Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Oct. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Trading Symbol | BMO |
Entity Registrant Name | BANK OF MONTREAL |
Entity Central Index Key | 0000927971 |
Current Fiscal Year End Date | --10-31 |
Entity Tax Identification Number | 13-4941092 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 720,982,672 |
Entity Interactive Data Current | Yes |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Shares |
Entity Address, Address Line One | 100 King Street West |
Entity Address, Address Line Two | 1 First Canadian Place |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Address, Postal Zip Code | M5X 1A1 |
Entity File Number | 001-13354 |
Entity Incorporation, State or Country Code | Z4 |
City Area Code | 416 |
Local Phone Number | 867-6785 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
ICFR Auditor Attestation Flag | true |
Document Financial Statement Error Correction [Flag] | false |
Auditor Name | KPMG LLP |
Auditor Location | Toronto, Ontario, Canada |
Auditor Firm ID | 85 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Colleen Hennessy |
Entity Address, Address Line One | 115 S. LaSalle Street |
Entity Address, Address Line Two | Floor 18W |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60603 |
City Area Code | 312 |
Local Phone Number | 497-6153 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Interest, Dividend and Fee Income | |||
Loans | $ 40,169 | $ 20,464 | |
Securities (Notes 3 and 10) | [1] | 11,392 | 5,590 |
Deposits with banks | 4,013 | 843 | |
Interest, Dividend and Fee Income | 55,574 | 26,897 | |
Interest Expense | |||
Deposits | 26,547 | 6,711 | |
Subordinated debt | 430 | 227 | |
Other liabilities (Note 14) | 9,916 | 4,074 | |
Interest Expense | 36,893 | 11,012 | |
Net Interest Income | 18,681 | 15,885 | |
Non-Interest Revenue | |||
Securities commissions and fees | 1,025 | 1,082 | |
Deposit and payment service charges | 1,517 | 1,318 | |
Trading revenues (losses) (Notes 10 and 17) | (216) | 8,250 | |
Lending fees | 1,548 | 1,440 | |
Card fees | 700 | 548 | |
Investment management and custodial fees | 1,851 | 1,770 | |
Mutual fund revenues | 1,244 | 1,312 | |
Underwriting and advisory fees | 1,107 | 1,193 | |
Securities gains, other than trading (Note 3) | 181 | 281 | |
Foreign exchange gains, other than trading | 235 | 181 | |
Insurance revenue (loss) | 2,498 | (157) | |
Share of profit in associates and joint ventures | 185 | 274 | |
Other | 643 | 333 | |
Non-Interest Revenue | 12,518 | 17,825 | |
Total Revenue | 31,199 | 33,710 | |
Provision for Credit Losses (Notes 4 and 10) | 2,178 | 313 | |
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities (Note 14) | 1,939 | (683) | |
Non-Interest Expense | |||
Employee compensation (Notes 20 and 21) | 11,515 | 8,795 | |
Premises and equipment (Note 9) | 4,879 | 3,635 | |
Amortization of intangible assets (Note 11) | 1,015 | 604 | |
Advertising and business development | 814 | 517 | |
Communications | 368 | 278 | |
Professional fees | 1,147 | 788 | |
Other | 1,481 | 1,577 | |
Non-Interest Expense | 21,219 | 16,194 | |
Income Before Provision for Income Taxes | 5,863 | 17,886 | |
Provision for income taxes (Note 22) | 1,486 | 4,349 | |
Net Income | 4,377 | 13,537 | |
Attributable to: | |||
Bank shareholders | 4,365 | 13,537 | |
Non-controlling interest in subsidiaries | 12 | ||
Net Income | $ 4,377 | $ 13,537 | |
Earnings Per Common Share (Canadian $) (Note 23) | |||
Basic | $ 5.69 | $ 20.04 | |
Diluted | 5.68 | 19.99 | |
Common shares [member] | |||
Earnings Per Common Share (Canadian $) (Note 23) | |||
Dividends per common share | $ 5.8 | $ 5.44 | |
[1]Includes interest income on securities measured at fair value through other comprehensive income (FVOCI) and amortized cost, calculated using the effective interest rate method, of $6,027 million for the year ended October 31, 2023 ($1,945 million in 2022). |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Operating Income Expenses [abstract] | ||
Interest income, calculated using the effective interest rate method | $ 6,027 | $ 1,945 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Statement [Line Items] | ||
Net Income | $ 4,377 | $ 13,537 |
Other Comprehensive Income (Loss), net of taxes (Note 22) | ||
Reclassification to earnings of (gains) during the year | (31) | (11) |
Other comprehensive income net of tax OCI debt financial assets | (105) | (531) |
Net change in unrealized (losses) on cash flow hedges | ||
(Losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | (1,292) | (4,999) |
Reclassification to earnings/goodwill of (gains) losses on derivatives designated as cash flow hedges during the year (Note 10) | 973 | (315) |
Other comprehensive income net of tax cash flow hedges | (319) | (5,314) |
Net gains on translation of net foreign operations | ||
Unrealized gains on translation of net foreign operations | 1,399 | 3,202 |
Unrealized (losses) on hedges of net foreign operations | (373) | (332) |
Reclassification to earnings of net losses related to divestitures (Note 10) | 0 | 29 |
Other comprehensive income, net of taxes, translation of net foreign operations | 1,026 | 2,899 |
Items that will not be reclassified to net income | ||
Net unrealized gains on fair value through OCI equity securities arising during the year | 0 | 1 |
Net gains (losses) on remeasurement of pension and other employee future benefit plans (Note 21) | (1) | 659 |
Net gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (291) | 1,282 |
Items that will not be reclassified to net income | (292) | 1,942 |
Other Comprehensive Income (Loss), net of taxes (Note 22) | 310 | (1,004) |
Total Comprehensive Income | 4,687 | 12,533 |
Attributable to: | ||
Bank shareholders | 4,675 | 12,533 |
Non-controlling interest in subsidiaries | 12 | |
Total Comprehensive Income | 4,687 | 12,533 |
Debt securities [member] | ||
Other Comprehensive Income (Loss), net of taxes (Note 22) | ||
Unrealized (losses) on fair value through OCI debt securities arising during the year | $ (74) | $ (520) |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Assets | ||
Cash and Cash Equivalents (Note 2) | $ 77,934 | $ 87,466 |
Interest Bearing Deposits with Banks (Note 2) | 4,125 | 5,734 |
Securities (Notes 3 and 10) | ||
Trading | 124,556 | 108,177 |
Fair value through profit or loss | 16,720 | 13,641 |
Fair value through other comprehensive income | 62,828 | 43,561 |
Debt securities at amortized cost | 116,814 | 106,590 |
Investments in associates and joint ventures | 1,461 | 1,293 |
Securities, net | 322,379 | 273,262 |
Securities Borrowed or Purchased Under Resale Agreements (Note 4) | 115,662 | 113,194 |
Loans (Notes 4, 6 and 10) | ||
Residential mortgages | 177,250 | 148,880 |
Consumer instalment and other personal | 104,040 | 86,103 |
Credit cards | 12,294 | 9,663 |
Business and government | 366,701 | 309,310 |
Loans gross of allowance for loan losses | 660,285 | 553,956 |
Allowance for credit losses (Note 4) | (3,807) | (2,617) |
Loans,net | 656,478 | 551,339 |
Other Assets | ||
Derivative instruments (Note 8) | 39,976 | 48,160 |
Customers' liability under acceptances (Note 12) | 8,111 | 13,235 |
Premises and equipment (Note 9) | 6,241 | 4,841 |
Goodwill (Notes 10 and 11) | 16,728 | 5,285 |
Intangible assets (Notes 10 and 11) | 5,216 | 2,193 |
Current tax assets | 2,052 | 1,421 |
Deferred tax assets (Note 22) | 3,081 | 1,175 |
Other (Note 12) | 35,293 | 31,894 |
Other assets | 116,698 | 108,204 |
Total Assets | 1,293,276 | 1,139,199 |
Liabilities and Equity | ||
Deposits (Note 13) | 909,676 | 769,478 |
Other Liabilities | ||
Derivative instruments (Note 8) | 50,193 | 59,956 |
Acceptances (Note 14) | 8,111 | 13,235 |
Securities sold but not yet purchased (Note 14) | 43,781 | 40,979 |
Securities lent or sold under repurchase agreements (Note 6) | 106,108 | 103,963 |
Securitization and structured entities' liabilities (Notes 6 and 7) | 27,094 | 27,068 |
Other (Notes 14) | 63,048 | 45,332 |
Other liabilities | 298,335 | 290,533 |
Subordinated Debt (Note 15) | 8,228 | 8,150 |
Total Liabilities | 1,216,239 | 1,068,161 |
Equity | ||
Contributed surplus | 328 | 317 |
Retained earnings | 44,920 | 45,117 |
Accumulated other comprehensive income | 1,862 | 1,552 |
Total shareholders' equity | 77,009 | 71,038 |
Non-controlling interest in subsidiaries (Note 16) | 28 | |
Total Equity | 77,037 | 71,038 |
Total Liabilities and Equity | 1,293,276 | 1,139,199 |
Preferred shares and other equity instruments (Note 16) [member] | ||
Equity | ||
Issued capital | 6,958 | 6,308 |
Total Equity | 6,958 | 6,308 |
Common shares (Note 16) [member] | ||
Equity | ||
Issued capital | 22,941 | 17,744 |
Total Equity | $ 22,941 | $ 17,744 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Contributed Surplus [member] | Retained earnings [member] | Accumulated Other Comprehensive (Loss) on Fair Value through OCI Securities, net of taxes [member] | Accumulated Other Comprehensive (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 on Pension and Other Employee Future Benefit Plans, net of taxes [member] | Accumulated Other Comprehensive Income on Own Credit Risk on Financial Liabilities Designated at Fair Value, net of taxes [member] | Total accumulated other comprehensive income [member] | Total equity [member] | Non-controlling interest in subsidiaries [member] | Preferred shares and other equity instruments [member] | Common shares [member] |
Balance at beginning of year at Oct. 31, 2021 | $ 313 | $ 35,497 | $ 171 | $ 185 | $ 2,269 | $ 285 | $ (354) | $ 0 | $ 5,558 | $ 13,599 | |||
Statement [Line Items] | |||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 999 | ||||||||||||
Issued under the Stock Option Plan | 57 | ||||||||||||
Treasury shares sold/purchased | (17) | ||||||||||||
Issued to align capital position with increased regulatory requirements as announced by OSFI | 0 | ||||||||||||
Issued for acquisitions (Notes 10 and 16) | 0 | 3,106 | |||||||||||
Net income attributable to bank shareholders | $ 13,537 | 13,537 | |||||||||||
Dividends on preferred shares and distributions payable on other equity instruments (Note 16) | (231) | ||||||||||||
Dividends on common shares (Note 16) | (3,634) | ||||||||||||
Issued during the year | 2,250 | ||||||||||||
Stock option expense, net of options exercised (Note 20) | 3 | ||||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | (4,999) | (4,999) | |||||||||||
Unrealized (losses) on hedges of net foreign operations | 3,202 | (332) | |||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans (Note 21) | 659 | 659 | |||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 1,282 | 1,282 | |||||||||||
Unrealized (losses) on fair value through OCI debt securities arising during the year | (520) | ||||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 1 | ||||||||||||
Redeemed during the year | (1,500) | ||||||||||||
Reclassification to earnings/goodwill of (gains) losses on derivatives designated as cash flow hedges during the year (Note 10) | (315) | (315) | |||||||||||
Unrealized gains on translation of net foreign operations | (332) | 3,202 | |||||||||||
Equity issue expense and premium paid on redemption of preferred shares | (52) | ||||||||||||
Net discount on sale of treasury shares | 0 | ||||||||||||
Reclassification to earnings of net losses related to divestitures (Note 10) | (29) | 29 | |||||||||||
Net income attributable to non-controlling interest in subsidiaries | 0 | ||||||||||||
Reclassification to earnings of (gains) during the year | (11) | (11) | |||||||||||
Other | 1 | ||||||||||||
Balance at end of year at Oct. 31, 2022 | 71,038 | 317 | 45,117 | (359) | (5,129) | 5,168 | 944 | 928 | $ 1,552 | $ 71,038 | 0 | 6,308 | 17,744 |
Statement [Line Items] | |||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 1,609 | ||||||||||||
Issued under the Stock Option Plan | 61 | ||||||||||||
Treasury shares sold/purchased | 14 | ||||||||||||
Issued to align capital position with increased regulatory requirements as announced by OSFI | 3,360 | ||||||||||||
Issued for acquisitions (Notes 10 and 16) | 16 | 153 | |||||||||||
Net income attributable to bank shareholders | 4,377 | 4,365 | |||||||||||
Dividends on preferred shares and distributions payable on other equity instruments (Note 16) | (331) | ||||||||||||
Dividends on common shares (Note 16) | (4,148) | ||||||||||||
Issued during the year | 650 | ||||||||||||
Stock option expense, net of options exercised (Note 20) | 11 | ||||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | (1,292) | (1,292) | |||||||||||
Unrealized (losses) on hedges of net foreign operations | 1,399 | (373) | |||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans (Note 21) | (1) | (1) | |||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (291) | (291) | |||||||||||
Unrealized (losses) on fair value through OCI debt securities arising during the year | (74) | ||||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 0 | ||||||||||||
Redeemed during the year | 0 | ||||||||||||
Reclassification to earnings/goodwill of (gains) losses on derivatives designated as cash flow hedges during the year (Note 10) | 973 | 973 | |||||||||||
Unrealized gains on translation of net foreign operations | (373) | 1,399 | |||||||||||
Equity issue expense and premium paid on redemption of preferred shares | (73) | ||||||||||||
Net discount on sale of treasury shares | (10) | ||||||||||||
Reclassification to earnings of net losses related to divestitures (Note 10) | 0 | 0 | |||||||||||
Net income attributable to non-controlling interest in subsidiaries | 12 | 12 | |||||||||||
Reclassification to earnings of (gains) during the year | (31) | (31) | |||||||||||
Other | 0 | ||||||||||||
Balance at end of year at Oct. 31, 2023 | $ 77,037 | $ 328 | $ 44,920 | $ (464) | $ (5,448) | $ 6,194 | $ 943 | $ 637 | $ 1,862 | $ 77,009 | $ 28 | $ 6,958 | $ 22,941 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash Flows from Operating Activities | ||
Net Income | $ 4,377 | $ 13,537 |
Adjustments to determine net cash flows provided by operating activities: | ||
Securities (gains), other than trading (Note 3) | (181) | (281) |
Depreciation of premises and equipment (Note 9) | 1,022 | 780 |
Depreciation of other assets | 62 | 96 |
Amortization of intangible assets (Note 11) | 1,015 | 604 |
Provision for credit losses (Note 4) | 2,178 | 313 |
Deferred taxes (Note 22) | (732) | 475 |
Net loss on divestitures (Note 10) | 0 | 29 |
Changes in operating assets and liabilities: | ||
Trading securities | (14,563) | 1,698 |
Derivative asset | 14,373 | (13,376) |
Derivative liability | (14,924) | 27,800 |
Current income taxes | (990) | 484 |
Accrued interest receivable and payable | 1,954 | 142 |
Other items and accruals, net | 6,713 | (6,222) |
Deposits | 38,587 | 45,232 |
Loans | (25,382) | (74,748) |
Securities sold but not yet purchased | 2,219 | 7,515 |
Securities lent or sold under repurchase agreements | (5,130) | 810 |
Securities borrowed or purchased under resale agreements | (885) | (954) |
Securitization and structured entities' liabilities | (122) | 1,023 |
Net Cash Provided by Operating Activities | 9,591 | 4,957 |
Cash Flows from Financing Activities | ||
Liabilities of subsidiaries | 2,068 | 6,927 |
Proceeds from issuance of covered bonds (Note 13) | 8,027 | 12,443 |
Redemption/buyback of covered bonds (Note 13) | (10,743) | (5,829) |
Proceeds from issuance of subordinated debt (Note 15) | 1,150 | 2,337 |
Repayment of subordinated debt (Note 15) | (1,179) | (850) |
Proceeds from issuance of preferred shares, net of issuance costs (Note 16) | 648 | 2,245 |
Redemption of preferred shares (Note 16) | 0 | (1,500) |
Net proceeds from issuance of common shares (Note 16) | 3,339 | 3,113 |
Net proceeds from the sale (purchase) of treasury shares (Note 16) | 14 | (17) |
Cash dividends and distributions paid | (2,703) | (2,595) |
Repayment of lease liabilities | (353) | (294) |
Net Cash Provided by Financing Activities | 268 | 15,980 |
Cash Flows from Investing Activities | ||
Interest bearing deposits with banks | 1,680 | 3,316 |
Purchases of securities, other than trading | (50,149) | (96,598) |
Maturities of securities, other than trading | 20,905 | 21,204 |
Proceeds from sales of securities, other than trading | 23,186 | 42,829 |
Premises and equipment – net (purchases) (Note 9) | (885) | (777) |
Purchased and developed software – net (purchases) (Note 11) | (792) | (671) |
Acquisitions (Note 10) | (15,102) | |
Net proceeds from divestitures (Note 10) | 0 | 1,226 |
Net Cash (Used in) Investing Activities | (21,157) | (29,471) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 1,766 | 2,739 |
Net (decrease) in Cash and Cash Equivalents | (9,532) | (5,795) |
Cash and Cash Equivalents at Beginning of Year | 87,466 | 93,261 |
Cash and Cash Equivalents at End of Year (Note 2) | 77,934 | 87,466 |
Net cash provided by operating activities includes: | ||
Interest paid in the year | 33,747 | 9,557 |
Income taxes paid in the year | 2,591 | 2,374 |
Interest received in the year | 52,112 | 24,046 |
Dividends received in the year | $ 2,349 | $ 1,823 |
Consolidated Statement of Cas_2
Consolidated Statement of Cash Flows (Parenthetical) $ in Millions | 12 Months Ended |
Oct. 31, 2022 CAD ($) | |
Statement [Line Items] | |
Cash and cash equivalents acquired as part of the acquisitions | $ 3,646 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
IFRS 7 Disclosure | Text and tables presented in a blue-tinted font in the Enterprise-Wide Risk Management section of the MD&A form an integral part of the 2023 audited annual consolidated financial statements. They present required disclosures as set out by the International Accounting Standards Board in IFRS 7, Financial Instruments – Disclosures, audited annual Credit and Counterparty Risk Governance The Credit Risk Management Framework seeks to ensure that all material credit risks to which the enterprise is exposed are identified, assessed, managed, monitored and reported on regularly. The Risk Review Committee (RRC) has oversight of the management of all material risks that BMO faces, including the Credit Risk Management Framework. The framework incorporates governing principles that are defined in a series of corporate policies and standards and are given effect through specific operating procedures. These policies and standards are reviewed on a regular basis and modified as necessary, so that they are current and consistent with our risk appetite. The structure, limits (both notional and capital-based), collateral requirements, monitoring, reporting and ongoing management of credit and counterparty exposures are all governed by these credit risk management principles. Lending officers in the operating groups are responsible for recommending credit decisions based on the completion of appropriate due diligence, and they assume accountability for the related risks. In some instances, relatively small transactions may be assessed by an automated decision-making process, or they may be approved by first-line underwriters with appropriate training, independence and oversight. Credit officers in Enterprise Risk and Portfolio Management (ERPM) approve larger transactions or transactions involving greater risk and are accountable for providing an objective independent assessment of the relevant lending recommendations and risks assumed by the lending officers. All of these individuals in the first and second lines of defence are subject to a lending qualification process and operate in a disciplined environment with clear delegation of decision-making authority, including individually delegated lending limits where appropriate, which are reviewed annually or more frequently, as needed. The Board of Directors annually delegates to the CEO discretionary lending limits for further specific delegation to senior officers. Credit decision-making is conducted at the management level appropriate to the size and risk of each transaction, in accordance with a range of corporate policies, standards and procedures governing the conduct of activities in which credit risk arises. Corporate Audit Division reviews and tests management processes and controls and samples credit transactions in order to assess adherence to acceptable lending standards as set out in BMO’s Risk Appetite Statement, as well as compliance with all applicable corporate policies, standards and procedures. For corporate and commercial borrowers presenting a higher than normal risk of default, we have formal policies in place that outline the framework for managing such accounts, as well as specialized groups that manage them. We strive to identify borrowers facing financial difficulty early, and every effort is made to return such accounts to an acceptable level of risk through the application of good business judgment and the implementation of sound and constructive workout solutions. All credit risk exposures are subject to regular monitoring. Performing corporate and commercial accounts are reviewed on a regular basis, generally Counterparty credit risk (CCR) involves a bilateral risk of loss because the market value of a transaction can be positive or negative for either counterparty. CCR exposures are subject to the credit oversight, limits, risk management framework and approval process outlined above. However, given the nature of the risk, CCR exposures are also monitored under the market risk framework. In order to reduce our exposure to CCR, transactions are often collateralized and trades may be cleared through a regulated central counterparty (CCP), which reduces overall systemic risk by standing between counterparties, maximizing netting across trades and insulating counterparties from each other’s defaults. CCPs mitigate the risk of default by any member through margin requirements (both initial and variation) and a default management process, including a default fund and other provisions. Our exposures to CCPs are subject to the same credit risk governance, monitoring and rating framework we apply to all other corporate accounts. Credit and Counterparty Risk Management Collateral Management Collateral is used for credit risk mitigation purposes in order to minimize losses that would otherwise be incurred in the event of a default. Depending on the type of borrower or counterparty, the assets available and the structure and term of the credit obligations, collateral can take various forms. For corporate and commercial borrowers, collateral can take the form of pledges of the assets of a business, such as accounts receivable, inventory, machinery or real estate, or personal assets pledged in support of guarantees. For trading counterparties, BMO may enter into legally enforceable netting agreements for on-balance Collateral for BMO’s derivatives trading counterparty exposures primarily comprises cash and eligible liquid securities that are monitored and revalued on a daily basis. Collateral is obtained under the contractual terms of standardized industry documentation. With limited exceptions, we utilize the Master Agreement provided by International Swaps and Derivatives Association Inc., frequently with a Credit Support Annex, to document our collateralized trading relationships with counterparties for over-the-counter A Credit Support Annex entitles a party to demand a transfer of collateral (or other credit support) when its exposure to OTC derivatives of the other party exceeds an agreed threshold. Collateral to be transferred can include variation margin or initial and variation margin. Credit Support Annexes contain, among other measures, certain thresholds and provisions setting out acceptable types of collateral, a method for their valuation (discounts are often applied to market values), the availability of the collateral for re-pledging To document our contractual securities financing relationships with counterparties, we utilize master repurchase agreements for repurchase transactions, and master securities lending agreements for securities lending transactions. On a periodic basis, collateral is subject to revaluation based on the specific asset type. For loans, the value of collateral is initially established at the time of origination, and the frequency of revaluation is dependent on the type of collateral. For commercial real estate collateral, a full external appraisal of the property is typically obtained at the time of loan origination, unless the exposure is below a specified threshold amount, in which case an internal evaluation and a site inspection are conducted. Internal evaluations may consider property tax assessments, purchase prices, real estate listings or realtor opinions. The case for an updated appraisal is reviewed annually, with consideration given to the borrower risk rating, existing tenants and lease contracts, as well as current market conditions. In the event a loan is classified as impaired, and depending on its size, a current external appraisal, valuation or restricted use appraisal is obtained and updated every 12 months, as long as the loan remains classified as impaired. In Canada, for residential real estate that has an original loan-to-value We may use an external service provided by Canada Mortgage and Housing Corporation or an automated valuation model from a third-party appraisal management provider to assist in determining either the current value of a property or the need for a full property appraisal. For insured residential mortgages in Canada with an original LTV ratio greater than 80%, the default insurer is responsible for confirming the current value of the property. Portfolio Management and Concentrations of Credit and Counterparty Risk Our credit risk governance policies require an acceptable level of diversification to help ensure we avoid undue concentrations of credit risk. Concentrations of credit risk may exist when a relatively large number of clients are engaged in similar activities, are located in the same geographic region or have similar economic characteristics such that their ability to meet contractual obligations could be similarly affected by changes in economic, political or other conditions. Limits may be specified for several portfolio dimensions, including industry, specialty segments, country, product and single-name concentrations. We use a range of tools to reduce the credit risk exposures in our loan portfolio. These include asset sales, traditional securitizations, or the purchase of credit protection in the form of credit default swaps or credit insurance and risk transfer transactions. Credit risk is mitigated by obtaining protection from better-rated counterparties or high-quality collateral. Credit risk mitigation activities support our management of capital, and individual and portfolio credit concentration. Our credit assets consist of a well-diversified portfolio representing millions of clients, the majority of them individual consumers and small to medium-sized credit at default $ Total credit exposures at default by type and industry sector, as at October 31, 2023 and 2022, based on the Basel III classifications, are as follows: (Canadian $ in millions) Drawn (3) (7) Commitments (undrawn) (3) (8) Other off-balance sheet items (3) (9) OTC derivatives (4) (10) Repo-style transactions (4) (5) (11) Total (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Individual 281,087 233,450 63,812 57,446 13 – – – – – 344,912 290,896 Financial institutions 95,433 112,185 18,690 34,216 7,201 8,036 19,307 16,467 16,177 18,197 156,808 189,101 Governments 219,809 186,542 2,551 1,869 1,575 434 8,193 8,063 5,870 9,287 237,998 206,195 Manufacturing 33,141 32,515 16,059 17,522 1,915 2,050 807 1,643 – – 51,922 53,730 Real estate 61,766 49,639 11,843 12,911 971 1,238 224 459 – – 74,804 64,247 Retail trade 27,858 23,890 4,621 4,890 441 549 129 248 – – 33,049 29,577 Service industries 56,649 52,437 13,552 17,113 3,172 3,169 696 695 – – 74,069 73,414 Wholesale trade 20,117 18,037 7,618 7,206 611 775 167 336 – – 28,513 26,354 Oil and gas 3,364 3,823 2,889 4,440 788 1,341 1,444 6,066 – – 8,485 15,670 Utilities 11,224 8,781 8,767 12,885 4,547 4,323 1,850 2,087 – – 26,388 28,076 Others (2) 62,636 50,936 18,132 18,111 4,009 5,287 1,634 1,649 – – 86,411 75,983 Total exposure at default (6) 873,084 772,235 168,534 188,609 25,243 27,202 34,451 37,713 22,047 27,484 1,123,359 1,053,243 (1) Credit exposure excluding equity, securitization and other assets, such as non-significant (2) Includes remaining industries that individually comprise less than 2% of total exposures. (3) Represents gross credit exposures without accounting for collateral. (4) Credit exposure at default is inclusive of collateral. (5) Repo-style transactions include repos, reverse repos and securities lending transactions, which represent both asset and liability exposures. The impact (6) Excludes exposures arising from derivative and repo-style transactions that are cleared through a clearing house or a counterparty (7) Drawn exposures include loans, acceptances, deposits with regulated financial institutions and certain securities. (8) Undrawn commitments cover all unutilized authorizations associated with the drawn exposures noted above, including any authorizations that are unconditionally cancellable. EAD for undrawn commitments is model-generated, based on internal empirical data. (9) Other off-balance sheet exposures include items such as guarantees, standby letters of credit and documentary credits. (10) Over-the-counter (OTC) derivatives are those in proprietary accounts that result in exposure to credit risk in addition to market risk. EAD for OTC derivatives is calculated inclusive of collateral. (11) EAD for repo-style transactions is the calculated exposure, net of collateral. Certain comparative figures have been reclassified to conform with the current year’s presentation. Risk Rating Systems BMO’s risk rating systems are designed to assess and measure the risk of exposure. Retail (Consumer and Small Business) The retail portfolios comprise a diversified group of individual customer accounts and include residential mortgages, personal loans, credit cards, auto loans and small business loans. These loans are managed in pools of homogeneous risk exposures for risk rating purposes. Decision support processes are developed using established statistical techniques and expert systems for underwriting and monitoring purposes. Adjudication models, behavioural scorecards, decision trees and expert knowledge are combined to generate optimal credit decisions in a centralized and automated environment. Retail Credit Probability of Default Bands by Risk Rating Risk profile Probability of default band Exceptionally low ≤ Very low > 0.05% to 0.20% Low > 0.20% to 0.75% Medium > 0.75% to 7.00% High > 7.00% to 99.99% Default 100% Wholesale (Sovereign, Bank, Corporate and Commercial) Within our wholesale portfolios, an enterprise-wide risk rating framework is applied to all sovereign, bank, corporate and commercial counterparties. One key element of this framework is the assignment of appropriate borrower or counterparty risk ratings (BRRs). We have a range of internally developed general and sector-specific BRR models, as well as portfolio-level LGD and EAD models for each of the sovereign, bank, corporate and commercial portfolios. The BRR models capture the key financial and non-financial low-default Credit Quality Information Portfolio Review Total enterprise-wide outstanding credit risk exposures were $ 1,123.4 billion as at October 31, 2023, with $ 537.4 billion recorded in Canada, $ 539.2 billion in the United States and $ 46.8 billion in other jurisdictions. 7 % from the prior year. Market Risk Market risk arises from our trading and underwriting activities, as well as our structural banking activities. The magnitude and importance of these activities to the enterprise, along with the potential volatility of market variables, call for diligent governance and a robust market risk management framework that can provide effective identification, measurement, reporting and control of market risk exposures. Trading and Underwriting Market Risk Governance Our market risk-taking activities are subject to an extensive governance framework. The Risk Review Committee (RRC) oversees the management of market risk on behalf of the Board of Directors and approves limits governing market risk exposures that are consistent with our risk appetite. The Risk Management Committee (RMC) regularly reviews and assesses significant market risk exposures and positions, and exercises ongoing senior management oversight of our risk-taking activities. Both of these committees are kept apprised of specific market risk exposures and any developments that could expose BMO to unusual, unexpected or unquantified risks associated with those market risk exposures, as well as other current and emerging market risks. In addition, all businesses and individuals authorized to conduct trading and underwriting activities on behalf of BMO are required to work within our governance framework and, as part of their first-line-of-defence Trading and Underwriting Market Risk Our trading and underwriting businesses give rise to market risk associated with buying and selling financial products in the course of meeting our customers’ needs, including market-making and related financing activities, and assisting clients to raise funds by way of securities issuance. Identification and Assessment of Trading and Underwriting Market Risk As the first step in the management of market risk, rigorous assessment processes are in place to identify market risk exposures associated with both new products and the evolving risk profile of existing products, including on- off-balance non-trading Various metrics and techniques are then employed to measure identified market risk exposures. These include Value-at-Risk and stress tests, as well as sensitivity to market risk factors, position concentrations and trading revenues. Results are reported to the appropriate line of business, the RMC and RRC on a regular basis. Risk models support the measurement of our exposure to the risk of adverse outcomes for income, retained earnings and capital. We use a variety of methods to verify the integrity of our risk models, including the application of back-testing against hypothetical losses and approval by an independent model validation team. The data and correlations that underpin our models are updated frequently, so that risk metrics reflect current conditions. Stress tests capture a wide range of hypothetical and historical events, including the 2008 global financial crisis and the COVID-19 pandemic, along with portfolio-specific impacts and asset class scenarios. In addition, a range of assumptions, including the duration of the scenario and management actions, are incorporated in the stress tests to better reflect the anticipated impact on the trading and underwriting business. Our VaR model is back-tested daily, assuming there are no changes to the previous day’s closing position and isolating the effects of each day’s price movements against those closing positions. The one-day Although it is a useful indicator of risk, VaR has limitations, as with any model-driven metric. These include the assumption that all portfolio positions can be liquidated within the assumed one-day intra-day VaR and stress testing continue to have a significant role in managing portfolio risks, although the determination of trading market risk regulatory capital will reflect Basel III Reforms starting in exceeded under unforeseen market conditions. Limits are applied to VaR, stress testing and other risk metrics, and these limits are subject to regular monitoring and reporting, with breaches escalated to the appropriate level of management for review. Risk profiles of our trading and underwriting activities are maintained within our risk appetite and supporting limits, and are monitored and reported to traders, management, senior executives and committees of our Board of Directors. Other significant controls include the independent valuation of financial assets and liabilities, as well as compliance with our Model Risk Management Framework to mitigate model risk. Trading Market Risk Measures Trading VaR Total Trading Value at Risk (VaR) Summary (1) As at or for the year ended October 31 (Pre-tax 2023 2022 Year-end Average High Low Year-end Average High Low Commodity VaR 4.0 2.4 6.1 1.2 1.6 3.1 5.5 1.0 Equity VaR 13.6 14.0 24.5 8.5 14.1 13.1 18.4 8.5 Foreign exchange VaR 1.7 2.9 5.6 1.3 2.3 1.8 5.2 0.5 Interest rate VaR (2) 27.3 27.4 41.5 16.0 22.1 18.0 26.5 12.4 Debt-specific risk 11.0 10.9 15.9 7.5 10.2 5.7 10.5 1.8 Diversification (25.0 ) (25.5 ) nm nm (15.0 ) (15.1 ) nm nm Total Trading VaR 32.6 32.1 47.9 21.2 35.3 26.6 38.2 18.1 (1) One-day (2) Interest rate VaR includes general credit spread risk. nm – not meaningful Structural (Non-Trading) Structural market risk comprises interest rate risk arising from our banking activities (such as those involving loans and deposits) and foreign exchange risk arising from our foreign currency operations and exposures. Structural Market Risk Governance BMO’s Corporate Treasury group is responsible for the ongoing management of structural market risk across the enterprise, with independent oversight provided by the Market Risk group. In addition to the limits approved by our Board of Directors on earnings at risk and the sensitivity of economic value to changes in interest rates, more granular management limits are in place to guide the daily management of this risk. The RRC oversees structural market risk management, regularly reviews structural market risk positions and annually approves the structural market risk plan and limits. The RMC and Asset Liability Committee provide ongoing senior management oversight of risk positions and related activities. Structural Market Risk Measurement Interest Rate Risk Structural interest rate risk arises when changes in interest rates affect the market value, cash flows and earnings of assets and liabilities related to our banking activities. The objective of structural interest rate risk management is to maintain high-quality earnings and maximize sustainable product spreads, while managing risk to the economic value of our net assets arising from changes in interest rates. Structural interest rate risk primarily comprises interest rate mismatch risk and product-embedded option risk. Interest rate mismatch risk arises when there are differences in the scheduled maturities, repricing dates or reference rates of assets, liabilities and derivatives. The net interest rate mismatch, representing residual assets funded by common shareholders’ equity, is managed to align with a target profile through interest rate swaps and securities. Product-embedded option risk arises when product features allow customers to alter the timing of cash flows, such as scheduled maturity or repricing dates, usually in response to changes in market conditions. Product-embedded options include loan prepayments, deposit redemption privileges and committed rates on unadvanced mortgages. Product-embedded options and associated customer behaviours are captured in risk modelling, and hedging programs may be used to limit the level of exposure to this risk. Structural interest rate risk is measured using simulations, analyses of the sensitivity of earnings and economic value, stress testing and gap analysis, in addition to other risk metrics. Earnings Sensitivity 12-month pre-tax off-balance Economic Value Sensitivity off-balance The models that measure structural interest rate risk incorporate projected changes in interest rates and predict the likely reaction of our customers to these changes. For customer loans and deposits with scheduled maturity and repricing dates (such as mortgages and term deposits), the models measure the extent to which customers are likely to use embedded options to alter those scheduled dates and timing. For customer loans and deposits without scheduled maturity and repricing dates (such as credit card loans and chequing accounts), exposure is measured using models that adjust for elasticity in product pricing and reflect historical and forecasted trends in balances. The results generated by these structural market risk models are inherently uncertain, as they reflect potential future pricing and customer behaviours, which may differ from actual experience. These models have been developed using statistical analysis and are independently validated and periodically updated through regular model performance assessment, back-testing and ongoing dialogue with the lines of business. Models developed to predict customer behaviour are also used to support product pricing. mark-to-market - mark-to-market that Structural Interest Rate Sensitivity (1) Economic value sensitivity Earnings sensitivity (Pre-tax October 31, 2023 October 31, 2022 October 31, 2023 October 31, 2022 Canada United States Total Total Canada United States Total Total 100 basis point increase (872.6 ) (976.0 ) (1,848.6 ) (990.2 ) 31.0 273.4 304.5 498.9 100 basis point decrease 750.4 741.1 1,491.6 647.9 (36.2 ) (289.2 ) (325.4 ) (595.2 ) (1) Losses are presented in brackets and gains are presented as positive numbers. (2) Includes Canadian dollar and other currencies. Insurance Market Risk Insurance market risk includes interest rate and equity market risk arising from our insurance business activities. We may enter into hedging arrangements to offset the impact of changes in interest rates and equity market values on our earnings, and we did so during the 2023 fiscal year. The sensitivity reflects the impact of these hedging relationships. An increase of 100 basis points in interest rates would result in a decrease in earnings before tax of $13 million as at October 31, 2023 (increase of $12 million as at July 31, 2023 and $35 million as at October 31, 2022). A decrease of 100 basis points in interest rates would result in an increase in earnings before tax of $ 15 million as at October 31, 2023 (decrease of $ 8 34 million as at October 31, 2022). An increase of 10% in equity market values would result in an 14 million as at October 31, 2023 ($ 15 million as at July 31, 2023 and $ 13 million as at October 31, 2022). A decrease of 10% in equity market values would result in a decrease in earnings before tax of $ 11 million as at October 31, 2023 ($ 12 million as at July 31, 2023 and $ 13 million as at October 31, 2022). The impact of insurance market risk on earnings is reflected in insurance claims, commissions and changes in policy benefit liabilities in our Consolidated Statement of Income, and the corresponding change in the fair value of BMO’s policy benefit liabilities is reflected in other liabilities in our Consolidated Balance Sheet. The impact of insurance market risk is not reflected in the table above. Non-Trading Structural foreign exchange risk arises primarily from translation risk related to our net investment in U.S. operations and from transaction risk associated with U.S.-dollar-denominated net income. after-tax) pre-tax $ Liquidity and Funding Risk Managing liquidity and funding risk is integral to maintaining enterprise soundness and safety, depositor confidence and earnings stability. It is BMO’s policy to maintain a level of liquid assets and funding capacity sufficient to meet our financial commitments, even in times of stress. Liquidity and Funding Risk Governance The Corporate Treasury group and the operating groups, as the first line of defence, are responsible for the ongoing identification, assessment and management of liquidity and funding risk. The Corporate Treasury group is responsible for monitoring and reporting on exposures to liquidity and funding risk across the enterprise; develops and recommends for approval the Liquidity and Funding Risk Management Framework and the related risk appetite statement and limits; monitors compliance with relevant corporate policies; and assesses the impact of market events on liquidity and funding requirements on an ongoing basis. Enterprise Risk and Portfolio Management, as the second line of defence, exercises oversight, independent risk assessment and effective challenge of liquidity and funding management frameworks, policies, limits, monitoring and reporting across the enterprise. The Risk Management Committee (RMC) and Asset Liability Committee (ALCO) provide senior management oversight, and review and discuss significant liquidity and funding policies, issues and developments that arise in the pursuit of BMO’s strategic priorities. The Risk Review Committee (RRC) provides oversight of the management of liquidity and funding risk, annually approves the applicable policies, limits and contingency plan, and regularly reviews liquidity and funding positions. BMO’s Liquidity and Funding Risk Management Framework is defined and authorized in alignment with corporate policies approved by our Board of Directors and standards approved by management. These policies and standards set out key management principles, liquidity and funding metrics and related limits, as well as roles and responsibilities in the management of liquidity and funding risk across the enterprise. We have a robust limit structure in place in order to manage liquidity and funding risk. These limits define BMO’s risk appetite for the key Stress Net Liquidity Position (Stress NLP) measure, regulatory liquidity ratios, secured and unsecured funding appetite (for both trading and structural activities), as well as enterprise collateral pledging. Limits also establish the tolerance for concentrations of maturities, as well as requirements for counterparty liability diversification, business pledging activity, and the size and type of uncommitted and committed credit and liquidity facilities that may be outstanding. Operating within these limits helps to confirm that liquidity and funding risk is appropriately managed. An enterprise-wide contingency plan intended to facilitate effective risk management in the event of a disruption is also in place. Early warning indicators identified in the contingency plan are regularly monitored in order to detect any signs of rising levels of liquidity or funding risk in the market, or any exposure to other risks specific to BMO. Liquidity and Funding Risk Measurement A key component of liquidity risk management is the measurement of liquidity risk under stress. We use Stress NLP as a key measure of liquidity risk. Stress NLP represents the amount by which liquid assets exceed potential funding needs under severe systemic and enterprise-specific stress scenarios, and a combination thereof. Potential funding needs may arise from obligations to repay retail, commercial and wholesale deposits that are withdrawn or not renewed, or to fund drawdowns on available credit and liquidity lines, as well as from obligations to pledge collateral due to ratings downgrades or market volatility, along with the continuing need to fund new assets and strategic investments. Potential funding needs are quantified by applying factors to various business activities based on management’s view of the relative level of liquidity risk related to each activity. These factors vary by deposit classification (e.g., retail, small business, non-financial non-operational Stress testing results are evaluated against our stated risk appetite and are considered in management’s decisions on limit-setting and internal liquidity transfer pricing, and they also help to inform and shape the design of business plans and contingency plans. The Liquidity and Funding Risk Management Framework is integrated with enterprise-wide stress testing. In addition to Stress NLP, we regularly monitor positions in relation to the limits and liquidity ratios noted in the Liquidity and Funding Risk Management section above. These include regulatory metrics such as LCR, Net Cumulative Cash Flow and NSFR. Unencumbered Liquid Assets non-financial BMO’s funding strategy requires that secured and unsecured wholesale funding used to support loans and less liquid assets must have a term (typically maturing in two to ten years) that will support the effective term to maturity of these assets. Secured and unsecured wholesale funding for liquid trading assets is largely shorter-term (maturing in one year or less), is aligned with the liquidity of the assets being funded and is subject to limits on aggregate maturities across different periods. Supplemental liquidity pools are funded largely with wholesale term funding. The tables below show the remaining contractual maturities of on-balance off-balance 2023 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total On-Balance Cash and cash equivalents 75,473 – – – – – – – 2,461 77,934 Interest bearing deposits with banks 2,791 680 383 153 118 – – – – 4,125 Securities 4,037 8,408 7,472 5,614 6,816 29,374 63,601 141,953 55,104 322,379 Securities borrowed or purchased under resale agreements 93,707 12,311 6,903 2,491 – 250 – – – 115,662 Loans (1) Residential mortgages 1,121 2,188 3,403 4,246 4,761 27,229 107,347 26,689 266 177,250 Consumer instalment and other personal 283 621 1,028 1,343 1,542 8,094 35,467 29,992 25,670 104,040 Credit cards – – – – – – – – 12,294 12,294 Business and government 19,671 10,920 12,550 16,370 16,953 49,366 114,289 27,880 98,702 366,701 Allowance for credit losses – – – – – – – – (3,807 ) (3,807 ) Total loans, net of allowance 21,075 13,729 16,981 21,959 23,256 84,689 257,103 84,561 133,125 656,478 Other Assets Derivative instruments 2,797 4,539 2,670 2,827 1,555 7,804 9,325 8,459 – 39,976 Customers’ liabilities under acceptances 4,682 3,423 6 – – – – – – 8,111 Other 4,023 814 336 42 4 10 19 7,629 55,734 68,611 Total other assets 11,502 8,776 3,012 2,869 1,559 7,814 9,344 16,088 55,734 116,698 Total Assets 208,585 43,904 34,751 33,086 31,749 122,127 330,048 242,602 246,424 1,293,276 20 |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Bank of Montreal (the bank or BMO) is a chartered bank under the Bank Act (Canada) We have prepared these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). We also comply with interpretations of IFRS by our regulator, the Office of the Superintendent of Financial Institutions (OSFI). Our consolidated financial statements have been prepared on a historic cost basis, except for the revaluation of the following items: assets and liabilities held for trading; financial assets and liabilities measured or designated at fair value through profit or loss (FVTPL); financial assets measured or designated at FVOCI; financial assets and liabilities designated as hedged items in qualifying fair value hedge relationships; cash-settled share-based payment liabilities; defined benefit pension and other employee future benefit liabilities; and insurance-related liabilities. These consolidated financial statements were authorized for issue by the Board of Directors on December 1, 2023. Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2023. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (SEs), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates, where we exert significant influence over operating and financing decisions (generally companies in which we own between 20% and 50% of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures, which are entities where we exercise joint control through an agreement with other shareholders. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of an investee’s net income or loss, including other comprehensive income or loss. Additional information regarding accounting for investments in associates and joint ventures is included in Note 3. Significant Accounting Policies To facilitate a better understanding of our consolidated financial statements, we have disclosed our significant accounting policies throughout the following notes with the related financial disclosures by major caption: Note Topic Page 1 Basis of Presentation 150 2 Cash and Interest Bearing Deposits with Banks 156 3 Securities 156 4 Loans and Allowance for Credit Losses 159 5 Risk Management 167 6 Transfers of Financial Assets 167 7 Structured Entities 168 8 Derivative Instruments 171 9 Premises and Equipment 180 10 Acquisitions and Divestitures 181 11 Goodwill and Intangible Assets 183 12 Other Assets 185 13 Deposits 185 14 Other Liabilities 186 15 Subordinated Debt 188 Note Topic Page 16 Equity 189 17 Fair Value of Financial Instruments and Trading-Related 191 18 Offsetting of Financial Assets and Financial Liabilities 198 19 Capital Management 199 20 Employee Compensation – Share-Based Compensation 199 21 Employee Compensation – Pension and Other Employee Future Benefits 201 22 Income Taxes 205 23 Earnings Per Share 207 24 Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities 208 25 Operating and Geographic Segmentation 211 26 Significant Subsidiaries 213 27 Related Party Transactions 213 Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gains (losses) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the gain (loss) on translation and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange gains, other than trading, in our Consolidated Statement of Income as they arise. From mark-to-market non-interest Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees merger-and-acquisition Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Refer to Note 9 for our policy on lessee accounting. Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest Interbank Offered Rate Reform – Phase 2 Amendments Effective November 1, 2020, we early adopted the IASB’s IBOR Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance Contracts Leases. On May 16, 2022, Refinitiv Benchmark Services UK Limited announced that it will cease publication of all remaining Canadian Dollar Offered Rate (CDOR) settings immediately after June 28, 2024, using a two-stage With the transition from CDOR and BAs to ARRs well underway, and as both a holder and an issuer of CDOR-based instruments, BMO continues to be exposed to financial, operational, legal and regulatory, and reputational risks. These risks arise principally either from amending legacy contracts from CDOR to an ARR or from existing fallback clauses for new ARRs and the resulting impact on economic risk management, as well as from updating hedge designations as the new ARRs emerge. Our enterprise IBOR Transition Office (ITO) continues to coordinate and oversee the transition from CDOR to ARRs, with a focus on managing and mitigating internal risks, as well as managing our client relationships. The ITO is sponsored and supported by senior management and has a global mandate to address the bank’s industry and regulatory engagement, internal and external communications, technology and operations modifications, introduction of new products, migration of existing client contracts, program strategy and governance, and to evaluate financial reporting impacts, including impacts on hedge accounting. As the market continues to develop, we have added and will continue to add ARR-based The following table presents quantitative information as at October (Canadian $ in millions) CDOR CDOR USD LIBOR (7) 2023 2022 2022 Non-derivative (1) 44,370 37,101 48,162 Non-derivative (1) 4,584 4,583 3,335 Derivative notional amounts (2)(3) 1,779,140 1,554,518 1,870,472 Authorized and committed loan commitments (4)(5)(6) 55,548 26,106 90,797 (1) All amounts are presented based on contractual amounts outstanding with the exception of securities, recorded in non-derivative (2) Notional amounts represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (3) Includes certain cross-currency swap positions where both the pay and receive legs currently reference an IBOR. For those derivatives, the table above includes the notional amounts for both the pay and receive legs in the relevant columns aligning with the IBOR exposure. (4) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. (5) Includes loan commitments where our customers have the option to draw from their facility in multiple currencies. Amounts drawn will be subject to prevailing IBORs for the foreign currency, including those that are in scope of IBOR reform. (6) Commitments also include backstop liquidity facilities provided by the bank to external parties. (7) As at October 31, 2023, BMO had transitioned all exposure to USD LIBOR settings to ARRs . Use of Estimates and Judgments The preparation of the consolidated financial statements requires management to make 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 (ACL); 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; transfers of financial assets; consolidation of SEs; and the valuation of the assets and liabilities related to our acquisition of Bank of the West. We make judgments in assessing the business model for financial assets, as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. The economic outlook is subject to several risks that could lead to a more severe contraction of the North American economy, including elevated inflation leading to possible further increases in interest rates, an escalation of geopolitical risks including wars in Ukraine and the Middle East, an increase in trade tensions between the United States and China and a further deterioration in diplomatic relations between Canada and India. The impacts on our business, results of operations, reputation, financial performance and condition, including the potential for credit, counterparty and mark-to-market Allowance for Credit Losses The expected credit loss (ECL) model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The bank’s methodology for determining significant increase in credit risk is based on the change in probability of default (PD) between origination and reporting date, assessed using probability-weighted scenarios, as well as certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of ECL, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the ACL. The calculation of ECLs includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts, which are probability-weighted in the determination of the final ECL. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the ACL is included in Note 4. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities, and are also used in performing impairment testing on certain non-financial Additional information regarding our fair value measurement techniques is included in Note 17. Pension and Other Employee Future Benefits Our pension and other employee future benefit expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefit expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review investments in associates and joint ventures at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the ECL model. For securities determined to have low credit risk, the ACL is measured at a 12-month Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and investments in associates and joint ventures, ACL and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations and assumptions differ from those of tax authorities, or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences or unused tax losses and tax credits may be utilized. We are required to assess whether it is probable that our deferred tax assets will be realized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the remaining expiration period of tax loss carryforwards and tax credits. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (CGUs), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and value in use. In determining fair value less costs to sell, we employ a discounted cash flow model Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions A provision, including provisions for legal proceedings and restructuring charges, is recognized if, as a result of a past event, the bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. A provision is recorded at the best estimate of the amount required to settle an obligation as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Management and external experts are involved in estimating any provision, as necessary. The actual costs of settling some obligations may be substantially higher or lower than the amounts of the provisions. Additional information regarding provisions is included in Note 24. Transfer of Financial Assets We enter into transactions in which we transfer financial assets, typically mortgage loans, mortgage-backed securities and credit card loans, to a structured entity or third party to obtain alternate sources of funding or as part of our trading activities. We assess whether substantially all of the risks and rewards of, or control over, the assets have been transferred in order to determine whether they qualify for derecognition. Where we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized assets, they do not qualify for derecognition. We continue to recognize the assets and the related cash proceeds as secured financings in our Consolidated Balance Sheet. Additional information regarding transferred financial assets is included in Note 6. Consolidation of Structured Entities Securitization vehicles sponsored by the bank typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and the funding of their activities. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits from their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest of less than 50 Additional information regarding SEs is included in Notes 7 and 20. Acquisition of Bank of the West – Valuation of Assets and Liabilities Significant judgments and assumptions were used to determine the fair value of the Bank of the West assets acquired and liabilities assumed, including the loan portfolio, core-deposit and other relationship intangible assets, and fixed maturity deposits. For loans, the determination of fair value involved estimating the cash flows which are expected to be received on all purchased loans and discounting these back to their present value. We estimated expected cash flows based on models that incorporate management’s best estimate of current key assumptions such as default rates, loss severity, timing of prepayments and collateral. In determining the discount rate, we considered various factors, including our cost to raise funds in the current market, the risk premium associated with the loans and the cost to service the portfolios. For core-deposit intangible assets, fair value was determined using a discounted cash flow approach, comparing the present value of the cost to maintain the acquired deposits to the cost of alternative funding. The present value of the cost to maintain the acquired deposits includes an estimate of future interest costs and operating expenses for the core deposits acquired. Core deposits are those that we considered to be stable, below-market sources of funding. Deposit run-off We calculated the fair value of wealth management and credit card customer relationships acquired based on the excess of estimated future cash inflows (i.e. revenue from the acquired relationships) over the related estimated cash outflows (i.e. operating costs and contributory asset charges) over the estimated life of the customer base. The determination of the fair value of fixed maturity deposits involved estimating the cash flows to be paid and discounting these back to their present value. The timing and amount of cash flows include significant management judgment regarding the likelihood of early redemption and the timing of withdrawal by the customer. Discount rates were based on the prevailing rates we were paying on similar deposits at the date of acquisition. The fair value of all other assets and liabilities, including real estate properties, was calculated using market data where possible, as well as management judgment, to determine the price that would be obtained in an arms-length transaction between knowledgeable, willing parties. Additional information regarding our accounting for the acquisition is included in Notes 4 and 10. Future Changes in IFRS and Accounting Policies IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts Insurance Contracts IFRS 17 will change the fundamental principles used to recognize and measure insurance contracts, including life insurance contracts, reinsurance contracts held and investment contracts with discretionary participation features. Key differences from IFRS 4 are as follows: IFRS 17 requires us to measure groups of contracts based on our estimates of the present value of future cash flows that are expected to arise as we fulfill the contracts, an explicit risk adjustment for insurance-specific risk and a contractual service margin (CSM) that represents unearned profits. The CSM component of the insurance contract liability will be amortized into income as services/insurance coverage is provided. For groups of onerous contracts that are expected to experience losses, we are required to record these losses in income immediately. Under IFRS 4, there is no similar grouping requirement and gains/losses on new business are recognized in income immediately. The discount rate we use under IFRS 4 is connected to the net yield of the assets held to support insurance contract liabilities. Under IFRS 17, the rate used to discount our insurance contract liabilities will reflect the characteristics of those insurance contract liabilities. We have elected the accounting policy choice under IFRS 17 to recognize changes in the discount rate and financial assumptions on insurance contract liabilities, through the Consolidated Statement of Income. On transition, we are required to apply a full retrospective approach where we restate prior periods as if we had always applied IFRS 17, unless impracticable, in which case we will apply either the modified retrospective approach where we apply specific modifications to the full retrospective approach, or the fair value approach where we determine a fair value for the CSM by taking the difference between discounted fulfilment cash flows and risk adjustment using market participant assumptions versus using our own IFRS 17 assumptions. We have completed our assessment of IFRS 17 and will apply the full retrospective approach to our creditor business and the fair value approach to all other products written prior to November 1, 2022. The estimated impact of adopting IFRS 17 as at November 1, 2022 is an increase in assets of approximately $1,050 million, an increase in liabilities of approximately $2,090 million and a decrease in shareholders’ equity of approximately $1,435 million ($1,040 million after-tax). The CSM will qualify as Tier 1 Capital. IAS 40 Investment Property On transition to IFRS 17, we plan to voluntarily change our accounting policy for the measurement of investment properties, recorded in insurance-related Investment Property shareholders’ million after-tax) The impact of these combined changes on our Common Equity Tier 1 (CET1) Ratio IAS 12 Income Taxes In May 2021, the IASB issued an amendment to IAS 12 Income Taxes temporary In May 2023, the IASB issued an additional amendment to IAS 12. The amendment addresses concerns around accounting for the global minimum top-up tax as outlined in the two-pillar plan for international tax reform developed by members of the Organisation for Economic Co-operation |
