [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 393 | 397 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 16 | 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 | 409 | 414 |
Stage three [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 235 | 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 | 105 | 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 | 340 | 468 |
Stage three [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,283 | 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 | 606 | 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 | 2,889 | 1,747 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 1,249 | 302 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 12 | 22 |
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 | $ 1,261 | $ 324 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL (Parenthetical) (Detail) - Credit Card Loans [Member] - Bottom of range [member] - 90 days or more [member] | 12 Months Ended |
Oct. 31, 2020 | |
Principal [Member] | |
Disclosure of credit risk exposure [line items] | |
Number of days for which the loan receivable is overdue for the loans to be written off | 180 days |
Interest [Member] | |
Disclosure of credit risk exposure [line items] | |
Number of days for which the loan receivable is overdue for the loans to be written off | 180 days |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Beginning balance | $ 2,094 | |
Ending balance | 3,814 | $ 2,094 |
IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 2,094 | |
Ending balance | 3,814 | 2,094 |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,850 | |
Ending balance | 3,303 | 1,850 |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 244 | |
Ending balance | 511 | 244 |
Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 86 | 102 |
Net remeasurement of loss allowance | 98 | 6 |
Loan originations | 14 | 7 |
Derecognitions and maturities | (9) | (6) |
Model changes | (8) | |
Total PCL | 95 | 7 |
Write-offs | (11) | (19) |
Recoveries of previous write-offs | 8 | 13 |
Foreign exchange and other | (26) | (17) |
Ending balance | 152 | 86 |
Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 558 | 560 |
Net remeasurement of loss allowance | 363 | 216 |
Loan originations | 49 | 48 |
Derecognitions and maturities | (56) | (56) |
Model changes | 49 | |
Total PCL | 405 | 208 |
Write-offs | (320) | (306) |
Recoveries of previous write-offs | 87 | 118 |
Foreign exchange and other | (23) | (22) |
Ending balance | 707 | 558 |
Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 305 | 293 |
Net remeasurement of loss allowance | 411 | 264 |
Loan originations | 18 | 20 |
Derecognitions and maturities | (31) | (28) |
Model changes | (11) | |
Total PCL | 387 | 256 |
Write-offs | (333) | (339) |
Recoveries of previous write-offs | 85 | 93 |
Foreign exchange and other | (13) | 2 |
Ending balance | 431 | 305 |
Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,145 | 915 |
Net remeasurement of loss allowance | 2,077 | 389 |
Loan originations | 208 | 199 |
Derecognitions and maturities | (213) | (184) |
Model changes | (22) | |
Total PCL | 2,050 | 404 |
Write-offs | (716) | (203) |
Recoveries of previous write-offs | 72 | 66 |
Foreign exchange and other | (27) | (37) |
Ending balance | 2,524 | 1,145 |
Stage One [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 522 | |
Ending balance | 967 | 522 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 403 | |
Ending balance | 756 | 403 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 119 | |
Ending balance | 211 | 119 |
Stage One [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 15 | 20 |
Transfer to Stage 1 | 25 | 27 |
Transfer to Stage 2 | (3) | (2) |
Net remeasurement of loss allowance | 6 | (35) |
Loan originations | 14 | 7 |
Derecognitions and maturities | (3) | (2) |
Model changes | (3) | |
Total PCL | 36 | (5) |
Ending balance | 51 | 15 |
Stage One [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 89 | 90 |
Transfer to Stage 1 | 189 | 174 |
Transfer to Stage 2 | (25) | (18) |
Transfer to Stage 3 | (4) | (5) |
Net remeasurement of loss allowance | (148) | (183) |
Loan originations | 49 | 48 |
Derecognitions and maturities | (18) | (16) |
Model changes | 16 | |
Total PCL | 59 | 0 |
Foreign exchange and other | (1) | |
Ending balance | 148 | 89 |
Stage One [member] | Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 80 | 74 |
Transfer to Stage 1 | 152 | 107 |
Transfer to Stage 2 | (32) | (21) |
Transfer to Stage 3 | (1) | (1) |
Net remeasurement of loss allowance | (100) | (96) |
Loan originations | 18 | 20 |
Derecognitions and maturities | (6) | (4) |
Model changes | (1) | |
Total PCL | 30 | 5 |
Foreign exchange and other | 1 | |
Ending balance | 110 | 80 |
Stage One [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 338 | 298 |
Transfer to Stage 1 | 180 | 201 |
Transfer to Stage 2 | (184) | (50) |
Transfer to Stage 3 | (8) | (1) |
Net remeasurement of loss allowance | 227 | (214) |
Loan originations | 208 | 199 |
Derecognitions and maturities | (85) | (102) |
Model changes | (30) | |
Total PCL | 308 | 33 |
Foreign exchange and other | 12 | 7 |
Ending balance | 658 | 338 |
Stage Two [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,087 | |
Ending balance | 2,108 | 1,087 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 984 | |
Ending balance | 1,820 | 984 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 103 | |
Ending balance | 288 | 103 |
Stage Two [Member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 33 | 38 |
Transfer to Stage 1 | (22) | (25) |
Transfer to Stage 2 | 10 | 7 |
Transfer to Stage 3 | (5) | (8) |
Net remeasurement of loss allowance | 70 | 26 |
Derecognitions and maturities | (6) | (4) |
Model changes | (5) | |
Total PCL | 42 | (4) |
Foreign exchange and other | (1) | |
Ending balance | 75 | 33 |
Stage Two [Member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 333 | 326 |
Transfer to Stage 1 | (180) | (161) |
Transfer to Stage 2 | 86 | 85 |
Transfer to Stage 3 | (96) | (109) |
Net remeasurement of loss allowance | 315 | 232 |
Derecognitions and maturities | (38) | (40) |
Model changes | 33 | |
Total PCL | 120 | 7 |
Foreign exchange and other | 1 | |
Ending balance | 454 | 333 |
Stage Two [Member] | Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 225 | 219 |
Transfer to Stage 1 | (152) | (107) |
Transfer to Stage 2 | 32 | 21 |
Transfer to Stage 3 | (178) | (173) |
Net remeasurement of loss allowance | 429 | 288 |
Derecognitions and maturities | (25) | (24) |
Model changes | (10) | |
Total PCL | 96 | 5 |
Foreign exchange and other | 1 | |
Ending balance | 321 | 225 |
Stage Two [Member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 496 | 408 |
Transfer to Stage 1 | (172) | (187) |
Transfer to Stage 2 | 195 | 65 |
Transfer to Stage 3 | (285) | (66) |
Net remeasurement of loss allowance | 1,106 | 353 |
Derecognitions and maturities | (128) | (82) |
Model changes | 8 | |
Total PCL | 724 | 83 |
Foreign exchange and other | 38 | 5 |
Ending balance | 1,258 | 496 |
Stage three [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 485 | |
Ending balance | 739 | 485 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 463 | |
Ending balance | 727 | 463 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 22 | |
Ending balance | 12 | 22 |
Stage three [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 38 | 44 |
Transfer to Stage 1 | (3) | (2) |
Transfer to Stage 2 | (7) | (5) |
Transfer to Stage 3 | 5 | 8 |
Net remeasurement of loss allowance | 22 | 15 |
Total PCL | 17 | 16 |
Write-offs | (11) | (19) |
Recoveries of previous write-offs | 8 | 13 |
Foreign exchange and other | (26) | (16) |
Ending balance | 26 | 38 |
Stage three [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 136 | 144 |
Transfer to Stage 1 | (9) | (13) |
Transfer to Stage 2 | (61) | (67) |
Transfer to Stage 3 | 100 | 114 |
Net remeasurement of loss allowance | 196 | 167 |
Total PCL | 226 | 201 |
Write-offs | (320) | (306) |
Recoveries of previous write-offs | 87 | 118 |
Foreign exchange and other | (24) | (21) |
Ending balance | 105 | 136 |
Stage three [member] | Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Transfer to Stage 3 | 179 | 174 |
Net remeasurement of loss allowance | 82 | 72 |
Total PCL | 261 | 246 |
Write-offs | (333) | (339) |
Recoveries of previous write-offs | 85 | 93 |
Foreign exchange and other | (13) | |
Stage three [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 311 | 209 |
Transfer to Stage 1 | (8) | (14) |
Transfer to Stage 2 | (11) | (15) |
Transfer to Stage 3 | 293 | 67 |
Net remeasurement of loss allowance | 744 | 250 |
Total PCL | 1,018 | 288 |
Write-offs | (716) | (203) |
Recoveries of previous write-offs | 72 | 66 |
Foreign exchange and other | (77) | (49) |
Ending balance | $ 608 | $ 311 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Other assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Provision for credit losses | $ 16 | $ (3) |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | $ 448,307 | $ 427,944 |
Allowance for credit losses | 3,303 | 1,850 |
Loans, Net amount | 445,004 | 426,094 |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 448,307 | 427,944 |
Loans, Net amount | 445,004 | 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 | 727 | 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 | 2,576 | 1,387 |
Allowance for credit losses related to loans [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 276,868 | 258,842 |
Loans, Net amount | 275,242 | 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 | 303 | 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 | 1,323 | 740 |
Allowance for credit losses related to loans [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 160,192 | 158,454 |
Loans, Net amount | 158,557 | 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 | 410 | 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 | 1,225 | 630 |
Allowance for credit losses related to loans [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 11,247 | 10,648 |
Loans, Net amount | 11,205 | 10,631 |
Allowance for credit losses related to loans [member] | Other countries [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 14 | |
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 | $ 28 | $ 17 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | $ 36,193 | $ 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 | $ 499 | $ 222 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 2,911 | $ 2,166 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,040 | 707 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,801 | 1,459 |
Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 70 | |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 393 | 397 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 235 | 332 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,283 | 1,437 |
Accumulated impairment [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 727 | 463 |
Accumulated impairment [member] | Related to specific allowances [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 303 | 207 |
Accumulated impairment [member] | Related to specific allowances [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 410 | 256 |
Accumulated impairment [member] | Related to specific allowances [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 14 | |
Accumulated impairment [member] | Residential mortgages [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 16 | 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 | 105 | 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 | 606 | 310 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 3,638 | 2,629 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,343 | 914 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,211 | 1,715 |
Gross carrying amount [member] | Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 84 | |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 409 | 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 | 340 | 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 | $ 2,889 | $ 1,747 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | $ 36,193 | $ 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_12
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 | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 4,470 | $ 4,007 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,392 | 1,287 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,546 | 2,103 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 532 | 617 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 130 | 162 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 43 | 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 | 65 | 87 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 22 | 59 |
1 - 29 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 3,122 | 2,747 |
1 - 29 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 806 | 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 | 2,136 | 1,590 |
1 - 29 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 180 | 351 |
30-89 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,218 | 1,098 |
30-89 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 543 | 465 |
30-89 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 345 | 426 |
30-89 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 330 | $ 207 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 53 | $ 54 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period (Detail) | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Benign scenario [member] | Canada [member] | 2020 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 2.90% | |
BBB | 2.00% | |
Unemployment rates | 5.10% | |
Housing Price Index ("HPI") | 3.70% | |
Benign scenario [member] | Canada [member] | 2021 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 9.00% | 2.50% |
BBB | 1.80% | 2.10% |
Unemployment rates | 6.40% | 5.00% |
Housing Price Index ("HPI") | 9.60% | 3.70% |
Benign scenario [member] | Canada [member] | 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 4.00% | |
BBB | 2.00% | |
Unemployment rates | 5.90% | |
Housing Price Index ("HPI") | 5.40% | |
Benign scenario [member] | United States [member] | 2020 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 2.40% | |
BBB | 1.80% | |
Unemployment rates | 3.30% | |
Housing Price Index ("HPI") | 4.40% | |
Benign scenario [member] | United States [member] | 2021 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 7.00% | 2.40% |
BBB | 1.60% | 2.00% |
Unemployment rates | 5.20% | 3.20% |
Housing Price Index ("HPI") | 4.70% | 4.20% |
Benign scenario [member] | United States [member] | 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 3.70% | |
BBB | 1.80% | |
Unemployment rates | 4.60% | |
Housing Price Index ("HPI") | 4.20% | |
Base Scenario [member] | Canada [member] | 2019 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 1.50% | |
BBB | 2.10% | |
Unemployment rates | 5.70% | |
Housing Price Index ("HPI") | 0.50% | |
Base Scenario [member] | Canada [member] | 2020 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (5.50%) | 1.70% |
BBB | 2.30% | 2.30% |
Unemployment rates | 9.60% | 5.70% |
Housing Price Index ("HPI") | 7.20% | 2.00% |
Base Scenario [member] | Canada [member] | 2021 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 6.00% | 1.60% |
BBB | 2.20% | 2.30% |
Unemployment rates | 8.00% | 5.90% |
Housing Price Index ("HPI") | 4.50% | 2.50% |
Base Scenario [member] | Canada [member] | 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 3.00% | |
BBB | 2.20% | |
Unemployment rates | 7.10% | |
Housing Price Index ("HPI") | 2.50% | |
Base Scenario [member] | United States [member] | 2019 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 2.30% | |
BBB | 1.90% | |
Unemployment rates | 3.70% | |
Housing Price Index ("HPI") | 3.40% | |
Base Scenario [member] | United States [member] | 2020 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (4.50%) | 1.80% |
BBB | 2.20% | 2.30% |
Unemployment rates | 8.50% | 3.70% |
Housing Price Index ("HPI") | 3.90% | 3.00% |
Base Scenario [member] | United States [member] | 2021 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 4.00% | 1.90% |
BBB | 2.00% | 2.40% |
Unemployment rates | 6.80% | 3.80% |
Housing Price Index ("HPI") | 1.40% | 2.70% |
Base Scenario [member] | United States [member] | 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 3.00% | |
BBB | 2.10% | |
Unemployment rates | 5.60% | |
Housing Price Index ("HPI") | 2.70% | |
Adverse scenario [member] | Canada [member] | 2020 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (2.30%) | |
BBB | 4.50% | |
Unemployment rates | 8.50% | |
Housing Price Index ("HPI") | (12.30%) | |
Adverse scenario [member] | Canada [member] | 2021 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (2.10%) | 0.50% |
BBB | 4.50% | 4.10% |
Unemployment rates | 13.80% | 9.00% |
Housing Price Index ("HPI") | (9.10%) | (4.70%) |
Adverse scenario [member] | Canada [member] | 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 0.80% | |
BBB | 4.00% | |
Unemployment rates | 13.90% | |
Housing Price Index ("HPI") | (4.60%) | |
Adverse scenario [member] | United States [member] | 2020 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (2.00%) | |
BBB | 4.10% | |
Unemployment rates | 6.10% | |
Housing Price Index ("HPI") | (5.70%) | |
Adverse scenario [member] | United States [member] | 2021 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | (2.90%) | 0.60% |
BBB | 4.40% | 3.60% |
Unemployment rates | 12.60% | 6.80% |
Housing Price Index ("HPI") | (7.30%) | (2.20%) |
Adverse scenario [member] | United States [member] | 2022 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real gross domestic product | 0.80% | |
BBB | 3.70% | |
Unemployment rates | 12.70% | |
Housing Price Index ("HPI") | (2.20%) |
Transfer of Assets - Additional
Transfer of Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Sale of mortgage loans | $ 6,644 | $ 6,692 | |
Securities Lent Under Cash Collateral | 7,696 | 12,960 | |
Collateralized Mortgage Obligations at fair value | 28 | 1 | |
Securities Sold Under Repurchase Agreement | 80,962 | 73,696 | |
United States [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Sale of mortgage loans | 720 | 460 | $ 936 |
Carry value of Mortgage servicing rights | 29 | 43 | |
Gain (loss) on sale of Mortgage loans | 33 | 15 | $ 21 |
Fair value of Mortgage serving rights | $ 30 | $ 46 |
Transfer of Assets - Summary of
Transfer of Assets - Summary of Carrying Amount and Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | $ 19,161 | $ 17,394 |
Fair Value | 19,357 | 17,418 |
Carrying amount of associated liabilities | 18,617 | 16,993 |
Fair Value | 19,213 | 17,202 |
Trading securities [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | 345 | 165 |
Residential mortgages [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | 8,453 | 6,357 |
Other related assets [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | $ 10,363 | $ 10,872 |
Structured Entities - Summary o
Structured Entities - Summary of Carrying Amount and Fair Value (Detail) - Consolidated structured entities [member] - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Carrying amount [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | $ 13,600 | $ 14,335 |
Associated liabilities | 8,272 | 10,166 |
Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 13,621 | 14,344 |
Associated liabilities | 8,416 | 10,209 |
Credit cards [Member] | Carrying amount [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 6,825 | 7,747 |
Credit cards [Member] | Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 6,825 | 7,747 |
Consumer installment and other personal [member] | Carrying amount [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 6,291 | 5,872 |
Consumer installment and other personal [member] | Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 6,312 | 5,876 |
Business And Government [member] | Carrying amount [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 484 | 716 |
Business And Government [member] | Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | $ 484 | $ 721 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of information about structured entities [Line Items] | ||
Fair value of transferred financial assets that are not derecognised in their entirety | $ 19,357 | $ 17,418 |
Associated liabilities | 19,213 | 17,202 |
Fair Value Through Profit Or Loss [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 444 | 469 |
Trading securities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 1,274 | 1,259 |
Limited Recourse Capital Notes Series One [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 1,250 | |
Compound Instrument Interest Rate | 4.30% | |
Class B Series Forty Eight Preferred Shares [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | $ 1,250 | |
NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Fair value of transferred financial assets that are not derecognised in their entirety | 69 | 35 |
Securities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Mortgage backed securities at fair value | 3 | 0 |
Securities [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Associated liabilities | 0 | 0 |
Securities [member] | BMO managed funds [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 1,718 | 1,728 |
U.S. customer securitization vehicle [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Undrawn amount under liquidity facilities | 7,340 | 6,733 |
Sale of MBS to securitization vehicles | 5,797 | 810 |
Capital and funding vehicles [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | 120 | 325 |
Canadian customer securitization vehicles [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Undrawn amount under liquidity facilities | $ 6,469 | $ 6,262 |
Structured Entities - Schedule
Structured Entities - Schedule of Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | Oct. 31, 2017 | ||
Disclosure of unconsolidated structured entities [line items] | ||||||
Cash and cash equivalents | $ 57,408 | [1] | $ 48,803 | $ 42,142 | $ 32,599 | |
Trading Securities | 97,834 | 85,903 | ||||
FVTPL Securities | 13,568 | 13,704 | ||||
FVOCI Securities | 73,407 | 64,515 | ||||
Derivatives | 36,815 | 22,144 | ||||
Other | 25,475 | 16,580 | ||||
Other | 225,218 | 225,981 | ||||
Total assets of the entities | 949,261 | 852,195 | ||||
Capital vehicles [member] | ||||||
Disclosure of unconsolidated structured entities [line items] | ||||||
Cash and cash equivalents | 1,173 | 547 | ||||
Other | 39 | 15 | ||||
Total assets | 1,212 | 562 | ||||
Deposits | 1,173 | 547 | ||||
Other | 25 | 9 | ||||
Total liabilities | 1,198 | 556 | ||||
Exposure to loss | [2] | 1 | ||||
Total assets of the entities | 1,198 | 556 | ||||
Canadian customer securitization vehicles [member] | ||||||
Disclosure of unconsolidated structured entities [line items] | ||||||
Cash and cash equivalents | [3] | 46 | 66 | |||
Trading Securities | [3] | 75 | 8 | |||
FVTPL Securities | [3] | 158 | 567 | |||
FVOCI Securities | [3] | 291 | 616 | |||
Derivatives | [3] | 22 | ||||
Total assets | [3] | 592 | 1,257 | |||
Deposits | [3] | 46 | 66 | |||
Total liabilities | [3] | 46 | 66 | |||
Exposure to loss | [2],[3] | 7,015 | 7,453 | |||
Total assets of the entities | [3] | 5,265 | 4,854 | |||
Structured finance vehicles [member] | ||||||
Disclosure of unconsolidated structured entities [line items] | ||||||
Trading Securities | 72 | 35 | ||||
Amortized cost securities | 102 | 102 | ||||
Other | 0 | |||||
Total assets | 174 | 137 | ||||
Exposure to loss | [2] | 174 | 137 | |||
Total assets of the entities | $ 2,560 | $ 875 | ||||
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. | |||||
[2] | Exposure to loss represents securities held, undrawn liquidity facilities, total committed amounts of the BMO funded vehicle, derivative assets and loans. | |||||
