Cover Page
Cover Page | 3 Months Ended |
Jan. 31, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | Q1 |
Entity Registrant Name | BANK OF MONTREAL /CAN/ |
Entity Central Index Key | 0000927971 |
Current Fiscal Year End Date | --10-31 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
Interest, Dividend and Fee Income | |||
Loans | $ 4,081 | $ 3,933 | $ 4,029 |
Securities (Note 2) | 1,067 | 1,042 | 990 |
Deposits with banks | 58 | 53 | 44 |
Interest, Dividend and Fee Income | 5,206 | 5,028 | 5,063 |
Interest Expense | |||
Deposits | 705 | 737 | 921 |
Subordinated debt | 45 | 42 | 58 |
Other liabilities | 437 | 493 | 506 |
Interest Expense | 1,187 | 1,272 | 1,485 |
Net Interest Income | 4,019 | 3,756 | 3,578 |
Non-Interest Revenue | |||
Securities commissions and fees | 282 | 258 | 285 |
Deposit and payment service charges | 329 | 313 | 305 |
Trading revenues | 799 | (98) | 212 |
Lending fees | 385 | 344 | 356 |
Card fees | 131 | 126 | 81 |
Investment management and custodial fees | 466 | 522 | 482 |
Mutual fund revenues | 356 | 419 | 374 |
Underwriting and advisory fees | 434 | 348 | 258 |
Securities gains, other than trading (Note 2) | 138 | 180 | 102 |
Foreign exchange gains, other than trading | 22 | 39 | 24 |
Insurance revenues | 192 | 223 | 744 |
Investments in associates and joint ventures | 66 | 65 | 56 |
Other | 104 | 78 | 118 |
Non-Interest Revenue | 3,704 | 2,817 | 3,397 |
Total Revenue | 7,723 | 6,573 | 6,975 |
Provision for (Recovery of) Credit Losses (Note 3) | (99) | (126) | 156 |
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities | 81 | 97 | 601 |
Non-Interest Expense | |||
Employee compensation | 2,299 | 2,059 | 2,119 |
Premises and equipment | 828 | 900 | 804 |
Advertising and business development | 106 | 133 | 66 |
Amortization of intangible assets | 150 | 163 | 156 |
Communications | 64 | 65 | 64 |
Professional fees | 155 | 184 | 136 |
Other | 244 | 299 | 268 |
Non-Interest Expense | 3,846 | 3,803 | 3,613 |
Income Before Provision for Income Taxes | 3,895 | 2,799 | 2,605 |
Provision for income taxes (Note 10) | 962 | 640 | 588 |
Net Income | $ 2,933 | $ 2,159 | $ 2,017 |
Earnings Per Share (Canadian $) (Note 9) | |||
Basic | $ 4.44 | $ 3.24 | $ 3.03 |
Diluted | 4.43 | 3.23 | 3.03 |
Common shares [member] | |||
Earnings Per Share (Canadian $) (Note 9) | |||
Dividends per common share | $ 1.33 | $ 1.06 | $ 1.06 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | |||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | ||
Statement [Line Items] | ||||
Net Income | $ 2,933 | $ 2,159 | $ 2,017 | |
Other Comprehensive Income (Loss), net of taxes | ||||
Reclassification to earnings of (gains) in the period | [1] | (28) | (10) | (9) |
Other comprehensive income net of tax OCI debt financial assets | (90) | (161) | 48 | |
Net change in unrealized (losses) on cash flow hedges | ||||
(Losses) on derivatives designated as cash flow hedges arising during the period | [2] | (478) | (988) | (131) |
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges in the period | [3] | (138) | (135) | (77) |
Other comprehensive income net of tax cash flow hedges | (616) | (1,123) | (208) | |
Net gains (losses) on translation of net foreign operations | ||||
Unrealized gains (losses) on translation of net foreign operations | 808 | (293) | (1,131) | |
Unrealized gains (losses) on hedges of net foreign operations | [4] | (128) | 98 | 221 |
Reclassification to earnings of net losses related to divestitures (Note 12) | [5] | 29 | 0 | 0 |
Other comprehensive income, net of taxes, translation of net foreign operations | 709 | (195) | (910) | |
Items that will not be reclassified to net income | ||||
Unrealized gains on fair value through OCI equity securities arising during the period | [6] | 2 | 13 | 0 |
Gains on remeasurement of pension and other employee future benefit plans | [7] | 162 | 158 | 275 |
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | [8] | 66 | 24 | (245) |
Items that will not be reclassified to net income | 230 | 195 | 30 | |
Other Comprehensive Income (Loss), net of taxes | 233 | (1,284) | (1,040) | |
Total Comprehensive Income | 3,166 | 875 | 977 | |
Debt securities [member] | ||||
Other Comprehensive Income (Loss), net of taxes | ||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | [9] | $ (62) | $ (151) | $ 57 |
[1] | Net of income tax provision of $10 million, $3 million, $3 million for the three months ended. | |||
[2] | Net of income tax recovery of $172 million, $357 million, $46 million for the three months ended. | |||
[3] | Net of income tax provision of $50 million, $49 million, $28 million for the three months ended. | |||
[4] | Net of income tax (provision) recovery of $48 million, $(35) million, $(80) million for the three months ended. | |||
[5] | Net of income tax (provision) of $nil million, na, na for the three months ended. | |||
[6] | Net of income tax (provision) of $nil million, $(4) million, $nil million for the three months ended. | |||
[7] | Net of income tax (provision) of $(60) million, $(58) million, $(99) million for the three months ended. | |||
[8] | Net of income tax (provision) recovery of $(24) million, $(9) million, $89 million for the three months ended. | |||
[9] | Net of income tax (provision) recovery of $22 million, $54 million, $(20) million for the three months ended. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
Statement [Line Items] | |||
Net of income tax (provision), Reclassification to earnings of net losses related to divestitures | $ 0 | $ 0 | $ 0 |
Net of income tax provision, reclassification to earnings of (gains) | 10 | 3 | 3 |
Net of income tax (provision) gains on derivatives designated as cash flow hedges | 172 | 357 | 46 |
Net of income tax provision (recovery), reclassification to earnings of losses on derivatives designated as cash flow hedges | 50 | 49 | 28 |
Net of income tax (provision) recovery, unrealized gains on hedges of net foreign operations | 48 | (35) | (80) |
Net of income tax (provision) recovery, gains (losses) on remeasurement of pension and other employee future benefit plans | 0 | (4) | 0 |
Net of income tax (provision) recovery, gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (24) | (9) | 89 |
Net of income tax (provision) of gain on re measurement of pension and other employee future benefit plans. | (60) | (58) | (99) |
Debt securities [member] | |||
Statement [Line Items] | |||
Net of income tax (provision) recovery, unrealized gains(losses) on fair value through OCI securities | $ 22 | $ 54 | $ (20) |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Assets | |||
Cash and Cash Equivalents | $ 50,123 | $ 93,261 | $ 73,091 |
Interest Bearing Deposits with Banks | 8,573 | 8,303 | 8,376 |
Securities (Note 2) | |||
Trading | 118,641 | 104,411 | 98,943 |
Fair value through profit or loss | 14,663 | 14,210 | 13,939 |
Fair value through other comprehensive income | 43,071 | 63,123 | 70,574 |
Debt securities at amortized cost | 98,456 | 49,970 | 48,708 |
Investments in associates and joint ventures | 1,234 | 1,135 | 1,026 |
Securities, net | 276,065 | 232,849 | 233,190 |
Securities Borrowed or Purchased Under Resale Agreements | 117,444 | 107,382 | 121,573 |
Loans | |||
Residential mortgages | 137,382 | 135,750 | 128,170 |
Consumer instalment and other personal | 79,080 | 77,164 | 70,780 |
Credit cards | 8,050 | 8,103 | 7,342 |
Business and government | 262,253 | 239,809 | 248,752 |
Loans gross of allowance for loan losses | 486,765 | 460,826 | 455,044 |
Allowance for credit losses (Note 3) | (2,405) | (2,564) | (3,188) |
Loans,net | 484,360 | 458,262 | 451,856 |
Other Assets | |||
Derivative instruments | 34,827 | 36,713 | 34,054 |
Customers' liability under acceptances | 12,803 | 14,021 | 11,878 |
Premises and equipment | 4,550 | 4,454 | 4,202 |
Goodwill | 4,957 | 5,378 | 6,365 |
Intangible assets | 2,071 | 2,266 | 2,388 |
Current tax assets | 1,615 | 1,588 | 1,434 |
Deferred tax assets | 1,027 | 1,287 | 1,339 |
Other | 24,757 | 22,411 | 23,465 |
Other assets | 86,607 | 88,118 | 85,125 |
Total Assets | 1,023,172 | 988,175 | 973,211 |
Liabilities and Equity | |||
Deposits (Note 4) | 704,949 | 685,631 | 672,500 |
Other Liabilities | |||
Derivative instruments | 29,825 | 30,815 | 29,430 |
Acceptances | 12,803 | 14,021 | 11,878 |
Securities sold but not yet purchased | 36,760 | 32,073 | 34,164 |
Securities lent or sold under repurchase agreements | 107,979 | 97,556 | 99,892 |
Securitization and structured entities' liabilities | 25,158 | 25,486 | 25,610 |
Current tax liabilities | 192 | 221 | 196 |
Deferred tax liabilities | 135 | 192 | 155 |
Other | 37,086 | 37,764 | 35,962 |
Other liabilities | 249,938 | 238,128 | 237,287 |
Subordinated Debt | 8,481 | 6,893 | 7,276 |
Total Liabilities | 963,368 | 930,652 | 917,063 |
Equity | |||
Contributed surplus | 319 | 313 | 309 |
Retained earnings | 37,513 | 35,497 | 32,012 |
Accumulated other comprehensive income | 2,789 | 2,556 | 4,478 |
Total Equity | 59,804 | 57,523 | 56,148 |
Total Liabilities and Equity | 1,023,172 | 988,175 | 973,211 |
Preferred shares and other equity instruments [member] | |||
Equity | |||
Issued capital | 5,558 | 5,558 | 5,848 |
Total Equity | 5,558 | 5,558 | 5,848 |
Common shares [member] | |||
Equity | |||
Issued capital | 13,625 | 13,599 | 13,501 |
Total Equity | $ 13,625 | $ 13,599 | $ 13,501 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Share premium [member] | Retained earnings [member] | Accumulated Other Comprehensive Income on Fair Value through OCI Securities, net of taxes [member] | Accumulated Other Comprehensive Income (Loss) on Cash Flow Hedges, net of taxes [member] | Accumulated Other Comprehensive Income on Translation of Net Foreign Operations, net of taxes [Member] | Accumulated Other Comprehensive Income (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, 2020 | $ 302 | $ 30,745 | $ 355 | $ 1,979 | $ 3,980 | $ (638) | $ (158) | $ 6,598 | $ 13,430 | |||
Statement [Line Items] | ||||||||||||
Issued under the Stock Option Plan | 27 | |||||||||||
Repurchased for cancellation and/or treasury shares sold/purchased | 44 | |||||||||||
Net income | $ 2,017 | 2,017 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (56) | |||||||||||
Dividends on common shares | (686) | |||||||||||
Stock option expense, net of options exercised | 5 | |||||||||||
Losses on derivatives designated as cash flow hedges arising during the period | (131) | [1] | (131) | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (1,131) | (1,131) | ||||||||||
Gains on remeasurement of pension and other employee future benefit plans | 275 | [2] | 275 | |||||||||
Gains on remeasurement of own credit risk on financial liabilities designated at fair value | (245) | [3] | (245) | |||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | 57 | |||||||||||
Unrealized gains on fair value through OCI equity securities arising during the period | 0 | |||||||||||
Redeemed during the period | (750) | |||||||||||
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges in the period | (77) | [4] | (77) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 221 | [5] | 221 | |||||||||
Equity issue expense and premium paid on redemption of preferred shares | (6) | |||||||||||
Net discount on sale of treasury shares | (2) | |||||||||||
Reclassification to earnings of (gains) in the period | (9) | [6] | (9) | |||||||||
Reclassification to earnings of net losses related to divestitures (Note 12) | 0 | [7] | 0 | |||||||||
Other | 2 | |||||||||||
Balance at end of year at Jan. 31, 2021 | 56,148 | 309 | 32,012 | 403 | 1,771 | 3,070 | (363) | (403) | $ 4,478 | 5,848 | 13,501 | |
Balance at beginning of year at Oct. 31, 2021 | 57,523 | 313 | 35,497 | 171 | 185 | 2,269 | 285 | (354) | 5,558 | 13,599 | ||
Statement [Line Items] | ||||||||||||
Issued under the Stock Option Plan | 22 | |||||||||||
Repurchased for cancellation and/or treasury shares sold/purchased | 4 | |||||||||||
Net income | 2,933 | 2,933 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (55) | |||||||||||
Dividends on common shares | (862) | |||||||||||
Stock option expense, net of options exercised | 5 | |||||||||||
Losses on derivatives designated as cash flow hedges arising during the period | (478) | [1] | (478) | |||||||||
Unrealized gains (losses) on translation of net foreign operations | 808 | 808 | ||||||||||
Gains on remeasurement of pension and other employee future benefit plans | 162 | [2] | 162 | |||||||||
Gains on remeasurement of own credit risk on financial liabilities designated at fair value | 66 | [3] | 66 | |||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | (62) | |||||||||||
Unrealized gains on fair value through OCI equity securities arising during the period | 2 | |||||||||||
Redeemed during the period | 0 | |||||||||||
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges in the period | (138) | [4] | (138) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | (128) | [5] | (128) | |||||||||
Equity issue expense and premium paid on redemption of preferred shares | 0 | |||||||||||
Net discount on sale of treasury shares | 0 | |||||||||||
Reclassification to earnings of (gains) in the period | (28) | [6] | (28) | |||||||||
Reclassification to earnings of net losses related to divestitures (Note 12) | (29) | [7] | 29 | |||||||||
Other | 1 | |||||||||||
Balance at end of year at Jan. 31, 2022 | $ 59,804 | $ 319 | $ 37,513 | $ 83 | $ (431) | $ 2,978 | $ 447 | $ (288) | $ 2,789 | $ 5,558 | $ 13,625 | |
[1] | Net of income tax recovery of $172 million, $357 million, $46 million for the three months ended. | |||||||||||
[2] | Net of income tax (provision) of $(60) million, $(58) million, $(99) million for the three months ended. | |||||||||||
[3] | Net of income tax (provision) recovery of $(24) million, $(9) million, $89 million for the three months ended. | |||||||||||
[4] | Net of income tax provision of $50 million, $49 million, $28 million for the three months ended. | |||||||||||
[5] | Net of income tax (provision) recovery of $48 million, $(35) million, $(80) million for the three months ended. | |||||||||||
[6] | Net of income tax provision of $10 million, $3 million, $3 million for the three months ended. | |||||||||||
[7] | Net of income tax (provision) of $nil million, na, na for the three months ended. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Cash Flows from Operating Activities | |||
Net Income | $ 2,933 | $ 2,017 | |
Adjustments to determine net cash flows provided by (used in) operating activities | |||
Provision on securities, other than trading | 0 | (1) | |
Net (gain) on securities, other than trading | (138) | (101) | |
Net (increase) in trading securities | (12,747) | (2,883) | |
Provision for (recovery of) credit losses (Note 3) | (99) | 156 | |
Change in derivative instruments – decrease in derivative asset | 3,218 | 2,582 | |
Increase (decrease) in derivative liability | (2,746) | 725 | |
Amortization of premises and equipment | 195 | 196 | |
Amortization of other assets | 28 | 41 | |
Amortization of intangible assets | 150 | 156 | |
Net loss on divestitures (Note 12) | 29 | 0 | |
Net decrease in deferred tax asset | 278 | 105 | |
Net increase (decrease) in deferred tax liability | (57) | 46 | |
Net (increase) decrease in current tax asset | 31 | (270) | |
Net increase (decrease) in current tax liability | (42) | 89 | |
Change in accrued interest – decrease in interest receivable | 56 | 102 | |
Change in accrued interest – (decrease) in interest payable | (71) | (86) | |
Changes in other items and accruals, net | (6,040) | (2,706) | |
Net increase in deposits | 8,895 | 25,865 | |
Net (increase) in loans | (21,630) | (11,440) | |
Net increase in securities sold but not yet purchased | 4,421 | 5,198 | |
Net increase in securities lent or sold under repurchase agreements | 8,854 | 13,230 | |
Net (increase) in securities borrowed or purchased under resale agreements | (8,550) | (12,135) | |
Net (decrease) in securitization and structured entities' liabilities | (481) | (1,036) | |
Net Cash Provided by (Used in) Operating Activities | (23,513) | 19,850 | |
Cash Flows from Financing Activities | |||
Net increase in liabilities of subsidiaries | 3,795 | 0 | |
Proceeds from issuance of covered bonds | 3,925 | 0 | |
Redemption/buyback of covered bonds | (2,222) | 0 | |
Proceeds from Issuance of subordinated debt | 1,587 | 0 | |
Repayment of subordinated debt (Note 4) | 0 | (1,000) | |
Redemption of preferred shares (Note 5) | 0 | (756) | |
Net proceeds from issuance of common shares and sale (purchase) of treasury shares (Note 5) | 21 | 68 | |
Cash dividends and distributions paid | (746) | (738) | |
Repayment of lease liabilities | (57) | (75) | |
Net Cash Provided by (Used in) Financing Activities | 6,303 | (2,501) | |
Cash Flows from Investing Activities | |||
Net (increase) decrease in interest bearing deposits with banks | (72) | 337 | |
Purchases of securities, other than trading | (53,325) | (13,483) | |
Maturities of securities, other than trading | 7,191 | 6,714 | |
Proceeds from sales of securities, other than trading | 18,400 | 5,895 | |
Premises and equipment – net (purchases) | (135) | (116) | |
Purchased and developed software – net (purchases) | (134) | (117) | |
Net proceeds from divestitures (Note 12) | 1,218 | 0 | |
Net Cash Provided by (Used in) Investing Activities | (26,857) | (770) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 929 | (896) | |
Net increase (decrease) in Cash and Cash Equivalents | (43,138) | 15,683 | |
Cash and Cash Equivalents at Beginning of Period | 93,261 | 57,408 | |
Cash and Cash Equivalents at End of Period | 50,123 | 73,091 | |
Net cash provided by operating activities includes: | |||
Interest paid in the period | [1] | 1,228 | 1,555 |
Income taxes paid in the period | 545 | 562 | |
Interest received in the period | 4,818 | 4,806 | |
Dividends received in the period | $ 424 | $ 383 | |
[1] | Includes dividends paid on securities sold but not purchased. |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Jan. 31, 2022 | |
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) These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting Interbank Offered Rate (IBOR) Reform Our IBOR Transition Office continues to coordinate and oversee the transition from IBORs to alternative reference rates with no significant changes to the project or transition risks disclosed in Note 1 of our annual consolidated financial statements for the year ended October 31, 2021. As expected, all Sterling, Euro, Swiss franc and Japanese yen settings as well as the 1-week 2-month There were no significant changes in our transition risk with respect to our remaining USD LIBOR exposures since October 31, 2021. Our project plan continues to be on target and in line with the supervisory guidance from the U.S. prudential regulators we have ceased to issue new LIBOR-based instruments. However, as we approach the June 30, 2023 cessation date, in the normal course of business our exposures may continue to fluctuate, including instances where customers draw down on existing LIBOR-based facilities that have not yet been remediated. The fluctuations in USD LIBOR exposures have no significant impact on our IBOR conversion plans. Use of Estimates and Judgments The preparation of the interim 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; leases; and transfer of financial assets and consolidation of structured entities. If actual results were to differ from the estimates, the impact would be recorded in future periods. The extent of the continuing impact of the COVID-19 mark-to-market Allowance for Credit Losses As detailed further in Note 1 of our annual consolidated financial statements for the year ended October 31, 2021, the allowance for credit losses (ACL) consists of allowances on impaired loans, which represent estimated losses related to impaired loans in the portfolio provided for but not yet written off, and allowances on performing loans, which is our best estimate of impairment in the existing portfolio for loans that have not yet been individually identified as impaired. The expected credit loss model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The bank’s methodology for determining significant increase in credit risk is based on the change in probability of default between origination, and reporting date, assessed using probability weighted scenarios as well as certain other criteria, such as 30-day The judgments we apply in determining the ACL reflect the impact of uncertainties in the economic environment on credit conditions that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the allowance for credit losses. Additional information regarding the allowance for credit losses is included in Note 3. |