Cash and Interest Bearing Depos
Cash and Interest Bearing Deposits with Banks | 12 Months Ended |
Oct. 31, 2023 | |
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Cash and Interest Bearing Deposits with Banks | Note 2: Cash and Interest Bearing Deposits with Banks Cash and Cash Equivalents (Canadian $ in millions) 2023 2022 Cash and deposits with banks (1) 75,528 85,234 Cheques and other items in transit, net 2,406 2,232 Total cash and cash equivalents 77,934 87,466 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. Cheques and Other Items in Transit, Net Cheques and other items in transit are recorded at cost and represent the net position of the uncleared cheques and other items in transit between us and other banks. Cash Restrictions We are required to maintain reserves or minimum balances with certain central banks, regulatory bodies and counterparties, totalling $125 million as at October 31, 2023 ($87 million as at October 31, 2022). Interest Bearing Deposits with Banks Deposits with banks are recorded at amortized cost and include acceptances we have purchased that were issued by other banks. Interest income earned on these deposits is recorded on an accrual basis. |
Securities
Securities | 12 Months Ended |
Oct. 31, 2023 | |
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Securities | Note 3: Securities Securities are divided into six types, each with a different purpose and accounting treatment. The types of securities we hold are as follows: Trading securities Fair value through profit or loss securities Securities Designated at FVTPL In order to qualify for this designation, the security must have a reliably measurable fair value, and the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the gains and losses on a different basis. Securities must be designated on initial recognition, and the designation is irrevocable. If these securities were not designated at FVTPL, they would be accounted for at either FVOCI or amortized cost. We designate certain securities held by our insurance subsidiaries that support our insurance liabilities at FVTPL, since the actuarial calculation of insurance liabilities is based on the fair value of the investments supporting them. This designation aligns the accounting result with the way the portfolio is managed on a fair value basis. The change in fair value of the securities is recorded in non-interest million as at Securities Mandatorily Measured at FVTPL Securities managed on a fair value basis, but not held for trading, or debt securities with cash flows that do not represent solely payments of principal and interest, and equity securities not held for trading or designated at FVOCI, are classified as FVTPL. The fair value of these investments of $6,729 million as at October 31, 2023 ($4,410 million as at October 31, 2022) is recorded in securities in our Consolidated Balance Sheet. Investments in Low Income Housing Tax Credit (LIHTC) entities are included in this balance as they are classified as FVTPL, with both changes in fair value of the investments and the benefit of tax credits received recorded in non-interest revenue, securities gains, other than trading. The fair value of these investments was $808 million as at October 31, 2023 ($244 million as at October 31, 2022). Debt securities at FVOCI Debt securities measured at FVOCI are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in our Consolidated Statement of Comprehensive Income until the security is sold or impaired. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest Equity securities at FVOCI Debt securities at amortized cost non-interest Investments in associates and joint ventures of the voting shares. Investments in joint ventures are those in which we have joint control. Our share of the net income or loss, including any impairment losses, is recorded in our Consolidated Statement of Income in non-interest We account for all of our securities transactions using settlement date accounting in our Consolidated Balance Sheet. Impairment Review Debt securities at amortized cost or FVOCI are assessed for impairment using the ECL model, with the exception of those determined to have low credit risk, where the ACL is measured at a 12-month Debt securities at amortized cost totalling $116,814 million as at October 31, 2023 ($106,590 million as at October 31, 2022) are net of allowances for credit losses Debt securities at FVOCI totalling $62,668 million as at October 31, 2023 ($43,408 million as at October 31, 2022) are net of allowances for credit losses of $3 million as at October 31, 2023 ($3 million as at October 31, 2022). Fair Value Measurement For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Where market quotes are not available, we use estimation techniques to determine fair value. Additional information regarding fair value measurement techniques is included in Note 17. Remaining Term to Maturity of Securities The following table shows the remaining terms to maturity of securities: (Canadian $ in millions, except as noted) Term to maturity 2023 2022 Within 1 1 to 3 3 to 5 5 to 10 Over 10 No Total Total Trading Securities Issued or guaranteed by: Canadian federal government 2,499 2,198 1,675 2,002 2,252 – 10,626 10,936 Canadian provincial and municipal governments 1,847 454 296 942 3,491 – 7,030 6,110 U.S. federal government 2,950 7,376 2,474 4,713 2,819 – 20,332 16,699 U.S. states, municipalities and agencies 5 11 2 109 152 – 279 139 Other governments 525 822 767 412 49 – 2,575 3,970 NHA MBS, U.S. agency MBS and CMO (1) 39 504 667 1,080 21,579 – 23,869 14,312 Corporate debt 2,193 2,886 3,388 2,061 1,206 – 11,734 9,592 Trading loans – 57 228 165 – – 450 346 Corporate equity – – – – – 47,661 47,661 46,073 Total trading securities 10,058 14,308 9,497 11,484 31,548 47,661 124,556 108,177 FVTPL Securities Issued or guaranteed by: Canadian federal government 147 – – 4 65 – 216 493 Canadian provincial and municipal governments 20 10 17 119 1,001 – 1,167 1,080 U.S. federal government 7 – – – 2,081 – 2,088 4 Other governments 24 24 – – – – 48 87 NHA MBS, U.S. agency MBS and CMO (1) – – 12 7 – – 19 8 Corporate debt 58 287 348 958 5,709 – 7,360 6,479 Corporate equity – – – – – 5,822 5,822 5,490 Total FVTPL securities 256 321 377 1,088 8,856 5,822 16,720 13,641 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 6,366 2,878 9,325 2,055 – – 20,624 12,498 Fair value 6,367 2,851 8,993 1,936 – – 20,147 12,301 Yield (%) 3.70 2.84 2.59 3.44 – – 3.05 2.14 Canadian provincial and municipal governments Amortized cost 1,328 420 1,165 2,351 17 – 5,281 4,724 Fair value 1,326 403 1,119 2,193 14 – 5,055 4,571 Yield (%) 3.53 2.18 3.12 3.28 5.04 – 3.23 2.70 U.S. federal government Amortized cost 713 636 837 3,884 175 – 6,245 3,403 Fair value 711 602 775 3,641 151 – 5,880 3,110 Yield (%) 5.03 3.72 2.93 3.71 4.31 – 3.77 2.13 U.S. states, municipalities and agencies Amortized cost 565 767 427 2,603 1,124 – 5,486 3,863 Fair value 559 735 399 2,517 1,091 – 5,301 3,714 Yield (%) 2.33 2.16 2.61 5.00 5.38 – 4.22 2.30 Other governments Amortized cost 4,124 955 1,784 201 – – 7,064 6,532 Fair value 4,107 938 1,723 201 – – 6,969 6,411 Yield (%) 2.82 3.48 3.54 3.27 – – 3.11 1.62 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 33 1,009 2,686 2,928 9,765 – 16,421 9,572 Fair value 33 999 2,654 2,776 9,303 – 15,765 9,268 Yield (%) 4.56 4.44 4.02 3.67 5.32 – 4.76 2.35 Corporate debt Amortized cost 1,842 507 507 659 123 – 3,638 4,203 Fair value 1,820 489 488 637 117 – 3,551 4,033 Yield (%) 6.50 4.21 4.04 4.41 5.76 – 5.43 2.29 Corporate equity Cost – – – – – 129 129 122 Fair value – – – – – 160 160 153 Total cost or amortized cost 14,971 7,172 16,731 14,681 11,204 129 64,888 44,917 Total fair value 14,923 7,017 16,151 13,901 10,676 160 62,828 43,561 Yield (%) 3.80 3.22 3.02 3.85 5.32 – 3.80 2.19 Amortized Cost Securities Issued or guaranteed by: Canadian federal government Amortized cost 2,491 1,985 400 32 – – 4,908 7,136 Fair value 2,549 1,924 401 31 – – 4,905 7,129 Yield (%) 1.92 1.58 2.47 2.87 – – 1.83 1.55 Canadian provincial and municipal governments Amortized cost 554 2,216 1,035 808 – – 4,613 5,588 Fair value 573 2,251 1,025 756 – – 4,605 5,583 Yield (%) 2.31 1.90 2.67 2.70 – – 2.26 2.35 U.S. federal government Amortized cost 2,928 13,919 17,018 20,514 2,499 – 56,878 59,245 Fair value 2,317 13,198 15,477 17,391 2,680 – 51,063 51,717 Yield (%) 1.73 1.42 1.34 1.57 2.19 – 1.50 1.49 U.S. states, municipalities and agencies Amortized cost – – – 190 – – 190 109 Fair value – – – 179 – – 179 105 Yield (%) – – – 4.66 – – 4.66 4.26 Other governments Amortized cost 289 478 181 – – – 948 1,387 Fair value 261 456 62 – – – 779 1,377 Yield (%) 1.72 1.40 3.07 – – – 1.82 1.66 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 632 2,500 4,276 1,557 38,625 – 47,590 31,013 Fair value 618 2,354 3,849 1,318 32,995 – 41,134 26,864 Yield (%) 2.46 1.46 1.84 1.97 2.80 – 2.61 1.59 Corporate debt Amortized cost 216 645 651 123 52 – 1,687 2,112 Fair value 212 656 469 122 47 – 1,506 2,057 Yield (%) 1.70 1.31 2.45 1.77 0.25 – 1.80 1.82 Total carrying value 7,110 21,743 23,561 23,224 41,176 – 116,814 106,590 Total fair value 6,530 20,839 21,283 19,797 35,722 – 104,171 94,832 Yield (%) 1.90 1.48 1.55 1.66 2.76 – 2.01 1.58 Investments in Associates and Joint Ventures Carrying value – – – – – 1,461 1,461 1,293 Total carrying value of securities 32,347 43,389 49,586 49,697 92,256 55,104 322,379 273,262 Total by Currency Canadian dollar 17,927 13,079 17,877 10,038 13,331 25,868 98,120 87,636 U.S. dollar 10,719 29,719 31,385 39,504 78,874 27,473 217,674 177,371 Other currencies 3,701 591 324 155 51 1,763 6,585 8,255 Total securities 32,347 43,389 49,586 49,697 92,256 55,104 322,379 273,262 (1) These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. (2) The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts. The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts. Yields in the table above are calculated using the cost of the security and the contractual interest rate associated with each security, adjusted for any amortization of premiums and discounts. Tax effects are not taken into consideration. The terms to maturity included in the table above are based on the contractual maturity dates of the securities. Actual maturities could differ, as issuers may have the right to call or prepay obligations. Unrealized Gains and Losses on FVOCI Securities The following table summarizes unrealized gains and losses: (Canadian $ in millions) 2023 2022 Cost or Gross Gross Fair Cost or Gross Gross Fair Issued or guaranteed by: Canadian federal government 20,624 14 491 20,147 12,498 11 208 12,301 Canadian provincial and municipal governments 5,281 2 228 5,055 4,724 6 159 4,571 U.S. federal government 6,245 – 365 5,880 3,403 – 293 3,110 U.S. states, municipalities and agencies 5,486 5 190 5,301 3,863 5 154 3,714 Other governments 7,064 13 108 6,969 6,532 4 125 6,411 NHA MBS, U.S. agency MBS and CMO 16,421 12 668 15,765 9,572 13 317 9,268 Corporate debt 3,638 3 90 3,551 4,203 25 195 4,033 Corporate equity 129 31 – 160 122 31 – 153 Total 64,888 80 2,140 62,828 44,917 95 1,451 43,561 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest, Dividend and Fee Income Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows, excluding our share of profit in associates and joint ventures and trading securities. Related income for trading securities is included under trading-related revenue in Note 17. (Canadian $ in millions) 2023 2022 FVTPL securities 66 28 FVOCI securities 2,517 650 Amortized cost securities 3,510 1,295 Total 6,093 1,973 Non-Interest 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) 2023 2022 FVTPL securities 144 268 FVOCI securities – realized gains (1) 37 14 Impairment loss – (1 ) Securities gains, other than trading 181 281 (1) Gains are net of (losses) on hedge contracts. Gains and losses on trading securities are included under trading-related revenue in Note 17. Interest and dividend income and gains (losses) on securities held in our insurance business are recorded in non-interest • Interest and dividend income of $454 million for the year ended October 31, 2023 ($397 million for the year ended October 31, 2022). Interest income is calculated using the effective interest method; • Losses on securities designated at FVTPL of $ million for the year ended October 31, 2023 (losses of $ • Realized gains (losses) on FVOCI securities of $nil million for the year ended October 31, 2023 ($nil million for the year ended October 31, 2022). |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Oct. 31, 2023 | |
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Loans and Allowance for Credit Losses | Note 4: Loans and Allowance for Credit Losses Loans Loans are initially measured at fair value plus directly attributable costs, and are subsequently measured at amortized cost using the effective interest method where the cash flows of those loans represent solely payments of principal and interest; otherwise, the loans are measured at FVTPL. Where the loans are held with the objective of both collecting contractual cash flows and selling the loans, and the cash flows represent solely payments of principal and interest, the loans are measured at FVOCI. The effective interest method allocates interest income over the expected term of the loan by applying the effective interest rate to the carrying amount of the loan. The effective interest rate is defined as the rate that exactly discounts estimated future cash receipts through the expected term of the loan to the net carrying amount of the loan. Under the effective interest method, the amount recognized in interest, dividend and fee income, loans, varies over the term of the loan based on the principal outstanding. The treatment of interest income for impaired loans is described below. Purchased Loans Purchased loans are initially measured at fair value and identified as either purchased performing loans (those for which timely principal and interest payments continue to be made), or purchased credit impaired (PCI) loans (those for which the timely collection of interest and principal is no longer reasonably assured). These loans are subsequently measured at amortized cost or fair value, depending on the business model. Purchased Performing Loans For loans with fixed terms, the fair value/par value difference, referred to as the fair value mark, is amortized into interest income over the expected life of the loan using the effective interest method. For loans with revolving terms, the fair value mark is amortized into net interest income on a straight-line basis over the contractual term of the loan. As loans are repaid, the remaining unamortized fair value mark related to the loan is recorded in interest income in the period the loan is repaid. All purchased performing loans were initially recorded in Stage 1 for purposes of determining ECLs. Following our acquisition of Bank of the West on ) Purchased Credit Impaired Loans We regularly re-evaluate On February 1, 2023, we recognized PCI loans with a total fair value of $415 million, including a fair value mark of $(168) million. The following table provides further details of the acquired Bank of the West PCI loans: (Canadian $ in millions) October 31, 2023 Unpaid principal balance (1) 280 Fair value adjustment (61 ) Carrying value 219 Stage 3 allowance (1 Carrying value net of related allowance 218 (1) Excludes loans that were fully written off prior to the acquisition date. Commitments and Letters of Credit Acquired As part of our acquisition of Bank of the West, we recorded a liability related to unfunded commitments and letters of credit. The total fair value mark associated with unfunded commitments and letters of credit is amortized into net interest income on a straight-line basis over the contractual term of the acquired commitments. All purchased commitments and letters of credit are included in Stage 1 for purposes of determining ECLs. ECLs are recorded on these commitments in normal course. On February 1, 2023, we recorded a fair value mark on unfunded commitments and letters of credit of $ million in other liabilities in our , , the remaining fair value mark of these commitments was $ million. Securities Borrowed or Purchased Under Resale Agreements Securities borrowed or purchased under resale agreements represent the amounts we will receive as a result of our commitment to return or resell securities that we have borrowed or purchased, back to the original lender or seller, on a specified date at a specified price. We account for these instruments as if they were loans. Lending Fees Lending fees primarily arise in P&C and BMO CM. The accounting treatment for lending fees varies depending on the transaction. Certain loan origination, restructuring and renegotiation fees are recorded as interest income over the term of the loan, while other lending fees are taken into income at the time of loan origination. Commitment fees are calculated as a percentage of the facility balance at the end of each period. The fees are recorded as interest income over the term of the loan, unless we believe the loan commitment will not be used. In the latter case, commitment fees are recorded as lending fees earned over the commitment period. Loan syndication fees are payable and included in lending fees at the time the syndication is completed, unless the yield on any loans we retain is less than that of other comparable lenders involved in the financing. In the latter case, an appropriate portion of the syndication fee is recorded as interest income over the term of the loan. Impaired Loans We classify a loan as impaired (Stage 3) when one or more loss events have occurred, such as bankruptcy or payment default, or when collection of the full amount of principal and interest is no longer reasonably assured. Loans are in default when the borrower is unlikely to pay its credit obligations in full without recourse by the bank, such as realizing security, or when the borrower’s payments are more than a defined number of days past due. Generally, consumer loans in both Canada and the United States are classified as impaired when payment is contractually 90 days past due, or one year past due for residential mortgages if guaranteed by the Government of Canada. Credit card loans are immediately written off when principal or interest payments are 180 days past due, and are not reported as impaired. In Canada, consumer instalment loans, other personal loans and some small business loans are normally written off when payment is one year past due. In the United States, all consumer loans are generally written off when payment is 180 days past due, except for non-real Corporate and commercial loans are classified as impaired when we determine there is no longer reasonable assurance that principal or interest will be collected in their entirety on a timely basis. Generally, we consider corporate and commercial loans to be impaired when payments are 90 days past due. Corporate and commercial loans are written off following a review on an individual loan basis that confirms all reasonable recovery attempts have been exhausted. Overdrafts are considered to be past due once the customer has breached an advised limit or has been advised of a limit lower than currently outstanding or, in the case of retail overdrafts, has not brought the overdraft down to a $nil balance within a specified time period. A loan will be reclassified to performing status when we determine that there is reasonable assurance of full and timely repayment of interest and principal in accordance with the terms and conditions of the loan, and that none of the criteria for classification of the loan as impaired continues to apply. Once a loan has been identified as impaired, we continue to recognize interest income based on the original effective interest rate on the loan amount net of its related allowance. In the periods following the recognition of impairment, adjustments to the allowance for these loans reflecting the time value of money are recognized as interest income. Interest income on impaired loans of $161 million was recognized for the year ended October 31, 2023 ($55 million in 2022). Allowance for Credit Losses The ACL recorded in our Consolidated Balance Sheet is maintained at a level that we consider adequate to absorb credit-related losses on our loans and other credit instruments. The ACL amounted to $4,267 million as at October 31, 2023 ($2,998 million as at October 31, 2022), of which $3,807 million ($2,617 million as at Significant changes in the gross balances, including originations, maturities and repayments in the normal course of operations, impact the ACL. In addition, ECL on the purchased performing loans we acquired in the Bank of the West acquisition was recorded on the acquisition date, consistent with the process we follow for loans that we originate. An initial PCL of $ million was recorded in our Consolidated Statement of Income. Allowance on Performing Loans We maintain an allowance in order to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Our approach to establishing and maintaining the allowance on performing loans is based on the requirements of IFRS, considering guidelines issued by OSFI. Under the IFRS 9 ECL methodology, an allowance is recorded for ECL on financial assets regardless of whether there has been an actual impairment. We recognize an ACL at an amount generally equal to 12-month 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 a significant increase in credit risk is based on the change in PD between origination and reporting date, assessed using probability-weighted scenarios, as well as certain other criteria, such as 30-day For each exposure, ECL is a function of PD, exposure at default (EAD) and loss given default (LGD), with the timing of the loss also considered, and is estimated by incorporating forward-looking economic information and using experienced credit judgment to reflect factors not captured in ECL models. PD represents the likelihood that a loan will not be repaid and will go into default in either a 12-month EAD is modelled based on historical data and represents an estimate of the amount of credit exposure outstanding at the time a default may occur. For off-balance LGD is the amount that may not be recovered in the event of default and is modelled based on historical data and reasonable and supportable information about future economic conditions, where appropriate. LGD takes into consideration the amount and quality of any collateral held. We consider past events, current market conditions and reasonable and supportable forward-looking information about future economic conditions in determining the amount of expected losses. In assessing information about possible future economic conditions, we utilize multiple economic scenarios, including our base case scenario, which in our view represents the most probable outcome, as well as benign and adverse scenarios, all of which are developed by our Economics group. Key economic variables used in the determination of the ACL reflect the geographic diversity of our portfolios, where appropriate. In considering the lifetime of a loan, the contractual period of the loan, including prepayment, extension and other options, is generally used. For revolving instruments, such as credit cards, which may not have a defined contractual period, the lifetime is based on historical behaviour. Our ECL methodology also requires the use of experienced credit judgment to incorporate the estimated impact of factors that are not captured in the modelled ECL results. We applied experienced credit judgment to reflect the continuing impact of the uncertain environment on credit conditions and the economy. Allowance on Impaired Loans We review our loans on an ongoing basis to assess whether any loans should be classified as impaired and whether an allowance or write-off Individually Significant Impaired Loans To determine the amount we expect to recover from an individually significant impaired loan, we use Individually Insignificant Impaired Loans Residential mortgages, consumer instalment loans, other personal loans and some small business loans are individually insignificant and may be assessed individually or collectively for losses at the time of impairment, taking into account historical loss experience and expectations of future economic conditions. Collectively assessed loans are grouped together by similar risk characteristics, such as type of instrument, geographic location, industry, type of collateral and term to maturity. Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at October 31, 2023 and 2022. Stage 1 includes performing loans carried with up to a 12-month lifetime ECL that are credit impaired. (Canadian $ in millions) 2023 2022 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (7) Total Loans: Residential mortgages Exceptionally low 2 – – 2 7 – – 7 Very low 85,423 171 – 85,594 94,743 81 – 94,824 Low 51,366 10,820 – 62,186 31,617 3,134 – 34,751 Medium 5,289 5,434 – 10,723 13,474 3,871 – 17,345 High 282 2,015 – 2,297 138 341 – 479 Not rated (2) 15,906 118 – 16,024 1,126 53 – 1,179 Impaired – – 424 424 – – 295 295 Gross residential mortgages 158,268 18,558 424 177,250 141,105 7,480 295 148,880 ACL 73 146 5 224 59 66 10 135 Carrying amount 158,195 18,412 419 177,026 141,046 7,414 285 148,745 Loans: Consumer instalment and other personal Exceptionally low 1,545 4 – 1,549 1,792 35 – 1,827 Very low 37,924 180 – 38,104 33,554 83 – 33,637 Low 21,406 1,052 – 22,458 24,369 1,307 – 25,676 Medium 7,971 5,686 – 13,657 13,536 4,633 – 18,169 High 759 2,127 – 2,886 873 1,525 – 2,398 Not rated (2) 24,426 411 – 24,837 4,052 32 – 4,084 Impaired – – 549 549 – – 312 312 Gross consumer instalment and other personal 94,031 9,460 549 104,040 78,176 7,615 312 86,103 ACL 208 415 152 775 101 288 102 491 Carrying amount 93,823 9,045 397 103,265 78,075 7,327 210 85,612 Loans: Credit cards (3) Exceptionally low 1,605 – – 1,605 2,920 – – 2,920 Very low 1,946 1 – 1,947 442 1 – 443 Low 1,884 70 – 1,954 1,569 51 – 1,620 Medium 3,860 890 – 4,750 2,918 792 – 3,710 High 533 763 – 1,296 316 563 – 879 Not rated (2) 651 91 – 742 90 1 – 91 Impaired – – – – – – – – Gross credit cards 10,479 1,815 – 12,294 8,255 1,408 – 9,663 ACL 134 267 – 401 69 207 – 276 Carrying amount 10,345 1,548 – 11,893 8,186 1,201 – 9,387 Loans: Business and government (4) Acceptable Investment grade 202,731 3,886 – 206,617 187,245 6,765 – 194,010 Sub-investment 126,350 26,260 – 152,610 98,451 22,390 – 120,841 Watchlist 1,078 11,520 – 12,598 – 6,310 – 6,310 Impaired – – 2,987 2,987 – – 1,384 1,384 Gross business and government 330,159 41,666 2,987 374,812 285,696 35,465 1,384 322,545 ACL 849 1,031 527 2,407 608 675 432 1,715 Carrying amount 329,310 40,635 2,460 372,405 285,088 34,790 952 320,830 Total gross loans and acceptances 592,937 71,499 3,960 668,396 513,232 51,968 1,991 567,191 Total net loans and acceptances 591,673 69,640 3,276 664,589 512,395 50,732 1,447 564,574 Commitments and financial guarantee contracts Acceptable Investment grade 195,149 1,721 – 196,870 182,153 5,134 – 187,287 Sub-investment 54,148 14,158 – 68,306 45,920 14,047 – 59,967 Watchlist 254 4,137 – 4,391 2 2,176 – 2,178 Impaired – – 687 687 – – 292 292 Gross commitments and financial guarantee contracts 249,551 20,016 687 270,254 228,075 21,357 292 249,724 ACL 260 189 11 460 194 174 13 381 Carrying amount (5)(6) 249,291 19,827 676 269,794 227,881 21,183 279 249,343 (1) Includes Bank of the West PCI loans. As at October 31, 2023, PCI loan gross carrying amounts were $ (2) Includes purchased portfolios and certain cases where an internal risk rating is not assigned. Alternative credit risk assessments, rating methodologies, policies and tools are used to manage credit risk for these portfolios. (3) 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. (4) Includes customers’ liability under acceptances. (5) Represents the total contractual amounts of undrawn credit facilities and other off-balance (6) Certain commercial borrower commitments are conditional and may include recourse to counterparties. (7) 93% of Stage 3 loans were either fully or partially collateralized as at October 31, 2023 (92% as at October 31, 2022). The following table shows the continuity in the loss allowance, by product type, for the years ended October 31, 2023 and 2022. Transfers represent the amount of ECL that moved between stages during the year, for example, moving from a 12-month (Canadian $ in millions) 2023 2022 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of year 59 67 16 142 46 40 19 105 Transfer to Stage 1 92 (92 – – 39 (37 ) (2 ) – Transfer to Stage 2 (18 27 (9 – (4 ) 10 (6 ) – Transfer to Stage 3 (1 (12 13 – – (7 ) 7 – Net remeasurement of loss allowance (94 106 15 27 (52 ) 61 8 17 Loan originations 26 – – 26 34 – – 34 Loan purchases 31 – – 31 – – – – Derecognitions and maturities (4 (9 – (13 ) (5 ) (7 ) – (12 ) Model changes (19 63 – 44 2 5 – 7 Total PCL (2) 13 83 19 115 14 25 7 46 Write-offs (3) – – (10 (10 ) – – (5 ) (5 ) Recoveries of previous write-offs – – 7 7 – – 7 7 Foreign exchange and other 1 1 (22 (20 ) (1 ) 2 (12 ) (11 ) Balance as at end of year 73 151 10 234 59 67 16 142 Loans: Consumer instalment and other personal Balance as at beginning of year 111 304 102 517 128 357 91 576 Transfer to Stage 1 265 (254 (11 – 230 (221 ) (9 ) – Transfer to Stage 2 (52 93 (41 – (41 ) 71 (30 ) – Transfer to Stage 3 (18 (104 122 – (5 ) (82 ) 87 – Net remeasurement of loss allowance (264 438 309 483 (263 ) 226 103 66 Loan originations 58 6 – 64 92 – – 92 Loan purchases 179 – – 179 – – – – Derecognitions and maturities (34 (43 – (77 ) (22 ) (39 ) – (61 ) Model changes (26 (8 – (34 ) (9 ) (13 ) – (22 ) Total PCL (2) 108 128 379 615 (18 ) (58 ) 151 75 Write-offs (3) – – (371 (371 ) – – (205 ) (205 ) Recoveries of previous write-offs – – 74 74 – – 80 80 Foreign exchange and other 1 2 (32 (29 ) 1 5 (15 ) (9 ) Balance as at end of year 220 434 152 806 111 304 102 517 Loans: Credit cards Balance as at beginning of year 115 250 – 365 114 245 – 359 Transfer to Stage 1 172 (172 – – 149 (149 ) – – Transfer to Stage 2 (45 45 – – (34 ) 34 – – Transfer to Stage 3 (3 (147 150 – (2 ) (114 ) 116 – Net remeasurement of loss allowance (146 366 216 436 (156 ) 236 74 154 Loan originations 77 1 – 78 54 – – 54 Loan purchases 25 – – 25 – – – – Derecognitions and maturities (7 (36 – (43 ) (5 ) (23 ) – (28 ) Model changes – – – – (6 ) 18 – 12 Total PCL (2) 73 57 366 496 – 2 190 192 Write-offs (3) – – (436 (436 ) – – (249 ) (249 ) Recoveries of previous write-offs – – 103 103 – – 78 78 Foreign exchange and other – 1 (33 (32 ) 1 3 (19 ) (15 ) Balance as at end of year 188 308 – 496 115 250 – 365 Loans: Business and government Balance as at beginning of year 746 789 439 1,974 662 855 401 1,918 Transfer to Stage 1 306 (291 (15 – 313 (267 ) (46 ) – Transfer to Stage 2 (173 236 (63 – (166 ) 243 (77 ) – Transfer to Stage 3 (25 (161 186 – (1 ) (52 ) 53 – Net remeasurement of loss allowance (446 735 308 597 (437 ) 127 224 (86 ) Loan originations 276 4 – 280 488 – – 488 Loan purchases 470 – – 470 – – – – Derecognitions and maturities (126 (193 – (319 ) (223 ) (168 ) – (391 ) Model changes (17 (51 – (68 ) 19 (32 ) – (13 ) Total PCL (2) 265 279 416 960 (7 ) (149 ) 154 (2 ) Write-offs (3) – – (372 (372 ) – – (153 ) (153 ) Recoveries of previous write-offs – – 81 81 – – 50 50 Foreign exchange and other 32 87 (31 88 91 83 (13 ) 161 Balance as at end of year 1,043 1,155 533 2,731 746 789 439 1,974 Total as at end of year 1,524 2,048 695 4,267 1,031 1,410 557 2,998 Comprised of: Loans 1,264 1,859 684 3,807 837 1,236 544 2,617 Other credit instruments (4) 260 189 11 460 194 174 13 381 (1) Includes changes in allowance for PCI loans of $1 million for the year ended October 31, 2023. The total amount of ECLs at initial recognition on PCI loans was $79 million. (2) Excludes PCL on other assets of $(8) million for the year ended October 31, 2023 ($2 million for the year ended October 31, 2022). (3) 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. (4) Other credit instruments, including off-balance Loans and ACL by geographic region as at October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 2022 Gross ACL on ACL on Net Gross ACL on ACL on Net By geographic region (1) Canada 365,268 457 1,272 363,539 342,430 363 1,102 340,965 United States 283,355 227 1,833 281,295 200,439 176 959 199,304 Other countries 11,662 – 18 11,644 11,087 5 12 11,070 Total 660,285 684 3,123 656,478 553,956 544 2,073 551,339 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes ACL on impaired loans of $11 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2022). (3) Excludes ACL on performing loans of $449 million for other credit instruments, which is included in other liabilities ($368 million as at October 31, 2022). Impaired (Stage 3) loans, including the related allowances, as at October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 2022 Gross impaired ACL on Net impaired Gross impaired ACL on Net impaired Residential mortgages 424 5 419 295 10 285 Consumer instalment and other personal 549 152 397 312 102 210 Business and government (1) 2,987 527 2,460 1,384 432 952 Total 3,960 684 3,276 1,991 544 1,447 By geographic region (2) Canada 1,629 457 1,172 1,158 363 795 United States 2,331 227 2,104 820 176 644 Other countries – – – 13 5 8 Total 3,960 684 3,276 1,991 544 1,447 (1) Includes customers’ liability under acceptances. (2) Geographic region is based upon the country of ultimate risk. (3) Excludes ACL on impaired loans of $11 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2022). Loans Past Due Not Impaired Loans that are past due but not classified as impaired are loans for which 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 that are held at fair value. The following table presents loans that are past due but not classified as impaired as at October 31, 2023 and 2022. Loans for which payment is less than 30 days past due have been excluded, as they are not generally representative of the borrowers’ ability to meet their payment obligations. (Canadian $ in millions) 2023 2022 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more (1) Total Residential mortgages 707 9 716 411 19 430 Credit card, consumer instalment and other personal 1,003 129 1,132 392 84 476 Business and government 826 18 844 198 38 236 Total 2,536 156 2,692 1,001 141 1,142 (1) Fully secured loans with amounts between 90 180 ECL Sensitivity and Key Economic Variables The allowance for performing loans is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Many of the factors have a high degree of interdependency, although there is no single factor to which loan impairment allowances as a whole are sensitive. As at October 31, 2023, our benign scenario involves a materially stronger economic environment than the base case forecast with a considerably lower unemployment rate. As at October 31, 2023, our base case scenario depicts a period of economic stagnation in the near term, largely in response to higher interest rates and tighter lending conditions, and a moderate economic recovery over the medium term as inflation is expected to ease and lead to lower interest rates in the second half of 2024. Our base case economic forecast as at October 31, 2022 depicted a slightly weaker economic environment in the projection period. If we assumed a 100% base case economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $2,625 million as at October 31, 2023 ($1,900 million as at October 31, 2022) compared to the reported allowance for performing loans of $3,572 million ($2,441 million as at October 31, 2022). As at October 31, 2023, our adverse scenario depicts a sizeable contraction in the Canadian and U.S. economy in the near term followed by a moderate recovery over the medium term. The adverse case as at October 31, 2022 depicted a broadly similar economic environment over the projection period. If we assumed a % adverse economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $ million as at October 31, 2023 ($ million as at October 31, 2022) compared to the reported allowance for performing loans of $ million ($ million as at October 31, 2022). Actual results in a recession will differ, as our loan portfolio will change through time due to migration, growth, risk mitigation actions and other factors. In addition, our allowance will reflect the three economic scenarios used in assessing the allowance, with weightings attached to adverse and benign scenarios often unequally weighted, and the weightings will change through time. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS The following table shows the key economic variables used to estimate the allowance on performing loans forecast over the next 12 months or lifetime measurement period. While the values disclosed below are national variables, we use regional variables in the underlying models and consider factors impacting particular industries where appropriate. As at October 31, 2023 As at October 31, 2022 All figures are average annual values Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Remaining First 12 Remaining First 12 Remaining First 12 Remaining First 12 Remaining First 12 Remaining Real GDP growth rates (2) Canada 3.2% 2.6% 0.4% 1.9% (3.9)% 1.2% 3.7% 2.2% 1.5% 1.1% (2.3)% 0.4% United States 4.1% 2.5% 1.4% 2.0% (3.5)% 1.4% 2.4% 2.1% 0.2% 1.3% (3.3)% 0.6% Corporate BBB 10-year Canada 1.7% 1.8% 2.4% 2.0% 4.2% 3.5% 1.9% 1.9% 2.4% 2.2% 3.7% 3.9% United States 1.4% 1.7% 2.2% 2.1% 4.6% 3.5% 1.8% 1.9% 2.2% 2.2% 4.2% 3.9% Unemployment rates Canada 4.2% 3.7% 5.9% 5.7% 9.3% 10.1% 4.3% 3.6% 5.9% 6.5% 8.0% 9.9% United States 2.9% 2.5% 4.2% 4.1% 7.5% 8.3% 3.2% 2.6% 4.2% 4.8% 6.5% 8.4% Housing Price Index (2) Canada (3) 9.9% 6.9% 5.5% 4.5% (20.2)% (5.0)% (6.7)% 2.1% (10.0)% (1.0)% (13.6)% (8.0)% United States (4) 2.7% 3.7% (0.5)% 2.3% (19.2)% (4.3)% 1.6% (0.7)% (0.9)% (2.6)% (7.5)% (8.4)% (1) The remaining forecast period is two years. (2) Real gross domestic product (GDP) and housing price index are averages of quarterly year-over-year growth rates. (3) In Canada, we use the Housing Price Index Benchmark Composite. (4) In the United States, we use the National Case-Shiller House Price Index. The ECL approach requires the recognition of credit losses generally based on 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses on performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios, if all our performing loans were in Stage 1, our models would generate an allowance for performing loans of approximately $2,800 million ($1,850 million as at Renegotiated Loans From time to time we modify the contractual terms of a loan due to the poor financial condition of the borrower. Modifications may include reductions in interest rates, maturity date extensions, payment holidays or payment forgiveness. We assess renegotiated loans for impairment in line with our existing policies for impairment. When an impaired loan is renegotiated, it will return to performing status when none of the criteria for classification as impaired continue to apply and the borrower has demonstrated good payment behaviour on the restructured terms over a period of time. The carrying value of loans with lifetime ACL modified during the year ended October 31, 2023 was $1,005 million ($91 million in 2022). As at October 31, 2023, $26 million ($13 million as at October 31, 2022) of loans previously modified saw their loss allowance during the year change from lifetime to 12-month Foreclosed Assets Property or other assets that we receive from borrowers to satisfy their loan commitments are classified as either held for own use or held-for-sale held-for-sale. held-for-sale During the year ended October 31, 2023, we foreclosed on impaired loans and received $35 million of real estate properties that we classified as held-for-sale held-for-sale Collateral Collateral is used to manage credit risk related to securities borrowed or purchased under resale agreements, residential mortgages, consumer instalment and other personal loans, and business and government loans. Additional information on our collateral requirements is included in Notes 14 and 24, as well as in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. |
Risk Management
Risk Management | 12 Months Ended |
Oct. 31, 2023 | |
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Risk Management | Note 5: Risk Management We have an enterprise-wide approach to the identification, assessment, management (including mitigation), monitoring and reporting of risks faced across our organization. The key risks related to our financial instruments are classified as credit and counterparty, market, and liquidity and funding risk. The economic headwinds, including rising interest rates and inflation, impact certain risks as outlined in the Enterprise-Wide Risk Management section of our Management’s Discussion and Analysis, and where those risks are related to financial instruments, they have been included in the blue-tinted Credit and Counterparty Risk Credit and counterparty risk is the potential for loss due to the failure of a borrower, endorser, guarantor or counterparty to repay a loan or honour another predetermined financial obligation. Credit risk arises predominantly with respect to loans, over-the-counter Our risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. Additional information on credit risk related to loans and derivatives is included in Notes 4 and 8, respectively. Market Risk Market risk is the potential for adverse changes in the value of our assets and liabilities resulting from changes in market variables such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices and their implied volatilities, and includes the risk of credit migration and default in our trading book. We incur market risk in our trading and underwriting activities, as well as in our structural banking activities. Our market risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. Liquidity and Funding Risk Liquidity and funding risk is the potential for loss if we are unable to meet our financial commitments in a timely manner at reasonable prices as they become due. It is our policy to ensure that sufficient liquid assets and funding capacity are available to meet financial commitments, including liabilities to depositors and suppliers, as well as lending, investment and pledging commitments, even in times of stress. Managing liquidity and funding risk is essential to maintaining enterprise soundness and safety, depositor confidence and earnings stability. Our liquidity and funding risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. |
Transfers of Financial Assets
Transfers of Financial Assets | 12 Months Ended |
Oct. 31, 2023 | |
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Transfers of Financial Assets | Note 6: Transfers of Financial Assets Transfers of Financial Assets that do not Qualify for Derecognition Loan Securitization We sell Canadian residential mortgages to third-party Canadian securitization programs, including the Canada Mortgage Bond program, and directly to third-party investors under the National Housing Act Mortgage-Backed Securities (NHA MBS) program. We assess whether substantially all of the risks and rewards of, or control over, the loans have been transferred in order to determine whether they qualify for derecognition. Under these programs, we are entitled to payment over time of the excess of the sum of interest and fees collected from customers, in connection with the mortgages that were sold, over the yield paid to investors, less credit losses and other costs. We also act as counterparty in interest rate swap agreements, where we pay the interest due to Canada Mortgage Bond holders and receive the interest on the underlying mortgages, which are converted into MBS through the NHA MBS program and sold to Canada Housing Trust. For some of these sales, we continue to be exposed to substantially all the prepayment, interest rate and credit risk associated with the securitized mortgages, so they did not qualify for derecognition. We continue to recognize the mortgages in our Consolidated Balance Sheet and the related cash proceeds are recognized as secured financing as part of securitization and structured entities’ liabilities in our Consolidated Balance Sheet. The interest and fees collected, net of the yield paid to investors, are recorded in net interest income using the effective interest method over the term of the securitization. Credit losses associated with the mortgages are recorded in the PCL. During the year ended October 31, 2023, we sold $4,950 million of mortgages to these programs ($5,495 million in 2022). Securities Lent or Sold Under Repurchase Agreements Securities lent or sold under repurchase agreements represent short-term funding transactions in which we sell securities that we own and simultaneously commit to repurchase the same securities at a specified price on a specified date in the future. We retain substantially all the risks and rewards associated with the securities and we continue to recognize them in our Consolidated Balance Sheet, with the obligation to repurchase these securities recorded as secured borrowing transactions at the amount owing. The carrying value of these securities approximates the carrying value of the associated liabilities due to their short-term nature. As at October 31, 2023, the carrying values of securities lent and securities sold under repurchase agreements were $13,559 million and $92,549 million, respectively ($13,473 million and $90,490 million, respectively, as at October 31, 2022). The interest expense related to these liabilities is recorded on an accrual basis in interest expense, other liabilities, in our Consolidated Statement of Income. The following table presents the carrying values and fair values of transferred assets that did not qualify for derecognition and the associated liabilities relating to loan securitizations: (Canadian $ in millions) 2023 2022 Carrying value Fair value Carrying value (1) Fair value Assets Trading securities (2) 277 – 1,062 – Residential mortgages 7,317 – 7,503 – Other related assets (3) 8,430 – 10,012 – Total 16,024 15,266 18,577 17,764 Associated liabilities (4) 14,937 14,244 17,471 16,846 (1) Carrying value of loans is net of allowance for credit losses, where applicable. (2) Trading securities represent CMO issued by third-party sponsored vehicles, where we do not substantially transfer all the risks and rewards of ownership to third-party investors. (3) Other related assets represent payments received on account of mortgages pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held in permitted instruments on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying value of the securitized assets in the table above. (4) Associated liabilities are recognized in securitization and structured entities’ liabilities in our Consolidated Balance Sheet. Continuing Involvement in Transferred Financial Assets that Qualify for Derecognition We retain the mortgage servicing rights, representing our continuing involvement, for certain mortgage loans purchased or originated in the United States that have been sold and derecognized. During the year ended October 31, 2023, we sold and derecognized $364 million of these loans ($556 million in 2022) and recognized a gain of $10 million ($17 million in 2022) in non-interest We retain residual interests, representing our continuing involvement, for certain commercial mortgage loans purchased or originated in the United States that have been sold and derecognized. During the year ended October 31, 2023, we sold and derecognized $ In addition, we hold U.S. government agency CMO issued by third-party sponsored vehicles, which we may further securitize by packaging them into new CMO prior to selling to third-party investors. If we have not substantially transferred all of the risks and rewards of ownership to third-party investors, we continue to recognize these CMO and the related cash proceeds as secured financing in our Consolidated Balance Sheet. During the year, we sold CMO that qualified for derecognition, where retained interests represent our continuing involvement and are managed as part of larger portfolios held for trading, liquidity or hedging purposes. Where we sold these CMO, associated gains and losses are recognized in non-interest revenue, trading revenues (losses). As at October 31, 2023, the fair value of our retained interests in these CMO was $ As noted above, we sell Canadian residential mortgages to third-party Canadian securitization programs, including the Canada Mortgage Bond program, and directly to third-party investors under the NHA MBS program. Some of these sales qualified for derecognition as we have transferred substantially all of the risks and rewards associated with the securitized mortgages. During the year ended October 31, 2023, we sold and derecognized $ million in 2022) and recognized a gain of $ million in 2022) in non-interest revenue, other. We retain some residual interests associated with the loans, representing our continuing involvement. The carrying value of our retained interests, classified as loans carried at fair value, was $ |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2023 | |
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Structured Entities | Note 7: Structured Entities We enter into certain transactions in the ordinary course of business which involve the establishment of SEs to facilitate or secure customer transactions and to obtain alternate sources of funding. We are required to consolidate a SE if we control the entity. We control a SE when we have power over the SE, exposure to variable returns as a result of our involvement, and the ability to exercise power to affect the amount of our returns. In assessing whether we control a SE, we consider the entire arrangement to determine the purpose and design of the SE, the nature of any rights held through contractual arrangements, and whether we are acting as principal or agent. We perform a reassessment of consolidation if facts and circumstances indicate that there have been changes to one or more of the elements of control over the SE. If the reassessment determines that we no longer control the SE, we will derecognize the related assets (including goodwill), liabilities and non-controlling Consolidated Structured Entities Bank Securitization Vehicles We use securitization vehicles to securitize our Canadian credit card loans, Canadian real estate lines of credit, Canadian auto loans and U.S. equipment loans in order to obtain alternate sources of funding. The structure of these vehicles limits the activities they can undertake and the types of assets they can hold, and the vehicles have limited decision-making authority. The vehicles issue term asset-backed securities (ABS) to fund their activities. We control and consolidate these vehicles, as we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. The following table presents the carrying values and fair values of assets and liabilities related to these consolidated securitization vehicles: (Canadian $ in millions) 2023 2022 Carrying value Fair value Carrying value (1) Fair value Assets Credit cards 9,506 9,506 8,223 8,223 Consumer instalment and other personal (2) 4,695 4,670 4,769 4,738 Business and government – – 125 124 Total 14,201 14,176 13,117 13,085 Associated liabilities (3) 10,376 10,177 9,274 9,072 (1) Carrying value of loans is net of ACL. (2) Includes real estate lines of credit and auto loans. (3) Associated liabilities are recognized in securitization and structured entities’ liabilities in our Consolidated Balance Sheet. Capital and Funding Vehicles We sponsor the Trust established in connection with the issuance of $1,250 million 4.3% Limited Recourse Capital Notes, Series 1 (Series 1 LRCNs), $750 million 5.625% Limited Recourse Capital Notes, Series 2 (Series 2 LRCNs) and $1,000 million 7.325% Limited Recourse Capital Notes, Series 3 (Series 3 LRCNs), which holds $1,250 million of BMO issued Non-Cumulative, 5-Year (Non-Viability Non-Cumulative, 5-Year Non-Cumulative 5-Year Series 2 and Series 3 LRCNs, respectively. We determined that we control and therefore consolidate this vehicle as we are exposed to its variable returns and have key decision-making powers over its activities. Refer to Note 16 for further information. We have a funding vehicle, created under the covered bond program, that was established to guarantee payments due to the holders of bonds issued by us. We sell assets to this funding vehicle in exchange for an intercompany loan. Refer to Note 13 for further information on our covered bond deposit liabilities. We have established a funding vehicle that issues commercial paper to third parties. We pledge collateral to secure the commercial paper in exchange for an intercompany loan. The amount of commercial paper issued by the vehicle totalled $6,054 million as at October 31, 2023 ($nil million as at October 31, 2022). Refer to Note 13 for further information on our commercial paper deposit liabilities. For those vehicles that purchase assets from us or are designed to pass on our credit risk, we have determined that, based on either the rights of the arrangements or through our equity interest, we have significant exposure to the variable returns of the vehicles, and we control and therefore consolidate these vehicles. Additional information related to notes issued by, and assets sold to, these vehicles is provided in Notes 13 and 24, respectively. Other We have other consolidated SEs, created to meet the needs of the bank and its customers. Aside from the exposure resulting from our involvement as a sponsor, we do not have other contractual or non-contractual Unconsolidated Structured Entities The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2023 2022 Customer Capital vehicles Other Customer Capital vehicles Other Interests recorded in our Consolidated Balance Sheet Financial Assets Cash and cash equivalents 184 5,182 – 68 3,483 – Trading securities 518 – 3,346 573 – 1,795 FVTPL securities 23 – – 119 – – FVOCI securities 1,393 – – 1,079 – – Derivatives 23 – – – – – Other 9 – 100 11 – 80 Total 2,150 5,182 3,446 1,850 3,483 1,875 Financial Liabilities Deposits 184 5,182 – 68 3,483 – Derivatives – – – 17 – – Other – 79 – – 48 – Total 184 5,261 – 85 3,531 – Maximum exposure to loss (2) 21,740 1 3,446 20,141 1 1,875 Total assets of the entities 13,936 5,260 30,877 12,364 3,531 11,845 (1) Securities held that are issued by our Canadian and U.S. customer securitization vehicles are comprised of asset-backed commercial paper (ABCP) and are classified as either trading securities, FVTPL securities or FVOCI securities. (2) Maximum exposure to loss represents securities held, undrawn liquidity facilities, any remaining unfunded committed amounts to the BMO funded vehicle, derivative assets and other assets. NOTES TO CONSOLIDATED FINANCIAL STATEMENTS Customer Securitization Vehicles We sponsor customer securitization vehicles (also referred to as bank-sponsored multi-seller conduits) that provide our customers with alternate sources of funding through the securitization of their assets. These vehicles provide clients with access to financing either from BMO or in the ABCP markets by allowing them to either sell their assets directly into the vehicle or indirectly by selling an interest in the securitized assets into the vehicle, which then issues ABCP to either investors or BMO to fund the purchases. The sellers remain responsible for servicing the transferred assets and are first to absorb any losses realized on those assets. We are not responsible for servicing or absorbing the first loss and none of the sellers are affiliated with BMO. We earn fees for providing services related to the securitizations, including liquidity, distribution and financial arrangement fees for supporting the ongoing operations of the vehicles. We have determined that we act as agent on behalf of the sellers and therefore do not control these vehicles. We provide liquidity facilities to the market-funded vehicles, which may require that we provide them with additional financing if certain events occur. The total committed and undrawn amounts under these liquidity facilities, as well as the undrawn amount under the liquidity facility related to BMO funded vehicles, as at October 31, 2023 was $ 19,775 million ($18,359 million as at October 31, 2022). This is included within commitments outlined in Note 24. Our interests in these vehicles as at October 31, 2023 and 2022 have been included in the Unconsolidated Structured Entities table above. Capital Vehicles We also use capital vehicles to pass our credit risk to security holders of the vehicles. In these situations, we are not exposed to significant default or credit risk. Our remaining exposure to variable returns is less than that of the note holders in these vehicles, who are exposed to our default and credit risk. We are not required to consolidate these vehicles. Other Securitization Vehicles Other securitization vehicles involve holdings in asset-backed securitizations. Where we sponsor SEs that securitize MBS into CMO, we may have interests through our holdings of CMO but we do not consolidate the SEs, as we do not have power to direct their relevant activities. These include government-sponsored agency securities such as U.S. government agency issuances. In determining whether we are a sponsor of a SE, we consider both qualitative and quantitative factors, including the purpose and nature of the entity, and our initial and continuing involvement. Subsequent to the securitization, we sell the CMO to third parties. Our maximum exposure to loss is limited to our on-balance sheet investments in these entities, included in the Unconsolidated Structured Entities table above. Where the asset-backed instruments in these securitizations are transferred to third parties, but we do not substantially transfer all risks and rewards of ownership to the third-party investors, we continue to recognize the transferred assets with the related cash proceeds recorded as secured financing in our Consolidated Balance Sheet in securitization and structured entities’ liabilities. As at October 31, 2023, these transferred assets were carried at fair value totalling $ million as at October 31, 2022), with $ Where the asset-backed instruments in these securitizations are transferred to third parties and qualify for derecognition, we record the related gains or losses in non-interest During the year ended October 31, 2023, we sold $11,779 million of MBS to these sponsored securitization vehicles ($8,342 million in 2022) and divested all interests in the securitized MBS, with any gains and losses recorded in non-interest We retain residual interests in certain commercial mortgage loans that have been either purchased or originated in the United States and then sold and derecognized through bank-sponsored SEs, which securitize these loans into MBS. During the year ended October 31, 2023, we sold and derecognized $1,170 million of these loans ($2,142 million in 2022) and recognized a gain of $25 million ($3 million in 2022). The carrying values of our retained interests classified as loans carried at amortized cost were $100 million as at October 31, 2023 ($80 million as at October 31, 2022). Fair value was equal to carrying value on these dates. BMO Managed Funds We have established a number of funds that we also manage. We assess whether or not we control these funds based on the economic interest we have in the funds, including investments in the funds and management fees earned from the funds, and any investors’ rights to remove us as investment manager. We consolidate only those funds that we control. Our total interest in unconsolidated BMO managed funds was $870 million as at October 31, 2023 ($948 million as at October 31, 2022), with $181 million included in FVTPL securities and $689 million included in trading securities in our Consolidated Balance Sheet as at October 31, 2023 ($185 million and $763 million, respectively, as at October 31, 2022). Other Structured Entities We purchase and hold investments in a variety of third-party SEs, including exchange-traded funds, mutual funds, limited partnerships, investment trusts, LIHTC entities, and government-sponsored ABS vehicles, which are recorded in securities in our Consolidated Balance Sheet. We are considered to have an interest in these entities through our holdings and because we may act as a counterparty in certain derivatives contracts. We are not the investment manager or the sponsor of any of these entities. We are generally a passive investor and do not have power over the key decision-making activities of these entities. Our maximum exposure to loss from our investments is limited to the carrying amounts of our investments in these entities and any unutilized commitment we have provided. Sponsored Structured Entities We may be deemed to be the sponsor of a SE if we are involved in its design, legal set-up Financial Support Provided to Structured Entities During the years ended October 31, 2023 and 2022, we did not provide any financial or non-financial |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Oct. 31, 2023 | |