[3] | Securities held that are issued by our Canadian customer securitization vehicles are comprised of asset-backed commercial paper and are classified as trading securities, FVTPL securities and FVOCI securities. All assets held by these vehicles relate to assets in Canada. |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about financial instruments [line items] | |||
Obligation to exercise the option | $ 35 | $ 54 | $ 88 |
Derivative instruments in a liability position | 6,560 | 5,736 | |
Derivative instruments in a liability position, collateral posted | 5,967 | $ 5,660 | |
Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Obligation to exercise the option | $ 0 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total | $ (30,375) | $ (23,598) | |
Total fair value - trading derivatives | 6,102 | (586) | |
Total fair value - hedging derivatives | [1] | 338 | (868) |
Total fair value - trading and hedging derivatives | 6,440 | (1,454) | |
Total | 6,440 | (1,454) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 2,925 | 1,754 | |
Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (247) | (113) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (15) | (3) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 667 | 632 | |
Trading Derivatives [Member] | Interest rate contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (714) | (403) | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 657 | 417 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 346 | 188 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (312) | (203) |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 652 | 1,011 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (56) | (1,479) |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 429 | (519) | |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (91) | 82 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 373 | 270 | |
Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (456) | (367) | |
Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 1,947 | (1,800) | |
Trading Derivatives [Member] | Credit Contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 5 | (96) | |
Trading Derivatives [Member] | Credit Contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (8) | 43 | |
Hedging Derivatives [Member] | Interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges - swaps | [3] | 2,559 | 1,272 |
Fair value hedges - swaps | [3] | (1,139) | (636) |
Total swaps | [3] | 1,420 | 636 |
Hedging Derivatives [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Fair value hedges | (1) | ||
Cash flow hedges | (1,072) | (1,528) | |
Total foreign exchange contracts | (1,073) | (1,528) | |
Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (9) | 24 | |
Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (9) | 24 | |
Gross assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Less: impact of master netting agreements | (19,302) | (13,538) | |
Total | 17,513 | 8,606 | |
Gross assets [member] | Fair value trading and hedging derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading and hedging derivatives | 36,815 | 22,144 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 10,510 | 7,588 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 29 | 44 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 3 | 1 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 667 | 632 | |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 3,611 | 2,796 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 346 | 188 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 2,080 | 2,394 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 4,151 | 3,471 |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 2,162 | 754 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 53 | 122 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 373 | 270 | |
Gross assets [member] | Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 8,461 | 1,199 | |
Gross assets [member] | Trading Derivatives [Member] | Fair value trading derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | 32,457 | 19,508 | |
Gross assets [member] | Trading Derivatives [Member] | Credit Contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 11 | 2 | |
Gross assets [member] | Trading Derivatives [Member] | Credit Contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 47 | ||
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [3] | 2,602 | 1,393 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [3] | 1,118 | 799 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Assets swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total swaps | [3] | 3,720 | 2,192 |
Gross assets [member] | Hedging Derivatives [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | 638 | 420 | |
Total foreign exchange contracts | 638 | 420 | |
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 24 | ||
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 24 | ||
Gross assets [member] | Hedging Derivatives [Member] | Fair value hedging derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [1] | 4,358 | 2,636 |
Gross Liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Less: impact of master netting agreements | 19,302 | 13,538 | |
Total | (11,073) | (10,060) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (7,585) | (5,834) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (276) | (157) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (18) | (4) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (714) | (403) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (2,954) | (2,379) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (312) | (203) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (1,428) | (1,383) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (4,207) | (4,950) |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (1,733) | (1,273) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (144) | (40) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (456) | (367) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (6,514) | (2,999) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Fair value trading derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | (26,355) | (20,094) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit Contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (6) | (98) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit Contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (8) | (4) | |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [3] | (43) | (121) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [3] | (2,257) | (1,435) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Assets swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total swaps | [3] | (2,300) | (1,556) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges | (1,710) | (1,948) | |
Fair value hedges | (1) | ||
Total foreign exchange contracts | (1,711) | (1,948) | |
Gross Liabilities [member] | Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (9) | ||
Gross Liabilities [member] | Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (9) | ||
Gross Liabilities [member] | Hedging Derivatives [Member] | Fair value hedging derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [1] | $ (4,020) | $ (3,504) |
[1] | The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance sheet financial instruments. | ||
[2] | Gold contracts are included with foreign exchange contracts. | ||
[3] | The fair value of bond futures designated in fair value hedge relationships rounds down to zero as at October 31, 2020 (We held no bond futures as at October 31, 2019). |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Hedging Derivatives [Member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Net fair value of bonds designated as fair value hedges | $ 0 | $ 0 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Notional Amounts of Trading Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | $ 6,789,847 | $ 6,555,375 | |
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,218,162 | 1,144,590 |
Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 637,501 | 604,728 |
Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,608 | 882 |
Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 494,640 | 453,711 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 90,416 | 76,968 | |
Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 30,613 | 24,722 | |
Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 39,011 | 32,422 | |
Credit Contracts [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [2] | 9,202 | 7,429 |
Trading Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 6,547,519 | 6,310,800 | |
Trading Derivatives [Member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 170,476 | 90,862 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,114,207 | 5,048,131 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 82,516 | 55,821 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 68,524 | 65,933 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 4,148,257 | 4,209,193 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 517,332 | 491,437 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 297,578 | 225,747 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,163,218 | 1,087,410 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 40,740 | 40,692 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 43,673 | 44,577 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,608 | 882 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 47,805 | 47,977 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 534,752 | 499,571 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 494,640 | 453,711 | |
Trading Derivatives [Member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 90,416 | 76,968 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 10,574 | 10,223 | |
Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 10,218 | 9,601 | |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 30,613 | 24,722 | |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 39,011 | 32,422 | |
Trading Derivatives [Member] | Credit Contracts [Member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 7,407 | 5,361 | |
Trading Derivatives [Member] | Credit Contracts [Member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,795 | 2,068 | |
Trading Derivatives [Member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 492,329 | 343,828 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 110,274 | 39,952 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 326,057 | 255,930 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 24,683 | 13,737 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 3,796 | 16,446 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 297,578 | 225,747 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,627 | 6,679 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,673 | 3,295 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 2,346 | 2,502 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,608 | 882 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 50,371 | 41,267 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 4,846 | 3,615 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 6,514 | 5,230 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 39,011 | 32,422 | |
Trading Derivatives [Member] | Over the Counter [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 6,055,190 | 5,966,972 | |
Trading Derivatives [Member] | Over the Counter [member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 60,202 | 50,910 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 4,788,150 | 4,792,201 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 57,833 | 42,084 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 64,728 | 49,487 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 4,148,257 | 4,209,193 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 517,332 | 491,437 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,157,591 | 1,080,731 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 39,067 | 37,397 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 41,327 | 42,075 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 47,805 | 47,977 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 534,752 | 499,571 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 494,640 | 453,711 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 40,045 | 35,701 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,728 | 6,608 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 3,704 | 4,371 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 30,613 | 24,722 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | Purchased call options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 7,407 | 5,361 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | Written put options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | $ 1,795 | $ 2,068 | |
[1] | Gold contracts are included with foreign exchange contracts. | ||
[2] | Under theSA-CCR, excludes loan commitment derivatives. |
Derivative Instruments - Sche_4
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,789,847 | $ 6,555,375 |
Carrying amount | 36,815 | 22,144 |
Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 3,260,187 | |
1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 1,692,389 | |
3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 996,277 | |
5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 644,866 | |
Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 196,128 | |
Interest rate risk [member] | Futures contract [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 48 | |
Average price | 126 | |
Interest rate risk [member] | Futures contract [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 48 | |
Average price | 126 | |
Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 39 | |
Average fixed interest rate | 0.0066 | |
Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 39 | |
Average fixed interest rate | 0.0066 | |
Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-GBP pair [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.3024 | |
Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-GBP pair [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Average exchange rate | 1.3024 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 92,296 | $ 93,611 |
Average fixed interest rate | 0.0139 | 0.0201 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 16,332 | |
Average fixed interest rate | 0.0104 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 29,011 | |
Average fixed interest rate | 0.016 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 30,395 | |
Average fixed interest rate | 0.0151 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 16,040 | |
Average fixed interest rate | 0.0114 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 518 | |
Average fixed interest rate | 0.0157 | |
Cash flow hedges [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 17,299 | $ 20,357 |
Average fixed interest rate | 0.0217 | 0.0221 |
Average exchange rate | 1.5008 | 1.4892 |
Cash flow hedges [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 4,621 | |
Average fixed interest rate | 0.0227 | |
Average exchange rate | 1.4671 | |
Cash flow hedges [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 10,553 | |
Average fixed interest rate | 0.0207 | |
Average exchange rate | 1.5088 | |
Cash flow hedges [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,924 | |
Average fixed interest rate | 0.0241 | |
Average exchange rate | 1.5395 | |
Cash flow hedges [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 201 | |
Average fixed interest rate | 0.0297 | |
Average exchange rate | 1.4870 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Other currency pairs [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 7,104 | $ 7,849 |
Average fixed interest rate | 0.0263 | 0.0257 |
Average exchange rate | 1.2923 | 1.3348 |
Cash flow hedges [member] | Foreign exchange risk [member] | Other currency pairs [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 365 | |
Average fixed interest rate | 0.0283 | |
Average exchange rate | 0.7725 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Other currency pairs [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 4,426 | |
Average fixed interest rate | 0.028 | |
Average exchange rate | 1.3338 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Other currency pairs [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,077 | |
Average fixed interest rate | 0.0235 | |
Average exchange rate | 1.2744 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Other currency pairs [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 236 | |
Average fixed interest rate | 0.0162 | |
Average exchange rate | 1.4753 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 43,381 | $ 40,154 |
Average fixed interest rate | 0.0192 | 0.0195 |
Average exchange rate | 1.3219 | 1.3034 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,405 | |
Average fixed interest rate | 0.0186 | |
Average exchange rate | 1.3378 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 15,218 | |
Average fixed interest rate | 0.0196 | |
Average exchange rate | 1.3140 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 12,435 | |
Average fixed interest rate | 0.021 | |
Average exchange rate | 1.3076 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 7,072 | |
Average fixed interest rate | 0.0153 | |
Average exchange rate | 1.3458 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 251 | |
Average fixed interest rate | 0.0302 | |
Average exchange rate | 1.3122 | |
Cash flow hedges [member] | Equity price risk [member] | Total Return Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 302 | $ 316 |
Cash flow hedges [member] | Equity price risk [member] | Total Return Swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 302 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 94,738 | $ 93,467 |
Average fixed interest rate | 0.0147 | 0.0223 |
Fair value hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 19,571 | |
Average fixed interest rate | 0.0085 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 31,221 | |
Average fixed interest rate | 0.0169 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 28,393 | |
Average fixed interest rate | 0.0168 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 15,553 | |
Average fixed interest rate | 0.014 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | USD denominated deposit [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | $ 8,219 | $ 6,495 |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | USD denominated deposit [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 8,219 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | GBP denominated deposit [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 892 | $ 685 |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | GBP denominated deposit [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | $ 892 |
Derivative Instruments - Sche_5
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,789,847 | $ 6,555,375 |
Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 92,296 | 93,611 |
Interest rate swaps [Member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 94,738 | $ 93,467 |
LIBOR Or Other Potentially Impacted IBORs [Member] | Interest rate swaps [Member] | Interest rate risk [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 41 | |
LIBOR Or Other Potentially Impacted IBORs [Member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 48,825 | |
Interest rates swaps maturity period | Dec. 31, 2021 | |
LIBOR Or Other Potentially Impacted IBORs [Member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 718 | |
Interest rates swaps maturity period | Dec. 31, 2021 | |
LIBOR Or Other Potentially Impacted IBORs [Member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 39 | |
Interest rates swaps maturity period | Dec. 31, 2021 | |
IBOR [Member] | Interest rate swaps [Member] | Interest rate risk [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 55,130 | |
Interest rates swaps maturity period | Dec. 31, 2021 |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Items Designated As Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging instruments, Asset | [1] | $ 3,240 | $ 1,837 |
Carrying amount of hedging instruments, Liability | [1] | (10,873) | (9,249) |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | 1,962 | 1,945 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | (1,966) | (1,921) | |
Ineffectiveness recorded in non-interest revenue - other | 4 | 15 | |
Cash flow hedges [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging instruments, Asset | [1] | 3,240 | 1,837 |
Carrying amount of hedging instruments, Liability | [1] | (1,762) | (2,069) |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | 2,093 | 1,962 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | (2,097) | (1,938) | |
Ineffectiveness recorded in non-interest revenue - other | 4 | 15 | |
Interest rate risk [member] | Cash flow hedges [member] | Interest rate swap contract [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging instruments, Asset | [1] | 2,602 | 1,393 |
Carrying amount of hedging instruments, Liability | [1] | (43) | (121) |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | 2,516 | 3,142 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | (2,520) | (3,118) | |
Ineffectiveness recorded in non-interest revenue - other | 4 | 15 | |
Foreign exchange risk [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging instruments, Liability | [1] | (9,111) | (7,180) |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | (131) | (17) | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 131 | 17 | |
Foreign exchange risk [member] | Cash flow hedges [member] | Cross currency swap [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging instruments, Asset | [1] | 638 | 420 |
Carrying amount of hedging instruments, Liability | [1] | (1,710) | (1,948) |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | (315) | (1,195) | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 315 | 1,195 | |
Equity price risk [member] | Cash flow hedges [member] | Total Return Swaps [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging instruments, Asset | [1] | 24 | |
Carrying amount of hedging instruments, Liability | [1] | (9) | |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | (108) | 15 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | $ 108 | $ (15) | |
[1] | Represents the unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. |
Derivative Instruments - Cash_2
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | $ 3,729 | |||
Ending Balance | 5,518 | $ 3,729 | ||
Cash flow hedges [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 729 | [1] | (1,430) | |
Gains / (losses) recognized in OCI | 2,054 | 1,965 | ||
Amount reclassified to net income as the hedged item affects net income | (63) | 194 | ||
Ending Balance | 2,720 | [2] | 729 | [1] |
Active hedges | 1,550 | 723 | ||
Discontinued hedges | 1,170 | 6 | ||
Cash flow hedges [member] | Interest rate risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 1,156 | [1] | (2,211) | |
Gains / (losses) recognized in OCI | 2,512 | 3,127 | ||
Amount reclassified to net income as the hedged item affects net income | (139) | 240 | ||
Ending Balance | 3,529 | [2] | 1,156 | [1] |
Active hedges | 2,359 | 1,150 | ||
Discontinued hedges | 1,170 | 6 | ||
Cash flow hedges [member] | Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (444) | [1] | 751 | |
Gains / (losses) recognized in OCI | (350) | (1,177) | ||
Amount reclassified to net income as the hedged item affects net income | 35 | (18) | ||
Ending Balance | (759) | [2] | (444) | [1] |
Active hedges | (759) | (444) | ||
Cash flow hedges [member] | Equity price risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 17 | [1] | 30 | |
Gains / (losses) recognized in OCI | (108) | 15 | ||
Amount reclassified to net income as the hedged item affects net income | 41 | (28) | ||