Securities
Securities | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Securities | Note 2: Securities Classification of Securities The bank’s fair value through profit or loss (FVTPL) securities of $14,663 million ($14,210 million as at October 31, 2021) are comprised of $3,748 million mandatorily measured at fair value and $10,915 million investment securities held by insurance subsidiaries designated at fair value ($3,038 million and $11,172 million, respectively, as at October 31, 2021). Our fair value through other comprehensive income (FVOCI) securities totalling $43,071 million ($63,123 million as at October 31, 2021), are net of an allowance for credit losses of $2 million ($2 million as at October 31, 2021). Amortized cost securities totalling $98,456 million ($49,970 million as at October 31, 2021), are net of an allowance for credit losses of $2 million ($1 million as at October 31, 2021). Unrealized Gains and Losses on FVOCI Securities The following table summarizes the unrealized gains and losses: (Canadian $ in millions) January 31, 2022 October 31, 2021 Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Issued or guaranteed by: Canadian federal government 8,472 25 84 8,413 13,087 62 84 13,065 Canadian provincial and municipal governments 2,286 19 21 2,284 2,973 29 15 2,987 U.S. federal government 10,388 92 235 10,245 21,041 282 297 21,026 U.S. states, municipalities and agencies 3,751 52 16 3,787 4,034 85 5 4,114 Other governments 6,624 35 49 6,610 6,476 55 29 6,502 National Housing Act (NHA) mortgage-backed securities (MBS) 715 2 3 714 1,122 6 3 1,125 U.S. agency MBS and collateralized mortgage obligations 7,518 57 26 7,549 10,894 151 34 11,011 Corporate debt 3,339 20 41 3,318 3,147 34 20 3,161 Corporate equity 120 31 - 151 103 29 - 132 Total 43,213 333 475 43,071 62,877 733 487 63,123 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest Income on Debt Securities The following table presents interest income calculated using the effective interest method: (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 FVOCI - Debt 96 131 Amortized cost 172 106 Total 268 237 Non-Interest Revenue Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 FVTPL securities 102 90 FVOCI securities - realized gains (losses) (1) 36 13 Impairment losses - (1 ) Securities gains other than trading 138 102 (1) Gains (losses) are net of (losses) gains on hedge contracts. Interest income and gains (losses) on securities held in our Insurance business are recorded in non-interest revenue, insurance revenue, in our Consolidated Statement of Income. These include: • Interest income of $95 million and $96 million for the three months ended January 31, 2022 and 2021 calculated using the effective interest method; • Gains (losses) from securities designated at FVTPL of $(244) million and $235 million for the three months ended January 31, 2022 and 2021, respectively; and • Realized gains from FVOCI securities of $nil million and $1 million for the three months ended January 31, 2022 and 2021, respectively. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Loans and Allowance for Credit Losses | Note 3: Loans and Allowance for Credit Losses Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at January 31, 2022 and October 31, 2021. 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 expected credit loss that are credit impaired . (Canadian $ in millions) January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 4 - - 4 4 - - 4 Very low 95,387 205 - 95,592 94,566 179 - 94,745 Low 23,167 1,839 - 25,006 23,471 1,293 - 24,764 Medium 12,153 2,749 - 14,902 12,066 2,250 - 14,316 High 134 312 - 446 167 306 - 473 Not rated 1,060 33 - 1,093 1,051 46 - 1,097 Impaired - - 339 339 - - 351 351 Gross residential mortgages 131,905 5,138 339 137,382 131,325 4,074 351 135,750 Allowance for credit losses 49 39 10 98 46 39 12 97 Carrying amount 131,856 5,099 329 137,284 131,279 4,035 339 135,653 Loans: Consumer instalment and other personal Exceptionally low 1,528 30 - 1,558 1,487 37 - 1,524 Very low 32,006 8 - 32,014 30,672 8 - 30,680 Low 22,393 619 - 23,012 21,660 534 - 22,194 Medium 12,595 3,872 - 16,467 13,336 3,607 - 16,943 High 594 1,423 - 2,017 661 1,375 - 2,036 Not rated 3,688 38 - 3,726 3,450 50 - 3,500 Impaired - - 286 286 - - 287 287 Gross consumer instalment and other personal 72,804 5,990 286 79,080 71,266 5,611 287 77,164 Allowance for credit losses 116 301 91 508 113 333 91 537 Carrying amount 72,688 5,689 195 78,572 71,153 5,278 196 76,627 Loans: Credit cards (1) Exceptionally low 2,340 - - 2,340 2,532 - - 2,532 Very low 441 - - 441 450 - - 450 Low 1,952 156 - 2,108 1,801 66 - 1,867 Medium 2,043 620 - 2,663 1,743 663 - 2,406 High 123 290 - 413 75 287 - 362 Not rated 85 - - 85 486 - - 486 Impaired - - - - - - - - Gross credit cards 6,984 1,066 - 8,050 7,087 1,016 - 8,103 Allowance for credit losses 65 170 - 235 67 209 - 276 Carrying amount 6,919 896 - 7,815 7,020 807 - 7,827 Loans: Business and government (2) Acceptable Investment grade 160,449 1,419 - 161,868 144,807 1,446 - 146,253 Sub-investment 91,483 14,479 - 105,962 85,375 14,534 - 99,909 Watchlist - 5,632 - 5,632 - 6,137 - 6,137 Impaired - - 1,594 1,594 - - 1,531 1,531 Gross business and government 251,932 21,530 1,594 275,056 230,182 22,117 1,531 253,830 Allowance for credit losses 556 628 380 1,564 529 730 395 1,654 Carrying amount 251,376 20,902 1,214 273,492 229,653 21,387 1,136 252,176 Gross total loans and acceptances 463,625 33,724 2,219 499,568 439,860 32,818 2,169 474,847 Net total loans and acceptances 462,839 32,586 1,738 497,163 439,105 31,507 1,671 472,283 Commitments and financial guarantee contracts Acceptable Investment grade 159,628 1,103 - 160,731 154,975 2,367 - 157,342 Sub-investment 48,659 7,364 - 56,023 46,827 8,164 - 54,991 Watchlist - 2,413 - 2,413 - 2,453 - 2,453 Impaired - - 508 508 - - 682 682 Allowance for credit losses 207 167 13 387 195 186 13 394 Carrying amount (3)(4) 208,080 10,713 495 219,288 201,607 12,798 669 215,074 (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 (4) Certain commercial borrower commitments are conditional and may include recourse with other parties. Allowance for Credit Losses The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $2,792 million at January 31, 2022 ($2,958 million as at October 31, 2021) of which $2,405 million ($2,564 million as at October 31, 2021) was recorded in loans and $387 million ($394 million as at October 31, 2021) was recorded in other liabilities in our Consolidated Balance Sheet. Significant changes in the gross balances, including originations, maturities and repayments in the normal course of operations, impact the allowance for credit losses. The following tables show the continuity in the loss allowance by product type for the three months ended January 31, 2022 and January 31, 2021. Transfers represent the amount of expected credit loss (ECL) that moved between stages during the period, for example, moving from a 12-month (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 46 40 19 105 51 75 26 152 Transfer to Stage 1 11 (10 ) (1 ) - 25 (18 ) (7 ) - Transfer to Stage 2 (1 ) 3 (2 ) - (1 ) 15 (14 ) - Transfer to Stage 3 - (2 ) 2 - - (7 ) 7 - Net remeasurement of loss allowance (11 ) 10 3 2 (45 ) (19 ) 24 (40 ) Loan originations 5 - - 5 6 - - 6 Derecognitions and maturities (1 ) (2 ) - (3 ) (2 ) (4 ) - (6 ) Model changes - - - - - - - - Total Provision for Credit Losses (PCL) (1) 3 (1 ) 2 4 (17 ) (33 ) 10 (40 ) Write-offs (2) - - (1 ) (1 ) - - (3 ) (3 ) Recoveries of previous write-offs - - 1 1 - - - - Foreign exchange and other - 1 (4 ) (3 ) (1 ) - (7 ) (8 ) Balance as at end of period 49 40 17 106 33 42 26 101 Loans: Consumer instalment and other personal Balance as at beginning of period 128 357 91 576 148 454 105 707 Transfer to Stage 1 58 (56 ) (2 ) - 65 (62 ) (3 ) - Transfer to Stage 2 (9 ) 15 (6 ) - (7 ) 16 (9 ) - Transfer to Stage 3 (1 ) (23 ) 24 - (1 ) (22 ) 23 - Net remeasurement of loss allowance (55 ) 40 18 3 (65 ) 71 31 37 Loan originations 16 - - 16 19 - - 19 Derecognitions and maturities (6 ) (11 ) - (17 ) (7 ) (14 ) - (21 ) Model changes - - - - - - - - Total PCL (1) 3 (35 ) 34 2 4 (11 ) 42 35 Write-offs (2) - - (50 ) (50 ) - - (65 ) (65 ) Recoveries of previous write-offs - - 18 18 - - 22 22 Foreign exchange and other - 2 (2 ) - (2 ) (3 ) (7 ) (12 ) Balance as at end of period 131 324 91 546 150 440 97 687 Loans: Credit cards Balance as at beginning of period 114 245 - 359 110 321 - 431 Transfer to Stage 1 51 (51 ) - - 58 (58 ) - - Transfer to Stage 2 (10 ) 10 - - (6 ) 6 - - Transfer to Stage 3 - (29 ) 29 - - (40 ) 40 - Net remeasurement of loss allowance (57 ) 45 12 - (55 ) 80 14 39 Loan originations 13 - - 13 7 - - 7 Derecognitions and maturities (2 ) (6 ) - (8 ) (1 ) (7 ) - (8 ) Model changes 2 (8 ) - (6 ) - - - - Total PCL (1) (3 ) (39 ) 41 (1 ) 3 (19 ) 54 38 Write-offs (2) - - (57 ) (57 ) - - (68 ) (68 ) Recoveries of previous write-offs - - 20 20 - - 20 20 Foreign exchange and other 2 - (4 ) (2 ) (1 ) - (6 ) (7 ) Balance as at end of period 113 206 - 319 112 302 - 414 Loans: Business and government Balance as at beginning of period 662 855 401 1,918 658 1,258 608 2,524 Transfer to Stage 1 93 (65 ) (28 ) - 179 (178 ) (1 ) - Transfer to Stage 2 (16 ) 57 (41 ) - (16 ) 18 (2 ) - Transfer to Stage 3 - (8 ) 8 - (1 ) (53 ) 54 - Net remeasurement of loss allowance (129 ) (54 ) 70 (113 ) (72 ) 141 58 127 Loan originations 118 - - 118 78 - - 78 Derecognitions and maturities (41 ) (59 ) - (100 ) (28 ) (48 ) - (76 ) Model changes 1 (6 ) - (5 ) - - - - Total PCL (1) 26 (135 ) 9 (100 ) 140 (120 ) 109 129 Write-offs (2) - - (27 ) (27 ) - - (111 ) (111 ) Recoveries of previous write-offs - - 7 7 - - 13 13 Foreign exchange and other 12 15 (4 ) 23 (7 ) (36 ) (36 ) (79 ) Balance as at end of period 700 735 386 1,821 791 1,102 583 2,476 Total as at end of period 993 1,305 494 2,792 1,086 1,886 706 3,678 Comprised of: Loans 786 1,138 481 2,405 850 1,657 681 3,188 Other credit instruments (3) 207 167 13 387 236 229 25 490 (1) Excludes PCL on other assets of $(4) million for the three months ended January 31, 2022 ($(6) million for the three months ended January 31, 2021). (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 January 31, 2022 and October 31, 2021 are as follows: (Canadian $ in millions) January 31, 2022 October 31, 2021 Gross amount Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net amount Gross amount Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net amount By geographic region (1): Canada 307,311 331 1,089 305,891 299,905 345 1,143 298,417 United States 170,244 150 820 169,274 153,479 153 910 152,416 Other countries 9,210 - 15 9,195 7,442 - 13 7,429 Total 486,765 481 1,924 484,360 460,826 498 2,066 458,262 (1) Geographic region is based upon country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). (3) Excludes allowance for credit losses on performing loans of $374 million for other credit instruments, which is included in other liabilities ($381 million as at October 31, 2021). Impaired (Stage 3) loans, including the related allowances, as at January 31, 2022 and October 31, 2021 are as follows: (Canadian $ in millions) January 31, 2022 October 31, 2021 Gross impaired Allowance for credit losses on impaired loans (4) Net impaired amount (3) Gross impaired amount (3) Allowance for credit losses on impaired loans (4) Net impaired amount (3) Residential mortgages 339 10 329 351 12 339 Consumer instalment and other personal 286 91 195 287 91 196 Business and government (1) 1,594 380 1,214 1,531 395 1,136 Total 2,219 481 1,738 2,169 498 1,671 By geographic region (2): Canada 1,298 331 967 1,195 345 850 United States 921 150 771 974 153 821 Other countries - - - - - - Total 2,219 481 1,738 2,169 498 1,671 (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 $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). 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 January 31, 2022 and October 31, 2021. Loans less than 30 days past due are excluded as they are not generally representative of the borrower’s ability to meet their payment obligations. (Canadian $ in millions) January 31, 2022 October 31, 2021 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more Total Residential mortgages 359 15 374 404 14 418 Credit card, consumer instalment and other personal 315 60 375 279 59 338 Business and government 261 36 297 264 33 297 Total 935 111 1,046 947 106 1,053 Fully secured loans with amounts between 90 and 180 days past due that we have not classified as impaired totalled $36 million and $36 million as at January 31, 2022 and October 31, 2021, respectively. ECL Sensitivity and Key Economic Variables The expected credit loss model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We apply experienced credit judgment to reflect factors not captured in the ECL models, as we deem necessary. We applied experienced credit judgment to reflect the continuing impact of the uncertain environment on credit conditions and the economy as a result of the COVID-19 As at January 31, 2022, our base case scenario depicts a moderately weaker economy in the near-term in both Canada and the U.S. as growth is tempered in the near-term by renewed restrictions and supply-chain disruptions. Our base case economic forecast as at October 31, 2021 in contrast depicted a stronger economic forecast over the near-term 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 on performing loans would be approximately $1,600 million as at January 31, 2022 ($1,725 million as at October 31, 2021), compared to the reported allowance for performing loans of $2,298 million ($2,447 million as at October 31, 2021). As at January 31, 2022, our adverse case economic scenario depicts a contracting economy, with annual average real GDP declining in both Canada and the U.S. The adverse case as at October 31, 2021 depicted a slightly weaker economic environment in Canada and the United States over the near-term 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 on performing loans would be approximately $3,575 million as at January 31, 2022 ($3,825 million as at October 31, 2021), compared to the reported allowance for performing loans of $2,298 million ($2,447 million as at October 31, 2021). When we measure changes in economic performance in our forecasts, we use real GDP as the basis, which acts as the key driver for movements in many of the other economic and market variables used, including equity volatility index (VIX), corporate BBB credit spreads, unemployment rates, housing price indices and consumer credit. Many of the variables have a high degree of interdependency and as such, there is no one single factor to which loan impairment allowances as a whole are sensitive. The following table shows certain key economic variables used to estimate the allowance on performing loans during the forecast period. The values shown represent the national annual average levels or growth rates for the next 12 months and subsequent 12 months following each reporting period for all scenarios. While the values disclosed below are national variables, we use regional variables in our underlying models where appropriate. As at January 31, 2022 As at October 31, 2021 All figures are average annual Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Subsequent First 12 Subsequent First 12 Subsequent First 12 Subsequent First 12 Subsequent First 12 Subsequent Real GDP growth rates (1) Canada 5.8% 5.6% 3.6% 4.0% (2.8)% (1.1)% 6.3% 5.5% 4.0% 3.9% (2.7)% (1.1)% United States 6.3% 3.9% 4.1% 2.6% (1.9)% (1.1)% 7.1% 4.0% 4.8% 2.7% (1.2)% (1.1)% Corporate BBB 10-year Canada 1.4% 1.7% 1.8% 2.0% 3.6% 4.4% 1.4% 1.7% 1.8% 2.0% 3.6% 4.4% United States 0.9% 1.1% 1.2% 1.5% 4.2% 4.5% 0.9% 1.1% 1.2% 1.5% 4.2% 4.5% Unemployment rates Canada 5.2% 4.2% 5.9% 5.5% 9.9% 11.8% 6.0% 4.9% 6.6% 5.7% 10.8% 12.7% United States 3.6% 3.0% 4.0% 3.4% 7.7% 10.1% 4.2% 3.2% 4.7% 3.7% 8.5% 11.0% Housing Price Index (1) Canada (2) 18.0% 8.4% 15.0% 3.5% (9.3)% (18.0)% 18.2% 10.2% 15.1% 5.2% (6.4)% (18.0)% United States (3) 14.4% 6.4% 12.0% 3.9% (5.9)% (15.5)% 14.6% 6.7% 12.3% 4.3% (6.1)% (15.5)% (1) Real gross domestic product 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 for performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios and based on the current risk profile of our loan exposures, if all our performing loans were in Stage 1, our allowance for performing loans would be approximately $1,725 million ($1,775 million as at October 31, 2021), compared with the reported allowance for performing loans of $2,298 million ($2,447 million as at October 31, 2021). |
Deposits and Subordinated Debt
Deposits and Subordinated Debt | 3 Months Ended |
Jan. 31, 2022 | |
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Deposits and Subordinated Debt | Note 4: Deposits and Subordinated Debt Deposits Payable on demand Payable after notice Payable on a fixed date (4)(5) January 31, 2022 October 31, 2021 (Canadian $ in millions) Interest bearing Non-interest bearing Deposits by: Banks (1) 4,322 2,212 953 17,486 24,973 26,611 Business and government 49,010 57,146 148,066 204,156 458,378 442,248 Individuals 5,540 38,048 123,737 54,273 221,598 216,772 Total (2) (3) 58,872 97,406 272,756 275,915 704,949 685,631 Booked in: Canada 49,548 86,363 131,691 174,214 441,816 427,316 United States 8,981 10,971 139,667 73,016 232,635 232,830 Other countries 343 72 1,398 28,685 30,498 25,485 Total 58,872 97,406 272,756 275,915 704,949 685,631 (1) Includes regulated and central banks. (2) Includes structured notes and metals deposits designated at FVTPL (Note 6). (3) Included in deposits as at January 31, 2022 and October 31, 2021 are $351,409 million and $342,967 million, respectively, of deposits denominated in U.S. dollars, and $39,092 million and $29,937 million, respectively, of deposits denominated in other foreign currencies. (4) Includes $39,345 million of senior unsecured debt as at January 31, 2022 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (5) Deposits totalling $20,680 million as at January 31, 2022 ($20,991 million as at October 31, 2021) can be early redeemed (either fully or partially) by customers without penalty. As we do not expect a significant amount to be redeemed before maturity, we have classified them as payable on a fixed date, based on their remaining contractual maturities. The following table presents deposits payable on a fixed date and greater than one hundred thousand dollars: (Canadian $ in millions) Canada United States Other Total As at January 31, 2022 152,358 69,229 28,684 250,271 As at October 31, 2021 140,002 72,399 23,921 236,322 The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars, which are booked in Canada: (Canadian $ in millions) Less than 3 months 3 to 6 months 6 to 12 months Over 12 months Total As at January 31, 2022 21,096 12,711 27,723 90,828 152,358 As at October 31, 2021 20,626 12,761 20,933 85,682 140,002 Subordinated Debt On January 10, 2022, we issued US$1,250 million of 3.088% unsecured subordinated debt through our U.S. Medium-Term Note Program. The issue is due January 10, 2037. The notes reset to a floating rate on January 10, 2032. |
Equity
Equity | 3 Months Ended |
Jan. 31, 2022 | |