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Derivative Instruments | Note 8: Derivative Instruments Derivative instruments are financial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other financial or commodity prices or indices. Derivative instruments can be either regulated exchange-traded contracts or negotiated over-the-counter Types of Derivatives Swaps Swaps are contractual agreements between two parties to exchange a series of cash flows. The various swap agreements that we enter into are as follows: • Interest rate swaps – counterparties generally exchange fixed and floating rate interest payments based on a notional value in a single currency. • Cross-currency swaps – counterparties exchange fixed rate interest payments and principal amounts in different currencies. • Cross-currency interest rate swaps – counterparties exchange fixed and/or floating rate interest payments and principal amounts in different currencies. • Commodity swaps – counterparties generally exchange fixed and floating rate payments based on a notional value of a single commodity. • Equity swaps – counterparties exchange the return on an equity security or a group of equity securities for the return based on a fixed or floating interest rate or the return on another equity security or group of equity securities. • Credit default swaps – one counterparty pays the other a fee in exchange for that other counterparty agreeing to make a payment if a credit event occurs, such as bankruptcy or failure to pay. • Total return swaps – one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a reference asset or group of assets, including returns such as interest earned on these assets, in exchange for amounts that are based on prevailing market funding rates. Forwards and Futures Forwards and futures are contractual agreements to either buy or sell a specified amount of a currency, commodity, interest rate-sensitive financial instrument or security at a specified price and date in the future. Forwards are customized contracts transacted in the over-the-counter Options Options are contractual agreements that convey to the purchaser the right but not the obligation to either buy or sell a specified amount of a currency, commodity, interest rate financial instrument or security at a fixed future date or at any time within a fixed future period. For options written by us, we receive a premium from the purchaser for accepting market risk. For options purchased by us, we pay a premium for the right to exercise the option. Since we have no obligation to exercise the option, our primary exposure to risk is the potential credit risk if the writer of an over-the-counter Caps, collars and floors are specialized types of written and purchased options. They are contractual agreements in which the writer agrees to pay the purchaser, based on a specified notional amount, the difference between the market rate and the prescribed rate of the cap, collar or floor. The writer receives a premium for selling this instrument. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. A futures option is an option contract in which the underlying instrument is a single futures contract. The main risks associated with these derivative instruments are related to exposure to movements in interest rates, foreign exchange rates, credit quality, value of the underlying financial instrument or commodity, as applicable, and the possible inability of counterparties to meet the terms of the contracts. Embedded Derivatives From time to time, we purchase or issue financial instruments containing embedded derivatives. The embedded derivative in a financial liability is separated from the host contract and carried at fair value if the economic characteristics of the derivative are not closely related to those of the host contract, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not measured at fair value. To the extent that we cannot reliably identify and measure the embedded derivative, the entire contract is carried at fair value, with changes in fair value reflected in our Consolidated Statement of Income. Embedded derivatives in certain of our guaranteed investment certificate deposits are accounted for separately from the host instrument and presented within deposits in our Consolidated Balance Sheet. Contingent Features Certain over-the-counter Risks Hedged Interest Rate Risk We manage interest rate risk through interest rate futures, interest rate swaps and options, which are linked to and adjust the interest rate sensitivity of a specific asset, liability, forecasted transaction or firm commitment, or a specific pool of transactions with similar risk characteristics. Foreign Currency Risk We manage foreign currency risk through currency futures, foreign currency options, cross-currency swaps, foreign exchange spot transactions, forward contracts and deposits denominated in foreign currencies. Equity Price Risk We manage equity price risk through total return swaps. Trading Derivatives Trading derivatives include derivatives entered into with customers to accommodate their risk management needs, market-making to facilitate customer-driven demand for derivatives, derivatives transacted on a limited basis to generate trading income from our principal trading positions, and certain derivatives entered into as part of our risk management strategy that do not qualify as hedges for accounting purposes (economic hedges). We structure and market derivative products to enable customers to transfer, modify or reduce current or expected exposure to risks. Principal trading activities include market-making and positioning activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenues based on spread and volume. Positioning activities involve managing market risk positions with the expectation of profiting from favourable movements in prices, rates or indices. We may also economically hedge a portion of our U.S. dollar earnings through forward foreign exchange contracts and/or options to minimize fluctuations in our consolidated net income due to the translation of our U.S. dollar earnings. These contracts are recorded at fair value, with changes in fair value recorded in non-interest Trading derivatives are recorded at fair value. Realized and unrealized gains and losses are generally recorded in non-interest may be recorded in our Consolidated Statement of Income in the same line as the unrealized gains and losses arising from the exposures. Unrealized gains on trading derivatives are recorded as derivative instrument assets and unrealized losses are recorded as derivative instrument liabilities in our Consolidated Balance Sheet. Fair Value of Trading and Hedging Derivatives Fair value represents point-in-time Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2023 2022 Gross assets Gross Net Gross assets Gross liabilities Net Trading Interest Rate Contracts Swaps (1) 4,193 (9,393 (5,200 7,176 (4,249 ) 2,927 Forward rate agreements 360 (84 276 437 (120 ) 317 Purchased options 3,221 – 3,221 3,157 – 3,157 Written options – (3,129 (3,129 – (2,391 ) (2,391 ) Futures 6 (21 (15 16 (27 ) (11 ) Foreign Exchange Contracts (2) Cross-currency swaps 1,887 (1,397 490 1,688 (2,096 ) (408 ) Cross-currency interest rate swaps 10,340 (10,081 259 10,722 (11,254 ) (532 ) Forward foreign exchange contracts 6,685 (5,469 1,216 8,387 (7,267 ) 1,120 Purchased options 575 – 575 1,096 – 1,096 Written options – (448 (448 – (1,151 ) (1,151 ) Commodity Contracts Swaps 1,029 (743 286 4,198 (1,725 ) 2,473 Purchased options 850 – 850 1,851 – 1,851 Written options – (787 (787 – (1,627 ) (1,627 ) Futures 143 (127 16 275 (237 ) 38 Equity Contracts 4,690 (11,460 (6,770 6,473 (14,584 ) (8,111 ) Credit Contracts Purchased 13 (18 (5 27 (3 ) 24 Written 12 (9 3 34 (72 ) (38 ) Total fair value – trading derivatives 34,004 (43,166 (9,162 45,537 (46,803 ) (1,266 ) Hedging Interest Rate Contracts (3) Cash flow hedges – swaps 693 (3,784 (3,091 41 (6,824 ) (6,783 ) Fair value hedges – swaps 4,877 (1,390 3,487 1,935 (2,987 ) (1,052 ) Total swaps 5,570 (5,174 396 1,976 (9,811 ) (7,835 ) Foreign Exchange Contracts Cash flow hedges (1) 333 (1,801 (1,468 629 (3,342 ) (2,713 ) Fair value hedges 69 (1 68 – – – Net investment hedges – (8 (8 – – – Total foreign exchange contracts 402 (1,810 (1,408 629 (3,342 ) (2,713 ) Equity Contracts Cash flow hedges – (43 (43 18 – 18 Total equity contracts – (43 (43 18 – 18 Total fair value – hedging derivatives (4) 5,972 (7,027 (1,055 2,623 (13,153 ) (10,530 ) Total fair value – trading and hedging derivatives 39,976 (50,193 ) (10,217 ) 48,160 (59,956 ) (11,796 ) Less: impact of master netting agreements (26,674 26,674 – (31,878 ) 31,878 – Total 13,302 (23,519 ) (10,217 ) 16,282 (28,078 ) (11,796 ) (1) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. (2) Gold contracts are included in foreign exchange contracts. (3) Includes the fair value of bond futures in fair value hedges rounded down to $nil million as at October 31, 2023 ($nil million as at October 31, 2022). (4) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance Assets are presented net of liabilities to customers where we have a legally enforceable right to offset amounts and we intend to settle contracts on a net basis. Notional Amounts of Trading Derivatives The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (Canadian $ in millions) 2023 2022 Exchange-traded Over-the-counter Total Exchange-traded Over-the-counter Total Interest Rate Contracts Swaps (1) – 9,254,984 9,254,984 – 5,683,145 5,683,145 Forward rate agreements – 132,653 132,653 – 22,397 22,397 Purchased options 37,264 130,000 167,264 23,854 98,113 121,967 Written options 38,256 118,524 156,780 11,073 87,941 99,014 Futures 1,367,959 – 1,367,959 401,965 – 401,965 Total interest rate contracts 1,443,479 9,636,161 11,079,640 436,892 5,891,596 6,328,488 Foreign Exchange Contracts (2) Cross-currency swaps – 54,169 54,169 – 53,837 53,837 Cross-currency interest rate swaps – 677,765 677,765 – 578,685 578,685 Forward foreign exchange contracts – 563,716 563,716 – 481,773 481,773 Purchased options 1,851 51,143 52,994 1,127 72,733 73,860 Written options 2,282 55,370 57,652 5,421 74,041 79,462 Futures 4,035 – 4,035 1,032 – 1,032 Total foreign exchange contracts 8,168 1,402,163 1,410,331 7,580 1,261,069 1,268,649 Commodity Contracts Swaps – 18,574 18,574 – 24,525 24,525 Purchased options 30,397 5,319 35,716 34,177 5,686 39,863 Written options 31,351 4,218 35,569 34,245 5,011 39,256 Futures 35,285 – 35,285 44,836 – 44,836 Total commodity contracts 97,033 28,111 125,144 113,258 35,222 148,480 Equity Contracts 189,112 115,689 304,801 162,102 104,825 266,927 Credit Contracts Purchased – 16,927 16,927 – 16,771 16,771 Written – 10,010 10,010 – 11,099 11,099 Total credit contracts – 26,937 26,937 – 27,870 27,870 Total 1,737,792 11,209,061 12,946,853 719,832 7,320,582 8,040,414 (1) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. (2) Gold contracts are included in foreign exchange contracts. Table excludes loan commitment derivatives with a notional amount of $1,805 million ($4,183 million as at October 31, 2022). Derivatives Used in Hedge Accounting The bank applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement When the hedged item is accounted for at FVTPL, there is a natural offset within the income statement with the related derivative. However, when we manage risks incumbent in instruments that are accounted for at amortized cost, including loans and deposits, or FVOCI debt securities, we use hedge accounting in order to eliminate the mismatch between the hedged item and the mark-to-market To the extent these instruments used to manage risk qualify for hedge accounting, we designate them in accounting hedge relationships. Our structural market risk strategies, including our approach to managing interest rate and foreign exchange risk, are included in the blue-tinted font in the Structural (Non-Trading) Non-Trading Mid-Term By using derivatives to hedge exposures to changes in interest rates, foreign exchange rates and equity prices, we are also exposed to the credit risk of the derivative counterparty. We mitigate credit risk by entering into transactions with high-quality counterparties, requiring the counterparties to post collateral, entering into master netting agreements, or settling through centrally cleared counterparties. To qualify as an accounting hedge, the hedging relationship must be designated and formally documented at its inception, detailing the particular risk management objective and strategy for the hedge and the specific asset, liability or cash flow being hedged, as well as how effectiveness is to be assessed. Changes in the fair value of the derivative must be highly effective in offsetting changes in the fair value or changes in the amount of future cash flows of the hedged item. We evaluate hedge effectiveness at the inception of the hedging relationship and on an ongoing basis, retrospectively and prospectively, primarily using a quantitative statistical regression analysis. We consider a hedging relationship highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8; the slope of the regression is within a range of 0.8 to 1.25; and the confidence level of the slope is at least 95%. The practice is different for our net investment hedge, which is discussed in the Net Investment Hedges section below. Any ineffectiveness in a hedging relationship is recognized as it arises in non-interest Under the IASB’s Phase 1 Amendments to IAS 39 and IFRS 7, certain hedge accounting requirements were modified to provide relief from the uncertainty arising from IBOR reform during the period prior to replacement of IBORs. These amendments allow us to assume the interest rate benchmarks that are the basis for cash flows of the hedged item and hedging instrument are not altered as a result of IBOR reform, thereby allowing hedge accounting to continue. They also provide an exception from the requirement to discontinue hedge accounting if a hedging relationship does not meet the effectiveness requirements solely as a result of IBOR reform. We continued to apply these amendments at October 31, 2023, and application will end at the earlier of the discontinuation of the impacted hedge relationship and the time at which there is no longer uncertainty arising from IBOR reform over the timing and amount of IBOR-based cash flows. Effective November 1, 2020, we early adopted the IASB’s Phase 2 amendments to IAS 39 and IFRS 7, which require us to amend hedge relationship documentation to reflect the changes required by IBOR reform when Phase 1 comes to an end, without discontinuing the existing hedge relationships. The following table outlines the notional amounts and average rates of derivatives and the carrying amounts of deposits designated as hedging instruments, by term to maturity, hedge type and risk type, where applicable. (Canadian $ in millions, except as noted) Remaining term to maturity 2023 2022 Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total Total Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount (1) 69,605 39,250 38,041 34,962 4,821 186,679 167,945 Average fixed interest rate 4.85% 4.33% 3.50% 3.57% 3.69% 4.20% 3.06% Foreign exchange risk – Cross-currency swaps (2) CAD-USD (3) Notional amount 8,897 15,121 12,977 6,300 327 43,622 62,703 Average fixed interest rate 2.47% 3.04% 3.17% 1.67% 3.42% 2.77% 1.31% Average exchange rate: CAD-USD 1.3340 1.3130 1.3118 1.3474 1.3076 1.3218 1.3196 CAD-EUR Notional amount 1,924 7,449 4,973 1,839 201 16,386 19,429 Average fixed interest rate 2.41% 3.90% 2.79% 1.89% 2.97% 3.15% 2.47% Average exchange rate: CAD-EUR 1.5395 1.4205 1.4015 1.4711 1.4870 1.4352 1.4489 Other currency pairs (4) Notional amount 1,155 6,141 1,901 514 76 9,787 7,718 Average fixed interest rate 2.21% 2.62% 4.20% 4.45% 5.24% 2.99% 2.42% Average exchange rate: CAD-Non USD/EUR 1.1310 1.6699 1.5040 0.7940 0.9038 1.5221 1.3956 Equity price risk – Total return swap (5) Notional amount – 451 – – – 451 455 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount (6) 42,073 24,340 46,219 27,242 29,494 169,368 103,671 Average fixed interest rate 4.97% 3.79% 3.61% 3.48% 3.35% 3.91% 2.42% Interest rate risk – Bond futures (exchange-traded derivatives) Notional amount 2,825 – – – – 2,825 109 Average price in dollars 105 – – – – 105 104 Foreign exchange risk – Cross-currency swaps (7) USD-EUR Notional amount – 21 – – – 21 19 Average fixed interest rate – 3.25% – – – 3.25% 3.25% Average exchange rate: USD-EUR – 0.9706 – – – 0.9706 0.9706 USD-JPY pair Notional amount 476 – – – – 476 – Average fixed interest rate (0.08)% – – – – (0.08)% – Average exchange rate: USD-JPY 0.0076 – – – – 0.0076 – Net Investment Hedges Foreign exchange risk – Cross-currency swaps CAD-CNH Notional amount 650 – – – – 650 – Foreign exchange risk – Deposit liabilities USD denominated deposit – carrying amount 13,154 – – – – 13,154 1,251 GBP denominated deposit – carrying amount 157 – – – – 157 – (1) The notional amount of the interest rate swaps likely subject to IBOR reform was $21,718 million of CDOR maturing after June 28, 2024, as at October 31, 2023 ($22,689 million of USD LIBOR maturing after (2) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EUR-USD EUR-CAD CAD-USD CAD-foreign (3) As at October 31, 2022, amounts include derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries. Refer to Note 10 for further details. (4) Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP, CAD-HKD, CAD-JPY, CAD-NOK , (5) The notional amount of the total return swaps likely subject to IBOR reform was $451 million of CDOR maturing after June 28, 2024 as at October 31, 2023 ($ (6) The notional amount of the interest rate swaps likely subject to IBOR reform was $22,328 million of CDOR maturing after June 28, 2024 as at October 31, 2023 ($31,455 million of USD LIBOR maturing after June 30, 2023, and $21,043 million of CDOR maturing after June 28, 2024, as at October 31, 2022). (7) The notional amount of the cross-currency swaps likely subject to IBOR reform was $nil million of CDOR maturing after June 28, 2024 as at October 31, 2023 ($ , Cash Flow Hedges Cash flow hedges modify exposure to variability in cash flows for variable interest rate bearing instruments, foreign currency denominated assets and liabilities and certain cash-settled share-based payment grants subject to equity price risk. We use interest rate swaps with or without embedded options, cross-currency swaps, forwards and total return swaps to hedge this variability. We hedge the full amount of foreign exchange risk, but interest rate risk is hedged only to the extent of benchmark interest rates. The benchmark interest rate is a component of interest rate risk that is observable in the relevant financial markets, for example, Secured Overnight Financing Rate or CORRA. We determine the amount of the exposure to which hedge accounting is applied by assessing the potential impact of changes in interest rates, foreign exchange rates and equity prices on the future cash flows of floating rate loans and deposits, foreign currency denominated assets and liabilities and certain cash-settled share-based payments. This assessment is performed using analytical techniques, such as simulation, sensitivity analysis, stress testing and gap analysis. We record interest that we pay or receive on derivatives that hedge interest rate risk or foreign exchange risk in net interest income in our Consolidated Statement of Income over the life of the hedge. Interest paid on derivatives that hedge equity price risk on certain share-based payments is recorded in employee compensation expense. The accounting mismatch that would otherwise occur is eliminated by recording changes in the fair value of the derivative that offset changes in the fair value of the hedged item for the designated hedged risk in other comprehensive income. Hedge ineffectiveness, the portion of the change in fair value of the derivative that does not offset changes in the fair value of the hedged item, is recorded directly in non-interest For cash flow hedges that are discontinued before the end of the original hedge term, the cumulative unrealized gain or loss recorded in other comprehensive income is amortized to our Consolidated Statement of Income in net interest income for interest rate swaps and in employee compensation for total return swaps as the hedged item is recorded in earnings. If the hedged item is sold or settled, the entire unrealized gain or loss is recognized immediately in net interest income in our Consolidated Statement of Income. In general, we do not terminate our foreign exchange hedges before maturity. For cash flow hedges, we use a hypothetical derivative to measure the hedged risk of floating rate loans, deposits, foreign currency denominated assets and liabilities, or share-based payment grants. This hypothetical derivative matches the critical terms of the hedged items identically, and it perfectly offsets the hedged cash flow. In our cash flow hedge relationships, the main sources of ineffectiveness are differences in interest rate indices, tenor and reset or settlement frequencies between hedging instruments and hedged items, and using hedging instruments without a floor in relationships for hedged items with a floor. Net Investment Hedges Net investment hedges mitigate our exposure to foreign exchange rate fluctuations related to our net investment in foreign operations. Deposits denominated in foreign currencies, cross-currency swaps and foreign exchange forwards are designated as a hedging instrument for a portion of our net investment in foreign operations. We designate the spot rate component of our hedging instrument in net investment hedges. The foreign currency translation of our net investment in foreign operations and the effective portion of the corresponding hedging instrument are recorded in unrealized gains (losses) on translation of net foreign operations in other comprehensive income, instead of through the income statement in the case of the hedging instrument if hedge accounting had not been elected. The effectiveness of our net investment hedge is determined using either the dollar offset method with spot foreign currency rates or a quantitative statistical regression analysis. As the notional amount of the hedging instruments and the hedged net investment in foreign operations are the same, there are no significant sources of ineffectiveness in these hedging relationships. For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2023 and 2022. (Canadian $ in millions) 2023 Carrying amount of Hedge ineffectiveness Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash Flow Hedges Interest rate risk – Interest rate swaps 693 (3,784 (1,543 1,511 – Foreign exchange risk – Cross-currency swaps and (3) 333 (1,801 (245 245 – Equity price risk – Total return swaps – (43 (80 80 – 1,026 (5,628 (1,868 1,836 – Net Investment Hedges Foreign exchange risk – Cross-currency swaps and – (8 23 (22 1 Foreign exchange risk – Deposit liabilities – (13,311 (485 485 – Total 1,026 (18,947 (2,330 2,299 1 2022 Cash Flow Hedges Interest rate risk – Interest rate swaps 41 (6,824 ) (8,481 ) 8,588 (33 ) Foreign exchange risk – Cross-currency swaps and (3) 629 (3,342 ) 1,684 (1,684 ) – Equity price risk – Total return swaps 18 – (29 ) 29 – 688 (10,166 ) (6,826 ) 6,933 (33 ) Net Investment Hedges Foreign exchange risk – Cross-currency swaps and – – 429 (429 ) – Foreign exchange risk – Deposit liabilities – (1,251 ) (886 ) 886 – Total 688 (11,417 ) (7,283 ) 7,390 (33 ) (1) Represents unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. (2) Represents life to date amounts. (3) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. The following tables provide a reconciliation related to the impacts of our cash flow hedges and net investment hedges in our Consolidated Statement of Other Comprehensive Income, on a pre-tax (Canadian $ in millions) 2023 Balance in cash flow hedge AOCI / net foreign operations AOCI Balance Gains / Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill Balance Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk (8,204 ) (1,543 1,732 (8,015 ) (2,720 (5,295 Foreign exchange risk (3) 1,223 (245 (368 610 610 – Equity price risk 33 (80 (25 (72 (72 – (6,948 ) (1,868 1,339 (7,477 ) (2,182 (5,295 Net Investment Hedges Foreign exchange risk (1,723 ) (463 – (2,186 ) (2,186 – Total (8,671 ) (2,331 1,339 (9,663 ) (4,368 (5,295 2022 Balance in cash flow hedge AOCI / Balance Gains / Amount reclassified to Balance Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk 578 (8,448 ) (334 ) (8,204 ) (6,713 ) (1,491 ) Foreign exchange risk (483 ) 1,684 22 1,223 1,168 55 Equity price risk 179 (29 ) (117 ) 33 33 – 274 (6,793 ) (429 ) (6,948 ) (5,512 ) (1,436 ) Net Investment Hedges Foreign exchange risk (1,263 ) (457 ) (3 ) (1,723 ) (1,723 ) – Total (989 ) (7,250 ) (432 ) (8,671 ) (7,235 ) (1,436 ) (1) Tax balance related to cash flow hedges accumulated other comprehensive income was $2,029 million as at October 31, 2023 ($1,819 million as at October 31, 2022). (2) Tax balance related to net investment hedges accumulated other comprehensive income was $555 million as at October 31, 2023 ($466 million as at October 31, 2022). (3) On closing our acquisition of Bank of the West on February 1, 2023, we settled the foreign exchange forward contracts entered to mitigate foreign exchange risk of the purchase price of Bank of the West and reclassified gain of $ after-tax Fair Value Hedges Fair value hedges modify exposure to changes in a fixed rate instrument’s fair value caused The carrying value of fixed rate assets or liabilities that are part of a hedging relationship is adjusted for the change in value of the risk being hedged. To the extent that the change in the fair value of the derivative does not offset changes in the fair value of the hedged item for the risk being hedged, the net amount (hedge ineffectiveness) is recorded directly in non-interest For fair value hedges that are discontinued, we cease adjusting the hedged item. The cumulative fair value adjustment of the hedged item is then amortized to net interest income over the hedged item’s remaining term to maturity. If the hedged item is sold or settled, the cumulative fair value adjustment is included in the gain or loss on sale or settlement. In our fair value hedge relationships, the main sources of ineffectiveness are our own credit risk on the fair value of the swap, and differences in terms such as fixed interest rate or reset/settlement frequency between the swap and the hedged item. The amounts related to derivatives designated as fair value hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on hedge ineffectiveness Gains (losses) on hedged item used to calculate hedge ineffectiveness Ineffectiveness non-interest revenue – other Carrying Active hedges Discontinued hedges Fair Value Hedge (3) Interest rate swaps 4,877 (1,390 ) – – – – – – Cross-currency swaps 69 (1 – – – – – – Securities and loans – – 4,071 (3,955 116 87,043 (4,373 (404 Deposits, subordinated debt and other liabilities – – (1,078 1,139 61 (77,358 1,015 1,867 Total 4,946 (1,391 ) 2,993 (2,816 177 9,685 (3,358 1,463 2022 Fair Value Hedge (3) Interest rate swaps 1,935 (2,987 ) – – – – – – Cross-currency swaps – – – – – – – – Securities and loans – – 2,633 (2,625 ) 8 36,394 (2,603 ) 122 Deposits, subordinated debt and other liabilities – – (3,113 ) 3,128 15 (61,307 ) 2,841 425 Total 1,935 (2,987 ) (480 ) 503 23 (24,913 ) 238 547 (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in our Consolidated Balance Sheet and includes amortized cost, before ACL, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. (3) Includes the fair value of bond futures rounded down to $nil million as at October 31, 2023 ($nil million as at October 31, 2022). Derivative-Related Market Risk Derivative instruments are subject to market risk arising from the potential for a negative impact on the balance sheet and/or statement of income due to adverse changes in the value of derivative instruments as a result of changes in certain market variables. These variables include interest rates, credit spreads, foreign exchange rates, equity and commodity prices and their implied volatilities, credit migration and default. We strive to limit our exposure to market risk by employing comprehensive governance and management processes for all market risk-taking activities. Derivative-Related Credit Risk Derivative instruments are subject to credit risk arising from the possibility that counterparties may default on their obligations. The credit risk associated with a derivative normally represents an amount that is a small fraction of the notional amount of the derivative instrument. Derivative contracts generally expose us to potential credit loss if changes in market rates affect the counterparty’s position unfavourably and the counterparty defaults on payment. Credit risk is represented by the positive fair value of the derivative instrument. We strive to limit our exposure to credit risk by dealing with counterparties that we believe are creditworthy, and we manage our credit risk for derivatives using the same credit risk process that we apply to loans and other credit assets. We also pursue opportunities to reduce our exposure to credit losses on derivative instruments, by securing collateral and by entering into master netting agreements with counterparties. The credit risk associated with favourable contracts is mitigated by legally enforceable master netting agreements to the extent that unfavourable contracts with the same counterparty must be settled concurrently with favourable contracts. Exchange-traded derivatives have limited potential for credit risk exposure, as they are settled net daily with each exchange. Terms used in the credit risk tables below are as follows: Replacement cost Credit risk equivalent Risk-weighted assets (Canadian $ in millions) 2023 2022 Replacement Credit risk Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Over-the-counter Swaps 1,265 5,133 1,006 4,133 8,718 764 Forward rate agreements 571 2,219 471 943 1,773 430 Purchased options 45 174 61 48 170 46 Written options 1 140 77 4 131 67 1,882 7,666 1,615 5,128 10,792 1,307 Exchange-traded Futures 171 296 6 231 359 7 Purchased options 3 4 – 159 227 5 Written options – – – 7 11 – 174 300 6 397 597 12 Total interest rate contracts 2,056 7,966 1,621 5,525 11,389 1,319 Foreign Exchange Contracts (2) Over-the-counter Swaps 1,921 6,517 1,313 1,645 5,535 880 Forward foreign exchange contracts 2,300 9,296 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Oct. 31, 2023 | |
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Premises and Equipment | Note 9: Premises and Equipment We record all owned premises and equipment at cost less accumulated depreciation, and less any accumulated impairment, except land, which is recorded at cost. Buildings, computer equipment and operating system software, other equipment and leasehold improvements are depreciated on a straight-line basis over their estimated useful lives. When the major components of a building have different useful lives, they are accounted for separately and depreciated over each component’s estimated useful life. The maximum estimated useful lives we use to depreciate our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 to 7 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years Depreciation methods, useful lives and the residual values of premises and equipment are reviewed annually for any change in circumstances and are adjusted if appropriate. At each reporting period, we review whether there are any indications that premises and equipment need to be tested for impairment. If there is an indication that an asset may be impaired, we test for impairment by comparing the asset’s carrying value to its recoverable amount. The recoverable amount is calculated as the higher of value in use and fair value less costs to sell. Value in use is the present value of the future cash flows expected to be derived from the asset. An impairment charge is recorded when the recoverable amount is less than the carrying value. There were no write-downs of premises and equipment during the years ended October 31, 2023 non-interest Leases When we enter into a new arrangement as a lessee, a right-of-use right-of-use The right-of-use The lease liability accretes interest over the lease term, using the effective interest method, with the associated interest expense recognized in interest expense, other liabilities, in our Consolidated Statement of Income. We make estimates in determining the incremental borrowing rate that is used to discount lease liabilities, based on our expected costs of secured borrowing for the lease term. The lease term is based on the non-cancellable Amounts related to leases of low value are expensed when incurred in non-interest The total cost and associated accumulated depreciation for premises and equipment that we own or lease are set out below: (Canadian $ in millions) 2023 2022 Land Buildings Computer Other Leasehold Right-of-use Total Land Buildings Computer Other Leasehold Right-of-use Total Cost Balance at beginning of year 119 1,688 2,671 945 2,054 3,435 10,912 99 1,354 2,292 685 1,941 3,201 9,572 Additions/lease modifications 13 91 280 125 413 406 1,328 18 59 319 105 281 329 1,111 Acquisitions 213 276 63 12 25 523 1,112 – – – – – – – Disposals (1) (28 (26 (109 (30 (97 (60 (350 (8 ) (44 ) (53 ) (29 ) (246 ) (235 ) (615 ) Foreign exchange and other 6 18 18 8 18 53 121 10 319 113 184 78 140 844 Balance at end of year 323 2,047 2,923 1,060 2,413 4,357 13,123 119 1,688 2,671 945 2,054 3,435 10,912 Accumulated Depreciation and Impairment Balance at beginning of year – 1,188 2,007 667 1,270 939 6,071 – 867 1,724 471 1,338 718 5,118 Disposals (1) – (25 (106 (29 (94 (50 (304 – (35 ) (48 ) (25 ) (243 ) (153 ) (504 ) Depreciation – 70 306 65 169 412 1,022 – 50 225 53 116 336 780 Foreign exchange and other (2) – 5 21 1 11 55 93 – 306 106 168 59 38 677 Balance at end of year – 1,238 2,228 704 1,356 1,356 6,882 – 1,188 2,007 667 1,270 939 6,071 Net carrying value 323 809 695 356 1,057 3,001 6,241 119 500 664 278 784 2,496 4,841 (1) Includes fully depreciated assets written off and assets sold as part of divestitures in 2022. Refer to Note 10. (2) Includes impairment charges. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Oct. 31, 2023 | |
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Acquisitions and Divestitures | Note 10: Acquisitions and Divestitures Acquisitions The cost of an acquisition is measured at the fair value of the consideration transferred, including contingent consideration. Acquisition-related costs are recognized as an expense in the period in which they are incurred. The identifiable assets acquired and liabilities assumed and contingent consideration are measured at their fair values at the date of acquisition. Goodwill is measured as the excess of the aggregate of the consideration transferred over the net of the fair value of identifiable assets acquired and liabilities assumed. The results of operations of acquired businesses are included in our consolidated financial statements beginning on the date of acquisition. AIR MILES Reward Program On June 1, 2023, we completed the acquisition of the AIR MILES Reward Program (AIR MILES) business of LoyaltyOne Co., a subsidiary of Loyalty Ventures Inc., pursuant to a process under the Companies’ Creditors Arrangement Act We acquired intangible assets of $151 million and goodwill of $233 million. Customer relationship and software intangible assets are amortized to income over 5 to 14 years. The trade name intangible asset has an indefinite life and is not amortized to income. A portion of the goodwill related to this acquisition is deductible for tax purposes. The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) June 1, 2023 Securities 668 Goodwill and intangible assets 384 Other assets 141 Total assets 1,193 Deferred revenue (1) 916 Other liabilities 64 Total liabilities 980 Purchase price 213 (1) Deferred revenue reflects our obligation to fulfill the redemption of miles that were outstanding at the acquisition date and is included in other liabilities in our Consolidated Balance Sheet. The purchase price allocation for AIR MILES is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. Bank of the West On February 1, 2023, we completed the acquisition of Bank of the West, including its subsidiaries, from BNP Paribas for a cash purchase price of US$ 13.8 billion (CAD$ 18.4 billion). Bank of the West provides a broad range of banking products and services primarily in the Western and Midwestern regions of the United States. The merger enables BMO’s market extension in Bank of the West’s primary markets, including California, and accelerates BMO’s commercial banking expansion. The acquisition has been reflected in our results as a business combination, primarily in the U.S. Personal and Commercial Banking (U.S. P&C) and BMO WM reporting segments. As part of the acquisition, we acquired a % We control non-controlling We acquired intangible assets of $2,883 million and goodwill of $10,582 million. Core-deposit and customer relationship intangible assets are being amortized to income over the period during which we believe the assets will benefit us, on an accelerated basis, over a period not to exceed 15 years. Goodwill consists largely of the synergy and economies of scale expected from the combined operations of BMO and Bank of the West. Goodwill related to this acquisition is not deductible for tax purposes. We recorded the assets acquired and liabilities assumed at fair value as at the date of acquisition, as shown in the table below. (Canadian $ in millions) February 1, 2023 Purchase consideration 18,382 Impact of forward contracts (1) (269 ) Net purchase consideration 18,113 Fair value of identifiable assets acquired Securities 28,437 Loans Residential mortgages 11,912 Consumer installment and other personal 20,268 Credit cards 885 Business and government 43,418 Total loans 76,483 Other assets (2) 9,152 Intangible assets 2,883 Total fair value of identifiable assets acquired 116,955 Fair value of identifiable liabilities assumed Deposits 91,711 Other liabilities (2) 17,697 Total fair value of identifiable liabilities assumed 109,408 Non-controlling 16 Goodwill 10,582 Net purchase consideration 18,113 (1) To mitigate changes in the Canadian dollar equivalent of the purchase price between our announcement of the acquisition and its closing, we entered into forward contracts, which qualified for hedge accounting. Changes in the fair value of these forward contracts of $ (after-tax) (2) The net deferred tax asset recorded in the opening balance sheet is $1,273 million. The purchase price allocation for Bank of the West is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. The accounting for purchased loans, including the initial PCL, is discussed in Note 4. Since the acquisition date, Bank of the West has contributed revenue of $ P after-tax) after-tax). year-to-date Impact of Fair Value Management Actions The fair value of fixed rate loans, securities and deposits is largely dependent on interest rates. As interest rates increased between our announcement of the acquisition and close, the fair value of the acquired fixed rate instruments (in particular, loans, securities and deposits) decreased, resulting in goodwill on closing that was higher than our estimates on the announcement date. Conversely, the fair value of floating rate assets (liabilities) and non-maturity Upon announcement of the agreement to acquire Bank of the West, we entered into pay fixed/receive float interest rate swaps and purchased a portfolio of matched duration U.S. Treasuries and other balance sheet instruments to economically hedge the impact of changes in interest rates on our capital ratios at close. We recorded net interest income and mark-to-market billion on these instruments in interest income and non-interest On close, we placed the majority of these U.S. Treasuries and other balance sheet instruments, which were in an unrealized loss position, in fair value hedge relationships with new pay fixed/receive float interest rate swaps. The fair value hedges, coupled with other actions taken to manage our interest rate risk profile to its target position, crystallized a $5.7 billion loss on these instruments, which will be recognized as a reduction in interest income over their remaining life through accounting for the new fair value hedges. We recorded a n The Leasing Solutions Canada Inc. On February 1, 2023, we acquired Leasing Solutions Canada Inc. from BNP Paribas. The acquisition was reflected in our results beginning in the second quarter of 2023 as a business combination, in the Canadian P&C reporting segment and was not material to the bank. Radicle Group Inc. On December 1, 2022, we completed the acquisition of Radicle Group Inc. (Radicle), a Calgary-based leader in sustainability advisory services and solutions, and technology-driven emissions measurement and management, for 1.2 million BMO common shares with a total value of $153 million plus cash consideration of $42 million. The acquisition was accounted for as a business combination, and the acquired business and corresponding goodwill are included in our BMO CM reporting segment. We acquired intangible assets of $60 million and goodwill of $85 million. The intangible assets are being amortized over 3 to 15 years. Goodwill related to this acquisition is not deductible for tax purposes. The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) December 1, 2022 Goodwill and intangible assets 145 Other assets 85 Total assets 230 Liabilities 35 Purchase price 195 The purchase price allocation for Radicle is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. Divestitures Non-current non-financial held-for-sale held-for-sale Non-current non-financial held-for-sale non-interest non-interest non-interest EMEA and U.S. Asset Management On November 8, 2021, we completed the sale of our EMEA Asset Management business, part of our BMO WM operating segment, to Ameriprise Financial Inc. (Ameriprise) for £615 million (CAD$1,038 million) in an all-cash million, respectively, were derecognized. In connection with the completion of the EMEA portion of the sale, we recognized a before and after-tax loss of $ million related to foreign currency translation reclassified from accumulated other comprehensive income to non-interest revenue, foreign exchange gains, other than trading, in our Consolidated Statement of Income in 2022. The transaction also included the opportunity for certain BMO asset management clients in the United States to move to Ameriprise. These transfers were completed in 2022, resulting in tax expense of $ a m 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 was not considered material to the bank. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2023 | |
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Goodwill and Intangible Assets | Note 11: Goodwill and Intangible Assets Goodwill When we complete an acquisition, we allocate the purchase price to the assets In performing the impairment test, we utilize the fair value less costs to sell for each group of CGUs based on discounted cash flow projections. Cash flows were projected for the first 10 years based on actual operating results, expected future business performance and past experience. Beyond 10 years, cash flows were assumed to grow at perpetual annual rates of up to 2.0% (3.0% in 2022). The discount rates we applied in determining the recoverable amounts in 2023 ranged from 8.9% to 11.4% (6.8% to 11.2% in 2022) and were based on our estimate of the cost of capital for each CGU. The cost of capital for each CGU was estimated using the Capital Asset Pricing Model, based on the historical betas of publicly traded peer companies that are comparable to the CGU. We use significant judgment to determine inputs to the discounted cash flow model, which is most sensitive to changes in future cash flows, discount rates and terminal growth rates applied to cash flows beyond the forecast period. The key assumptions described above may change as market and economic conditions change. However, we estimate that reasonably possible changes in these assumptions are not expected to cause the recoverable amounts of our CGUs to decline below their carrying amounts. A continuity of our goodwill by group of CGUs for the years ended October 31, 2023 and 2022 is as follows: (Canadian $ in millions) Personal and Commercial Banking BMO Wealth Management BMO Capital Markets Total Canadian U.S. P&C Total Wealth and Insurance Total Balance – October 31, 2021 97 3,567 3,664 1,310 2 1,312 402 5,378 Disposals (7) – – – (538 ) – (538 ) – (538 ) Foreign exchange and other (1) – 362 362 50 – 50 33 445 Balance – October 31, 2022 97 3,929 4,026 822 2 824 435 5,285 Acquisitions (7) 233 10,345 10,578 237 – 237 85 10,900 Foreign exchange and other (1) – 515 515 20 – 20 8 543 Balance – October 31, 2023 330 (2) 14,789 (3) 15,119 1,079 (4) 2 (5) 1,081 528 (6) 16,728 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to AIR MILES, bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to Bank of the West, First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I Marshall and Ilsley Banks (M&I) and GE Transportation Finance. (4) Relates primarily to Bank of the West, CTC Consulting LLC, M&I, Stoker Ostler Wealth Advisors, Inc., myCFO, Inc., Guardian Group of Funds Ltd. and BMO Nesbitt Burns Inc. Pyrford International Limited, LGM Investments Limited and F&C Asset Management plc were divested in fiscal 2022. (5) Relates to AIG Life Holdings (Canada), ULC. (6) Relates to Radicle, Clearpool, KGS-Alpha (7) Refer to Note 10 for further information. Intangible Assets Intangible assets related to our acquisitions are initially recorded at their fair value at the acquisition date and subsequently at cost less accumulated amortization. Software is recorded at cost less accumulated amortization. Amortization expense is recorded in amortization of intangible assets in our Consolidated Statement of Income. The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Cost as at October 31, 2021 719 894 5,548 204 601 7,966 Additions – – 11 662 20 693 Transfers – – 611 (611 ) – – Disposals (2) (247 ) – (53 ) (1 ) (319 ) (620 ) Foreign exchange and other 49 84 120 5 20 278 Cost as at October 31, 2022 521 978 6,237 (1) 259 322 8,317 Additions – – 58 739 33 830 Acquisitions (3) 311 2,453 103 – 227 3,094 Transfers – – 672 (672 ) – – Disposals (2)(3) – – (29 ) (2 ) (21 ) (52 ) Foreign exchange and other 18 122 30 – 11 181 Cost as at October 31, 2023 850 3,553 7,071 (1) 324 572 12,370 (1) Includes $6,172 million of internally generated software as at October 31, 2023 ($5,486 million as at October 31, 2022). (2) Includes fully depreciated assets written off and assets sold as part of divestitures in 2022. (3) Refer to Note 10 for further information. The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Accumulated amortization at October 31, 2021 616 894 3,821 – 369 5,700 Amortization 22 – 556 – 26 604 Disposals (2)(3) (247 ) – (49 ) – (123 ) (419 ) Foreign exchange and other 44 84 94 – 17 239 Accumulated amortization at October 31, 2022 435 978 4,422 (1) – 289 6,124 Amortization 44 291 653 – 27 1,015 Disposals (2)(3) – – (22 ) – (21 ) (43 ) Foreign exchange and other 8 26 20 – 4 58 Accumulated amortization at October 31, 2023 487 1,295 5,073 (1) – 299 7,154 Carrying value at October 31, 2023 363 2,258 1,998 324 273 5,216 Carrying value at October 31, 2022 86 – 1,815 259 33 2,193 (1) Includes $4,420 million of internally generated software as at October 31, 2023 ($3,819 million as at October 31, 2022). (2) Includes fully depreciated assets written off and assets sold as part of divestitures in 2022. Refer to Note 10 for further information. (3) Includes impairment charges. Intangible assets are amortized to income over the period during which we believe the assets will benefit us, on either a straight-line or an accelerated basis, over a period not to exceed 15 years. We have $227 million as at October 31, 2023 ($nil million as at October 31, 2022) in intangible assets with indefinite lives that relate primarily to card processing and trade name contracts. The useful lives of intangible assets are reviewed annually for any changes in circumstances. We test definite-life intangible assets for impairment when events or changes in circumstances indicate that their carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell. There were write-downs of software-related intangible assets of $9 million during the year ended October 31, 2023 ($5 million in 2022). |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2023 | |
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Other Assets | Note 12: Other Assets Customers’ Liability Under Acceptances Acceptances represent a form of negotiable short-term debt issued by our customers, which we guarantee for a fee. The fees earned are recorded in non-interest Other The components of other within other assets are as follows: (Canadian $ in millions) 2023 2022 Accounts receivable, prepaid expenses and other items 5,278 3,634 Accrued interest receivable 4,097 2,726 Bank owned life insurance policies 6,306 4,509 Leased vehicles, net of accumulated amortization 124 263 Cash collateral 9,939 13,586 Due from clients, dealers and brokers 381 313 Insurance-related assets (1) 3,161 2,575 Other employee future benefits assets (Note 21) 81 51 Pension asset (Note 21) 1,225 1,267 Precious metals (2) 4,701 2,970 Total 35,293 31,894 (1) Includes $1,073 million of investment properties ($1,001 million as at October 31, 2022) carried at cost less accumulated amortization. These investment properties support our insurance contract liabilities. The fair value, determined by external independent property valuers for disclosure purposes, is $1,326 million and categorized as Level 3 (refer to Note 17 for further information on fair value levels) (2) Precious metals are recorded at fair value based on quoted prices in active markets. |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2023 | |
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Deposits | Note 13: Deposits Payable on demand (Canadian $ in millions) Interest bearing Non-interest bearing Payable after notice Payable on a fixed date 2023 2022 Deposits by: Banks (1) 4,237 1,855 1,609 21,886 29,587 30,901 Business and government 57,781 45,648 183,610 287,631 574,670 495,831 Individuals 4,318 34,959 137,978 128,164 305,419 242,746 Total (3) 66,336 82,462 323,197 437,681 909,676 769,478 Booked in: Canada 54,328 68,495 127,523 312,863 563,209 515,290 United States 11,899 13,957 193,457 81,751 301,064 217,720 Other countries 109 10 2,217 43,067 45,403 36,468 Total 66,336 82,462 323,197 437,681 909,676 769,478 (1) Includes regulated and central banks. (2) Includes $63,925 million of senior unsecured debt as at October 31, 2023 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (3) Included in deposits as at October 31, 2023 and 2022 are $491,201 million and $384,080 million, respectively, of deposits denominated in U.S. dollars, and $55,705 million and $46,830 million, respectively, of deposits denominated in other foreign currencies. (4) We have unencumbered liquid assets of $360,213 million as at 31, 20 23 Deposits are measured at amortized cost, except structured notes, structured deposits and metals deposits, which are measured at FVTPL. Deposits payable on demand are comprised primarily of our customers’ chequing accounts, on some of which we pay interest. Our customers need not notify us prior to withdrawing money from their chequing accounts. Deposits payable after notice are comprised primarily of our customers’ savings accounts, on which we pay interest. Deposits payable on a fixed date are comprised of: • Various investment instruments purchased by our customers to earn interest over a fixed period, such as retail and small business term deposits, wholesale funding and guaranteed investment certificates. Deposits totalling $30,852 million as at October 31, 2023 ($29,966 million as at October 31, 2022) can be early redeemed, either fully or partially, by customers without penalty. These are classified as payable on a fixed date, based on their remaining contractual maturities. • Commercial paper, which totalled $52,884 million as at October 31, 2023 ($42,138 million as at October 31, 2022). • Covered bonds, which totalled $28,400 million as at October 31, 2023 ($29,076 million as at October 31, 2022). 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 October 31, 2023 269,262 73,226 43,106 385,594 As at October 31, 2022 230,475 50,542 34,241 315,258 The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars, that 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 October 31, 2023 55,070 38,509 61,370 114,313 269,262 As at October 31, 2022 46,792 28,826 55,288 99,569 230,475 Structured Note Liabilities Most of our structured note liabilities included in deposits have been designated at FVTPL, which aligns the accounting result with the way the portfolio is managed. The change in fair value of these structured notes is recorded in non-interest The following table presents fair value and changes in fair value of structured note liabilities: (Canadian $ in millions) Fair value Notional amount due at contractual Change in Change in Cumulative change in As at October 31, 2023 35,300 42,437 1,336 (379 865 As at October 31, 2022 26,305 32,507 4,617 1,653 1,245 (1) Change in fair value may be offset by related change in fair value on hedge contracts. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Other Liabilities | Note 14: Other Liabilities Acceptances Acceptances represent a form of negotiable short-term debt that is issued by our customers, which we guarantee for a fee. The fees earned are recorded in non-interest Securities Lending and Borrowing Securities lending and borrowing transactions are generally collateralized by securities or cash. Cash advanced or received as collateral is recorded in securities borrowed or purchased under resale agreements, or other liabilities, securities lent or sold under repurchase agreements, respectively. Interest earned on cash collateral is recorded in interest, dividend and fee income, in our Consolidated Statement of Income, and interest expense on cash collateral is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. The transfer of the securities to counterparties is only reflected in our Consolidated Balance Sheet if the risks and rewards of ownership have also been transferred. Securities borrowed are not recognized in our Consolidated Balance Sheet unless they are then sold to third parties, in which case the obligation to return the securities is recorded at fair value in securities sold but not yet purchased, with any gains or losses recorded in non-interest Securities Sold But Not Yet Purchased Securities sold but not yet purchased represent our obligations to deliver securities that we did not own at the time of sale. These obligations are recorded at their fair value. Adjustments to fair value as at the balance sheet date and gains and losses on the settlement of these obligations are recorded in non-interest revenue, trading revenues (losses), in our Consolidated Statement of Income. Securitization and Structured Entities’ Liabilities Securitization and structured entities’ liabilities include notes issued by our consolidated bank securitization vehicles and liabilities associated with the securitization of our Canadian mortgage loans as part of the Canada Mortgage Bond program, the NHA MBS program and our own programs. Additional information on our securitization programs and associated liabilities is provided in Notes 6 and 7. These liabilities are initially measured at fair value plus any directly attributable costs and are subsequently measured at amortized cost. The interest expense related to these liabilities is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. Other The components of other within other liabilities are as follows: (Canadian $ in millions) 2023 2022 Accounts payable, accrued expenses and other items 11,987 11,206 Accrued interest payable 5,299 2,319 ACL on off-balance 460 381 Cash collateral 6,406 5,042 Credit card loyalty rewards 1,432 441 Current tax liabilities 44 425 Deferred tax liabilities (Note 22) 16 102 Insurance-related liabilities 12,340 11,201 Lease liabilities 3,506 2,835 Liabilities of subsidiaries 18,120 7,494 Other employee future benefits liability (Note 21) 823 832 Payable to brokers, dealers and clients 2,436 2,966 Pension liability (Note 21) 179 88 Total 63,048 45,332 Credit Card Loyalty Rewards We earn interchange fees on our proprietary cards and fees on our AIR MILES business. We defer the fees related to our obligation to fulfill redemption of rewards/miles and record them in other liabilities, other in our Consolidated Balance Sheet. We recognize these fees in non-interest revenue in our Consolidated Statement of Income when the rewards/miles are redeemed. Insurance-Related Liabilities We are engaged in insurance businesses related to life insurance, annuities, which includes pension risk, accident and sickness, creditor insurance, and reinsurance. We designate the obligations related to certain investment contracts in our insurance businesses at FVTPL, which eliminates a measurement inconsistency that would otherwise arise from measuring the investment contract liabilities and offsetting changes in the fair value of the investments supporting them on a different basis. The change in fair value of these investment contract liabilities is recorded in insurance claims, commissions and changes in policy benefit liabilities, with the exception of changes in our own credit risk recognized in other comprehensive income. The impact of changes in our own credit risk is measured based on movements in our own credit spread year over year. Changes in the fair value of investments backing these investment contract liabilities are recorded in non-interest The following table presents the fair value and changes in fair value in our investment contract liabilities: (Canadian $ in millions) Fair value Notional amount due at Change in fair value recorded in the Statement of Income Change in Cumulative change in credit risk recognized in AOCI (before tax) As at October 31, 2023 708 1,397 (13 ) (15 ) 8 As at October 31, 2022 770 1,459 (114 ) 94 22 Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2023 2022 Insurance-related liabilities, beginning of year 11,201 12,845 Increase (decrease) in life insurance policy benefit liabilities from: New business 1,424 354 In-force (261 (1,938 ) Changes in actuarial assumptions and methodology (21 201 Foreign currency – 3 Net increase (decrease) in life insurance policy benefit liabilities 1,142 (1,380 ) Change in other insurance-related liabilities (3 (264 ) Insurance-related liabilities, end of year 12,340 11,201 Reinsurance In the ordinary course of business, our insurance subsidiaries reinsure risks with other insurance and reinsurance companies in order to provide greater diversification, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries of their direct obligation to the insured parties. We evaluate the financial condition of the reinsurers and monitor their credit ratings in order to minimize our exposure to losses from reinsurer insolvency. Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest revenue (Canadian $ in millions) 2023 2022 Direct premium income 2,879 1,623 Ceded premiums (646 ) (399 ) 2,233 1,224 Lease Liabilities When we enter into leases we record lease liabilities representing the present value of future lease payments over the lease term. Interest expense recorded on lease liabilities for the year ended October 31, 2023 was $92 million ($59 million in 2022). Total cash outflow for lease liabilities for the year ended October 31, 2023 was $435 million ($342 million in 2022). Variable lease payments (for example maintenance, utilities and property taxes) not included in the measurement of lease liabilities for the year ended October 31, 2023 were $218 million ($206 million in 2022). The maturity profile of our undiscounted lease liabilities is $439 million for 2024, $440 million for 2025, $427 million for 2026, $404 million for 2027, $375 million for 2028 and $ 2,089 million for 2029 and thereafter. |
Subordinated Debt
Subordinated Debt | 12 Months Ended |
Oct. 31, 2023 | |
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Subordinated Debt | Note 15: Subordinated Debt Subordinated debt represents our direct unsecured obligations to our debt holders, in the form of notes and debentures, and forms part of our regulatory capital. Subordinated debt is recorded at amortized cost using the effective interest rate method. Where appropriate, we enter into fair value hedges to hedge the risks caused by changes in interest rates (see Note 8). The rights of the holders of our notes and debentures are subordinate to the claims of depositors and certain other creditors. We require approval from OSFI before we can redeem any part of our subordinated debt. The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Reset premium (%) Redeemable at our option (2) 2023 2022 Debentures Series 20 150 December 2025 to 2040 8.25 na Not redeemable 147 146 3.803% Subordinated Notes due 2032 (1) US 1,250 December 2032 3.80 1.43 (3) December 2027 1,510 1,497 4.338% Subordinated Notes due 2028 (1) US 850 October 2028 4.34 na October 2023 ( 4 – 1,135 Series J Medium-Term Notes, First Tranche (1) 1,000 September 2029 2.88 1.18 (5) September 2024 999 998 Series J Medium-Term Notes, Second Tranche (1) 1,250 June 2030 2.08 1.32 (5) June 2025 1,248 1,248 Series K Medium-Term Notes, First Tranche (1) 1,000 July 2031 1.93 0.59 (5) July 2026 988 984 3.088% Subordinated Notes due 2037 (1) US 1,250 January 2037 3.09 1.40 (6) January 2032 1,439 1,393 Series L Medium-Term Notes, First Tranche (1) 750 October 2032 6.53 2.70 (7) October 2027 749 749 Series M Medium-Term Notes, First Tranche (1) 1,150 September 2033 6.03 2.02 (7) September 2028 1,148 – Total ( 8 8,228 8,150 (1) These notes include a NVCC provision, which is necessary for notes issued after a certain date to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable non-viability. (2) Redeemable at par with accrued and unpaid interest to and excluding the redemption date. (3) Interest rate will reset at a rate equal to the 5-year mid-swap rate plus the reset premium noted. (4) All US$850 million 4.338 (5) Interest rate will reset at a rate equal to the 3-month CDOR plus the reset premium noted. (6) Interest rate will reset at a rate equal to the 5-year U.S. treasury bill rate plus the reset premium noted. (7) Interest rate will reset at a rate equal to the CORRA plus the reset premium noted. (8) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together decreased their carrying value as at October 31, 2023 by $539 million (decreased market-making na – not applicable The aggregate remaining Off-Balance |
Equity
Equity | 12 Months Ended |
Oct. 31, 2023 | |