Ending Balance | (50) | [2] | 17 | [1] |
Active hedges | (50) | 17 | ||
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (1,808) | [1] | (1,791) | |
Gains / (losses) recognized in OCI | (131) | (17) | ||
Ending Balance | (1,939) | [2] | (1,808) | [1] |
Active hedges | (1,939) | (1,808) | ||
Hedged item [Member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (1,079) | [1] | (3,221) | |
Gains / (losses) recognized in OCI | 1,923 | 1,948 | ||
Amount reclassified to net income as the hedged item affects net income | (63) | 194 | ||
Ending Balance | 781 | [2] | (1,079) | [1] |
Active hedges | (389) | (1,085) | ||
Discontinued hedges | $ 1,170 | $ 6 | ||
[1] | Tax balance related to cash flow hedge AOCI is $(216) million. | |||
[2] | Tax balance related to cash flow hedge AOCI is $(741) million. |
Derivative Instruments - Cash_3
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [abstract] | ||
Cash flow hedge AOCI, tax | $ (741) | $ (216) |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Designated As Fair Value Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | $ 1,962 | $ 1,945 |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | (1,966) | (1,921) |
Ineffectiveness recorded in non-interest revenue - other | 4 | 15 |
Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount of hedging derivatives Asset | 1,118 | 799 |
Carrying amount of hedging derivatives liabilities | (2,258) | (1,435) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (1,169) | (803) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | 1,174 | 803 |
Ineffectiveness recorded in non-interest revenue - other | 5 | |
Carrying amount of the hedged item (2) | 18,658 | 12,395 |
Active hedges | 1,819 | 640 |
Discontinued hedges | 33 | 316 |
Fair value hedges [member] | Interest rate swap contract [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount of hedging derivatives Asset | 1,118 | 799 |
Carrying amount of hedging derivatives liabilities | (2,257) | (1,435) |
Fair value hedges [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount of hedging derivatives liabilities | 1 | |
Fair value hedges [member] | Securities and loans [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (1,791) | (2,072) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | 1,794 | 2,058 |
Ineffectiveness recorded in non-interest revenue - other | 3 | (14) |
Carrying amount of the hedged item (2) | 58,608 | 53,672 |
Active hedges | 2,762 | 1,249 |
Discontinued hedges | 25 | 8 |
Fair value hedges [member] | Deposits and subordinated debt [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | 622 | 1,269 |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | (620) | (1,255) |
Ineffectiveness recorded in non-interest revenue - other | 2 | 14 |
Carrying amount of the hedged item (2) | (39,950) | (41,277) |
Active hedges | (943) | (609) |
Discontinued hedges | $ 8 | $ 308 |
Derivative Instruments - Sche_6
Derivative Instruments - Schedule of Derivative-Related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost | $ 18,087 | $ 9,274 |
Derivative credit risk equivalents | 54,826 | 35,846 |
Derivative credit risk weighted assets | 11,941 | 7,325 |
Interest rate contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 6,521 | 3,505 |
Derivative credit risk equivalents before master netting agreements | 14,459 | 9,699 |
Derivative credit risk weighted assets before master netting agreements | 5,024 | 2,677 |
Interest rate contract [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 6,451 | 3,384 |
Derivative credit risk equivalents before master netting agreements | 14,306 | 9,492 |
Derivative credit risk weighted assets before master netting agreements | 5,021 | 2,673 |
Interest rate contract [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 70 | 121 |
Derivative credit risk equivalents before master netting agreements | 153 | 207 |
Derivative credit risk weighted assets before master netting agreements | 3 | 4 |
Interest rate contract [member] | Written put options [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 68 | 38 |
Derivative credit risk equivalents before master netting agreements | 206 | 154 |
Derivative credit risk weighted assets before master netting agreements | 150 | 98 |
Interest rate contract [member] | Written put options [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 3 | 3 |
Derivative credit risk equivalents before master netting agreements | 4 | 6 |
Interest rate contract [member] | Futures contract [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 22 | 90 |
Derivative credit risk equivalents before master netting agreements | 83 | 161 |
Derivative credit risk weighted assets before master netting agreements | 2 | 3 |
Interest rate contract [member] | Swap contract [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 5,228 | 3,233 |
Derivative credit risk equivalents before master netting agreements | 10,713 | 8,114 |
Derivative credit risk weighted assets before master netting agreements | 3,380 | 2,300 |
Interest rate contract [member] | Forward rate agreements [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,153 | 102 |
Derivative credit risk equivalents before master netting agreements | 3,332 | 1,162 |
Derivative credit risk weighted assets before master netting agreements | 1,479 | 236 |
Interest rate contract [member] | Purchased options [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 2 | 11 |
Derivative credit risk equivalents before master netting agreements | 55 | 62 |
Derivative credit risk weighted assets before master netting agreements | 12 | 39 |
Interest rate contract [member] | Purchased options [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 45 | 28 |
Derivative credit risk equivalents before master netting agreements | 66 | 40 |
Derivative credit risk weighted assets before master netting agreements | 1 | 1 |
Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 2,002 | 3,013 |
Derivative credit risk equivalents before master netting agreements | 13,749 | 13,805 |
Derivative credit risk weighted assets before master netting agreements | 1,739 | 2,324 |
Foreign exchange contracts [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,977 | 2,987 |
Derivative credit risk equivalents before master netting agreements | 13,712 | 13,759 |
Derivative credit risk weighted assets before master netting agreements | 1,739 | 2,324 |
Foreign exchange contracts [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 25 | 26 |
Derivative credit risk equivalents before master netting agreements | 37 | 46 |
Foreign exchange contracts [member] | Written put options [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 5 | 10 |
Derivative credit risk equivalents before master netting agreements | 76 | 119 |
Derivative credit risk weighted assets before master netting agreements | 27 | 29 |
Foreign exchange contracts [member] | Written put options [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 12 | |
Derivative credit risk equivalents before master netting agreements | 18 | 2 |
Foreign exchange contracts [member] | Futures contract [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1 | 13 |
Derivative credit risk equivalents before master netting agreements | 2 | 20 |
Foreign exchange contracts [member] | Swap contract [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 872 | 1,184 |
Derivative credit risk equivalents before master netting agreements | 5,581 | 6,248 |
Derivative credit risk weighted assets before master netting agreements | 794 | 989 |
Foreign exchange contracts [member] | Forward rate agreements [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,032 | 1,753 |
Derivative credit risk equivalents before master netting agreements | 7,859 | 7,225 |
Derivative credit risk weighted assets before master netting agreements | 823 | 1,260 |
Foreign exchange contracts [member] | Purchased options [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 68 | 40 |
Derivative credit risk equivalents before master netting agreements | 196 | 167 |
Derivative credit risk weighted assets before master netting agreements | 95 | 46 |
Foreign exchange contracts [member] | Purchased options [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 12 | 13 |
Derivative credit risk equivalents before master netting agreements | 17 | 24 |
Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 2,771 | 1,199 |
Derivative credit risk equivalents before master netting agreements | 7,732 | 4,694 |
Derivative credit risk weighted assets before master netting agreements | 2,501 | 992 |
Commodity contract [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,542 | 427 |
Derivative credit risk equivalents before master netting agreements | 5,195 | 2,996 |
Derivative credit risk weighted assets before master netting agreements | 2,450 | 958 |
Commodity contract [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,229 | 772 |
Derivative credit risk equivalents before master netting agreements | 2,537 | 1,698 |
Derivative credit risk weighted assets before master netting agreements | 51 | 34 |
Commodity contract [member] | Written put options [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1 | 116 |
Derivative credit risk equivalents before master netting agreements | 234 | 370 |
Derivative credit risk weighted assets before master netting agreements | 74 | 204 |
Commodity contract [member] | Written put options [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 221 | 1 |
Derivative credit risk equivalents before master netting agreements | 363 | 52 |
Derivative credit risk weighted assets before master netting agreements | 7 | 1 |
Commodity contract [member] | Futures contract [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 635 | 393 |
Derivative credit risk equivalents before master netting agreements | 1,612 | 1,079 |
Derivative credit risk weighted assets before master netting agreements | 33 | 22 |
Commodity contract [member] | Swap contract [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,424 | 213 |
Derivative credit risk equivalents before master netting agreements | 4,215 | 2,154 |
Derivative credit risk weighted assets before master netting agreements | 2,119 | 629 |
Commodity contract [member] | Purchased options [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 117 | 98 |
Derivative credit risk equivalents before master netting agreements | 746 | 472 |
Derivative credit risk weighted assets before master netting agreements | 257 | 125 |
Commodity contract [member] | Purchased options [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 373 | 378 |
Derivative credit risk equivalents before master netting agreements | 562 | 567 |
Derivative credit risk weighted assets before master netting agreements | 11 | 11 |
Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 6,521 | 1,280 |
Derivative credit risk equivalents before master netting agreements | 18,145 | 7,152 |
Derivative credit risk weighted assets before master netting agreements | 2,602 | 1,298 |
Equity contract [member] | Over the Counter1 [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 563 | 197 |
Derivative credit risk equivalents before master netting agreements | 8,010 | 4,572 |
Derivative credit risk weighted assets before master netting agreements | 2,399 | 1,246 |
Equity contract [member] | Exchange Traded [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 5,958 | 1,083 |
Derivative credit risk equivalents before master netting agreements | 10,135 | 2,580 |
Derivative credit risk weighted assets before master netting agreements | 203 | 52 |
Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 272 | 277 |
Derivative credit risk equivalents before master netting agreements | 741 | 496 |
Derivative credit risk weighted assets before master netting agreements | $ 75 | $ 34 |
Derivative Instruments - Sche_7
Derivative Instruments - Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | $ 6,789,847 | $ 6,555,375 | |
Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 5,301,289 | 5,235,210 | |
Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 4,335,291 | 4,396,272 | |
Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 965,998 | 838,938 | |
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,218,162 | 1,144,590 |
Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 637,501 | 604,728 |
Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 494,640 | 453,711 |
Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,608 | 882 |
Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 84,413 | 85,269 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 90,416 | 76,968 | |
Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 30,613 | 24,722 | |
Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 39,011 | 32,422 | |
Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 20,792 | 19,824 | |
Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 170,778 | 91,178 | |
Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 9,202 | $ 7,429 |
Within 1 year [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 3,260,187 | ||
Within 1 year [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,392,967 | ||
Within 1 year [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,605,404 | ||
Within 1 year [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 787,563 | ||
Within 1 year [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 714,066 | |
Within 1 year [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 155,542 | |
Within 1 year [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 480,223 | |
Within 1 year [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,580 | |
Within 1 year [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 76,721 | |
Within 1 year [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 34,071 | ||
Within 1 year [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 9,591 | ||
Within 1 year [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 15,300 | ||
Within 1 year [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 9,180 | ||
Within 1 year [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 118,139 | ||
Within 1 year [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 944 | |
1 to 3 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,692,389 | ||
1 to 3 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,369,444 | ||
1 to 3 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,235,423 | ||
1 to 3 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 134,021 | ||
1 to 3 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 234,237 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 215,827 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 11,892 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 28 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 6,490 | |
1 to 3 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 49,566 | ||
1 to 3 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 18,447 | ||
1 to 3 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 20,536 | ||
1 to 3 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 10,583 | ||
1 to 3 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 38,527 | ||
1 to 3 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 615 | |
3 to 5 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 996,277 | ||
3 to 5 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 833,281 | ||
3 to 5 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 802,411 | ||
3 to 5 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 30,870 | ||
3 to 5 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 141,657 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 138,246 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 2,209 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,202 | |
3 to 5 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 6,186 | ||
3 to 5 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,296 | ||
3 to 5 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,878 | ||
3 to 5 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,012 | ||
3 to 5 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 11,758 | ||
3 to 5 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 3,395 | |
5 to 10 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 644,866 | ||
5 to 10 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 537,844 | ||
5 to 10 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 526,599 | ||
5 to 10 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 11,245 | ||
5 to 10 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 100,543 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 100,254 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 289 | |
5 to 10 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 593 | ||
5 to 10 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 279 | ||
5 to 10 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 297 | ||
5 to 10 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 17 | ||
5 to 10 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,071 | ||
5 to 10 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 3,815 | |
Over 10 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 196,128 | ||
Over 10 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 167,753 | ||
Over 10 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 165,454 | ||
Over 10 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,299 | ||
Over 10 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 27,659 | |
Over 10 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 27,632 | |
Over 10 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 27 | |
Over 10 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 283 | ||
Over 10 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | $ 433 | |
[1] | Gold contracts are included with foreign exchange contracts. | ||
[2] | Under theSA-CCR, excludes loan commitment derivatives. |
Premises and Equipment - Summar
Premises and Equipment - Summary of Maximum Estimated Useful Lives to Amortize Assets (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
Buildings [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Buildings [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 40 years |
Computer equipment [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 5 years |
Computer equipment [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 7 years |
Other equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Leasehold improvements [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | Lease term to a maximum of 10 years |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Impairment loss, property, plant and equipment | $ 4 | $ 0 | $ 0 |
Rent expense for premises and equipment | $ 600 | $ 530 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 2,055 | ||
Ending balance | 4,183 | $ 2,055 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 6,701 | 6,448 | |
Impact from adoption IFRS 16 | [1],[2] | 1,965 | |
Additions/lease modifications | 996 | 620 | |
Disposals | [3] | (398) | (365) |
Foreign exchange and other | 36 | (2) | |
Ending balance | 9,300 | 6,701 | |
Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (4,646) | (4,462) | |
Disposals | [2] | 360 | 247 |
Depreciation | 801 | 435 | |
Foreign exchange and other | 30 | (4) | |
Ending balance | (5,117) | (4,646) | |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 109 | ||
Ending balance | 112 | 109 | |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 109 | 145 | |
Additions/lease modifications | 8 | 10 | |
Disposals | [3] | (6) | (45) |
Foreign exchange and other | 1 | (1) | |
Ending balance | 112 | 109 | |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 573 | ||
Ending balance | 518 | 573 | |
Buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,534 | 1,627 | |
Impact from adoption IFRS 16 | [1],[2] | (23) | |
Additions/lease modifications | 53 | 86 | |
Disposals | [3] | (116) | (179) |
Foreign exchange and other | 6 | ||
Ending balance | 1,454 | 1,534 | |
Buildings [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (961) | (1,016) | |
Disposals | [2] | 93 | 114 |
Depreciation | 64 | 59 | |
Foreign exchange and other | 4 | ||
Ending balance | (936) | (961) | |
Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 684 | ||
Ending balance | 593 | 684 | |
Computer equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,470 | 2,229 | |
Impact from adoption IFRS 16 | [1],[2] | (65) | |
Additions/lease modifications | 168 | 343 | |
Disposals | [3] | (104) | (102) |
Foreign exchange and other | 12 | ||
Ending balance | 2,481 | 2,470 | |
Computer equipment [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,786) | (1,662) | |
Impact from adoption IFRS 16 | [1] | (27) | |
Disposals | [2] | 100 | 101 |
Depreciation | 218 | 227 | |
Foreign exchange and other | 11 | (2) | |
Ending balance | (1,888) | (1,786) | |
Other property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 231 | ||
Ending balance | 224 | 231 | |
Other property, plant and equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 973 | 933 | |
Additions/lease modifications | 41 | 57 | |
Disposals | [3] | (122) | (15) |
Foreign exchange and other | 12 | (2) | |
Ending balance | 904 | 973 | |
Other property, plant and equipment [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (742) | (704) | |
Disposals | [2] | 120 | 12 |
Depreciation | 52 | 51 | |
Foreign exchange and other | 6 | (1) | |
Ending balance | (680) | (742) | |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 458 | ||
Ending balance | 519 | 458 | |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,615 | 1,514 | |
Additions/lease modifications | 167 | 124 | |
Disposals | [3] | (28) | (24) |
Foreign exchange and other | 15 | 1 | |
Ending balance | 1,769 | 1,615 | |
Leasehold improvements [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,157) | (1,080) | |
Disposals | [2] | 25 | 20 |
Depreciation | 107 | 98 | |
Foreign exchange and other | 11 | (1) | |
Ending balance | (1,250) | $ (1,157) | |
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Ending balance | 2,217 | ||
Right-of-use assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impact from adoption IFRS 16 | [1],[2] | 2,053 | |
Additions/lease modifications | 559 | ||
Disposals | [3] | (22) | |
Foreign exchange and other | 10 | ||
Ending balance | 2,580 | ||
Right-of-use assets [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Impact from adoption IFRS 16 | [1] | 27 | |
Disposals | [2] | 22 | |
Depreciation | 360 | ||
Foreign exchange and other | 2 | ||
Ending balance | $ (363) | ||
[1] | Effective November 1, 2019, we adopted IFRS 16 Leases, recognizing the cumulative effect of adoption in opening retained earnings with no changes to prior periods (Note 1). | ||
[2] | Includes net book value of buildings transferred to right-of-use assets. | ||
[3] | Includes fully depreciated assets written off. |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) $ in Millions, $ in Millions | Apr. 06, 2020CAD ($) | Oct. 31, 2020CAD ($) | 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 | 8 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 | 132 | ||
Contingent consideration | $ 11 | $ 7 |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition (Detail) - Clearpool Group Inc [Member] $ in Millions, $ in Millions | Oct. 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 | $ 217 | ||
Other assets | 44 | ||
Total assets | 261 | ||
Liabilities | 54 | ||
Purchase price | $ 207 | $ 196 | $ 139 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of detailed information about intangible assets [line items] | |||
Intangible assets with indefinite lives | $ 172 | $ 168 | |
Software [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Write-downs of intangible assets | $ 5 | $ 10 | $ 13 |
Cash-generating units [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Cash flow projection period | 10 years | ||
Terminal growth rate | 2.50% | 2.50% | |
Write-downs of goodwill due to impairment | $ 0 | $ 0 | |