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Equity | Note 5: Equity Preferred and Common Shares Outstanding and Other Equity Instruments (1) (Canadian $ in millions, except as noted) January 31, 2022 October 31, 2021 Number of shares Amount Number of shares Amount Convertible into Preferred Shares - Classified as Equity Class B – Series 27 20,000,000 500 20,000,000 500 Class B - Series 28 (2)(3) Class B – Series 29 16,000,000 400 16,000,000 400 Class B - Series 30 (2)(3) Class B – Series 31 12,000,000 300 12,000,000 300 Class B - Series 32 (2)(3) Class B – Series 33 8,000,000 200 8,000,000 200 Class B - Series 34 (2)(3) Class B – Series 38 24,000,000 600 24,000,000 600 Class B - Series 39 (2)(3) Class B – Series 40 20,000,000 500 20,000,000 500 Class B - Series 41 (2)(3) Class B – Series 42 16,000,000 400 16,000,000 400 Class B - Series 43 (2)(3) Class B – Series 44 16,000,000 400 16,000,000 400 Class B - Series 45 (2)(3) Class B – Series 46 14,000,000 350 14,000,000 350 Class B - Series 47 (2)(3) Preferred Shares - Classified as Equity 3,650 3,650 Other Equity Instruments 4.8% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 Common shares (3) 4.3% Limited Recourse Capital Notes, Series 1 (LRCNs) 1,250 1,250 Common shares (3)(4) Other Equity Instruments 1,908 1,908 Preferred Shares and Other Equity Instruments 5,558 5,558 Common Shares (5) (6) (7) 648,446,895 13,625 648,136,472 13,599 (1) For additional information refer to Notes 16 and 20 of our annual consolidated financial statements for the year ended October 31, 2021. (2) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (3) The instruments issued include a non-viability non-viable non-viability. (4) Non-deferrable Non-payment (5) The stock options issued under the Stock Option Plan are convertible into 6,428,389 common shares as at January 31, 2022 (5,682,206 common shares as at October 31, 2021). (6) During the three months ended January 31, 2022, we did not issue common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan and we issued 282,072 common shares under the Stock Option Plan. (7) Common shares are net of 8,170 treasury shares as at January 31, 2022 (36,521 treasury shares as at October 31, 2021). Other Equity Instruments The bank’s US$500 million (CAD $658 million) 4.8% Additional Tier 1 Capital Notes (AT1 Notes) and $1,250 million 4.3% Limited Recourse Capital Notes Series 1 (LRCNs) are classified as equity and form part of our additional Tier 1 non-viability Preferred Shares On February 25, 2022, we redeemed all of our outstanding 24 million Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 38 for an aggregate total of $600 million. Normal Course Issuer Bid On December 3, 2021, we announced our intention, subject to the approval of OSFI and the TSX, to purchase for cancellation up to 22.5 Shareholder Dividend Reinvestment and Share Purchase Plan On January 10, 2022, we announced the offering of a 2% discount on the common shares issued from treasury under the dividend reinvestment feature of its Shareholder Dividend Reinvestment and Share Purchase Plan (the Plan). Commencing with the common share dividend declared for the first quarter of fiscal 2022, payable on February 28, 2022 to shareholders of record on February 1, 2022, and subsequently until further notice, common shares under the Plan will be issued by the bank from treasury with a 2% discount, calculated in accordance with the terms of the Plan. The discount will not apply to common shares purchased under the “Optional Cash Payment” feature of the Plan. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Jan. 31, 2022 | |
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Fair Value of Financial Instruments | Note 6: Fair Value of Financial Instruments Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following table are the amounts that would be reported if all financial assets and liabilities not currently carried at fair value were reported at their fair values. Refer to Note 17 of our annual consolidated financial statements for the year ended October 31, 2021 for further discussion on the determination of fair value. (Canadian $ in millions) January 31, 2022 October 31, 2021 Carrying value Fair value Carrying value Fair value Securities (1) Amortized cost 98,456 96,958 49,970 49,810 Loans (1) Residential mortgages 137,284 136,564 135,653 135,461 Consumer instalment and other personal 78,572 78,561 76,627 76,791 Credit cards 7,815 7,815 7,827 7,827 Business and government (2) 254,412 254,689 233,066 233,670 478,083 477,629 453,173 453,749 Deposits (3) 679,968 680,224 662,827 663,558 Securitization and structured entities’ liabilities (4) 23,995 24,002 24,631 24,809 Subordinated debt 8,481 8,615 6,893 7,087 This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. (1) Carrying value is net of allowances for credit losses. (2) Excludes $6,218 million of loans classified as FVTPL and $59 million of loans classified as FVOCI as at January 31, 2022, respectively ($5,022 million and $134 million, respectively, as at October 31, 2021). (3) Excludes $24,800 million of structured note liabilities ($22,665 million as at October 31, 2021) and $181 million of metals deposits ($139 million as at s (4) Excludes $1,163 million of securitization and structured entities’ liabilities classified a s million a Fair Value Hierarchy We use a fair value hierarchy to categorize financial instruments according to the inputs we use in valuation techniques to measure fair value. Valuation Techniques and Significant Inputs We determine the fair value of publicly traded fixed maturity debt and equity securities using quoted prices in active markets (Level 1) when these are available. When quoted prices in active markets are not available, we determine the fair value of financial instruments using models such as discounted cash flows with observable market data for inputs, such as yield 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 and FVOCI securities are primarily valued using discounted cash flow models with observable spreads or broker quotes and other 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 and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: (Canadian $ in millions) January 31, 2022 October 31, 2021 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Trading Securities Issued or guaranteed by: Canadian federal government 4,507 3,731 - 8,238 3,123 4,473 - 7,596 Canadian provincial and municipal governments 1,918 3,117 - 5,035 2,183 3,655 - 5,838 U.S. federal government 7,532 7,620 - 15,152 6,050 3,532 - 9,582 U.S. states, municipalities and agencies 6 446 - 452 - 458 - 458 Other governments 659 2,843 - 3,502 1,307 591 - 1,898 NHA MBS, U.S. agency MBS and CMO - 17,844 868 18,712 - 13,379 675 14,054 Corporate debt 1,920 7,254 13 9,187 2,231 7,656 7 9,894 Trading loans - 187 - 187 - 160 - 160 Corporate equity 58,176 - - 58,176 54,931 - - 54,931 74,718 43,042 881 118,641 69,825 33,904 682 104,411 FVTPL Securities Issued or guaranteed by: Canadian federal government 666 155 - 821 704 159 - 863 Canadian provincial and municipal governments 72 1,269 - 1,341 137 1,243 - 1,380 U.S. federal government - 7 - 7 - 38 - 38 Other governments - 91 - 91 - 92 - 92 NHA MBS, U.S. agency MBS and CMO - 9 - 9 - 9 - 9 Corporate debt 54 7,500 - 7,554 160 7,544 - 7,704 Corporate equity 1,642 12 3,186 4,840 1,670 12 2,442 4,124 2,434 9,043 3,186 14,663 2,671 9,097 2,442 14,210 FVOCI Securities Issued or guaranteed by: Canadian federal government 6,083 2,330 - 8,413 9,138 3,927 - 13,065 Canadian provincial and municipal governments 962 1,322 - 2,284 1,438 1,549 - 2,987 U.S. federal government 9,906 339 - 10,245 18,873 2,153 - 21,026 U.S. states, municipalities and agencies - 3,786 1 3,787 - 4,113 1 4,114 Other governments 1,493 5,117 - 6,610 2,803 3,699 - 6,502 NHA MBS, U.S. agency MBS and CMO - 8,263 - 8,263 - 12,136 - 12,136 Corporate debt 487 2,831 - 3,318 812 2,349 - 3,161 Corporate equity - - 151 151 - - 132 132 18,931 23,988 152 43,071 33,064 29,926 133 63,123 Business and government loans - 6,271 6 6,277 - 5,150 6 5,156 Other Assets (1) 4,863 89 - 4,952 4,392 85 - 4,477 Fair Value Liabilities Securities sold but not yet purchased 16,364 20,396 - 36,760 17,424 14,649 - 32,073 Structured note liabilities (2) - 24,800 - 24,800 - 22,665 - 22,665 Other liabilities (3) 1,177 2,434 - 3,611 1,106 2,125 - 3,231 17,541 47,630 - 65,171 18,530 39,439 - 57,969 Derivative Assets Interest rate contracts 21 7,397 - 7,418 6 8,066 - 8,072 Foreign exchange contracts 9 12,176 - 12,185 3 14,982 - 14,985 Commodity contracts 625 5,885 - 6,510 642 6,976 - 7,618 Equity contracts 788 7,917 - 8,705 1,381 4,657 - 6,038 Credit default swaps 4 5 - 9 - - - - 1,447 33,380 - 34,827 2,032 34,681 - 36,713 Derivative Liabilities Interest rate contracts 8 6,682 - 6,690 6 6,773 - 6,779 Foreign exchange contracts 3 10,233 - 10,236 4 12,451 - 12,455 Commodity contracts 1,036 1,523 - 2,559 746 1,445 - 2,191 Equity contracts 589 9,734 - 10,323 1,581 7,802 - 9,383 Credit default swaps 7 8 2 17 - 5 2 7 1,643 28,180 2 29,825 2,337 28,476 2 30,815 (1) Other assets include precious metals, segregated fund assets in our insurance business and certain receivables measured at fair value. (2) These structured note liabilities included in deposits have been designated as FVTPL. (3) Other liabilities include investment contract liabilities and segregated fund liabilities in our insurance business, certain payables and metals deposits that have been designated as FVTPL as well as certain securitization and structured entities’ liabilities measured as FVTPL. Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments that are measured at fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. Range of input values (1) As at January 31, 2022 (Canadian $ in millions, except as noted) Reporting line in fair value hierarchy table Fair value Valuation techniques Significant unobservable inputs Low High Private equity (2) Corporate equity 3,186 Net Asset Value Net Asset Value na na EV/EBITDA Multiple 6x 19x NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 868 Discounted cash flows Prepayment rate 3 % 45 % Market Comparable Comparability Adjustment (3) (5.62 ) 5.82 (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 $633 million of U.S. Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost as at January 31, 2022 ($453 million as at October 31, 2021), which approximates fair value, and are held to meet regulatory requirements. (3) Range of input values represents price per security adjustment. na - not applicable Significant Transfers Our policy is to record transfers of assets and liabilities between fair value hierarchy levels at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Transfers between the various fair value hierarchy levels reflect changes in the availability of quoted market prices or observable market inputs that result from changes in market conditions. Transfers from 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 three months ended January 31, 2022 and January 31, 2021. (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 2,655 2,526 2,737 6,702 FVTPL Securities 129 17 56 134 FVOCI Securities 3,119 2,143 4,658 2,109 Securities sold but not yet purchased 629 833 414 4,784 Changes in Level 3 Fair Value Measurements The tables below present a reconciliation of all changes in Level 3 financial instruments for the three months ended January 31, 2022 and January 31, 2021, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value Movements Transfers For the three months ended January 31, 2022 (Canadian $ in millions) Balance Included in earnings Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at January 31, 2022 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 675 (44 ) 19 382 (192 ) - 114 (86 ) 868 8 Corporate debt 7 (1 ) (1 ) 9 - - - (1 ) 13 (1 ) Total trading securities 682 (45 ) 18 391 (192 ) - 114 (87 ) 881 7 FVTPL Securities Corporate equity 2,442 76 36 713 (81 ) - - - 3,186 78 Total FVTPL securities 2,442 76 36 713 (81 ) - - - 3,186 78 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 132 - 2 11 - - 6 - 151 na Total FVOCI securities 133 - 2 11 - - 6 - 152 na Business and government loans 6 - - - - - - - 6 - Derivative Liabilities Credit default swaps 2 - - - - - - - 2 - Total derivative liabilities 2 - - - - - - - 2 - Change in fair value Movements Transfers For the three months ended January 31, 2021 (Canadian $ in millions) Balance October 31, 2020 Included in earnings Included in other comprehensive Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at January 31, 2021 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 803 (75 ) (31 ) 357 (353 ) - 34 (32 ) 703 (1 ) Corporate debt - - - - - - - - - - Total trading securities 803 (75 ) (31 ) 357 (353 ) - 34 (32 ) 703 (1 ) FVTPL Securities Corporate equity 1,903 21 (49 ) 113 (27 ) (4 ) - - 1,957 47 Total FVTPL securities 1,903 21 (49 ) 113 (27 ) (4 ) - - 1,957 47 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 93 - - 5 - - - - 98 na Total FVOCI securities 94 - - 5 - - - - 99 na Business and government loans 1,945 - (70 ) 1,488 - (161 ) - - 3,202 - Derivative Liabilities Credit default swaps 4 - - - - - - - 4 - Total derivative liabilities 4 - - - - - - - 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 Trading and FVTPL securities still held on January 31, 2022 and 2021 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable |
Capital Management
Capital Management | 3 Months Ended |
Jan. 31, 2022 | |
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Capital Management | Note 7: Capital Management Our objective is to maintain a strong capital position in a cost-effective structure that: is appropriate given our target regulatory capital ratios and internal assessment of required economic capital; underpins our operating groups’ business strategies; supports depositor, investor and regulator confidence, while building long-term shareholder value; and is consistent with our target credit ratings. As at January 31, 2022, we met OSFI’s target capital ratio requirements, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Surcharge for Domestic Systemically Important Banks (D-SIBs), D-SIBs. Regulatory Capital and Total Loss Absorbing Capacity Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) January 31, 2022 October 31, 2021 CET1 Capital 47,610 44,491 Tier 1 Capital 52,481 49,966 Total Capital 61,050 57,201 Total Loss Absorbing Capacity (TLAC) 96,889 90,353 Risk-Weighted Assets 337,652 325,433 Leverage Exposures 1,115,676 976,690 CET 1 Ratio 14.1% 13.7% Tier 1 Capital Ratio 15.5% 15.4% Total Capital Ratio 18.1% 17.6% TLAC Ratio 28.7 27.8 Leverage Ratio 4.7% 5.1% TLAC Leverage Ratio 8.7 9.3% (1) Disclosed in accordance with, as applicable, OSFI’s Capital Adequacy Requirements Guideline, Leverage Requirements Guideline and Total Loss Absorbing Capacity Guideline. |
Employee Compensation
Employee Compensation | 3 Months Ended |
Jan. 31, 2022 | |
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Employee Compensation | Note 8: Employee Compensation Stock Options During the three months ended January 31, 2022, we granted a total of 1,028,255 stock options (984,943 stock options during the three months ended January 31, 2021). The weighted-average fair value of options granted during the three months ended January 31, 2022 was $14.17 per option ($10.75 per option for the three months ended January 31, 2021). To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption: For stock options granted during the three months ended January 31, 2022 January 31, 2021 Expected dividend yield 4.2% 4.9% Expected share price volatility 16.8% 20.6 - 20.7% Risk-free rate of return 1.8 - 1.9% 1.0% Expected period until exercise (in years) 6.5 - 7.0 6.5 - 7.0 Exercise price ($) 135.58 97.14 Changes to the input assumptions can result in different fair value estimates. Pension and Other Employee Future Benefit Expenses Pension and other employee future benefit expenses are determined as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the three months ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Current service cost 59 67 2 2 Net interest (income) expense on net defined benefit (asset) liability (7 ) 2 9 8 (Gain) on settlement (1 ) - - - Administrative expenses 1 1 - - Benefits expense 52 70 11 10 Government pension plans expense (1) 65 55 - - Defined contribution expense 65 59 - - Total pension and other employee future benefit expenses 182 184 11 10 (1) Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contributions Act. Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Jan. 31, 2022 | |
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Earnings Per Share | Note 9: Earnings Per Share Basic earnings per share is calculated by dividing net income, after deducting dividends payable on preferred shares and distributions payable on other equity instruments, by the daily average number of fully paid common shares outstanding throughout the period. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into our common shares. The following tables present our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended January 31, 2022 January 31, 2021 Net income 2,933 2,017 Dividends on preferred shares and distributions payable on other equity instruments (55 ) (56 ) Net income available to common shareholders 2,878 1,961 Weighted-average number of common shares outstanding (in thousands) 648,359 646,511 Basic earnings per common share (Canadian $) 4.44 3.03 Diluted Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended January 31, 2022 January 31, 2021 Net income available to common shareholders adjusted for impact of dilutive instruments 2,878 1,961 Weighted-average number of common shares outstanding (in thousands) 648,359 646,511 Effect of dilutive instruments Stock options potentially exercisable (1) 5,507 3,906 Common shares potentially repurchased (3,529 ) (2,994 ) Weighted-average number of diluted common shares outstanding (in thousands) 650,337 647,423 Diluted earnings per common share (Canadian $) 4.43 3.03 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 692,954 |
Income Taxes
Income Taxes | 3 Months Ended |
Jan. 31, 2022 | |
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Income Taxes | Note 10: Income Taxes Canadian Taxing Authorities have reassessed us for additional income tax and interest in an amount of approximately $1,210 million, to date, in respect of certain 2011-2016 Canadian corporate dividends. Those reassessments denied certain dividend deductions on the basis that the dividends were received as part of a “dividend rental arrangement”. The tax rules raised by the Canadian Taxing Authorities were prospectively addressed in the 2015 and 2018 Canadian Federal Budgets. We filed Notices of Appeal with the Tax Court of Canada and the matter is in litigation. In the future, we expect to be reassessed for significant income tax for similar activities. 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. |
Operating Segmentation
Operating Segmentation | 3 Months Ended |
Jan. 31, 2022 | |