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Equity | Note 16: Equity Preferred and Common Shares Outstanding and Other Equity Instruments (Canadian $ in millions, except as noted) 2023 2022 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 27 20,000,000 500 0.96 20,000,000 500 0.96 Class B – Series 29 16,000,000 400 0.91 16,000,000 400 0.91 Class B – Series 31 12,000,000 300 0.96 12,000,000 300 0.96 Class B – Series 33 8,000,000 200 0.76 8,000,000 200 0.76 Class B – Series 44 16,000,000 400 1.21 16,000,000 400 1.21 Class B – Series 46 14,000,000 350 1.28 14,000,000 350 1.28 Class B – Series 50 (1) 500,000 500 73.73 500,000 500 24.64 Class B – Series 52 (2) 650,000 650 57.52 – – – Preferred Shares – Classified as Equity 3,300 2,650 Other Equity Instruments 4.800% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 4.300% Series 1 LRCNs 1,250 1,250 5.625% Series 2 LRCNs 750 750 7.325% Series 3 LRCNs 1,000 1,000 Preferred Shares and Other Equity Instruments 6,958 6,308 Common Shares Balance at beginning of year 677,106,878 17,744 648,136,472 13,599 Issued under the Shareholder Dividend 13,482,314 1,609 7,531,233 999 Issued under the Stock Option Plan and (Note 20) 724,853 61 733,591 57 Treasury shares sold/(purchased) 101,178 14 (138,168 ) (17 ) Issued to align capital position with increased regulatory 28,331,227 3,360 – – Issued for acquisitions (Note 10) 1,162,711 153 20,843,750 3,106 Balance at End of Year ( 3 720,909,161 22,941 5.80 677,106,878 17,744 5.44 (1) On July 27, 2022, we issued Class B Series 50 Preferred Shares for $500 million. (2) On January 31, 2023, we issued Class B Series 52 Preferred Shares for $650 million. (3) Common shares are net of 73,511 treasury shares as at October 31, 2023 (174,689 treasury shares as at October 31, 2022). Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount Non-cumulative dividend (1) Reset premium Date redeemable / convertible Convertible to Class B – Series 27 25.00 $ 0.240750 (2) 2.33% May 25, 2024 (3)(4) Class B – Series 28 (5)(6) Class B – Series 29 25.00 $ 0.226500 (2) 2.24% August 25, 2024 (3)(4) Class B – Series 30 (5)(6) Class B – Series 31 25.00 $ 0.240688 (2) 2.22% November 25, 2024 (3)(4) Class B – Series 32 (5)(6) Class B – Series 33 25.00 $ 0.190875 (2) 2.71% August 25, 2025 (3)(4) Class B – Series 34 (5)(6) Class B – Series 44 25.00 $ 0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (5)(6) Class B – Series 46 25.00 $ 0.318750 (2) 3.51% May 25, 2024 (3)(4) Class B – Series 47 (5)(6) Class B – Series 50 1,000.00 $ 36.865000 (2) 4.25% November 26, 2027 (3) Not convertible (6) Class B – Series 52 1,000.00 $ 35.285000 (2) 4.25% May 26, 2028 (3) Not convertible (6) (1) Non-cumulative (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become floating rate preferred shares. (5) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (6) The shares issued include a NVCC provision, which is necessary for the shares to qualify as regulatory capital under Basel III. Refer to the Non-Viability Contingent Capital paragraph below for details. On October 19, 2023, we announced that we did not intend to exercise our right to redeem the current outstanding Non-Cumulative 5-Year were issued and the holders of Preferred Shares Series 44 retained their shares. The dividend rate for the Preferred Shares Series 44 for the period commencing November 25, 2023 to, but excluding, November 25, 2028 will be On January 31, 2023, we issued 650,000 Non-Cumulative 5-Year non-cumulative Other Equity Instruments The $1,250 million 4.300% Series 1 LRCNs (NVCC), $750 million 5.625% Series 2 LRCNs (NVCC) and $1,000 million 7.325% Series 3 LRCNs (NVCC) are classified as equity and form part of our Additional Tier 1 Capital. Upon the occurrence of a recourse event, the noteholders will have recourse to assets held in a consolidated trust managed by a third-party trustee. The trust assets are currently comprised of $1,250 million of BMO issued Non-Cumulative 5-Year Non-Cumulative 5-Year Non-Cumulative 5-Year The US$500 million 4.800% AT1 Notes (NVCC) are also classified as equity and form part of our Additional Tier 1 Capital. The LRCNs and AT1 Notes are compound financial instruments that have both equity and liability features. On the date of issuance, we assigned an insignificant value to the liability components of both types of instruments and, as a result, the full amount of proceeds have been classified as equity. Semi-annual distributions on the LRCNs and AT1 Notes will be recorded when payable. The LRCNs and AT1 Notes are subordinate to the claims of the depositors and certain other creditors in right of payment. The following table shows the details of our AT1 Notes and LRCNs as at October 31, 2023 and 2022. (Canadian $ in millions, except as noted) 2023 2022 Face value Interest rate (%) Redeemable at our option Convertible to Total Total 4.800% AT1 Notes US$ 500 4.800 (1) August 2024 (2) Variable number of common shares (3) 658 658 4.300% Series 1 LRCNs $1,250 4.300 (4) November 2025 (2) Variable number of common shares (3)(4) 1,250 1,250 5.625% Series 2 LRCNs $ 750 5.625 (4) May 2027 (2) Variable number of common shares (3)(4) 750 750 7.325% Series 3 LRCNs $1,000 7.325 (4) November 2027 (2) Variable number of common shares (3)(4) 1,000 1,000 Total 3,658 3,658 (1) Non-cumulative (2) The notes are redeemable at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest, in whole or in part, at our option on any interest payment date on or after the first interest reset date or following certain regulatory or tax events. The bank may, at any time, purchase the notes at any price in the open market. (3) The notes issued include a NVCC provision, which is necessary for the notes to qualify as regulatory capital under Basel III. Refer to the Non-Viability Contingent Capital paragraph below for details. (4) Non-deferrable Non-payment Common Shares On December 16, 2022, we issued 13,575,750 common shares for $1,610 million through a public offering and 8,431,700 common shares for $1,000 million under a private placement. On January 25, 2023, we issued an additional 6,323,777 common shares for $750 million to BNP Paribas S.A. under a private placement. In total, we issued 28,331,227 common shares for $3,360 million to align our capital position with increased regulatory requirements as announced by OSFI on December 8, 2022. On December 1, 2022, we issued 1,162,711 common shares for $153 million for the acquisition of Radicle Group Inc. Refer to Note 10 for further information. Authorized Share Capital We classify financial instruments that we issue as financial liabilities, equity instruments or compound instruments. Financial instruments that will be settled by a variable number of our common shares upon conversion by the holders are classified as liabilities in our Consolidated Balance Sheet. Dividends and interest payments on financial liabilities are classified as interest expense in our Consolidated Statement of Income. Financial instruments are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Issued instruments that are not mandatorily redeemable, or that are not convertible into a variable number of our common shares at the holder’s option, are classified as equity and presented in share capital. Dividend payments on equity instruments are recognized as a reduction in equity. Common Shares We are authorized by our shareholders to issue an unlimited number of our common shares, without par value, for unlimited consideration. Our common shares are not redeemable or convertible. Dividends are declared by our Board of Directors at their discretion. Historically, the Board of Directors has declared dividends on a quarterly basis and the amount can vary from quarter to quarter. Preferred Shares We are authorized by our shareholders to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares, without par value, in series, for unlimited consideration. Class B Preferred Shares may be issued in a foreign currency. Treasury Shares When we purchase our common shares as part of our trading business, we record the cost of those shares as a reduction in shareholders’ equity. If those shares are resold at a price higher than their cost, the premium is recorded as an increase in contributed surplus. If those shares are resold at a price below their cost, the discount is recorded as a reduction first to contributed surplus and then to retained earnings for any amount in excess of the total contributed surplus related to treasury shares. Non-Viability Our preferred shares, AT1 Notes and LRCNs, by virtue of the recourse to the preferred shares held in the consolidated trusts, include a NVCC provision, which is necessary for them to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable non-viability. Normal Course Issuer Bid We did not establish a normal course issuer bid in the current fiscal year. Share Redemption and Dividend Restrictions OSFI must approve any plan to redeem any of our preferred share issues or other equity instruments for cash. We are prohibited from declaring dividends on our preferred or common shares when we would be, as a result of paying such a dividend, in contravention of the capital adequacy, liquidity or any other regulatory directive issued under the Bank Act (Canada) In addition, if the bank does not pay the interest in full on the AT1 Notes, the bank will not declare dividends on its common shares or preferred shares, or redeem, purchase or otherwise retire such shares, until the month commencing after the bank resumes full interest payments on the AT1 Notes. Currently, these limitations do not restrict the payment of dividends on common or preferred shares. Shareholder Dividend Reinvestment and Share Purchase Plan We offer a Dividend Reinvestment and Share Purchase Plan (the Plan) for our shareholders. Participation in the Plan is optional. Under the terms of the Plan, cash dividends on common shares are reinvested to purchase additional common shares. Shareholders also have the opportunity to make optional cash payments to acquire additional common shares. Until further notice, common shares under the Plan are 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. We issued 13,482,314 common shares under the Plan for the year ended October 31, 2023 (7,531,233 for the year ended October 31, 2022). Potential Share Issuances As at October 31, 2023, we had reserved 12,187,362 common shares (25,669,677 as at October 31, 2022) for potential issuance in respect of the Plan. We have also reserved 6,312,576 common shares (5,976,870 as at October 31, 2022) for the potential exercise of stock options, as further described in Note 20. Non-Controlling Non-controlling |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Trading-Related Revenue | 12 Months Ended |
Oct. 31, 2023 | |
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Fair Value of Financial Instruments and Trading-Related Revenue | Note 17: Fair Value of Financial Instruments and Trading-Related Revenue We record assets and liabilities held for trading, assets and liabilities designated at fair value, derivatives, certain equity and debt securities and securities sold but not yet purchased at fair value, and other non-trading Fair value represents an estimate of the amount that we would receive, or would be payable in the case of a liability, in an orderly transaction between willing parties at the measurement date. The fair value amounts disclosed represent point-in-time Governance Over the Determination of Fair Value Senior executive oversight of our valuation processes is provided through various valuation We establish valuation methodologies for each type of financial instrument that is required to be measured at fair value. The application of valuation models for products or portfolios is subject to independent approval to ensure only validated models are used. The impact of known limitations of models and data inputs is also monitored on an ongoing basis. IPV is a process that regularly and independently verifies the accuracy and appropriateness of market prices or model inputs used in the valuation of financial instruments. This process assesses fair values using a variety of different approaches to verify and validate the valuations. PAA is a daily process carried out by management to identify and explain changes in fair value positions across all operating lines of business within BMO CM. This process works in concert with other processes to ensure that the fair values being reported are reasonable and appropriate. Securities For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Securities for which Government Securities The fair value of debt securities issued or guaranteed by governments in active markets is determined by reference to recent transaction prices, broker quotes or third-party vendor prices. The fair value of securities that are not traded in an active market is modelled using implied yields derived from the prices of similar actively traded government securities and observable spreads. Mortgage-Backed Securities and Collateralized Mortgage Obligations The fair value of MBS and CMO is determined using prices obtained from independent third-party vendors, broker quotes and relevant market indices, as applicable. If such prices are not available, fair value is determined using cash flow models that make maximum use of observable market inputs or benchmark prices for similar instruments. Valuation assumptions for MBS and CMO include discount rates, default rates, expected prepayments, credit spreads and recoveries. Corporate Debt Securities The fair value of corporate debt securities is determined using prices observed in the most recent transactions. When observable quoted prices are not available, fair value is determined based on discounted cash flow models using discounting curves and spreads obtained from independent dealers, brokers and third-party vendors. Trading Loans The fair value of trading loans is determined by referring to current market prices for the same or similar instruments. Corporate Equity Securities The fair value of corporate equity securities is determined using quoted prices in active markets, where available. Where quoted prices in active markets are not readily available, fair value is determined using either quoted market prices for similar securities or by using valuation techniques, which include discounted cash flow analysis and earnings multiples. Privately Issued Securities Privately issued debt and equity securities are valued using prices observed in recent market transactions, where available. Otherwise, fair value is derived from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings, revenue and other third-party evidence, as available. The fair value of our privately issued securities includes net asset values published by third-party fund managers, as applicable. Prices obtained from dealers, brokers and third-party vendors are corroborated as part of our independent review process, which may include using valuation techniques or obtaining consensus or composite prices from other pricing services. We validate the estimates of fair value by obtaining multiple third-party quotes for external market prices and input values. We review the approach taken by third-party vendors to ensure that they employ a valuation model that maximizes the use of observable inputs such as benchmark yields, bid-ask weighted-average Loans In determining the fair value of our fixed rate performing loans, other than credit card loans, we discount the remaining contractual cash flows, adjusted for estimated prepayment, at market interest rates currently offered for loans with similar terms and credit risk profiles. For credit card performing loans, fair value is considered to be equal to carrying value, due to their short-term nature. For floating rate performing loans, changes in interest rates have minimal impact on fair value since interest rates are repriced or reset frequently. On that basis, fair value is assumed to be equal to carrying value. The fair value of loans is not adjusted to reflect any credit protection purchased to mitigate credit risk. Derivative Instruments A number of valuation techniques are employed to estimate fair value, including discounted cash flow analysis, the Black-Scholes model, Monte Carlo simulation and other accepted market models. These independently validated models incorporate current market data for interest rates, foreign exchange rates, equity and commodity prices and indices, credit spreads, recovery rates, corresponding market volatility levels, spot prices, correlation levels and other market-based pricing factors. Option implied volatilities, an input into many valuation models, are either obtained directly from market sources or calculated from market prices. Multi-contributor pricing sources are used wherever possible. In determining the fair value of complex and customized derivatives, we consider all reasonably available information, including dealer and broker quotes, multi-contributor pricing sources and any relevant observable market inputs. Our models calculate fair value based on inputs specific to the type of contract, which may include share prices, correlation for multiple assets, interest rates, foreign exchange rates, yield curves and volatilities. We calculate a credit valuation adjustment (CVA) to recognize the credit risk related to the possibility that the counterparty may not ultimately be able to fulfill its derivative obligations. The CVA is derived from market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk exposure, taking into account credit mitigants such as collateral, master netting agreements and novation to central counterparties. We also calculate a funding valuation adjustment (FVA) to recognize the implicit funding costs associated with over-the-counter Deposits In determining the fair value of our deposits, we incorporate the following assumptions: • For fixed rate, fixed maturity deposits, we discount the remaining contractual cash flows related to these deposits, adjusted for expected redemptions, at market interest rates currently offered for deposits with similar terms and risk profiles. The fair value of our senior note liabilities and covered bonds is determined by referring to current market prices for similar instruments or using valuation techniques, such as discounted cash flow models that use market interest rate yield curves and funding spreads. • For fixed rate deposits with no defined maturities, we consider fair value to equal carrying value, since carrying value is equivalent to the amount payable on the reporting date. • For floating rate deposits, changes in interest rates have minimal impact on fair value, since deposits reprice to market frequently. On that basis, fair value is considered to equal carrying value. Certain of our structured note liabilities that have coupons or repayment terms linked to the performance of interest rates, foreign currencies, commodities or equity securities have been designated at FVTPL. The fair value of these structured notes is estimated using internally validated valuation models incorporating observable market prices for identical or comparable securities, as well as other inputs, such as interest rate yield curves, option volatilities and foreign exchange rates, where appropriate. Where observable market prices or inputs are not available, management judgment is required to determine the fair value by assessing other relevant sources of information, such as historical data and proxy information from similar transactions. Securities Sold But Not Yet Purchased The fair value of these obligations is based on the fair value of the underlying securities, which can be equity or debt securities. As these obligations are fully collateralized, the method used to determine fair value would be the same as that used for the relevant underlying equity or debt securities. Securitization and Structured Entities’ Liabilities The determination of the fair value of our securitization and structured entities’ liabilities is based on quoted market prices or quoted market prices for similar financial instruments, where available. Where quoted prices are not available, fair value is determined using valuation techniques, such as discounted cash flow models, that maximize the use of observable inputs. Subordinated Debt The fair value of our subordinated debt is determined by referring to current market prices for the same or similar instruments. Financial Instruments with a Carrying Value Approximating Fair Value Carrying value is considered to be a reasonable estimate of fair value for our cash and cash equivalents. The carrying value of certain financial assets and liabilities, such as interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances and certain other assets, as well as acceptances, securities lent or sold under repurchase agreements and certain other liabilities, is a reasonable estimate of fair value because of their short-term nature or because they are frequently repriced to current market rates. These items are therefore excluded from the table below. Fair Value Hierarchy We categorize financial instruments in a fair value hierarchy according to the inputs we use in valuation techniques to measure fair value. BMO Financial Group 206th Annual Report 2023 193 Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following table are the fair values of financial instruments not carried at fair value in our Consolidated Balance Sheet. (Canadian $ in millions) 2023 2022 Carrying value Fair value Carrying value Fair value (6) Securities (1) Amortized cost 116,814 104,171 106,590 94,832 Loans (1)(2) Residential mortgages 175,350 167,863 148,569 142,526 Consumer instalment and other personal 103,265 101,021 85,612 83,948 Credit cards 11,893 11,893 9,387 9,387 Business and government 358,527 356,842 302,079 300,173 649,035 637,619 545,647 536,034 Deposits (3) 873,831 870,573 742,419 739,339 Securitization and structured entities’ liabilities (4) 24,631 23,739 25,816 24,989 Other liabilities (5) 4,160 3,287 4,088 3,181 Subordinated debt 8,228 7,849 8,150 7,743 (1) Carrying value is net of ACL. (2) Excludes $1,676 million of residential mortgages classified as FVTPL, $5,720 million of business and government loans classified as FVTPL and $58 million of business and government loans classified as FVOCI ($176 million, $5,496 million and $60 million , (3) Excludes $35,300 million of structured note liabilities ($26,305 million as at October 31, 2022), $341 million of structured deposits ($536 million as at October 31, 2022) and $204 million of metals deposits ($218 million as at October 31, 2022) measured at fair value. (4) Excludes $2,463 million of securitization and structured entities’ liabilities classified as FVTPL ($1,252 million as at October 31, 2022). (5) Other liabilities include certain other liabilities of subsidiaries. (6) If financial instruments not carried at fair value were categorized based on the fair value hierarchy, all of these financial instruments would be categorized as Level 2, except for amortized cost securities, which would have $21,229 million categorized as Level 1 ($39,622 million as at October 31, 2022 ) 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 yields or broker quotes and other third-party vendor quotes (Level 2). Fair value may also be determined using models where significant observable market data is not available due to inactive markets or minimal Our Level 2 trading securities are primarily valued using discounted cash flow models with observable spreads or broker quotes. The fair value of Level 2 FVOCI securities is determined using discounted cash flow models with observable spreads or third-party vendor quotes. Level 2 structured note liabilities are valued using models with observable market information. Level 2 derivative assets and liabilities are valued using industry-standard models and observable market information. The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models without observable market information as inputs (Level 3) in the valuation of securities, residential mortgages, business and government loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table: (Canadian $ in millions) 2023 2022 Valued using Valued using Valued using Total Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 6,728 3,898 – 10,626 6,981 3,955 – 10,936 Canadian provincial and municipal governments 3,560 3,470 – 7,030 1,120 4,990 – 6,110 U.S. federal government 8,645 11,687 – 20,332 7,326 9,373 – 16,699 U.S. states, municipalities and agencies – 279 – 279 56 83 – 139 Other governments 408 2,167 – 2,575 1,085 2,885 – 3,970 NHA MBS, and U.S. agency MBS and CMO – 22,973 896 23,869 – 13,327 985 14,312 Corporate debt 2,551 9,071 112 11,734 1,445 8,144 3 9,592 Trading loans 3 447 – 450 – 346 – 346 Corporate equity 47,422 202 37 47,661 46,073 – – 46,073 69,317 54,194 1,045 124,556 64,086 43,103 988 108,177 FVTPL Securities Issued or guaranteed by: Canadian federal government 211 5 – 216 319 174 – 493 Canadian provincial and municipal governments 445 722 – 1,167 36 1,044 – 1,080 U.S. federal government 5 2,083 – 2,088 – 4 – 4 Other governments – 48 – 48 – 87 – 87 NHA MBS, and U.S. agency MBS and CMO – 19 – 19 – 8 – 8 Corporate debt 25 7,308 27 7,360 62 6,409 8 6,479 Corporate equity 809 805 4,208 5,822 1,440 6 4,044 5,490 1,495 10,990 4,235 16,720 1,857 7,732 4,052 13,641 FVOCI Securities Issued or guaranteed by: Canadian federal government 13,297 6,850 – 20,147 3,544 8,757 – 12,301 Canadian provincial and municipal governments 610 4,445 – 5,055 972 3,599 – 4,571 U.S. federal government 727 5,153 – 5,880 1,443 1,667 – 3,110 U.S. states, municipalities and agencies – 5,301 – 5,301 – 3,713 1 3,714 Other governments 480 6,489 – 6,969 1,795 4,616 – 6,411 NHA MBS, and U.S. agency MBS and CMO – 15,765 – 15,765 – 9,268 – 9,268 Corporate debt 406 3,145 – 3,551 355 3,678 – 4,033 Corporate equity – – 160 160 – – 153 153 15,520 47,148 160 62,828 8,109 35,298 154 43,561 Loans Residential mortgages – 1,676 – 1,676 – 176 – 176 Business and government loans – 5,592 186 5,778 – 5,536 20 5,556 – 7,268 186 7,454 – 5,712 20 5,732 Other Assets (1) 6,020 33 397 6,450 4,148 60 49 4,257 Fair Value Liabilities Securities sold but not yet purchased 20,989 22,792 – 43,781 18,465 22,514 – 40,979 Structured note liabilities (2) – 35,300 – 35,300 – 26,305 – 26,305 Structured deposits (3) – 341 – 341 – 536 – 536 Other liabilities (4) 1,479 3,250 5 4,734 1,179 2,298 2 3,479 22,468 61,683 5 84,156 19,644 51,653 2 71,299 Derivative Assets Interest rate contracts 21 13,329 – 13,350 80 12,682 – 12,762 Foreign exchange contracts 28 19,861 – 19,889 21 22,475 26 22,522 Commodity contracts 668 1,349 5 2,022 1,514 4,810 – 6,324 Equity contracts 58 4,632 – 4,690 939 5,552 – 6,491 Credit default swaps – 25 – 25 – 61 – 61 775 39,196 5 39,976 2,554 45,580 26 48,160 Derivative Liabilities Interest rate contracts 52 17,749 – 17,801 58 16,540 – 16,598 Foreign exchange contracts 1 19,204 – 19,205 2 25,108 – 25,110 Commodity contracts 589 1,067 1 1,657 1,523 2,066 – 3,589 Equity contracts 160 11,335 8 11,503 1,203 13,381 – 14,584 Credit default swaps – 25 2 27 – 73 2 75 802 49,380 11 50,193 2,786 57,168 2 59,956 (1) Other assets include precious metals, segregated fund assets in our insurance business, carbon credits, certain receivables and other items measured at fair value. (2) This represents the structured note liabilities included in deposits that have been designated at FVTPL. (3) This represents certain embedded options related to structured deposits carried at amortized cost. (4) Other liabilities include investment contract liabilities and segregated fund liabilities in our insurance business, certain payables and metals deposits that have been designated at FVTPL, as well as certain securitization and structured entities’ liabilities measured Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. (Canadian $ in millions except as noted) 2023 Reporting line in fair value hierarchy table Fair value Valuation techniques Significant unobservable inputs Range of input values (1) Low High Private equity Corporate equity 4,208 Net asset value Net asset value na na EV/EBITDA Multiple 3x 23x NHA MBS, U.S. agency MBS and CMO NHA MBS, U.S. agency MBS and CMO 896 Discounted cash flows Prepayment rate 2% 65% Market comparable Comparability adjustment (2) 0.31 0.92 2022 Private equity Corporate equity 4,044 Net asset value Net asset value na na EV/EBITDA Multiple 5x 19x NHA MBS, U.S. agency MBS and CMO NHA MBS, U.S. agency MBS and CMO 985 Discounted cash flows Prepayment rate 3% 47% Market comparable Comparability adjustment (2) 0.32 0.88 (1) The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These value ranges do not reflect the level of input uncertainty but are affected by the specific underlying instruments within each product category. The value ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. (2) Range of input values represents price per security adjustment (Canadian $). Certain comparative figures have been reclassified to conform with the current year’s presentation. na – not applicable Significant Unobservable Inputs in Level 3 Instrument Valuations Net Asset Value Net asset value represents the estimated value of a security based on valuations received from the investment or fund manager. As no observable price is available for most private equity securities, the valuation is based on the economic benefit we expect to derive from our investment. EV/EBITDA Multiple The fair value of private equity and merchant banking investments is derived by calculating an enterprise value (EV) using the EV/EBITDA multiple and then proceeding through a waterfall of the company’s capital structure to determine the value of the assets or securities we hold. The EV/EBITDA multiple is determined using judgment in considering factors such as multiples for comparable listed companies, recent transactions and company-specific factors, as well as liquidity discounts that account for the lack of active trading in these assets and securities. Prepayment Rates Discounted cash flow models are used to determine the fair values of our NHA MBS and U.S. agency MBS and CMO. The cash flow model includes assumptions related to conditional prepayment rates, constant default rates and percentage loss on default. Prepayment rates impact our estimate of future cash flows. Changes in the prepayment rate tend to be negatively correlated with interest rates. In other words, an increase in the prepayment rate will result in a higher fair value when the asset interest rate is lower than the current reinvestment rate. A decrease in the prepayment rate will result in a lower fair value when the asset interest rate is higher than the current reinvestment rate. Comparability Adjustment Market comparable pricing is used to evaluate the fair values of NHA MBS and U.S. agency MBS and CMO. This technique involves obtaining prices from third parties for similar instruments and applying adjustments to reflect recent transaction prices and instrument specific characteristics. Significant Transfers Our policy is to record transfers of assets and liabilities between fair value hierarchy levels at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Transfers between the various fair value hierarchy levels reflect changes in the availability of quoted market prices or observable market inputs that result from changes in market conditions. Transfers from Level 1 to Level 2 were due to reduced observability of the inputs used to value the securities. Transfers from Level 2 to Level 1 were due to increased availability of quoted prices in active markets. The following table presents significant transfers between Level 1 and Level 2 for the years ended October 31, 2023 and 2022. (Canadian $ in millions) 2023 2022 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading securities 10,926 19,119 10,983 13,062 FVTPL securities 1,301 993 607 522 FVOCI securities 7,078 9,295 16,452 11,895 Securities sold but not yet purchased 9,211 15,704 9,499 14,623 Changes in Level 3 Fair Value Measurements The tables below present a reconciliation of all changes in Level 3 financial instruments for the years ended October 31, 2023 and 2022, including realized and unrealized gains (losses) included in earnings and other comprehensive income, as well as transfers into and out of Level 3. Transfers from Level 2 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers from Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value Movements Transfers For the year ended October 31, 2023 Balance Included in Included in other Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS and CMO 985 (137 8 682 (473 – 378 (547 896 (103 Corporate debt 3 – 1 39 (7 – 85 (9 112 – Corporate equity – – – – – – 37 – 37 – Total trading securities 988 (137 9 721 (480 – 500 (556 1,045 (103 FVTPL Securities Corporate debt 8 – – 19 – – – – 27 1 Corporate equity 4,044 (233 ) 45 2,784 (349 ) (1 15 (2,097 4,208 (39 Total FVTPL securities 4,052 (233 ) 45 2,803 (349 ) (1 15 (2,097 4,235 (38 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – (1 – – – na Corporate equity 153 – 1 7 (1 – – – 160 na Total FVOCI securities 154 – 1 7 (1 (1 – – 160 na Business and Government Loans 20 – 4 259 – (97 – – 186 – Other Assets 49 1 – 358 – (11 – – 397 2 Derivative Assets Foreign exchange contracts 26 (17 – – – (9 – – – 9 Commodity contracts – (8 – 13 – – – – 5 (8 Equity contracts – 2 – – – – 1 (3 – 2 Total derivative assets 26 (23 – 13 – (9 1 (3 5 3 Other Liabilities 2 (1 – 11 (4 – – (3 5 (1 Derivative Liabilities Foreign exchange contracts – 12 – – – (12 – – – (38 Commodity contracts – 1 – – – – – – 1 1 Equity contracts – – – – – – 8 – 8 – Credit default swaps 2 – – – – – – – 2 – Total derivative liabilities 2 13 – – – (12 8 – 11 (37 Change in fair value Movements Transfers For the year ended October 31, 2022 Balance Included in earnings Included in other comprehensive Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in recorded in income Trading Securities NHA MBS and U.S. agency MBS and CMO 675 (237 ) 76 1,045 (657 ) – 444 (361 ) 985 (45 ) Corporate debt 7 (2 ) (1 ) 11 (5 ) – 2 (9 ) 3 (1 ) Corporate equity – – – – – – – – – – Total trading securities 682 (239 ) 75 1,056 (662 ) – 446 (370 ) 988 (46 ) FVTPL Securities Corporate debt – – – 8 – – – – 8 – Corporate equity 2,442 231 176 1,450 (321 ) – 66 – 4,044 274 Total FVTPL securities 2,442 231 176 1,458 (321 ) – 66 – 4,052 274 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate equity 132 – 1 15 (1 ) – 6 – 153 na Total FVOCI securities 133 – 1 15 (1 ) – 6 – 154 na Business and Government Loans 6 – – 15 – (1 ) – – 20 – Other Assets – – – 49 – – – – 49 – Derivative Assets Foreign exchange contracts – – – 26 – – – – 26 – Commodity contracts – – – – – – – – – – Equity contracts – – – – – – – – – – Total derivative assets – – – 26 – – – – 26 – Other Liabilities – – – 2 – – – – 2 – Derivative Liabilities Foreign exchange contracts – – – – – – – – – – Commodity contracts – – – – – – – – – – Equity contracts – – – – – – – – – – Credit default swaps 2 – – – – – 3 (3 ) 2 – Total derivative liabilities 2 – – – – – 3 (3 ) 2 – (1) Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2023 and 2022 are included in earnings for the year. (3) FVTPL securities include $ million of Federal Home Loan Bank (FHLB) and Federal Reserve Bank equity and $ million of investments in LIHTC entities, acquired as a result of our acquisition of Bank of the West. Unrealized gains (losses) recognized on Level contracts na – not applicable Trading-Related Revenue Trading assets and liabilities, including derivatives, securities and financial instruments designated at FVTPL, are measured at fair value, with gains and losses recognized in non-interest non-interest Net interest income arises from interest and dividends related to trading assets and liabilities, and is reported net of interest expense associated with funding these assets and liabilities in the following table: (Canadian $ in millions) 2023 2022 Interest rates 770 893 Foreign exchange 638 571 Equities 610 713 Commodities 192 189 Other (1) (1,526 7,556 Total trading-related revenue 684 9,922 Reported as: Net interest income 900 1,672 Non-interest (1) (216 ) 8,250 Total trading-related revenue 684 9,922 (1) Includes management of fair value changes on the purchase of Bank of the West. Refer to Note 10 for further information. |
Offsetting of Financial Assets
Offsetting of Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Offsetting of Financial Assets and Financial Liabilities | Note 18: Offsetting of Financial Assets and Financial Liabilities Financial assets and financial liabilities are offset and the net amount is reported in our Consolidated Balance Sheet (Canadian $ in millions) 2023 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities Cash Net Financial Assets Securities borrowed or purchased under resale 118,128 2,466 115,662 11,386 102,852 25 1,399 Derivative instruments 40,513 537 39,976 26,674 3,266 4,569 5,467 158,641 3,003 155,638 38,060 106,118 4,594 6,866 Financial Liabilities Derivative instruments 50,730 537 50,193 26,674 7,837 7,186 8,496 Securities lent or sold under repurchase agreements 108,574 2,466 106,108 11,386 94,291 106 325 159,304 3,003 156,301 38,060 102,128 7,292 8,821 2022 Financial Assets Securities borrowed or purchased under resale 116,309 3,115 113,194 11,757 99,736 4 1,697 Derivative instruments 48,494 334 48,160 31,878 3,282 3,201 9,799 164,803 3,449 161,354 43,635 103,018 3,205 11,496 Financial Liabilities Derivative instruments 60,290 334 59,956 31,878 7,212 8,843 12,023 Securities lent or sold under repurchase agreements 107,078 3,115 103,963 11,757 91,494 176 536 167,368 3,449 163,919 43,635 98,706 9,019 12,559 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management
Capital Management | 12 Months Ended |
Oct. 31, 2023 | |
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Capital Management | Note 19: Capital Management Our objective is to maintain a strong capital position in a cost-effective structure that: is appropriate given our target regulatory capital ratios and our internal assessment of required economic capital; underpins our operating groups’ business strategies and considers the market environment; supports depositor, investor and regulator confidence while building long-term shareholder value; and is consistent with our target credit ratings. Our approach includes establishing limits, targets and performance measures that are used to manage balance sheet positions, risk levels and capital requirements, as well as issuing and redeeming capital instruments to achieve a cost-effective capital structure. Regulatory capital requirements for the bank are determined in accordance with guidelines issued by OSFI, which are based on the Basel III Framework developed by the Basel Committee on Banking Supervision. CET1 Capital is the most permanent form of capital. It is comprised of common shareholders’ equity and may include a portion of ECL provisions, less deductions for goodwill, intangible assets and certain other items. Tier 1 Capital is primarily comprised of CET1 Capital, preferred shares and other equity instruments, less regulatory deductions. Tier 2 Capital is primarily comprised of subordinated debentures and may include a portion of ECL provisions, less regulatory deductions. Total Capital includes Tier 1 and Tier 2 Capital. Total Loss Absorbing Capacity (TLAC) is comprised of Total Capital and other TLAC instruments, including eligible bail-in The primary regulatory capital measures are the CET1 Ratio, Tier 1 Capital Ratio, Total Capital Ratio, TLAC Ratio, Leverage Ratio and TLAC Leverage Ratio. • Regulatory capital ratios are calculated by dividing CET1 Capital, Tier 1 Capital, Total Capital and TLAC by their respective risk-weighted assets. • The Leverage Ratio is defined as Tier 1 Capital divided by leverage exposures, which consist of on-balance off-balance The domestic implementation of Basel III reforms related to capital, leverage, liquidity and disclosure requirements was effective in the second quarter of 2023. Capital changes under these reforms include revised rules for credit risk and operational risk. Effective February 1, 2023, the capital floor adjustment factor was set at %, and will rise by an additional % on November 1 of each year to reach % in fiscal 2026. Domestic Systemically Important Banks (D-SIBs) are also required to meet a % buffer requirement for the Leverage and TLAC Leverage Ratios, in addition to the minimum requirements. Revisions related to market risk and credit valuation adjustment risk became effective on November 1, 2023. As at October 31, 2023, we met OSFI’s required target regulatory capital ratios, which include a 2.5% Capital Conservation Buffer, a 1.0% CET1 Surcharge for D-SIBs, D-SIBs. %. Effective November 1, 2023, the DSB was increased to %. Our capital position as at October 31, 2023 is further detailed in the Enterprise-Wide Capital Management section of Management’s Discussion and Analysis. Regulatory Capital and Total Loss Absorbing Capacity Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) 2023 2022 CET1 Capital 52,914 60,891 Tier 1 Capital 59,785 67,121 Total Capital 68,718 75,309 TLAC 114,402 120,663 Risk-Weighted Assets 424,197 363,997 Leverage Exposures 1,413,036 1,189,990 CET1 Ratio 12.5% 16.7% Tier 1 Capital Ratio 14.1% 18.4% Total Capital Ratio 16.2% 20.7% TLAC Ratio 27.0% 33.1% Leverage Ratio 4.2% 5.6% TLAC Leverage Ratio 8.1% 10.1% (1) Calculated in accordance with OSFI’s CAR Guideline, Leverage Requirements Guideline and TLAC Guideline, as applicable. |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation | 12 Months Ended |
Oct. 31, 2023 | |
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Employee Compensation - Share-Based Compensation | Note 20: Employee Compensation – Share-Based Compensation Stock Option Plan We maintain a Stock Option Plan for designated officers and employees. Options are granted at an exercise price equal to the closing price of our common shares on the day before the grant date. Stock options granted vest in equal tranches of 50% on the third and fourth anniversaries of their grant date. Each tranche is treated as a separate award with a different vesting period. In general, options expire 10 years from their grant date. We determine the fair value of stock options on their grant date and record this amount as compensation expense over the period that the stock options vest, with a corresponding increase to contributed surplus. When these stock options are exercised, we issue shares and record the amount of proceeds, together with the amount recorded in contributed surplus, in share capital. The estimated grant date fair value of stock options granted to employees who are eligible to retire is expensed at the date of grant. The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2023 2022 Number of Weighted- Number of Weighted- Outstanding at beginning of year 5,976,870 98.12 5,682,206 87.79 Granted 1,322,817 122.31 1,028,255 135.58 Exercised (724,853 76.12 (733,591 ) 70.64 Forfeited/expired/cancelled (262,258 109.19 – – Outstanding at end of year 6,312,576 105.26 5,976,870 98.12 Exercisable at end of year 2,759,935 89.99 2,648,426 84.14 Available for grant 10,619,482 11,680,041 Employee compensation expense related to this plan for the years ended October 31, 2023 and 2022 was $20 million and $12 million, respectively. Options outstanding and exercisable at October 31, 2023 by range of exercise price were as follows: (Canadian $, except as noted) 2023 Options outstanding Options exercisable Range of exercise prices Number of Weighted- Weighted-average Number of Weighted-average $60.01 to $70.00 230,413 0.1 68.60 230,413 68.60 $70.01 to $80.00 615,909 1.7 77.59 615,909 77.59 $80.01 to $90.00 654,099 5.1 89.90 654,099 89.90 $90.01 to $100.00 1,277,195 5.9 97.07 386,544 96.90 $100.01 and over 3,534,960 7.5 118.27 872,970 101.38 The following table summarizes additional information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2023 2022 Unrecognized compensation cost for non-vested 14 9 Cash proceeds from stock options exercised 55 52 Weighted-average share price for stock options exercised (in dollars) 123.01 141.50 The fair value of options granted was estimated using a binomial option pricing model. The weighted-average fair value of options granted during the years ended October 31, 2023 and 2022 was $18.94 and $14.17, respectively. To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used as inputs for each option pricing assumption: 2023 2022 Expected dividend yield 4.5% – 4.6% 4.2% Expected share price volatility 20.9% 16.8% Risk-free rate of return 3.2% 1.8% – 1.9% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 Changes to the input assumptions can result in different fair value estimates. Expected dividend yield is based on market expectations of future dividends on our common shares. Expected share price volatility is determined based on the market consensus implied volatility for traded options on our common shares. The risk-free rate is based on the yields of a Canadian swap curve with maturities similar to the expected period remaining until exercise of the options. The weighted-average exercise price on the grant date for the years ended October 31, 2023 and 2022 was $122.31 and $135.58, respectively. Other Share-Based Compensation Share Purchase Plans We offer various employee share purchase plans. The largest of these plans provides employees with the option of directing a portion of their gross salary toward the purchase of our common shares. We match 50% of employee contributions up to 6% of their individual gross salary to a maximum of $75,000. Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. The shares held in the employee share purchase plan are purchased on the open market and are considered outstanding for purposes of computing earnings per share. The dividends earned on our common shares held by the plan are used to purchase additional common shares on the open market. We account for our contributions as employee compensation expense when they are contributed to the plan. Employee compensation expense related to these plans for the years ended October 31, 2023 and 2022 was $48 million and $45 million, respectively. There were 18.2 million and 17.8 million common shares held in these plans for the years ended October 31, 2023 and 2022, respectively. Compensation Trusts Our compensation trusts include share ownership and deferred compensation arrangements. These compensation trusts are consolidated if we control the trust, meaning that we have power over the trust, exposure to variable returns as a result of our involvement, and the ability to exercise power to affect the amount of our returns. We sponsor various share ownership arrangements, certain of which are administered through trusts into which our matching contributions are paid and not required to be consolidated. Total assets held related to these share ownership arrangements amounted to $ million as at October 31, 2023 ($ million as at We sponsor various deferred compensation arrangements, administered through trusts into which our contributions are paid to fund deferred compensation to certain U.S. senior employees. Some of these trusts are required to be consolidated. Total consolidated trust assets are $ million as at October 31, 2023 as a result of our acquisition of Bank of the West ($ 154 Mid-Term We offer mid-term Mid-term The weighted-average fair value of the units granted during the years ended October 31, 2023 and 2022 was $129.18 and $139.04, respectively, and we recorded employee compensation expense of $605 million and $719 million, respectively. We hedge the impact of the change in market value of our common shares by entering into total return swaps. We also enter into foreign currency forwards to manage the impact of foreign exchange translation from our U.S. businesses. Gains (losses) on total return swaps and foreign currency forwards recognized for the years ended October 31, 2023 and 2022 were $ A total of 17.8 million and 16.6 million mid-term Deferred Incentive Plans We offer deferred incentive plans for members of our Board of Directors, executives and key employees in BMO CM and BMO WM. Under these plans, fees, annual incentive payments and/or commissions can be deferred and recorded as share units of our common shares. These share units are typically either fully vested on the grant date or vest at the end of three years. The value of these share units is adjusted to reflect reinvested dividends and changes in the market value of our common shares. Deferred incentive plan payments are paid in cash upon the participant’s departure from the bank. Employee compensation expense for these plans is recorded in the year the fees, incentive payments and/or commissions are earned. Changes in the amount of the incentive plan payments as a result of dividends and share price movements are recorded as increases or decreases in employee compensation expense in the period of the change. Deferred incentive plan units granted during the years ended October 31, 2023 and 2022 totalled 0.2 million and 0.2 million, respectively, and the weighted-average fair value of the units granted during the years ended October 31, 2023 and 2022 was $123.64 and $136.74, respectively. Liabilities related to these plans are recorded in other liabilities in our Consolidated Balance Sheet and totalled $517 million and $585 million as at October 31, 2023 and 2022, respectively. Employee compensation expense (recovery) related to these plans for the years ended October 31, 2023 and 2022 was $(76) million and $(16) million, respectively. We have entered into derivative instruments to hedge our exposure related to these plans. Changes in the fair value of these derivatives are recorded in employee compensation expense in the period in which they arise. Gains (losses) on these derivatives recognized for the years ended October 31, 2023 and 2022 were $ A total of 5.0 million and 4.7 million deferred incentive plan |
Employee Compensation - Pension
Employee Compensation - Pension and Other Employee Future Benefits | 12 Months Ended |
Oct. 31, 2023 | |
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Employee Compensation - Pension and Other Employee Future Benefits | Note 21: Employee Compensation – Pension and Other Employee Future Benefits Pension and Other Employee Future Benefit Plans We sponsor a number of arrangements globally that provide pension and other employee future benefits to our retired and current employees. The largest of these arrangements, by defined benefit obligation, are the primary defined benefit pension plans for employees in Canada and the United States and the primary other employee future benefit plan for employees in Canada. Pension arrangements include defined benefit pension Effective December 31, 2020, the primary defined benefit pension plan for employees in Canada was closed to new employees hired after that date. Employees hired or transferred to BMO Canada on or after January 1, 2021 are eligible to participate in a defined contribution pension plan once they have completed the waiting period of six months of continuous service. We also provide other employee future benefits, including health and dental care benefits and life insurance, for eligible current and retired employees. Short-term employee benefits, such as salaries, paid absences, bonuses and other benefits, are accounted for on an accrual basis over the period in which the employees provide the related services. Investment Policy The defined benefit pension plans are administered under an established governance structure, with oversight exercised by the Board of Directors. The plans are managed under a framework that considers both assets and liabilities in the development of an investment policy and in the management of risk. We have implemented a liability-driven investment strategy for the primary Canadian and U.S. plans to enhance risk-adjusted returns while reducing the plans’ surplus volatility. This strategy has reduced the impact of the plans on our regulatory capital. The plans invest in asset classes that include equities, fixed income and alternative strategies, under established investment guidelines. Plan assets are diversified across asset classes and by geographic exposure. They are managed by asset management firms that are responsible for the selection of investment securities. Derivative instruments are permitted under policy guidelines and are generally used to hedge foreign currency exposures, manage interest rate exposures or replicate the return of an asset. Risk Management The defined benefit pension plans are exposed to various risks, including market risk (interest rate, equity and foreign currency risks), credit risk, operational risk, surplus risk and longevity risk. We follow a number of approaches to monitor and actively manage these risks, including: • monitoring surplus-at-risk, • stress testing and scenario analyses to evaluate the volatility of the plans’ financial positions and any potential impact on the bank; • hedging of foreign currency and interest rate risk exposures within policy limits; • controls related to asset mix allocations, geographic allocations, portfolio duration, credit quality of debt securities, sector guidelines, issuer/counterparty limits and others; and • ongoing monitoring of exposures, performance and risk levels. Pension and Other Employee Future Benefit Liabilities Our actuaries perform valuations of our defined benefit obligations for pension and other employee future benefits as at October 31 of each year using the projected unit credit method based on management’s assumptions about discount rates, rates of compensation increase, retirement age, mortality and health care cost trend rates. The discount rates for the primary Canadian and U.S. pension and other employee future benefit plans were selected based on the yields of high-quality AA rated corporate bonds with terms matching the plans’ cash flows. The fair value of plan assets is deducted from the defined benefit obligation to determine the net defined benefit asset or liability. For defined benefit pension plans that are in a net defined benefit asset position, the recognized asset is limited to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset ceiling). Changes in the asset ceiling are recognized in other comprehensive income. Components of the change in our net defined benefit assets or liabilities and our pension and other employee future benefit expenses are as follows: Current service cost Interest on net defined benefit asset or liability Actuarial gains and losses Plan amendments Settlements Funding of Pension and Other Employee Future Benefit Plans We fund our defined benefit pension plans in Canada and the United States in accordance with statutory requirements, and the assets in these plans are used to pay benefits to retirees and other employees. Some groups of employees are also eligible to make voluntary contributions in order to receive enhanced benefits. Our supplementary pension plan in Canada is funded, while the supplementary pension plan in the United States is unfunded. Our other employee future benefit plans in Canada and the United States are either funded or unfunded. Benefit payments related to these plans are paid either through the respective plan or directly by us. We measure the fair value of plan assets for our plans in Canada and the United States as at October 31. In addition to actuarial valuations for accounting purposes, we are required to prepare valuations for determining our minimum funding requirements for our pension arrangements in accordance with the relevant statutory framework (our funding valuation). An annual funding A summary of plan information for the past two years is as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Defined benefit obligation 7,513 7,082 880 928 Fair value of plan assets 8,559 8,261 138 147 Surplus (deficit) and net defined benefit asset (liability) 1,046 1,179 (742 (781 ) Surplus (deficit) is comprised of: Funded or partially funded plans 1,209 1,267 81 51 Unfunded plans (163 ) (88 ) (823 ) (832 ) Surplus (deficit) and net defined benefit asset (liability) 1,046 1,179 (742 ) (781 ) 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 2023 2022 2023 2022 Annual benefits expense Current service cost 163 237 6 8 Net interest (income) expense on net defined benefit (asset) liability (64 ) (27 ) 42 35 Impact of plan amendments (1 ) (2 ) (51 ) – Gain on settlement – (1 ) – – Administrative expenses 10 4 – – Remeasurement of other long-term benefits – – 9 (18 ) Benefits expense 108 211 6 25 Government pension plans expense (1) 361 252 – – Defined contribution expense 271 176 – – Total annual pension and other employee future benefit expenses 740 639 6 25 (1) Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Weighted-Average Assumptions Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Defined Benefit Expenses Discount rate at beginning of year (1)(2) 5.5% 3.2% 5.5% 3.3% Rate of compensation increase 2.3% 2.2% na na Assumed overall health care cost trend rate na na 4.7% 4.8% ( 4 Defined Benefit Obligation Discount rate at end of year 5.8% 5.5% 5.7% 5.5% Rate of compensation increase 2.1% 2.3% na na Assumed overall health care cost trend rate na na 4.8% 4.7% ( 4 (1) The pension benefit current service cost was calculated using a separate discount rate of 5.4% and 3.7% for 2023 and 2022, respectively. (2) The other employee future benefit plans current service cost was calculated using a separate discount rate of 5.5% and 3.6% for 2023 and 2022, respectively. (3) Trending to 4.03% in 2040 and remaining at that level thereafter. (4) Trending to 4.00% in 2041 and remaining at that level thereafter. na – not applicable Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2023 2022 2023 2022 Life expectancy for those currently age 65 Males 23.9 23.9 21.9 21.8 Females 24.3 24.2 23.3 23.2 Life expectancy at age 65 for those currently age 45 Males 24.8 24.8 23.1 23.0 Females 25.2 25.1 24.5 24.4 Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Defined benefit obligation Defined benefit obligation at beginning of year 7,082 9,716 928 1,220 Acquisition of defined benefit obligation (1) 563 – 28 – Divestiture of defined benefit obligation (2) – (532 ) – – Current service cost 163 237 6 8 Interest cost 393 290 50 39 Impact of plan amendments (1 ) (2 ) (51 ) – (Gain) on settlements – (1 ) – – Benefits paid (449 ) (578 ) (58 ) (49 ) Employee contributions 20 18 6 6 Actuarial (gains) losses due to: Changes in demographic assumptions – – (2 ) (60 ) Changes in financial assumptions (349 ) (2,386 ) (19 ) (244 ) Plan member experience 46 207 (10 ) (9 ) Foreign exchange and other 45 113 2 17 Defined benefit obligation at end of year 7,513 7,082 880 928 Wholly or partially funded defined benefit obligation 7,350 6,994 57 96 Unfunded defined benefit obligation 163 88 823 832 Total defined benefit obligation 7,513 7,082 880 928 Fair value of plan assets Fair value of plan assets at beginning of year 8,261 10,525 147 166 Acquisition of plan assets (1) 487 – – – Divestiture of plan assets (2) – (647 ) – – Interest income 457 317 8 4 Return on plan assets (excluding interest income) (300 ) (1,524 ) (12 ) (37 ) Employer contributions 50 58 45 40 Employee contributions 20 18 6 6 Benefits paid (449 ) (578 ) (58 ) (49 ) Administrative expenses (10 ) (4 ) – – Foreign exchange and other 43 96 2 17 Fair value of plan assets at end of year 8,559 8,261 138 147 Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,046 1,179 (742 ) (781 ) Recorded in: Other assets 1,225 1,267 81 51 Other liabilities (179 ) (88 ) (823 ) (832 ) Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,046 1,179 (742 ) (781 ) Actuarial gains (losses) recognized in other comprehensive income Net actuarial (losses) on plan assets (300 ) (1,524 ) (12 ) (37 ) Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions – – 14 56 Changes in financial assumptions 349 2,386 17 228 Plan member experience (46 ) (207 ) 9 10 Foreign exchange and other (8 ) (14 ) – – Actuarial gains (losses) recognized in other comprehensive income for the year (5 ) 641 28 257 (1) Relates to the defined benefit plan included in our acquisition of Bank of the West in fiscal 2023. Refer to Note 10 for further information. (2) Relates to the defined benefit plan included in the sale of our EMEA Asset Management business in fiscal 2022. Refer to Note 10 for further information. Plan Asset Allocations and Fair Value Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The asset allocation ranges, weighted-average actual asset allocations and fair values of plan assets held by our primary plans as at October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 2022 Target % of total Quoted Unquoted Total Target % of total Quoted Unquoted Total Equities 15-40 % 20% 925 663 1,588 20-40 % 24% 1,187 704 1,891 Fixed income investments 40-60 % 49% 168 3,855 4,023 40-55 % 45% 110 3,378 3,488 Alternative strategies 10-40 % 31% – 2,537 2,537 15-40 % 31% – 2,454 2,454 100% 1,093 7,055 8,148 100% 1,297 6,536 7,833 Certain comparative figures have been reclassified to conform with the current year’s presentation. No plan assets are directly invested in securities of the bank or those of its related parties as at October 31, 2023 and 2022. As at October 31, 2023, our primary Canadian plan did not directly hold, through pooled funds , million as at October 31, 2022). The plans do not hold any property we occupy or other assets we use. Sensitivity of Assumptions Key weighted-average assumptions for 2023 used in measuring the defined benefit obligations for our primary plans are outlined in the following table. The sensitivity analysis provided in the table should be used with caution, as it is hypothetical and the impact of changes in each key assumption may not be linear. The sensitivities to changes in each key variable have been calculated independently of the impact of changes in other key variables. Actual experience may result in simultaneous changes in a number of key assumptions, which would amplify or reduce certain sensitivities. (Canadian $ in millions, except as noted) Defined benefit obligation Pension benefit plans Other employee future benefit plans Discount rate (%) 5.8 5.7 Impact of: 1% increase ($) (659 ) (65 ) 1% decrease ($) 807 77 Rate of compensation increase (%) 2.1 na Impact of: 0.25% increase ($) 29 na 0.25% decrease ($) (28 ) na Mortality Impact of: 1 year shorter life expectancy ($) 114 16 1 year longer life expectancy ($) (117 ) (16 ) Assumed overall health care cost trend rate (%) na 4.8 (1) Impact of: 1% increase ($) na 33 1% decrease ($) na (30 ) (1) Trending to 4.03% in 2040 and remaining at that level thereafter. na – not applicable Maturity Profile The duration of the defined benefit obligation (Years) 2023 2022 Canadian pension plans 12.1 12.1 U.S. pension plans 7.2 7.5 Canadian other employee future benefit plans 11.2 12.5 Cash Flows Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Net contributions to defined benefit plans 7 24 – – Contributions to defined contribution plans 271 176 – – Benefits paid directly to pensioners 43 34 45 40 321 234 45 40 Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2024 is approximately $57 million for our defined benefit pension plans and $49 million for our other employee future benefit plans. Benefit payments from our defined benefit and other employee future benefit plans to retirees for the year ending October 31, 2024 are estimated to be $ |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2023 | |