Bottom of range [member] | Cash-generating units [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rates for determine the recoverable amount | 6.00% | 8.00% | |
Top of range [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Useful lives of intangible assets other than goodwill | 15 years | ||
Top of range [member] | Cash-generating units [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Discount rates for determine the recoverable amount | 10.30% | 11.00% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Continuity of Goodwill By Group of CGUs (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | $ 6,340 | $ 6,373 |
Acquisitions during the year | 132 | |
Foreign exchange and other | 63 | (33) |
Ending balance | 6,535 | 6,340 |
Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,893 | 3,894 |
Foreign exchange and other | 45 | (1) |
Ending balance | 3,938 | 3,893 |
Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2,147 | 2,131 |
Foreign exchange and other | 23 | 16 |
Ending balance | 2,170 | 2,147 |
Capital markets [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 300 | 348 |
Acquisitions during the year | 132 | |
Foreign exchange and other | (5) | (48) |
Ending balance | 427 | 300 |
Traditional wealth management [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2,145 | 2,129 |
Foreign exchange and other | 23 | 16 |
Ending balance | 2,168 | 2,145 |
Insurance products [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2 | 2 |
Foreign exchange and other | 0 | |
Ending balance | 2 | 2 |
Canada [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 97 | 97 |
Foreign exchange and other | 0 | |
Ending balance | 97 | 97 |
United States [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,796 | 3,797 |
Foreign exchange and other | 45 | (1) |
Ending balance | $ 3,841 | $ 3,796 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | $ 2,424 | |||
Amortization | 620 | [1] | $ 554 | $ 503 |
Ending balance | 2,442 | 2,424 | ||
Customer-related intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 209 | |||
Ending balance | 151 | 209 | ||
Core deposit [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 73 | |||
Ending balance | 29 | 73 | ||
Software amortizing [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 1,475 | |||
Ending balance | 1,735 | 1,475 | ||
software under development [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 402 | |||
Ending balance | 280 | 402 | ||
Other intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 265 | |||
Ending balance | 247 | 265 | ||
Gross carrying amount [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 7,587 | 6,837 | ||
Additions (disposals) | 421 | 657 | ||
Foreign exchange and other | 38 | 93 | ||
Ending balance | 8,046 | 7,587 | 6,837 | |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 760 | 688 | ||
Additions (disposals) | 0 | |||
Foreign exchange and other | 7 | 72 | ||
Ending balance | 767 | 760 | 688 | |
Gross carrying amount [member] | Core deposit [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 951 | 951 | ||
Additions (disposals) | 0 | |||
Foreign exchange and other | 11 | |||
Ending balance | 962 | 951 | 951 | |
Gross carrying amount [member] | Branch distribution networks [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 191 | 191 | ||
Additions (disposals) | 0 | |||
Foreign exchange and other | 2 | |||
Ending balance | 193 | 191 | 191 | |
Gross carrying amount [member] | Software amortizing [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 4,836 | 4,127 | ||
Additions (disposals) | 562 | 718 | ||
Foreign exchange and other | 18 | (9) | ||
Ending balance | 5,416 | 4,836 | 4,127 | |
Gross carrying amount [member] | software under development [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 402 | 496 | ||
Additions (disposals) | (124) | (91) | ||
Foreign exchange and other | 2 | (3) | ||
Ending balance | 280 | 402 | 496 | |
Gross carrying amount [member] | Other intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | 447 | 384 | ||
Additions (disposals) | (17) | 30 | ||
Foreign exchange and other | (2) | 33 | ||
Ending balance | 428 | 447 | 384 | |
Accumulated depreciation and amortisation [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (5,163) | (4,565) | ||
Amortization | 620 | 554 | ||
Additions (disposals) | (211) | (11) | ||
Foreign exchange and other | 32 | 55 | ||
Ending balance | (5,604) | (5,163) | (4,565) | |
Accumulated depreciation and amortisation [member] | Customer-related intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (551) | (475) | ||
Amortization | 52 | 60 | ||
Foreign exchange and other | 13 | 16 | ||
Ending balance | (616) | (551) | (475) | |
Accumulated depreciation and amortisation [member] | Core deposit [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (878) | (830) | ||
Amortization | 46 | 48 | ||
Foreign exchange and other | 9 | |||
Ending balance | (933) | (878) | (830) | |
Accumulated depreciation and amortisation [member] | Branch distribution networks [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (191) | (191) | ||
Foreign exchange and other | 2 | |||
Ending balance | (193) | (191) | (191) | |
Accumulated depreciation and amortisation [member] | Software amortizing [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (3,361) | (2,970) | ||
Amortization | 478 | 395 | ||
Additions (disposals) | (173) | (11) | ||
Foreign exchange and other | 15 | 7 | ||
Ending balance | (3,681) | (3,361) | (2,970) | |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | ||||
Disclosure of detailed information about intangible assets [line items] | ||||
Beginning balance | (182) | (99) | ||
Amortization | 44 | 51 | ||
Additions (disposals) | (38) | |||
Foreign exchange and other | (7) | 32 | ||
Ending balance | $ (181) | $ (182) | $ (99) | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Statement [Line Items] | |||
Intangible assets other than goodwill | $ 2,442 | $ 2,424 | |
Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | (5,604) | (5,163) | $ (4,565) |
Software amortizing [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | 1,735 | 1,475 | |
Software amortizing [member] | Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | (3,681) | (3,361) | $ (2,970) |
Internally generated [member] | Software amortizing [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | 4,458 | 3,969 | |
Internally generated [member] | Software amortizing [member] | Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | $ (2,909) | $ (2,594) |
Other Assets - Components of Ot
Other Assets - Components of Other within Other Assets (Details) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of Other Assets [line items] | |||
Accounts receivable, prepaid expenses and other items | $ 2,942 | $ 2,700 | |
Accrued interest receivable | 1,586 | 1,755 | |
Bank owned life insurance policies | 4,352 | 4,242 | |
Leased vehicles, net of accumulated amortization | 677 | 870 | |
Cash collateral | 6,344 | 3,722 | |
Due from clients, dealers and brokers | 161 | 177 | |
Insurance-related assets | 1,507 | 1,163 | |
Other employee future benefits assets | 38 | 46 | |
Precious metals | 7,744 | 1,719 | |
Total | 25,475 | 16,580 | |
Pension Plans [member] | |||
Disclosure of Other Assets [line items] | |||
Pension asset | (429) | (143) | $ 408 |
Other assets [member] | Pension Plans [member] | |||
Disclosure of Other Assets [line items] | |||
Pension asset | $ 124 | $ 186 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line Items] | ||
Interest bearing | $ 52,366 | |
Non-interest bearing | 77,087 | |
Payables after notice | 237,949 | |
Payable on a fixed date | 291,632 | $ 294,893 |
Total | 659,034 | 568,143 |
Canada [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 41,855 | |
Non-interest bearing | 67,873 | |
Payables after notice | 112,543 | |
Payable on a fixed date | 185,655 | |
Total | 407,926 | 349,714 |
United States [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 8,818 | |
Non-interest bearing | 9,170 | |
Payables after notice | 124,129 | |
Payable on a fixed date | 78,175 | |
Total | 220,292 | 189,546 |
Other countries [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 1,693 | |
Non-interest bearing | 44 | |
Payables after notice | 1,277 | |
Payable on a fixed date | 27,802 | |
Total | 30,816 | 28,883 |
Banks [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 3,594 | |
Non-interest bearing | 2,460 | |
Payables after notice | 1,231 | |
Payable on a fixed date | 31,540 | |
Total | 38,825 | 23,816 |
Business and governments [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 44,111 | |
Non-interest bearing | 44,258 | |
Payables after notice | 124,813 | |
Payable on a fixed date | 187,497 | |
Total | 400,679 | 343,157 |
Individuals [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 4,661 | |
Non-interest bearing | 30,369 | |
Payables after notice | 111,905 | |
Payable on a fixed date | 72,595 | |
Total | $ 219,530 | $ 201,170 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 291,632 | $ 294,893 |
Bank Recapitalization (Bail-In) Regime [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 25,651 | 16,248 |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 322,951 | 279,860 |
Non USD Non CAD [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | $ 32,254 | $ 36,680 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Deposits [Line Items] | ||
Deposits eligible for early redemption without penalty | $ 27,353 | $ 30,051 |
Commercial paper | 8,358 | 9,495 |
Covered bonds | 24,699 | 25,465 |
Unencumbered liquid assets | $ 306,120 | $ 249,650 |
Deposits - Schedule for our Dep
Deposits - Schedule for our Deposits Payable on a Fixed Date (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | $ 291,632 | $ 294,893 |
Within 1 year [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 192,617 | 183,952 |
1-2 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 27,855 | 34,401 |
2 to 3 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 30,053 | 23,855 |
3 to 4 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 18,260 | 21,735 |
4 to 5 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 9,683 | 16,959 |
Over 5 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | $ 13,164 | $ 13,991 |
Deposits - Summary of Deposit_3
Deposits - Summary of Deposits payable on a fixed (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 291,632 | $ 294,893 |
Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 258,460 | 258,862 |
Canada | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 185,655 | |
Canada | Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 158,475 | 152,499 |
United States | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 78,175 | |
United States | Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 72,186 | 79,682 |
Other Countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 27,802 | |
Other Countries [member] | Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 27,799 | $ 26,681 |
Deposits - Summary of maturity
Deposits - Summary of maturity schedule for deposits greater than one hundred thousand dollars booked in Canada (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | $ 659,034 | $ 568,143 |
3 to 6 months [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 59,838 | 34,504 |
CANADA | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 407,926 | 349,714 |
CANADA | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 158,475 | 152,499 |
CANADA | Less than 3 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 18,081 | 26,234 |
CANADA | 3 to 6 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 29,679 | 8,400 |
CANADA | 6 to 12 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 28,109 | 31,155 |
CANADA | Over 12 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | $ 82,606 | $ 86,710 |
Deposits - Summary of fair valu
Deposits - Summary of fair value and changes in fair value of structured note liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of fair value measurements of structured note liabilities [Abstract] | ||
Fair value | $ 18,073 | $ 15,829 |
Notional amount due at contractual maturity | 19,175 | 15,431 |
Change in fair value recorded in the Consolidated Statement of Income | 1,319 | (1,414) |
Change in fair value due to own credit risk recorded in OCI (before tax) | (26) | 114 |
Cumulative change in fair value due to own credit risk recorded in AOCI (before tax) | $ (168) | $ (141) |
Other Liabilities - Summary of
Other Liabilities - Summary of Components of Other within Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Nov. 01, 2019 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Other Liability [Line Items] | |||||
Accounts payable, accrued expenses and other items | $ 8,719 | $ 8,613 | |||
Accrued interest payable | 1,359 | 1,693 | |||
Cash collateral | 6,596 | 5,128 | |||
Insurance-related liabilities | 12,441 | 11,581 | $ 9,585 | ||
Lease Liabilities | 2,409 | [1] | $ 2,167 | ||
Liabilities of subsidiaries, other than deposits | 0 | 7,934 | |||
Payable to brokers, dealers and clients | 2,969 | 2,204 | |||
Total | 36,193 | 38,607 | |||
Other employee future benefit plans [member] | |||||
Disclosure of Other Liability [Line Items] | |||||
Other employee future benefits liability | 1,109 | 1,079 | 960 | ||
Pension Plans [member] | |||||
Disclosure of Other Liability [Line Items] | |||||
Other employee future benefits liability | 429 | 143 | $ (408) | ||
Other liabilities [member] | Other employee future benefit plans [member] | |||||
Disclosure of Other Liability [Line Items] | |||||
Other employee future benefits liability | 1,147 | 1,125 | |||
Other liabilities [member] | Pension Plans [member] | |||||
Disclosure of Other Liability [Line Items] | |||||
Other employee future benefits liability | $ 553 | $ 329 | |||
[1] | Effective November 1, 2019, we adopted IFRS 16 Leases, recognizing the cumulative effect of adoption in opening retained earnings with no changes to prior periods (Note 1). |
Other Liabilities - Summary O_2
Other Liabilities - Summary Of Fair Value Changes in Investment Securities (Detail) - Related to investment securities held by insurance subsidiaries [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Fair Value Changes in Investment Securities [Line Items] | ||
Fair value | $ 1,168 | $ 1,043 |
Notional amount due at contractual maturity | 1,594 | 1,529 |
Change in fair value recorded in the Consolidated Statement of Income | 88 | 119 |
Change in fair value due to own credit risk recorded in OCI (before tax) | (12) | (12) |
Cumulative change in fair value due to own credit risk recognized in AOCI (before tax) | $ (46) | $ (33) |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Text Block [Line Items] | |
Interest expense on lease liabilities | $ 53 |
Cash outflow for leases | 384 |
Variable lease payments not included in the measurement of lease liabilities | 219 |
Year 2021 [member] | |
Text Block [Line Items] | |
Gross lease liabilities | 380 |
Year 2022 [member] | |
Text Block [Line Items] | |
Gross lease liabilities | 332 |
Year 2023 [member] | |
Text Block [Line Items] | |
Gross lease liabilities | 293 |
Year 2024 [member] | |
Text Block [Line Items] | |
Gross lease liabilities | 275 |
Year 2025 [member] | |
Text Block [Line Items] | |
Gross lease liabilities | 234 |
Thereafter [member] | |
Text Block [Line Items] | |
Gross lease liabilities | $ 1,234 |
Other Liabilities - Reconciliat
Other Liabilities - Reconciliation of Change in Insurance-Related Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of types of insurance contracts [abstract] | ||
Insurance-related liabilities, beginning of year | $ 11,581 | $ 9,585 |
Increase (decrease) in life insurance policy benefit liabilities from: | ||
New business | 476 | 706 |
In-force policies | 182 | 906 |
Changes in actuarial assumptions and methodology | (58) | 23 |
Net increase in life insurance policy benefit liabilities | 600 | 1,635 |
Change in other insurance-related liabilities | 260 | 361 |
Insurance-related liabilities, end of year | $ 12,441 | $ 11,581 |
Other Liabilities - Summary o_3
Other Liabilities - Summary of Reinsurance Premiums Ceded (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Net premiums | $ 1,428 | $ 1,786 | $ 1,828 |
Direct premium income [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Net premiums | 1,582 | 1,944 | 1,976 |
Ceded premiums [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Net premiums | $ (154) | $ (158) | $ (148) |
Subordinated Debt - Summary of
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 31, 2020CAD ($) | Nov. 02, 2020CAD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2019USD ($) | |
Subordinated Liabilities [Line Items] | |||||
Face value | $ 6,789,847 | $ 6,555,375 | |||
Total | 8,416 | 6,995 | |||
Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Total | 8,416 | 6,995 | |||
Subordinated debt [member] | Debentures series 20 [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 150 | 150 | |||
Maturity date | December 2025 to 2040 | ||||
Interest rate (%) | 8.25% | 8.25% | |||
Redeemable at our option beginning in | Not redeemable | ||||
Total | $ 146 | 145 | |||
Subordinated debt [member] | Series H Medium Term Notes Second Tranche [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,000 | $ 1,000 | 1,000 | ||
Maturity date | December 2025 | ||||
Interest rate (%) | 3.34% | 3.34% | |||
Redeemable at our option beginning in | December 2020 | ||||
Total | $ 961 | 983 | |||
Subordinated debt [member] | Series I Medium Term Notes First Tranche [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,250 | 1,250 | |||
Maturity date | June 2026 | ||||
Interest rate (%) | 3.32% | 3.32% | |||
Redeemable at our option beginning in | June 2021 | ||||
Total | $ 1,242 | 1,230 | |||
Subordinated debt [member] | Series I Medium Term Notes Second Tranche [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 850 | 850 | |||
Maturity date | June 2027 | ||||
Interest rate (%) | 2.57% | 2.57% | |||
Redeemable at our option beginning in | June 2022 | ||||
Total | $ 833 | 820 | |||
Subordinated debt [member] | Three point eight zero three percentage Subordinated Notes due 2032 [Member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,250 | $ 1,250 | |||
Maturity date | December 2032 | ||||
Interest rate (%) | 3.80% | 3.80% | |||
Redeemable at our option beginning in | December 2027 | ||||
Total | $ 1,771 | 1,646 | |||
Subordinated debt [member] | Four point three three eight percentage Subordinated Notes due 2028[Member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 850 | $ 850 | |||
Maturity date | October 2028 | ||||
Interest rate (%) | 4.34% | 4.34% | |||
Redeemable at our option beginning in | October 2023 | ||||
Total | $ 1,219 | 1,180 | |||
Subordinated debt [member] | Series J Medium Term Notes First Tranche [Member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,000 | 1,000 | |||
Maturity date | September 2029 | ||||
Interest rate (%) | 2.88% | 2.88% | |||
Redeemable at our option beginning in | September 2024 | ||||
Total | $ 996 | 991 | |||
Subordinated debt [member] | Series J Medium-Term Notes, Second Tranche [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,250 | $ 1,250 | |||
Maturity date | June 2030 | ||||
Interest rate (%) | 2.08% | 2.08% | |||
Redeemable at our option beginning in | June 2025 | ||||
Total | $ 1,248 |
Subordinated Debt - Summary o_2
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Parenthetical) (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 31, 2020CAD ($)$ / shares | Oct. 31, 2019CAD ($) | Nov. 02, 2020CAD ($) | Oct. 31, 2020USD ($) | Oct. 31, 2019USD ($) | |
Subordinated Liabilities [Line Items] | |||||
Face value | $ 6,789,847 | $ 6,555,375 | |||
Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Increase (Decrease) in Subordinated Long Term Debt | $ 119 | (20) | |||
Bottom of range [member] | Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Common stock conversion price | $ / shares | $ 5 | ||||
Series H Medium Term Notes Second Tranche [member] | Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,000 | 1,000 | $ 1,000 | ||
Interest rate | 3.34% | 3.34% | |||
Three point eight zero three percentage Subordinated Notes due 2032 [Member] | Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,250 | $ 1,250 | |||
Interest rate | 3.80% | 3.80% | |||
Four point three three eight percentage Subordinated Notes due 2028[Member] | Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 850 | $ 850 | |||
Interest rate | 4.34% | 4.34% | |||
Series J Medium Term Notes Second Tranche [Member] | Subordinated debt [member] | |||||
Subordinated Liabilities [Line Items] | |||||
Face value | $ 1,250 | $ 1,250 | |||
Interest rate | 2.08% | 2.08% |
Equity - Summary of Classes of
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year | $ 51,076 | $ 45,721 | ||||
Balance at end of year | $ 56,593 | $ 51,076 | $ 45,721 | |||
Class B Series 25 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 9,425,607 | |||||
Balance at end of year (shares) | 9,425,607 | 9,425,607 | ||||
Balance at beginning of year | $ 236 | |||||
Dividend declared per share | $ 0.45 | $ 0.45 | ||||
Balance at end of year | $ 236 | $ 236 | ||||
Class B Series 26 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 2,174,393 | |||||
Balance at end of year (shares) | 2,174,393 | 2,174,393 | ||||
Balance at beginning of year | $ 54 | |||||
Dividend declared per share | $ 0.52 | $ 0.70 | ||||
Balance at end of year | $ 54 | $ 54 | ||||
Class B Series 27 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 20,000,000 | |||||
Balance at end of year (shares) | 20,000,000 | 20,000,000 | ||||
Balance at beginning of year | $ 500 | |||||
Dividend declared per share | $ 0.96 | $ 0.98 | ||||
Balance at end of year | $ 500 | $ 500 | ||||
Class B Series 29 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 16,000,000 | |||||
Balance at end of year (shares) | 16,000,000 | 16,000,000 | ||||
Balance at beginning of year | $ 400 | |||||
Dividend declared per share | $ 0.91 | $ 0.96 | ||||
Balance at end of year | $ 400 | $ 400 | ||||
Class B Series 31 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 12,000,000 | |||||
Balance at end of year (shares) | 12,000,000 | 12,000,000 | ||||
Balance at beginning of year | $ 300 | |||||
Dividend declared per share | $ 0.96 | $ 0.95 | ||||
Balance at end of year | $ 300 | $ 300 | ||||
Class B Series 33 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 8,000,000 | |||||
Balance at end of year (shares) | 8,000,000 | 8,000,000 | ||||
Balance at beginning of year | $ 200 | |||||
Dividend declared per share | $ 0.90 | $ 0.95 | ||||
Balance at end of year | $ 200 | $ 200 | ||||
Class B Series 35 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | [1] | 6,000,000 | ||||
Balance at end of year (shares) | [1] | 6,000,000 | 6,000,000 | |||
Balance at beginning of year | $ 150 | |||||
Dividend declared per share | [1] | $ 1.25 | $ 1.25 | |||
Balance at end of year | $ 150 | [1] | $ 150 | |||
Class B Series 36 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | [1] | 600,000 | ||||
Balance at end of year (shares) | [1] | 600,000 | 600,000 | |||
Balance at beginning of year | $ 600 | |||||
Dividend declared per share | [1] | $ 58.50 | $ 58.50 | |||
Balance at end of year | $ 600 | [1] | $ 600 | |||
Class B Series 38 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 24,000,000 | |||||
Balance at end of year (shares) | 24,000,000 | 24,000,000 | ||||
Balance at beginning of year | $ 600 | |||||
Dividend declared per share | $ 1.21 | $ 1.21 | ||||
Balance at end of year | $ 600 | $ 600 | ||||
Class B Series 40 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 20,000,000 | |||||
Balance at end of year (shares) | 20,000,000 | 20,000,000 | ||||
Balance at beginning of year | $ 500 | |||||
Dividend declared per share | $ 1.13 | $ 1.13 | ||||
Balance at end of year | $ 500 | $ 500 | ||||
Class B Series 42 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 16,000,000 | |||||