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Operating Segmentation | Note 11: Operating Segmentation Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. Our operating groups are Personal and Commercial Banking (P&C) (comprised of Canadian Personal and Commercial Banking (Canadian P&C) and U.S. Personal and Commercial Banking (U.S. P&C)), BMO Wealth Management (BMO WM) and BMO Capital Markets (BMO CM), along with a Corporate Services unit. For additional information refer to Note 25 of our annual consolidated financial statements for the year ended October 31, 2021. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) For the three months ended January 31, 2022 Canadian U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,787 1,156 272 924 (120 ) 4,019 Non-interest 620 363 1,133 1,015 573 3,704 Total Revenue 2,407 1,519 1,405 1,939 453 7,723 Provision for (recovery of) credit losses on impaired loans 100 3 - (16 ) (1 ) 86 Provision for (recovery of) credit losses on performing loans (76 ) (77 ) 4 (35 ) (1 ) (185 ) Total provision for (recovery of) credit losses 24 (74 ) 4 (51 ) (2 ) (99 ) Insurance claims, commissions and changes in policy benefit liabilities - - 81 - - 81 Depreciation and amortization 125 107 66 75 - 373 Other non-interest 899 605 842 966 161 3,473 Income before taxes 1,359 881 412 949 294 3,895 Provision for income taxes 355 200 97 244 66 962 Reported net income 1,004 681 315 705 228 2,933 Average Assets (3) 278,523 138,735 49,504 407,691 181,443 1,055,896 For the three months ended January 31, 2021 Canadian U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,608 1,091 239 803 (163 ) 3,578 Non-interest 491 319 1,738 771 78 3,397 Total Revenue 2,099 1,410 1,977 1,574 (85 ) 6,975 Provision for (recovery of) credit losses on impaired loans 150 20 1 45 (1 ) 215 Provision for (recovery of) credit losses on performing loans (2 ) (51 ) (4 ) (2 ) - (59 ) Total provision for (recovery of) credit losses 148 (31 ) (3 ) 43 (1 ) 156 Insurance claims, commissions and changes in policy benefit liabilities - - 601 - - 601 Depreciation and amortization 118 123 83 69 - 393 Other non-interest 818 566 854 817 165 3,220 Income (loss) before taxes 1,015 752 442 645 (249 ) 2,605 Provision for (recovery of) income taxes 265 173 106 167 (123 ) 588 Reported net income (loss) 750 579 336 478 (126 ) 2,017 Average Assets (3) 254,945 130,487 47,535 384,759 163,182 980,908 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis (teb). Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt (3) Included within average assets are average earning assets, which are comprised of deposits with other banks, deposits at central banks, reverse repos, loans and securities. Total average earning assets for three months ended January 31, 2022 are $972,687, including $264,764 for Canadian P&C, $131,569 for U.S. P&C, and $576,354 for all other operating segments including Corporate Services (for three months ended January 31, 2021 - Total: $893,913, Canadian P&C $239,777, U.S. P&C: $123,411 and all other operating segments: $530,725). Effective the first quarter of fiscal 2022, certain expense allocations were updated within our operating segment to better align with current experience, with no impact to total bank. Comparative figures have been reclassified to conform with the current period’s presentation. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 3 Months Ended |
Jan. 31, 2022 | |
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Acquisitions and Divestitures | Note 12: Acquisitions and Divestitures Acquisitions Bank of the West On December 20, 2021, we announced a definitive agreement with BNP Paribas to acquire Bank of the West and its subsidiaries for a cash purchase price of US$16.3 billion, or US$13.4 billion net of estimated US$2.9 billion of excess capital (at closing). Bank of the West provides a broad range of banking products and services primarily in the Western and Midwestern parts of the U.S. Subject to customary closing conditions, including regulatory approvals, the transaction is expected to close by the end of calendar 2022 and will primarily be part of our U.S. P&C reporting segment. Divestitures EMEA and U.S. Asset Management On November 8, 2021, we completed the sale of our EMEA asset management business, part of our BMO Wealth Management operating segment, to Ameriprise Financial Inc. (Ameriprise) for £615 million (CAD$1,038 million) in an all-cash Taplin, Canida & Habacht LLC On January 27, 2022, we completed the sale of Taplin, Canida & Habacht, LLC, part of our U.S. asset management business to Loop Capital. The business sold is not considered material to the bank. |
Legal Proceedings
Legal Proceedings | 3 Months Ended |
Jan. 31, 2022 | |
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Legal Proceedings | Note 13: Legal Proceedings The bank and its subsidiaries are party to legal proceedings, including regulatory investigations, in the ordinary course of business. 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. The bank’s provisions represent our best estimates based upon currently available information for proceedings for which estimates can be made. However, the bank’s provisions may differ significantly from actual losses as a result of, for example, the inherent uncertainty of the various potential outcomes of such proceedings; the varying stages of the proceedings; the existence of multiple defendants whose share of liability may not yet be determined; unresolved issues in such proceedings, some of which involve novel legal theories and interpretations; the fact that the underlying matters will change from time to time; and such proceedings may involve very large or indeterminate damages. 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. However, because of the factors listed above, as well as other uncertainties inherent in litigation and regulatory matters, there is a possibility that the ultimate resolution of legal or regulatory investigations may be material to the bank’s consolidated financial position or its results of operations for any particular reporting period. BMO and its subsidiaries are named as defendants or are otherwise involved in a substantial number of legal proceedings. BMO Harris Bank N.A. (BMO Harris), as successor to M&I Marshall and Ilsley Bank (M&I), has been named as the defendant in a lawsuit filed in the U.S. Bankruptcy Court for the District of Minnesota (Bankruptcy Court) in connection with a Ponzi scheme carried out by Thomas J. Petters and certain affiliated individuals and entities (collectively, Petters). The lawsuit, brought by a Trustee in bankruptcy proceedings for certain Petters entities, alleges that between 1999 and 2008, M&I (and a predecessor bank) facilitated the Ponzi scheme operated by Petters. BMO denies these allegations and continues to defend itself vigorously. The Trustee seeks US$1.9 billion in compensatory damages, plus prejudgment interest, punitive damages, and attorneys’ fees. The Bankruptcy Court: (i) denied BMO Harris’s motion for summary judgment; (ii) granted the Trustee’s motion for sanctions based on the alleged spoliation of evidence; and (iii) transferred the case to the U.S. District Court for the District of Minnesota (District Court) for trial. BMO Harris filed an objection to the spoliation sanctions, which is still pending before the District Court. BMO Harris anticipates that the trial in this case may take place no earlier than late 2022. |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
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Unrealized Gains and Losses On Securities at Fair Value Through Other Comprehensive Income | The following table summarizes the unrealized gains and losses: (Canadian $ in millions) January 31, 2022 October 31, 2021 Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Issued or guaranteed by: Canadian federal government 8,472 25 84 8,413 13,087 62 84 13,065 Canadian provincial and municipal governments 2,286 19 21 2,284 2,973 29 15 2,987 U.S. federal government 10,388 92 235 10,245 21,041 282 297 21,026 U.S. states, municipalities and agencies 3,751 52 16 3,787 4,034 85 5 4,114 Other governments 6,624 35 49 6,610 6,476 55 29 6,502 National Housing Act (NHA) mortgage-backed securities (MBS) 715 2 3 714 1,122 6 3 1,125 U.S. agency MBS and collateralized mortgage obligations 7,518 57 26 7,549 10,894 151 34 11,011 Corporate debt 3,339 20 41 3,318 3,147 34 20 3,161 Corporate equity 120 31 - 151 103 29 - 132 Total 43,213 333 475 43,071 62,877 733 487 63,123 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. |
Summary of Interest, Dividend and Fee Income | The following table presents interest income calculated using the effective interest method: (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 FVOCI - Debt 96 131 Amortized cost 172 106 Total 268 237 |
Summary of Non Interest Revenue | Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 FVTPL securities 102 90 FVOCI securities - realized gains (losses) (1) 36 13 Impairment losses - (1 ) Securities gains other than trading 138 102 (1) Gains (losses) are net of (losses) gains on hedge contracts. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL | (Canadian $ in millions) January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 4 - - 4 4 - - 4 Very low 95,387 205 - 95,592 94,566 179 - 94,745 Low 23,167 1,839 - 25,006 23,471 1,293 - 24,764 Medium 12,153 2,749 - 14,902 12,066 2,250 - 14,316 High 134 312 - 446 167 306 - 473 Not rated 1,060 33 - 1,093 1,051 46 - 1,097 Impaired - - 339 339 - - 351 351 Gross residential mortgages 131,905 5,138 339 137,382 131,325 4,074 351 135,750 Allowance for credit losses 49 39 10 98 46 39 12 97 Carrying amount 131,856 5,099 329 137,284 131,279 4,035 339 135,653 Loans: Consumer instalment and other personal Exceptionally low 1,528 30 - 1,558 1,487 37 - 1,524 Very low 32,006 8 - 32,014 30,672 8 - 30,680 Low 22,393 619 - 23,012 21,660 534 - 22,194 Medium 12,595 3,872 - 16,467 13,336 3,607 - 16,943 High 594 1,423 - 2,017 661 1,375 - 2,036 Not rated 3,688 38 - 3,726 3,450 50 - 3,500 Impaired - - 286 286 - - 287 287 Gross consumer instalment and other personal 72,804 5,990 286 79,080 71,266 5,611 287 77,164 Allowance for credit losses 116 301 91 508 113 333 91 537 Carrying amount 72,688 5,689 195 78,572 71,153 5,278 196 76,627 Loans: Credit cards (1) Exceptionally low 2,340 - - 2,340 2,532 - - 2,532 Very low 441 - - 441 450 - - 450 Low 1,952 156 - 2,108 1,801 66 - 1,867 Medium 2,043 620 - 2,663 1,743 663 - 2,406 High 123 290 - 413 75 287 - 362 Not rated 85 - - 85 486 - - 486 Impaired - - - - - - - - Gross credit cards 6,984 1,066 - 8,050 7,087 1,016 - 8,103 Allowance for credit losses 65 170 - 235 67 209 - 276 Carrying amount 6,919 896 - 7,815 7,020 807 - 7,827 Loans: Business and government (2) Acceptable Investment grade 160,449 1,419 - 161,868 144,807 1,446 - 146,253 Sub-investment 91,483 14,479 - 105,962 85,375 14,534 - 99,909 Watchlist - 5,632 - 5,632 - 6,137 - 6,137 Impaired - - 1,594 1,594 - - 1,531 1,531 Gross business and government 251,932 21,530 1,594 275,056 230,182 22,117 1,531 253,830 Allowance for credit losses 556 628 380 1,564 529 730 395 1,654 Carrying amount 251,376 20,902 1,214 273,492 229,653 21,387 1,136 252,176 Gross total loans and acceptances 463,625 33,724 2,219 499,568 439,860 32,818 2,169 474,847 Net total loans and acceptances 462,839 32,586 1,738 497,163 439,105 31,507 1,671 472,283 Commitments and financial guarantee contracts Acceptable Investment grade 159,628 1,103 - 160,731 154,975 2,367 - 157,342 Sub-investment 48,659 7,364 - 56,023 46,827 8,164 - 54,991 Watchlist - 2,413 - 2,413 - 2,453 - 2,453 Impaired - - 508 508 - - 682 682 Allowance for credit losses 207 167 13 387 195 186 13 394 Carrying amount (3)(4) 208,080 10,713 495 219,288 201,607 12,798 669 215,074 (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 (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 tables show the continuity in the loss allowance by product type for the three months ended January 31, 2022 and January 31, 2021. Transfers represent the amount of expected credit loss (ECL) that moved between stages during the period, for example, moving from a 12-month (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 46 40 19 105 51 75 26 152 Transfer to Stage 1 11 (10 ) (1 ) - 25 (18 ) (7 ) - Transfer to Stage 2 (1 ) 3 (2 ) - (1 ) 15 (14 ) - Transfer to Stage 3 - (2 ) 2 - - (7 ) 7 - Net remeasurement of loss allowance (11 ) 10 3 2 (45 ) (19 ) 24 (40 ) Loan originations 5 - - 5 6 - - 6 Derecognitions and maturities (1 ) (2 ) - (3 ) (2 ) (4 ) - (6 ) Model changes - - - - - - - - Total Provision for Credit Losses (PCL) (1) 3 (1 ) 2 4 (17 ) (33 ) 10 (40 ) Write-offs (2) - - (1 ) (1 ) - - (3 ) (3 ) Recoveries of previous write-offs - - 1 1 - - - - Foreign exchange and other - 1 (4 ) (3 ) (1 ) - (7 ) (8 ) Balance as at end of period 49 40 17 106 33 42 26 101 Loans: Consumer instalment and other personal Balance as at beginning of period 128 357 91 576 148 454 105 707 Transfer to Stage 1 58 (56 ) (2 ) - 65 (62 ) (3 ) - Transfer to Stage 2 (9 ) 15 (6 ) - (7 ) 16 (9 ) - Transfer to Stage 3 (1 ) (23 ) 24 - (1 ) (22 ) 23 - Net remeasurement of loss allowance (55 ) 40 18 3 (65 ) 71 31 37 Loan originations 16 - - 16 19 - - 19 Derecognitions and maturities (6 ) (11 ) - (17 ) (7 ) (14 ) - (21 ) Model changes - - - - - - - - Total PCL (1) 3 (35 ) 34 2 4 (11 ) 42 35 Write-offs (2) - - (50 ) (50 ) - - (65 ) (65 ) Recoveries of previous write-offs - - 18 18 - - 22 22 Foreign exchange and other - 2 (2 ) - (2 ) (3 ) (7 ) (12 ) Balance as at end of period 131 324 91 546 150 440 97 687 Loans: Credit cards Balance as at beginning of period 114 245 - 359 110 321 - 431 Transfer to Stage 1 51 (51 ) - - 58 (58 ) - - Transfer to Stage 2 (10 ) 10 - - (6 ) 6 - - Transfer to Stage 3 - (29 ) 29 - - (40 ) 40 - Net remeasurement of loss allowance (57 ) 45 12 - (55 ) 80 14 39 Loan originations 13 - - 13 7 - - 7 Derecognitions and maturities (2 ) (6 ) - (8 ) (1 ) (7 ) - (8 ) Model changes 2 (8 ) - (6 ) - - - - Total PCL (1) (3 ) (39 ) 41 (1 ) 3 (19 ) 54 38 Write-offs (2) - - (57 ) (57 ) - - (68 ) (68 ) Recoveries of previous write-offs - - 20 20 - - 20 20 Foreign exchange and other 2 - (4 ) (2 ) (1 ) - (6 ) (7 ) Balance as at end of period 113 206 - 319 112 302 - 414 Loans: Business and government Balance as at beginning of period 662 855 401 1,918 658 1,258 608 2,524 Transfer to Stage 1 93 (65 ) (28 ) - 179 (178 ) (1 ) - Transfer to Stage 2 (16 ) 57 (41 ) - (16 ) 18 (2 ) - Transfer to Stage 3 - (8 ) 8 - (1 ) (53 ) 54 - Net remeasurement of loss allowance (129 ) (54 ) 70 (113 ) (72 ) 141 58 127 Loan originations 118 - - 118 78 - - 78 Derecognitions and maturities (41 ) (59 ) - (100 ) (28 ) (48 ) - (76 ) Model changes 1 (6 ) - (5 ) - - - - Total PCL (1) 26 (135 ) 9 (100 ) 140 (120 ) 109 129 Write-offs (2) - - (27 ) (27 ) - - (111 ) (111 ) Recoveries of previous write-offs - - 7 7 - - 13 13 Foreign exchange and other 12 15 (4 ) 23 (7 ) (36 ) (36 ) (79 ) Balance as at end of period 700 735 386 1,821 791 1,102 583 2,476 Total as at end of period 993 1,305 494 2,792 1,086 1,886 706 3,678 Comprised of: Loans 786 1,138 481 2,405 850 1,657 681 3,188 Other credit instruments (3) 207 167 13 387 236 229 25 490 (1) Excludes PCL on other assets of $(4) million for the three months ended January 31, 2022 ($(6) million for the three months ended January 31, 2021). (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 January 31, 2022 and October 31, 2021 are as follows: (Canadian $ in millions) January 31, 2022 October 31, 2021 Gross amount Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net amount Gross amount Allowance for credit losses on impaired loans (2) Allowance for credit losses on performing loans (3) Net amount By geographic region (1): Canada 307,311 331 1,089 305,891 299,905 345 1,143 298,417 United States 170,244 150 820 169,274 153,479 153 910 152,416 Other countries 9,210 - 15 9,195 7,442 - 13 7,429 Total 486,765 481 1,924 484,360 460,826 498 2,066 458,262 (1) Geographic region is based upon country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). (3) Excludes allowance for credit losses on performing loans of $374 million for other credit instruments, which is included in other liabilities ($381 million as at October 31, 2021). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired (Stage 3) loans, including the related allowances, as at January 31, 2022 and October 31, 2021 are as follows: (Canadian $ in millions) January 31, 2022 October 31, 2021 Gross impaired Allowance for credit losses on impaired loans (4) Net impaired amount (3) Gross impaired amount (3) Allowance for credit losses on impaired loans (4) Net impaired amount (3) Residential mortgages 339 10 329 351 12 339 Consumer instalment and other personal 286 91 195 287 91 196 Business and government (1) 1,594 380 1,214 1,531 395 1,136 Total 2,219 481 1,738 2,169 498 1,671 By geographic region (2): Canada 1,298 331 967 1,195 345 850 United States 921 150 771 974 153 821 Other countries - - - - - - Total 2,219 481 1,738 2,169 498 1,671 (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 $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). |
Schedule 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 January 31, 2022 and October 31, 2021. Loans less than 30 days past due are excluded as they are not generally representative of the borrower’s ability to meet their payment obligations. (Canadian $ in millions) January 31, 2022 October 31, 2021 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more Total Residential mortgages 359 15 374 404 14 418 Credit card, consumer instalment and other personal 315 60 375 279 59 338 Business and government 261 36 297 264 33 297 Total 935 111 1,046 947 106 1,053 Fully secured loans with amounts between 90 and 180 days past due that we have not classified as impaired totalled $36 million and $36 million as at January 31, 2022 and October 31, 2021, respectively. |
Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period | The following table shows certain key economic variables used to estimate the allowance on performing loans during the forecast period. The values shown represent the national annual average levels or growth rates for the next 12 months and subsequent 12 months following each reporting period for all scenarios. While the values disclosed below are national variables, we use regional variables in our underlying models where appropriate. As at January 31, 2022 As at October 31, 2021 All figures are average annual Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Subsequent First 12 Subsequent First 12 Subsequent First 12 Subsequent First 12 Subsequent First 12 Subsequent Real GDP growth rates (1) Canada 5.8% 5.6% 3.6% 4.0% (2.8)% (1.1)% 6.3% 5.5% 4.0% 3.9% (2.7)% (1.1)% United States 6.3% 3.9% 4.1% 2.6% (1.9)% (1.1)% 7.1% 4.0% 4.8% 2.7% (1.2)% (1.1)% Corporate BBB 10-year Canada 1.4% 1.7% 1.8% 2.0% 3.6% 4.4% 1.4% 1.7% 1.8% 2.0% 3.6% 4.4% United States 0.9% 1.1% 1.2% 1.5% 4.2% 4.5% 0.9% 1.1% 1.2% 1.5% 4.2% 4.5% Unemployment rates Canada 5.2% 4.2% 5.9% 5.5% 9.9% 11.8% 6.0% 4.9% 6.6% 5.7% 10.8% 12.7% United States 3.6% 3.0% 4.0% 3.4% 7.7% 10.1% 4.2% 3.2% 4.7% 3.7% 8.5% 11.0% Housing Price Index (1) Canada (2) 18.0% 8.4% 15.0% 3.5% (9.3)% (18.0)% 18.2% 10.2% 15.1% 5.2% (6.4)% (18.0)% United States (3) 14.4% 6.4% 12.0% 3.9% (5.9)% (15.5)% 14.6% 6.7% 12.3% 4.3% (6.1)% (15.5)% (1) Real gross domestic product 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. |
Deposits and Subordinated Debt
Deposits and Subordinated Debt (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure Of Deposits [Line Items] | |
Summary of Deposits | Payable on demand Payable after notice Payable on a fixed date (4)(5) January 31, 2022 October 31, 2021 (Canadian $ in millions) Interest bearing Non-interest bearing Deposits by: Banks (1) 4,322 2,212 953 17,486 24,973 26,611 Business and government 49,010 57,146 148,066 204,156 458,378 442,248 Individuals 5,540 38,048 123,737 54,273 221,598 216,772 Total (2) (3) 58,872 97,406 272,756 275,915 704,949 685,631 Booked in: Canada 49,548 86,363 131,691 174,214 441,816 427,316 United States 8,981 10,971 139,667 73,016 232,635 232,830 Other countries 343 72 1,398 28,685 30,498 25,485 Total 58,872 97,406 272,756 275,915 704,949 685,631 |
Summary of Deposits Payable On a Fixed Date | The following table presents deposits payable on a fixed date and greater than one hundred thousand dollars: (Canadian $ in millions) Canada United States Other Total As at January 31, 2022 152,358 69,229 28,684 250,271 As at October 31, 2021 140,002 72,399 23,921 236,322 |