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Income Taxes | Note 22: Income Taxes We report our provision for income taxes in our Consolidated Statement of Income based upon transactions recorded in our consolidated financial statements regardless of when they are recognized for income tax purposes, with the exception of repatriation of retained earnings from our subsidiaries, as noted below. In addition, we record an income tax expense or benefit in other comprehensive income or directly in equity when the taxes relate to amounts recorded in other comprehensive income or equity. For example, income tax expense (recovery) on hedging gains (losses) related to our net investment in foreign operations is recorded in our Consolidated Statement of Comprehensive Income as part of net gains (losses) on translation of net foreign operations. Current tax is the amount of income tax recoverable (payable) in respect of the taxable loss (profit) for a period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. Deferred tax assets and liabilities are measured at the tax rates expected to apply when temporary differences reverse. Changes in deferred tax assets and liabilities related to a change in tax rates are recorded in income in the period the tax rate is substantively enacted, except to the extent that the tax arises from a transaction or event that is recognized either in other comprehensive income or directly in equity. Current and deferred taxes are offset only when they are levied by the same tax authority, on the same entity or group of entities, and when there is a legal right to offset. Included in deferred tax assets is $ million ($nil million as at October 31, 2022) related to Canadian tax loss carryforwards and $7 million ($ million as at October 31, 2022) related to both U.S. tax loss carryforwards and tax credits that will expire in various amounts in U.S. taxation years from 2023 through . On the evidence available, including management projections of income, we believe it is probable that there will be sufficient taxable income generated by our business operations to support these deferred tax assets. The amount of tax on temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized in our Consolidated Balance Sheet as at October 31, 2023 is $ million ($ million as at October 31, 2022), of which $ million ($ million in 2022) is scheduled to expire within five years. Deferred tax assets have not been recognized in respect of these items because it is not probable that these benefits will be realized. Income that we earn thr billion as at October 31, 2022). Provision for Income Taxes (Canadian $ in millions) 2023 2022 Consolidated Statement of Income Current Provision for income taxes for the current period 2,220 3,889 Adjustments for prior periods (2 ) (15 ) Deferred Origination and reversal of temporary differences (711 ) 475 Effect of changes in tax rates (21 ) – 1,486 4,349 Other Comprehensive Income and Equity Income tax expense (recovery) related to: Unrealized (losses) on FVOCI debt securities (35 ) (182 ) Reclassification to earnings of (gains) on FVOCI debt securities (11 ) (5 ) (Losses) on derivatives designated as cash flow hedges (576 ) (1,794 ) Reclassification to earnings/goodwill of (gains) losses on derivatives designated as cash flow hedges 366 (114 ) Unrealized (losses) on hedges of net foreign operations (90 ) (124 ) Gains on remeasurement of pension and other employee future benefit plans 24 239 Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (103 ) 465 Unrealized gains on FVOCI equity securities – 1 Share-based compensation 4 5 (421 ) (1,509 ) Total provision for income taxes 1,065 2,840 Components of Total Provision for Income Taxes (Canadian $ in millions) 2023 2022 Canada: Current taxes 509 1,178 278 672 787 1,850 Canada: Deferred taxes (491 ) 148 (269 ) 85 (760 ) 233 Total Canadian 27 2,083 Foreign: Current taxes 933 953 Deferred taxes 105 (196 ) Total foreign 1,038 757 Total provision for income taxes 1,065 2,840 Reconciliation to Statutory Tax Rate Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2023 2022 Combined Canadian federal and provincial income taxes at the statutory tax rate 1,630 27.8 % 4,757 26.6 % Increase (decrease) resulting from: Tax-exempt (265 (4.5 (200 ) (1.1 ) Foreign operations subject to different tax rates (233 (4.0 (160 ) (0.9 ) Income attributable to investments in associates and joint ventures (31 (0.5 (57 ) (0.3 ) Net impact of certain Canadian tax measures 371 6.3 – – Other 14 0.2 9 – Provision for income taxes in our Consolidated Statement of Income 1,486 25.3 % 4,349 24.3 % On December 15, 2022, the Canadian government enacted legislation related to certain tax measures that are applicable to certain Canadian companies in a bank or life insurer group, including a one-time 15% tax (referred to as the Canada Recovery Dividend, or CRD), based on the average taxable income for fiscal 2020 and fiscal 2021, less a $1 billion exemption, payable in equal instalments over five years. The legislation also included a permanent % increase in the tax rate, based on taxable income above $ million (effective for taxation years that end after April 7, 2022 and pro-rated for the first year). In the first quarter of 2023, we recorded a one-time tax expense of $ million in income tax expense, including $ million relating to the CRD, and $ million relating to the pro-rated fiscal 2022 impact of the % increase in tax rate, net of a related remeasurement of our net deferred tax assets. Components of Deferred Tax Balances (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Bank of the West Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 605 96 182 – 10 893 Employee future benefits 256 – 21 (14 1 264 Deferred compensation benefits 708 115 (50 – 10 783 Other comprehensive income 573 – – (51 – 522 Premises and equipment (460 ) (179 375 – (8 (272 ) Pension benefits (370 ) 25 (41 (9 – (395 ) Goodwill and intangible assets (244 ) (767 134 – (36 (913 ) Securities 142 1,086 (286 – 45 987 Other (137 ) 897 397 (3 42 1,196 Net deferred tax assets (liabilities) 1,073 1,273 732 (77 64 3,065 Comprising Deferred tax assets 1,175 3,081 Deferred tax liabilities (102 ) (16 Net deferred tax assets (liabilities) 1,073 – – – – 3,065 (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 651 (52 ) – 6 605 Employee future benefits 330 (10 ) (65 ) 1 256 Deferred compensation benefits 685 18 – 5 708 Other comprehensive income (108 ) (1 ) 682 – 573 Premises and equipment (400 ) (59 ) – (1 ) (460 ) Pension benefits (148 ) (47 ) (174 ) (1 ) (370 ) Goodwill and intangible assets (241 ) 1 – (4 ) (244 ) Securities (51 ) 193 – – 142 Other ( 3 377 (518 ) (5 ) 9 (137 ) Net deferred tax assets (liabilities) 1,095 (475 ) 438 15 1,073 Comprising Deferred tax assets 1,287 1,175 Deferred tax liabilities (192 ) (102 ) Net deferred tax assets (liabilities) 1,095 – – – 1,073 (1) Includes the tax impact of deferred revenue and purchase accounting adjustments in connection with our acquisition of Bank of the West. (2) Includes the tax impact of interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates in our acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of leasing assets. (3) Includes the tax impact of the interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates on our acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of the legal provision recorded in relation to the lawsuit described in Note 24. Canadian tax authorities have reassessed us for additional income tax and interest in an amount |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2023 | |
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Earnings Per Share | Note 23: Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to bank shareholders, 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 year. Diluted earnings per share is calculated in the same manner, with further adjustments The following table presents our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) 2023 2022 Net income attributable to bank shareholders 4,365 13,537 Dividends on preferred shares and distributions on other equity instruments (331 ) (231 ) Net income available to common shareholders 4,034 13,306 Weighted-average number of common shares outstanding (in thousands) 709,364 663,990 Basic earnings per common share (Canadian $) 5.69 20.04 Diluted Earnings Per Common Share (Canadian $ in millions, except as noted) 2023 2022 Net income available to common shareholders adjusted for impact of dilutive instruments 4,034 13,306 Weighted-average number of common shares outstanding (in thousands) 709,364 663,990 Effect of dilutive instruments Stock options potentially exercisable (1) 4,440 5,178 Common shares potentially repurchased (3,289 (3,461 ) Weighted-average number of diluted common shares outstanding (in thousands) 710,515 665,707 Diluted earnings per common share (Canadian $) 5.68 19.99 (1) In computing diluted earnings per common share, we excluded average stock options outstanding of 2,204,402 with a weighted-average exercise price of $135.69 for the year ended October 31, 2023 (943,741 with a weighted-average exercise price of $143.52 for the year ended October 31, 2022), as the average share price in each of the two years did not exceed the exercise price. |
Commitments, Guarantees, Pledge
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | Note 24: Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities In the ordinary course of business Guarantees that qualify as derivatives are accounted for in accordance with the policy for derivative instruments (refer to Note 8). For guarantees that do not qualify as derivatives, a liability is initially recorded at fair value, which is generally the fee received. Subsequently, guarantees are recorded at the higher of initial fair value, less amortization to recognize any fee income earned over the period, and our best estimate of the amount required to settle the obligation. Any change in the liability is recorded in our Consolidated Statement of Income. We enter into a variety of commitments, including off-balance A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. We strive to limit our exposure to credit risk by dealing only with counterparties that we believe are creditworthy, and we manage our credit risk for these instruments using the same credit risk process that we apply to loans and other credit assets. The maximum amounts payable related to our various commitments are as follows: (Canadian $ in millions) 2023 2022 Financial Guarantees Standby letters of credit 29,656 26,019 Credit default swaps (1) 10,010 11,099 Other Credit Instruments Backstop liquidity facilities 18,805 17,330 Documentary and commercial letters of credit 1,763 1,351 Commitments to extend credit (2) 218,094 200,814 Other commitments (3) 9,947 7,075 Total 288,275 263,688 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $3 million as at October 31, 2023 ($(38) million as at October 31, 2022). (2) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. (3) Other commitments include $5,611 million as at October 31, 2023 ($783 million as at October 31, 2022) of underwriting commitments that are extended but not yet accepted by the borrower. Financial Guarantees Standby letters of credit represent our obligation to make payments to third parties on behalf of customers if they are unable to make the required payments or meet other contractual requirements. The majority have a term of one year or less. Collateral requirements for standby letters of credit and guarantees are consistent with our collateral requirements for loans. Standby letters of credit and guarantees include our guarantee of a subsidiary’s debt provided directly to a third party. Written credit default swaps require us to compensate a counterparty following the occurrence of a credit event in relation to a specified reference obligation, such as a bond or a loan. The terms of these contracts range from less than 1 year to over 10 years. Refer to Note 8 for details. Other Credit Instruments Backstop liquidity facilities are provided to ABCP programs administered by us as an alternative source of financing when ABCP markets cannot be accessed. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of insolvency of the borrower. The average term of these liquidity facilities is approximately 1 to 5 years. In fiscal 2022, we divested our securities lending agency business. Prior to this date, we loaned certain eligible customers’ securities to third-party Documentary and commercial letters of credit represent our agreement to honour drafts presented by a third party upon completion of specific activities. Commitments to extend credit represent our commitment to customers to grant them credit in the form of loans or other financings for specific amounts and maturities, subject to their meeting certain conditions. Other commitments include commitments to fund external private equity funds and investments in equity and debt securities at market value at the time the commitments are drawn. In addition, we act as underwriter for certain new issuances under which we, alone or together with a syndicate of financial institutions, purchase the new issue for resale to investors. Indemnification Agreements In the normal course of operations, we enter into various agreements that provide general indemnifications. These indemnifications typically occur in connection with sales of assets, securities offerings, service contracts, director contracts, membership agreements, clearing arrangements, derivative contracts and leasing transactions. Based on historical experience, we expect the risk of loss to be remote. Exchange and Clearinghouse Guarantees We are a member of several securities and futures exchanges and central counterparties. Membership in certain of these organizations may require us to pay a pro rata share of the losses incurred by the organization in the event of default by another member. It is difficult to estimate our maximum exposure under these membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. Based on historical experience, we expect the risk of material loss to be remote. Pledged Assets and Collateral In the ordinary course of business, we enter into trading, lending and borrowing activities that require us to pledge assets or provide collateral. Pledging and collateral transactions are typically conducted under terms and conditions that are usual and customary to these activities. If there is no default, the securities or their equivalents must be returned by the pledgee upon satisfaction of the obligation. The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2023 2022 Bank Assets Cash and due from banks 125 87 Securities (1) 114,407 95,194 Loans 94,442 71,795 Other assets 10,596 13,991 219,570 181,067 Third-party Assets (2) Collateral received and available for sale or re-pledging 191,148 177,300 Less: Collateral not sold or re-pledged (46,324 ) (42,237 ) 144,824 135,063 364,394 316,130 (Canadian $ in millions) 2023 2022 Uses of pledged assets and collateral Clearing systems, payment systems and depositories 18,096 19,082 Foreign governments and central banks 89 87 Obligations related to securities sold short 43,781 40,979 Obligations related to securities sold under repurchase agreements 92,549 90,490 Securities borrowing and lending (3) 87,136 69,525 Derivatives transactions 14,983 16,341 Securitization 27,058 27,499 Covered bonds 29,802 33,175 Other (4) 50,900 18,952 Total pledged assets and collateral 364,394 316,130 (1) Includes NHA MBS of $4,481 million, which are included in loans in our Consolidated Balance Sheet ($5,277 million as at October 31, 2022). (2) Includes on-balance off-balance (3) Includes off-balance (4) Includes $41,510 million of assets that have been pledged supporting FHLB activity ($14,013 million as at October 31, 2022). Lease Commitments We have entered into a number of non-cancellable Provisions and Contingent Liabilities Provisions are recognized when we have a legal or constructive obligation as a result of past events, such as contractual commitments, legal or other obligations for which we can reliably estimate the related amount, and it is probable we will be required to settle the obligation. We recognize as a provision our best estimate of the amount required to settle the obligations as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligations. Provisions are recorded in other liabilities in our Consolidated Balance Sheet. Contingent liabilities are potential obligations arising from past events, the existence of which will only be confirmed by the occurrence or non-occurrence Legal Proceedings The bank and its subsidiaries are party to legal proceedings, including regulatory investigations, in the ordinary course of business. We review the status of these proceedings regularly and establish provisions when in our judgment it becomes probable that we will incur a loss and the amount can be reliably estimated. 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 the actual losses incurred 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 have been 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 proceedings or regulatory investigations may be material to the bank’s consolidated financial position or its results of operations for any particular reporting period. BMO Bank National Association (BBNA), formerly BMO Harris Bank N.A., as successor to M&I Marshall and Ilsley Banks (M&I), was 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, alleged that between 1999 and 2008, M&I (and a predecessor bank) helped facilitate the Ponzi scheme operated by Petters. The trial took place from October 12 to November 8, 2022 and on November 8, 2022, the jury awarded damages of approximately US$ million against BBNA. On August 22, 2023, the Court awarded the plaintiff approximately US$ million in pre-judgment interest and ordered BBNA to pay post-judgment interest on the jury award at 4.74% and on the pre-judgment interest at 5.26%. BBNA strongly denies the plaintiff’s allegations and will continue to defend itself vigorously. On June 27, 2023, BBNA filed its notice of appeal with the United States Court of Appeals for the Eighth Circuit, to contest the jury verdict and award. Following the court award of pre and post-judgment interest, we revised the previous provision of $ million ($ million after-tax) to $1,169 million ($871 million after-tax), comprising $ million in non-interest expense, other and $ million in interest expense, other liabilities, representing damages awarded by the jury, pre-judgment interest and accrued post-judgment Restructuring and Severance Charges Provisions for restructuring and severance charges relate to costs incurred related to the integration of Bank of the West and accelerating operational efficiencies across the enterprise. This represents our best estimate of the amount that will ultimately be paid out. Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2023 2022 Restructuring and Legal Total Total Balance at beginning of year 109 1,168 1,277 248 Additional provisions/increase in provisions 388 188 576 1,201 Provisions utilized (142 ) (116 ) (258 ) (155 ) Amounts reversed (27 ) (11 ) (38 ) (20 ) Foreign exchange and other 7 14 21 3 Balance at end of year 335 1,243 1,578 1,277 |
Operating and Geographic Segmen
Operating and Geographic Segmentation | 12 Months Ended |
Oct. 31, 2023 | |
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Operating and Geographic Segmentation | Note 25: Operating and Geographic Segmentation Operating Groups We conduct our business operating non-interest expense-to-revenue Personal and Commercial Banking P&C is comprised of two operating segments: Canadian P&C and U.S. P&C. Canadian Personal and Commercial Banking Canadian P&C provides a full range of financial products and services to eight million customers. Personal and Business Banking provides financial solutions through a network of almost 900 branches, contact centres, digital banking platforms and more than 3,200 automated teller machines. Commercial Banking serves clients across Canada and delivers sector and industry expertise, as well as a local presence. U.S. Personal and Commercial Banking U.S. P&C provides financial products and services to more than four million customers. Personal and Business Banking provides financial solutions through a network of more than 1,000 branches, contact centres, digital banking platforms and more than 40,000 automated teller machines. Commercial Banking serves clients across the United States and delivers sector and industry expertise, as well as a local presence. BMO Wealth Management BMO WM serves a full range of client segments, from mainstream to ultra high net worth and institutional, with a broad offering of wealth management products and services, including insurance products. BMO Capital Markets BMO CM offers a comprehensive range of products and services to corporate, institutional and government clients. Through our Investment and Corporate Banking and Global Markets lines of business, there are 2,700 professionals, operating in 33 locations around the world. Corporate Services Corporate Services consists of Corporate Units and Technology and Operations (T&O). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, finance, legal and regulatory compliance, human resources, communications, marketing, real estate and procurement. T&O develops, monitors, manages and maintains governance of information technology including data and analytics, and also provides cybersecurity and operations services. The costs of these Corporate Units and T&O services are largely transferred to the three operating groups (P&C, BMO WM and BMO CM), with any remaining amounts retained in Corporate Services results. As such, Corporate Services results largely reflect the impact of residual unallocated expenses, residual treasury-related activities and the elimination of taxable equivalent adjustments. We review our expense allocation methodologies annually and update these as appropriate. Basis of Presentation The results of these operating groups are based on our internal financial reporting systems. The accounting policies used in these segments are generally consistent with those followed in the preparation of our consolidated financial statements, as disclosed in Note 1 and throughout the consolidated financial statements. Income taxes presented below may not be reflective of taxes paid in each jurisdiction in which we operate. Income taxes are generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities specific to each segment. A notable accounting measurement difference is the taxable equivalent basis adjustment, as described below. Periodically, certain business lines and units within the business lines are transferred between client and corporate support groups in order to more closely align our organizational structure with our strategic priorities. In addition, revenue and expense allocations are updated to more accurately align with current experience. Results for prior periods are restated to conform with the current year’s presentation. Taxable Equivalent Basis We analyze revenue on a taxable equivalent basis (teb) at the operating group level. Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Inter-Group Allocations Various estimates and allocation methodologies are used in the preparation of the operating groups’ financial information. Overhead expenses are allocated to operating groups using allocation formulas applied on a consistent basis. Operating group net interest income reflects internal funding charges and credits on the groups’ assets, liabilities and capital at market rates, taking into account relevant terms and currency considerations. The offset of the net impact of these charges and credits is reflected in Corporate Services. These inter-group allocations are also applied to the geographic segmentation. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate 2023 Total Net interest income (2) 8,308 7,853 1,416 2,553 (1,449 18,681 Non-interest 2,519 1,573 5,978 3,897 (1,449 12,518 Total Revenue 10,827 9,426 7,394 6,450 (2,898 31,199 Provision for credit losses on impaired loans 784 380 5 9 2 1,180 Provision for credit losses on performing loans 146 130 13 9 700 998 Total provision for credit losses 930 510 18 18 702 2,178 Insurance claims, commissions and changes in policy benefit liabilities – – 1,939 – – 1,939 Depreciation and amortization 573 889 300 337 – 2,099 Non-interest 4,197 4,613 3,662 3,942 2,706 19,120 Income (loss) before taxes and non-controlling 5,127 3,414 1,475 2,153 (6,306 5,863 Provision for (recovery of) income taxes 1,409 690 349 471 (1,433 1,486 Reported net income (loss) 3,718 2,724 1,126 1,682 (4,873 4,377 Non-controlling – 6 – – 6 12 Net income (loss) attributable to bank shareholders 3,718 2,718 1,126 1,682 (4,879 4,365 Average assets (3) 317,878 218,674 58,661 416,261 236,882 1,248,356 Canadian U.S. P&C BMO WM BMO CM Corporate 2022 Total Net interest income (2) 7,449 5,037 1,188 3,197 (986 ) 15,885 Non-interest 2,419 1,265 3,336 2,975 7,830 17,825 Total Revenue 9,868 6,302 4,524 6,172 6,844 33,710 Provision for (recovery of) credit losses on impaired loans 432 107 2 (32 ) (7 ) 502 Provision for (recovery of) credit losses on performing loans (91 ) (90 ) (4 ) (11 ) 7 (189 ) Total provision for (recovery of) credit losses 341 17 (2 ) (43 ) – 313 Insurance claims, commissions and changes in policy benefit liabilities – – (683 ) – – (683 ) Depreciation and amortization 516 424 258 282 – 1,480 Non-interest 3,833 2,619 3,306 3,573 1,383 14,714 Income before taxes 5,178 3,242 1,645 2,360 5,461 17,886 Provision for income taxes 1,352 745 394 588 1,270 4,349 Reported net income 3,826 2,497 1,251 1,772 4,191 13,537 Average assets (3) 292,087 145,187 50,488 390,306 194,429 1,072,497 (1) Corporate Services includes T&O. (2) Operating groups report on a teb – see Basis of Presentation section. (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 2023 are $1,145,632 million, including $303,855 million for Canadian P&C, $202,155 million for U.S. P&C, and $639,622 million for all other operating segments , Certain comparative figures have been reclassified to conform with the current year’s presentation. Geographic Information We operate primarily in Canada and the United States, but we also have operations in the United Kingdom, Europe, the Caribbean and Asia, which are grouped in other countries in the table below. We allocate our results by geographic region based on the location of the unit responsible for managing the related assets, liabilities, revenues and expenses. Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) 2023 Canada United States Other countries Total Total Revenue 16,884 11,967 2,348 31,199 Income (loss) before taxes 4,407 (44 ) 1,500 5,863 Reported net income 3,025 129 1,223 4,377 Average Assets 655,887 541,045 51,424 1,248,356 2022 Total Revenue 15,977 16,980 753 33,710 Income before taxes 7,335 10,526 25 17,886 Reported net income 5,557 7,894 86 13,537 Average Assets 600,607 416,885 55,005 1,072,497 |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Oct. 31, 2023 | |
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Significant Subsidiaries | Note 26: Significant Subsidiaries As at October 31, 2023, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant subsidiaries (1)(2) Head or principal office Book value of shares owned by the AIR MILES Loyalty Inc. Toronto, Canada 213 Bank of Montreal (China) Co. Ltd. Beijing, China 489 Bank of Montreal Europe plc Dublin, Ireland 519 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 36,341 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Inc. Toronto, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michael, Barbados BMO InvestorLine Inc. Toronto, Canada BMO Nesbitt Burns Inc. Toronto, Canada BMO Private Equity (Canada) Inc. Toronto, Canada BMO Capital Markets Limited London, England 324 BMO Capital Partners Inc. Toronto, Canada 799 BMO Financial Corp. and subsidiaries, including: Chicago, United States 51,512 BMO Bank National Association Chicago, United States BMO Capital Markets Corp New York, United States BMO Japan Securities Ltd. Tokyo, Japan 6 BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,885 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 530 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp. and BMO Capital Markets Corp., which are incorporated under the laws of the state of Delaware, United States. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. Significant Restrictions Our ability to transfer funds between our subsidiaries may be restricted by statutory, contractual, capital and regulatory requirements. Restrictions include: • Assets pledged as security for various liabilities we incur. Refer to Note 24 for details. • Assets of our consolidated SEs that are held for the benefit of the note holders. Refer to Note 7 for details. • Assets held by our insurance subsidiaries. Refer to Note 12 for details. • Regulatory and statutory requirements that reflect capital and liquidity requirements. • Funds required to be held with certain central banks, regulatory bodies and counterparties. Refer to Note 2 for details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2023 | |
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Related Party Transactions | Note 27: Related Party Transactions Related parties include subsidiaries, joint ventures, associates, employee future benefit plans and key management personnel and their close family members. Close family members include spouses, common-law Key Management Personnel and Their Close Family Members Key management personnel is defined as those persons having authority and responsibility for planning, directing and/or controlling the activities of an entity, being the members of our Board of Directors (directors) and certain senior executives. The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2023 2022 Base salary and incentives 22 25 Post-employment benefits 2 3 Share-based payments (1) 49 45 Total key management personnel compensation 73 73 (1) Amounts included in share-based payments are the fair values of awards granted in the year. We offer senior executives market interest rates on credit card balances, a fee-based subsidy specific PCL related to these amounts as at October 31, 2023 and 2022. Directors receive a specified amount of their annual retainer in deferred stock units. Until a director’s shareholdings (including deferred stock units) are eleven times greater than their annual retainer, they are required to take 100% of their annual retainer and other fees in the form of either our common shares or deferred stock units. Once the shareholding requirements have been met, directors may elect to receive the remainder of such retainer fees and other remuneration in cash, common shares or deferred stock Directors of our wholly-owned subsidiary, BMO Financial Corp., are required to take a specified minimum amount of their annual retainer and other fees in the form of deferred stock units. Joint Ventures and Associates We provide banking services to our joint ventures and associates on the same terms offered to our customers for these services. The following table presents the carrying amount of our interests in joint ventures and associates accounted for under the equity method, as well as our share of the income of those entities: (Canadian $ in millions) Joint ventures Associates 2023 2022 2023 2022 Carrying amount 679 585 782 708 Share of net income 61 126 124 148 We do not have any joint ventures or associates that are individually material to our consolidated financial statements. The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2023 2022 Loans (1) 1,525 1,190 Deposits 265 202 Fees paid for services received 58 61 Guarantees and commitments 98 93 (1) Includes customers’ liability under acceptances. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2023 | |
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Basis of Consolidation | Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2023. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (SEs), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates, where we exert significant influence over operating and financing decisions (generally companies in which we own between 20% and 50% of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures, which are entities where we exercise joint control through an agreement with other shareholders. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of an investee’s net income or loss, including other comprehensive income or loss. Additional information regarding accounting for investments in associates and joint ventures is included in Note 3. |
Translation of Foreign Currencies | Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gains (losses) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the gain (loss) on translation and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange gains, other than trading, in our Consolidated Statement of Income as they arise. From mark-to-market non-interest |
Revenue | Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees merger-and-acquisition |
Leases – Bank as a lessor | Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Refer to Note 9 for our policy on lessee accounting. |
Assets Held-for-Sale | Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest |
Interbank Offered Rate Reform – Phase 2 Amendments | Interbank Offered Rate Reform – Phase 2 Amendments Effective November 1, 2020, we early adopted the IASB’s IBOR Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance Contracts Leases. On May 16, 2022, Refinitiv Benchmark Services UK Limited announced that it will cease publication of all remaining Canadian Dollar Offered Rate (CDOR) settings immediately after June 28, 2024, using a two-stage With the transition from CDOR and BAs to ARRs well underway, and as both a holder and an issuer of CDOR-based instruments, BMO continues to be exposed to financial, operational, legal and regulatory, and reputational risks. These risks arise principally either from amending legacy contracts from CDOR to an ARR or from existing fallback clauses for new ARRs and the resulting impact on economic risk management, as well as from updating hedge designations as the new ARRs emerge. Our enterprise IBOR Transition Office (ITO) continues to coordinate and oversee the transition from CDOR to ARRs, with a focus on managing and mitigating internal risks, as well as managing our client relationships. The ITO is sponsored and supported by senior management and has a global mandate to address the bank’s industry and regulatory engagement, internal and external communications, technology and operations modifications, introduction of new products, migration of existing client contracts, program strategy and governance, and to evaluate financial reporting impacts, including impacts on hedge accounting. As the market continues to develop, we have added and will continue to add ARR-based The following table presents quantitative information as at October (Canadian $ in millions) CDOR CDOR USD LIBOR (7) 2023 2022 2022 Non-derivative (1) 44,370 37,101 48,162 Non-derivative (1) 4,584 4,583 3,335 Derivative notional amounts (2)(3) 1,779,140 1,554,518 1,870,472 Authorized and committed loan commitments (4)(5)(6) 55,548 26,106 90,797 (1) All amounts are presented based on contractual amounts outstanding with the exception of securities, recorded in non-derivative (2) Notional amounts represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (3) Includes certain cross-currency swap positions where both the pay and receive legs currently reference an IBOR. For those derivatives, the table above includes the notional amounts for both the pay and receive legs in the relevant columns aligning with the IBOR exposure. (4) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. (5) Includes loan commitments where our customers have the option to draw from their facility in multiple currencies. Amounts drawn will be subject to prevailing IBORs for the foreign currency, including those that are in scope of IBOR reform. (6) Commitments also include backstop liquidity facilities provided by the bank to external parties. (7) As at October 31, 2023, BMO had transitioned all exposure to USD LIBOR settings to ARRs . |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of the consolidated financial statements requires management to make 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 (ACL); 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; transfers of financial assets; consolidation of SEs; and the valuation of the assets and liabilities related to our acquisition of Bank of the West. We make judgments in assessing the business model for financial assets, as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. The economic outlook is subject to several risks that could lead to a more severe contraction of the North American economy, including elevated inflation leading to possible further increases in interest rates, an escalation of geopolitical risks including wars in Ukraine and the Middle East, an increase in trade tensions between the United States and China and a further deterioration in diplomatic relations between Canada and India. The impacts on our business, results of operations, reputation, financial performance and condition, including the potential for credit, counterparty and mark-to-market Allowance for Credit Losses The expected credit loss (ECL) model requires the recognition of credit losses generally based on 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The bank’s methodology for determining significant increase in credit risk is based on the change in probability of default (PD) between origination and reporting date, assessed using probability-weighted scenarios, as well as certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of ECL, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the ACL. The calculation of ECLs includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts, which are probability-weighted in the determination of the final ECL. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the ACL is included in Note 4. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities, and are also used in performing impairment testing on certain non-financial Additional information regarding our fair value measurement techniques is included in Note 17. Pension and Other Employee Future Benefits Our pension and other employee future benefit expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefit expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review investments in associates and joint ventures at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the ECL model. For securities determined to have low credit risk, the ACL is measured at a 12-month Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and investments in associates and joint ventures, ACL and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations and assumptions differ from those of tax authorities, or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences or unused tax losses and tax credits may be utilized. We are required to assess whether it is probable that our deferred tax assets will be realized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the remaining expiration period of tax loss carryforwards and tax credits. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (CGUs), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and value in use. In determining fair value less costs to sell, we employ a discounted cash flow model Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions A provision, including provisions for legal proceedings and restructuring charges, is recognized if, as a result of a past event, the bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. A provision is recorded at the best estimate of the amount required to settle an obligation as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Management and external experts are involved in estimating any provision, as necessary. The actual costs of settling some obligations may be substantially higher or lower than the amounts of the provisions. Additional information regarding provisions is included in Note 24. Transfer of Financial Assets We enter into transactions in which we transfer financial assets, typically mortgage loans, mortgage-backed securities and credit card loans, to a structured entity or third party to obtain alternate sources of funding or as part of our trading activities. We assess whether substantially all of the risks and rewards of, or control over, the assets have been transferred in order to determine whether they qualify for derecognition. Where we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized assets, they do not qualify for derecognition. We continue to recognize the assets and the related cash proceeds as secured financings in our Consolidated Balance Sheet. Additional information regarding transferred financial assets is included in Note 6. Consolidation of Structured Entities Securitization vehicles sponsored by the bank typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and the funding of their activities. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits from their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest of less than 50 Additional information regarding SEs is included in Notes 7 and 20. Acquisition of Bank of the West – Valuation of Assets and Liabilities Significant judgments and assumptions were used to determine the fair value of the Bank of the West assets acquired and liabilities assumed, including the loan portfolio, core-deposit and other relationship intangible assets, and fixed maturity deposits. For loans, the determination of fair value involved estimating the cash flows which are expected to be received on all purchased loans and discounting these back to their present value. We estimated expected cash flows based on models that incorporate management’s best estimate of current key assumptions such as default rates, loss severity, timing of prepayments and collateral. In determining the discount rate, we considered various factors, including our cost to raise funds in the current market, the risk premium associated with the loans and the cost to service the portfolios. For core-deposit intangible assets, fair value was determined using a discounted cash flow approach, comparing the present value of the cost to maintain the acquired deposits to the cost of alternative funding. The present value of the cost to maintain the acquired deposits includes an estimate of future interest costs and operating expenses for the core deposits acquired. Core deposits are those that we considered to be stable, below-market sources of funding. Deposit run-off We calculated the fair value of wealth management and credit card customer relationships acquired based on the excess of estimated future cash inflows (i.e. revenue from the acquired relationships) over the related estimated cash outflows (i.e. operating costs and contributory asset charges) over the estimated life of the customer base. The determination of the fair value of fixed maturity deposits involved estimating the cash flows to be paid and discounting these back to their present value. The timing and amount of cash flows include significant management judgment regarding the likelihood of early redemption and the timing of withdrawal by the customer. Discount rates were based on the prevailing rates we were paying on similar deposits at the date of acquisition. The fair value of all other assets and liabilities, including real estate properties, was calculated using market data where possible, as well as management judgment, to determine the price that would be obtained in an arms-length transaction between knowledgeable, willing parties. Additional information regarding our accounting for the acquisition is included in Notes 4 and 10. |
Future Changes in IFRS and Accounting Policies | Future Changes in IFRS and Accounting Policies IFRS 17 Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts Insurance Contracts IFRS 17 will change the fundamental principles used to recognize and measure insurance contracts, including life insurance contracts, reinsurance contracts held and investment contracts with discretionary participation features. Key differences from IFRS 4 are as follows: IFRS 17 requires us to measure groups of contracts based on our estimates of the present value of future cash flows that are expected to arise as we fulfill the contracts, an explicit risk adjustment for insurance-specific risk and a contractual service margin (CSM) that represents unearned profits. The CSM component of the insurance contract liability will be amortized into income as services/insurance coverage is provided. For groups of onerous contracts that are expected to experience losses, we are required to record these losses in income immediately. Under IFRS 4, there is no similar grouping requirement and gains/losses on new business are recognized in income immediately. The discount rate we use under IFRS 4 is connected to the net yield of the assets held to support insurance contract liabilities. Under IFRS 17, the rate used to discount our insurance contract liabilities will reflect the characteristics of those insurance contract liabilities. We have elected the accounting policy choice under IFRS 17 to recognize changes in the discount rate and financial assumptions on insurance contract liabilities, through the Consolidated Statement of Income. On transition, we are required to apply a full retrospective approach where we restate prior periods as if we had always applied IFRS 17, unless impracticable, in which case we will apply either the modified retrospective approach where we apply specific modifications to the full retrospective approach, or the fair value approach where we determine a fair value for the CSM by taking the difference between discounted fulfilment cash flows and risk adjustment using market participant assumptions versus using our own IFRS 17 assumptions. We have completed our assessment of IFRS 17 and will apply the full retrospective approach to our creditor business and the fair value approach to all other products written prior to November 1, 2022. The estimated impact of adopting IFRS 17 as at November 1, 2022 is an increase in assets of approximately $1,050 million, an increase in liabilities of approximately $2,090 million and a decrease in shareholders’ equity of approximately $1,435 million ($1,040 million after-tax). The CSM will qualify as Tier 1 Capital. IAS 40 Investment Property On transition to IFRS 17, we plan to voluntarily change our accounting policy for the measurement of investment properties, recorded in insurance-related Investment Property shareholders’ million after-tax) The impact of these combined changes on our Common Equity Tier 1 (CET1) Ratio IAS 12 Income Taxes In May 2021, the IASB issued an amendment to IAS 12 Income Taxes temporary In May 2023, the IASB issued an additional amendment to IAS 12. The amendment addresses concerns around accounting for the global minimum top-up tax as outlined in the two-pillar plan for international tax reform developed by members of the Organisation for Economic Co-operation |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Total Credit Risk Exposures | Total credit exposures at default by type and industry sector, as at October 31, 2023 and 2022, based on the Basel III classifications, are as follows: (Canadian $ in millions) Drawn (3) (7) Commitments (undrawn) (3) (8) Other off-balance sheet items (3) (9) OTC derivatives (4) (10) Repo-style transactions (4) (5) (11) Total (1) 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 2023 2022 Individual 281,087 233,450 63,812 57,446 13 – – – – – 344,912 290,896 Financial institutions 95,433 112,185 18,690 34,216 7,201 8,036 19,307 16,467 16,177 18,197 156,808 189,101 Governments 219,809 186,542 2,551 1,869 1,575 434 8,193 8,063 5,870 9,287 237,998 206,195 Manufacturing 33,141 32,515 16,059 17,522 1,915 2,050 807 1,643 – – 51,922 53,730 Real estate 61,766 49,639 11,843 12,911 971 1,238 224 459 – – 74,804 64,247 Retail trade 27,858 23,890 4,621 4,890 441 549 129 248 – – 33,049 29,577 Service industries 56,649 52,437 13,552 17,113 3,172 3,169 696 695 – – 74,069 73,414 Wholesale trade 20,117 18,037 7,618 7,206 611 775 167 336 – – 28,513 26,354 Oil and gas 3,364 3,823 2,889 4,440 788 1,341 1,444 6,066 – – 8,485 15,670 Utilities 11,224 8,781 8,767 12,885 4,547 4,323 1,850 2,087 – – 26,388 28,076 Others (2) 62,636 50,936 18,132 18,111 4,009 5,287 1,634 1,649 – – 86,411 75,983 Total exposure at default (6) 873,084 772,235 168,534 188,609 25,243 27,202 34,451 37,713 22,047 27,484 1,123,359 1,053,243 (1) Credit exposure excluding equity, securitization and other assets, such as non-significant (2) Includes remaining industries that individually comprise less than 2% of total exposures. (3) Represents gross credit exposures without accounting for collateral. (4) Credit exposure at default is inclusive of collateral. (5) Repo-style transactions include repos, reverse repos and securities lending transactions, which represent both asset and liability exposures. The impact (6) Excludes exposures arising from derivative and repo-style transactions that are cleared through a clearing house or a counterparty (7) Drawn exposures include loans, acceptances, deposits with regulated financial institutions and certain securities. (8) Undrawn commitments cover all unutilized authorizations associated with the drawn exposures noted above, including any authorizations that are unconditionally cancellable. EAD for undrawn commitments is model-generated, based on internal empirical data. (9) Other off-balance sheet exposures include items such as guarantees, standby letters of credit and documentary credits. (10) Over-the-counter (OTC) derivatives are those in proprietary accounts that result in exposure to credit risk in addition to market risk. EAD for OTC derivatives is calculated inclusive of collateral. (11) EAD for repo-style transactions is the calculated exposure, net of collateral. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary Total Trading Value at Risk (VaR) Summary | As at or for the year ended October 31 (Pre-tax 2023 2022 Year-end Average High Low Year-end Average High Low Commodity VaR 4.0 2.4 6.1 1.2 1.6 3.1 5.5 1.0 Equity VaR 13.6 14.0 24.5 8.5 14.1 13.1 18.4 8.5 Foreign exchange VaR 1.7 2.9 5.6 1.3 2.3 1.8 5.2 0.5 Interest rate VaR (2) 27.3 27.4 41.5 16.0 22.1 18.0 26.5 12.4 Debt-specific risk 11.0 10.9 15.9 7.5 10.2 5.7 10.5 1.8 Diversification (25.0 ) (25.5 ) nm nm (15.0 ) (15.1 ) nm nm Total Trading VaR 32.6 32.1 47.9 21.2 35.3 26.6 38.2 18.1 (1) One-day (2) Interest rate VaR includes general credit spread risk. nm – not meaningful |
Structural Interest Rate Sensitivity | Structural Interest Rate Sensitivity (1) Economic value sensitivity Earnings sensitivity (Pre-tax October 31, 2023 October 31, 2022 October 31, 2023 October 31, 2022 Canada United States Total Total Canada United States Total Total 100 basis point increase (872.6 ) (976.0 ) (1,848.6 ) (990.2 ) 31.0 273.4 304.5 498.9 100 basis point decrease 750.4 741.1 1,491.6 647.9 (36.2 ) (289.2 ) (325.4 ) (595.2 ) (1) Losses are presented in brackets and gains are presented as positive numbers. (2) Includes Canadian dollar and other currencies. |
Summary of Remaining Contractual Maturity | 2023 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total On-Balance Cash and cash equivalents 75,473 – – – – – – – 2,461 77,934 Interest bearing deposits with banks 2,791 680 383 153 118 – – – – 4,125 Securities 4,037 8,408 7,472 5,614 6,816 29,374 63,601 141,953 55,104 322,379 Securities borrowed or purchased under resale agreements 93,707 12,311 6,903 2,491 – 250 – – – 115,662 Loans (1) Residential mortgages 1,121 2,188 3,403 4,246 4,761 27,229 107,347 26,689 266 177,250 Consumer instalment and other personal 283 621 1,028 1,343 1,542 8,094 35,467 29,992 25,670 104,040 Credit cards – – – – – – – – 12,294 12,294 Business and government 19,671 10,920 12,550 16,370 16,953 49,366 114,289 27,880 98,702 366,701 Allowance for credit losses – – – – – – – – (3,807 ) (3,807 ) Total loans, net of allowance 21,075 13,729 16,981 21,959 23,256 84,689 257,103 84,561 133,125 656,478 Other Assets Derivative instruments 2,797 4,539 2,670 2,827 1,555 7,804 9,325 8,459 – 39,976 Customers’ liabilities under acceptances 4,682 3,423 6 – – – – – – 8,111 Other 4,023 814 336 42 4 10 19 7,629 55,734 68,611 Total other assets 11,502 8,776 3,012 2,869 1,559 7,814 9,344 16,088 55,734 116,698 Total Assets 208,585 43,904 34,751 33,086 31,749 122,127 330,048 242,602 246,424 1,293,276 2023 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Liabilities and Equity Deposits (2) (3) 48,986 63,728 64,939 60,911 52,040 47,624 80,829 18,624 471,995 909,676 Other liabilities Derivative instruments 3,103 8,450 3,033 2,278 2,014 7,694 11,748 11,873 – 50,193 Acceptances 4,682 3,423 6 – – – – – – 8,111 Securities sold but not yet purchased (4) 43,781 – – – – – – – – 43,781 Securities lent or sold under repurchase agreements (4) 99,006 4,751 476 539 – 1,336 – – – 106,108 Securitization and liabilities related 97 717 1,199 2,195 592 4,896 9,870 7,528 – 27,094 Other 15,672 2,269 116 110 107 14,109 2,763 6,160 21,742 63,048 Total other liabilities 166,341 19,610 4,830 5,122 2,713 28,035 24,381 25,561 21,742 298,335 Subordinated debt – – – – – – 25 8,203 – 8,228 Total Equity – – – – – – – – 77,037 77,037 Total Liabilities and Equity 215,327 83,338 69,769 66,033 54,753 75,659 105,235 52,388 570,774 1,293,276 (1) Loans receivable on demand have been included under no maturity. (2) Deposits payable on demand and payable after notice have been included under no maturity. (3) Deposits totalling $30,852 million as at October 31, 2023 have a fixed maturity date; however, they can be redeemed early (either fully or partially) by customers without penalty. These are classified as payable on a fixed date due to their stated contractual maturity date. (4) Presented based on their earliest maturity date. 2023 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Off-Balance Commitments to extend credit (1) 2,216 4,874 9,377 14,499 14,190 41,713 129,634 5,927 – 222,430 Letters of credit (2) 1,641 5,088 5,739 5,397 6,065 3,663 3,778 48 – 31,419 Backstop liquidity facilities 212 241 666 2,207 2,039 3,951 8,643 846 – 18,805 Other commitments (3) 46 91 106 101 155 354 626 141 – 1,620 (1) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. (2) Letters of credit can be drawn down at any time. These are classified based on their stated contractual maturity. (3) Other commitments comprise purchase obligations and lease commitments for leases signed but not yet commenced. 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total On-Balance Cash and cash equivalents 86,003 – – – – – – – 1,463 87,466 Interest bearing deposits with banks 3,844 1,662 86 44 98 – – – – 5,734 Securities 4,189 4,284 5,480 5,375 6,060 18,272 68,521 108,072 53,009 273,262 Securities borrowed or purchased under resale agreements 83,861 21,736 5,101 2,448 48 – – – – 113,194 Loans (1) Residential mortgages 526 1,519 3,708 5,778 6,501 14,665 105,285 10,810 88 148,880 Consumer instalment and other personal 211 553 940 1,693 1,537 4,844 37,742 14,084 24,499 86,103 Credit cards – – – – – – – – 9,663 9,663 Business and government 13,003 9,595 11,724 9,300 11,394 37,250 105,009 17,776 94,259 309,310 Allowance for credit losses – – – – – – – – (2,617 ) (2,617 ) Total loans, net of allowance 13,740 11,667 16,372 16,771 19,432 56,759 248,036 42,670 125,892 551,339 Other Assets Derivative instruments 5,362 7,147 3,359 2,552 2,225 7,787 11,636 8,092 – 48,160 Customers’ liabilities under acceptances 9,752 3,461 19 3 – – – – – 13,235 Other 2,735 625 225 21 2 10 19 5,817 37,355 46,809 Total other assets 17,849 11,233 3,603 2,576 2,227 7,797 11,655 13,909 37,355 108,204 Total Assets 209,486 50,582 30,642 27,214 27,865 82,828 328,212 164,651 217,719 1,139,199 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Liabilities and Equity Deposits (2) (3) 38,064 44,637 49,626 47,908 48,444 39,992 62,978 16,265 421,564 769,478 Other liabilities Derivative instruments 3,370 11,764 4,399 3,814 2,895 7,619 14,092 12,003 – 59,956 Acceptances 9,752 3,461 19 3 – – – – – 13,235 Securities sold but not yet purchased (4) 40,979 – – – – – – – – 40,979 Securities lent or sold under repurchase agreements (4) 94,215 6,476 1,046 2,226 – – – – – 103,963 Securitization and liabilities related 14 2,803 1,300 794 1,673 5,136 9,342 6,006 – 27,068 Other 12,143 4,980 101 97 146 872 2,558 5,722 18,713 45,332 Total other liabilities 160,473 29,484 6,865 6,934 4,714 13,627 25,992 23,731 18,713 290,533 Subordinated debt – – – – – – 25 8,125 – 8,150 Total Equity – – – – – – – – 71,038 71,038 Total Liabilities and Equity 198,537 74,121 56,491 54,842 53,158 53,619 88,995 48,121 511,315 1,139,199 (1) Loans receivable on demand have been included under no maturity. (2) Deposits payable on demand and payable after notice have been included under no maturity. (3) Deposits totalling $29,966 million as at October 31, 2022 have a fixed maturity date; however, they can be redeemed early (either fully or partially) by customers without penalty. These are classified as payable on a fixed date due to their stated contractual maturity date. (4) Presented based on their earliest maturity date. 2022 (Canadian $ in millions) 0 to 1 month 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Off-Balance Commitments to extend credit (1) 1,932 3,610 10,461 13,373 14,753 38,057 119,430 5,490 – 207,106 Letters of credit (2) 1,680 4,601 4,936 4,662 4,922 2,832 3,680 57 – 27,370 Backstop liquidity facilities – 585 393 1,438 1,275 3,465 9,189 985 – 17,330 Other commitments (3) 27 98 55 55 58 220 353 278 – 1,144 (1) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. (2) Letters of credit can be drawn down at any time. These are classified based on their stated contractual maturity. (3) Other commitments comprise purchase obligations and lease commitments for leases signed but not yet commenced. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of quantitative information for financial instruments | The following table presents quantitative information as at October (Canadian $ in millions) CDOR CDOR USD LIBOR (7) 2023 2022 2022 Non-derivative (1) 44,370 37,101 48,162 Non-derivative (1) 4,584 4,583 3,335 Derivative notional amounts (2)(3) 1,779,140 1,554,518 1,870,472 Authorized and committed loan commitments (4)(5)(6) 55,548 26,106 90,797 (1) All amounts are presented based on contractual amounts outstanding with the exception of securities, recorded in non-derivative (2) Notional amounts represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (3) Includes certain cross-currency swap positions where both the pay and receive legs currently reference an IBOR. For those derivatives, the table above includes the notional amounts for both the pay and receive legs in the relevant columns aligning with the IBOR exposure. (4) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. (5) Includes loan commitments where our customers have the option to draw from their facility in multiple currencies. Amounts drawn will be subject to prevailing IBORs for the foreign currency, including those that are in scope of IBOR reform. (6) Commitments also include backstop liquidity facilities provided by the bank to external parties. (7) As at October 31, 2023, BMO had transitioned all exposure to USD LIBOR settings to ARRs . |
Cash and Interest Bearing Dep_2
Cash and Interest Bearing Deposits with Banks (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Disclosure of Cash and Interest Bearing Deposits with Banks | Cash and Cash Equivalents (Canadian $ in millions) 2023 2022 Cash and deposits with banks (1) 75,528 85,234 Cheques and other items in transit, net 2,406 2,232 Total cash and cash equivalents 77,934 87,466 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Fair Value Measurement | The following table shows the remaining terms to maturity of securities: (Canadian $ in millions, except as noted) Term to maturity 2023 2022 Within 1 1 to 3 3 to 5 5 to 10 Over 10 No Total Total Trading Securities Issued or guaranteed by: Canadian federal government 2,499 2,198 1,675 2,002 2,252 – 10,626 10,936 Canadian provincial and municipal governments 1,847 454 296 942 3,491 – 7,030 6,110 U.S. federal government 2,950 7,376 2,474 4,713 2,819 – 20,332 16,699 U.S. states, municipalities and agencies 5 11 2 109 152 – 279 139 Other governments 525 822 767 412 49 – 2,575 3,970 NHA MBS, U.S. agency MBS and CMO (1) 39 504 667 1,080 21,579 – 23,869 14,312 Corporate debt 2,193 2,886 3,388 2,061 1,206 – 11,734 9,592 Trading loans – 57 228 165 – – 450 346 Corporate equity – – – – – 47,661 47,661 46,073 Total trading securities 10,058 14,308 9,497 11,484 31,548 47,661 124,556 108,177 FVTPL Securities Issued or guaranteed by: Canadian federal government 147 – – 4 65 – 216 493 Canadian provincial and municipal governments 20 10 17 119 1,001 – 1,167 1,080 U.S. federal government 7 – – – 2,081 – 2,088 4 Other governments 24 24 – – – – 48 87 NHA MBS, U.S. agency MBS and CMO (1) – – 12 7 – – 19 8 Corporate debt 58 287 348 958 5,709 – 7,360 6,479 Corporate equity – – – – – 5,822 5,822 5,490 Total FVTPL securities 256 321 377 1,088 8,856 5,822 16,720 13,641 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 6,366 2,878 9,325 2,055 – – 20,624 12,498 Fair value 6,367 2,851 8,993 1,936 – – 20,147 12,301 Yield (%) 3.70 2.84 2.59 3.44 – – 3.05 2.14 Canadian provincial and municipal governments Amortized cost 1,328 420 1,165 2,351 17 – 5,281 4,724 Fair value 1,326 403 1,119 2,193 14 – 5,055 4,571 Yield (%) 3.53 2.18 3.12 3.28 5.04 – 3.23 2.70 U.S. federal government Amortized cost 713 636 837 3,884 175 – 6,245 3,403 Fair value 711 602 775 3,641 151 – 5,880 3,110 Yield (%) 5.03 3.72 2.93 3.71 4.31 – 3.77 2.13 U.S. states, municipalities and agencies Amortized cost 565 767 427 2,603 1,124 – 5,486 3,863 Fair value 559 735 399 2,517 1,091 – 5,301 3,714 Yield (%) 2.33 2.16 2.61 5.00 5.38 – 4.22 2.30 Other governments Amortized cost 4,124 955 1,784 201 – – 7,064 6,532 Fair value 4,107 938 1,723 201 – – 6,969 6,411 Yield (%) 2.82 3.48 3.54 3.27 – – 3.11 1.62 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 33 1,009 2,686 2,928 9,765 – 16,421 9,572 Fair value 33 999 2,654 2,776 9,303 – 15,765 9,268 Yield (%) 4.56 4.44 4.02 3.67 5.32 – 4.76 2.35 Corporate debt Amortized cost 1,842 507 507 659 123 – 3,638 4,203 Fair value 1,820 489 488 637 117 – 3,551 4,033 Yield (%) 6.50 4.21 4.04 4.41 5.76 – 5.43 2.29 Corporate equity Cost – – – – – 129 129 122 Fair value – – – – – 160 160 153 Total cost or amortized cost 14,971 7,172 16,731 14,681 11,204 129 64,888 44,917 Total fair value 14,923 7,017 16,151 13,901 10,676 160 62,828 43,561 Yield (%) 3.80 3.22 3.02 3.85 5.32 – 3.80 2.19 Amortized Cost Securities Issued or guaranteed by: Canadian federal government Amortized cost 2,491 1,985 400 32 – – 4,908 7,136 Fair value 2,549 1,924 401 31 – – 4,905 7,129 Yield (%) 1.92 1.58 2.47 2.87 – – 1.83 1.55 Canadian provincial and municipal governments Amortized cost 554 2,216 1,035 808 – – 4,613 5,588 Fair value 573 2,251 1,025 756 – – 4,605 5,583 Yield (%) 2.31 1.90 2.67 2.70 – – 2.26 2.35 U.S. federal government Amortized cost 2,928 13,919 17,018 20,514 2,499 – 56,878 59,245 Fair value 2,317 13,198 15,477 17,391 2,680 – 51,063 51,717 Yield (%) 1.73 1.42 1.34 1.57 2.19 – 1.50 1.49 U.S. states, municipalities and agencies Amortized cost – – – 190 – – 190 109 Fair value – – – 179 – – 179 105 Yield (%) – – – 4.66 – – 4.66 4.26 Other governments Amortized cost 289 478 181 – – – 948 1,387 Fair value 261 456 62 – – – 779 1,377 Yield (%) 1.72 1.40 3.07 – – – 1.82 1.66 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 632 2,500 4,276 1,557 38,625 – 47,590 31,013 Fair value 618 2,354 3,849 1,318 32,995 – 41,134 26,864 Yield (%) 2.46 1.46 1.84 1.97 2.80 – 2.61 1.59 Corporate debt Amortized cost 216 645 651 123 52 – 1,687 2,112 Fair value 212 656 469 122 47 – 1,506 2,057 Yield (%) 1.70 1.31 2.45 1.77 0.25 – 1.80 1.82 Total carrying value 7,110 21,743 23,561 23,224 41,176 – 116,814 106,590 Total fair value 6,530 20,839 21,283 19,797 35,722 – 104,171 94,832 Yield (%) 1.90 1.48 1.55 1.66 2.76 – 2.01 1.58 Investments in Associates and Joint Ventures Carrying value – – – – – 1,461 1,461 1,293 Total carrying value of securities 32,347 43,389 49,586 49,697 92,256 55,104 322,379 273,262 Total by Currency Canadian dollar 17,927 13,079 17,877 10,038 13,331 25,868 98,120 87,636 U.S. dollar 10,719 29,719 31,385 39,504 78,874 27,473 217,674 177,371 Other currencies 3,701 591 324 155 51 1,763 6,585 8,255 Total securities 32,347 43,389 49,586 49,697 92,256 55,104 322,379 273,262 (1) These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. (2) The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts. |
Unrealized gains and losses on securities at fair value through other comprehensive income | The following table summarizes unrealized gains and losses: (Canadian $ in millions) 2023 2022 Cost or Gross Gross Fair Cost or Gross Gross Fair Issued or guaranteed by: Canadian federal government 20,624 14 491 20,147 12,498 11 208 12,301 Canadian provincial and municipal governments 5,281 2 228 5,055 4,724 6 159 4,571 U.S. federal government 6,245 – 365 5,880 3,403 – 293 3,110 U.S. states, municipalities and agencies 5,486 5 190 5,301 3,863 5 154 3,714 Other governments 7,064 13 108 6,969 6,532 4 125 6,411 NHA MBS, U.S. agency MBS and CMO 16,421 12 668 15,765 9,572 13 317 9,268 Corporate debt 3,638 3 90 3,551 4,203 25 195 4,033 Corporate equity 129 31 – 160 122 31 – 153 Total 64,888 80 2,140 62,828 44,917 95 1,451 43,561 |
Summary of Interest, Dividend and Fee Income | Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows, excluding our share of profit in associates and joint ventures and trading securities. Related income for trading securities is included under trading-related revenue in Note 17. (Canadian $ in millions) 2023 2022 FVTPL securities 66 28 FVOCI securities 2,517 650 Amortized cost securities 3,510 1,295 Total 6,093 1,973 |
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) 2023 2022 FVTPL securities 144 268 FVOCI securities – realized gains (1) 37 14 Impairment loss – (1 ) Securities gains, other than trading 181 281 (1) Gains are net of (losses) on hedge contracts. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Purchased Credit Impaired Loans Acquired | The following table provides further details of the acquired Bank of the West PCI loans: (Canadian $ in millions) October 31, 2023 Unpaid principal balance (1) 280 Fair value adjustment (61 ) Carrying value 219 Stage 3 allowance (1 Carrying value net of related allowance 218 (1) Excludes loans that were fully written off prior to the acquisition date. |
Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL | The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at October 31, 2023 and 2022. Stage 1 includes performing loans carried with up to a 12-month lifetime ECL that are credit impaired. (Canadian $ in millions) 2023 2022 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (7) Total Loans: Residential mortgages Exceptionally low 2 – – 2 7 – – 7 Very low 85,423 171 – 85,594 94,743 81 – 94,824 Low 51,366 10,820 – 62,186 31,617 3,134 – 34,751 Medium 5,289 5,434 – 10,723 13,474 3,871 – 17,345 High 282 2,015 – 2,297 138 341 – 479 Not rated (2) 15,906 118 – 16,024 1,126 53 – 1,179 Impaired – – 424 424 – – 295 295 Gross residential mortgages 158,268 18,558 424 177,250 141,105 7,480 295 148,880 ACL 73 146 5 224 59 66 10 135 Carrying amount 158,195 18,412 419 177,026 141,046 7,414 285 148,745 Loans: Consumer instalment and other personal Exceptionally low 1,545 4 – 1,549 1,792 35 – 1,827 Very low 37,924 180 – 38,104 33,554 83 – 33,637 Low 21,406 1,052 – 22,458 24,369 1,307 – 25,676 Medium 7,971 5,686 – 13,657 13,536 4,633 – 18,169 High 759 2,127 – 2,886 873 1,525 – 2,398 Not rated (2) 24,426 411 – 24,837 4,052 32 – 4,084 Impaired – – 549 549 – – 312 312 Gross consumer instalment and other personal 94,031 9,460 549 104,040 78,176 7,615 312 86,103 ACL 208 415 152 775 101 288 102 491 Carrying amount 93,823 9,045 397 103,265 78,075 7,327 210 85,612 Loans: Credit cards (3) Exceptionally low 1,605 – – 1,605 2,920 – – 2,920 Very low 1,946 1 – 1,947 442 1 – 443 Low 1,884 70 – 1,954 1,569 51 – 1,620 Medium 3,860 890 – 4,750 2,918 792 – 3,710 High 533 763 – 1,296 316 563 – 879 Not rated (2) 651 91 – 742 90 1 – 91 Impaired – – – – – – – – Gross credit cards 10,479 1,815 – 12,294 8,255 1,408 – 9,663 ACL 134 267 – 401 69 207 – 276 Carrying amount 10,345 1,548 – 11,893 8,186 1,201 – 9,387 Loans: Business and government (4) Acceptable Investment grade 202,731 3,886 – 206,617 187,245 6,765 – 194,010 Sub-investment 126,350 26,260 – 152,610 98,451 22,390 – 120,841 Watchlist 1,078 11,520 – 12,598 – 6,310 – 6,310 Impaired – – 2,987 2,987 – – 1,384 1,384 Gross business and government 330,159 41,666 2,987 374,812 285,696 35,465 1,384 322,545 ACL 849 1,031 527 2,407 608 675 432 1,715 Carrying amount 329,310 40,635 2,460 372,405 285,088 34,790 952 320,830 Total gross loans and acceptances 592,937 71,499 3,960 668,396 513,232 51,968 1,991 567,191 Total net loans and acceptances 591,673 69,640 3,276 664,589 512,395 50,732 1,447 564,574 Commitments and financial guarantee contracts Acceptable Investment grade 195,149 1,721 – 196,870 182,153 5,134 – 187,287 Sub-investment 54,148 14,158 – 68,306 45,920 14,047 – 59,967 Watchlist 254 4,137 – 4,391 2 2,176 – 2,178 Impaired – – 687 687 – – 292 292 Gross commitments and financial guarantee contracts 249,551 20,016 687 270,254 228,075 21,357 292 249,724 ACL 260 189 11 460 194 174 13 381 Carrying amount (5)(6) 249,291 19,827 676 269,794 227,881 21,183 279 249,343 (1) Includes Bank of the West PCI loans. As at October 31, 2023, PCI loan gross carrying amounts were $ (2) Includes purchased portfolios and certain cases where an internal risk rating is not assigned. Alternative credit risk assessments, rating methodologies, policies and tools are used to manage credit risk for these portfolios. (3) 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. (4) Includes customers’ liability under acceptances. (5) Represents the total contractual amounts of undrawn credit facilities and other off-balance (6) Certain commercial borrower commitments are conditional and may include recourse to counterparties. (7) 93% of Stage 3 loans were either fully or partially collateralized as at October 31, 2023 (92% as at October 31, 2022). |
Summary of Continuity in Loss Allowance by Each Product Type | The following table shows the continuity in the loss allowance, by product type, for the years ended October 31, 2023 and 2022. Transfers represent the amount of ECL that moved between stages during the year, for example, moving from a 12-month (Canadian $ in millions) 2023 2022 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of year 59 67 16 142 46 40 19 105 Transfer to Stage 1 92 (92 – – 39 (37 ) (2 ) – Transfer to Stage 2 (18 27 (9 – (4 ) 10 (6 ) – Transfer to Stage 3 (1 (12 13 – – (7 ) 7 – Net remeasurement of loss allowance (94 106 15 27 (52 ) 61 8 17 Loan originations 26 – – 26 34 – – 34 Loan purchases 31 – – 31 – – – – Derecognitions and maturities (4 (9 – (13 ) (5 ) (7 ) – (12 ) Model changes (19 63 – 44 2 5 – 7 Total PCL (2) 13 83 19 115 14 25 7 46 Write-offs (3) – – (10 (10 ) – – (5 ) (5 ) Recoveries of previous write-offs – – 7 7 – – 7 7 Foreign exchange and other 1 1 (22 (20 ) (1 ) 2 (12 ) (11 ) Balance as at end of year 73 151 10 234 59 67 16 142 Loans: Consumer instalment and other personal Balance as at beginning of year 111 304 102 517 128 357 91 576 Transfer to Stage 1 265 (254 (11 – 230 (221 ) (9 ) – Transfer to Stage 2 (52 93 (41 – (41 ) 71 (30 ) – Transfer to Stage 3 (18 (104 122 – (5 ) (82 ) 87 – Net remeasurement of loss allowance (264 438 309 483 (263 ) 226 103 66 Loan originations 58 6 – 64 92 – – 92 Loan purchases 179 – – 179 – – – – Derecognitions and maturities (34 (43 – (77 ) (22 ) (39 ) – (61 ) Model changes (26 (8 – (34 ) (9 ) (13 ) – (22 ) Total PCL (2) 108 128 379 615 (18 ) (58 ) 151 75 Write-offs (3) – – (371 (371 ) – – (205 ) (205 ) Recoveries of previous write-offs – – 74 74 – – 80 80 Foreign exchange and other 1 2 (32 (29 ) 1 5 (15 ) (9 ) Balance as at end of year 220 434 152 806 111 304 102 517 Loans: Credit cards Balance as at beginning of year 115 250 – 365 114 245 – 359 Transfer to Stage 1 172 (172 – – 149 (149 ) – – Transfer to Stage 2 (45 45 – – (34 ) 34 – – Transfer to Stage 3 (3 (147 150 – (2 ) (114 ) 116 – Net remeasurement of loss allowance (146 366 216 436 (156 ) 236 74 154 Loan originations 77 1 – 78 54 – – 54 Loan purchases 25 – – 25 – – – – Derecognitions and maturities (7 (36 – (43 ) (5 ) (23 ) – (28 ) Model changes – – – – (6 ) 18 – 12 Total PCL (2) 73 57 366 496 – 2 190 192 Write-offs (3) – – (436 (436 ) – – (249 ) (249 ) Recoveries of previous write-offs – – 103 103 – – 78 78 Foreign exchange and other – 1 (33 (32 ) 1 3 (19 ) (15 ) Balance as at end of year 188 308 – 496 115 250 – 365 Loans: Business and government Balance as at beginning of year 746 789 439 1,974 662 855 401 1,918 Transfer to Stage 1 306 (291 (15 – 313 (267 ) (46 ) – Transfer to Stage 2 (173 236 (63 – (166 ) 243 (77 ) – Transfer to Stage 3 (25 (161 186 – (1 ) (52 ) 53 – Net remeasurement of loss allowance (446 735 308 597 (437 ) 127 224 (86 ) Loan originations 276 4 – 280 488 – – 488 Loan purchases 470 – – 470 – – – – Derecognitions and maturities (126 (193 – (319 ) (223 ) (168 ) – (391 ) Model changes (17 (51 – (68 ) 19 (32 ) – (13 ) Total PCL (2) 265 279 416 960 (7 ) (149 ) 154 (2 ) Write-offs (3) – – (372 (372 ) – – (153 ) (153 ) Recoveries of previous write-offs – – 81 81 – – 50 50 Foreign exchange and other 32 87 (31 88 91 83 (13 ) 161 Balance as at end of year 1,043 1,155 533 2,731 746 789 439 1,974 Total as at end of year 1,524 2,048 695 4,267 1,031 1,410 557 2,998 Comprised of: Loans 1,264 1,859 684 3,807 837 1,236 544 2,617 Other credit instruments (4) 260 189 11 460 194 174 13 381 (1) Includes changes in allowance for PCI loans of $1 million for the year ended October 31, 2023. The total amount of ECLs at initial recognition on PCI loans was $79 million. (2) Excludes PCL on other assets of $(8) million for the year ended October 31, 2023 ($2 million for the year ended October 31, 2022). (3) 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. (4) Other credit instruments, including off-balance |
Schedule of Loans and Allowance for Credit Losses by Geographic Region | Loans and ACL by geographic region as at October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 2022 Gross ACL on ACL on Net Gross ACL on ACL on Net By geographic region (1) Canada 365,268 457 1,272 363,539 342,430 363 1,102 340,965 United States 283,355 227 1,833 281,295 200,439 176 959 199,304 Other countries 11,662 – 18 11,644 11,087 5 12 11,070 Total 660,285 684 3,123 656,478 553,956 544 2,073 551,339 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes ACL on impaired loans of $11 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2022). (3) Excludes ACL on performing loans of $449 million for other credit instruments, which is included in other liabilities ($368 million as at October 31, 2022). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired (Stage 3) loans, including the related allowances, as at October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 2022 Gross impaired ACL on Net impaired Gross impaired ACL on Net impaired Residential mortgages 424 5 419 295 10 285 Consumer instalment and other personal 549 152 397 312 102 210 Business and government (1) 2,987 527 2,460 1,384 432 952 Total 3,960 684 3,276 1,991 544 1,447 By geographic region (2) Canada 1,629 457 1,172 1,158 363 795 United States 2,331 227 2,104 820 176 644 Other countries – – – 13 5 8 Total 3,960 684 3,276 1,991 544 1,447 (1) Includes customers’ liability under acceptances. (2) Geographic region is based upon the country of ultimate risk. (3) Excludes ACL on impaired loans of $11 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2022). |
Disclosure Of Financial Assets That Are Past Due But Not Impaired | The following table presents loans that are past due but not classified as impaired as at October 31, 2023 and 2022. Loans for which payment is less than 30 days past due have been excluded, as they are not generally representative of the borrowers’ ability to meet their payment obligations. (Canadian $ in millions) 2023 2022 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more (1) Total Residential mortgages 707 9 716 411 19 430 Credit card, consumer instalment and other personal 1,003 129 1,132 392 84 476 Business and government 826 18 844 198 38 236 Total 2,536 156 2,692 1,001 141 1,142 (1) Fully secured loans with amounts between 90 180 |
Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period | The following table shows the key economic variables used to estimate the allowance on performing loans forecast over the next 12 months or lifetime measurement period. While the values disclosed below are national variables, we use regional variables in the underlying models and consider factors impacting particular industries where appropriate. As at October 31, 2023 As at October 31, 2022 All figures are average annual values Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Remaining First 12 Remaining First 12 Remaining First 12 Remaining First 12 Remaining First 12 Remaining Real GDP growth rates (2) Canada 3.2% 2.6% 0.4% 1.9% (3.9)% 1.2% 3.7% 2.2% 1.5% 1.1% (2.3)% 0.4% United States 4.1% 2.5% 1.4% 2.0% (3.5)% 1.4% 2.4% 2.1% 0.2% 1.3% (3.3)% 0.6% Corporate BBB 10-year Canada 1.7% 1.8% 2.4% 2.0% 4.2% 3.5% 1.9% 1.9% 2.4% 2.2% 3.7% 3.9% United States 1.4% 1.7% 2.2% 2.1% 4.6% 3.5% 1.8% 1.9% 2.2% 2.2% 4.2% 3.9% Unemployment rates Canada 4.2% 3.7% 5.9% 5.7% 9.3% 10.1% 4.3% 3.6% 5.9% 6.5% 8.0% 9.9% United States 2.9% 2.5% 4.2% 4.1% 7.5% 8.3% 3.2% 2.6% 4.2% 4.8% 6.5% 8.4% Housing Price Index (2) Canada (3) 9.9% 6.9% 5.5% 4.5% (20.2)% (5.0)% (6.7)% 2.1% (10.0)% (1.0)% (13.6)% (8.0)% United States (4) 2.7% 3.7% (0.5)% 2.3% (19.2)% (4.3)% 1.6% (0.7)% (0.9)% (2.6)% (7.5)% (8.4)% (1) The remaining forecast period is two years. (2) Real gross domestic product (GDP) and housing price index are averages of quarterly year-over-year growth rates. (3) In Canada, we use the Housing Price Index Benchmark Composite. (4) In the United States, we use the National Case-Shiller House Price Index. |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Fair Value [Member] | |
Statement [Line Items] | |
Summary of Carrying Value and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities Relating to Loan Securitizations | The following table presents the carrying values and fair values of transferred assets that did not qualify for derecognition and the associated liabilities relating to loan securitizations: (Canadian $ in millions) 2023 2022 Carrying value Fair value Carrying value (1) Fair value Assets Trading securities (2) 277 – 1,062 – Residential mortgages 7,317 – 7,503 – Other related assets (3) 8,430 – 10,012 – Total 16,024 15,266 18,577 17,764 Associated liabilities (4) 14,937 14,244 17,471 16,846 (1) Carrying value of loans is net of allowance for credit losses, where applicable. (2) Trading securities represent CMO issued by third-party sponsored vehicles, where we do not substantially transfer all the risks and rewards of ownership to third-party investors. (3) Other related assets represent payments received on account of mortgages pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held in permitted instruments on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying value of the securitized assets in the table above. (4) Associated liabilities are recognized in securitization and structured entities’ liabilities in our Consolidated Balance Sheet. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Statement [Line Items] | |
Summary of Unconsolidated Structured Entities | The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2023 2022 Customer Capital vehicles Other Customer Capital vehicles Other Interests recorded in our Consolidated Balance Sheet Financial Assets Cash and cash equivalents 184 5,182 – 68 3,483 – Trading securities 518 – 3,346 573 – 1,795 FVTPL securities 23 – – 119 – – FVOCI securities 1,393 – – 1,079 – – Derivatives 23 – – – – – Other 9 – 100 11 – 80 Total 2,150 5,182 3,446 1,850 3,483 1,875 Financial Liabilities Deposits 184 5,182 – 68 3,483 – Derivatives – – – 17 – – Other – 79 – – 48 – Total 184 5,261 – 85 3,531 – Maximum exposure to loss (2) 21,740 1 3,446 20,141 1 1,875 Total assets of the entities 13,936 5,260 30,877 12,364 3,531 11,845 (1) Securities held that are issued by our Canadian and U.S. customer securitization vehicles are comprised of asset-backed commercial paper (ABCP) and are classified as either trading securities, FVTPL securities or FVOCI securities. (2) Maximum exposure to loss represents securities held, undrawn liquidity facilities, any remaining unfunded committed amounts to the BMO funded vehicle, derivative assets and other assets. |
Consolidated structured entities [member] | |
Statement [Line Items] | |
Summary of Carrying Value and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying values and fair values of assets and liabilities related to these consolidated securitization vehicles: (Canadian $ in millions) 2023 2022 Carrying value Fair value Carrying value (1) Fair value Assets Credit cards 9,506 9,506 8,223 8,223 Consumer instalment and other personal (2) 4,695 4,670 4,769 4,738 Business and government – – 125 124 Total 14,201 14,176 13,117 13,085 Associated liabilities (3) 10,376 10,177 9,274 9,072 (1) Carrying value of loans is net of ACL. (2) Includes real estate lines of credit and auto loans. (3) Associated liabilities are recognized in securitization and structured entities’ liabilities in our Consolidated Balance Sheet. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2023 2022 Gross assets Gross Net Gross assets Gross liabilities Net Trading Interest Rate Contracts Swaps (1) 4,193 (9,393 (5,200 7,176 (4,249 ) 2,927 Forward rate agreements 360 (84 276 437 (120 ) 317 Purchased options 3,221 – 3,221 3,157 – 3,157 Written options – (3,129 (3,129 – (2,391 ) (2,391 ) Futures 6 (21 (15 16 (27 ) (11 ) Foreign Exchange Contracts (2) Cross-currency swaps 1,887 (1,397 490 1,688 (2,096 ) (408 ) Cross-currency interest rate swaps 10,340 (10,081 259 10,722 (11,254 ) (532 ) Forward foreign exchange contracts 6,685 (5,469 1,216 8,387 (7,267 ) 1,120 Purchased options 575 – 575 1,096 – 1,096 Written options – (448 (448 – (1,151 ) (1,151 ) Commodity Contracts Swaps 1,029 (743 286 4,198 (1,725 ) 2,473 Purchased options 850 – 850 1,851 – 1,851 Written options – (787 (787 – (1,627 ) (1,627 ) Futures 143 (127 16 275 (237 ) 38 Equity Contracts 4,690 (11,460 (6,770 6,473 (14,584 ) (8,111 ) Credit Contracts Purchased 13 (18 (5 27 (3 ) 24 Written 12 (9 3 34 (72 ) (38 ) Total fair value – trading derivatives 34,004 (43,166 (9,162 45,537 (46,803 ) (1,266 ) Hedging Interest Rate Contracts (3) Cash flow hedges – swaps 693 (3,784 (3,091 41 (6,824 ) (6,783 ) Fair value hedges – swaps 4,877 (1,390 3,487 1,935 (2,987 ) (1,052 ) Total swaps 5,570 (5,174 396 1,976 (9,811 ) (7,835 ) Foreign Exchange Contracts Cash flow hedges (1) 333 (1,801 (1,468 629 (3,342 ) (2,713 ) Fair value hedges 69 (1 68 – – – Net investment hedges – (8 (8 – – – Total foreign exchange contracts 402 (1,810 (1,408 629 (3,342 ) (2,713 ) Equity Contracts Cash flow hedges – (43 (43 18 – 18 Total equity contracts – (43 (43 18 – 18 Total fair value – hedging derivatives (4) 5,972 (7,027 (1,055 2,623 (13,153 ) (10,530 ) Total fair value – trading and hedging derivatives 39,976 (50,193 ) (10,217 ) 48,160 (59,956 ) (11,796 ) Less: impact of master netting agreements (26,674 26,674 – (31,878 ) 31,878 – Total 13,302 (23,519 ) (10,217 ) 16,282 (28,078 ) (11,796 ) (1) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. (2) Gold contracts are included in foreign exchange contracts. (3) Includes the fair value of bond futures in fair value hedges rounded down to $nil million as at October 31, 2023 ($nil million as at October 31, 2022). (4) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance |
Schedule of Notional Amounts of Trading Derivatives | The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (Canadian $ in millions) 2023 2022 Exchange-traded Over-the-counter Total Exchange-traded Over-the-counter Total Interest Rate Contracts Swaps (1) – 9,254,984 9,254,984 – 5,683,145 5,683,145 Forward rate agreements – 132,653 132,653 – 22,397 22,397 Purchased options 37,264 130,000 167,264 23,854 98,113 121,967 Written options 38,256 118,524 156,780 11,073 87,941 99,014 Futures 1,367,959 – 1,367,959 401,965 – 401,965 Total interest rate contracts 1,443,479 9,636,161 11,079,640 436,892 5,891,596 6,328,488 Foreign Exchange Contracts (2) Cross-currency swaps – 54,169 54,169 – 53,837 53,837 Cross-currency interest rate swaps – 677,765 677,765 – 578,685 578,685 Forward foreign exchange contracts – 563,716 563,716 – 481,773 481,773 Purchased options 1,851 51,143 52,994 1,127 72,733 73,860 Written options 2,282 55,370 57,652 5,421 74,041 79,462 Futures 4,035 – 4,035 1,032 – 1,032 Total foreign exchange contracts 8,168 1,402,163 1,410,331 7,580 1,261,069 1,268,649 Commodity Contracts Swaps – 18,574 18,574 – 24,525 24,525 Purchased options 30,397 5,319 35,716 34,177 5,686 39,863 Written options 31,351 4,218 35,569 34,245 5,011 39,256 Futures 35,285 – 35,285 44,836 – 44,836 Total commodity contracts 97,033 28,111 125,144 113,258 35,222 148,480 Equity Contracts 189,112 115,689 304,801 162,102 104,825 266,927 Credit Contracts Purchased – 16,927 16,927 – 16,771 16,771 Written – 10,010 10,010 – 11,099 11,099 Total credit contracts – 26,937 26,937 – 27,870 27,870 Total 1,737,792 11,209,061 12,946,853 719,832 7,320,582 8,040,414 (1) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. (2) Gold contracts are included in foreign exchange contracts. Table excludes loan commitment derivatives with a notional amount of $1,805 million ($4,183 million as at October 31, 2022). |
Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity | The following table outlines the notional amounts and average rates of derivatives and the carrying amounts of deposits designated as hedging instruments, by term to maturity, hedge type and risk type, where applicable. (Canadian $ in millions, except as noted) Remaining term to maturity 2023 2022 Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total Total Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount (1) 69,605 39,250 38,041 34,962 4,821 186,679 167,945 Average fixed interest rate 4.85% 4.33% 3.50% 3.57% 3.69% 4.20% 3.06% Foreign exchange risk – Cross-currency swaps (2) CAD-USD (3) Notional amount 8,897 15,121 12,977 6,300 327 43,622 62,703 Average fixed interest rate 2.47% 3.04% 3.17% 1.67% 3.42% 2.77% 1.31% Average exchange rate: CAD-USD 1.3340 1.3130 1.3118 1.3474 1.3076 1.3218 1.3196 CAD-EUR Notional amount 1,924 7,449 4,973 1,839 201 16,386 19,429 Average fixed interest rate 2.41% 3.90% 2.79% 1.89% 2.97% 3.15% 2.47% Average exchange rate: CAD-EUR 1.5395 1.4205 1.4015 1.4711 1.4870 1.4352 1.4489 Other currency pairs (4) Notional amount 1,155 6,141 1,901 514 76 9,787 7,718 Average fixed interest rate 2.21% 2.62% 4.20% 4.45% 5.24% 2.99% 2.42% Average exchange rate: CAD-Non USD/EUR 1.1310 1.6699 1.5040 0.7940 0.9038 1.5221 1.3956 Equity price risk – Total return swap (5) Notional amount – 451 – – – 451 455 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount (6) 42,073 24,340 46,219 27,242 29,494 169,368 103,671 Average fixed interest rate 4.97% 3.79% 3.61% 3.48% 3.35% 3.91% 2.42% Interest rate risk – Bond futures (exchange-traded derivatives) Notional amount 2,825 – – – – 2,825 109 Average price in dollars 105 – – – – 105 104 Foreign exchange risk – Cross-currency swaps (7) USD-EUR Notional amount – 21 – – – 21 19 Average fixed interest rate – 3.25% – – – 3.25% 3.25% Average exchange rate: USD-EUR – 0.9706 – – – 0.9706 0.9706 USD-JPY pair Notional amount 476 – – – – 476 – Average fixed interest rate (0.08)% – – – – (0.08)% – Average exchange rate: USD-JPY 0.0076 – – – – 0.0076 – Net Investment Hedges Foreign exchange risk – Cross-currency swaps CAD-CNH Notional amount 650 – – – – 650 – Foreign exchange risk – Deposit liabilities USD denominated deposit – carrying amount 13,154 – – – – 13,154 1,251 GBP denominated deposit – carrying amount 157 – – – – 157 – (1) The notional amount of the interest rate swaps likely subject to IBOR reform was $21,718 million of CDOR maturing after June 28, 2024, as at October 31, 2023 ($22,689 million of USD LIBOR maturing after (2) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EUR-USD EUR-CAD CAD-USD CAD-foreign (3) As at October 31, 2022, amounts include derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries. Refer to Note 10 for further details. (4) Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP, CAD-HKD, CAD-JPY, CAD-NOK , (5) The notional amount of the total return swaps likely subject to IBOR reform was $451 million of CDOR maturing after June 28, 2024 as at October 31, 2023 ($ (6) The notional amount of the interest rate swaps likely subject to IBOR reform was $22,328 million of CDOR maturing after June 28, 2024 as at October 31, 2023 ($31,455 million of USD LIBOR maturing after June 30, 2023, and $21,043 million of CDOR maturing after June 28, 2024, as at October 31, 2022). (7) The notional amount of the cross-currency swaps likely subject to IBOR reform was $nil million of CDOR maturing after June 28, 2024 as at October 31, 2023 ($ , |
Schedule of Hedging Instrument Impacts on Cash Flow Hedge Ineffectiveness | (Canadian $ in millions) 2023 Carrying amount of Hedge ineffectiveness Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash Flow Hedges Interest rate risk – Interest rate swaps 693 (3,784 (1,543 1,511 – Foreign exchange risk – Cross-currency swaps and (3) 333 (1,801 (245 245 – Equity price risk – Total return swaps – (43 (80 80 – 1,026 (5,628 (1,868 1,836 – Net Investment Hedges Foreign exchange risk – Cross-currency swaps and – (8 23 (22 1 Foreign exchange risk – Deposit liabilities – (13,311 (485 485 – Total 1,026 (18,947 (2,330 2,299 1 2022 Cash Flow Hedges Interest rate risk – Interest rate swaps 41 (6,824 ) (8,481 ) 8,588 (33 ) Foreign exchange risk – Cross-currency swaps and (3) 629 (3,342 ) 1,684 (1,684 ) – Equity price risk – Total return swaps 18 – (29 ) 29 – 688 (10,166 ) (6,826 ) 6,933 (33 ) Net Investment Hedges Foreign exchange risk – Cross-currency swaps and – – 429 (429 ) – Foreign exchange risk – Deposit liabilities – (1,251 ) (886 ) 886 – Total 688 (11,417 ) (7,283 ) 7,390 (33 ) (1) Represents unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. (2) Represents life to date amounts. (3) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. |
Schedule of Hedging Instrument Impacts on Consolidated Statement of Other Comprehensive Income on Pre-Tax Basis | (Canadian $ in millions) 2023 Balance in cash flow hedge AOCI / net foreign operations AOCI Balance Gains / Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill Balance Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk (8,204 ) (1,543 1,732 (8,015 ) (2,720 (5,295 Foreign exchange risk (3) 1,223 (245 (368 610 610 – Equity price risk 33 (80 (25 (72 (72 – (6,948 ) (1,868 1,339 (7,477 ) (2,182 (5,295 Net Investment Hedges Foreign exchange risk (1,723 ) (463 – (2,186 ) (2,186 – Total (8,671 ) (2,331 1,339 (9,663 ) (4,368 (5,295 2022 Balance in cash flow hedge AOCI / Balance Gains / Amount reclassified to Balance Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk 578 (8,448 ) (334 ) (8,204 ) (6,713 ) (1,491 ) Foreign exchange risk (483 ) 1,684 22 1,223 1,168 55 Equity price risk 179 (29 ) (117 ) 33 33 – 274 (6,793 ) (429 ) (6,948 ) (5,512 ) (1,436 ) Net Investment Hedges Foreign exchange risk (1,263 ) (457 ) (3 ) (1,723 ) (1,723 ) – Total (989 ) (7,250 ) (432 ) (8,671 ) (7,235 ) (1,436 ) (1) Tax balance related to cash flow hedges accumulated other comprehensive income was $2,029 million as at October 31, 2023 ($1,819 million as at October 31, 2022). (2) Tax balance related to net investment hedges accumulated other comprehensive income was $555 million as at October 31, 2023 ($466 million as at October 31, 2022). (3) On closing our acquisition of Bank of the West on February 1, 2023, we settled the foreign exchange forward contracts entered to mitigate foreign exchange risk of the purchase price of Bank of the West and reclassified gain of $ after-tax |
Schedule of Hedging Instrument Impacts on Fair Value Hedge Ineffectiveness | (Canadian $ in millions) 2023 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on hedge ineffectiveness Gains (losses) on hedged item used to calculate hedge ineffectiveness Ineffectiveness non-interest revenue – other Carrying Active hedges Discontinued hedges Fair Value Hedge (3) Interest rate swaps 4,877 (1,390 ) – – – – – – Cross-currency swaps 69 (1 – – – – – – Securities and loans – – 4,071 (3,955 116 87,043 (4,373 (404 Deposits, subordinated debt and other liabilities – – (1,078 1,139 61 (77,358 1,015 1,867 Total 4,946 (1,391 ) 2,993 (2,816 177 9,685 (3,358 1,463 2022 Fair Value Hedge (3) Interest rate swaps 1,935 (2,987 ) – – – – – – Cross-currency swaps – – – – – – – – Securities and loans – – 2,633 (2,625 ) 8 36,394 (2,603 ) 122 Deposits, subordinated debt and other liabilities – – (3,113 ) 3,128 15 (61,307 ) 2,841 425 Total 1,935 (2,987 ) (480 ) 503 23 (24,913 ) 238 547 (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in our Consolidated Balance Sheet and includes amortized cost, before ACL, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. (3) Includes the fair value of bond futures rounded down to $nil million as at October 31, 2023 ($nil million as at October 31, 2022). |
Schedule of Derivative-Related Credit Risk | (Canadian $ in millions) 2023 2022 Replacement Credit risk Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Over-the-counter Swaps 1,265 5,133 1,006 4,133 8,718 764 Forward rate agreements 571 2,219 471 943 1,773 430 Purchased options 45 174 61 48 170 46 Written options 1 140 77 4 131 67 1,882 7,666 1,615 5,128 10,792 1,307 Exchange-traded Futures 171 296 6 231 359 7 Purchased options 3 4 – 159 227 5 Written options – – – 7 11 – 174 300 6 397 597 12 Total interest rate contracts 2,056 7,966 1,621 5,525 11,389 1,319 Foreign Exchange Contracts (2) Over-the-counter Swaps 1,921 6,517 1,313 1,645 5,535 880 Forward foreign exchange contracts 2,300 9,296 1,908 2,250 8,339 1,237 Purchased options 149 448 129 321 681 183 Written options 2 118 39 2 88 30 4,372 16,379 3,389 4,218 14,643 2,330 Exchange-traded Futures – – – – 2 – Purchased options 3 8 – – 2 – Written options – – – 7 10 – 3 8 – 7 14 – Total foreign exchange contracts 4,375 16,387 3,389 4,225 14,657 2,330 Commodity Contracts Over-the-counter Swaps 468 1,957 683 3,160 6,107 1,281 Purchased options 4 280 110 435 936 194 Written options 47 331 106 126 403 107 519 2,568 899 3,721 7,446 1,582 Exchange-traded Futures 243 869 17 1,122 2,055 41 Purchased options 329 535 11 356 552 11 Written options 3 83 2 303 471 9 575 1,487 30 1,781 3,078 61 Total commodity contracts 1,094 4,055 929 5,502 10,524 1,643 Equity Contracts Over-the-counter 684 8,274 2,123 582 9,076 2,406 Exchange-traded 1,640 4,635 93 1,580 3,888 78 Total equity contracts 2,324 12,909 2,216 2,162 12,964 2,484 Credit Contracts 446 1,093 81 97 562 103 Total 10,295 42,410 8,236 17,511 50,096 7,879 (1) Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach for Counterparty Credit Risk (SA-CCR) (2) Gold contracts are included in foreign exchange contracts. |
Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts | Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are set out below: (Canadian $ in millions) Term to maturity 2023 2022 Within 1 1 to 3 years 3 to 5 years 5 to 10 Over 10 Total notional Total notional Interest Rate Contracts Swaps (1) 3,738,351 2,297,285 1,587,033 1,410,529 577,832 9,611,030 5,954,761 Forward rate agreements, futures and options 1,352,524 360,014 87,506 23,438 4,000 1,827,482 645,452 Total interest rate contracts 5,090,875 2,657,299 1,674,539 1,433,967 581,832 11,438,512 6,600,213 Foreign Exchange Contracts (2) Swaps 175,365 266,699 164,341 133,125 41,424 780,954 702,068 Forward foreign exchange contracts (1) 539,912 19,531 3,449 1,457 17 564,366 481,773 Futures 4,021 14 – – – 4,035 1,032 Options 96,332 13,086 1,228 – – 110,646 153,322 Total foreign exchange contracts 815,630 299,330 169,018 134,582 41,441 1,460,001 1,338,195 Commodity Contracts Swaps 9,823 7,777 549 425 – 18,574 24,525 Futures 18,182 15,634 1,372 97 – 35,285 44,836 Options 33,856 36,444 879 106 – 71,285 79,119 Total commodity contracts 61,861 59,855 2,800 628 – 125,144 148,480 Equity Contracts 220,096 67,747 15,097 1,557 755 305,252 267,382 Credit Contracts 453 925 16,749 6,877 1,933 26,937 27,870 Total notional amount 6,188,915 3,085,156 1,878,203 1,577,611 625,961 13,355,846 8,382,140 (1) Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon close of the transaction. Refer to Note 10 for further details. (2) Gold contracts are included in foreign exchange contracts. Under the SA-CCR, |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Maximum Estimated Useful Lives to Amortize Assets | The maximum estimated useful lives we use to depreciate our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 to 7 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years |
Summary of Net Rent Expense for Premises and Equipment | The total cost and associated accumulated depreciation for premises and equipment that we own or lease are set out below: (Canadian $ in millions) 2023 2022 Land Buildings Computer Other Leasehold Right-of-use Total Land Buildings Computer Other Leasehold Right-of-use Total Cost Balance at beginning of year 119 1,688 2,671 945 2,054 3,435 10,912 99 1,354 2,292 685 1,941 3,201 9,572 Additions/lease modifications 13 91 280 125 413 406 1,328 18 59 319 105 281 329 1,111 Acquisitions 213 276 63 12 25 523 1,112 – – – – – – – Disposals (1) (28 (26 (109 (30 (97 (60 (350 (8 ) (44 ) (53 ) (29 ) (246 ) (235 ) (615 ) Foreign exchange and other 6 18 18 8 18 53 121 10 319 113 184 78 140 844 Balance at end of year 323 2,047 2,923 1,060 2,413 4,357 13,123 119 1,688 2,671 945 2,054 3,435 10,912 Accumulated Depreciation and Impairment Balance at beginning of year – 1,188 2,007 667 1,270 939 6,071 – 867 1,724 471 1,338 718 5,118 Disposals (1) – (25 (106 (29 (94 (50 (304 – (35 ) (48 ) (25 ) (243 ) (153 ) (504 ) Depreciation – 70 306 65 169 412 1,022 – 50 225 53 116 336 780 Foreign exchange and other (2) – 5 21 1 11 55 93 – 306 106 168 59 38 677 Balance at end of year – 1,238 2,228 704 1,356 1,356 6,882 – 1,188 2,007 667 1,270 939 6,071 Net carrying value 323 809 695 356 1,057 3,001 6,241 119 500 664 278 784 2,496 4,841 (1) Includes fully depreciated assets written off and assets sold as part of divestitures in 2022. Refer to Note 10. (2) Includes impairment charges. |
Acquisitions and Divestitures (
Acquisitions and Divestitures (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
AIR MILES [Member] | |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition | The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) June 1, 2023 Securities 668 Goodwill and intangible assets 384 Other assets 141 Total assets 1,193 Deferred revenue (1) 916 Other liabilities 64 Total liabilities 980 Purchase price 213 (1) Deferred revenue reflects our obligation to fulfill the redemption of miles that were outstanding at the acquisition date and is included in other liabilities in our Consolidated Balance Sheet. |
Bank of the West [Member] | |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition | We recorded the assets acquired and liabilities assumed at fair value as at the date of acquisition, as shown in the table below. (Canadian $ in millions) February 1, 2023 Purchase consideration 18,382 Impact of forward contracts (1) (269 ) Net purchase consideration 18,113 Fair value of identifiable assets acquired Securities 28,437 Loans Residential mortgages 11,912 Consumer installment and other personal 20,268 Credit cards 885 Business and government 43,418 Total loans 76,483 Other assets (2) 9,152 Intangible assets 2,883 Total fair value of identifiable assets acquired 116,955 Fair value of identifiable liabilities assumed Deposits 91,711 Other liabilities (2) 17,697 Total fair value of identifiable liabilities assumed 109,408 Non-controlling 16 Goodwill 10,582 Net purchase consideration 18,113 (1) To mitigate changes in the Canadian dollar equivalent of the purchase price between our announcement of the acquisition and its closing, we entered into forward contracts, which qualified for hedge accounting. Changes in the fair value of these forward contracts of $ (after-tax) (2) The net deferred tax asset recorded in the opening balance sheet is $1,273 million. |
Radicle [member] | |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |
Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition | The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) December 1, 2022 Goodwill and intangible assets 145 Other assets 85 Total assets 230 Liabilities 35 Purchase price 195 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Continuity of Goodwill By Group of CGUs | A continuity of our goodwill by group of CGUs for the years ended October 31, 2023 and 2022 is as follows: (Canadian $ in millions) Personal and Commercial Banking BMO Wealth Management BMO Capital Markets Total Canadian U.S. P&C Total Wealth and Insurance Total Balance – October 31, 2021 97 3,567 3,664 1,310 2 1,312 402 5,378 Disposals (7) – – – (538 ) – (538 ) – (538 ) Foreign exchange and other (1) – 362 362 50 – 50 33 445 Balance – October 31, 2022 97 3,929 4,026 822 2 824 435 5,285 Acquisitions (7) 233 10,345 10,578 237 – 237 85 10,900 Foreign exchange and other (1) – 515 515 20 – 20 8 543 Balance – October 31, 2023 330 (2) 14,789 (3) 15,119 1,079 (4) 2 (5) 1,081 528 (6) 16,728 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to AIR MILES, bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to Bank of the West, First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I Marshall and Ilsley Banks (M&I) and GE Transportation Finance. (4) Relates primarily to Bank of the West, CTC Consulting LLC, M&I, Stoker Ostler Wealth Advisors, Inc., myCFO, Inc., Guardian Group of Funds Ltd. and BMO Nesbitt Burns Inc. Pyrford International Limited, LGM Investments Limited and F&C Asset Management plc were divested in fiscal 2022. (5) Relates to AIG Life Holdings (Canada), ULC. (6) Relates to Radicle, Clearpool, KGS-Alpha (7) Refer to Note 10 for further information. |
Summary of Intangible Assets | The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Cost as at October 31, 2021 719 894 5,548 204 601 7,966 Additions – – 11 662 20 693 Transfers – – 611 (611 ) – – Disposals (2) (247 ) – (53 ) (1 ) (319 ) (620 ) Foreign exchange and other 49 84 120 5 20 278 Cost as at October 31, 2022 521 978 6,237 (1) 259 322 8,317 Additions – – 58 739 33 830 Acquisitions (3) 311 2,453 103 – 227 3,094 Transfers – – 672 (672 ) – – Disposals (2)(3) – – (29 ) (2 ) (21 ) (52 ) Foreign exchange and other 18 122 30 – 11 181 Cost as at October 31, 2023 850 3,553 7,071 (1) 324 572 12,370 (1) Includes $6,172 million of internally generated software as at October 31, 2023 ($5,486 million as at October 31, 2022). (2) Includes fully depreciated assets written off and assets sold as part of divestitures in 2022. (3) Refer to Note 10 for further information. The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Accumulated amortization at October 31, 2021 616 894 3,821 – 369 5,700 Amortization 22 – 556 – 26 604 Disposals (2)(3) (247 ) – (49 ) – (123 ) (419 ) Foreign exchange and other 44 84 94 – 17 239 Accumulated amortization at October 31, 2022 435 978 4,422 (1) – 289 6,124 Amortization 44 291 653 – 27 1,015 Disposals (2)(3) – – (22 ) – (21 ) (43 ) Foreign exchange and other 8 26 20 – 4 58 Accumulated amortization at October 31, 2023 487 1,295 5,073 (1) – 299 7,154 Carrying value at October 31, 2023 363 2,258 1,998 324 273 5,216 Carrying value at October 31, 2022 86 – 1,815 259 33 2,193 (1) Includes $4,420 million of internally generated software as at October 31, 2023 ($3,819 million as at October 31, 2022). (2) Includes fully depreciated assets written off and assets sold as part of divestitures in 2022. Refer to Note 10 for further information. (3) Includes impairment charges. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Components of Other within Other Assts | The components of other within other assets are as follows: (Canadian $ in millions) 2023 2022 Accounts receivable, prepaid expenses and other items 5,278 3,634 Accrued interest receivable 4,097 2,726 Bank owned life insurance policies 6,306 4,509 Leased vehicles, net of accumulated amortization 124 263 Cash collateral 9,939 13,586 Due from clients, dealers and brokers 381 313 Insurance-related assets (1) 3,161 2,575 Other employee future benefits assets (Note 21) 81 51 Pension asset (Note 21) 1,225 1,267 Precious metals (2) 4,701 2,970 Total 35,293 31,894 (1) Includes $1,073 million of investment properties ($1,001 million as at October 31, 2022) carried at cost less accumulated amortization. These investment properties support our insurance contract liabilities. The fair value, determined by external independent property valuers for disclosure purposes, is $1,326 million and categorized as Level 3 (refer to Note 17 for further information on fair value levels) (2) Precious metals are recorded at fair value based on quoted prices in active markets. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Disclosure Of Deposits [Line Items] | |
Summary of Deposits | Payable on demand (Canadian $ in millions) Interest bearing Non-interest bearing Payable after notice Payable on a fixed date 2023 2022 Deposits by: Banks (1) 4,237 1,855 1,609 21,886 29,587 30,901 Business and government 57,781 45,648 183,610 287,631 574,670 495,831 Individuals 4,318 34,959 137,978 128,164 305,419 242,746 Total (3) 66,336 82,462 323,197 437,681 909,676 769,478 Booked in: Canada 54,328 68,495 127,523 312,863 563,209 515,290 United States 11,899 13,957 193,457 81,751 301,064 217,720 Other countries 109 10 2,217 43,067 45,403 36,468 Total 66,336 82,462 323,197 437,681 909,676 769,478 (1) Includes regulated and central banks. (2) Includes $63,925 million of senior unsecured debt as at October 31, 2023 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (3) Included in deposits as at October 31, 2023 and 2022 are $491,201 million and $384,080 million, respectively, of deposits denominated in U.S. dollars, and $55,705 million and $46,830 million, respectively, of deposits denominated in other foreign currencies. (4) We have unencumbered liquid assets of $360,213 million as at 31, 20 23 |
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 October 31, 2023 269,262 73,226 43,106 385,594 As at October 31, 2022 230,475 50,542 34,241 315,258 |
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, that 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 October 31, 2023 55,070 38,509 61,370 114,313 269,262 As at October 31, 2022 46,792 28,826 55,288 99,569 230,475 |
Summary of fair value and changes in fair value of structured note liabilities | The following table presents fair value and changes in fair value of structured note liabilities: (Canadian $ in millions) Fair value Notional amount due at contractual Change in Change in Cumulative change in As at October 31, 2023 35,300 42,437 1,336 (379 865 As at October 31, 2022 26,305 32,507 4,617 1,653 1,245 (1) Change in fair value may be offset by related change in fair value on hedge contracts. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Components of Other within Other Liablities | The components of other within other liabilities are as follows: (Canadian $ in millions) 2023 2022 Accounts payable, accrued expenses and other items 11,987 11,206 Accrued interest payable 5,299 2,319 ACL on off-balance 460 381 Cash collateral 6,406 5,042 Credit card loyalty rewards 1,432 441 Current tax liabilities 44 425 Deferred tax liabilities (Note 22) 16 102 Insurance-related liabilities 12,340 11,201 Lease liabilities 3,506 2,835 Liabilities of subsidiaries 18,120 7,494 Other employee future benefits liability (Note 21) 823 832 Payable to brokers, dealers and clients 2,436 2,966 Pension liability (Note 21) 179 88 Total 63,048 45,332 |
Summary of Fair Value Changes in Investment Securities | The following table presents the fair value and changes in fair value in our investment contract liabilities: (Canadian $ in millions) Fair value Notional amount due at Change in fair value recorded in the Statement of Income Change in Cumulative change in credit risk recognized in AOCI (before tax) As at October 31, 2023 708 1,397 (13 ) (15 ) 8 As at October 31, 2022 770 1,459 (114 ) 94 22 |
Summary of Reconciliation of the Change in Insurance Related Liabilities | A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2023 2022 Insurance-related liabilities, beginning of year 11,201 12,845 Increase (decrease) in life insurance policy benefit liabilities from: New business 1,424 354 In-force (261 (1,938 ) Changes in actuarial assumptions and methodology (21 201 Foreign currency – 3 Net increase (decrease) in life insurance policy benefit liabilities 1,142 (1,380 ) Change in other insurance-related liabilities (3 (264 ) Insurance-related liabilities, end of year 12,340 11,201 |
Summary of Reinsurance Premiums Ceded | Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest revenue (Canadian $ in millions) 2023 2022 Direct premium income 2,879 1,623 Ceded premiums (646 ) (399 ) 2,233 1,224 |
Subordinated Debt (Tables)
Subordinated Debt (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Maturities of Subordinated Debt and Repayment | The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Reset premium (%) Redeemable at our option (2) 2023 2022 Debentures Series 20 150 December 2025 to 2040 8.25 na Not redeemable 147 146 3.803% Subordinated Notes due 2032 (1) US 1,250 December 2032 3.80 1.43 (3) December 2027 1,510 1,497 4.338% Subordinated Notes due 2028 (1) US 850 October 2028 4.34 na October 2023 ( 4 – 1,135 Series J Medium-Term Notes, First Tranche (1) 1,000 September 2029 2.88 1.18 (5) September 2024 999 998 Series J Medium-Term Notes, Second Tranche (1) 1,250 June 2030 2.08 1.32 (5) June 2025 1,248 1,248 Series K Medium-Term Notes, First Tranche (1) 1,000 July 2031 1.93 0.59 (5) July 2026 988 984 3.088% Subordinated Notes due 2037 (1) US 1,250 January 2037 3.09 1.40 (6) January 2032 1,439 1,393 Series L Medium-Term Notes, First Tranche (1) 750 October 2032 6.53 2.70 (7) October 2027 749 749 Series M Medium-Term Notes, First Tranche (1) 1,150 September 2033 6.03 2.02 (7) September 2028 1,148 – Total ( 8 8,228 8,150 (1) These notes include a NVCC provision, which is necessary for notes issued after a certain date to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable non-viability. (2) Redeemable at par with accrued and unpaid interest to and excluding the redemption date. (3) Interest rate will reset at a rate equal to the 5-year mid-swap rate plus the reset premium noted. (4) All US$850 million 4.338 (5) Interest rate will reset at a rate equal to the 3-month CDOR plus the reset premium noted. (6) Interest rate will reset at a rate equal to the 5-year U.S. treasury bill rate plus the reset premium noted. (7) Interest rate will reset at a rate equal to the CORRA plus the reset premium noted. (8) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together decreased their carrying value as at October 31, 2023 by $539 million (decreased market-making na – not applicable |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | Preferred and Common Shares Outstanding and Other Equity Instruments (Canadian $ in millions, except as noted) 2023 2022 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 27 20,000,000 500 0.96 20,000,000 500 0.96 Class B – Series 29 16,000,000 400 0.91 16,000,000 400 0.91 Class B – Series 31 12,000,000 300 0.96 12,000,000 300 0.96 Class B – Series 33 8,000,000 200 0.76 8,000,000 200 0.76 Class B – Series 44 16,000,000 400 1.21 16,000,000 400 1.21 Class B – Series 46 14,000,000 350 1.28 14,000,000 350 1.28 Class B – Series 50 (1) 500,000 500 73.73 500,000 500 24.64 Class B – Series 52 (2) 650,000 650 57.52 – – – Preferred Shares – Classified as Equity 3,300 2,650 Other Equity Instruments 4.800% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 4.300% Series 1 LRCNs 1,250 1,250 5.625% Series 2 LRCNs 750 750 7.325% Series 3 LRCNs 1,000 1,000 Preferred Shares and Other Equity Instruments 6,958 6,308 Common Shares Balance at beginning of year 677,106,878 17,744 648,136,472 13,599 Issued under the Shareholder Dividend 13,482,314 1,609 7,531,233 999 Issued under the Stock Option Plan and (Note 20) 724,853 61 733,591 57 Treasury shares sold/(purchased) 101,178 14 (138,168 ) (17 ) Issued to align capital position with increased regulatory 28,331,227 3,360 – – Issued for acquisitions (Note 10) 1,162,711 153 20,843,750 3,106 Balance at End of Year ( 3 720,909,161 22,941 5.80 677,106,878 17,744 5.44 (1) On July 27, 2022, we issued Class B Series 50 Preferred Shares for $500 million. (2) On January 31, 2023, we issued Class B Series 52 Preferred Shares for $650 million. (3) Common shares are net of 73,511 treasury shares as at October 31, 2023 (174,689 treasury shares as at October 31, 2022). |
Summary of Preferred Share Rights and Privileges | Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount Non-cumulative dividend (1) Reset premium Date redeemable / convertible Convertible to Class B – Series 27 25.00 $ 0.240750 (2) 2.33% May 25, 2024 (3)(4) Class B – Series 28 (5)(6) Class B – Series 29 25.00 $ 0.226500 (2) 2.24% August 25, 2024 (3)(4) Class B – Series 30 (5)(6) Class B – Series 31 25.00 $ 0.240688 (2) 2.22% November 25, 2024 (3)(4) Class B – Series 32 (5)(6) Class B – Series 33 25.00 $ 0.190875 (2) 2.71% August 25, 2025 (3)(4) Class B – Series 34 (5)(6) Class B – Series 44 25.00 $ 0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (5)(6) Class B – Series 46 25.00 $ 0.318750 (2) 3.51% May 25, 2024 (3)(4) Class B – Series 47 (5)(6) Class B – Series 50 1,000.00 $ 36.865000 (2) 4.25% November 26, 2027 (3) Not convertible (6) Class B – Series 52 1,000.00 $ 35.285000 (2) 4.25% May 26, 2028 (3) Not convertible (6) (1) Non-cumulative (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become floating rate preferred shares. (5) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (6) The shares issued include a NVCC provision, which is necessary for the shares to qualify as regulatory capital under Basel III. Refer to the Non-Viability Contingent Capital paragraph below for details. |
Additional Tier 1 Capital Notes (NVCC) [member] | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | The LRCNs and AT1 Notes are compound financial instruments that have both equity and liability features. On the date of issuance, we assigned an insignificant value to the liability components of both types of instruments and, as a result, the full amount of proceeds have been classified as equity. Semi-annual distributions on the LRCNs and AT1 Notes will be recorded when payable. The LRCNs and AT1 Notes are subordinate to the claims of the depositors and certain other creditors in right of payment. The following table shows the details of our AT1 Notes and LRCNs as at October 31, 2023 and 2022. (Canadian $ in millions, except as noted) 2023 2022 Face value Interest rate (%) Redeemable at our option Convertible to Total Total 4.800% AT1 Notes US$ 500 4.800 (1) August 2024 (2) Variable number of common shares (3) 658 658 4.300% Series 1 LRCNs $1,250 4.300 (4) November 2025 (2) Variable number of common shares (3)(4) 1,250 1,250 5.625% Series 2 LRCNs $ 750 5.625 (4) May 2027 (2) Variable number of common shares (3)(4) 750 750 7.325% Series 3 LRCNs $1,000 7.325 (4) November 2027 (2) Variable number of common shares (3)(4) 1,000 1,000 Total 3,658 3,658 (1) Non-cumulative (2) The notes are redeemable at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest, in whole or in part, at our option on any interest payment date on or after the first interest reset date or following certain regulatory or tax events. The bank may, at any time, purchase the notes at any price in the open market. (3) The notes issued include a NVCC provision, which is necessary for the notes to qualify as regulatory capital under Basel III. Refer to the Non-Viability Contingent Capital paragraph below for details. (4) Non-deferrable Non-payment |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Trading-Related Revenue (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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 fair values of financial instruments not carried at fair value in our Consolidated Balance Sheet. (Canadian $ in millions) 2023 2022 Carrying value Fair value Carrying value Fair value (6) Securities (1) Amortized cost 116,814 104,171 106,590 94,832 Loans (1)(2) Residential mortgages 175,350 167,863 148,569 142,526 Consumer instalment and other personal 103,265 101,021 85,612 83,948 Credit cards 11,893 11,893 9,387 9,387 Business and government 358,527 356,842 302,079 300,173 649,035 637,619 545,647 536,034 Deposits (3) 873,831 870,573 742,419 739,339 Securitization and structured entities’ liabilities (4) 24,631 23,739 25,816 24,989 Other liabilities (5) 4,160 3,287 4,088 3,181 Subordinated debt 8,228 7,849 8,150 7,743 (1) Carrying value is net of ACL. (2) Excludes $1,676 million of residential mortgages classified as FVTPL, $5,720 million of business and government loans classified as FVTPL and $58 million of business and government loans classified as FVOCI ($176 million, $5,496 million and $60 million , (3) Excludes $35,300 million of structured note liabilities ($26,305 million as at October 31, 2022), $341 million of structured deposits ($536 million as at October 31, 2022) and $204 million of metals deposits ($218 million as at October 31, 2022) measured at fair value. (4) Excludes $2,463 million of securitization and structured entities’ liabilities classified as FVTPL ($1,252 million as at October 31, 2022). (5) Other liabilities include certain other liabilities of subsidiaries. (6) If financial instruments not carried at fair value were categorized based on the fair value hierarchy, all of these financial instruments would be categorized as Level 2, except for amortized cost securities, which would have $21,229 million categorized as Level 1 ($39,622 million as at October 31, 2022 ) |
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, residential mortgages, business and government loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table: (Canadian $ in millions) 2023 2022 Valued using Valued using Valued using Total Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 6,728 3,898 – 10,626 6,981 3,955 – 10,936 Canadian provincial and municipal governments 3,560 3,470 – 7,030 1,120 4,990 – 6,110 U.S. federal government 8,645 11,687 – 20,332 7,326 9,373 – 16,699 U.S. states, municipalities and agencies – 279 – 279 56 83 – 139 Other governments 408 2,167 – 2,575 1,085 2,885 – 3,970 NHA MBS, and U.S. agency MBS and CMO – 22,973 896 23,869 – 13,327 985 14,312 Corporate debt 2,551 9,071 112 11,734 1,445 8,144 3 9,592 Trading loans 3 447 – 450 – 346 – 346 Corporate equity 47,422 202 37 47,661 46,073 – – 46,073 69,317 54,194 1,045 124,556 64,086 43,103 988 108,177 FVTPL Securities Issued or guaranteed by: Canadian federal government 211 5 – 216 319 174 – 493 Canadian provincial and municipal governments 445 722 – 1,167 36 1,044 – 1,080 U.S. federal government 5 2,083 – 2,088 – 4 – 4 Other governments – 48 – 48 – 87 – 87 NHA MBS, and U.S. agency MBS and CMO – 19 – 19 – 8 – 8 Corporate debt 25 7,308 27 7,360 62 6,409 8 6,479 Corporate equity 809 805 4,208 5,822 1,440 6 4,044 5,490 1,495 10,990 4,235 16,720 1,857 7,732 4,052 13,641 FVOCI Securities Issued or guaranteed by: Canadian federal government 13,297 6,850 – 20,147 3,544 8,757 – 12,301 Canadian provincial and municipal governments 610 4,445 – 5,055 972 3,599 – 4,571 U.S. federal government 727 5,153 – 5,880 1,443 1,667 – 3,110 U.S. states, municipalities and agencies – 5,301 – 5,301 – 3,713 1 3,714 Other governments 480 6,489 – 6,969 1,795 4,616 – 6,411 NHA MBS, and U.S. agency MBS and CMO – 15,765 – 15,765 – 9,268 – 9,268 Corporate debt 406 3,145 – 3,551 355 3,678 – 4,033 Corporate equity – – 160 160 – – 153 153 15,520 47,148 160 62,828 8,109 35,298 154 43,561 Loans Residential mortgages – 1,676 – 1,676 – 176 – 176 Business and government loans – 5,592 186 5,778 – 5,536 20 5,556 – 7,268 186 7,454 – 5,712 20 5,732 Other Assets (1) 6,020 33 397 6,450 4,148 60 49 4,257 Fair Value Liabilities Securities sold but not yet purchased 20,989 22,792 – 43,781 18,465 22,514 – 40,979 Structured note liabilities (2) – 35,300 – 35,300 – 26,305 – 26,305 Structured deposits (3) – 341 – 341 – 536 – 536 Other liabilities (4) 1,479 3,250 5 4,734 1,179 2,298 2 3,479 22,468 61,683 5 84,156 19,644 51,653 2 71,299 Derivative Assets Interest rate contracts 21 13,329 – 13,350 80 12,682 – 12,762 Foreign exchange contracts 28 19,861 – 19,889 21 22,475 26 22,522 Commodity contracts 668 1,349 5 2,022 1,514 4,810 – 6,324 Equity contracts 58 4,632 – 4,690 939 5,552 – 6,491 Credit default swaps – 25 – 25 – 61 – 61 775 39,196 5 39,976 2,554 45,580 26 48,160 Derivative Liabilities Interest rate contracts 52 17,749 – 17,801 58 16,540 – 16,598 Foreign exchange contracts 1 19,204 – 19,205 2 25,108 – 25,110 Commodity contracts 589 1,067 1 1,657 1,523 2,066 – 3,589 Equity contracts 160 11,335 8 11,503 1,203 13,381 – 14,584 Credit default swaps – 25 2 27 – 73 2 75 802 49,380 11 50,193 2,786 57,168 2 59,956 (1) Other assets include precious metals, segregated fund assets in our insurance business, carbon credits, certain receivables and other items measured at fair value. (2) This represents the structured note liabilities included in deposits that have been designated at FVTPL. (3) This represents certain embedded options related to structured deposits carried at amortized cost. (4) Other liabilities include investment contract liabilities and segregated fund liabilities in our insurance business, certain payables and metals deposits that have been designated at FVTPL, as well as certain securitization and structured entities’ liabilities measured |
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, 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. (Canadian $ in millions except as noted) 2023 Reporting line in fair value hierarchy table Fair value Valuation techniques Significant unobservable inputs Range of input values (1) Low High Private equity Corporate equity 4,208 Net asset value Net asset value na na EV/EBITDA Multiple 3x 23x NHA MBS, U.S. agency MBS and CMO NHA MBS, U.S. agency MBS and CMO 896 Discounted cash flows Prepayment rate 2% 65% Market comparable Comparability adjustment (2) 0.31 0.92 2022 Private equity Corporate equity 4,044 Net asset value Net asset value na na EV/EBITDA Multiple 5x 19x NHA MBS, U.S. agency MBS and CMO NHA MBS, U.S. agency MBS and CMO 985 Discounted cash flows Prepayment rate 3% 47% Market comparable Comparability adjustment (2) 0.32 0.88 (1) The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These value ranges do not reflect the level of input uncertainty but are affected by the specific underlying instruments within each product category. The value ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. (2) Range of input values represents price per security adjustment (Canadian $). Certain comparative figures have been reclassified to conform with the current year’s presentation. 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 years ended October 31, 2023 and 2022. (Canadian $ in millions) 2023 2022 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading securities 10,926 19,119 10,983 13,062 FVTPL securities 1,301 993 607 522 FVOCI securities 7,078 9,295 16,452 11,895 Securities sold but not yet purchased 9,211 15,704 9,499 14,623 |
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 years ended October 31, 2023 and 2022, including realized and unrealized gains (losses) included in earnings and other comprehensive income, as well as transfers into and out of Level 3. Transfers from Level 2 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers from Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value Movements Transfers For the year ended October 31, 2023 Balance Included in Included in other Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS and CMO 985 (137 8 682 (473 – 378 (547 896 (103 Corporate debt 3 – 1 39 (7 – 85 (9 112 – Corporate equity – – – – – – 37 – 37 – Total trading securities 988 (137 9 721 (480 – 500 (556 1,045 (103 FVTPL Securities Corporate debt 8 – – 19 – – – – 27 1 Corporate equity 4,044 (233 ) 45 2,784 (349 ) (1 15 (2,097 4,208 (39 Total FVTPL securities 4,052 (233 ) 45 2,803 (349 ) (1 15 (2,097 4,235 (38 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – (1 – – – na Corporate equity 153 – 1 7 (1 – – – 160 na Total FVOCI securities 154 – 1 7 (1 (1 – – 160 na Business and Government Loans 20 – 4 259 – (97 – – 186 – Other Assets 49 1 – 358 – (11 – – 397 2 Derivative Assets Foreign exchange contracts 26 (17 – – – (9 – – – 9 Commodity contracts – (8 – 13 – – – – 5 (8 Equity contracts – 2 – – – – 1 (3 – 2 Total derivative assets 26 (23 – 13 – (9 1 (3 5 3 Other Liabilities 2 (1 – 11 (4 – – (3 5 (1 Derivative Liabilities Foreign exchange contracts – 12 – – – (12 – – – (38 Commodity contracts – 1 – – – – – – 1 1 Equity contracts – – – – – – 8 – 8 – Credit default swaps 2 – – – – – – – 2 – Total derivative liabilities 2 13 – – – (12 8 – 11 (37 Change in fair value Movements Transfers For the year ended October 31, 2022 Balance Included in earnings Included in other comprehensive Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in recorded in income Trading Securities NHA MBS and U.S. agency MBS and CMO 675 (237 ) 76 1,045 (657 ) – 444 (361 ) 985 (45 ) Corporate debt 7 (2 ) (1 ) 11 (5 ) – 2 (9 ) 3 (1 ) Corporate equity – – – – – – – – – – Total trading securities 682 (239 ) 75 1,056 (662 ) – 446 (370 ) 988 (46 ) FVTPL Securities Corporate debt – – – 8 – – – – 8 – Corporate equity 2,442 231 176 1,450 (321 ) – 66 – 4,044 274 Total FVTPL securities 2,442 231 176 1,458 (321 ) – 66 – 4,052 274 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate equity 132 – 1 15 (1 ) – 6 – 153 na Total FVOCI securities 133 – 1 15 (1 ) – 6 – 154 na Business and Government Loans 6 – – 15 – (1 ) – – 20 – Other Assets – – – 49 – – – – 49 – Derivative Assets Foreign exchange contracts – – – 26 – – – – 26 – Commodity contracts – – – – – – – – – – Equity contracts – – – – – – – – – – Total derivative assets – – – 26 – – – – 26 – Other Liabilities – – – 2 – – – – 2 – Derivative Liabilities Foreign exchange contracts – – – – – – – – – – Commodity contracts – – – – – – – – – – Equity contracts – – – – – – – – – – Credit default swaps 2 – – – – – 3 (3 ) 2 – Total derivative liabilities 2 – – – – – 3 (3 ) 2 – (1) Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2023 and 2022 are included in earnings for the year. (3) FVTPL securities include $ million of Federal Home Loan Bank (FHLB) and Federal Reserve Bank equity and $ million of investments in LIHTC entities, acquired as a result of our acquisition of Bank of the West. Unrealized gains (losses) recognized on Level contracts na – not applicable |
Summary Of Trading Revenue | Net interest income arises from interest and dividends related to trading assets and liabilities, and is reported net of interest expense associated with funding these assets and liabilities in the following table: (Canadian $ in millions) 2023 2022 Interest rates 770 893 Foreign exchange 638 571 Equities 610 713 Commodities 192 189 Other (1) (1,526 7,556 Total trading-related revenue 684 9,922 Reported as: Net interest income 900 1,672 Non-interest (1) (216 ) 8,250 Total trading-related revenue 684 9,922 (1) Includes management of fair value changes on the purchase of Bank of the West. Refer to Note 10 for further information. |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Amounts Offset and Not Offset in the Consolidated Balance Sheet | (Canadian $ in millions) 2023 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities Cash Net Financial Assets Securities borrowed or purchased under resale 118,128 2,466 115,662 11,386 102,852 25 1,399 Derivative instruments 40,513 537 39,976 26,674 3,266 4,569 5,467 158,641 3,003 155,638 38,060 106,118 4,594 6,866 Financial Liabilities Derivative instruments 50,730 537 50,193 26,674 7,837 7,186 8,496 Securities lent or sold under repurchase agreements 108,574 2,466 106,108 11,386 94,291 106 325 159,304 3,003 156,301 38,060 102,128 7,292 8,821 2022 Financial Assets Securities borrowed or purchased under resale 116,309 3,115 113,194 11,757 99,736 4 1,697 Derivative instruments 48,494 334 48,160 31,878 3,282 3,201 9,799 164,803 3,449 161,354 43,635 103,018 3,205 11,496 Financial Liabilities Derivative instruments 60,290 334 59,956 31,878 7,212 8,843 12,023 Securities lent or sold under repurchase agreements 107,078 3,115 103,963 11,757 91,494 176 536 167,368 3,449 163,919 43,635 98,706 9,019 12,559 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Regulatory Capital Measure and Risk-Weighted Assets | Regulatory Capital and Total Loss Absorbing Capacity Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) 2023 2022 CET1 Capital 52,914 60,891 Tier 1 Capital 59,785 67,121 Total Capital 68,718 75,309 TLAC 114,402 120,663 Risk-Weighted Assets 424,197 363,997 Leverage Exposures 1,413,036 1,189,990 CET1 Ratio 12.5% 16.7% Tier 1 Capital Ratio 14.1% 18.4% Total Capital Ratio 16.2% 20.7% TLAC Ratio 27.0% 33.1% Leverage Ratio 4.2% 5.6% TLAC Leverage Ratio 8.1% 10.1% (1) Calculated in accordance with OSFI’s CAR Guideline, Leverage Requirements Guideline and TLAC Guideline, as applicable. |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Information about our Stock Option Plan | The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2023 2022 Number of Weighted- Number of Weighted- Outstanding at beginning of year 5,976,870 98.12 5,682,206 87.79 Granted 1,322,817 122.31 1,028,255 135.58 Exercised (724,853 76.12 (733,591 ) 70.64 Forfeited/expired/cancelled (262,258 109.19 – – Outstanding at end of year 6,312,576 105.26 5,976,870 98.12 Exercisable at end of year 2,759,935 89.99 2,648,426 84.14 Available for grant 10,619,482 11,680,041 |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding and exercisable at October 31, 2023 by range of exercise price were as follows: (Canadian $, except as noted) 2023 Options outstanding Options exercisable Range of exercise prices Number of Weighted- Weighted-average Number of Weighted-average $60.01 to $70.00 230,413 0.1 68.60 230,413 68.60 $70.01 to $80.00 615,909 1.7 77.59 615,909 77.59 $80.01 to $90.00 654,099 5.1 89.90 654,099 89.90 $90.01 to $100.00 1,277,195 5.9 97.07 386,544 96.90 $100.01 and over 3,534,960 7.5 118.27 872,970 101.38 |
Summary of Further Information about our Stock Option Plan | The following table summarizes additional information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2023 2022 Unrecognized compensation cost for non-vested 14 9 Cash proceeds from stock options exercised 55 52 Weighted-average share price for stock options exercised (in dollars) 123.01 141.50 |