Balance at end of year (shares) | 16,000,000 | 16,000,000 | ||||
Balance at beginning of year | $ 400 | |||||
Dividend declared per share | $ 1.10 | $ 1.10 | ||||
Balance at end of year | $ 400 | $ 400 | ||||
Class B Series 44 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 16,000,000 | |||||
Balance at end of year (shares) | 16,000,000 | 16,000,000 | ||||
Balance at beginning of year | $ 400 | |||||
Dividend declared per share | $ 1.21 | $ 1.44 | ||||
Balance at end of year | $ 400 | $ 400 | ||||
Class B Series 46 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | [2] | 14,000,000 | ||||
Balance at end of year (shares) | [2] | 14,000,000 | 14,000,000 | |||
Balance at beginning of year | [2] | $ 350 | ||||
Dividend declared per share | [2] | $ 1.28 | $ 0.77 | |||
Balance at end of year | [2] | $ 350 | $ 350 | |||
Preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year | 4,690 | |||||
Balance at end of year | $ 4,690 | $ 4,690 | ||||
Common shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year (shares) | 639,232,276 | 639,329,625 | ||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 6,746,237 | |||||
Issued/cancelled under the Stock Option Plan and other stock-based compensation plans (Note 20) | 563,613 | 902,651 | ||||
Repurchased for cancellation and treasury shares sold/purchased | [3],[4] | (652,730) | (1,000,000) | |||
Balance at end of year (shares) | 645,889,396 | 639,232,276 | 639,329,625 | |||
Balance at beginning of year | $ 12,971 | $ 12,929 | $ 13,032 | |||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 471 | |||||
Issued/cancelled under the Stock Option Plan and other stock-based compensation plans | 40 | 62 | ||||
Repurchased for cancellation and treasury shares sold/purchased | $ (52) | [3],[4] | $ (20) | [3],[4] | $ (202) | |
Dividend declared per share | $ 4.24 | [5] | $ 4.06 | $ 3.78 | ||
Balance at end of year | $ 13,430 | $ 12,971 | $ 12,929 | |||
Preferred Shares and Other Equity Instruments [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year | 5,348 | 4,340 | 4,240 | |||
Balance at end of year | 6,598 | 5,348 | $ 4,340 | |||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | Other Equity Instrument [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at beginning of year | [6] | 658 | ||||
Balance at end of year | [6] | 658 | $ 658 | |||
4.3% Limited Recourse Capital Notes Series 1 [Member] | Other Equity Instrument [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at end of year | [7] | $ 1,250 | ||||
[1] | Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. | |||||
[2] | On April 17, 2019, we issued 14 million Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 46, at a price of $25.00 cash per share for gross proceeds of $350 million. | |||||
[3] | Common shares are net of 652,730 treasury shares as at October 31, 2020. | |||||
[4] | During fiscal 2020, we did not purchase any of our common shares under the normal course issuer bid (NCIB). During fiscal 2019, we repurchased and cancelled 1 million of our common shares as part of the NCIB at an average cost of $90.00 per share, totalling $90 million. | |||||
[5] | Certain comparative figures have been reclassified to conform with the current year’s presentation. | |||||
[6] | On July 30, 2019, we issued US$500 million 4.8% Additional Tier 1 Capital Notes. | |||||
[7] | On September 16, 2020, we issued $1,250 million 4.3% Limited Recourse Capital Notes, Series 1. |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Parenthetical) (Detail) $ / shares in Units, $ in Millions, $ in Millions | Sep. 16, 2020CAD ($) | Jul. 30, 2019USD ($) | Apr. 17, 2019CAD ($)$ / sharesshares | Oct. 31, 2020CAD ($)shares | Oct. 31, 2019CAD ($)$ / sharesshares | Oct. 31, 2018CAD ($)shares | Oct. 31, 2020USD ($)shares | ||
Disclosure of classes of share capital [line items] | |||||||||
Gross proceeds | $ | $ 1,247 | [1] | $ 1,000 | $ 395 | |||||
Normal course issuer bid [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Shares repurchased for cancellation Value | $ | $ 90 | ||||||||
Shares repurchased for cancellation average cost per share | $ / shares | $ 90 | ||||||||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Note Issued Face Value | $ | $ 500 | $ 500 | |||||||
Interest Rate | 4.80% | 4.80% | |||||||
4.3% Limited Recourse Capital Notes, Series 1 [Member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Note Issued Face Value | $ | $ 1,250 | $ 1,250 | |||||||
Interest Rate | 4.30% | 4.30% | |||||||
Class B Series 46 [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Number of shares | [2] | 14,000,000 | 14,000,000 | 14,000,000 | |||||
Number of shares issued | 14,000,000 | ||||||||
Preferred shares issued price per share | $ / shares | $ 25 | ||||||||
Gross proceeds | $ | $ 350 | ||||||||
Dividend Rate Reset Term | 5 years | ||||||||
Common shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Number of shares | 645,889,396 | 639,232,276 | 639,329,625 | 645,889,396 | |||||
Repurchased for cancellation and treasury shares sold/purchased | [3],[4] | 652,730 | 1,000,000 | ||||||
Common shares [member] | Normal course issuer bid [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Repurchased for cancellation and treasury shares sold/purchased | 1,000,000 | ||||||||
Treasury shares [member] | |||||||||
Disclosure of classes of share capital [line items] | |||||||||
Number of shares | 652,730 | 652,730 | |||||||
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. | ||||||||
[2] | On April 17, 2019, we issued 14 million Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 46, at a price of $25.00 cash per share for gross proceeds of $350 million. | ||||||||
[3] | Common shares are net of 652,730 treasury shares as at October 31, 2020. | ||||||||
[4] | During fiscal 2020, we did not purchase any of our common shares under the normal course issuer bid (NCIB). During fiscal 2019, we repurchased and cancelled 1 million of our common shares as part of the NCIB at an average cost of $90.00 per share, totalling $90 million. |
Equity - Summary of Prefered Sh
Equity - Summary of Prefered Share Rights and Privileges (Detail) - $ / shares | Jun. 29, 2020 | Oct. 31, 2020 | Oct. 31, 2019 | |
Class B Series 25 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | $ 25 | |||
Quarterly non-cumulative dividend | $ 0.45 | $ 0.45 | ||
Reset premium | 1.15% | |||
Date redeemable / convertible | August 25, 2021 | |||
Convertible to | Class B – Series 26 | |||
Class B Series 25 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.112813 | |||
Class B Series 26 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 0.52 | 0.70 | ||
Reset premium | 1.15% | |||
Date redeemable / convertible | August 25, 2021 | |||
Convertible to | Class B – Series 25 | |||
Class B Series 26 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | Floating | |||
Class B Series 27 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | $ 25 | |||
Quarterly non-cumulative dividend | $ 0.96 | 0.98 | ||
Reset premium | 2.33% | |||
Date redeemable / convertible | May 25, 2024 | |||
Convertible to | Class B – Series 28 | |||
Class B Series 27 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.24075 | |||
Class B Series 29 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 0.91 | 0.96 | ||
Reset premium | 2.24% | |||
Date redeemable / convertible | August 25, 2024 | |||
Convertible to | Class B – Series 30 | |||
Class B Series 29 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.2265 | |||
Class B Series 31 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 0.96 | 0.95 | ||
Reset premium | 2.22% | |||
Date redeemable / convertible | November 25, 2024 | |||
Convertible to | Class B – Series 32 | |||
Class B Series 31 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.240688 | |||
Class B Series 33 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 0.90 | 0.95 | ||
Reset premium | 2.71% | |||
Date redeemable / convertible | August 25, 2025 | |||
Convertible to | Class B - Series 33 | Class B – Series 34 | ||
Class B Series 33 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.190875 | |||
Class B Series 35 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | [1] | $ 1.25 | 1.25 | |
Date redeemable / convertible | August 25, 2020 | |||
Convertible to | Not convertible | |||
Reset premium | Does not reset | |||
Class B Series 35 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.3125 | |||
Class B Series 36 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 1,000 | |||
Quarterly non-cumulative dividend | [1] | $ 58.50 | 58.50 | |
Reset premium | 4.97% | |||
Date redeemable / convertible | November 25, 2020 | |||
Convertible to | Class B – Series 37 | |||
Class B Series 36 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 14.6250 | |||
Class B Series 38 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 1.21 | 1.21 | ||
Reset premium | 4.06% | |||
Date redeemable / convertible | February 25, 2022 | |||
Convertible to | Class B – Series 39 | |||
Class B Series 38 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.303125 | |||
Class B Series 40 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | $ 25 | |||
Reset premium | 3.33% | |||
Date redeemable / convertible | May 25, 2022 | |||
Convertible to | Class B – Series 41 | |||
Class B Series 40 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.28125 | |||
Class B Series 42 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 1.10 | 1.10 | ||
Reset premium | 3.17% | |||
Date redeemable / convertible | August 25, 2022 | |||
Convertible to | Class B – Series 43 | |||
Class B Series 42 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.2750 | |||
Class B Series 44 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | $ 1.21 | 1.44 | ||
Reset premium | 2.68% | |||
Date redeemable / convertible | November 25, 2023 | |||
Convertible to | Class B – Series 45 | |||
Class B Series 44 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.303125 | |||
Class B Series 46 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption amount | 25 | |||
Quarterly non-cumulative dividend | [2] | $ 1.28 | $ 0.77 | |
Reset premium | 3.51% | |||
Date redeemable / convertible | May 25, 2024 | |||
Convertible to | Class B – Series 47 | |||
Class B Series 46 [member] | Quarterly dividend [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Quarterly non-cumulative dividend | $ 0.31875 | |||
[1] | Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. | |||
[2] | On April 17, 2019, we issued 14 million Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 46, at a price of $25.00 cash per share for gross proceeds of $350 million. |
Equity - Schedule of the Equity
Equity - Schedule of the Equity Instrument (Detail) $ in Millions, $ in Millions | Sep. 16, 2020CAD ($) | Jul. 30, 2019USD ($) | Oct. 31, 2020CAD ($) | Oct. 31, 2019CAD ($) | Oct. 31, 2020USD ($) |
Disclosure of classes of share capital [line items] | |||||
Total | $ 1,908 | $ 658 | |||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Face value | $ 500 | $ 500 | |||
Interest rate (%) | 4.80% | 4.80% | |||
Redeemable at our option | Aug. 31, 2024 | ||||
Total | $ 658 | $ 658 | |||
4.3% Limited Recourse Capital Notes [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Face value | $ 1,250 | $ 1,250 | |||
Interest rate (%) | 4.30% | 4.30% | |||
Redeemable at our option | Nov. 30, 2025 | ||||
Total | $ 1,250 |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Millions, $ in Millions | Nov. 25, 2020USD ($)shares | Sep. 16, 2020CAD ($) | Jun. 29, 2020shares | Jul. 30, 2019USD ($) | Oct. 31, 2020CAD ($)$ / sharesshares | Oct. 31, 2019CAD ($)$ / sharesshares | Oct. 31, 2020USD ($)shares |
Disclosure of classes of share capital [line items] | |||||||
Floor price | $ / shares | $ 5 | ||||||
Description of conversion of preferred shares to common shares | In such an event, each preferred share or other equity instrument is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the TSX. | ||||||
Stock Option Plan [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Common shares reserved for potential issuance | 6,446,110 | 6,108,307 | 6,446,110 | ||||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Note Issued Face Value | $ | $ 500 | $ 500 | |||||
Interest Rate | 4.80% | 4.80% | |||||
4.3% Limited Recourse Capital Notes [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Note Issued Face Value | $ | $ 1,250 | $ 1,250 | |||||
Interest Rate | 4.30% | 4.30% | |||||
Dividend reinvestment and share purchase plan [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Percentage of discount for shares issued from treasury | 2.00% | ||||||
Common shares reserved for potential issuance | 33,200,910 | 39,947,147 | 33,200,910 | ||||
Normal course issuer bid [member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Shares repurchased for cancellation | 0 | 1,000,000 | |||||
Share repurchased and cancellation during period, value | $ | $ 90 | ||||||
Average Share Price | $ / shares | $ 90 | ||||||
Normal course issuer bid [member] | Top of range [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 | ||||||
Description of conversion of preferred share | Class B - Series 33 | Class B – Series 34 | |||||
Number of shares tendered | 118,563 | ||||||
Number of shares required for conversion | 1,000,000 | ||||||
Number of shares issued | 0 | ||||||
Dividend rate reset term | 5 years | ||||||
Earliest redemption date | Aug. 24, 2025 | ||||||
Dividend rate, percent | 3.054% | ||||||
Class B series thiry five preferred shares [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Description of conversion of preferred share | Not convertible | ||||||
Number of shares redeemed | shares | 6,000,000 | ||||||
Redemption aggregate value | $ | $ 156 | ||||||
Class B series thiry six preferred shares [Member] | |||||||
Disclosure of classes of share capital [line items] | |||||||
Description of conversion of preferred share | Class B – Series 37 | ||||||
Dividend rate reset term | 5 years | ||||||
Number of shares redeemed | shares | 600,000 | ||||||
Redemption aggregate value | $ | $ 600 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Securities | ||
Amortized cost | $ 48,466 | $ 24,472 |
Loans | ||
Consumer instalment and other personal | 70,148 | 67,736 |
Credit cards | 7,889 | 8,859 |
Business and government | 243,246 | 227,609 |
Loans gross of allowance for loan losses | 448,307 | 427,944 |
Deposits | 659,034 | 568,143 |
Securitization and structured entities' liabilities | 26,889 | 27,159 |
Subordinated debt | 8,416 | 6,995 |
Fair Value [Member] | ||
Securities | ||
Amortized cost | 49,009 | 24,622 |
Not Carried At Fair Value [member] | At carrying value [member] | ||
Securities | ||
Amortized cost | 48,466 | 24,472 |
Loans | ||
Residential mortgages | 126,882 | 123,676 |
Consumer instalment and other personal | 69,480 | 67,200 |
Credit cards | 7,556 | 8,623 |
Business and government | 238,239 | 224,442 |
Loans gross of allowance for loan losses | 442,157 | 423,941 |
Deposits | 640,961 | 552,314 |
Securitization and structured entities' liabilities | 26,889 | 27,159 |
Subordinated debt | 8,416 | 6,995 |
Not Carried At Fair Value [member] | Fair Value [Member] | ||
Securities | ||
Amortized cost | 49,009 | 24,622 |
Loans | ||
Residential mortgages | 128,815 | 124,093 |
Consumer instalment and other personal | 70,192 | 67,516 |
Credit cards | 7,556 | 8,623 |
Business and government | 239,929 | 225,145 |
Loans gross of allowance for loan losses | 446,492 | 425,377 |
Deposits | 643,156 | 553,444 |
Securitization and structured entities' liabilities | 27,506 | 27,342 |
Subordinated debt | 8,727 | 7,223 |
Not Carried At Fair Value [member] | Fair Value [Member] | Valued using quoted market prices [member] | ||
Securities | ||
Amortized cost | 18,831 | 13,612 |
Not Carried At Fair Value [member] | Fair Value [Member] | Valued using models (with observable inputs) [member] | ||
Securities | ||
Amortized cost | 30,178 | 11,010 |
Loans | ||
Residential mortgages | 128,815 | 124,093 |
Consumer instalment and other personal | 70,192 | 67,516 |
Credit cards | 7,556 | 8,623 |
Business and government | 239,929 | 225,145 |
Loans gross of allowance for loan losses | 446,492 | 425,377 |
Deposits | 643,156 | 553,444 |
Securitization and structured entities' liabilities | 27,506 | 27,342 |
Subordinated debt | $ 8,727 | $ 7,223 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Fairvalue of financial instruments on balance sheet [line items] | ||
Business and government | $ 243,246 | $ 227,609 |
Deposits | 659,034 | 568,143 |
Financial assets at fair value through profit or loss [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Business and government | 2,890 | 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 | 18,073 | 15,829 |
Financial assets at fair value through other comprehensive income [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Business and government | $ 51 | $ 22 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2020CAD ($)bps | Oct. 31, 2019CAD ($)bps | |
Corporate equity [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Fair value of assets | $ 1,903 | $ 1,984 |
Corporate equity [member] | Bottom of range [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
EV/EBITDA multiple range of input values | 5x | 5x |
Corporate equity [member] | Top of range [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
EV/EBITDA multiple range of input values | 17x | 16x |
Loan [Member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Fair value of assets | $ 1,945 | $ 1,736 |
Loan [Member] | Bottom of range [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Discount range of input values | bps | 65 | 70 |
Loan [Member] | Top of range [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Discount range of input values | bps | 141 | 115 |
NHA MBS US Agency MBS And CMO [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Fair value of assets | $ 803 | $ 538 |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Comparability adjustment | (4.93) | (5.91) |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Discounted cash flows and Prepayment rate changes in percentage | 6.00% | 2.00% |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Comparability adjustment | 5.74 | 8.57 |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Discounted cash flows and Prepayment rate changes in percentage | 62.00% | 30.00% |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | $ 97,834 | $ 85,903 |
FVTPL Securities | 13,568 | 13,704 |
FVOCI Securities | 73,407 | 64,515 |
Business and Government Loans | 243,246 | 227,609 |
Precious Metals | 7,744 | 1,719 |
Derivative Assets | ||
Derivative Assets | 36,815 | 22,144 |
Derivative Liabilities | ||
Derivative Liabilities | 30,375 | 23,598 |
Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 97,834 | 85,903 |
FVTPL Securities | 13,568 | 13,704 |
FVOCI Securities | 73,407 | 64,515 |
Business and Government Loans | 2,941 | 2,178 |
Precious Metals | 7,744 | 1,719 |
Fair value liabilities | 48,617 | 43,125 |
Securities sold but not yet purchased | 29,376 | 26,253 |
Structured note liabilities | 18,073 | 15,829 |
Investment contract liabilities | 1,168 | 1,043 |
Derivative Assets | ||
Derivative Assets | 36,815 | 22,144 |
Derivative Liabilities | ||
Derivative Liabilities | 30,375 | 23,598 |
Measured at fair value [Member] | Canadian federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 10,900 | 8,330 |
FVTPL Securities | 601 | 517 |
FVOCI Securities | 22,450 | 11,944 |
Measured at fair value [Member] | Canadian provincial and municipal governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 8,335 | 7,527 |
FVTPL Securities | 1,429 | 1,279 |
FVOCI Securities | 4,747 | 6,012 |
Measured at fair value [Member] | U.S. federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 8,418 | 8,763 |
FVTPL Securities | 44 | 48 |
FVOCI Securities | 17,694 | 15,975 |
Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 503 | 674 |
FVOCI Securities | 5,276 | 4,161 |
Measured at fair value [Member] | Other governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 2,516 | 1,585 |
FVTPL Securities | 94 | 49 |
FVOCI Securities | 7,381 | 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 | 12,297 | 11,046 |
FVTPL Securities | 3 | 5 |
FVOCI Securities | 12,532 | 14,000 |
Measured at fair value [Member] | Corporate debt [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 11,041 | 7,718 |
FVTPL Securities | 7,897 | 8,217 |
FVOCI Securities | 3,234 | 5,007 |
Measured at fair value [Member] | Loans held for trading [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 67 | 103 |
Measured at fair value [Member] | Corporate equity [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 43,757 | 40,157 |
FVTPL Securities | 3,500 | 3,589 |
FVOCI Securities | 93 | 81 |
Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 14,929 | 10,457 |
Derivative Liabilities | ||
Derivative Liabilities | 10,893 | 7,954 |
Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 10,826 | 9,269 |
Derivative Liabilities | ||
Derivative Liabilities | 10,612 | 10,863 |
Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 2,588 | 1,146 |
Derivative Liabilities | ||
Derivative Liabilities | 2,333 | 1,680 |
Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 8,461 | 1,223 |
Derivative Liabilities | ||
Derivative Liabilities | 6,523 | 2,999 |
Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Assets | ||
Derivative Assets | 11 | 49 |
Derivative Liabilities | ||
Derivative Liabilities | 14 | 102 |
Valued using quoted market prices [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 62,667 | 62,556 |
FVTPL Securities | 2,289 | 2,456 |
FVOCI Securities | 42,664 | 36,636 |
Precious Metals | 7,744 | 1,719 |
Fair value liabilities | 19,740 | 22,393 |
Securities sold but not yet purchased | 19,740 | 22,393 |
Derivative Assets | ||
Derivative Assets | 887 | 576 |
Derivative Liabilities | ||
Derivative Liabilities | 831 | 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 | 6,529 | 6,959 |
FVTPL Securities | 452 | 410 |
FVOCI Securities | 20,765 | 11,168 |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian provincial and municipal governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 1,868 | 3,871 |
FVTPL Securities | 180 | 364 |
FVOCI Securities | 2,604 | 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 | 5,702 | 8,001 |
FVOCI Securities | 14,852 | 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 | 16 | 48 |
FVOCI Securities | 8 | 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 | 1,021 | 888 |
FVOCI Securities | 3,643 | 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 | 7 | 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 | 3,767 | 2,620 |
FVTPL Securities | 70 | 146 |
FVOCI Securities | 792 | 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 | 43,757 | 40,155 |
FVTPL Securities | 1,587 | 1,536 |
Valued using quoted market prices [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 13 | 14 |
Derivative Liabilities | ||
Derivative Liabilities | 22 | 11 |
Valued using quoted market prices [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 1 | 7 |
Derivative Liabilities | ||
Derivative Liabilities | 3 | 20 |
Valued using quoted market prices [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 123 | 329 |
Derivative Liabilities | ||
Derivative Liabilities | 350 | 218 |
Valued using quoted market prices [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 750 | 226 |
Derivative Liabilities | ||
Derivative Liabilities | 456 | 103 |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 34,364 | 22,802 |
FVTPL Securities | 9,376 | 9,264 |
FVOCI Securities | 30,649 | 27,797 |
Business and Government Loans | 996 | 442 |
Fair value liabilities | 28,877 | 20,732 |
Securities sold but not yet purchased | 9,636 | 3,860 |
Structured note liabilities | 18,073 | 15,829 |
Investment contract liabilities | 1,168 | 1,043 |
Derivative Assets | ||
Derivative Assets | 35,928 | 21,568 |