Summary of Maturity Schedule for Deposits Greater Than One Hundred Thousand Dollars Booked In Canada | The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars, which are booked in Canada: (Canadian $ in millions) Less than 3 months 3 to 6 months 6 to 12 months Over 12 months Total As at January 31, 2022 21,096 12,711 27,723 90,828 152,358 As at October 31, 2021 20,626 12,761 20,933 85,682 140,002 |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding and Other Equity Instruments | Preferred and Common Shares Outstanding and Other Equity Instruments (1) (Canadian $ in millions, except as noted) January 31, 2022 October 31, 2021 Number of shares Amount Number of shares Amount Convertible into Preferred Shares - Classified as Equity Class B – Series 27 20,000,000 500 20,000,000 500 Class B - Series 28 (2)(3) Class B – Series 29 16,000,000 400 16,000,000 400 Class B - Series 30 (2)(3) Class B – Series 31 12,000,000 300 12,000,000 300 Class B - Series 32 (2)(3) Class B – Series 33 8,000,000 200 8,000,000 200 Class B - Series 34 (2)(3) Class B – Series 38 24,000,000 600 24,000,000 600 Class B - Series 39 (2)(3) Class B – Series 40 20,000,000 500 20,000,000 500 Class B - Series 41 (2)(3) Class B – Series 42 16,000,000 400 16,000,000 400 Class B - Series 43 (2)(3) Class B – Series 44 16,000,000 400 16,000,000 400 Class B - Series 45 (2)(3) Class B – Series 46 14,000,000 350 14,000,000 350 Class B - Series 47 (2)(3) Preferred Shares - Classified as Equity 3,650 3,650 Other Equity Instruments 4.8% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 Common shares (3) 4.3% Limited Recourse Capital Notes, Series 1 (LRCNs) 1,250 1,250 Common shares (3)(4) Other Equity Instruments 1,908 1,908 Preferred Shares and Other Equity Instruments 5,558 5,558 Common Shares (5) (6) (7) 648,446,895 13,625 648,136,472 13,599 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet | Set out in the following table are the amounts that would be reported if all financial assets and liabilities not currently carried at fair value were reported at their fair values. Refer to Note 17 of our annual consolidated financial statements for the year ended October 31, 2021 for further discussion on the determination of fair value. (Canadian $ in millions) January 31, 2022 October 31, 2021 Carrying value Fair value Carrying value Fair value Securities (1) Amortized cost 98,456 96,958 49,970 49,810 Loans (1) Residential mortgages 137,284 136,564 135,653 135,461 Consumer instalment and other personal 78,572 78,561 76,627 76,791 Credit cards 7,815 7,815 7,827 7,827 Business and government (2) 254,412 254,689 233,066 233,670 478,083 477,629 453,173 453,749 Deposits (3) 679,968 680,224 662,827 663,558 Securitization and structured entities’ liabilities (4) 23,995 24,002 24,631 24,809 Subordinated debt 8,481 8,615 6,893 7,087 This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. (1) Carrying value is net of allowances for credit losses. (2) Excludes $6,218 million of loans classified as FVTPL and $59 million of loans classified as FVOCI as at January 31, 2022, respectively ($5,022 million and $134 million, respectively, as at October 31, 2021). (3) Excludes $24,800 million of structured note liabilities ($22,665 million as at October 31, 2021) and $181 million of metals deposits ($139 million as at s (4) Excludes $1,163 million of securitization and structured entities’ liabilities classified a s million a |
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 and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: (Canadian $ in millions) January 31, 2022 October 31, 2021 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Trading Securities Issued or guaranteed by: Canadian federal government 4,507 3,731 - 8,238 3,123 4,473 - 7,596 Canadian provincial and municipal governments 1,918 3,117 - 5,035 2,183 3,655 - 5,838 U.S. federal government 7,532 7,620 - 15,152 6,050 3,532 - 9,582 U.S. states, municipalities and agencies 6 446 - 452 - 458 - 458 Other governments 659 2,843 - 3,502 1,307 591 - 1,898 NHA MBS, U.S. agency MBS and CMO - 17,844 868 18,712 - 13,379 675 14,054 Corporate debt 1,920 7,254 13 9,187 2,231 7,656 7 9,894 Trading loans - 187 - 187 - 160 - 160 Corporate equity 58,176 - - 58,176 54,931 - - 54,931 74,718 43,042 881 118,641 69,825 33,904 682 104,411 FVTPL Securities Issued or guaranteed by: Canadian federal government 666 155 - 821 704 159 - 863 Canadian provincial and municipal governments 72 1,269 - 1,341 137 1,243 - 1,380 U.S. federal government - 7 - 7 - 38 - 38 Other governments - 91 - 91 - 92 - 92 NHA MBS, U.S. agency MBS and CMO - 9 - 9 - 9 - 9 Corporate debt 54 7,500 - 7,554 160 7,544 - 7,704 Corporate equity 1,642 12 3,186 4,840 1,670 12 2,442 4,124 2,434 9,043 3,186 14,663 2,671 9,097 2,442 14,210 FVOCI Securities Issued or guaranteed by: Canadian federal government 6,083 2,330 - 8,413 9,138 3,927 - 13,065 Canadian provincial and municipal governments 962 1,322 - 2,284 1,438 1,549 - 2,987 U.S. federal government 9,906 339 - 10,245 18,873 2,153 - 21,026 U.S. states, municipalities and agencies - 3,786 1 3,787 - 4,113 1 4,114 Other governments 1,493 5,117 - 6,610 2,803 3,699 - 6,502 NHA MBS, U.S. agency MBS and CMO - 8,263 - 8,263 - 12,136 - 12,136 Corporate debt 487 2,831 - 3,318 812 2,349 - 3,161 Corporate equity - - 151 151 - - 132 132 18,931 23,988 152 43,071 33,064 29,926 133 63,123 Business and government loans - 6,271 6 6,277 - 5,150 6 5,156 Other Assets (1) 4,863 89 - 4,952 4,392 85 - 4,477 Fair Value Liabilities Securities sold but not yet purchased 16,364 20,396 - 36,760 17,424 14,649 - 32,073 Structured note liabilities (2) - 24,800 - 24,800 - 22,665 - 22,665 Other liabilities (3) 1,177 2,434 - 3,611 1,106 2,125 - 3,231 17,541 47,630 - 65,171 18,530 39,439 - 57,969 Derivative Assets Interest rate contracts 21 7,397 - 7,418 6 8,066 - 8,072 Foreign exchange contracts 9 12,176 - 12,185 3 14,982 - 14,985 Commodity contracts 625 5,885 - 6,510 642 6,976 - 7,618 Equity contracts 788 7,917 - 8,705 1,381 4,657 - 6,038 Credit default swaps 4 5 - 9 - - - - 1,447 33,380 - 34,827 2,032 34,681 - 36,713 Derivative Liabilities Interest rate contracts 8 6,682 - 6,690 6 6,773 - 6,779 Foreign exchange contracts 3 10,233 - 10,236 4 12,451 - 12,455 Commodity contracts 1,036 1,523 - 2,559 746 1,445 - 2,191 Equity contracts 589 9,734 - 10,323 1,581 7,802 - 9,383 Credit default swaps 7 8 2 17 - 5 2 7 1,643 28,180 2 29,825 2,337 28,476 2 30,815 (1) Other assets include precious metals, segregated fund assets in our insurance business and certain receivables measured at fair value. (2) These structured note liabilities included in deposits have been designated as FVTPL. (3) Other liabilities include investment contract liabilities and segregated fund liabilities in our insurance business, certain payables and metals deposits that have been designated as FVTPL as well as certain securitization and structured entities’ liabilities measured as FVTPL. |
Significant Unobservable Inputs in Level 3 Instrument Valuations | Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments that are measured at fair value on a recurring basis, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. Range of input values (1) As at January 31, 2022 (Canadian $ in millions, except as noted) Reporting line in fair value hierarchy table Fair value Valuation techniques Significant unobservable inputs Low High Private equity (2) Corporate equity 3,186 Net Asset Value Net Asset Value na na EV/EBITDA Multiple 6x 19x NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 868 Discounted cash flows Prepayment rate 3 % 45 % Market Comparable Comparability Adjustment (3) (5.62 ) 5.82 (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 $633 million of U.S. Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost as at January 31, 2022 ($453 million as at October 31, 2021), which approximates fair value, and are held to meet regulatory requirements. (3) Range of input values represents price per security adjustment. na - not applicable |
Summary of Transfers Between Level 1 and Level 2 | The following table presents significant transfers between Level 1 and Level 2 for the three months ended January 31, 2022 and January 31, 2021. (Canadian $ in millions) For the three months ended January 31, 2022 January 31, 2021 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 2,655 2,526 2,737 6,702 FVTPL Securities 129 17 56 134 FVOCI Securities 3,119 2,143 4,658 2,109 Securities sold but not yet purchased 629 833 414 4,784 |
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 for the three months ended January 31, 2022 and January 31, 2021, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value Movements Transfers For the three months ended January 31, 2022 (Canadian $ in millions) Balance Included in earnings Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at January 31, 2022 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 675 (44 ) 19 382 (192 ) - 114 (86 ) 868 8 Corporate debt 7 (1 ) (1 ) 9 - - - (1 ) 13 (1 ) Total trading securities 682 (45 ) 18 391 (192 ) - 114 (87 ) 881 7 FVTPL Securities Corporate equity 2,442 76 36 713 (81 ) - - - 3,186 78 Total FVTPL securities 2,442 76 36 713 (81 ) - - - 3,186 78 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 132 - 2 11 - - 6 - 151 na Total FVOCI securities 133 - 2 11 - - 6 - 152 na Business and government loans 6 - - - - - - - 6 - Derivative Liabilities Credit default swaps 2 - - - - - - - 2 - Total derivative liabilities 2 - - - - - - - 2 - Change in fair value Movements Transfers For the three months ended January 31, 2021 (Canadian $ in millions) Balance October 31, 2020 Included in earnings Included in other comprehensive Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at January 31, 2021 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 803 (75 ) (31 ) 357 (353 ) - 34 (32 ) 703 (1 ) Corporate debt - - - - - - - - - - Total trading securities 803 (75 ) (31 ) 357 (353 ) - 34 (32 ) 703 (1 ) FVTPL Securities Corporate equity 1,903 21 (49 ) 113 (27 ) (4 ) - - 1,957 47 Total FVTPL securities 1,903 21 (49 ) 113 (27 ) (4 ) - - 1,957 47 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 93 - - 5 - - - - 98 na Total FVOCI securities 94 - - 5 - - - - 99 na Business and government loans 1,945 - (70 ) 1,488 - (161 ) - - 3,202 - Derivative Liabilities Credit default swaps 4 - - - - - - - 4 - Total derivative liabilities 4 - - - - - - - 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 Trading and FVTPL securities still held on January 31, 2022 and 2021 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable |
Capital Management (Tables)
Capital Management (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Summary of Regulatory Capital Measure and Risk-Weighted Assets | (Canadian $ in millions, except as noted) January 31, 2022 October 31, 2021 CET1 Capital 47,610 44,491 Tier 1 Capital 52,481 49,966 Total Capital 61,050 57,201 Total Loss Absorbing Capacity (TLAC) 96,889 90,353 Risk-Weighted Assets 337,652 325,433 Leverage Exposures 1,115,676 976,690 CET 1 Ratio 14.1% 13.7% Tier 1 Capital Ratio 15.5% 15.4% Total Capital Ratio 18.1% 17.6% TLAC Ratio 28.7 27.8 Leverage Ratio 4.7% 5.1% TLAC Leverage Ratio 8.7 9.3% (1) Disclosed in accordance with, as applicable, OSFI’s Capital Adequacy Requirements Guideline, Leverage Requirements Guideline and Total Loss Absorbing Capacity Guideline. |
Employee Compensation (Tables)
Employee Compensation (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Summary of Ranges of Values used for each Option Pricing Assumption | To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption: For stock options granted during the three months ended January 31, 2022 January 31, 2021 Expected dividend yield 4.2% 4.9% Expected share price volatility 16.8% 20.6 - 20.7% Risk-free rate of return 1.8 - 1.9% 1.0% Expected period until exercise (in years) 6.5 - 7.0 6.5 - 7.0 Exercise price ($) 135.58 97.14 |
Summary of Pension and Other Employee Future Benefit Expenses | Pension and Other Employee Future Benefit Expenses Pension and other employee future benefit expenses are determined as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the three months ended January 31, 2022 January 31, 2021 January 31, 2022 January 31, 2021 Current service cost 59 67 2 2 Net interest (income) expense on net defined benefit (asset) liability (7 ) 2 9 8 (Gain) on settlement (1 ) - - - Administrative expenses 1 1 - - Benefits expense 52 70 11 10 Government pension plans expense (1) 65 55 - - Defined contribution expense 65 59 - - Total pension and other employee future benefit expenses 182 184 11 10 (1) Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contributions Act. Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Basic Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended January 31, 2022 January 31, 2021 Net income 2,933 2,017 Dividends on preferred shares and distributions payable on other equity instruments (55 ) (56 ) Net income available to common shareholders 2,878 1,961 Weighted-average number of common shares outstanding (in thousands) 648,359 646,511 Basic earnings per common share (Canadian $) 4.44 3.03 Diluted Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended January 31, 2022 January 31, 2021 Net income available to common shareholders adjusted for impact of dilutive instruments 2,878 1,961 Weighted-average number of common shares outstanding (in thousands) 648,359 646,511 Effect of dilutive instruments Stock options potentially exercisable (1) 5,507 3,906 Common shares potentially repurchased (3,529 ) (2,994 ) Weighted-average number of diluted common shares outstanding (in thousands) 650,337 647,423 Diluted earnings per common share (Canadian $) 4.43 3.03 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 692,954 |
Operating Segmentation (Tables)
Operating Segmentation (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) For the three months ended January 31, 2022 Canadian U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,787 1,156 272 924 (120 ) 4,019 Non-interest 620 363 1,133 1,015 573 3,704 Total Revenue 2,407 1,519 1,405 1,939 453 7,723 Provision for (recovery of) credit losses on impaired loans 100 3 - (16 ) (1 ) 86 Provision for (recovery of) credit losses on performing loans (76 ) (77 ) 4 (35 ) (1 ) (185 ) Total provision for (recovery of) credit losses 24 (74 ) 4 (51 ) (2 ) (99 ) Insurance claims, commissions and changes in policy benefit liabilities - - 81 - - 81 Depreciation and amortization 125 107 66 75 - 373 Other non-interest 899 605 842 966 161 3,473 Income before taxes 1,359 881 412 949 294 3,895 Provision for income taxes 355 200 97 244 66 962 Reported net income 1,004 681 315 705 228 2,933 Average Assets (3) 278,523 138,735 49,504 407,691 181,443 1,055,896 For the three months ended January 31, 2021 Canadian U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,608 1,091 239 803 (163 ) 3,578 Non-interest 491 319 1,738 771 78 3,397 Total Revenue 2,099 1,410 1,977 1,574 (85 ) 6,975 Provision for (recovery of) credit losses on impaired loans 150 20 1 45 (1 ) 215 Provision for (recovery of) credit losses on performing loans (2 ) (51 ) (4 ) (2 ) - (59 ) Total provision for (recovery of) credit losses 148 (31 ) (3 ) 43 (1 ) 156 Insurance claims, commissions and changes in policy benefit liabilities - - 601 - - 601 Depreciation and amortization 118 123 83 69 - 393 Other non-interest 818 566 854 817 165 3,220 Income (loss) before taxes 1,015 752 442 645 (249 ) 2,605 Provision for (recovery of) income taxes 265 173 106 167 (123 ) 588 Reported net income (loss) 750 579 336 478 (126 ) 2,017 Average Assets (3) 254,945 130,487 47,535 384,759 163,182 980,908 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis (teb). Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt (3) Included within average assets are average earning assets, which are comprised of deposits with other banks, deposits at central banks, reverse repos, loans and securities. Total average earning assets for three months ended January 31, 2022 are $972,687, including $264,764 for Canadian P&C, $131,569 for U.S. P&C, and $576,354 for all other operating segments including Corporate Services (for three months ended January 31, 2021 - Total: $893,913, Canadian P&C $239,777, U.S. P&C: $123,411 and all other operating segments: $530,725). |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 14,663 | $ 13,939 | $ 14,210 |
Amortized cost | 98,456 | 48,708 | 49,970 |
FVOCI Securities | 43,071 | 70,574 | 63,123 |
Interest income | 95 | 96 | |
Gains (losses) on financial assets at fair value through profit or loss that were designated | 244 | 235 | |
Realized gains from fair value through other comprehensive income securities | 0 | $ 1 | |
Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Allowance for credit losses of amortized cost | 2 | 1 | |
Allowance for credit losses of FVOCI securities | 2 | 2 | |
Mandatorily measured at fair value [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | 3,748 | 3,038 | |
Related to securities held by insurance subsidiaries [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 10,915 | $ 11,172 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 43,071 | $ 63,123 | $ 70,574 |
Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 43,213 | 62,877 | |
Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 333 | 733 | |
Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 475 | 487 | |
Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 43,071 | 63,123 | |
Canadian federal government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 8,472 | 13,087 | |
Canadian federal government [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 25 | 62 | |
Canadian federal government [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 84 | 84 | |
Canadian federal government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 8,413 | 13,065 | |
Canadian Provincial And Municipal Governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,286 | 2,973 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 19 | 29 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 21 | 15 | |
Canadian Provincial And Municipal Governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,284 | 2,987 | |
US federal Government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 10,388 | 21,041 | |
US federal Government [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 92 | 282 | |
US federal Government [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 235 | 297 | |
US federal Government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 10,245 | 21,026 | |
US State Municipal And Agencies Debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,751 | 4,034 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 52 | 85 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 16 | 5 | |
US State Municipal And Agencies Debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,787 | 4,114 | |
Other governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,624 | 6,476 | |
Other governments [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 35 | 55 | |
Other governments [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 49 | 29 | |
Other governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,610 | 6,502 | |
National housing act mortgage backed securities [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 715 | 1,122 | |
National housing act mortgage backed securities [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2 | 6 | |
National housing act mortgage backed securities [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3 | 3 | |
National housing act mortgage backed securities [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 714 | 1,125 | |
US agency MBS and CMO [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,518 | 10,894 | |
US agency MBS and CMO [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 57 | 151 | |
US agency MBS and CMO [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 26 | 34 | |
US agency MBS and CMO [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,549 | 11,011 | |
Corporate debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,339 | 3,147 | |
Corporate debt [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20 | 34 | |
Corporate debt [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 41 | 20 | |
Corporate debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,318 | 3,161 | |
Corporate equity [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 120 | 103 | |
Corporate equity [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 31 | 29 | |
Corporate equity [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 0 | 0 | |
Corporate equity [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 151 | $ 132 |