Summary of Ranges of Values used for each Option Pricing Assumption | To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used as inputs for each option pricing assumption: 2023 2022 Expected dividend yield 4.5% – 4.6% 4.2% Expected share price volatility 20.9% 16.8% Risk-free rate of return 3.2% 1.8% – 1.9% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 |
Employee Compensation - Pensi_2
Employee Compensation - Pension and Other Employee Future Benefits (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Plan Information for Past Two Years | A summary of plan information for the past two years is as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Defined benefit obligation 7,513 7,082 880 928 Fair value of plan assets 8,559 8,261 138 147 Surplus (deficit) and net defined benefit asset (liability) 1,046 1,179 (742 (781 ) Surplus (deficit) is comprised of: Funded or partially funded plans 1,209 1,267 81 51 Unfunded plans (163 ) (88 ) (823 ) (832 ) Surplus (deficit) and net defined benefit asset (liability) 1,046 1,179 (742 ) (781 ) |
Summary of Pension and Other Employee Future Benefit Expenses | (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Annual benefits expense Current service cost 163 237 6 8 Net interest (income) expense on net defined benefit (asset) liability (64 ) (27 ) 42 35 Impact of plan amendments (1 ) (2 ) (51 ) – Gain on settlement – (1 ) – – Administrative expenses 10 4 – – Remeasurement of other long-term benefits – – 9 (18 ) Benefits expense 108 211 6 25 Government pension plans expense (1) 361 252 – – Defined contribution expense 271 176 – – Total annual pension and other employee future benefit expenses 740 639 6 25 (1) Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution |
Summary of Weighted-average Assumptions Used to Determine Benefit Expenses | Weighted-Average Assumptions Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Defined Benefit Expenses Discount rate at beginning of year (1)(2) 5.5% 3.2% 5.5% 3.3% Rate of compensation increase 2.3% 2.2% na na Assumed overall health care cost trend rate na na 4.7% 4.8% ( 4 Defined Benefit Obligation Discount rate at end of year 5.8% 5.5% 5.7% 5.5% Rate of compensation increase 2.1% 2.3% na na Assumed overall health care cost trend rate na na 4.8% 4.7% ( 4 (1) The pension benefit current service cost was calculated using a separate discount rate of 5.4% and 3.7% for 2023 and 2022, respectively. (2) The other employee future benefit plans current service cost was calculated using a separate discount rate of 5.5% and 3.6% for 2023 and 2022, respectively. (3) Trending to 4.03% in 2040 and remaining at that level thereafter. (4) Trending to 4.00% in 2041 and remaining at that level thereafter. na – not applicable |
Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations | Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2023 2022 2023 2022 Life expectancy for those currently age 65 Males 23.9 23.9 21.9 21.8 Females 24.3 24.2 23.3 23.2 Life expectancy at age 65 for those currently age 45 Males 24.8 24.8 23.1 23.0 Females 25.2 25.1 24.5 24.4 |
Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans | Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Defined benefit obligation Defined benefit obligation at beginning of year 7,082 9,716 928 1,220 Acquisition of defined benefit obligation (1) 563 – 28 – Divestiture of defined benefit obligation (2) – (532 ) – – Current service cost 163 237 6 8 Interest cost 393 290 50 39 Impact of plan amendments (1 ) (2 ) (51 ) – (Gain) on settlements – (1 ) – – Benefits paid (449 ) (578 ) (58 ) (49 ) Employee contributions 20 18 6 6 Actuarial (gains) losses due to: Changes in demographic assumptions – – (2 ) (60 ) Changes in financial assumptions (349 ) (2,386 ) (19 ) (244 ) Plan member experience 46 207 (10 ) (9 ) Foreign exchange and other 45 113 2 17 Defined benefit obligation at end of year 7,513 7,082 880 928 Wholly or partially funded defined benefit obligation 7,350 6,994 57 96 Unfunded defined benefit obligation 163 88 823 832 Total defined benefit obligation 7,513 7,082 880 928 Fair value of plan assets Fair value of plan assets at beginning of year 8,261 10,525 147 166 Acquisition of plan assets (1) 487 – – – Divestiture of plan assets (2) – (647 ) – – Interest income 457 317 8 4 Return on plan assets (excluding interest income) (300 ) (1,524 ) (12 ) (37 ) Employer contributions 50 58 45 40 Employee contributions 20 18 6 6 Benefits paid (449 ) (578 ) (58 ) (49 ) Administrative expenses (10 ) (4 ) – – Foreign exchange and other 43 96 2 17 Fair value of plan assets at end of year 8,559 8,261 138 147 Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,046 1,179 (742 ) (781 ) Recorded in: Other assets 1,225 1,267 81 51 Other liabilities (179 ) (88 ) (823 ) (832 ) Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,046 1,179 (742 ) (781 ) Actuarial gains (losses) recognized in other comprehensive income Net actuarial (losses) on plan assets (300 ) (1,524 ) (12 ) (37 ) Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions – – 14 56 Changes in financial assumptions 349 2,386 17 228 Plan member experience (46 ) (207 ) 9 10 Foreign exchange and other (8 ) (14 ) – – Actuarial gains (losses) recognized in other comprehensive income for the year (5 ) 641 28 257 (1) Relates to the defined benefit plan included in our acquisition of Bank of the West in fiscal 2023. Refer to Note 10 for further information. (2) Relates to the defined benefit plan included in the sale of our EMEA Asset Management business in fiscal 2022. Refer to Note 10 for further information. |
Summary Of Asset Allocation Ranges, Weighted-Average Actual Asset Allocations And Fair Values Of Plan Assets | Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The asset allocation ranges, weighted-average actual asset allocations and fair values of plan assets held by our primary plans as at October 31, 2023 and 2022 are as follows: (Canadian $ in millions) 2023 2022 Target % of total Quoted Unquoted Total Target % of total Quoted Unquoted Total Equities 15-40 % 20% 925 663 1,588 20-40 % 24% 1,187 704 1,891 Fixed income investments 40-60 % 49% 168 3,855 4,023 40-55 % 45% 110 3,378 3,488 Alternative strategies 10-40 % 31% – 2,537 2,537 15-40 % 31% – 2,454 2,454 100% 1,093 7,055 8,148 100% 1,297 6,536 7,833 |
Summary of Changes in Number of Key Assumption | (Canadian $ in millions, except as noted) Defined benefit obligation Pension benefit plans Other employee future benefit plans Discount rate (%) 5.8 5.7 Impact of: 1% increase ($) (659 ) (65 ) 1% decrease ($) 807 77 Rate of compensation increase (%) 2.1 na Impact of: 0.25% increase ($) 29 na 0.25% decrease ($) (28 ) na Mortality Impact of: 1 year shorter life expectancy ($) 114 16 1 year longer life expectancy ($) (117 ) (16 ) Assumed overall health care cost trend rate (%) na 4.8 (1) Impact of: 1% increase ($) na 33 1% decrease ($) na (30 ) (1) Trending to 4.03% in 2040 and remaining at that level thereafter. na – not applicable |
Summary of Duration of Defined Benefit Obligation | The duration of the defined benefit obligation (Years) 2023 2022 Canadian pension plans 12.1 12.1 U.S. pension plans 7.2 7.5 Canadian other employee future benefit plans 11.2 12.5 |
Summary of Cash Payments in Connection with Employee Future Benefit Plans | Cash Flows Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2023 2022 2023 2022 Net contributions to defined benefit plans 7 24 – – Contributions to defined contribution plans 271 176 – – Benefits paid directly to pensioners 43 34 45 40 321 234 45 40 Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2024 is approximately $57 million for our defined benefit pension plans and $49 million for our other employee future benefit plans. Benefit payments from our defined benefit and other employee future benefit plans to retirees for the year ending October 31, 2024 are estimated to be $ |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Provision for Income Taxes | Provision for Income Taxes (Canadian $ in millions) 2023 2022 Consolidated Statement of Income Current Provision for income taxes for the current period 2,220 3,889 Adjustments for prior periods (2 ) (15 ) Deferred Origination and reversal of temporary differences (711 ) 475 Effect of changes in tax rates (21 ) – 1,486 4,349 Other Comprehensive Income and Equity Income tax expense (recovery) related to: Unrealized (losses) on FVOCI debt securities (35 ) (182 ) Reclassification to earnings of (gains) on FVOCI debt securities (11 ) (5 ) (Losses) on derivatives designated as cash flow hedges (576 ) (1,794 ) Reclassification to earnings/goodwill of (gains) losses on derivatives designated as cash flow hedges 366 (114 ) Unrealized (losses) on hedges of net foreign operations (90 ) (124 ) Gains on remeasurement of pension and other employee future benefit plans 24 239 Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (103 ) 465 Unrealized gains on FVOCI equity securities – 1 Share-based compensation 4 5 (421 ) (1,509 ) Total provision for income taxes 1,065 2,840 Components of Total Provision for Income Taxes (Canadian $ in millions) 2023 2022 Canada: Current taxes 509 1,178 278 672 787 1,850 Canada: Deferred taxes (491 ) 148 (269 ) 85 (760 ) 233 Total Canadian 27 2,083 Foreign: Current taxes 933 953 Deferred taxes 105 (196 ) Total foreign 1,038 757 Total provision for income taxes 1,065 2,840 |
Summary of Reconciliation of Effective Tax Rates | Reconciliation to Statutory Tax Rate Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2023 2022 Combined Canadian federal and provincial income taxes at the statutory tax rate 1,630 27.8 % 4,757 26.6 % Increase (decrease) resulting from: Tax-exempt (265 (4.5 (200 ) (1.1 ) Foreign operations subject to different tax rates (233 (4.0 (160 ) (0.9 ) Income attributable to investments in associates and joint ventures (31 (0.5 (57 ) (0.3 ) Net impact of certain Canadian tax measures 371 6.3 – – Other 14 0.2 9 – Provision for income taxes in our Consolidated Statement of Income 1,486 25.3 % 4,349 24.3 % |
Summary of Components of Deferred Income Tax Balances | Components of Deferred Tax Balances (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Bank of the West Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 605 96 182 – 10 893 Employee future benefits 256 – 21 (14 1 264 Deferred compensation benefits 708 115 (50 – 10 783 Other comprehensive income 573 – – (51 – 522 Premises and equipment (460 ) (179 375 – (8 (272 ) Pension benefits (370 ) 25 (41 (9 – (395 ) Goodwill and intangible assets (244 ) (767 134 – (36 (913 ) Securities 142 1,086 (286 – 45 987 Other (137 ) 897 397 (3 42 1,196 Net deferred tax assets (liabilities) 1,073 1,273 732 (77 64 3,065 Comprising Deferred tax assets 1,175 3,081 Deferred tax liabilities (102 ) (16 Net deferred tax assets (liabilities) 1,073 – – – – 3,065 (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 651 (52 ) – 6 605 Employee future benefits 330 (10 ) (65 ) 1 256 Deferred compensation benefits 685 18 – 5 708 Other comprehensive income (108 ) (1 ) 682 – 573 Premises and equipment (400 ) (59 ) – (1 ) (460 ) Pension benefits (148 ) (47 ) (174 ) (1 ) (370 ) Goodwill and intangible assets (241 ) 1 – (4 ) (244 ) Securities (51 ) 193 – – 142 Other ( 3 377 (518 ) (5 ) 9 (137 ) Net deferred tax assets (liabilities) 1,095 (475 ) 438 15 1,073 Comprising Deferred tax assets 1,287 1,175 Deferred tax liabilities (192 ) (102 ) Net deferred tax assets (liabilities) 1,095 – – – 1,073 (1) Includes the tax impact of deferred revenue and purchase accounting adjustments in connection with our acquisition of Bank of the West. (2) Includes the tax impact of interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates in our acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of leasing assets. (3) Includes the tax impact of the interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates on our acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of the legal provision recorded in relation to the lawsuit described in Note 24. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following table presents our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) 2023 2022 Net income attributable to bank shareholders 4,365 13,537 Dividends on preferred shares and distributions on other equity instruments (331 ) (231 ) Net income available to common shareholders 4,034 13,306 Weighted-average number of common shares outstanding (in thousands) 709,364 663,990 Basic earnings per common share (Canadian $) 5.69 20.04 Diluted Earnings Per Common Share (Canadian $ in millions, except as noted) 2023 2022 Net income available to common shareholders adjusted for impact of dilutive instruments 4,034 13,306 Weighted-average number of common shares outstanding (in thousands) 709,364 663,990 Effect of dilutive instruments Stock options potentially exercisable (1) 4,440 5,178 Common shares potentially repurchased (3,289 (3,461 ) Weighted-average number of diluted common shares outstanding (in thousands) 710,515 665,707 Diluted earnings per common share (Canadian $) 5.68 19.99 (1) In computing diluted earnings per common share, we excluded average stock options outstanding of 2,204,402 with a weighted-average exercise price of $135.69 for the year ended October 31, 2023 (943,741 with a weighted-average exercise price of $143.52 for the year ended October 31, 2022), as the average share price in each of the two years did not exceed the exercise price. |
Commitments, Guarantees, Pled_2
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Maximum Amounts Payable Under Various Commitments | The maximum amounts payable related to our various commitments are as follows: (Canadian $ in millions) 2023 2022 Financial Guarantees Standby letters of credit 29,656 26,019 Credit default swaps (1) 10,010 11,099 Other Credit Instruments Backstop liquidity facilities 18,805 17,330 Documentary and commercial letters of credit 1,763 1,351 Commitments to extend credit (2) 218,094 200,814 Other commitments (3) 9,947 7,075 Total 288,275 263,688 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $3 million as at October 31, 2023 ($(38) million as at October 31, 2022). (2) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. (3) Other commitments include $5,611 million as at October 31, 2023 ($783 million as at October 31, 2022) of underwriting commitments that are extended but not yet accepted by the borrower. |
Summary of Pledged Assets and Collateral | The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2023 2022 Bank Assets Cash and due from banks 125 87 Securities (1) 114,407 95,194 Loans 94,442 71,795 Other assets 10,596 13,991 219,570 181,067 Third-party Assets (2) Collateral received and available for sale or re-pledging 191,148 177,300 Less: Collateral not sold or re-pledged (46,324 ) (42,237 ) 144,824 135,063 364,394 316,130 (Canadian $ in millions) 2023 2022 Uses of pledged assets and collateral Clearing systems, payment systems and depositories 18,096 19,082 Foreign governments and central banks 89 87 Obligations related to securities sold short 43,781 40,979 Obligations related to securities sold under repurchase agreements 92,549 90,490 Securities borrowing and lending (3) 87,136 69,525 Derivatives transactions 14,983 16,341 Securitization 27,058 27,499 Covered bonds 29,802 33,175 Other (4) 50,900 18,952 Total pledged assets and collateral 364,394 316,130 (1) Includes NHA MBS of $4,481 million, which are included in loans in our Consolidated Balance Sheet ($5,277 million as at October 31, 2022). (2) Includes on-balance off-balance (3) Includes off-balance (4) Includes $41,510 million of assets that have been pledged supporting FHLB activity ($14,013 million as at October 31, 2022). |
Summary of Changes In Provision Balance | Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2023 2022 Restructuring and Legal Total Total Balance at beginning of year 109 1,168 1,277 248 Additional provisions/increase in provisions 388 188 576 1,201 Provisions utilized (142 ) (116 ) (258 ) (155 ) Amounts reversed (27 ) (11 ) (38 ) (20 ) Foreign exchange and other 7 14 21 3 Balance at end of year 335 1,243 1,578 1,277 |
Operating and Geographic Segm_2
Operating and Geographic Segmentation (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate 2023 Total Net interest income (2) 8,308 7,853 1,416 2,553 (1,449 18,681 Non-interest 2,519 1,573 5,978 3,897 (1,449 12,518 Total Revenue 10,827 9,426 7,394 6,450 (2,898 31,199 Provision for credit losses on impaired loans 784 380 5 9 2 1,180 Provision for credit losses on performing loans 146 130 13 9 700 998 Total provision for credit losses 930 510 18 18 702 2,178 Insurance claims, commissions and changes in policy benefit liabilities – – 1,939 – – 1,939 Depreciation and amortization 573 889 300 337 – 2,099 Non-interest 4,197 4,613 3,662 3,942 2,706 19,120 Income (loss) before taxes and non-controlling 5,127 3,414 1,475 2,153 (6,306 5,863 Provision for (recovery of) income taxes 1,409 690 349 471 (1,433 1,486 Reported net income (loss) 3,718 2,724 1,126 1,682 (4,873 4,377 Non-controlling – 6 – – 6 12 Net income (loss) attributable to bank shareholders 3,718 2,718 1,126 1,682 (4,879 4,365 Average assets (3) 317,878 218,674 58,661 416,261 236,882 1,248,356 Canadian U.S. P&C BMO WM BMO CM Corporate 2022 Total Net interest income (2) 7,449 5,037 1,188 3,197 (986 ) 15,885 Non-interest 2,419 1,265 3,336 2,975 7,830 17,825 Total Revenue 9,868 6,302 4,524 6,172 6,844 33,710 Provision for (recovery of) credit losses on impaired loans 432 107 2 (32 ) (7 ) 502 Provision for (recovery of) credit losses on performing loans (91 ) (90 ) (4 ) (11 ) 7 (189 ) Total provision for (recovery of) credit losses 341 17 (2 ) (43 ) – 313 Insurance claims, commissions and changes in policy benefit liabilities – – (683 ) – – (683 ) Depreciation and amortization 516 424 258 282 – 1,480 Non-interest 3,833 2,619 3,306 3,573 1,383 14,714 Income before taxes 5,178 3,242 1,645 2,360 5,461 17,886 Provision for income taxes 1,352 745 394 588 1,270 4,349 Reported net income 3,826 2,497 1,251 1,772 4,191 13,537 Average assets (3) 292,087 145,187 50,488 390,306 194,429 1,072,497 (1) Corporate Services includes T&O. (2) Operating groups report on a teb – see Basis of Presentation section. (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 2023 are $1,145,632 million, including $303,855 million for Canadian P&C, $202,155 million for U.S. P&C, and $639,622 million for all other operating segments , |
Summary of Bank's Financial Results by Geographic Region | Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) 2023 Canada United States Other countries Total Total Revenue 16,884 11,967 2,348 31,199 Income (loss) before taxes 4,407 (44 ) 1,500 5,863 Reported net income 3,025 129 1,223 4,377 Average Assets 655,887 541,045 51,424 1,248,356 2022 Total Revenue 15,977 16,980 753 33,710 Income before taxes 7,335 10,526 25 17,886 Reported net income 5,557 7,894 86 13,537 Average Assets 600,607 416,885 55,005 1,072,497 |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Significant Operating Subsidiaries | As at October 31, 2023, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant subsidiaries (1)(2) Head or principal office Book value of shares owned by the AIR MILES Loyalty Inc. Toronto, Canada 213 Bank of Montreal (China) Co. Ltd. Beijing, China 489 Bank of Montreal Europe plc Dublin, Ireland 519 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 36,341 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Inc. Toronto, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michael, Barbados BMO InvestorLine Inc. Toronto, Canada BMO Nesbitt Burns Inc. Toronto, Canada BMO Private Equity (Canada) Inc. Toronto, Canada BMO Capital Markets Limited London, England 324 BMO Capital Partners Inc. Toronto, Canada 799 BMO Financial Corp. and subsidiaries, including: Chicago, United States 51,512 BMO Bank National Association Chicago, United States BMO Capital Markets Corp New York, United States BMO Japan Securities Ltd. Tokyo, Japan 6 BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,885 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 530 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp. and BMO Capital Markets Corp., which are incorporated under the laws of the state of Delaware, United States. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel | The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2023 2022 Base salary and incentives 22 25 Post-employment benefits 2 3 Share-based payments (1) 49 45 Total key management personnel compensation 73 73 (1) Amounts included in share-based payments are the fair values of awards granted in the year. |
Summary of Carrying amount in Joint Venture and Associated Companies | The following table presents the carrying amount of our interests in joint ventures and associates accounted for under the equity method, as well as our share of the income of those entities: (Canadian $ in millions) Joint ventures Associates 2023 2022 2023 2022 Carrying amount 679 585 782 708 Share of net income 61 126 124 148 |
Summary of Transaction With Joint Ventures and Associates | The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2023 2022 Loans (1) 1,525 1,190 Deposits 265 202 Fees paid for services received 58 61 Guarantees and commitments 98 93 (1) Includes customers’ liability under acceptances. |
IFRS 7 Disclosure - Credit and
IFRS 7 Disclosure - Credit and Counterparty Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Credit assets exposure value | $ 344,912 | $ 290,896 |
Outstanding credit exposures | 1,123,400 | |
Outstanding credit exposures increased from prior year | $ 70,200 | |
Outstanding credit exposures increased as percent from prior year | 7% | |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | $ 537,400 | |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | 539,200 | |
Other Jurisdications [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | $ 46,800 | |
Credit risk [member] | Residential real estate loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loan to value ratio | 80% |
IFRS 7 Disclosure - Credit an_2
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Credit Risk Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 1,123,359 | $ 1,053,243 |
Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 344,912 | 290,896 |
Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 156,808 | 189,101 |
Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 237,998 | 206,195 |
Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 51,922 | 53,730 |
Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 74,804 | 64,247 |
Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 33,049 | 29,577 |
Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 74,069 | 73,414 |
Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 28,513 | 26,354 |
Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 8,485 | 15,670 |
Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 26,388 | 28,076 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 86,411 | 75,983 |
Drawn [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 873,084 | 772,235 |
Drawn [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 281,087 | 233,450 |
Drawn [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 95,433 | 112,185 |
Drawn [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 219,809 | 186,542 |
Drawn [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 33,141 | 32,515 |
Drawn [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 61,766 | 49,639 |
Drawn [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 27,858 | 23,890 |
Drawn [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 56,649 | 52,437 |
Drawn [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 20,117 | 18,037 |
Drawn [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 3,364 | 3,823 |
Drawn [Member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 11,224 | 8,781 |
Drawn [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 62,636 | 50,936 |
Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 168,534 | 188,609 |
Undrawn commitments [member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 63,812 | 57,446 |
Undrawn commitments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 18,690 | 34,216 |
Undrawn commitments [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,551 | 1,869 |
Undrawn commitments [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 16,059 | 17,522 |
Undrawn commitments [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 11,843 | 12,911 |
Undrawn commitments [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,621 | 4,890 |
Undrawn commitments [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 13,552 | 17,113 |
Undrawn commitments [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 7,618 | 7,206 |
Undrawn commitments [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,889 | 4,440 |
Undrawn commitments [member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 8,767 | 12,885 |
Undrawn commitments [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 18,132 | 18,111 |
Over the counter derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 25,243 | 27,202 |
Over the counter derivatives [member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 13 | |
Over the counter derivatives [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 7,201 | 8,036 |
Over the counter derivatives [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,575 | 434 |
Over the counter derivatives [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,915 | 2,050 |
Over the counter derivatives [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 971 | 1,238 |
Over the counter derivatives [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 441 | 549 |
Over the counter derivatives [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 3,172 | 3,169 |
Over the counter derivatives [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 611 | 775 |
Over the counter derivatives [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 788 | 1,341 |
Over the counter derivatives [member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,547 | 4,323 |
Over the counter derivatives [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,009 | 5,287 |
Other off balance sheet items [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 34,451 | 37,713 |
Other off balance sheet items [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,307 | 16,467 |
Other off balance sheet items [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 8,193 | 8,063 |
Other off balance sheet items [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 807 | 1,643 |
Other off balance sheet items [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 224 | 459 |
Other off balance sheet items [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 129 | 248 |
Other off balance sheet items [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 696 | 695 |
Other off balance sheet items [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 167 | 336 |
Other off balance sheet items [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,444 | 6,066 |
Other off balance sheet items [Member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,850 | 2,087 |
Other off balance sheet items [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,634 | 1,649 |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 22,047 | 27,484 |
Repo style transactions [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 16,177 | 18,197 |
Repo style transactions [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 5,870 | $ 9,287 |
IFRS 7 Disclosure - Credit an_3
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Credit Risk Exposures (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 228,691 | $ 215,806 |
Derivative and Repo Style Transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure exclusions at default based on Basel III classifications | $ 9,025 | $ 13,698 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure ratio | 2% |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Market Risk [Line Items] | |||
Cumulative mark to market gain on interest rate swaps | $ 5,700 | ||
Bank of the West [member] | |||
Market Risk [Line Items] | |||
Change in the fair value of forward contracts accounted for as a reduction to the purchase price | 374 | ||
Change in the fair value of forward contracts after tax accounted for as a reduction to the purchase price | 269 | ||
100 basis point increase [member] | |||
Market Risk [Line Items] | |||
Increase in earnings before tax | $ 12 | $ 35 | |
Decrease in earnings before tax | 13 | ||
10% increase in equity market values [member] | |||
Market Risk [Line Items] | |||
Increase in earnings before tax | 15 | 14 | 13 |
10% decrease in equity market values [member] | |||
Market Risk [Line Items] | |||
Decrease in earnings before tax | 12 | 11 | 13 |
100 basis point decrease [member] | |||
Market Risk [Line Items] | |||
Increase in earnings before tax | $ 15 | ||
Decrease in earnings before tax | $ 8 | $ 34 | |
Market risk [member] | Value at risk [member] | |||
Market Risk [Line Items] | |||
Percentage of trading and underwriting portfolios | 99% | ||
Value at risk holding period | 1 day | ||
Foreign exchange risk [member] | |||
Market Risk [Line Items] | |||
Increase (decrease) adjusted net income before income taxes | $ 38 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary Total Trading Value at Risk (VaR) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | $ 4 | $ 1.6 |
Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 13.6 | 14.1 |
Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.7 | 2.3 |
Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 27.3 | 22.1 |
Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 11 | 10.2 |
Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (25) | (15) |
Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 32.6 | 35.3 |
Average [Member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.4 | 3.1 |
Average [Member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 14 | 13.1 |
Average [Member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.9 | 1.8 |
Average [Member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 27.4 | 18 |
Average [Member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 10.9 | 5.7 |
Average [Member] | Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (25.5) | (15.1) |
Average [Member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 32.1 | 26.6 |
Top of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 6.1 | 5.5 |
Top of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 24.5 | 18.4 |
Top of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.6 | 5.2 |
Top of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 41.5 | 26.5 |
Top of range [member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 15.9 | 10.5 |
Top of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 47.9 | 38.2 |
Bottom of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.2 | 1 |
Bottom of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 8.5 | 8.5 |
Bottom of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.3 | 0.5 |
Bottom of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 16 | 12.4 |
Bottom of range [member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 7.5 | 1.8 |
Bottom of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | $ 21.2 | $ 18.1 |
IFRS 7 Disclosure - Market Ri_3
IFRS 7 Disclosure - Market Risk - Structural Balance Sheet Interest Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Hundred basis point increase [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | $ (1,848.6) | $ (990.2) |
Pre tax earnings sensitivity over the next twelve month | 304.5 | 498.9 |
Hundred basis point increase [member] | Canada [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | (872.6) | |
Pre tax earnings sensitivity over the next twelve month | 31 | |
Hundred basis point increase [member] | United States [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | (976) | |
Pre tax earnings sensitivity over the next twelve month | 273.4 | |
Hundred basis point decrease [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 1,491.6 | 647.9 |
Pre tax earnings sensitivity over the next twelve month | (325.4) | $ (595.2) |
Hundred basis point decrease [member] | Canada [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 750.4 | |
Pre tax earnings sensitivity over the next twelve month | (36.2) | |
Hundred basis point decrease [member] | United States [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 741.1 | |
Pre tax earnings sensitivity over the next twelve month | $ (289.2) |
Contractual Maturities of Asset
Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Assets | |||
Cash and cash equivalents | $ 77,934 | $ 87,466 | $ 93,261 |
Interest bearing deposits with banks | 4,125 | 5,734 | |
Securities | 322,379 | 273,262 | |
Securities borrowed or purchased under resale agreements | 115,662 | 113,194 | |
Loans | |||
Residential mortgages | 177,250 | 148,880 | |
Consumer instalment and other personal | 104,040 | 86,103 | |
Credit cards | 12,294 | 9,663 | |
Business and government | 366,701 | 309,310 | |
Allowance for credit losses | (3,807) | (2,617) | |
Loans,net | 656,478 | 551,339 | |
Other Assets | |||
Derivative instruments | 39,976 | 48,160 | |
Customers' liability under acceptances | 8,111 | 13,235 | |
Other | 68,611 | 46,809 | |
Other assets | 116,698 | 108,204 | |
Total Assets | 1,293,276 | 1,139,199 | |
Deposits | |||
Deposits | 909,676 | 769,478 | |
Other liabilities | |||
Derivative instruments | 50,193 | 59,956 | |
Acceptances | 8,111 | 13,235 | |
Securities sold but not yet purchased | 43,781 | 40,979 | |
Securities lent or sold under repurchase agreements | 106,108 | 103,963 | |
Securitization and structured entities' liabilities | 27,094 | 27,068 | |
Other | 63,048 | 45,332 | |
Total other liabilities | 298,335 | 290,533 | |
Subordinated debt | 8,228 | 8,150 | |
Total Equity | 77,037 | 71,038 | |
Total Liabilities and Equity | 1,293,276 | 1,139,199 | |
Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 222,430 | 207,106 | |
Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 31,419 | 27,370 | |
Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 18,805 | 17,330 | |
Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,144 | ||
Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,620 | ||
0 -1 month [member] | |||
Assets | |||
Cash and cash equivalents | 75,473 | 86,003 | |
Interest bearing deposits with banks | 2,791 | 3,844 | |
Securities | 4,037 | 4,189 | |
Securities borrowed or purchased under resale agreements | 93,707 | 83,861 | |
Loans | |||
Residential mortgages | 1,121 | 526 | |
Consumer instalment and other personal | 283 | 211 | |
Credit cards | 0 | ||
Business and government | 19,671 | 13,003 | |
Allowance for credit losses | 0 | ||
Loans,net | 21,075 | 13,740 | |
Other Assets | |||
Derivative instruments | 2,797 | 5,362 | |
Customers' liability under acceptances | 4,682 | 9,752 | |
Other | 4,023 | 2,735 | |
Other assets | 11,502 | 17,849 | |
Total Assets | 208,585 | 209,486 | |
Deposits | |||
Deposits | 48,986 | 38,064 | |
Other liabilities | |||
Derivative instruments | 3,103 | 3,370 | |
Acceptances | 4,682 | 9,752 | |
Securities sold but not yet purchased | 43,781 | 40,979 | |
Securities lent or sold under repurchase agreements | 99,006 | 94,215 | |
Securitization and structured entities' liabilities | 97 | 14 | |
Other | 15,672 | 12,143 | |
Total other liabilities | 166,341 | 160,473 | |
Subordinated debt | 0 | ||
Total Equity | 0 | ||
Total Liabilities and Equity | 215,327 | 198,537 | |
0 -1 month [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 2,216 | 1,932 | |
0 -1 month [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,641 | 1,680 | |
0 -1 month [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 212 | ||
0 -1 month [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 27 | ||
0 -1 month [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 46 | ||
1 - 3 Months [member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 680 | 1,662 | |
Securities | 8,408 | 4,284 | |
Securities borrowed or purchased under resale agreements | 12,311 | 21,736 | |
Loans | |||
Residential mortgages | 2,188 | 1,519 | |
Consumer instalment and other personal | 621 | 553 | |
Credit cards | 0 | ||
Business and government | 10,920 | 9,595 | |
Allowance for credit losses | 0 | ||
Loans,net | 13,729 | 11,667 | |
Other Assets | |||
Derivative instruments | 4,539 | 7,147 | |
Customers' liability under acceptances | 3,423 | 3,461 | |
Other | 814 | 625 | |
Other assets | 8,776 | 11,233 | |
Total Assets | 43,904 | 50,582 | |
Deposits | |||
Deposits | 63,728 | 44,637 | |
Other liabilities | |||
Derivative instruments | 8,450 | 11,764 | |
Acceptances | 3,423 | 3,461 | |
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 4,751 | 6,476 | |
Securitization and structured entities' liabilities | 717 | 2,803 | |
Other | 2,269 | 4,980 | |
Total other liabilities | 19,610 | 29,484 | |
Subordinated debt | 0 | ||
Total Equity | 0 | ||
Total Liabilities and Equity | 83,338 | 74,121 | |
1 - 3 Months [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 4,874 | 3,610 | |
1 - 3 Months [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 5,088 | 4,601 | |
1 - 3 Months [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 241 | 585 | |
1 - 3 Months [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 98 | ||
1 - 3 Months [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 91 | ||
3-6 month [member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 383 | 86 | |
Securities | 7,472 | 5,480 | |
Securities borrowed or purchased under resale agreements | 6,903 | 5,101 | |
Loans | |||
Residential mortgages | 3,403 | 3,708 | |
Consumer instalment and other personal | 1,028 | 940 | |
Credit cards | 0 | ||
Business and government | 12,550 | 11,724 | |
Allowance for credit losses | 0 | ||
Loans,net | 16,981 | 16,372 | |
Other Assets | |||
Derivative instruments | 2,670 | 3,359 | |
Customers' liability under acceptances | 6 | 19 | |
Other | 336 | 225 | |
Other assets | 3,012 | 3,603 | |
Total Assets | 34,751 | 30,642 | |
Deposits | |||
Deposits | 64,939 | 49,626 | |
Other liabilities | |||
Derivative instruments | 3,033 | 4,399 | |
Acceptances | 6 | 19 | |
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 476 | 1,046 | |
Securitization and structured entities' liabilities | 1,199 | 1,300 | |
Other | 116 | 101 | |
Total other liabilities | 4,830 | 6,865 | |
Subordinated debt | 0 | ||
Total Equity | 0 | ||
Total Liabilities and Equity | 69,769 | 56,491 | |
3-6 month [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 9,377 | 10,461 | |
3-6 month [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 5,739 | 4,936 | |
3-6 month [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 666 | 393 | |
3-6 month [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 55 | ||
3-6 month [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 106 | ||
6-9 month [member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 153 | 44 | |
Securities | 5,614 | 5,375 | |
Securities borrowed or purchased under resale agreements | 2,491 | 2,448 | |
Loans | |||
Residential mortgages | 4,246 | 5,778 | |
Consumer instalment and other personal | 1,343 | 1,693 | |
Credit cards | 0 | ||
Business and government | 16,370 | 9,300 | |
Allowance for credit losses | 0 | ||
Loans,net | 21,959 | 16,771 | |
Other Assets | |||
Derivative instruments | 2,827 | 2,552 | |
Customers' liability under acceptances | 0 | 3 | |
Other | 42 | 21 | |
Other assets | 2,869 | 2,576 | |
Total Assets | 33,086 | 27,214 | |
Deposits | |||
Deposits | 60,911 | 47,908 | |
Other liabilities | |||
Derivative instruments | 2,278 | 3,814 | |
Acceptances | 0 | 3 | |
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 539 | 2,226 | |
Securitization and structured entities' liabilities | 2,195 | 794 | |
Other | 110 | 97 | |
Total other liabilities | 5,122 | 6,934 | |
Subordinated debt | 0 | ||
Total Equity | 0 | ||
Total Liabilities and Equity | 66,033 | 54,842 | |
6-9 month [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 14,499 | 13,373 | |
6-9 month [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 5,397 | 4,662 | |
6-9 month [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 2,207 | 1,438 | |
6-9 month [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 55 | ||
6-9 month [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 101 | ||
9-12 month [Member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 118 | 98 | |
Securities | 6,816 | 6,060 | |
Securities borrowed or purchased under resale agreements | 0 | 48 | |
Loans | |||
Residential mortgages | 4,761 | 6,501 | |
Consumer instalment and other personal | 1,542 | 1,537 | |
Credit cards | 0 | ||
Business and government | 16,953 | 11,394 | |
Allowance for credit losses | 0 | ||
Loans,net | 23,256 | 19,432 | |
Other Assets | |||
Derivative instruments | 1,555 | 2,225 | |
Customers' liability under acceptances | 0 | ||
Other | 4 | 2 | |
Other assets | 1,559 | 2,227 | |
Total Assets | 31,749 | 27,865 | |
Deposits | |||
Deposits | 52,040 | 48,444 | |
Other liabilities | |||
Derivative instruments | 2,014 | 2,895 | |
Acceptances | 0 | ||
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 0 | ||
Securitization and structured entities' liabilities | 592 | 1,673 | |
Other | 107 | 146 | |
Total other liabilities | 2,713 | 4,714 | |
Subordinated debt | 0 | ||
Total Equity | 0 | ||
Total Liabilities and Equity | 54,753 | 53,158 | |
9-12 month [Member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 14,190 | 14,753 | |
9-12 month [Member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 6,065 | 4,922 | |
9-12 month [Member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 2,039 | 1,275 | |
9-12 month [Member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 58 | ||
9-12 month [Member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 155 | ||
1-2 years [member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 0 | ||
Securities | 29,374 | 18,272 | |
Securities borrowed or purchased under resale agreements | 250 | ||
Loans | |||
Residential mortgages | 27,229 | 14,665 | |
Consumer instalment and other personal | 8,094 | 4,844 | |
Credit cards | 0 | ||
Business and government | 49,366 | 37,250 | |
Allowance for credit losses | 0 | ||
Loans,net | 84,689 | 56,759 | |
Other Assets | |||
Derivative instruments | 7,804 | 7,787 | |
Customers' liability under acceptances | 0 | ||
Other | 10 | 10 | |
Other assets | 7,814 | 7,797 | |
Total Assets | 122,127 | 82,828 | |
Deposits | |||
Deposits | 47,624 | 39,992 | |
Other liabilities | |||
Derivative instruments | 7,694 | 7,619 | |
Acceptances | 0 | ||
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 1,336 | ||
Securitization and structured entities' liabilities | 4,896 | 5,136 | |
Other | 14,109 | 872 | |
Total other liabilities | 28,035 | 13,627 | |
Subordinated debt | 0 | ||
Total Equity | 0 | ||
Total Liabilities and Equity | 75,659 | 53,619 | |
1-2 years [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 41,713 | 38,057 | |
1-2 years [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,663 | 2,832 | |
1-2 years [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,951 | 3,465 | |
1-2 years [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 220 | ||
1-2 years [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 354 | ||
2-5 years [member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 0 | ||
Securities | 63,601 | 68,521 | |
Securities borrowed or purchased under resale agreements | 0 | ||
Loans | |||
Residential mortgages | 107,347 | 105,285 | |
Consumer instalment and other personal | 35,467 | 37,742 | |
Credit cards | 0 | ||
Business and government | 114,289 | 105,009 | |
Allowance for credit losses | 0 | ||
Loans,net | 257,103 | 248,036 | |
Other Assets | |||
Derivative instruments | 9,325 | 11,636 | |
Customers' liability under acceptances | 0 | ||
Other | 19 | 19 | |
Other assets | 9,344 | 11,655 | |
Total Assets | 330,048 | 328,212 | |
Deposits | |||
Deposits | 80,829 | 62,978 | |
Other liabilities | |||
Derivative instruments | 11,748 | 14,092 | |
Acceptances | 0 | ||
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 0 | ||
Securitization and structured entities' liabilities | 9,870 | 9,342 | |
Other | 2,763 | 2,558 | |
Total other liabilities | 24,381 | 25,992 | |
Subordinated debt | 25 | 25 | |
Total Equity | 0 | ||
Total Liabilities and Equity | 105,235 | 88,995 | |
2-5 years [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 129,634 | 119,430 | |
2-5 years [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,778 | 3,680 | |
2-5 years [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 8,643 | 9,189 | |
2-5 years [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 353 | ||
2-5 years [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 626 | ||
Over 5 years [member] | |||
Assets | |||
Cash and cash equivalents | 0 | ||
Interest bearing deposits with banks | 0 | ||
Securities | 141,953 | 108,072 | |
Securities borrowed or purchased under resale agreements | 0 | ||
Loans | |||
Residential mortgages | 26,689 | 10,810 | |
Consumer instalment and other personal | 29,992 | 14,084 | |
Credit cards | 0 | ||
Business and government | 27,880 | 17,776 | |
Allowance for credit losses | 0 | ||
Loans,net | 84,561 | 42,670 | |
Other Assets | |||
Derivative instruments | 8,459 | 8,092 | |
Customers' liability under acceptances | 0 | ||
Other | 7,629 | 5,817 | |
Other assets | 16,088 | 13,909 | |
Total Assets | 242,602 | 164,651 | |
Deposits | |||
Deposits | 18,624 | 16,265 | |
Other liabilities | |||
Derivative instruments | 11,873 | 12,003 | |
Acceptances | 0 | ||
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 0 | ||
Securitization and structured entities' liabilities | 7,528 | 6,006 | |
Other | 6,160 | 5,722 | |
Total other liabilities | 25,561 | 23,731 | |
Subordinated debt | 8,203 | 8,125 | |
Total Equity | 0 | ||
Total Liabilities and Equity | 52,388 | 48,121 | |
Over 5 years [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 5,927 | 5,490 | |
Over 5 years [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 48 | 57 | |
Over 5 years [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 846 | 985 | |
Over 5 years [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 278 | ||
Over 5 years [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 141 | ||
No maturity [member] | |||
Assets | |||
Cash and cash equivalents | 2,461 | 1,463 | |
Interest bearing deposits with banks | 0 | ||
Securities | 55,104 | 53,009 | |
Securities borrowed or purchased under resale agreements | 0 | ||
Loans | |||
Residential mortgages | 266 | 88 | |
Consumer instalment and other personal | 25,670 | 24,499 | |
Credit cards | 12,294 | 9,663 | |
Business and government | 98,702 | 94,259 | |
Allowance for credit losses | (3,807) | (2,617) | |
Loans,net | 133,125 | 125,892 | |
Other Assets | |||
Derivative instruments | 0 | ||
Customers' liability under acceptances | 0 | ||
Other | 55,734 | 37,355 | |
Other assets | 55,734 | 37,355 | |
Total Assets | 246,424 | 217,719 | |
Deposits | |||
Deposits | 471,995 | 421,564 | |
Other liabilities | |||
Derivative instruments | 0 | ||
Acceptances | 0 | ||
Securities sold but not yet purchased | 0 | ||
Securities lent or sold under repurchase agreements | 0 | ||
Securitization and structured entities' liabilities | 0 | ||
Other | 21,742 | 18,713 | |
Total other liabilities | 21,742 | 18,713 | |
Subordinated debt | 0 | ||
Total Equity | 77,037 | 71,038 | |
Total Liabilities and Equity | 570,774 | $ 511,315 | |
No maturity [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 0 | ||
No maturity [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 0 | ||
No maturity [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 0 | ||
No maturity [member] | Other commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | $ 0 |
Basis of Presentation - Summary
Basis of Presentation - Summary of Quantitative Information for Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Derivative notional amounts | $ 13,355,846 | $ 8,382,140 |
Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 44,370 | |
Non-derivative liabilities | 4,584 | |
Derivative notional amounts | 1,779,140 | |
Authorized and committed loan commitments | $ 55,548 | |
Libor [Member] | U.S. dollars [member] | Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 48,162 | |
Non-derivative liabilities | 3,335 | |
Derivative notional amounts | 1,870,472 | |
Authorized and committed loan commitments | 90,797 | |
CDOR [Member] | Other Currencies [Member] | Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 37,101 | |
Non-derivative liabilities | 4,583 | |
Derivative notional amounts | 1,554,518 | |
Authorized and committed loan commitments | $ 26,106 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Nov. 01, 2022 | Oct. 31, 2022 | |
Basis of presentation [line items] | |||
Liabilities | $ 1,216,239 | $ 1,068,161 | |
Assets | $ 1,293,276 | $ 1,139,199 | |
Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | Indian Accounting Standard Forty [Member] | |||
Basis of presentation [line items] | |||
Stockholders equity after tax | $ 135 | ||
Stockholders equity before tax | 185 | ||
Assets | 135 | ||
Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | IFRS 17 [member] | |||
Basis of presentation [line items] | |||
Stockholders equity after tax | 1,040 | ||
Stockholders equity before tax | 1,435 | ||
Liabilities | 2,090 | ||
Assets | $ 1,050 | ||
Bottom of range [member] | |||
Basis of presentation [line items] | |||
Proportion of voting rights held in associate | 20% | ||
Top of range [member] | |||
Basis of presentation [line items] | |||
Proportion of voting rights held in associate | 50% | ||
Useful lives of Intangible assets other than goodwill | 15 years |
Cash and Interest Bearing Dep_3
Cash and Interest Bearing Deposits with Banks - Disclosure of Cash and Interest Bearing Deposits with Banks (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Cash and interest bearing deposits with banks [abstract] | ||||
Cash and deposits with banks | [1] | $ 75,528 | $ 85,234 | |
Cheques and other items in transit, net | 2,406 | 2,232 | ||
Total cash and cash equivalents | $ 77,934 | $ 87,466 | $ 93,261 | |
[1]Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. |
Cash and Interest Bearing Dep_4
Cash and Interest Bearing Deposits with Banks - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of cash and interest bearing deposits with banks [abstract] | ||
Reserves or minimum balances with central banks | $ 125 | $ 87 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Fair value through profit or loss ("FVTPL") securities | $ 16,720 | $ 13,641 |
Amortized cost | 116,814 | 106,590 |
FVOCI Securities | 62,828 | 43,561 |
Gains (losses) on financial assets at fair value through profit or loss that were designated | (282) | (1,954) |
Realized gains from fair value through other comprehensive income securities | 0 | 0 |
Interest and dividend income | $ 454 | 397 |
Bottom of range [member] | ||
Disclosure of financial assets [line items] | ||
Company own voting rights of shares | 20% | |
Top of range [member] | ||
Disclosure of financial assets [line items] | ||
Company own voting rights of shares | 50% | |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 116,814 | 106,590 |
FVOCI Securities | 62,668 | 43,408 |
Allowance for credit losses of amortized cost | 3 | 3 |
Allowance for credit losses of FVOCI securities | 3 | 3 |
Mandatorily measured at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Fair value through profit or loss ("FVTPL") securities | 6,729 | 4,410 |
Assets recognised | 808 | 244 |
Related to securities held by insurance subsidiaries [member] | ||
Disclosure of financial assets [line items] | ||
Fair value through profit or loss ("FVTPL") securities | $ 9,991 | $ 9,231 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value Measurement (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | |||
Trading Securities | $ 124,556 | $ 108,177 | |
FVTPL Securities | 16,720 | 13,641 | |
FVOCI Securities | 62,828 | 43,561 | |
Amortized Cost Securities | 116,814 | 106,590 | |
Total securities | 322,379 | 273,262 | |
Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 62,828 | 43,561 | |
Amortized Cost Securities | [1] | 104,171 | 94,832 |
Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Investments in associates and joint ventures | 1,461 | 1,293 | |
Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 322,379 | 273,262 | |
Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 98,120 | 87,636 | |
United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 217,674 | 177,371 | |
Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 6,585 | 8,255 | |
Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 64,888 | 44,917 | |
Amortized Cost [Member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Amortized Cost Securities | [1] | $ 116,814 | $ 106,590 |
Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.80% | 2.19% | |
Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.01% | 1.58% |
Canadian federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 10,626 | $ 10,936 | |
FVTPL Securities | 216 | 493 | |
Canadian federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20,147 | 12,301 | |
Amortized Cost Securities | [1] | 4,905 | 7,129 |
Canadian federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20,624 | 12,498 | |
Amortized Cost Securities | [1] | $ 4,908 | $ 7,136 |
Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.05% | 2.14% | |
Canadian federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.83% | 1.55% |
Canadian provincial and municipal governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 7,030 | $ 6,110 | |
FVTPL Securities | 1,167 | 1,080 | |
Canadian provincial and municipal governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,055 | 4,571 | |
Amortized Cost Securities | [1] | 4,605 | 5,583 |
Canadian provincial and municipal governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,281 | 4,724 | |
Amortized Cost Securities | [1] | $ 4,613 | $ 5,588 |
Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.23% | 2.70% | |
Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.26% | 2.35% |
US federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 20,332 | $ 16,699 | |
FVTPL Securities | 2,088 | 4 | |
US federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,880 | 3,110 | |
Amortized Cost Securities | [1] | 51,063 | 51,717 |
US federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,245 | 3,403 | |
Amortized Cost Securities | [1] | $ 56,878 | $ 59,245 |
US federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.77% | 2.13% | |
US federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.50% | 1.49% |
US state municipal and agencies debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 279 | $ 139 | |
US state municipal and agencies debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,301 | 3,714 | |
Amortized Cost Securities | [1] | 179 | 105 |
US state municipal and agencies debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,486 | 3,863 | |
Amortized Cost Securities | [1] | $ 190 | $ 109 |
US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 4.22% | 2.30% | |
US state municipal and agencies debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 4.66% | 4.26% |
Other governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,575 | $ 3,970 | |
FVTPL Securities | 48 | 87 | |
Other governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,969 | 6,411 | |
Amortized Cost Securities | [1] | 779 | 1,377 |
Other governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,064 | 6,532 | |
Amortized Cost Securities | [1] | $ 948 | $ 1,387 |
Other governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.11% | 1.62% | |
Other governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.82% | 1.66% |
NHA MBS US agency MBS and CMO [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 23,869 | $ 14,312 | |
FVTPL Securities | 19 | 8 | |
NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 15,765 | 9,268 |
Amortized Cost Securities | [1],[2] | 41,134 | 26,864 |
NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 16,421 | 9,572 |
Amortized Cost Securities | [1],[2] | $ 47,590 | $ 31,013 |
NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [2] | 4.76% | 2.35% |
NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1],[2] | 2.61% | 1.59% |
Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 11,734 | $ 9,592 | |
FVTPL Securities | 7,360 | 6,479 | |
Corporate debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,551 | 4,033 | |
Amortized Cost Securities | [1] | 1,506 | 2,057 |
Corporate debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,638 | 4,203 | |
Amortized Cost Securities | [1] | $ 1,687 | $ 2,112 |
Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5.43% | 2.29% | |
Corporate debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.80% | 1.82% |
Trading loans [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 450 | $ 346 | |
Corporate equity [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 47,661 | 46,073 | |
FVTPL Securities | 5,822 | 5,490 | |
Corporate equity [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 160 | 153 | |
Corporate equity [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 129 | 122 | |
Within 1 year [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 10,058 | ||
FVTPL Securities | 256 | ||
Within 1 year [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14,923 | ||
Amortized Cost Securities | [1] | 6,530 | |
Within 1 year [member] | Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 32,347 | ||
Within 1 year [member] | Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 17,927 | ||
Within 1 year [member] | United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 10,719 | ||
Within 1 year [member] | Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 3,701 | ||
Within 1 year [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14,971 | ||
Within 1 year [member] | Amortized Cost [Member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Amortized Cost Securities | [1] | $ 7,110 | |
Within 1 year [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.80% | ||
Within 1 year [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.90% | |
Within 1 year [member] | Canadian federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,499 | ||
FVTPL Securities | 147 | ||
Within 1 year [member] | Canadian federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,367 | ||
Amortized Cost Securities | [1] | 2,549 | |
Within 1 year [member] | Canadian federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,366 | ||
Amortized Cost Securities | [1] | $ 2,491 | |
Within 1 year [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.70% | ||
Within 1 year [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.92% | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 1,847 | ||
FVTPL Securities | 20 | ||
Within 1 year [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,326 | ||
Amortized Cost Securities | [1] | 573 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,328 | ||
Amortized Cost Securities | [1] | $ 554 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.53% | ||
Within 1 year [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.31% | |
Within 1 year [member] | US federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,950 | ||
FVTPL Securities | 7 | ||
Within 1 year [member] | US federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 711 | ||
Amortized Cost Securities | [1] | 2,317 | |
Within 1 year [member] | US federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 713 | ||
Amortized Cost Securities | [1] | $ 2,928 | |
Within 1 year [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5.03% | ||
Within 1 year [member] | US federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.73% | |
Within 1 year [member] | US state municipal and agencies debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 5 | ||
Within 1 year [member] | US state municipal and agencies debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 559 | ||
Within 1 year [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 565 | ||
Within 1 year [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.33% | ||
Within 1 year [member] | Other governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 525 | ||
FVTPL Securities | 24 | ||
Within 1 year [member] | Other governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4,107 | ||
Amortized Cost Securities | [1] | 261 | |
Within 1 year [member] | Other governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4,124 | ||
Amortized Cost Securities | [1] | $ 289 | |
Within 1 year [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.82% | ||
Within 1 year [member] | Other governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.72% | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 39 | ||
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 33 | |
Amortized Cost Securities | [1],[2] | 618 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 33 | |
Amortized Cost Securities | [1],[2] | $ 632 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [2] | 4.56% | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1],[2] | 2.46% | |
Within 1 year [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,193 | ||
FVTPL Securities | 58 | ||
Within 1 year [member] | Corporate debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,820 | ||
Amortized Cost Securities | [1] | 212 | |
Within 1 year [member] | Corporate debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,842 | ||
Amortized Cost Securities | [1] | $ 216 | |
Within 1 year [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 6.50% | ||
Within 1 year [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.70% | |
1 to 3 years [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 14,308 | ||
FVTPL Securities | 321 | ||
1 to 3 years [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,017 | ||
Amortized Cost Securities | [1] | 20,839 | |
1 to 3 years [member] | Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 43,389 | ||
1 to 3 years [member] | Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 13,079 | ||
1 to 3 years [member] | United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 29,719 | ||
1 to 3 years [member] | Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 591 | ||
1 to 3 years [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,172 | ||
1 to 3 years [member] | Amortized Cost [Member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Amortized Cost Securities | [1] | $ 21,743 | |
1 to 3 years [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.22% | ||
1 to 3 years [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.48% | |
1 to 3 years [member] | Canadian federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,198 | ||
1 to 3 years [member] | Canadian federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,851 | ||
Amortized Cost Securities | [1] | 1,924 | |
1 to 3 years [member] | Canadian federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,878 | ||
Amortized Cost Securities | [1] | $ 1,985 | |
1 to 3 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.84% | ||
1 to 3 years [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.58% | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 454 | ||
FVTPL Securities | 10 | ||
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 403 | ||
Amortized Cost Securities | [1] | 2,251 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 420 | ||
Amortized Cost Securities | [1] | $ 2,216 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.18% | ||
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.90% | |
1 to 3 years [member] | US federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 7,376 | ||
1 to 3 years [member] | US federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 602 | ||
Amortized Cost Securities | [1] | 13,198 | |
1 to 3 years [member] | US federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 636 | ||
Amortized Cost Securities | [1] | $ 13,919 | |
1 to 3 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.72% | ||
1 to 3 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.42% | |
1 to 3 years [member] | US state municipal and agencies debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 11 | ||
1 to 3 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 735 | ||
1 to 3 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 767 | ||