Derivative Liabilities | ||
Derivative Liabilities | 29,540 | 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 | 4,371 | 1,371 |
FVTPL Securities | 149 | 107 |
FVOCI Securities | 1,685 | 776 |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian provincial and municipal governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 6,467 | 3,656 |
FVTPL Securities | 1,249 | 915 |
FVOCI Securities | 2,143 | 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 | 2,716 | 762 |
FVTPL Securities | 44 | 48 |
FVOCI Securities | 2,842 | 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 | 487 | 626 |
FVOCI Securities | 5,267 | 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 | 1,495 | 697 |
FVTPL Securities | 94 | 49 |
FVOCI Securities | 3,738 | 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 | 11,487 | 10,494 |
FVTPL Securities | 3 | 5 |
FVOCI Securities | 12,532 | 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 | 7,274 | 5,091 |
FVTPL Securities | 7,827 | 8,071 |
FVOCI Securities | 2,442 | 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 | 67 | 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 | 10 | 69 |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 14,916 | 10,443 |
Derivative Liabilities | ||
Derivative Liabilities | 10,871 | 7,943 |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 10,825 | 9,262 |
Derivative Liabilities | ||
Derivative Liabilities | 10,609 | 10,843 |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 2,465 | 817 |
Derivative Liabilities | ||
Derivative Liabilities | 1,983 | 1,462 |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 7,711 | 997 |
Derivative Liabilities | ||
Derivative Liabilities | 6,067 | 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 | 10 | 101 |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Trading Securities | 803 | 545 |
FVTPL Securities | 1,903 | 1,984 |
FVOCI Securities | 94 | 82 |
Business and Government Loans | 1,945 | 1,736 |
Derivative Liabilities | ||
Derivative Liabilities | 4 | 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 | 803 | 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 | 1,903 | 1,984 |
FVOCI Securities | 93 | 81 |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Liabilities | ||
Derivative Liabilities | $ 4 | $ 1 |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Basis point increase or decrease in discount margin for business and government loans | 10.00% | 10.00% |
Increase or decrease in discount margin business and government loans | $ 3 | $ 3 |
Federal reserve stock and federal home loan bank stock [member] | Corporate equity [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Federal reserve stock and federal home loan bank stock | $ 487 | $ 829 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Transfers Between Level 1 and Level 2 (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 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 | $ 6,582 | $ 5,831 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 5,930 | 7,985 |
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 | 667 | 715 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 334 | 808 |
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 | 12,193 | 11,014 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 13,425 | 7,309 |
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 | 7,781 | 9,973 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 3,871 | $ 7,898 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | |||
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 | $ 538 | |||
Assets at end of period | 803 | $ 538 | ||
Corporate equity [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 1,984 | |||
Assets at end of period | 1,903 | 1,984 | ||
Trading securities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 545 | 262 | ||
Change in fair value included in earnings | (341) | (46) | ||
Change in fair value included in other comprehensive income | 7 | 1 | [1] | |
Purchases/Issuances | 1,388 | 698 | ||
Sales | (783) | (442) | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 228 | 159 | ||
Transfers out of Level 3 | (241) | (87) | ||
Assets at end of period | 803 | 545 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | (233) | (16) | [3] | |
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 | 538 | 255 | ||
Change in fair value included in earnings | (351) | (46) | ||
Change in fair value included in other comprehensive income | 9 | 1 | ||
Purchases/Issuances | 1,338 | 654 | ||
Sales | (715) | (399) | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 225 | 159 | ||
Transfers out of Level 3 | (241) | (86) | ||
Assets at end of period | 803 | 538 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | (232) | (16) | ||
Trading securities [member] | Corporate debt [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 7 | 7 | ||
Change in fair value included in earnings | 10 | 0 | ||
Change in fair value included in other comprehensive income | (2) | 0 | ||
Purchases/Issuances | 50 | 44 | ||
Sales | (68) | (43) | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 3 | 0 | ||
Transfers out of Level 3 | 0 | (1) | ||
Assets at end of period | 0 | 7 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (1) | 0 | |
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 | 1,984 | 1,825 | ||
Change in fair value included in earnings | 4 | 21 | ||
Change in fair value included in other comprehensive income | 17 | (2) | [1] | |
Purchases/Issuances | 356 | 421 | ||
Sales | (459) | (280) | [2] | |
Maturities/Settlement | 0 | (1) | ||
Transfers into Level 3 | 1 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Assets at end of period | 1,903 | 1,984 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 35 | 58 | [3] | |
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 | 1,984 | 1,825 | ||
Change in fair value included in earnings | 4 | 21 | ||
Change in fair value included in other comprehensive income | 17 | (2) | [1] | |
Purchases/Issuances | 356 | 421 | ||
Sales | (459) | (280) | [2] | |
Maturities/Settlement | 0 | (1) | ||
Transfers into Level 3 | 1 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Assets at end of period | 1,903 | 1,984 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 35 | 58 | [3] | |
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 | 82 | 63 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | [1] | 1 | 2 | |
Purchases/Issuances | 11 | 17 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Assets at end of period | 94 | 82 | ||
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 | 81 | 62 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | [1] | 1 | 2 | |
Purchases/Issuances | 11 | 17 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Assets at end of period | 93 | 81 | ||
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 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | 0 | 0 | [1] | |
Purchases/Issuances | 0 | 0 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Assets at end of period | 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 | 1,736 | 1,450 | ||
Change in fair value included in earnings | (3) | 7 | ||
Change in fair value included in other comprehensive income | 156 | 8 | [1] | |
Purchases/Issuances | 1,803 | 1,410 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | (1,747) | (1,139) | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Assets at end of period | 1,945 | 1,736 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | 0 | [3] | |
Fair Value Liabilities [Member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 0 | 0 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | 0 | 0 | [1] | |
Purchases/Issuances | 0 | (7) | ||
Sales | 0 | 7 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Liabilities at end of period | 0 | 0 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | 0 | [3] | |
Fair Value Liabilities [Member] | Securities sold but not yet purchased [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 0 | 0 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | 0 | 0 | [1] | |
Purchases/Issuances | 0 | (7) | ||
Sales | 0 | 7 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | 0 | ||
Liabilities at end of period | 0 | 0 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | |||
Derivatives Liabilities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 1 | 2 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | 0 | 0 | [1] | |
Purchases/Issuances | 0 | 0 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 4 | 1 | ||
Transfers out of Level 3 | (1) | (2) | ||
Liabilities at end of period | 4 | 1 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | 0 | [3] | |
Derivatives Liabilities [member] | Equity contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 0 | 1 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | 0 | 0 | [1] | |
Purchases/Issuances | 0 | 0 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 0 | 0 | ||
Transfers out of Level 3 | 0 | (1) | ||
Liabilities at end of period | 0 | 0 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | 0 | [3] | |
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 | 1 | 1 | ||
Change in fair value included in earnings | 0 | 0 | ||
Change in fair value included in other comprehensive income | 0 | 0 | [1] | |
Purchases/Issuances | 0 | 0 | ||
Sales | 0 | 0 | [2] | |
Maturities/Settlement | 0 | 0 | ||
Transfers into Level 3 | 4 | 1 | ||
Transfers out of Level 3 | (1) | (1) | ||
Liabilities at end of period | 4 | 1 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | $ 0 | $ 0 | [3] | |
[1] | Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. | |||
[2] | Includes proceeds received on securities sold but not yet purchased. | |||
[3] | Changes in unrealized gains (losses) on trading securities, derivative assets and derivative liabilities still held on October 31, 2019 are included in earnings for the year. |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Trading Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Trading revenue [abstract] | ||||
Interest rates | $ 1,199 | $ 700 | $ 437 | |
Foreign exchange | 474 | 401 | 377 | |
Equities | (32) | 269 | 449 | |
Commodities | 271 | 145 | 63 | |
Other | 34 | 6 | 95 | |
Total trading revenue | 1,946 | 1,521 | 1,421 | |
Reported as: | ||||
Net interest income | 1,931 | 1,223 | 716 | |
Non-interest revenue – trading revenue | 15 | [1] | 298 | 705 |
Total trading revenue | $ 1,946 | $ 1,521 | $ 1,421 | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Offsetting of Financial Asset_3
Offsetting of Financial Assets and Financial Liabilities - Summary of Amounts Not Offset in the Consolidated Balance Sheet (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts (Financial Assets) | $ 153,027 | $ 127,372 |
Amounts offset in the balance sheet | 4,334 | 1,224 |
Net amounts presented in balance sheet | 148,693 | 126,148 |
Impact of master netting agreements | 36,604 | 23,457 |
Securities received as collateral | 95,384 | 94,802 |
Cash collateral | 4,993 | 2,832 |
Net amount | 11,712 | 5,057 |
Gross amounts (Financial Liabilities) | 123,367 | 111,478 |
Amounts offset in the balance sheet | 4,334 | 1,224 |
Net amounts presented in balance sheet | 119,033 | 110,254 |
Impact of master netting agreements | 36,604 | 23,457 |
Securities pledged as collateral | 73,385 | 78,441 |
Cash collateral | 3,564 | 2,975 |
Net amount | 5,480 | 5,381 |
Securities purchased under resale agreements and securities borrowed [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts (Financial Assets) | 115,863 | 104,949 |
Amounts offset in the balance sheet | 3,985 | 945 |
Net amounts presented in balance sheet | 111,878 | 104,004 |
Impact of master netting agreements | 17,302 | 9,919 |
Securities received as collateral | 92,066 | 93,062 |
Cash collateral | 194 | 82 |
Net amount | 2,316 | 941 |
Derivative financial instruments assets 1 [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts (Financial Assets) | 37,164 | 22,423 |
Amounts offset in the balance sheet | 349 | 279 |
Net amounts presented in balance sheet | 36,815 | 22,144 |
Impact of master netting agreements | 19,302 | 13,538 |
Securities received as collateral | 3,318 | 1,740 |
Cash collateral | 4,799 | 2,750 |
Net amount | 9,396 | 4,116 |
Derivative financial instruments liabilities 1 [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts (Financial Liabilities) | 30,724 | 23,877 |
Amounts offset in the balance sheet | 349 | 279 |
Net amounts presented in balance sheet | 30,375 | 23,598 |
Impact of master netting agreements | 19,302 | 13,538 |
Securities pledged as collateral | 3,011 | 1,940 |
Cash collateral | 3,301 | 2,971 |
Net amount | 4,761 | 5,149 |
Obligations related to securities sold under repurchase agreements and securities lent [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts (Financial Liabilities) | 92,643 | 87,601 |
Amounts offset in the balance sheet | 3,985 | 945 |
Net amounts presented in balance sheet | 88,658 | 86,656 |
Impact of master netting agreements | 17,302 | 9,919 |
Securities pledged as collateral | 70,374 | 76,501 |
Cash collateral | 263 | 4 |
Net amount | $ 719 | $ 232 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended |
Oct. 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% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital Measure and Risk-Weighted Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Fixed Rate of Instruments [Abstract] | ||
CET1 Capital | $ 40,077 | $ 36,071 |
Tier 1 Capital | 45,840 | 41,201 |
Total Capital | 54,661 | 48,340 |
Risk-Weighted Assets | 336,607 | 317,029 |
Leverage Exposures | $ 953,640 | $ 956,493 |
CET1 Capital Ratio | 11.90% | 11.40% |
Tier 1 Capital Ratio | 13.60% | 13.00% |
Total Capital Ratio | 16.20% | 15.20% |
Leverage Ratio | 4.80% | 4.30% |
Employee Compensation - Share_3
Employee Compensation - Share-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Millions | 12 Months Ended | ||
Oct. 31, 2020CAD ($)$ / sharesshares | Oct. 31, 2019CAD ($)$ / sharesshares | Oct. 31, 2018CAD ($)$ / sharesshares | |
Disclosure of Sharebased Payment [Line Items] | |||
Aggregate intrinsic value of stock options outstanding | $ 42,000,000 | $ 130,000,000 | $ 162,000,000 |
Aggregate intrinsic value of stock options exercisable | 42,000,000 | 116,000,000 | 140,000,000 |
Weighted average fair value of options granted | 946 | 1,023 | $ 1,130 |
Other liabilities | $ 36,193,000,000 | $ 38,607,000,000 | |
Weighted average exercise price, options | $ / shares | $ 101.47 | $ 89.90 | $ 100.63 |
Payments under deferred incentive plan | $ 3,000,000 | $ 3,000,000 | |
Assets 1 [member] | Compensation trusts [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Assets recognised | 1,523,000,000 | 1,752,000,000 | |
Employee Stock Option Plan [Member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | 9,000,000 | 9,000,000 | $ 7,000,000 |
Employee compensation expense | 8,000,000 | 8,000,000 | 7,000,000 |
Share purchase plan [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | $ 58,000,000 | $ 54,000,000 | $ 51,000,000 |
Percentage of employer matching contribution for contribution up to 6% | 50.00% | ||
Percentage of employee contribution towards share ownership plans | 6.00% | ||
Share purchase plan contribution vesting period | 2 years | ||
Individual gross salary for employees contribution | $ 100,000 | ||
Description of employee ownership plan contribution | We match 50% of employee contributions up to 6% of their individual gross salary to a maximum of $100,000. Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. | ||
Common shares held in plan | shares | 19.2 | 18 | 17.8 |
Midstream incentive plan [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | $ 363,000,000 | $ 610,000,000 | $ 595,000,000 |
Employee compensation expense | $ 269,000,000 | $ 448,000,000 | $ 437,000,000 |
Units granted | 5,700,000 | 6,300,000 | 5,900,000 |
Weighted average fair value of options granted | $ 568,000,000 | $ 616,000,000 | $ 581,000,000 |
Gains (losses) on hedge contract | $ (175,000,000) | $ 20,000,000 | $ 51,000,000 |
Deferred incentive plan outstanding | 17,000,000 | 17,200,000 | 17,100,000 |
Intrinsic value of share other than options vested | $ 1,019,000,000 | $ 1,251,000,000 | $ 1,269,000,000 |
Cash payments made in relation to liabilities | 635,000,000 | 642,000,000 | 598,000,000 |
Midstream incentive plan [member] | Equity contracts [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | 538,000,000 | 590,000,000 | 544,000,000 |
Deferred incentive plans [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | (62,000,000) | 17,000,000 | 27,000,000 |
Employee compensation expense | $ (46,000,000) | $ 12,000,000 | $ 20,000,000 |
Deferred incentive plan outstanding | 4,700,000 | 4,800,000 | 4,900,000 |
Deferred incentive plan units granted | 300,000 | 300,000 | 300,000 |
Weighted average fair value at measurement date | $ 23,000,000 | $ 32,000,000 | $ 33,000,000 |
Other liabilities | 379,000,000 | 478,000,000 | |
Payments under deferred incentive plan | 58,000,000 | 59,000,000 | 60,000,000 |
Gains (losses) on derivatives | (67,000,000) | 4,000,000 | 8,000,000 |
Gains (losses) resulted in net employee compensation expense before tax | 5,000,000 | 13,000,000 | 19,000,000 |
gains resulted in net employee compensation expense | $ 3,000,000 | $ 10,000,000 | $ 14,000,000 |
Employee Compensation - Share_4
Employee Compensation - Share-Based Compensation - Summary of Information about our Stock Option Plan (Detail) | 12 Months Ended | |||
Oct. 31, 2020shares$ / shares | Oct. 31, 2019shares$ / shares | Oct. 31, 2018shares$ / shares | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | ||||
Weighted-average exercise price,Granted | $ / shares | $ 101.47 | $ 89.90 | $ 100.63 | |
Employee Stock Options [Member] | ||||
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | ||||
Number of stock options, Outstanding at beginning of year | shares | 6,108,307 | 6,095,201 | 7,525,296 | |
Number of stock options, Granted | shares | 976,087 | 931,047 | 705,398 | |
Number of stock options, Exercised | shares | 563,613 | 902,651 | 1,513,307 | |
Number of stock options, Forfeited/cancelled | shares | 34,052 | 4,756 | 152,417 | |
Number of stock options, Expired | shares | 40,619 | 10,534 | 469,769 | |
Number of stock options, Outstanding at end of year | shares | 6,446,110 | 6,108,307 | 6,095,201 | |
Number of stock options, Exercisable at end of year | shares | 3,595,744 | 3,507,803 | 3,782,481 | |
Number of stock options, Available for grant | shares | 13,575,259 | 2,487,645 | 3,405,239 | |
Weighted-average exercise price, Outstanding at beginning of year | $ / shares | [1] | $ 76.59 | $ 72.19 | $ 72.05 |
Weighted-average exercise price,Granted | $ / shares | [1] | 101.47 | 89.90 | 100.63 |
Weighted-average exercise price,Exercised | $ / shares | [1] | 61.89 | 60.21 | 58.40 |
Weighted-average exercise price,Forfeited/cancelled | $ / shares | [1] | 97.10 | 98.96 | 86.85 |
Weighted-average exercise price,Expired | $ / shares | [1] | 82.78 | 103.79 | 153.40 |
Weighted-average exercise price,Outstanding at end of year | $ / shares | [1] | 81.50 | 76.59 | 72.19 |
Weighted-average exercise price,Exercisable at end of year | $ / shares | [1] | $ 69.16 | $ 64.57 | $ 61.39 |
[1] | The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2020, October 31, 2019 and October 31, 2018, respectively. For foreign currency denominated options exercised or expired during the year, the weighted-average exercise prices are translated using the exchange rates as at the settlement date and expiry date, respectively. |
Employee Compensation - Share_5
Employee Compensation - Share-Based Compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) - Employee Stock Options [Member] | 12 Months Ended | ||||
Oct. 31, 2020sharesyr$ / shares | Oct. 31, 2019shares$ / shares | Oct. 31, 2018shares$ / shares | Oct. 31, 2017shares$ / shares | ||
Disclosure of range of exercise prices of share options [Line Items] | |||||
Number of stock options | shares | 6,446,110 | 6,108,307 | 6,095,201 | 7,525,296 | |
Weighted- average exercise price | [1] | $ 81.50 | $ 76.59 | $ 72.19 | $ 72.05 |
Number of stock options | shares | 3,595,744 | 3,507,803 | 3,782,481 | ||
Weighted- average exercise price | [1] | $ 69.16 | $ 64.57 | $ 61.39 | |
Range of exercise prices $50.01 to $60.00 [member] | |||||
Disclosure of range of exercise prices of share options [Line Items] | |||||
Number of stock options | 866,275 | ||||
Weighted- average remaining contractual life (years) | 10 months 24 days | ||||
Weighted- average exercise price | $ 56.37 | ||||
Number of stock options | 866,275 | ||||
Weighted- average remaining contractual life (years) | yr | 0.9 | ||||
Weighted- average exercise price | $ 56.37 | ||||
Range of exercise prices $60.01 to $70.00 [member] | |||||
Disclosure of range of exercise prices of share options [Line Items] | |||||
Number of stock options | 1,394,952 | ||||
Weighted- average remaining contractual life (years) | 2 years 7 months 6 days | ||||
Weighted- average exercise price | $ 64.53 | ||||
Number of stock options | 1,394,952 | ||||
Weighted- average remaining contractual life (years) | yr | 2.6 | ||||
Weighted- average exercise price | $ 64.53 | ||||
Range of exercise prices $70.01 to $80.00 [member] | |||||
Disclosure of range of exercise prices of share options [Line Items] | |||||
Number of stock options | 1,009,522 | ||||
Weighted- average remaining contractual life (years) | 4 years 8 months 12 days | ||||
Weighted- average exercise price | $ 77.57 | ||||
Number of stock options | 1,009,522 | ||||
Weighted- average remaining contractual life (years) | yr | 4.7 | ||||
Weighted- average exercise price | $ 77.57 | ||||
Range of exercise prices $80.01 to $90.00 [member] | |||||
Disclosure of range of exercise prices of share options [Line Items] | |||||
Number of stock options | 909,310 | ||||
Weighted- average remaining contractual life (years) | 8 years 1 month 6 days | ||||
Weighted- average exercise price | $ 89.90 | ||||
Number of stock options | 0 | ||||
Weighted- average remaining contractual life (years) | yr | 0 | ||||
Weighted- average exercise price | $ 0 | ||||
Range of exercise prices $90.01 and over [member] | |||||
Disclosure of range of exercise prices of share options [Line Items] | |||||
Number of stock options | 2,266,051 | ||||
Weighted- average remaining contractual life (years) | 7 years 8 months 12 days | ||||
Weighted- average exercise price | $ 99.93 | ||||
Number of stock options | 324,995 | ||||
Weighted- average remaining contractual life (years) | yr | 6.1 | ||||
Weighted- average exercise price | $ 96.94 | ||||
[1] | The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2020, October 31, 2019 and October 31, 2018, respectively. For foreign currency denominated options exercised or expired during the year, the weighted-average exercise prices are translated using the exchange rates as at the settlement date and expiry date, respectively. |
Employee Compensation - Share_6
Employee Compensation - Share-Based Compensation - Summary of Further Information about our Stock Option Plan (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of number and weighted average exercise price of share options [abstract] | |||
Unrecognized compensation cost for non-vested stock option awards | $ 7 | $ 6 | $ 5 |
Total intrinsic value of stock options exercised | 18 | 36 | 67 |
Cash proceeds from stock options exercised | $ 35 | $ 54 | $ 88 |
Weighted-average share price for stock options exercised (in dollars) | $ 94.44 | $ 99.84 | $ 102.55 |
Employee Compensation - Share_7
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) - yr | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividend yield | 4.30% | 5.70% | 4.10% |
Expected share price volatility | 15.40% | ||
Risk-free rate of return | 2.50% | 2.10% | |
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected share price volatility | 20.00% | 17.00% | |
Risk-free rate of return | 1.90% | ||