Securities - Summary of Interes
Securities - Summary of Interest Income Calculated Using Effective Interest Method (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | $ 268 | $ 237 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | 96 | 131 |
Financial assets at amortised cost, category [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | $ 172 | $ 106 |
Securities - Summary of Non-Int
Securities - Summary of Non-Interest Revenue (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Interest Dividend And Fee Income [Abstract] | |||
FVTPL securities | $ 102 | $ 90 | |
Gross realized gains | [1] | 36 | 13 |
Impairment losses | 0 | (1) | |
Securities gains, other than trading | $ 138 | $ 102 | |
[1] | Gains (losses) are net of (losses) gains on hedge contracts. |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | $ 2,792 | $ 2,958 |
Base case scenario [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 100.00% | |
Adverse scenario [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 100.00% | |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | $ 2,405 | 2,564 |
Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 387 | 394 |
Related to performing loans, assuming 100% base case scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,298 | 2,447 |
Modelled allowance account for credit losses of financial assets based on assumptions | 1,600 | 1,725 |
Related to performing loans, assuming 100% adverse scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Modelled allowance account for credit losses of financial assets based on assumptions | 3,575 | 3,825 |
Performing loans, stage one scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,298 | 2,447 |
Modelled allowance account for credit losses of financial assets based on assumptions | $ 1,725 | $ 1,775 |
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 | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | $ 497,163 | $ 472,283 |
Allowance for credit losses | 2,792 | 2,958 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 499,568 | 474,847 |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 137,284 | 135,653 |
Allowance for credit losses | 98 | 97 |
Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 137,382 | 135,750 |
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 339 | 351 |
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 | 4 | 4 |
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 | 95,592 | 94,745 |
Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 25,006 | 24,764 |
Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 14,902 | 14,316 |
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 | 473 |
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,093 | 1,097 |
Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 78,572 | 76,627 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 79,080 | 77,164 |
Allowance for credit losses | 508 | 537 |
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 | 286 | 287 |
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 | 1,558 | 1,524 |
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 | 32,014 | 30,680 |
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 | 23,012 | 22,194 |
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 | 16,467 | 16,943 |
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 | 2,017 | 2,036 |
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 | 3,726 | 3,500 |
Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,815 | 7,827 |
Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 8,050 | 8,103 |
Allowance for credit losses | 235 | 276 |
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 | 2,340 | 2,532 |
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 | 441 | 450 |
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 | 2,108 | 1,867 |
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 | 2,663 | 2,406 |
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 | 413 | 362 |
Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 85 | 486 |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 273,492 | 252,176 |
Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 275,056 | 253,830 |
Allowance for credit losses | 1,564 | 1,654 |
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 | 1,594 | 1,531 |
Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 161,868 | 146,253 |
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 | 105,962 | 99,909 |
Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 5,632 | 6,137 |
Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 219,288 | 215,074 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 387 | 394 |
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 | 508 | 682 |
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 | 160,731 | 157,342 |
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 | 56,023 | 54,991 |
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 | 2,413 | 2,453 |
Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 462,839 | 439,105 |
Stage One [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 463,625 | 439,860 |
Stage One [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 131,856 | 131,279 |
Allowance for credit losses | 49 | 46 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 131,905 | 131,325 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 0 | |
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 | 4 | 4 |
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 | 95,387 | 94,566 |
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 | 23,167 | 23,471 |
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 | 12,153 | 12,066 |
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 | 134 | 167 |
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 | 1,060 | 1,051 |
Stage One [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 72,688 | 71,153 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 72,804 | 71,266 |
Allowance for credit losses | 116 | 113 |
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 | 1,528 | 1,487 |
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 | 32,006 | 30,672 |
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 | 22,393 | 21,660 |
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 | 12,595 | 13,336 |
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 | 594 | 661 |
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 | 3,688 | 3,450 |
Stage One [member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,919 | 7,020 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,984 | 7,087 |
Allowance for credit losses | 65 | 67 |
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 | 2,340 | 2,532 |
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 | 441 | 450 |
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 | 1,952 | 1,801 |
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 | 2,043 | 1,743 |
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 | 123 | 75 |
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 | 85 | 486 |
Stage One [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 251,376 | 229,653 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 251,932 | 230,182 |
Allowance for credit losses | 556 | 529 |
Stage One [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 | 0 | |
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 | 160,449 | 144,807 |
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 | 91,483 | 85,375 |
Stage One [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 | 0 | |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 208,080 | 201,607 |
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 | 207 | 195 |
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 | 159,628 | 154,975 |
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 | 48,659 | 46,827 |
Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 32,586 | 31,507 |
Stage Two [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 33,724 | 32,818 |
Stage Two [Member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 5,099 | 4,035 |
Allowance for credit losses | 39 | 39 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 5,138 | 4,074 |
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 | 205 | 179 |
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 | 1,839 | 1,293 |
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 | 2,749 | 2,250 |
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 | 312 | 306 |
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 | 33 | 46 |
Stage Two [Member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 5,689 | 5,278 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 5,990 | 5,611 |
Allowance for credit losses | 301 | 333 |
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 | 30 | 37 |
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 | 8 | 8 |
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 | 619 | 534 |
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 | 3,872 | 3,607 |
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 | 1,423 | 1,375 |
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 | 38 | 50 |
Stage Two [Member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 896 | 807 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,066 | 1,016 |
Allowance for credit losses | 170 | 209 |
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 | 156 | 66 |
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 | 620 | 663 |
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 | 290 | 287 |
Stage Two [Member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 20,902 | 21,387 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 21,530 | 22,117 |
Allowance for credit losses | 628 | 730 |
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 | 1,419 | 1,446 |
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 | 14,479 | 14,534 |
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 | 5,632 | 6,137 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 10,713 | 12,798 |
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 | 167 | 186 |
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 | 1,103 | 2,367 |
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 | 7,364 | 8,164 |
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 | 2,413 | 2,453 |
Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,738 | 1,671 |
Stage three [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,219 | 2,169 |
Stage three [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 329 | 339 |
Allowance for credit losses | 10 | 12 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 339 | 351 |
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 | 339 | 351 |
Stage three [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 195 | 196 |
Stage three [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 286 | 287 |
Allowance for credit losses | 91 | 91 |
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 | 286 | 287 |
Stage three [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,214 | 1,136 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,594 | 1,531 |
Allowance for credit losses | 380 | 395 |
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 | 1,594 | 1,531 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 495 | 669 |
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 | 13 | 13 |
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 | $ 508 | $ 682 |
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] | 3 Months Ended |
Jan. 31, 2022 | |
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 | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of credit risk exposure [line items] | ||
Beginning balance | $ 2,958 | |
Ending balance | 2,792 | |
IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 2,792 | $ 3,678 |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 2,405 | 3,188 |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 387 | 490 |
Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 105 | 152 |
Net remeasurement of loss allowance | 2 | (40) |
Loan originations | 5 | 6 |
Derecognitions and maturities | (3) | (6) |
Total PCL | 4 | (40) |
Write-offs | (1) | (3) |
Recoveries of previous write-offs | 1 | |
Foreign exchange and other | (3) | (8) |
Ending balance | 106 | 101 |
Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 576 | 707 |
Net remeasurement of loss allowance | 3 | 37 |
Loan originations | 16 | 19 |
Derecognitions and maturities | (17) | (21) |
Total PCL | 2 | 35 |
Write-offs | (50) | (65) |
Recoveries of previous write-offs | 18 | 22 |
Foreign exchange and other | (12) | |
Ending balance | 546 | 687 |
Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 359 | 431 |
Transfer to Stage 1 | (51) | |
Transfer to Stage 2 | 10 | |
Transfer to Stage 3 | (29) | |
Net remeasurement of loss allowance | 45 | 39 |
Loan originations | 13 | 7 |
Derecognitions and maturities | (8) | (8) |
Model changes | (6) | |
Total PCL | (1) | 38 |
Write-offs | (57) | (68) |
Recoveries of previous write-offs | 20 | 20 |
Foreign exchange and other | (2) | (7) |
Ending balance | 319 | 414 |
Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,918 | 2,524 |
Net remeasurement of loss allowance | (113) | 127 |
Loan originations | 118 | 78 |
Derecognitions and maturities | (100) | (76) |
Model changes | (5) | |
Total PCL | (100) | 129 |
Write-offs | (27) | (111) |
Recoveries of previous write-offs | 7 | 13 |
Foreign exchange and other | 23 | (79) |
Ending balance | 1,821 | 2,476 |
Stage One [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 993 | 1,086 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 786 | 850 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 207 | 236 |
Stage One [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 46 | 51 |
Transfer to Stage 1 | 11 | 25 |
Transfer to Stage 2 | (1) | (1) |
Net remeasurement of loss allowance | (11) | (45) |
Loan originations | 5 | 6 |
Derecognitions and maturities | (1) | (2) |
Total PCL | 3 | (17) |
Foreign exchange and other | (1) | |
Ending balance | 49 | 33 |
Stage One [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 128 | 148 |
Transfer to Stage 1 | 58 | 65 |
Transfer to Stage 2 | (9) | (7) |
Transfer to Stage 3 | (1) | (1) |
Net remeasurement of loss allowance | (55) | (65) |
Loan originations | 16 | 19 |
Derecognitions and maturities | (6) | (7) |
Total PCL | 3 | 4 |
Foreign exchange and other | (2) | |
Ending balance | 131 | 150 |
Stage One [member] | Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 114 | 110 |
Transfer to Stage 1 | 51 | 58 |
Transfer to Stage 2 | (10) | (6) |
Net remeasurement of loss allowance | (57) | (55) |
Loan originations | 13 | 7 |
Derecognitions and maturities | (2) | (1) |
Model changes | 2 | 0 |
Total PCL | (3) | 3 |
Foreign exchange and other | 2 | (1) |
Ending balance | 113 | 112 |
Stage One [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 662 | 658 |
Transfer to Stage 1 | 93 | 179 |
Transfer to Stage 2 | (16) | (16) |
Transfer to Stage 3 | (1) | |
Net remeasurement of loss allowance | (129) | (72) |
Loan originations | 118 | 78 |
Derecognitions and maturities | (41) | (28) |
Model changes | 1 | |
Total PCL | 26 | 140 |
Foreign exchange and other | 12 | (7) |
Ending balance | 700 | 791 |
Stage Two [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 1,305 | 1,886 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 1,138 | 1,657 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 167 | 229 |
Stage Two [Member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 40 | 75 |
Transfer to Stage 1 | (10) | (18) |
Transfer to Stage 2 | 3 | 15 |
Transfer to Stage 3 | (2) | (7) |
Net remeasurement of loss allowance | 10 | (19) |
Derecognitions and maturities | (2) | (4) |
Total PCL | (1) | (33) |
Foreign exchange and other | 1 | |
Ending balance | 40 | 42 |
Stage Two [Member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 357 | 454 |
Transfer to Stage 1 | (56) | (62) |
Transfer to Stage 2 | 15 | 16 |
Transfer to Stage 3 | (23) | (22) |
Net remeasurement of loss allowance | 40 | 71 |
Derecognitions and maturities | (11) | (14) |
Total PCL | (35) | (11) |
Foreign exchange and other | 2 | (3) |
Ending balance | 324 | 440 |
Stage Two [Member] | Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 245 | 321 |
Transfer to Stage 1 | (58) | |
Transfer to Stage 2 | 6 | |
Transfer to Stage 3 | (40) | |
Net remeasurement of loss allowance | 80 | |
Derecognitions and maturities | (6) | (7) |
Model changes | (8) | |
Total PCL | (39) | (19) |
Ending balance | 206 | 302 |
Stage Two [Member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 855 | 1,258 |
Transfer to Stage 1 | (65) | (178) |
Transfer to Stage 2 | 57 | 18 |
Transfer to Stage 3 | (8) | (53) |
Net remeasurement of loss allowance | (54) | 141 |
Derecognitions and maturities | (59) | (48) |
Model changes | (6) | |
Total PCL | (135) | (120) |
Foreign exchange and other | 15 | (36) |
Ending balance | 735 | 1,102 |
Stage three [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 494 | 706 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 481 | 681 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Ending balance | 13 | 25 |
Stage three [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 19 | 26 |
Transfer to Stage 1 | (1) | (7) |
Transfer to Stage 2 | (2) | (14) |
Transfer to Stage 3 | 2 | 7 |
Net remeasurement of loss allowance | 3 | 24 |
Total PCL | 2 | 10 |
Write-offs | (1) | (3) |
Recoveries of previous write-offs | 1 | |
Foreign exchange and other | (4) | (7) |
Ending balance | 17 | 26 |
Stage three [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 91 | 105 |
Transfer to Stage 1 | (2) | (3) |
Transfer to Stage 2 | (6) | (9) |
Transfer to Stage 3 | 24 | 23 |
Net remeasurement of loss allowance | 18 | 31 |
Total PCL | 34 | 42 |
Write-offs | (50) | (65) |
Recoveries of previous write-offs | 18 | 22 |
Foreign exchange and other | (2) | (7) |
Ending balance | 91 | 97 |
Stage three [member] | Credit Card Loans [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Transfer to Stage 3 | 29 | 40 |
Net remeasurement of loss allowance | 12 | 14 |
Total PCL | 41 | 54 |
Write-offs | (57) | (68) |
Recoveries of previous write-offs | 20 | 20 |
Foreign exchange and other | (4) | (6) |
Stage three [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 401 | 608 |
Transfer to Stage 1 | (28) | (1) |
Transfer to Stage 2 | (41) | (2) |
Transfer to Stage 3 | 8 | 54 |
Net remeasurement of loss allowance | 70 | 58 |
Total PCL | 9 | 109 |
Write-offs | (27) | (111) |
Recoveries of previous write-offs | 7 | 13 |
Foreign exchange and other | (4) | (36) |
Ending balance | $ 386 | $ 583 |
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 | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Other assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Provision for credit losses | $ (4) | $ (6) |
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 | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | $ 486,765 | $ 460,826 | $ 455,044 |
Allowance for credit losses | 2,405 | 2,564 | 3,188 |
Loans, Net amount | 484,360 | 458,262 | $ 451,856 |
Allowance for credit losses related to loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 486,765 | 460,826 | |
Loans, Net amount | 484,360 | 458,262 | |
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 | 481 | 498 | |
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 | 1,924 | 2,066 | |
Allowance for credit losses related to loans [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 307,311 | 299,905 | |
Loans, Net amount | 305,891 | 298,417 | |
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 | 331 | 345 | |
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 | 1,089 | 1,143 | |
Allowance for credit losses related to loans [member] | United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 170,244 | 153,479 | |
Loans, Net amount | 169,274 | 152,416 | |
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 | 150 | 153 | |
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 | 820 | 910 | |
Allowance for credit losses related to loans [member] | Other countries [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 9,210 | 7,442 | |