Expected period until exercise (in years) | 6.5 | 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% | 17.30% | |
Risk-free rate of return | 2.00% | ||
Expected period until exercise (in years) | 7 | 7 | 7 |
Employee Compensation - Pensi_3
Employee Compensation - Pension and Other Employee Future Benefits - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2021 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of defined benefit plans [line items] | ||||
Payment to bank and certain subsidiaries for investment management, record-keeping, custodial and administrative services rendered | $ 3 | $ 3 | ||
Scenario, Forecast [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Estimated Benefit payments | $ 550 | |||
Pension Plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Past service cost (income) | (5) | $ 7 | ||
Pension Plans [member] | Scenario, Forecast [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Estimated Benefit payments | 300 | |||
Other employee future benefit plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Past service cost (income) | $ (277) | |||
Other employee future benefit plans [member] | Scenario, Forecast [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Estimated Benefit payments | $ 45 | |||
Canadian plans [member] | Common shares [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Plan assets | $ 9 | $ 10 |
Employee Compensation - Summary
Employee Compensation - Summary of Asset Allocation Ranges and Weighted-average Actual Asset Allocations (Detail) - Pension Plans [member] | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Equity Securities 1 [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 30.00% | 32.00% |
Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 47.00% | 51.00% |
Alternative Strategies [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 23.00% | 17.00% |
Bottom of range [member] | Equity Securities 1 [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 20.00% | |
Bottom of range [member] | Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 35.00% | |
Bottom of range [member] | Alternative Strategies [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 15.00% | |
Top of range [member] | Equity Securities 1 [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 45.00% | |
Top of range [member] | Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 60.00% | |
Top of range [member] | Alternative Strategies [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 45.00% |
Employee Compensation - Summa_2
Employee Compensation - Summary of Plan Information for the Past Three Years (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure of defined benefit plans [line items] | |||
Fair value of plan assets | $ 8,769 | $ 8,502 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 10,493 | 9,866 | $ 8,311 |
Fair value of plan assets | 10,064 | 9,723 | 8,719 |
Surplus (deficit) is compromised of: | |||
Surplus (deficit) and net defined benefit asset (liability) | (429) | (143) | 408 |
Pension Plans [member] | Funded plans [member] | |||
Surplus (deficit) is compromised of: | |||
Surplus (deficit) and net defined benefit asset (liability) | (266) | 36 | 573 |
Pension Plans [member] | Unfunded plans [member] | |||
Surplus (deficit) is compromised of: | |||
Surplus (deficit) and net defined benefit asset (liability) | (163) | (179) | (165) |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 1,290 | 1,254 | 1,113 |
Fair value of plan assets | 181 | 175 | 153 |
Surplus (deficit) is compromised of: | |||
Surplus (deficit) and net defined benefit asset (liability) | (1,109) | (1,079) | (960) |
Other employee future benefit plans [member] | Funded plans [member] | |||
Surplus (deficit) is compromised of: | |||
Surplus (deficit) and net defined benefit asset (liability) | 38 | 46 | 37 |
Other employee future benefit plans [member] | Unfunded plans [member] | |||
Surplus (deficit) is compromised of: | |||
Surplus (deficit) and net defined benefit asset (liability) | $ (1,147) | $ (1,125) | $ (997) |
Employee Compensation - Summa_3
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | $ 249 | $ 193 | $ 210 |
Net interest (income) expense on net defined benefit (asset) liability | 1 | (20) | (10) |
Past service cost (income) | (5) | 7 | |
Administrative expenses | 5 | 5 | 5 |
Benefits expense | 255 | 173 | 212 |
Defined contribution expense | 169 | 170 | 153 |
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 511 | 425 | 441 |
Pension Plans [member] | Canada and Quebec [member] | |||
Disclosure of defined benefit plans [line items] | |||
Benefits expense | 87 | 82 | 76 |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 11 | 9 | 26 |
Net interest (income) expense on net defined benefit (asset) liability | 32 | 37 | 45 |
Past service cost (income) | (277) | ||
Remeasurement of other long-term benefits | 10 | 6 | (10) |
Benefits expense | 53 | 52 | (216) |
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 53 | $ 52 | $ (216) |
Employee Compensation - Summa_4
Employee Compensation - Summary of Weighted-average Assumptions (Detail) | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Pension Plans [member] | Defined Benefit Expenses [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Discount rate at beginning of year | [1],[2] | 3.00% | 4.00% | 3.50% |
Rate of compensation increase | 2.10% | 2.40% | 2.40% | |
Pension Plans [member] | Defined Benefit Obligation [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Discount rate at beginning of year | 2.70% | 3.00% | 4.00% | |
Rate of compensation increase | 2.10% | 2.10% | 2.40% | |
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Discount rate at beginning of year | [1],[2] | 3.00% | 4.10% | 3.60% |
Rate of compensation increase | 2.00% | 2.00% | 2.00% | |
Assumed overall health care cost trend rate | [3] | 4.90% | 4.90% | 4.90% |
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Discount rate at beginning of year | 2.70% | 3.00% | 4.10% | |
Rate of compensation increase | 2.00% | 2.00% | 2.00% | |
Assumed overall health care cost trend rate | [3] | 4.80% | 4.90% | 4.90% |
[1] | The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.20%, 4.20% and 3.76% for 2020, 2019 and 2018, respectively. | |||
[2] | The pension benefit current service cost was calculated using a separate discount rate of 3.10%, 4.10% and 3.70% for 2020, 2019 and 2018, respectively. | |||
[3] | Trending to 4.1% in 2040 and remaining at that level thereafter. |
Employee Compensation - Summa_5
Employee Compensation - Summary of Weighted-average Assumptions (Parenthetical) (Detail) | Oct. 31, 2040 | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Pension Plans [member] | Current service costs [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 3.10% | 4.10% | 3.70% | ||
Pension Plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | [1],[2] | 3.00% | 4.00% | 3.50% | |
Other employee future benefit plans [member] | Current service costs [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 3.20% | 4.20% | 3.76% | ||
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | [3] | 4.90% | 4.90% | 4.90% | |
Actuarial assumption of discount rates | [1],[2] | 3.00% | 4.10% | 3.60% | |
Scenario, Forecast [Member] | Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.10% | ||||
[1] | The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.20%, 4.20% and 3.76% for 2020, 2019 and 2018, respectively. | ||||
[2] | The pension benefit current service cost was calculated using a separate discount rate of 3.10%, 4.10% and 3.70% for 2020, 2019 and 2018, respectively. | ||||
[3] | Trending to 4.1% in 2040 and remaining at that level thereafter. |
Employee Compensation - Summa_6
Employee Compensation - Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations (Detail) | Oct. 31, 2020 | Oct. 31, 2019 |
Canada [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.8 | 23.7 |
Canada [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.1 | 24.1 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.7 | 24.7 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 25.1 | 25 |
United States [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 21.7 | 21.7 |
United States [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.1 | 23 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 22.9 | 22.8 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.3 | 24.2 |
Employee Compensation - Summa_7
Employee Compensation - Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of defined benefit plans [line items] | |||
Benefits paid | $ 3 | $ 3 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 9,866 | ||
Current service cost | 249 | 193 | $ 210 |
Past service (income) | (5) | 7 | |
Interest cost | 1 | (20) | (10) |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | (16) | 9 | |
Changes in financial assumptions | (484) | (1,345) | |
Plan member experience | (59) | (92) | |
Foreign exchange and other | (6) | (9) | |
(Deficit) and net defined benefit (liability) at end of year | (429) | (143) | 408 |
Defined benefit obligation at end of year | 10,493 | 9,866 | |
Actuarial (losses) recognized in other comprehensive income for the year | (330) | (642) | |
Pension Plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 9,866 | 8,311 | |
U.S. plan merger | 46 | ||
Current service cost | 249 | 193 | |
Past service (income) | (5) | ||
Interest cost | 286 | 324 | |
Employer contributions | 17 | 17 | |
Benefits paid | (516) | (456) | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | 16 | (9) | |
Changes in financial assumptions | 484 | 1,345 | |
Plan member experience | 59 | 92 | |
Foreign exchange and other | 32 | 8 | |
Defined benefit obligation at end of year | 10,493 | 9,866 | 8,311 |
Wholly or partially funded defined benefit obligation | 10,330 | 9,687 | |
Unfunded defined benefit obligation | 163 | 179 | |
Pension Plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 9,723 | 8,719 | |
U.S. plan merger | 43 | ||
Interest cost | 285 | 344 | |
Return on plan assets (excluding interest income) | 235 | 795 | |
Employer contributions | 296 | 256 | |
Employee contributions | 17 | 17 | |
Benefits paid | (516) | (456) | |
Actuarial (gains) losses due to: | |||
Administrative expenses | (5) | (5) | |
Foreign exchange and other | 29 | 10 | |
(Deficit) and net defined benefit (liability) at end of year | (429) | (143) | |
Defined benefit obligation at end of year | 10,064 | 9,723 | 8,719 |
Actuarial (losses) recognized in other comprehensive income for the year | 235 | 795 | |
Pension Plans [member] | Other assets [member] | |||
Actuarial (gains) losses due to: | |||
(Deficit) and net defined benefit (liability) at end of year | 124 | 186 | |
Pension Plans [member] | Other liabilities [member] | |||
Actuarial (gains) losses due to: | |||
(Deficit) and net defined benefit (liability) at end of year | (553) | (329) | |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 1,254 | ||
Current service cost | 11 | 9 | 26 |
Past service (income) | (277) | ||
Interest cost | 32 | 37 | 45 |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | (12) | 21 | |
Changes in financial assumptions | (45) | (153) | |
Plan member experience | 38 | 3 | |
(Deficit) and net defined benefit (liability) at end of year | (1,109) | (1,079) | (960) |
Defined benefit obligation at end of year | 1,290 | 1,254 | |
Actuarial (losses) recognized in other comprehensive income for the year | (13) | (106) | |
Other employee future benefit plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 1,254 | 1,113 | |
Current service cost | 11 | 9 | |
Interest cost | 37 | 44 | |
Employer contributions | 5 | 5 | |
Benefits paid | (48) | (53) | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | 14 | (22) | |
Changes in financial assumptions | 50 | 161 | |
Plan member experience | (35) | (3) | |
Foreign exchange and other | 2 | ||
Defined benefit obligation at end of year | 1,290 | 1,254 | 1,113 |
Wholly or partially funded defined benefit obligation | 143 | 129 | |
Unfunded defined benefit obligation | 1,147 | 1,125 | |
Other employee future benefit plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 175 | 153 | |
Interest cost | 5 | 7 | |
Return on plan assets (excluding interest income) | 6 | 23 | |
Employer contributions | 36 | 40 | |
Employee contributions | 5 | 5 | |
Benefits paid | (48) | (53) | |
Actuarial (gains) losses due to: | |||
Foreign exchange and other | 2 | ||
(Deficit) and net defined benefit (liability) at end of year | (1,109) | (1,079) | |
Defined benefit obligation at end of year | 181 | 175 | $ 153 |
Actuarial (losses) recognized in other comprehensive income for the year | 6 | 23 | |
Other employee future benefit plans [member] | Other assets [member] | |||
Actuarial (gains) losses due to: | |||
(Deficit) and net defined benefit (liability) at end of year | 38 | 46 | |
Other employee future benefit plans [member] | Other liabilities [member] | |||
Actuarial (gains) losses due to: | |||
(Deficit) and net defined benefit (liability) at end of year | $ (1,147) | $ (1,125) |
Employee Compensation - Summa_8
Employee Compensation - Summary of Fair Values of Plan Assets Held (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | $ (15) | $ 8 |
Fair value of plan assets | 8,769 | 8,502 |
Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | 1 | |
Fair value of plan assets | 3,515 | 3,505 |
Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | (16) | 8 |
Fair value of plan assets | 5,254 | 4,997 |
Cash and money market funds. | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 208 | 162 |
Cash and money market funds. | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 208 | 156 |
Cash and money market funds. | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 6 | |
Canadian federal government [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 71 | 58 |
Canadian federal government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 17 | 1 |
Canadian federal government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 54 | 57 |
Canadian Provincial And Municipal Governments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 712 | 702 |
Canadian Provincial And Municipal Governments [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 308 | 334 |
Canadian Provincial And Municipal Governments [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 404 | 368 |
US federal Government [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 400 | 345 |
US federal Government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 393 | 345 |
US federal Government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 7 | |
Pooled asset funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 4,773 | 4,654 |
Pooled asset funds [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 1,331 | 1,450 |
Pooled asset funds [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 3,442 | 3,204 |
Corporate debt [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,365 | 1,354 |
Corporate debt [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 2 | |
Corporate debt [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,363 | 1,354 |
Corporate equity [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | 1,255 | 1,219 |
Corporate equity [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | $ 1,255 | $ 1,219 |
Employee Compensation - Summa_9
Employee Compensation - Summary of Changes in Number of Key Assumption (Detail) $ in Millions | Oct. 31, 2020CAD ($) |
Pension Plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 2.70% |
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (1,161) |
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 1,479 |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 2.10% |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 55 |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | (54) |
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | (202) |
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 199 |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 2.70% |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (120) |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 148 |
Other employee future benefit plans [member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 2.00% |
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (32) |
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 32 |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 4.80% |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 53 |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ (51) |
Employee Compensation - Summ_10
Employee Compensation - Summary of Changes in Number of Key Assumption (Parenthetical) (Detail) | Oct. 31, 2040 |
Scenario, Forecast [Member] | Other employee future benefit plans [member] | Actuarial assumption of medical cost trend rates [member] | |
Disclosure of defined benefit plans [line items] | |
Assumed overall health care cost trend rate | 4.10% |
Employee Compensation - Summ_11
Employee Compensation - Summary of Duration of Defined Benefit Obligation (Detail) - yr | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Pension Plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 15.4 | 15.2 |
Pension Plans [member] | United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 9.9 | 7.9 |
Other employee future benefit plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 14.3 | 14.5 |
Employee Compensation - Summ_12
Employee Compensation - Summary of Cash payments in connection with employee future benefit plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | |||
Contributions to defined benefit plans | $ 251 | $ 203 | $ 154 |
Contributions to defined contribution plans | 169 | 170 | 153 |
Benefits paid directly to pensioners | 45 | 53 | 59 |
Cash payments made for employee future benefit plans | 465 | 426 | 366 |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | |||
Benefits paid directly to pensioners | 36 | 40 | 35 |
Cash payments made for employee future benefit plans | $ 36 | $ 40 | $ 35 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 1,473 | $ 1,568 | $ 2,039 |
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | 113 | 127 | |
Amount of unrecognized tax loss carryforwards | 7 | 3 | |
Temporary differences associated with repatriation of earnings from investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 16,000 | 15,000 | |
Revaluation of income tax | 483 | ||
Income tax expense | 425 | ||
Income tax charge in Other Compresensive Income and Shareholder's Equity | 58 | ||
2011 - 2015 taxation years [member] | |||
Disclosure of Income Tax [Line items] | |||
Additional income tax expense and interest | 941 | ||
Canada [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 20 | $ 26 | |
Deferred income tax assets loss carryforwards expiration period | 2037 | 2037 | |
United States [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 75 | $ 289 | |
United States [member] | Tax loss carryforwards [member] | 2021 - 2040 taxation years [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards expiration, start of year | 2021 | ||
Deferred income tax assets loss carryforwards expiration, end of year | 2040 | ||
United Kingdom [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 16 | $ 19 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Disclosure representing major components of tax expense income [line items] | ||||
Current income taxes | $ 1,154 | $ 1,198 | $ 1,340 | |
Adjustments for current tax of prior periods | 10 | (14) | 20 | |
Origination and reversal of temporary differences | 91 | 327 | 268 | |
Effect of changes in tax rates | (4) | 3 | 425 | |
Previously unrecognized tax loss, tax credit or temporary difference for a prior period | (92) | |||
Provision for income taxes | 1,251 | [1] | 1,514 | 1,961 |
Unrealized gains (losses) on FVOCI debt securities | 143 | 140 | (69) | |
Reclassification to earnings of (gains) on FVOCI debt securities | (25) | (26) | (23) | |
Gains (losses) on derivatives designated as cash flow hedges | 541 | 521 | (432) | |
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges | (16) | 51 | 121 | |
Unrealized (losses) on hedges of net foreign operations | (35) | (4) | (56) | |
Gains (losses) on remeasurement of pension and other employee future benefit plans | (88) | (196) | 111 | |
Gains (Losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (10) | 27 | (6) | |
Unrealized gains on FVOCI equity securities | 1 | 0 | ||
Share-based compensation | 3 | 0 | 10 | |
Aggregate provision for income tax in Other Comprehensive Income and Equity | 513 | 514 | (344) | |
Total provision for income taxes | 1,764 | 2,028 | 1,617 | |
Canada [member] | ||||
Disclosure representing major components of tax expense income [line items] | ||||
Federal current income taxes | 694 | 791 | 501 | |
Provincial current income taxes | 402 | 465 | 299 | |
Current income taxes | 1,096 | 1,256 | 800 | |
Federal Deferred income taxes | (11) | (113) | (44) | |
Provincial deferred income taxes | (6) | (66) | (27) | |
Deferred income taxes | (17) | (179) | (71) | |
Total provision for income taxes | 1,079 | 1,077 | 729 | |
Foreign countries [member] | ||||
Disclosure representing major components of tax expense income [line items] | ||||
Current income taxes | 450 | 308 | 233 | |
Deferred income taxes | 235 | 643 | 655 | |
Total provision for income taxes | $ 685 | $ 951 | $ 888 | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rates (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||||
Combined Canadian federal and provincial income taxes at the statutory tax rate | $ 1,688 | $ 1,934 | $ 1,972 | |
Tax-exempt income from securities | (247) | (220) | (226) | |
Foreign operations subject to different tax rates | (175) | (158) | (110) | |
Change in tax rate for deferred income taxes | (4) | 3 | 425 | |
Previously unrecognized tax loss, tax credit or temporary difference for a prior period | (92) | |||
Income attributable to investments in associates and joint ventures | (39) | (37) | (39) | |
Other | 28 | (8) | 31 | |
Provision for income taxes in the Consolidated Statement of Income and effective tax rate | $ 1,251 | [1] | $ 1,514 | $ 1,961 |
Combined Canadian federal and provincial income taxes at the statutory tax rate | 26.60% | 26.60% | 26.60% | |
Tax-exempt income from securities | (3.90%) | (3.00%) | (3.00%) | |
Foreign operations subject to different tax rates | (2.80%) | (2.20%) | (1.50%) | |
Change in tax rate for deferred income taxes | (0.10%) | 5.70% | ||
Previously unrecognized tax loss, tax credit or temporary difference for a prior period | (1.20%) | |||
Income attributable to investments in associates and joint ventures | (0.60%) | (0.50%) | (0.50%) | |
Other | 0.50% | (0.10%) | 0.40% | |
Provision for income taxes in the Consolidated Statement of Income and effective tax rate | 19.70% | 20.80% | 26.50% | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Income Tax Balances (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | $ 1,508 | $ 1,965 | |
Benefit (expense) to income statement | (87) | (330) | |
Benefit (expense) to equity | (131) | (134) | |
Translation and other | 54 | 7 | |
Ending balance of net asset | 1,365 | 1,508 | |
Comprising | |||
Deferred tax assets | 1,473 | 1,568 | $ 2,039 |
Deferred tax liabilities | (108) | (60) | (74) |
Net deferred tax assets (liabilities) | 1,365 | 1,508 | $ 1,965 |
Allowance for credit losses [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 511 | 484 | |
Benefit (expense) to income statement | 334 | 23 | |
Translation and other | 4 | 4 | |
Ending balance of net asset | 849 | 511 | |
Employee future benefits [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 325 | 282 | |
Benefit (expense) to income statement | 11 | 12 | |
Benefit (expense) to equity | 1 | 31 | |
Translation and other | 0 | ||
Ending balance of net asset | 337 | 325 | |
Deferred compensation benefits [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 483 | 494 | |
Benefit (expense) to income statement | (69) | (12) | |