Loans, Net amount | 9,195 | 7,429 | |
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 | $ 15 | $ 13 |
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) - Other credit instruments [member] - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses recorded in other liabilities | $ 13 | $ 13 |
Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses recorded in other liabilities | $ 374 | $ 381 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,738 | $ 1,671 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 967 | 850 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 771 | 821 |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 329 | 339 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 195 | 196 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,214 | 1,136 |
Accumulated impairment [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 481 | 498 |
Accumulated impairment [member] | Related to specific allowances [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 331 | 345 |
Accumulated impairment [member] | Related to specific allowances [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 150 | 153 |
Accumulated impairment [member] | Residential mortgages [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10 | 12 |
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 | 91 | 91 |
Accumulated impairment [member] | Business and government loans [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 380 | 395 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,219 | 2,169 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,298 | 1,195 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 921 | 974 |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 339 | 351 |
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 | 286 | 287 |
Gross carrying amount [member] | Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,594 | $ 1,531 |
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 | Jan. 31, 2022 | Oct. 31, 2021 |
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] | ||
Allowance for credit losses recorded in other liabilities | $ 13 | $ 13 |
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 | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,046 | $ 1,053 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 374 | 418 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 375 | 338 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 297 | 297 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 111 | 106 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 15 | 14 |
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 | 60 | 59 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 36 | 33 |
30-89 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 935 | 947 |
30-89 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 359 | 404 |
30-89 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 315 | 279 |
30-89 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 261 | $ 264 |
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 | Jan. 31, 2022 | Oct. 31, 2021 |
3-6 month [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fully secured loans | $ 36 | $ 36 |
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) | 3 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | |
Benign scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 5.80% | 6.30% |
Corporate BBB | 1.40% | 1.40% |
Unemployment rates | 5.20% | 6.00% |
Housing Price Index | 18.00% | 18.20% |
Benign scenario [member] | Canada [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 5.60% | 5.50% |
Corporate BBB | 1.70% | 1.70% |
Unemployment rates | 4.20% | 4.90% |
Housing Price Index | 8.40% | 10.20% |
Benign scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 6.30% | 7.10% |
Corporate BBB | 0.90% | 0.90% |
Unemployment rates | 3.60% | 4.20% |
Housing Price Index | 14.40% | 14.60% |
Benign scenario [member] | United States [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 3.90% | 4.00% |
Corporate BBB | 1.10% | 1.10% |
Unemployment rates | 3.00% | 3.20% |
Housing Price Index | 6.40% | 6.70% |
Base Scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 3.60% | 4.00% |
Corporate BBB | 1.80% | 1.80% |
Unemployment rates | 5.90% | 6.60% |
Housing Price Index | 15.00% | 15.10% |
Base Scenario [member] | Canada [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 4.00% | 3.90% |
Corporate BBB | 2.00% | 2.00% |
Unemployment rates | 5.50% | 5.70% |
Housing Price Index | 3.50% | 5.20% |
Base Scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 4.10% | 4.80% |
Corporate BBB | 1.20% | 1.20% |
Unemployment rates | 4.00% | 4.70% |
Housing Price Index | 12.00% | 12.30% |
Base Scenario [member] | United States [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2.60% | 2.70% |
Corporate BBB | 1.50% | 1.50% |
Unemployment rates | 3.40% | 3.70% |
Housing Price Index | 3.90% | 4.30% |
Adverse scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (2.80%) | (2.70%) |
Corporate BBB | 3.60% | 3.60% |
Unemployment rates | 9.90% | 10.80% |
Housing Price Index | (9.30%) | (6.40%) |
Adverse scenario [member] | Canada [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (1.10%) | (1.10%) |
Corporate BBB | 4.40% | 4.40% |
Unemployment rates | 11.80% | 12.70% |
Housing Price Index | (18.00%) | (18.00%) |
Adverse scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (1.90%) | (1.20%) |
Corporate BBB | 4.20% | 4.20% |
Unemployment rates | 7.70% | 8.50% |
Housing Price Index | (5.90%) | (6.10%) |
Adverse scenario [member] | United States [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (1.10%) | (1.10%) |
Corporate BBB | 4.50% | 4.50% |
Unemployment rates | 10.10% | 11.00% |
Housing Price Index | (15.50%) | (15.50%) |
Deposits and Subordinated Deb_2
Deposits and Subordinated Debt - Summary of Deposits (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Disclosure Of Deposits [Line Items] | |||
Interest bearing | $ 58,872 | ||
Non-interest bearing | 97,406 | ||
Payables after notice | 272,756 | ||
Payable on a fixed date | 275,915 | ||
Total | 704,949 | $ 685,631 | $ 672,500 |
Canada [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 49,548 | ||
Non-interest bearing | 86,363 | ||
Payables after notice | 131,691 | ||
Payable on a fixed date | 174,214 | ||
Total | 441,816 | 427,316 | |
United States [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 8,981 | ||
Non-interest bearing | 10,971 | ||
Payables after notice | 139,667 | ||
Payable on a fixed date | 73,016 | ||
Total | 232,635 | 232,830 | |
Other countries [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 343 | ||
Non-interest bearing | 72 | ||
Payables after notice | 1,398 | ||
Payable on a fixed date | 28,685 | ||
Total | 30,498 | 25,485 | |
Banks [Member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 4,322 | ||
Non-interest bearing | 2,212 | ||
Payables after notice | 953 | ||
Payable on a fixed date | 17,486 | ||
Total | 24,973 | 26,611 | |
Business and governments [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 49,010 | ||
Non-interest bearing | 57,146 | ||
Payables after notice | 148,066 | ||
Payable on a fixed date | 204,156 | ||
Total | 458,378 | 442,248 | |
Individuals [Member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 5,540 | ||
Non-interest bearing | 38,048 | ||
Payables after notice | 123,737 | ||
Payable on a fixed date | 54,273 | ||
Total | $ 221,598 | $ 216,772 |
Deposits and Subordinated Deb_3
Deposits and Subordinated Debt - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 275,915 | |
Deposits eligible for early redemption without penalty | 20,680 | $ 20,991 |
Bank Recapitalization (Bail-In) Regime [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 39,345 | 35,959 |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 351,409 | 342,967 |
Non USD Non CAD [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | $ 39,092 | $ 29,937 |
Deposits and Subordinated Deb_4
Deposits and Subordinated Debt - Subordinated Debt - Additional Information (Detail) $ in Millions | Jan. 10, 2022USD ($) |
Series K Medium Term Notes [member] | |
Disclosure Of Deposits [Line Items] | |
Maturity date | January 10, 2037 |
Floating rate reset date | Jan. 10, 2032 |
Subordinated debt [member] | 1.928% Subordinated Notes Due 2031 [member] | |
Disclosure Of Deposits [Line Items] | |
Face value | $ 1,250 |
Interest rate | 3.088% |
Deposits and Subordinated Deb_5
Deposits and Subordinated Debt - Summary of Deposits payable on a fixed (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 275,915 | |
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 | 250,271 | $ 236,322 |
Canada | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 174,214 | |
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 | 152,358 | 140,002 |
United States | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 73,016 | |
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 | 69,229 | 72,399 |
Other Countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 28,685 | |
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 | $ 28,684 | $ 23,921 |
Deposits and Subordinated Deb_6
Deposits and Subordinated Debt - Summary of maturity schedule for deposits greater than one hundred thousand dollars booked in Canada (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | $ 704,949 | $ 685,631 | $ 672,500 |
Canada [member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 441,816 | 427,316 | |
Canada [member] | Deposits more than one hundred thousand dollar [Member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 152,358 | 140,002 | |
Canada [member] | 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 | 21,096 | 20,626 | |
Canada [member] | 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 | 12,711 | 12,761 | |
Canada [member] | 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 | 27,723 | 20,933 | |
Canada [member] | 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 | $ 90,828 | $ 85,682 |
Equity - Summary of Classes of
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | $ 59,804 | $ 57,523 | $ 56,148 | |
Class B Series 27 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 20,000,000 | 20,000,000 | ||
Balance at End of Period | $ 500 | $ 500 | ||
Convertible into | Class B - Series 28 | |||
Class B Series 29 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||
Balance at End of Period | $ 400 | $ 400 | ||
Convertible into | Class B - Series 30 | |||
Class B Series 31 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 12,000,000 | 12,000,000 | ||
Balance at End of Period | $ 300 | $ 300 | ||
Convertible into | Class B - Series 32 | |||
Class B Series 33 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 8,000,000 | 8,000,000 | ||
Balance at End of Period | $ 200 | $ 200 | ||
Convertible into | Class B - Series 34 | |||
Class B Series 38 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 24,000,000 | 24,000,000 | ||
Balance at End of Period | $ 600 | $ 600 | ||
Convertible into | Class B - Series 39 | |||
Class B Series 40 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 20,000,000 | 20,000,000 | ||
Balance at End of Period | $ 500 | $ 500 | ||
Convertible into | Class B - Series 41 | |||
Class B Series 42 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||
Balance at End of Period | $ 400 | $ 400 | ||
Convertible into | Class B - Series 43 | |||
Class B Series 44 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||
Balance at End of Period | $ 400 | $ 400 | ||
Convertible into | Class B - Series 45 | |||
Class B Series 46 [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 14,000,000 | 14,000,000 | ||
Balance at End of Period | $ 350 | $ 350 | ||
Convertible into | Class B - Series 47 | |||
Preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | $ 3,650 | 3,650 | ||
Other Equity Instrument [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | $ 1,908 | $ 1,908 | ||
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 648,446,895 | 648,136,472 | ||
Balance at End of Period | $ 13,625 | $ 13,599 | 13,501 | $ 13,430 |
Preferred Shares and Other Equity Instruments [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | 5,558 | 5,558 | $ 5,848 | $ 6,598 |
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | $ 658 | 658 | ||
Convertible into | Common shares | |||
4.3% Limited Recourse Capital Notes Series 1 [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at End of Period | $ 1,250 | $ 1,250 | ||
Convertible into | Common shares |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Parenthetical) (Detail) - $ / shares | 3 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Common stock conversion price | $ 5 | |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares | 648,446,895 | 648,136,472 |
Number of shares issued | 282,072 | |
Stock options issued, convertible shares | 0 | |
Common shares [member] | Stock Option Plan [member] | ||
Disclosure of classes of share capital [line items] | ||
Stock options issued, convertible shares | 6,428,389 | 5,682,206 |
Treasury shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of shares | 8,170 | 36,521 |
Equity - Additional Information
Equity - Additional Information (Detail) $ in Millions, $ in Millions | Feb. 25, 2022CAD ($)shares | Jan. 31, 2022USD ($) | Jan. 31, 2022CAD ($) | Jan. 10, 2022 | Dec. 03, 2021CAD ($) |
Ordinary shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Shares Subject To Mandatory Redemption | $ 22.5 | ||||
Discount rate applied to cash flow projections | 2.00% | ||||
Treasury shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Discount rate applied to cash flow projections | 2.00% | ||||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Note Issued Face Value | $ 500 | $ 658 | |||
Interest Rate | 4.80% | ||||
4.3% Limited Recourse Capital Notes [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Note Issued Face Value | $ 1,250 | ||||
Interest Rate | 4.30% | ||||
ClassbseriesThiryEightPreferredSharesMember [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares intend to redeem | shares | 24 | ||||
Redemption aggregate value | $ 600 | ||||
Dividend Rate Reset Term | 5 years |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Securities | |||
Amortized cost | $ 98,456 | $ 49,970 | $ 48,708 |
Loans | |||
Consumer instalment and other personal | 79,080 | 77,164 | 70,780 |
Credit cards | 8,050 | 8,103 | 7,342 |
Business and government | 262,253 | 239,809 | 248,752 |
Deposits | 704,949 | 685,631 | 672,500 |
Securitization and structured entities' liabilities | 25,158 | 25,486 | 25,610 |
Subordinated Debt | 8,481 | 6,893 | $ 7,276 |
Not Carried At Fair Value [member] | At carrying value [member] | |||
Securities | |||
Amortized cost | 98,456 | 49,970 | |
Loans | |||
Residential mortgages | 137,284 | 135,653 | |
Consumer instalment and other personal | 78,572 | 76,627 | |
Credit cards | 7,815 | 7,827 | |
Business and government | 254,412 | 233,066 | |
Loans net of allowance for loan losses | 478,083 | 453,173 | |
Deposits | 679,968 | 662,827 | |
Securitization and structured entities' liabilities | 23,995 | 24,631 | |
Subordinated Debt | 8,481 | 6,893 | |
Not Carried At Fair Value [member] | Fair Value [Member] | |||
Securities | |||
Amortized cost | 96,958 | 49,810 | |
Loans | |||
Residential mortgages | 136,564 | 135,461 | |
Consumer instalment and other personal | 78,561 | 76,791 | |
Credit cards | 7,815 | 7,827 | |
Business and government | 254,689 | 233,670 | |
Loans net of allowance for loan losses | 477,629 | 453,749 | |
Deposits | 680,224 | 663,558 | |
Securitization and structured entities' liabilities | 24,002 | 24,809 | |
Subordinated Debt | $ 8,615 | $ 7,087 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | $ 262,253 | $ 239,809 | $ 248,752 |
Securitization and structured entities' liabilities | 25,158 | 25,486 | $ 25,610 |
Financial liabilities at fair value through profit or loss, category [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Structured note liabilities | 24,800 | 22,665 | |
Metal deposits | 181 | 139 | |
Securitization and structured entities' liabilities | 1,163 | 855 | |
Financial assets at fair value through profit or loss [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | 6,218 | 5,022 | |
Financial assets at fair value through other comprehensive income [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | $ 59 | $ 134 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 |
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | $ 118,641 | $ 104,411 | $ 98,943 |
FVTPL Securities | 14,663 | 14,210 | 13,939 |
FVOCI Securities | 43,071 | 63,123 | 70,574 |
Business and Government Loans | 262,253 | 239,809 | 248,752 |
Other Assets | 24,757 | 22,411 | 23,465 |
Derivative Assets | |||
Derivative Assets | 34,827 | 36,713 | 34,054 |
Derivative Liabilities | |||
Derivative Liabilities | 29,825 | 30,815 | $ 29,430 |
Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 118,641 | 104,411 | |
FVTPL Securities | 14,663 | 14,210 | |
FVOCI Securities | 43,071 | 63,123 | |
Business and Government Loans | 6,277 | 5,156 | |
Other Assets | 4,952 | 4,477 | |
Fair value liabilities | 65,171 | 57,969 | |
Securities sold but not yet purchased | 36,760 | 32,073 | |
Structured note liabilities | 24,800 | 22,665 | |
Other liabilities | 3,611 | 3,231 | |
Derivative Assets | |||
Derivative Assets | 34,827 | 36,713 | |
Derivative Liabilities | |||
Derivative Liabilities | 29,825 | 30,815 | |
Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 8,238 | 7,596 | |
FVTPL Securities | 821 | 863 | |
FVOCI Securities | 8,413 | 13,065 | |
Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 5,035 | 5,838 | |
FVTPL Securities | 1,341 | 1,380 | |
FVOCI Securities | 2,284 | 2,987 | |
Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 15,152 | 9,582 | |
FVTPL Securities | 7 | 38 | |
FVOCI Securities | 10,245 | 21,026 | |
Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 452 | 458 | |
FVOCI Securities | 3,787 | 4,114 | |
Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,502 | 1,898 | |
FVTPL Securities | 91 | 92 | |
FVOCI Securities | 6,610 | 6,502 | |
Measured at fair value [Member] | NHA MBS U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 18,712 | 14,054 | |
FVTPL Securities | 9 | 9 | |
FVOCI Securities | 8,263 | 12,136 | |
Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,187 | 9,894 | |
FVTPL Securities | 7,554 | 7,704 | |
FVOCI Securities | 3,318 | 3,161 | |
Measured at fair value [Member] | Loans held for trading [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 187 | 160 | |
Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 58,176 | 54,931 | |
FVTPL Securities | 4,840 | 4,124 | |
FVOCI Securities | 151 | 132 | |
Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 7,418 | 8,072 | |
Derivative Liabilities | |||
Derivative Liabilities | 6,690 | 6,779 | |
Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 12,185 | 14,985 | |
Derivative Liabilities | |||
Derivative Liabilities | 10,236 | 12,455 | |
Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 6,510 | 7,618 | |
Derivative Liabilities | |||
Derivative Liabilities | 2,559 | 2,191 | |
Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 8,705 | 6,038 | |
Derivative Liabilities | |||
Derivative Liabilities | 10,323 | 9,383 | |
Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 9 | ||
Derivative Liabilities | |||
Derivative Liabilities | 17 | 7 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 74,718 | 69,825 | |
FVTPL Securities | 2,434 | 2,671 | |
FVOCI Securities | 18,931 | 33,064 | |
Other Assets | 4,863 | 4,392 | |
Fair value liabilities | 17,541 | 18,530 | |
Securities sold but not yet purchased | 16,364 | 17,424 | |
Other liabilities | 1,177 | 1,106 | |
Derivative Assets | |||
Derivative Assets | 1,447 | 2,032 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,643 | 2,337 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 4,507 | 3,123 | |
FVTPL Securities | 666 | 704 | |
FVOCI Securities | 6,083 | 9,138 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,918 | 2,183 | |
FVTPL Securities | 72 | 137 | |
FVOCI Securities | 962 | 1,438 | |