Translation and other | 2 | 1 | |
Ending balance of net asset | 416 | 483 | |
Other comprehensive income [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | (143) | 195 | |
Benefit (expense) to equity | (218) | (331) | |
Translation and other | 3 | (7) | |
Ending balance of net asset | (358) | (143) | |
Tax loss carryforwards [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 145 | 606 | |
Benefit (expense) to income statement | (59) | (462) | |
Translation and other | 1 | 1 | |
Ending balance of net asset | 87 | 145 | |
Tax credits [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 189 | 415 | |
Benefit (expense) to income statement | (189) | (228) | |
Translation and other | 31 | 2 | |
Ending balance of net asset | 31 | 189 | |
Premises and equipment [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | (282) | (515) | |
Benefit (expense) to income statement | (78) | 234 | |
Translation and other | (1) | (1) | |
Ending balance of net asset | (361) | (282) | |
Pension benefits [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 27 | (121) | |
Benefit (expense) to income statement | (35) | (18) | |
Benefit (expense) to equity | 86 | 166 | |
Translation and other | 0 | ||
Ending balance of net asset | 78 | 27 | |
Goodwill and intangible assets [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | (217) | (201) | |
Benefit (expense) to income statement | (18) | (14) | |
Translation and other | (2) | (2) | |
Ending balance of net asset | (237) | (217) | |
Securities [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 50 | 38 | |
Benefit (expense) to income statement | (39) | 12 | |
Ending balance of net asset | 11 | 50 | |
Deferred Tax Asset Liability Other [member] | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||
Beginning balance of net asset | 441 | 288 | |
Benefit (expense) to income statement | 55 | 123 | |
Translation and other | 16 | 9 | |
Ending balance of net asset | $ 512 | $ 441 |
Income Taxes - Summary of Com_2
Income Taxes - Summary of Components of Deferred Income Tax Balances (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 |
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net deferred tax assets | $ 1,365 | $ 1,508 | $ 1,965 |
Adoption Of IFRS 16 [Member] | |||
Disclosure Of Components Of Deferred Tax Assets And Liabilities [Line Items] | |||
Net deferred tax assets | $ 21 |
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 | 12 Months Ended | ||||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |||
Basic Earnings Per Common Share | |||||
Net income | $ 5,097 | $ 5,758 | $ 5,453 | ||
Dividends on preferred shares and distributions on other equity instruments | (247) | (211) | (184) | ||
Net income available to common shareholders | $ 4,850 | $ 5,547 | $ 5,269 | ||
Weighted-average number of common shares outstanding | 641,424 | 638,881 | 642,930 | ||
Basic earnings per common share | $ 7.56 | [1] | $ 8.68 | $ 8.19 | |
Diluted Earnings Per Common Share | |||||
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 4,850 | $ 5,547 | $ 5,269 | ||
Weighted-average number of common shares outstanding | 641,424 | 638,881 | 642,930 | ||
Effect of dilutive instruments | |||||
Stock options potentially exercisable | [2] | 3,433 | 5,326 | 5,876 | |
Common shares potentially repurchased | (2,729) | (3,847) | (3,893) | ||
Weighted-average number of diluted common shares outstanding | 642,128 | 640,360 | 644,913 | ||
Diluted earnings per common share | $ 7.55 | [1] | $ 8.66 | $ 8.17 | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. | ||||
[2] | In computing diluted earnings per share, we excluded average stock options outstanding of 3,146,040, 1,177,152 and 1,101,938 with weighted-average exercise prices of $99.57, $101.83 and $127.45 for the years ended October 31, 2020, 2019 and 2018, respectively, as the average share price for the period did not exceed the exercise price. |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - $ / shares | 12 Months Ended | ||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | |
Earnings per share [line items] | |||
Outstanding options excluded from calculation of diluted earnings per share | 3,146,040 | 1,177,152 | 1,101,938 |
Dilutive potential shares from stock options [Member] | |||
Earnings per share [line items] | |||
Weighted-average exercise price | $ 99.57 | $ 101.83 | $ 127.45 |
Commitments, Guarantees, Pled_3
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 216,914 | $ 198,101 |
Financial Guarantees [Member] | Standby letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 23,144 | 21,395 |
Financial Guarantees [Member] | Credit default swaps [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 1,795 | 2,068 |
Other Credit Instruments [Member] | Backstop liquidity facilities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 5,601 | 5,550 |
Other Credit Instruments [Member] | Securities lending [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 4,349 | 4,102 |
Other Credit Instruments [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 1,034 | 1,272 |
Other Credit Instruments [Member] | Commitments to extend credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 175,689 | 158,533 |
Other Credit Instruments [Member] | Other commitments [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 5,302 | $ 5,181 |
Commitments, Guarantees, Pled_4
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of commitments guarantees pledged assets provisions and contingent liabilities [Abstract] | ||
Fair value of derivative liabilities | $ (8) | $ 43 |
Commitments, Guarantees, Pled_5
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [1] | $ 251,418 | $ 263,143 |
Bank assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 140,533 | 150,456 | |
Bank assets [member] | Cash and due from banks [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 111 | 1,895 | |
Bank assets [member] | Securities [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [2],[3] | 75,104 | 71,001 |
Bank assets [member] | Loans [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [3] | 58,974 | 73,838 |
Bank assets [member] | Other assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 6,344 | 3,722 | |
Third-party Assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Collateral received and available for sale or re-pledging | [1] | 169,197 | 162,879 |
Less: Collateral not sold or re-pledged | [1] | (58,312) | (50,192) |
Pledged assets and collateral | [1] | 110,885 | 112,687 |
Clearing systems, payment systems and depositories [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 7,550 | 4,958 | |
Foreign governments and central banks [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 111 | 1,895 | |
Obligations related to securities sold short [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 29,376 | 26,253 | |
Obligations related to securities sold under repurchase agreements [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 80,962 | 73,696 | |
Securities borrowing and lending [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 58,791 | 67,758 | |
Derivative transactions [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 9,613 | 9,614 | |
Securitization [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 31,417 | 31,713 | |
Covered bonds [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 25,948 | 27,208 | |
Others [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | $ 7,650 | $ 20,048 | |
[1] | Includes on-balance sheet securities borrowed or purchased under resale agreements and available off-balance sheet collateral received. | ||
[2] | Includes NHA mortgage-backed securities of $6,121 million, which are included in loans on the Consolidated Balance Sheet ($3,688 million in 2019). | ||
[3] | Includes encumbered assets relating to Large Value Transfer System. |
Commitments, Guarantees, Pled_6
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Assets pledged as collateral | [1] | $ 251,418 | $ 263,143 |
Bank assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Assets pledged as collateral | 140,533 | 150,456 | |
Bank assets [member] | Securities [member] | NHA mortgaged back securities [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Assets pledged as collateral | $ 6,121 | $ 3,688 | |
[1] | Includes on-balance sheet securities borrowed or purchased under resale agreements and available off-balance sheet collateral received. |
Commitments, Guarantees, Pled_7
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2020 | Oct. 31, 2019 | May 31, 2019 |
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | |||
Lease Commitments | $ 991 | ||
BMO Nesbitt Burns Inc., BMO InvestorLine Inc. and BMO Trust Company [Member] | |||
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | |||
Legal proceedings, class action claimed various monetary awards | 102.9 | $ 419 | |
Ongoing bank- wide [member] | |||
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | |||
Restructuring charges | $ 336 | $ 603 |
Commitments, Guarantees, Pled_8
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Changes In Provision Balance (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | |||
Disclosure Of Changes In Provisions [Abstract] | ||||
Balance at beginning of year | $ 680 | [1] | $ 284 | |
Additional provisions/increase in provisions | 141 | 666 | ||
Provisions utilized | (334) | (251) | ||
Amounts reversed | (16) | (32) | ||
Foreign exchange and other | 1 | 13 | ||
Balance at end of year | [1] | $ 472 | $ 680 | |
[1] | Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segm_3
Operating and Geographic Segmentation - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2020CAD ($)BusinessSegmentsBranchATM | Oct. 31, 2019CAD ($) | Oct. 31, 2018CAD ($) | |
Disclosure of operating segments [line items] | |||
Number of operating groups | Business | 3 | ||
Taxable equivalent basis adjustment amount | $ | $ 335 | $ 296 | $ 313 |
Personal and commercial banking [member] | |||
Disclosure of operating segments [line items] | |||
Number operating segments | Segments | 2 | ||
Number of branches through which the services are provided to the customers | Branch | 900 | ||
Number of automated teller machines through which the services are provided to the customers | ATM | 3,200 |
Operating and Geographic Segm_4
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Disclosure of operating segments [line items] | ||||
Net interest income | $ 13,971 | $ 12,888 | $ 11,438 | |
Non-interest revenue | 11,215 | 12,595 | 11,467 | |
Total Revenue | 25,186 | [1] | 25,483 | 22,905 |
Provision for (recovery of) credit losses | 2,953 | [1] | 872 | 662 |
Insurance claims, commissions and changes in policy benefit liabilities | 1,708 | [1] | 2,709 | 1,352 |
Depreciation and amortization | 1,618 | 1,205 | 1,127 | |
Non-interest expense | 12,559 | 13,425 | 12,350 | |
Income Before Provision for Income Taxes | 6,348 | [1] | 7,272 | 7,414 |
Provision for (recovery of) income taxes | 1,251 | [1] | 1,514 | 1,961 |
Reported net income (loss) | 5,097 | [1] | 5,758 | 5,453 |
Average Assets | 942,450 | 833,252 | 754,295 | |
Impaired Loans [Member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 1,522 | 751 | 700 | |
Performing loans [member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 1,431 | 121 | (38) | |
Canadian P&C [member] | ||||
Disclosure of operating segments [line items] | ||||
Net interest income | 6,105 | 5,885 | 5,546 | |
Non-interest revenue | 1,930 | 2,099 | 2,040 | |
Total Revenue | 8,035 | 7,984 | 7,586 | |
Provision for (recovery of) credit losses | 1,410 | 607 | 469 | |
Insurance claims, commissions and changes in policy benefit liabilities | ||||
Depreciation and amortization | 505 | 340 | 320 | |
Non-interest expense | 3,385 | 3,496 | 3,361 | |
Income Before Provision for Income Taxes | 2,735 | 3,541 | 3,436 | |
Provision for (recovery of) income taxes | 707 | 917 | 882 | |
Reported net income (loss) | 2,028 | 2,624 | 2,554 | |
Average Assets | 251,471 | 237,741 | 224,310 | |
Canadian P&C [member] | Impaired Loans [Member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 787 | 544 | 466 | |
Canadian P&C [member] | Performing loans [member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 623 | 63 | 3 | |
US P&C [member] | ||||
Disclosure of operating segments [line items] | ||||
Net interest income | 4,345 | 4,216 | 3,844 | |
Non-interest revenue | 1,186 | 1,162 | 1,096 | |
Total Revenue | 5,531 | 5,378 | 4,940 | |
Provision for (recovery of) credit losses | 859 | 197 | 220 | |
Insurance claims, commissions and changes in policy benefit liabilities | ||||
Depreciation and amortization | 554 | 449 | 448 | |
Non-interest expense | 2,521 | 2,687 | 2,516 | |
Income Before Provision for Income Taxes | 1,597 | 2,045 | 1,756 | |
Provision for (recovery of) income taxes | 320 | 434 | 359 | |
Reported net income (loss) | 1,277 | 1,611 | 1,397 | |
Average Assets | 137,644 | 126,539 | 110,303 | |
US P&C [member] | Impaired Loans [Member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 418 | 160 | 258 | |
US P&C [member] | Performing loans [member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 441 | 37 | (38) | |
BMO wealth management [member] | ||||
Disclosure of operating segments [line items] | ||||
Net interest income | 900 | 935 | 826 | |
Non-interest revenue | 5,808 | 6,727 | 5,475 | |
Total Revenue | 6,708 | 7,662 | 6,301 | |
Provision for (recovery of) credit losses | 22 | 0 | 6 | |
Insurance claims, commissions and changes in policy benefit liabilities | 1,708 | 2,709 | 1,352 | |
Depreciation and amortization | 324 | 264 | 233 | |
Non-interest expense | 3,195 | 3,259 | 3,284 | |
Income Before Provision for Income Taxes | 1,459 | 1,430 | 1,426 | |
Provision for (recovery of) income taxes | 363 | 371 | 354 | |
Reported net income (loss) | 1,096 | 1,059 | 1,072 | |
Average Assets | 45,573 | 40,951 | 35,913 | |
BMO wealth management [member] | Impaired Loans [Member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 4 | 2 | 6 | |
BMO wealth management [member] | Performing loans [member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 18 | (2) | 0 | |
BMO capital markets [member] | ||||
Disclosure of operating segments [line items] | ||||
Net interest income | 3,320 | 2,390 | 1,780 | |
Non-interest revenue | 2,006 | 2,369 | 2,608 | |
Total Revenue | 5,326 | 4,759 | 4,388 | |
Provision for (recovery of) credit losses | 659 | 80 | (18) | |
Insurance claims, commissions and changes in policy benefit liabilities | ||||
Depreciation and amortization | 235 | 152 | 126 | |
Non-interest expense | 3,001 | 3,127 | 2,753 | |
Income Before Provision for Income Taxes | 1,431 | 1,400 | 1,527 | |
Provision for (recovery of) income taxes | 344 | 309 | 368 | |
Reported net income (loss) | 1,087 | 1,091 | 1,159 | |
Average Assets | 369,518 | 342,626 | 307,357 | |
BMO capital markets [member] | Impaired Loans [Member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 310 | 52 | (17) | |
BMO capital markets [member] | Performing loans [member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 349 | 28 | (1) | |
Corporate services [member] | ||||
Disclosure of operating segments [line items] | ||||
Net interest income | (699) | (538) | (558) | |
Non-interest revenue | 285 | 238 | 248 | |
Total Revenue | (414) | (300) | (310) | |
Provision for (recovery of) credit losses | 3 | (12) | (15) | |
Insurance claims, commissions and changes in policy benefit liabilities | ||||
Non-interest expense | 457 | 856 | 436 | |
Income Before Provision for Income Taxes | (874) | (1,144) | (731) | |
Provision for (recovery of) income taxes | (483) | (517) | (2) | |
Reported net income (loss) | (391) | (627) | (729) | |
Average Assets | 138,244 | 85,395 | 76,412 | |
Corporate services [member] | Impaired Loans [Member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | 3 | (7) | (13) | |
Corporate services [member] | Performing loans [member] | ||||
Disclosure of operating segments [line items] | ||||
Provision for (recovery of) credit losses | $ 0 | $ (5) | $ (2) | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Operating and Geographic Segm_5
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Geographic Region (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Disclosure of geographical areas [line items] | ||||
Total Revenue | $ 25,186 | [1] | $ 25,483 | $ 22,905 |
Income before taxes | 6,348 | [1] | 7,272 | 7,414 |
Reported net income | 5,097 | [1] | 5,758 | 5,453 |
Average Assets | 942,450 | 833,252 | 754,295 | |
Canada [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total Revenue | 14,515 | 14,998 | 13,506 | |
Income before taxes | 3,815 | 4,218 | 4,746 | |
Reported net income | 3,021 | 3,313 | 3,728 | |
Average Assets | 522,155 | 462,427 | 433,843 | |
United States [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total Revenue | 8,659 | 8,282 | 7,273 | |
Income before taxes | 1,891 | 2,367 | 1,871 | |
Reported net income | 1,554 | 1,903 | 1,100 | |
Average Assets | 361,651 | 316,983 | 277,764 | |
Other international non CAN non US [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total Revenue | 2,012 | 2,203 | 2,126 | |
Income before taxes | 642 | 687 | 797 | |
Reported net income | 522 | 542 | 625 | |
Average Assets | $ 58,644 | $ 53,842 | $ 42,688 | |
[1] | Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Significant Subsidiaries - Summ
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2020CAD ($) | |
Bank of Montreal (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal (China) Co. Ltd. |
Head or principal office | Beijing, China |
Book value of shares owned by the bank | $ 453 |
Bank Of Montreal Europe plc [Member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Europe plc |
Head or principal office | Dublin, Ireland |
Book value of shares owned by the bank | $ 1,055 |
Bank of Montreal Holding Inc. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Holding Inc. and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 33,280 |
Bank of Montreal Mortgage Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Mortgage Corporation |
Head or principal office | Calgary, Canada |
BMO Mortgage Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Mortgage Corp. |
Head or principal office | Vancouver, Canada |
BMO Investments Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Limited |
Head or principal office | Hamilton, Bermuda |
BMO Reinsurance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Reinsurance Limited |
Head or principal office | St. Michaels, Barbados |
BMO Nesbitt Burns Holdings Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Nesbitt Burns Holdings Corporation |
Head or principal office | Toronto, Canada |
BMO Nesbitt Burns Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Nesbitt Burns Inc. |
Head or principal office | Toronto, Canada |
BMO Investments Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Inc. |
Head or principal office | Toronto, Canada |
BMO InvestorLine Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO InvestorLine Inc. |
Head or principal office | Toronto, Canada |
BMO Capital Markets Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Limited |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 295 |
BMO Financial Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Financial Corp. and subsidiaries |
Head or principal office | Chicago, United States |
Book value of shares owned by the bank | $ 25,789 |
BMO Asset Management Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Asset Management Corp. and subsidiaries |
Head or principal office | Chicago, United States |
BMO Capital Markets Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Corp. |
Head or principal office | New York, United States |
BMO Family Office LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Family Office, LLC |
Head or principal office | Palo Alto, United States |
BMO Harris Bank National Association and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Bank National Association and subsidiaries |
Head or principal office | Chicago, United States |
BMO Harris Investment Company LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Investment Company LLC |
Head or principal office | Chicago, United States |
BMO Harris Financial Advisors, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Financial Advisors, Inc. |
Head or principal office | Chicago, United States |
BMO Harris Financing, Inc. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Financing, Inc. and subsidiaries |
Head or principal office | Chicago, United States |
BMO Global Asset Management (Asia) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Global Asset Management (Asia) Limited |
Head or principal office | Hong Kong, China |
Book value of shares owned by the bank | $ 5 |
BMO Global Asset Management (Europe) Limited and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Global Asset Management (Europe) Limited and subsidiaries |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 657 |
BMO Asset Management (Holdings) plc and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Asset Management (Holdings) plc and subsidiaries |
Head or principal office | London, England |
BMO Life Insurance Company and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Insurance Company and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 1,208 |
BMO Life Holdings (Canada), ULC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Holdings (Canada), ULC |
Head or principal office | Halifax, Canada |
BMO Life Assurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Assurance Company |
Head or principal office | Toronto, Canada |
BMO Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Trust Company |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 588 |
BMO Trustee Asia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Trustee Asia Limited |
Head or principal office | Hong Kong, China |
Book value of shares owned by the bank | $ 3 |
LGM Investments Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | LGM Investments Limited |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 39 |
Pyrford International Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Pyrford International Limited |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 59 |
Significant Subsidiaries - Su_2
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2020 | |
Disclosure of subsidiaries [abstract] | |
Voting rights held in subsidiaries | 100.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2020 | Oct. 31, 2019 | Oct. 31, 2018 | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | ||||
Base salary and incentives | $ 20 | $ 22 | $ 21 | |
Post-employment benefits | 3 | 2 | 2 | |
Share-based payments | [1] | 32 | 43 | 31 |
Total key management personnel compensation | $ 55 | $ 67 | $ 54 | |
[1] | Amounts included in share-based payments are the fair values of awards granted in the year. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Provision for credit losses | $ 0 | $ 0 |
Key management personnel directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related party | $ 19 | $ 21 |
Related Party Transactions - _2
Related Party Transactions - Summary of Carrying amount in Joint Venture and Asoociated Companies (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Joint ventures where entity is venturer [member] | ||
Disclosure of associates [line items] | ||
Carrying amount | $ 412 | $ 343 |
Share of net income | 99 | 99 |
Associates [member] | ||
Disclosure of associates [line items] | ||
Carrying amount | 573 | 501 |
Share of net income | $ 62 | $ 52 |
Related Party Transactions - _3
Related Party Transactions - Summary of Transaction With Joint Ventures and Associates (Detail) - Associates and joint ventures [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2020 | Oct. 31, 2019 | |
Disclosure of transactions between related parties [line items] | ||
Loans | $ 155 | $ 169 |
Deposits | 115 | 106 |
Fees paid for services received | 63 | 69 |
Guarantees and commitments | $ 57 | $ 76 |