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 | 7,532 | 6,050 | |
FVOCI Securities | 9,906 | 18,873 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6 | ||
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 | 659 | 1,307 | |
FVOCI Securities | 1,493 | 2,803 | |
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 | 1,920 | 2,231 | |
FVTPL Securities | 54 | 160 | |
FVOCI Securities | 487 | 812 | |
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 | 58,176 | 54,931 | |
FVTPL Securities | 1,642 | 1,670 | |
FVOCI Securities | 0 | ||
Valued using quoted market prices [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 21 | 6 | |
Derivative Liabilities | |||
Derivative Liabilities | 8 | 6 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 9 | 3 | |
Derivative Liabilities | |||
Derivative Liabilities | 3 | 4 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 625 | 642 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,036 | 746 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 788 | 1,381 | |
Derivative Liabilities | |||
Derivative Liabilities | 589 | 1,581 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 4 | ||
Derivative Liabilities | |||
Derivative Liabilities | 7 | ||
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 43,042 | 33,904 | |
FVTPL Securities | 9,043 | 9,097 | |
FVOCI Securities | 23,988 | 29,926 | |
Business and Government Loans | 6,271 | 5,150 | |
Other Assets | 89 | 85 | |
Fair value liabilities | 47,630 | 39,439 | |
Securities sold but not yet purchased | 20,396 | 14,649 | |
Structured note liabilities | 24,800 | 22,665 | |
Other liabilities | 2,434 | 2,125 | |
Derivative Assets | |||
Derivative Assets | 33,380 | 34,681 | |
Derivative Liabilities | |||
Derivative Liabilities | 28,180 | 28,476 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,731 | 4,473 | |
FVTPL Securities | 155 | 159 | |
FVOCI Securities | 2,330 | 3,927 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,117 | 3,655 | |
FVTPL Securities | 1,269 | 1,243 | |
FVOCI Securities | 1,322 | 1,549 | |
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 | 7,620 | 3,532 | |
FVTPL Securities | 7 | 38 | |
FVOCI Securities | 339 | 2,153 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 446 | 458 | |
FVOCI Securities | 3,786 | 4,113 | |
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 | 2,843 | 591 | |
FVTPL Securities | 91 | 92 | |
FVOCI Securities | 5,117 | 3,699 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | NHA MBS U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 17,844 | 13,379 | |
FVTPL Securities | 9 | 9 | |
FVOCI Securities | 8,263 | 12,136 | |
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 | 7,254 | 7,656 | |
FVTPL Securities | 7,500 | 7,544 | |
FVOCI Securities | 2,831 | 2,349 | |
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 | 187 | 160 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
FVTPL Securities | 12 | 12 | |
FVOCI Securities | 0 | ||
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 7,397 | 8,066 | |
Derivative Liabilities | |||
Derivative Liabilities | 6,682 | 6,773 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 12,176 | 14,982 | |
Derivative Liabilities | |||
Derivative Liabilities | 10,233 | 12,451 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 5,885 | 6,976 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,523 | 1,445 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 7,917 | 4,657 | |
Derivative Liabilities | |||
Derivative Liabilities | 9,734 | 7,802 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 5 | ||
Derivative Liabilities | |||
Derivative Liabilities | 8 | 5 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 881 | 682 | |
FVTPL Securities | 3,186 | 2,442 | |
FVOCI Securities | 152 | 133 | |
Business and Government Loans | 6 | 6 | |
Derivative Liabilities | |||
Derivative Liabilities | 2 | 2 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | U.S. 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 U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 868 | 675 | |
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 | 13 | 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 | 3,186 | 2,442 | |
FVOCI Securities | 151 | 132 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Liabilities | |||
Derivative Liabilities | $ 2 | $ 2 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Investment (Detail) $ in Millions | 3 Months Ended |
Jan. 31, 2022CAD ($) | |
Corporate equity [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Fair value of assets | $ 3,186 |
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 | 6 |
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 | 19 |
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 | $ 868 |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Comparability adjustment | (5.62) |
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 | 3.00% |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Comparability adjustment | 5.82 |
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 | 45.00% |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Investment (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
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 | $ 633 | $ 453 |
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 | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Trading securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | $ 2,655 | $ 2,737 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 2,526 | 6,702 |
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 | 129 | 56 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 17 | 134 |
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 | 3,119 | 4,658 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 2,143 | 2,109 |
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 | 629 | 414 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 833 | $ 4,784 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at end of period | $ 868 | |
Corporate equity [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at end of period | 3,186 | |
Trading securities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 682 | $ 803 |
Change in fair value included in earnings | (45) | (75) |
Change in fair value included in other comprehensive income | 18 | (31) |
Purchases/Issuances | 391 | 357 |
Sales | (192) | (353) |
Transfers into Level 3 | 114 | 34 |
Transfers out of Level 3 | (87) | (32) |
Assets at end of period | 881 | 703 |
Change in unrealized gains (losses) recorded in income for instruments still held | 7 | (1) |
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 | 675 | 803 |
Change in fair value included in earnings | (44) | (75) |
Change in fair value included in other comprehensive income | 19 | (31) |
Purchases/Issuances | 382 | 357 |
Sales | (192) | (353) |
Transfers into Level 3 | 114 | 34 |
Transfers out of Level 3 | (86) | (32) |
Assets at end of period | 868 | 703 |
Change in unrealized gains (losses) recorded in income for instruments still held | 8 | (1) |
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 | |
Change in fair value included in earnings | (1) | |
Change in fair value included in other comprehensive income | (1) | |
Purchases/Issuances | 9 | |
Transfers out of Level 3 | (1) | |
Assets at end of period | 13 | |
Change in unrealized gains (losses) recorded in income for instruments still held | (1) | |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 2,442 | 1,903 |
Change in fair value included in earnings | 76 | 21 |
Change in fair value included in other comprehensive income | 36 | (49) |
Purchases/Issuances | 713 | 113 |
Sales | (81) | (27) |
Maturities/Settlement | (4) | |
Assets at end of period | 3,186 | 1,957 |
Change in unrealized gains (losses) recorded in income for instruments still held | 78 | 47 |
Financial assets at fair value through profit or loss [member] | Corporate equity [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 2,442 | 1,903 |
Change in fair value included in earnings | 76 | 21 |
Change in fair value included in other comprehensive income | 36 | (49) |
Purchases/Issuances | 713 | 113 |
Sales | (81) | (27) |
Maturities/Settlement | (4) | |
Assets at end of period | 3,186 | 1,957 |
Change in unrealized gains (losses) recorded in income for instruments still held | 78 | 47 |
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 | 133 | 94 |
Change in fair value included in other comprehensive income | 2 | |
Purchases/Issuances | 11 | 5 |
Transfers into Level 3 | 6 | |
Assets at end of period | 152 | 99 |
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 | 132 | 93 |
Change in fair value included in other comprehensive income | 2 | |
Purchases/Issuances | 11 | 5 |
Transfers into Level 3 | 6 | |
Assets at end of period | 151 | 98 |
Financial assets at fair value through other comprehensive income, category [member] | U.S. 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 |
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 | 6 | 1,945 |
Change in fair value included in other comprehensive income | (70) | |
Purchases/Issuances | 1,488 | |
Maturities/Settlement | (161) | |
Assets at end of period | 6 | 3,202 |
Derivatives Liabilities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Liabilities at end of period | 2 | 4 |
Derivatives Liabilities [member] | Credit default swaps [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Liabilities at end of period | $ 2 | $ 4 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of capital management [abstract] | |
Capital conservation buffer, percentage | 2.50% |
Common equity surcharge, percentage | 1.00% |
Domestic stability buffer, percentage | 2.50% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital Measure and Risk-Weighted Assets (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Fixed Rate of Instruments [Abstract] | ||
CET1 Capital | $ 47,610 | $ 44,491 |
Tier 1 Capital | 52,481 | 49,966 |
Total Capital | 61,050 | 57,201 |
Total Loss Absorbing Capacity (TLAC) | 96,889 | 90,353 |
Risk-Weighted Assets | 337,652 | 325,433 |
Leverage Exposures | $ 1,115,676 | $ 976,690 |
CET1 Ratio | 14.10% | 13.70% |
Tier 1 Capital Ratio | 15.50% | 15.40% |
Total Capital Ratio | 18.10% | 17.60% |
TLAC Ratio | 28.70% | 27.80% |
Leverage Ratio | 4.70% | 5.10% |
TLAC Leverage Ratio | 8.70% | 9.30% |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation - Additional Information (Detail) $ in Thousands | 3 Months Ended | |
Jan. 31, 2022CAD ($) | Jan. 31, 2021CAD ($) | |
Disclosure of Sharebased Payment [Line Items] | ||
Number of stock options, Granted | 1,028,255 | 984,943 |
Weighted average fair value of options granted | $ 14,170 | $ 10,750 |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) - $ / shares | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.20% | 4.90% |
Expected share price volatility | 16.80% | |
Risk-free rate of return | 1.00% | |
Exercise price | $ 135.58 | $ 97.14 |
Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected share price volatility | 20.60% | |
Risk-free rate of return | 1.80% | |
Expected period until exercise (in years) | 6.5 | 6.5 |
Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected share price volatility | 20.70% | |
Risk-free rate of return | 1.90% | |
Expected period until exercise (in years) | 7 | 7 |
Employee Compensation - Summary
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
Disclosure of defined benefit plans [line items] | |||
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 2,299 | $ 2,059 | $ 2,119 |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 59 | 67 | |
Net interest expense on net defined benefit (asset) liability | (7) | 2 | |
Administrative expenses | 1 | 1 | |
Benefits expense | 52 | 70 | |
Defined contribution expense | 65 | 59 | |
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 182 | 184 | |
(Gain) on settlement | (1) | 0 | |
Government pension plans expense | 65 | 55 | |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Current service cost | 2 | 2 | |
Net interest expense on net defined benefit (asset) liability | 9 | 8 | |
Administrative expenses | 0 | 0 | |
Benefits expense | 11 | 10 | |
Defined contribution expense | 0 | 0 | |
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 11 | 10 | |
(Gain) on settlement | 0 | 0 | |
Government pension plans expense | $ 0 | $ 0 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
Basic Earnings Per Common Share | |||
Net income | $ 2,933 | $ 2,159 | $ 2,017 |
Dividends on preferred shares and distributions payable on other equity instruments | (55) | (56) | |
Net income available to common shareholders | $ 2,878 | $ 1,961 | |
Weighted-average number of common shares outstanding | 648,359 | 646,511 | |
Basic earnings per common share | $ 4.44 | $ 3.24 | $ 3.03 |
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 2,878 | $ 1,961 | |
Effect of dilutive instruments | |||
Stock options potentially exercisable | 5,507 | 3,906 | |
Common shares potentially repurchased | (3,529) | (2,994) | |
Weighted-average number of diluted common shares outstanding | 650,337 | 647,423 | |
Diluted Earnings Per Common Share | |||
Weighted-average number of common shares outstanding | 648,359 | 646,511 | |
Diluted earnings per common share | $ 4.43 | $ 3.23 | $ 3.03 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [Member] - $ / shares | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 692,954 | 2,916,456 |
Weighted-average exercise price | $ 144.13 | $ 102.51 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 3 Months Ended |
Jan. 31, 2022CAD ($) | |
2011 - 2016 taxation years [member] | |
Disclosure of Income Tax [Line items] | |
Additional income tax expense and interest | $ 1,210 |
Operating Segmentation - Additi
Operating Segmentation - Additional Information (Detail) | 3 Months Ended |
Jan. 31, 2022Business | |
Disclosure of operating segments [line items] | |
Number of operating groups | 3 |
Operating Segmentation - Summar
Operating Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 4,019 | $ 3,578 | |
Non-interest revenue | 3,704 | 3,397 | |
Total Revenue | 7,723 | $ 6,573 | 6,975 |
Total provision for credit losses | (99) | (126) | 156 |
Insurance claims, commissions and changes in policy benefit liabilities | 81 | 97 | 601 |
Depreciation and amortization | 373 | 393 | |
Other non-interest expense | 3,473 | 3,220 | |
Income Before Provision for Income Taxes | 3,895 | 2,799 | 2,605 |
Provision for (recovery of) income taxes | 962 | 640 | 588 |
Reported net income (loss) | 2,933 | $ 2,159 | 2,017 |
Average Assets | 1,055,896 | 980,908 | |
Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | 86 | 215 | |
Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | (185) | (59) | |
Canadian P&C [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,787 | 1,608 | |
Non-interest revenue | 620 | 491 | |
Total Revenue | 2,407 | 2,099 | |
Total provision for credit losses | 24 | 148 | |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | 0 | |
Depreciation and amortization | 125 | 118 | |
Other non-interest expense | 899 | 818 | |
Income Before Provision for Income Taxes | 1,359 | 1,015 | |
Provision for (recovery of) income taxes | 355 | 265 | |
Reported net income (loss) | 1,004 | 750 | |
Average Assets | 278,523 | 254,945 | |
Canadian P&C [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | 100 | 150 | |
Canadian P&C [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | (76) | (2) | |
US P&C [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 1,156 | 1,091 | |
Non-interest revenue | 363 | 319 | |
Total Revenue | 1,519 | 1,410 | |
Total provision for credit losses | (74) | (31) | |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | 0 | |
Depreciation and amortization | 107 | 123 | |
Other non-interest expense | 605 | 566 | |
Income Before Provision for Income Taxes | 881 | 752 | |
Provision for (recovery of) income taxes | 200 | 173 | |
Reported net income (loss) | 681 | 579 | |
Average Assets | 138,735 | 130,487 | |
US P&C [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | 3 | 20 | |
US P&C [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | (77) | (51) | |
BMO WM [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 272 | 239 | |
Non-interest revenue | 1,133 | 1,738 | |
Total Revenue | 1,405 | 1,977 | |
Total provision for credit losses | 4 | (3) | |
Insurance claims, commissions and changes in policy benefit liabilities | 81 | 601 | |
Depreciation and amortization | 66 | 83 | |
Other non-interest expense | 842 | 854 | |
Income Before Provision for Income Taxes | 412 | 442 | |
Provision for (recovery of) income taxes | 97 | 106 | |
Reported net income (loss) | 315 | 336 | |
Average Assets | 49,504 | 47,535 | |
BMO WM [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | 0 | 1 | |
BMO WM [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | 4 | (4) | |
BMO CM [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 924 | 803 | |
Non-interest revenue | 1,015 | 771 | |
Total Revenue | 1,939 | 1,574 | |
Total provision for credit losses | (51) | 43 | |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | 0 | |
Depreciation and amortization | 75 | 69 | |
Other non-interest expense | 966 | 817 | |
Income Before Provision for Income Taxes | 949 | 645 | |
Provision for (recovery of) income taxes | 244 | 167 | |
Reported net income (loss) | 705 | 478 | |
Average Assets | 407,691 | 384,759 | |
BMO CM [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | (16) | 45 | |
BMO CM [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | (35) | (2) | |
Corporate services [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | (120) | (163) | |
Non-interest revenue | 573 | 78 | |
Total Revenue | 453 | (85) | |
Total provision for credit losses | (2) | (1) | |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | 0 | |
Depreciation and amortization | 0 | 0 | |
Other non-interest expense | 161 | 165 | |
Income Before Provision for Income Taxes | 294 | (249) | |
Provision for (recovery of) income taxes | 66 | (123) | |
Reported net income (loss) | 228 | (126) | |
Average Assets | 181,443 | 163,182 | |
Corporate services [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | (1) | (1) | |
Corporate services [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Total provision for credit losses | $ (1) | $ 0 |
Operating Segmentation - Summ_2
Operating Segmentation - Summary of Average Assets, Grouped by Operating Segment (Parenthetical) (Detail) - CAD ($) $ in Millions | Jan. 31, 2022 | Jan. 31, 2021 |
Disclosure of operating segments [line items] | ||
Average Earning Assets | $ 972,687 | $ 893,913 |
Canadian Personal and Commercial Banking [Member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | 264,764 | 239,777 |
United States Personal and Commercial Banking[Member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | 131,569 | 123,411 |
All Other Operating Segments [Member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | $ 576,354 | $ 530,725 |
Acquisitions and Divestitures
Acquisitions and Divestitures - Additional Information (Detail) £ in Millions, $ in Millions, $ in Millions | 3 Months Ended | |||||
Jan. 31, 2022CAD ($) | Oct. 31, 2021CAD ($) | Jan. 31, 2021CAD ($) | Dec. 20, 2021USD ($) | Nov. 08, 2021CAD ($) | Nov. 08, 2021GBP (£) | |
Statement [Line Items] | ||||||
Tax expense | $ 962 | $ 640 | $ 588 | |||
Bank Of The West [Member] | ||||||
Statement [Line Items] | ||||||
Capital at Closing | $ 2.9 | |||||
Acquisition of business, net consideration | 13.4 | |||||
Consideration in cash | $ 16.3 | |||||
EMEA And US Assets Management [Member] | ||||||
Statement [Line Items] | ||||||
Consideration in cash | $ 1,038 | £ 615 | ||||
Assets derecognized amount | 1,779 | |||||
Liabilities derecognized amount | $ 527 | |||||
Gain loss recorded from reclassification of foreign currency translation from accumualted other comprehensive income in equity to net income | 29 | |||||
Tax expense | $ 22 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) $ in Billions | Jan. 31, 2022USD ($) |
Legal proceedings provision [abstract] | |
Legal proceedings provision | $ 1.9 |