1 to 3 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.16% | ||
1 to 3 years [member] | Other governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 822 | ||
FVTPL Securities | 24 | ||
1 to 3 years [member] | Other governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 938 | ||
Amortized Cost Securities | [1] | 456 | |
1 to 3 years [member] | Other governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 955 | ||
Amortized Cost Securities | [1] | $ 478 | |
1 to 3 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.48% | ||
1 to 3 years [member] | Other governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.40% | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 504 | ||
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 999 | |
Amortized Cost Securities | [1],[2] | 2,354 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 1,009 | |
Amortized Cost Securities | [1],[2] | $ 2,500 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [2] | 4.44% | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1],[2] | 1.46% | |
1 to 3 years [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,886 | ||
FVTPL Securities | 287 | ||
1 to 3 years [member] | Corporate debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 489 | ||
Amortized Cost Securities | [1] | 656 | |
1 to 3 years [member] | Corporate debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 507 | ||
Amortized Cost Securities | [1] | $ 645 | |
1 to 3 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 4.21% | ||
1 to 3 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.31% | |
1 to 3 years [member] | Trading loans [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 57 | ||
3 to 5 years [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 9,497 | ||
FVTPL Securities | 377 | ||
3 to 5 years [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 16,151 | ||
Amortized Cost Securities | [1] | 21,283 | |
3 to 5 years [member] | Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 49,586 | ||
3 to 5 years [member] | Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 17,877 | ||
3 to 5 years [member] | United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 31,385 | ||
3 to 5 years [member] | Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 324 | ||
3 to 5 years [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 16,731 | ||
3 to 5 years [member] | Amortized Cost [Member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Amortized Cost Securities | [1] | $ 23,561 | |
3 to 5 years [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.02% | ||
3 to 5 years [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.55% | |
3 to 5 years [member] | Canadian federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 1,675 | ||
3 to 5 years [member] | Canadian federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 8,993 | ||
Amortized Cost Securities | [1] | 401 | |
3 to 5 years [member] | Canadian federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 9,325 | ||
Amortized Cost Securities | [1] | $ 400 | |
3 to 5 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.59% | ||
3 to 5 years [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.47% | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 296 | ||
FVTPL Securities | 17 | ||
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,119 | ||
Amortized Cost Securities | [1] | 1,025 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,165 | ||
Amortized Cost Securities | [1] | $ 1,035 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.12% | ||
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.67% | |
3 to 5 years [member] | US federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,474 | ||
3 to 5 years [member] | US federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 775 | ||
Amortized Cost Securities | [1] | 15,477 | |
3 to 5 years [member] | US federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 837 | ||
Amortized Cost Securities | [1] | $ 17,018 | |
3 to 5 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.93% | ||
3 to 5 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.34% | |
3 to 5 years [member] | US state municipal and agencies debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2 | ||
3 to 5 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 399 | ||
3 to 5 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 427 | ||
3 to 5 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 2.61% | ||
3 to 5 years [member] | Other governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 767 | ||
3 to 5 years [member] | Other governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,723 | ||
Amortized Cost Securities | [1] | 62 | |
3 to 5 years [member] | Other governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,784 | ||
Amortized Cost Securities | [1] | $ 181 | |
3 to 5 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.54% | ||
3 to 5 years [member] | Other governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 3.07% | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 667 | ||
FVTPL Securities | 12 | ||
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 2,654 | |
Amortized Cost Securities | [1],[2] | 3,849 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 2,686 | |
Amortized Cost Securities | [1],[2] | $ 4,276 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [2] | 4.02% | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1],[2] | 1.84% | |
3 to 5 years [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 3,388 | ||
FVTPL Securities | 348 | ||
3 to 5 years [member] | Corporate debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 488 | ||
Amortized Cost Securities | [1] | 469 | |
3 to 5 years [member] | Corporate debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 507 | ||
Amortized Cost Securities | [1] | $ 651 | |
3 to 5 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 4.04% | ||
3 to 5 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.45% | |
3 to 5 years [member] | Trading loans [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 228 | ||
5 to 10 years [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 11,484 | ||
FVTPL Securities | 1,088 | ||
5 to 10 years [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 13,901 | ||
Amortized Cost Securities | [1] | 19,797 | |
5 to 10 years [member] | Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 49,697 | ||
5 to 10 years [member] | Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 10,038 | ||
5 to 10 years [member] | United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 39,504 | ||
5 to 10 years [member] | Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 155 | ||
5 to 10 years [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14,681 | ||
5 to 10 years [member] | Amortized Cost [Member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Amortized Cost Securities | [1] | $ 23,224 | |
5 to 10 years [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.85% | ||
5 to 10 years [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.66% | |
5 to 10 years [member] | Canadian federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,002 | ||
FVTPL Securities | 4 | ||
5 to 10 years [member] | Canadian federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,936 | ||
Amortized Cost Securities | [1] | 31 | |
5 to 10 years [member] | Canadian federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,055 | ||
Amortized Cost Securities | [1] | $ 32 | |
5 to 10 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.44% | ||
5 to 10 years [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.87% | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 942 | ||
FVTPL Securities | 119 | ||
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,193 | ||
Amortized Cost Securities | [1] | 756 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,351 | ||
Amortized Cost Securities | [1] | $ 808 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.28% | ||
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.70% | |
5 to 10 years [member] | US federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 4,713 | ||
5 to 10 years [member] | US federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,641 | ||
Amortized Cost Securities | [1] | 17,391 | |
5 to 10 years [member] | US federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,884 | ||
Amortized Cost Securities | [1] | $ 20,514 | |
5 to 10 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.71% | ||
5 to 10 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.57% | |
5 to 10 years [member] | US state municipal and agencies debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 109 | ||
5 to 10 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,517 | ||
Amortized Cost Securities | [1] | 179 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,603 | ||
Amortized Cost Securities | [1] | $ 190 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5% | ||
5 to 10 years [member] | US state municipal and agencies debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 4.66% | |
5 to 10 years [member] | Other governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 412 | ||
5 to 10 years [member] | Other governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 201 | ||
5 to 10 years [member] | Other governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 201 | ||
5 to 10 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 3.27% | ||
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 1,080 | ||
FVTPL Securities | 7 | ||
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 2,776 | |
Amortized Cost Securities | [1],[2] | 1,318 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 2,928 | |
Amortized Cost Securities | [1],[2] | $ 1,557 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [2] | 3.67% | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1],[2] | 1.97% | |
5 to 10 years [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,061 | ||
FVTPL Securities | 958 | ||
5 to 10 years [member] | Corporate debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 637 | ||
Amortized Cost Securities | [1] | 122 | |
5 to 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 659 | ||
Amortized Cost Securities | [1] | $ 123 | |
5 to 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 4.41% | ||
5 to 10 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 1.77% | |
5 to 10 years [member] | Trading loans [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 165 | ||
Over 10 years [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 31,548 | ||
FVTPL Securities | 8,856 | ||
Over 10 years [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 10,676 | ||
Amortized Cost Securities | [1] | 35,722 | |
Over 10 years [member] | Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 92,256 | ||
Over 10 years [member] | Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 13,331 | ||
Over 10 years [member] | United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 78,874 | ||
Over 10 years [member] | Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 51 | ||
Over 10 years [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 11,204 | ||
Over 10 years [member] | Amortized Cost [Member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Amortized Cost Securities | [1] | $ 41,176 | |
Over 10 years [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5.32% | ||
Over 10 years [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.76% | |
Over 10 years [member] | Canadian federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,252 | ||
FVTPL Securities | 65 | ||
Over 10 years [member] | Canadian provincial and municipal governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 3,491 | ||
FVTPL Securities | 1,001 | ||
Over 10 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14 | ||
Over 10 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 17 | ||
Over 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5.04% | ||
Over 10 years [member] | US federal government [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 2,819 | ||
FVTPL Securities | 2,081 | ||
Over 10 years [member] | US federal government [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 151 | ||
Amortized Cost Securities | [1] | 2,680 | |
Over 10 years [member] | US federal government [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 175 | ||
Amortized Cost Securities | [1] | $ 2,499 | |
Over 10 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 4.31% | ||
Over 10 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 2.19% | |
Over 10 years [member] | US state municipal and agencies debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 152 | ||
Over 10 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,091 | ||
Over 10 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 1,124 | ||
Over 10 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5.38% | ||
Over 10 years [member] | Other governments [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 49 | ||
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 21,579 | ||
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 9,303 | |
Amortized Cost Securities | [1],[2] | 32,995 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [2] | 9,765 | |
Amortized Cost Securities | [1],[2] | $ 38,625 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [2] | 5.32% | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1],[2] | 2.80% | |
Over 10 years [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 1,206 | ||
FVTPL Securities | 5,709 | ||
Over 10 years [member] | Corporate debt [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 117 | ||
Amortized Cost Securities | [1] | 47 | |
Over 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 123 | ||
Amortized Cost Securities | [1] | $ 52 | |
Over 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | 5.76% | ||
Over 10 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | |||
Disclosure of financial assets [line items] | |||
Yield (%) | [1] | 0.25% | |
No maturity [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | $ 47,661 | ||
FVTPL Securities | 5,822 | ||
Total securities | 55,104 | $ 53,009 | |
No maturity [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 160 | ||
No maturity [member] | Carrying amount [Member] | |||
Disclosure of financial assets [line items] | |||
Investments in associates and joint ventures | 1,461 | ||
No maturity [member] | Total carrying value of securities [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 55,104 | ||
No maturity [member] | Canadian Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 25,868 | ||
No maturity [member] | United States of America, Dollar [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 27,473 | ||
No maturity [member] | Other Currency [member] | |||
Disclosure of financial assets [line items] | |||
Total securities | 1,763 | ||
No maturity [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 129 | ||
No maturity [member] | Corporate equity [member] | |||
Disclosure of financial assets [line items] | |||
Trading Securities | 47,661 | ||
FVTPL Securities | 5,822 | ||
No maturity [member] | Corporate equity [member] | Fair Value [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 160 | ||
No maturity [member] | Corporate equity [member] | Amortized Cost [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 129 | ||
[1]The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts.[2]These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 62,828 | $ 43,561 | |
Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 64,888 | 44,917 | |
Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 80 | 95 | |
Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,140 | 1,451 | |
Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 62,828 | 43,561 | |
Canadian federal government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20,624 | 12,498 | |
Canadian federal government [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14 | 11 | |
Canadian federal government [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 491 | 208 | |
Canadian federal government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20,147 | 12,301 | |
Canadian Provincial And Municipal Governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,281 | 4,724 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2 | 6 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 228 | 159 | |
Canadian Provincial And Municipal Governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,055 | 4,571 | |
US federal Government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,245 | 3,403 | |
US federal Government [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 365 | 293 | |
US federal Government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,880 | 3,110 | |
US State Municipal And Agencies Debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,486 | 3,863 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5 | 5 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 190 | 154 | |
US State Municipal And Agencies Debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 5,301 | 3,714 | |
Other governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 7,064 | 6,532 | |
Other governments [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 13 | 4 | |
Other governments [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 108 | 125 | |
Other governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,969 | 6,411 | |
NHA MBS, U.S. agency MBS and CMO [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | [1] | 16,421 | 9,572 |
NHA MBS, U.S. agency MBS and CMO [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 12 | 13 | |
NHA MBS, U.S. agency MBS and CMO [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 668 | 317 | |
NHA MBS, U.S. agency MBS and CMO [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 15,765 | 9,268 | |
Corporate debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,638 | 4,203 | |
Corporate debt [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3 | 25 | |
Corporate debt [member] | Gross Unrealized Losses [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 90 | 195 | |
Corporate debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 3,551 | 4,033 | |
Corporate equity [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 129 | 122 | |
Corporate equity [member] | Gross Unrealized Gains [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 31 | 31 | |
Corporate equity [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 160 | $ 153 | |
[1]These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. |
Securities - Summary of Interes
Securities - Summary of Interest Income Calculated Using Effective Interest Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | $ 6,093 | $ 1,973 |
FVTPL securities [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | 66 | 28 |
FVOCI securities [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | 2,517 | 650 |
Amortized cost securities [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | $ 3,510 | $ 1,295 |
Securities - Summary of Non-Int
Securities - Summary of Non-Interest Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Interest Dividend and Fee Income [abstract] | ||
FVTPL securities | $ 144 | $ 268 |
FVOCI securities – realized gains | 37 | 14 |
Impairment loss | (1) | |
Securities gains, other than trading | $ 181 | $ 281 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Feb. 01, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest income on impaired loans | $ 161 | $ 55 | |
Allowances for credit losses | 4,267 | 2,998 | |
Carrying value of renegotiated loans | 1,005 | 91 | |
Real estate properties held for sale | 18 | 13 | |
Unfunded Commitments and Letters of Credit [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Accumulated fair value mark adjustment on liabilities | (30) | ||
Fair value mark during the period | $ (37) | ||
Purchased Credit Impaired Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Cumulative fair value mark | (168) | ||
Purchase of asset at fair value | 415 | ||
Purchased Performing Loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Provision for Credit Losses | 705 | ||
Cumulative fair value mark | (2,317) | ||
Acquisition date of fair value expected credit loss | 1,047 | ||
Gross contractual receivables | 78,931 | ||
Financial assets at fair value | $ 68,025 | ||
Purchase of asset at fair value | $ 76,068 | ||
Base case scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ScenarioWeight | 100% | ||
Adverse Scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ScenarioWeight | 100% | ||
12-month expected credit losses [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of renegotiated loans | $ 26 | 13 | |
Allowance for credit losses related to loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,807 | 2,617 | |
Allowance for credit losses related to other credit instruments [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses off balance sheet | 460 | 381 | |
Financial assets impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Real estate properties held for sale received on foreclosed impaired loan | 35 | 24 | |
Related to performing loans, assuming 100% base case scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,572 | 2,441 | |
Modelled allowance account for credit losses of financial assets based on assumptions | 2,625 | 1,900 | |
Related to performing loans, assuming 100% adverse scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,572 | 2,441 | |
Modelled allowance account for credit losses of financial assets based on assumptions | 6,025 | 3,250 | |
Performing loans, stage one scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 3,572 | 2,441 | |
Modelled allowance account for credit losses of financial assets based on assumptions | $ 2,800 | $ 1,850 | |
Expected credit loss period | 12 months |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Schedule of Purchased Credit Impaired Loans Acquired (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure in Tabular Form of Purchased Credit Impairment Loans Acquired [Line Items] | ||
Carrying value net of related allowance | $ 1,293,276 | $ 1,139,199 |
Bank of the West [Member] | Purchased credit impaired loans [member] | ||
Disclosure in Tabular Form of Purchased Credit Impairment Loans Acquired [Line Items] | ||
Unpaid principal balance | 280 | |
Fair value adjustment | (61) | |
Carrying value net of related allowance | 218 | |
Bank of the West [Member] | Purchased credit impaired loans [member] | Gross carrying amount [member] | ||
Disclosure in Tabular Form of Purchased Credit Impairment Loans Acquired [Line Items] | ||
Carrying value net of related allowance | 219 | |
Bank of the West [Member] | Purchased credit impaired loans [member] | Expected credit losses individually assessed [member] | ||
Disclosure in Tabular Form of Purchased Credit Impairment Loans Acquired [Line Items] | ||
Stage 3 allowance | $ (1) |
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 (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | $ 1,123,400 | |
ACL | 4,267 | $ 2,998 |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 177,026 | 148,745 |
Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 177,250 | 148,880 |
ACL | 224 | 135 |
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 424 | 295 |
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 | 2 | 7 |
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 | 85,594 | 94,824 |
Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 62,186 | 34,751 |
Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 10,723 | 17,345 |
Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,297 | 479 |
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 16,024 | 1,179 |
Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 103,265 | 85,612 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 104,040 | 86,103 |
ACL | 775 | 491 |
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 | 549 | 312 |
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 | 1,549 | 1,827 |
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 | 38,104 | 33,637 |
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 | 22,458 | 25,676 |
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 | 13,657 | 18,169 |
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 | 2,886 | 2,398 |
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 | 24,837 | 4,084 |
Credit Card Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 11,893 | 9,387 |
Credit Card Loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 12,294 | 9,663 |
ACL | 401 | 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 | 1,605 | 2,920 |
Credit Card Loans [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,947 | 443 |
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 | 1,954 | 1,620 |
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 | 4,750 | 3,710 |
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 | 1,296 | 879 |
Credit Card Loans [member] | Gross carrying amount [member] | Not Rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 742 | 91 |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 372,405 | 320,830 |
Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 374,812 | 322,545 |
ACL | 2,407 | 1,715 |
Business and government loans [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,987 | 1,384 |
Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 206,617 | 194,010 |
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 | 152,610 | 120,841 |
Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 12,598 | 6,310 |
Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 269,794 | 249,343 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL | 460 | 381 |
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 | 687 | 292 |
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 | 196,870 | 187,287 |
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 | 68,306 | 59,967 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 4,391 | 2,178 |
Gross Total Loans And Acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 664,589 | 564,574 |
Gross Total Loans And Acceptances [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 668,396 | 567,191 |
Gross commitments and financial guarantee contracts [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 270,254 | 249,724 |
Stage One [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 158,195 | 141,046 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 158,268 | 141,105 |
ACL | 73 | 59 |
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 | 2 | 7 |
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 | 85,423 | 94,743 |
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 | 51,366 | 31,617 |
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 | 5,289 | 13,474 |
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 | 282 | 138 |
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 | 15,906 | 1,126 |
Stage One [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 93,823 | 78,075 |
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 | 94,031 | 78,176 |
ACL | 208 | 101 |
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 | 1,545 | 1,792 |
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 | 37,924 | 33,554 |
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 | 21,406 | 24,369 |
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 | 7,971 | 13,536 |
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 | 759 | 873 |
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 | 24,426 | 4,052 |
Stage One [member] | Credit Card Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 10,345 | 8,186 |
Stage One [member] | Credit Card Loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 10,479 | 8,255 |
ACL | 134 | 69 |
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 | 1,605 | 2,920 |
Stage One [member] | Credit Card Loans [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,946 | 442 |
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 | 1,884 | 1,569 |
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 | 3,860 | 2,918 |
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 | 533 | 316 |
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 | 651 | 90 |
Stage One [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 329,310 | 285,088 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 330,159 | 285,696 |
ACL | 849 | 608 |
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 | 202,731 | 187,245 |
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 | 126,350 | 98,451 |
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 | 1,078 | |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 249,291 | 227,881 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL | 260 | 194 |
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 | 195,149 | 182,153 |
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 | 54,148 | 45,920 |
Stage One [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 | 254 | 2 |
Stage One [member] | Gross Total Loans And Acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 591,673 | 512,395 |
Stage One [member] | Gross Total Loans And Acceptances [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 592,937 | 513,232 |
Stage One [member] | Gross commitments and financial guarantee contracts [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 249,551 | 228,075 |
Stage Two [Member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 18,412 | 7,414 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 18,558 | 7,480 |
ACL | 146 | 66 |
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 | 171 | 81 |
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 | 10,820 | 3,134 |
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 | 5,434 | 3,871 |
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 | 2,015 | 341 |
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 | 118 | 53 |
Stage Two [Member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 9,045 | 7,327 |
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 | 9,460 | 7,615 |
ACL | 415 | 288 |
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 | 4 | 35 |
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 | 180 | 83 |
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 | 1,052 | 1,307 |
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 | 5,686 | 4,633 |
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 | 2,127 | 1,525 |
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 | 411 | 32 |
Stage Two [Member] | Credit Card Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,548 | 1,201 |
Stage Two [Member] | Credit Card Loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,815 | 1,408 |
ACL | 267 | 207 |
Stage Two [Member] | Credit Card Loans [member] | Gross carrying amount [member] | Very low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1 | 1 |
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 | 70 | 51 |
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 | 890 | 792 |
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 | 763 | 563 |
Stage Two [Member] | Credit Card Loans [member] | Gross carrying amount [member] | Not Rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 91 | 1 |
Stage Two [Member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 40,635 | 34,790 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 41,666 | 35,465 |
ACL | 1,031 | 675 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,886 | 6,765 |
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 | 26,260 | 22,390 |
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 | 11,520 | 6,310 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 19,827 | 21,183 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL | 189 | 174 |
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 | 1,721 | 5,134 |
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 | 14,158 | 14,047 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 4,137 | 2,176 |
Stage Two [Member] | Gross Total Loans And Acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 69,640 | 50,732 |
Stage Two [Member] | Gross Total Loans And Acceptances [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 71,499 | 51,968 |
Stage Two [Member] | Gross commitments and financial guarantee contracts [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 20,016 | 21,357 |
Stage three [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 419 | 285 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 424 | 295 |
ACL | 5 | 10 |
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 | 424 | 295 |
Stage three [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 397 | 210 |
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 | 549 | 312 |
ACL | 152 | 102 |
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 | 549 | 312 |
Stage three [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,460 | 952 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,987 | 1,384 |
ACL | 527 | 432 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2,987 | 1,384 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 676 | 279 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL | 11 | 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 | 687 | 292 |
Stage three [member] | Gross Total Loans And Acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,276 | 1,447 |
Stage three [member] | Gross Total Loans And Acceptances [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 3,960 | 1,991 |
Stage three [member] | Gross commitments and financial guarantee contracts [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | $ 687 | $ 292 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Stage 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of collateralized loan | 93% | 92% |
Credit Card Loans [member] | Principal [member] | Bottom of range [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 | 180 days |
Credit Card Loans [member] | Interest [member] | Bottom of range [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 | 180 days |
Residential mortgages [member] | Financial instruments credit-impaired after purchase or origination [member] | Stage 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Purchased credit impaired loans | $ 34 | |
Consumer installment and other personal loans [member] | Financial instruments credit-impaired after purchase or origination [member] | Stage 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Purchased credit impaired loans | 48 | |
Business and government loans [member] | Financial instruments credit-impaired after purchase or origination [member] | Stage 3 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Purchased credit impaired loans | $ 137 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Beginning balance | $ 2,998 | |
Ending balance | 4,267 | $ 2,998 |
IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 2,998 | |
Ending balance | 4,267 | 2,998 |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 2,617 | |
Ending balance | 3,807 | 2,617 |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 381 | |
Ending balance | 460 | 381 |
Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 142 | 105 |
Net remeasurement of loss allowance | 27 | 17 |
Loan originations | 26 | 34 |
Loan purchases | 31 | |
Derecognitions and maturities | (13) | (12) |
Model changes | 44 | 7 |
Total PCL | 115 | 46 |
Write-offs | (10) | (5) |
Recoveries of previous write-offs | 7 | 7 |
Foreign exchange and other | (20) | (11) |
Ending balance | 234 | 142 |
Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 517 | 576 |
Net remeasurement of loss allowance | 483 | 66 |
Loan originations | 64 | 92 |
Loan purchases | 179 | |
Derecognitions and maturities | (77) | (61) |
Model changes | (34) | (22) |
Total PCL | 615 | 75 |
Write-offs | (371) | (205) |
Recoveries of previous write-offs | 74 | 80 |
Foreign exchange and other | (29) | (9) |
Ending balance | 806 | 517 |
Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 365 | 359 |
Net remeasurement of loss allowance | 436 | 154 |
Loan originations | 78 | 54 |
Loan purchases | 25 | |
Derecognitions and maturities | (43) | (28) |
Model changes | 0 | 12 |
Total PCL | 496 | 192 |
Write-offs | (436) | (249) |
Recoveries of previous write-offs | 103 | 78 |
Foreign exchange and other | (32) | (15) |
Ending balance | 496 | 365 |
Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,974 | 1,918 |
Net remeasurement of loss allowance | 597 | (86) |
Loan originations | 280 | 488 |
Loan purchases | 470 | |
Derecognitions and maturities | (319) | (391) |
Model changes | (68) | (13) |
Total PCL | 960 | (2) |
Write-offs | (372) | (153) |
Recoveries of previous write-offs | 81 | 50 |
Foreign exchange and other | 88 | 161 |
Ending balance | 2,731 | 1,974 |
Stage One [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,031 | |
Ending balance | 1,524 | 1,031 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 837 | |
Ending balance | 1,264 | 837 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 194 | |
Ending balance | 260 | 194 |
Stage One [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 59 | 46 |
Transfer to Stage 1 | 92 | 39 |
Transfer to Stage 2 | (18) | (4) |
Transfer to Stage 3 | (1) | |
Net remeasurement of loss allowance | (94) | (52) |
Loan originations | 26 | 34 |
Loan purchases | 31 | |
Derecognitions and maturities | (4) | (5) |
Model changes | (19) | 2 |
Total PCL | 13 | 14 |
Foreign exchange and other | 1 | (1) |
Ending balance | 73 | 59 |
Stage One [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 111 | 128 |
Transfer to Stage 1 | 265 | 230 |
Transfer to Stage 2 | (52) | (41) |
Transfer to Stage 3 | (18) | (5) |
Net remeasurement of loss allowance | (264) | (263) |
Loan originations | 58 | 92 |
Loan purchases | 179 | |
Derecognitions and maturities | (34) | (22) |
Model changes | (26) | (9) |
Total PCL | 108 | (18) |
Foreign exchange and other | 1 | 1 |
Ending balance | 220 | 111 |
Stage One [member] | Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 115 | 114 |
Transfer to Stage 1 | 172 | 149 |
Transfer to Stage 2 | (45) | (34) |
Transfer to Stage 3 | (3) | (2) |
Net remeasurement of loss allowance | (146) | (156) |
Loan originations | 77 | 54 |
Loan purchases | 25 | |
Derecognitions and maturities | (7) | (5) |
Model changes | (6) | |
Total PCL | 73 | |
Foreign exchange and other | 1 | |
Ending balance | 188 | 115 |
Stage One [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 746 | 662 |
Transfer to Stage 1 | 306 | 313 |
Transfer to Stage 2 | (173) | (166) |
Transfer to Stage 3 | (25) | (1) |
Net remeasurement of loss allowance | (446) | (437) |
Loan originations | 276 | 488 |
Loan purchases | 470 | |
Derecognitions and maturities | (126) | (223) |
Model changes | (17) | 19 |
Total PCL | 265 | (7) |
Foreign exchange and other | 32 | 91 |
Ending balance | 1,043 | 746 |
Stage Two [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,410 | |
Ending balance | 2,048 | 1,410 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,236 | |
Ending balance | 1,859 | 1,236 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 174 | |
Ending balance | 189 | 174 |
Stage Two [Member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 67 | 40 |
Transfer to Stage 1 | (92) | (37) |
Transfer to Stage 2 | 27 | 10 |
Transfer to Stage 3 | (12) | (7) |
Net remeasurement of loss allowance | 106 | 61 |
Derecognitions and maturities | (9) | (7) |
Model changes | 63 | 5 |
Total PCL | 83 | 25 |
Foreign exchange and other | 1 | 2 |
Ending balance | 151 | 67 |
Stage Two [Member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 304 | 357 |
Transfer to Stage 1 | (254) | (221) |
Transfer to Stage 2 | 93 | 71 |
Transfer to Stage 3 | (104) | (82) |
Net remeasurement of loss allowance | 438 | 226 |
Loan originations | 6 | |
Derecognitions and maturities | (43) | (39) |
Model changes | (8) | (13) |
Total PCL | 128 | (58) |
Foreign exchange and other | 2 | 5 |
Ending balance | 434 | 304 |
Stage Two [Member] | Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 250 | 245 |
Transfer to Stage 1 | (172) | (149) |
Transfer to Stage 2 | 45 | 34 |
Transfer to Stage 3 | (147) | (114) |
Net remeasurement of loss allowance | 366 | 236 |
Loan originations | 1 | |
Derecognitions and maturities | (36) | (23) |
Model changes | 18 | |
Total PCL | 57 | 2 |
Foreign exchange and other | 1 | 3 |
Ending balance | 308 | 250 |
Stage Two [Member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 789 | 855 |
Transfer to Stage 1 | (291) | (267) |
Transfer to Stage 2 | 236 | 243 |
Transfer to Stage 3 | (161) | (52) |
Net remeasurement of loss allowance | 735 | 127 |
Loan originations | 4 | |
Derecognitions and maturities | (193) | (168) |
Model changes | (51) | (32) |
Total PCL | 279 | (149) |
Foreign exchange and other | 87 | 83 |
Ending balance | 1,155 | 789 |
Stage three [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 557 | |
Ending balance | 695 | 557 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 544 | |
Ending balance | 684 | 544 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 13 | |
Ending balance | 11 | 13 |
Stage three [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 16 | 19 |
Transfer to Stage 1 | (2) | |
Transfer to Stage 2 | (9) | (6) |
Transfer to Stage 3 | 13 | 7 |
Net remeasurement of loss allowance | 15 | 8 |
Total PCL | 19 | 7 |
Write-offs | (10) | (5) |
Recoveries of previous write-offs | 7 | 7 |
Foreign exchange and other | (22) | (12) |
Ending balance | 10 | 16 |
Stage three [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 102 | 91 |
Transfer to Stage 1 | (11) | (9) |
Transfer to Stage 2 | (41) | (30) |
Transfer to Stage 3 | 122 | 87 |
Net remeasurement of loss allowance | 309 | 103 |
Total PCL | 379 | 151 |
Write-offs | (371) | (205) |
Recoveries of previous write-offs | 74 | 80 |
Foreign exchange and other | (32) | (15) |
Ending balance | 152 | 102 |
Stage three [member] | Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Transfer to Stage 3 | 150 | 116 |
Net remeasurement of loss allowance | 216 | 74 |
Total PCL | 366 | 190 |
Write-offs | (436) | (249) |
Recoveries of previous write-offs | 103 | 78 |
Foreign exchange and other | (33) | (19) |
Stage three [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 439 | 401 |
Transfer to Stage 1 | (15) | (46) |
Transfer to Stage 2 | (63) | (77) |
Transfer to Stage 3 | 186 | 53 |
Net remeasurement of loss allowance | 308 | 224 |
Total PCL | 416 | 154 |
Write-offs | (372) | (153) |
Recoveries of previous write-offs | 81 | 50 |
Foreign exchange and other | (31) | (13) |
Ending balance | $ 533 | $ 439 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Financial instruments credit-impaired after purchase or origination [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for PCI loans | $ 1 | |
The total amount of expected credit losses at initial recognition on PCI loans | 79 | |
Other assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Provision for credit losses | $ (8) | $ 2 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | $ 660,285 | $ 553,956 |
ACL | 4,267 | 2,998 |
Loans, Net amount | 656,478 | 551,339 |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 660,285 | 553,956 |
Loans, Net amount | 656,478 | 551,339 |
Allowance for credit losses related to loans [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL | 684 | 544 |
Allowance for credit losses related to loans [member] | Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL | 3,123 | 2,073 |
Allowance for credit losses related to loans [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 365,268 | 342,430 |
Loans, Net amount | 363,539 | 340,965 |
Allowance for credit losses related to loans [member] | Canada [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL | 457 | 363 |
Allowance for credit losses related to loans [member] | Canada [member] | Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL | 1,272 | 1,102 |
Allowance for credit losses related to loans [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 283,355 | 200,439 |
Loans, Net amount | 281,295 | 199,304 |
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] | ||
ACL | 227 | 176 |
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] | ||
ACL | 1,833 | 959 |
Allowance for credit losses related to loans [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 11,662 | 11,087 |
Loans, Net amount | 11,644 | 11,070 |
Allowance for credit losses related to loans [member] | Other countries [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL | 5 | |
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] | ||
ACL | $ 18 | $ 12 |
Loans and Allowance for Cred_10
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL recorded in other liabilities | $ 11 | $ 13 |
Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL recorded in other liabilities | $ 449 | $ 368 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 3,276 | $ 1,447 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,172 | 795 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,104 | 644 |
Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 8 | |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 419 | 285 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 397 | 210 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,460 | 952 |
Allowance on impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 684 | 544 |
Allowance on impaired loans [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 457 | 363 |
Allowance on impaired loans [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 227 | 176 |
Allowance on impaired loans [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5 | |
Allowance on impaired loans [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5 | 10 |
Allowance on impaired loans [member] | Consumer installment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 152 | 102 |
Allowance on impaired loans [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 527 | 432 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 3,960 | 1,991 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,629 | 1,158 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,331 | 820 |
Gross carrying amount [member] | Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 13 | |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 424 | 295 |
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 | 549 | 312 |
Gross carrying amount [member] | Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 2,987 | $ 1,384 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Accumulated impairment [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ACL | $ 11 | $ 13 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Detail) - Financial assets past due but not impaired [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 2,692 | $ 1,142 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 716 | 430 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,132 | 476 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 844 | 236 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 156 | 141 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 9 | 19 |
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 | 129 | 84 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 18 | 38 |
30-89 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,536 | 1,001 |
30-89 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 707 | 411 |
30-89 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,003 | 392 |
30-89 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 826 | $ 198 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Parenthetical) (Detail) - Financial assets past due but not impaired [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 2,692 | $ 1,142 |
Maturity Between 90 to 180 Days Past Due [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 10 | $ 43 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Benign scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 3.20% | 3.70% |
Corporate BBB | 1.70% | 1.90% |
Unemployment rates | 4.20% | 4.30% |
Housing Price Index | 9.90% | (6.70%) |
Benign scenario [member] | Canada [member] | Remaining horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2.60% | 2.20% |
Corporate BBB | 1.80% | 1.90% |
Unemployment rates | 3.70% | 3.60% |
Housing Price Index | 6.90% | 2.10% |
Benign scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 4.10% | 2.40% |
Corporate BBB | 1.40% | 1.80% |
Unemployment rates | 2.90% | 3.20% |
Housing Price Index | 2.70% | 1.60% |
Benign scenario [member] | United States [member] | Remaining horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2.50% | 2.10% |
Corporate BBB | 1.70% | 1.90% |
Unemployment rates | 2.50% | 2.60% |
Housing Price Index | 3.70% | (0.70%) |
Base Scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 0.40% | 1.50% |
Corporate BBB | 2.40% | 2.40% |
Unemployment rates | 5.90% | 5.90% |
Housing Price Index | 5.50% | (10.00%) |
Base Scenario [member] | Canada [member] | Remaining horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.90% | 1.10% |
Corporate BBB | 2% | 2.20% |
Unemployment rates | 5.70% | 6.50% |
Housing Price Index | 4.50% | (1.00%) |
Base Scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.40% | 0.20% |
Corporate BBB | 2.20% | 2.20% |
Unemployment rates | 4.20% | 4.20% |
Housing Price Index | (0.50%) | (0.90%) |
Base Scenario [member] | United States [member] | Remaining horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2% | 1.30% |
Corporate BBB | 2.10% | 2.20% |
Unemployment rates | 4.10% | 4.80% |
Housing Price Index | 2.30% | (2.60%) |
Adverse scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (3.90%) | (2.30%) |
Corporate BBB | 4.20% | 3.70% |
Unemployment rates | 9.30% | 8% |
Housing Price Index | (20.20%) | (13.60%) |
Adverse scenario [member] | Canada [member] | Remaining horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.20% | 0.40% |
Corporate BBB | 3.50% | 3.90% |
Unemployment rates | 10.10% | 9.90% |
Housing Price Index | (5.00%) | (8.00%) |
Adverse scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (3.50%) | (3.30%) |
Corporate BBB | 4.60% | 4.20% |
Unemployment rates | 7.50% | 6.50% |
Housing Price Index | (19.20%) | (7.50%) |
Adverse scenario [member] | United States [member] | Remaining horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.40% | 0.60% |
Corporate BBB | 3.50% | 3.90% |
Unemployment rates | 8.30% | 8.40% |
Housing Price Index | (4.30%) | (8.40%) |
Transfers of Financial Assets -
Transfers of Financial Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | $ 4,950 | $ 5,495 |
Securities Lent Under Cash Collateral | 13,559 | 13,473 |
Collateralized Mortgage Obligations at fair value | 9 | 10 |
Securities Sold Under Repurchase Agreement | 92,549 | 90,490 |
United States [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | 364 | 556 |
Carry value of Mortgage servicing rights | 94 | 39 |
Gain (loss) on sale of Mortgage loans | 10 | 17 |
Fair value of Mortgage serving rights | 120 | 54 |
United States [member] | Residual Interests of Commercial Mortgage Loans [Member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Proceeds from continuing involvement in derecognised financial assets | 1,302 | 4,014 |
Gain of derecognised financial assets at date of transfer | 28 | 7 |
Debt securities at amortized cost | 8 | 8 |
Loans carried at amortized cost | 38 | 37 |
NHA MBS Program [Member] | Canada [member] | Residential Mortgages [Member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | 1,186 | 67 |
Gain (loss) on sale of Mortgage loans | 53 | 3 |
Collateralized Mortgage Obligations at fair value | $ 56 | $ 3 |
Transfers of Financial Assets_2
Transfers of Financial Assets - Summary of Carrying Value and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities Relating to Loan Securitizations (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 16,024 | $ 18,577 |
Fair Value | 15,266 | 17,764 |
Carrying value of associated liabilities | 14,937 | 17,471 |
Fair Value | 14,244 | 16,846 |
Trading securities [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | 277 | 1,062 |
Residential mortgages [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | 7,317 | 7,503 |
Other related assets [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 8,430 | $ 10,012 |
Structured Entities - Summary o
Structured Entities - Summary of Carrying Amount and Fair Value (Detail) - Consolidated structured entities [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | $ 14,201 | $ 13,117 |
Associated liabilities | 10,376 | 9,274 |
Fair Value [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 14,176 | 13,085 |
Associated liabilities | 10,177 | 9,072 |
Credit cards [Member] | Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 9,506 | 8,223 |
Credit cards [Member] | Fair Value [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 9,506 | 8,223 |
Consumer installment and other personal [member] | Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 4,695 | 4,769 |
Consumer installment and other personal [member] | Fair Value [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 4,670 | 4,738 |
Business And Government [member] | Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 0 | 125 |
Business And Government [member] | Fair Value [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | $ 0 | $ 124 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of information about structured entities [Line Items] | ||
Fair value of transferred financial assets that are not derecognised in their entirety | $ 15,266 | $ 17,764 |
Associated liabilities | 14,244 | 16,846 |
NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Fair value of transferred financial assets that are not derecognised in their entirety | 3,127 | 1,385 |
Series 49 of Non Viability Contingent Capital [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | 750 | |
Series Fifty One of Non Viability Contingent Capital [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | 1,000 | |
Limited Recourse Capital Notes Series Two [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 750 | |
Compound Instrument Interest Rate | 5.625% | |
Limited Recourse Capital Notes Series One [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 1,250 | |
Compound Instrument Interest Rate | 4.30% | |
Limited Recourse Capital Note Series Three [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 1,000 | |
Compound Instrument Interest Rate | 7.325% | |
Fair Value Through Profit Or Loss [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | $ 181 | 185 |
Trading securities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 689 | 763 |
Mortgage backed securities at fair value | 219 | 410 |
Class B Series Forty Eight Preferred Shares [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | 1,250 | |
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | 1,250 | |
Other Securitization Vehicles [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Sale of MBS to securitization vehicles | 1,170 | 2,142 |
Gain or loss on sale of mortgage backed securities | 25 | 3 |
Other Securitization Vehicles [Member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Financial liabilities | 100 | 80 |
Securities [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Associated liabilities | 1,781 | 323 |
Securities [member] | BMO managed funds [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 870 | 948 |
U.S. customer securitization vehicle [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Sale of MBS to securitization vehicles | 11,779 | 8,342 |
Canadian customer securitization vehicles [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Undrawn amount under liquidity facilities | 19,775 | 18,359 |
Funding vehicle [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Commercial papers issued | $ 6,054 | $ 0 |
Structured Entities - Schedule
Structured Entities - Schedule of Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | $ 77,934 | $ 87,466 | $ 93,261 | |
Trading Securities | 124,556 | 108,177 | ||
FVTPL Securities | 16,720 | 13,641 | ||
FVOCI Securities | 62,828 | 43,561 | ||
Derivatives | 39,976 | 48,160 | ||
Other | 35,293 | 31,894 | ||
Derivatives | 50,193 | 59,956 | ||
Other | 298,335 | 290,533 | ||
Total assets of the entities | 1,293,276 | 1,139,199 | ||
Customer securitization vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | [1] | 184 | 68 | |
Trading Securities | [1] | 518 | 573 | |
FVTPL Securities | [1] | 23 | 119 | |
FVOCI Securities | [1] | 1,393 | 1,079 | |
Derivatives | [1] | 23 | ||
Other | [1] | 9 | 11 | |
Total assets | [1] | 2,150 | 1,850 | |
Deposits | [1] | 184 | 68 | |
Derivatives | [1] | 17 | ||
Total liabilities | [1] | 184 | 85 | |
Maximum exposure to loss | [1],[2] | 21,740 | 20,141 | |
Total assets of the entities | [1] | 13,936 | 12,364 | |
Capital vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | 5,182 | 3,483 | ||
Total assets | 5,182 | 3,483 | ||
Deposits | 5,182 | 3,483 | ||
Other | 79 | 48 | ||
Total liabilities | 5,261 | 3,531 | ||
Maximum exposure to loss | [2] | 1 | 1 | |
Total assets of the entities | 5,260 | 3,531 | ||
Other securitization vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Trading Securities | 3,346 | 1,795 | ||
Other | 100 | 80 | ||
Total assets | 3,446 | 1,875 | ||
Maximum exposure to loss | [2] | 3,446 | 1,875 | |
Total assets of the entities | $ 30,877 | $ 11,845 | ||
[1]Securities held that are issued by our Canadian and U.S. customer securitization vehicles are comprised of asset-backed commercial paper (ABCP) and are classified as either trading securities, FVTPL securities or FVOCI securities.[2]Maximum exposure to loss represents securities held, undrawn liquidity facilities, any remaining unfunded committed amounts to the BMO funded vehicle, derivative assets and other assets. |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Obligation to exercise the option | $ 55 | $ 52 |
Derivative instruments in a liability position | 10,323 | 12,413 |
Derivative instruments in a liability position, collateral posted | 9,084 | 10,464 |
Loan commitment derivatives with notional | 1,805 | $ 4,183 |
Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Obligation to exercise the option | $ 0 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total | $ (50,193) | $ (59,956) | |
Total fair value - trading and hedging derivatives | (10,217) | (11,796) | |
Total | (10,217) | (11,796) | |
Trading Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | (9,162) | (1,266) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | (5,200) | 2,927 |
Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 276 | 317 | |
Trading Derivatives [Member] | Interest rate contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 3,221 | 3,157 | |
Trading Derivatives [Member] | Interest rate contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (3,129) | (2,391) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (15) | (11) | |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 575 | 1,096 |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (448) | (1,151) |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Forward Exchange Contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 1,216 | 1,120 |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 490 | (408) |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 259 | (532) |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 286 | 2,473 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 850 | 1,851 | |
Trading Derivatives [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (787) | (1,627) | |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 16 | 38 | |
Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (6,770) | (8,111) | |
Trading Derivatives [Member] | Credit Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (5) | 24 | |
Trading Derivatives [Member] | Credit Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 3 | (38) | |
Hedging Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [3] | (1,055) | (10,530) |
Hedging Derivatives [Member] | Interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges - swaps | [4] | (3,091) | (6,783) |
Fair value hedges - swaps | [4] | 3,487 | (1,052) |
Total swaps | [4] | 396 | (7,835) |
Hedging Derivatives [Member] | Foreign Exchange Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Fair value hedges | [3] | 68 | |
Cash flow hedges | [1],[3] | (1,468) | (2,713) |
Net investment hedges | [3] | (8) | |
Total foreign exchange contracts | [3] | (1,408) | (2,713) |
Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (43) | 18 | |
Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (43) | 18 | |
Gross assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Less: impact of master netting agreements | (26,674) | (31,878) | |
Total | 13,302 | 16,282 | |
Gross assets [member] | Fair value trading and hedging derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading and hedging derivatives | 39,976 | 48,160 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | 4,193 | 7,176 |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 360 | 437 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 3,221 | 3,157 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 6 | 16 | |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 575 | 1,096 |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Forward Exchange Contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 6,685 | 8,387 |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 1,887 | 1,688 |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 10,340 | 10,722 |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 1,029 | 4,198 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 850 | 1,851 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 143 | 275 | |
Gross assets [member] | Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 4,690 | 6,473 | |
Gross assets [member] | Trading Derivatives [Member] | Fair value trading derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | 34,004 | 45,537 | |
Gross assets [member] | Trading Derivatives [Member] | Credit Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 13 | 27 | |
Gross assets [member] | Trading Derivatives [Member] | Credit Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 12 | 34 | |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | 693 | 41 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | 4,877 | 1,935 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Assets swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total swaps | [4] | 5,570 | 1,976 |
Gross assets [member] | Hedging Derivatives [Member] | Foreign Exchange Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [1],[3] | 333 | 629 |
Total foreign exchange contracts | [3] | 402 | 629 |
Fair value hedges | [3] | 69 | |
Net investment hedges | [3] | 0 | |
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 18 | ||
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 18 | ||
Gross assets [member] | Hedging Derivatives [Member] | Fair value hedging derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [3] | 5,972 | 2,623 |
Gross Liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Less: impact of master netting agreements | 26,674 | 31,878 | |
Total | (23,519) | (28,078) | |
Gross Liabilities [member] | Fair value trading and hedging derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total | (50,193) | (59,956) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | (9,393) | (4,249) |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (84) | (120) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (3,129) | (2,391) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (21) | (27) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (448) | (1,151) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Forward Exchange Contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (5,469) | (7,267) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (1,397) | (2,096) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (10,081) | (11,254) |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (743) | (1,725) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (787) | (1,627) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (127) | (237) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (11,460) | (14,584) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Fair value trading derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | (43,166) | (46,803) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (18) | (3) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (9) | (72) | |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | (3,784) | (6,824) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | (1,390) | (2,987) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Liabilities swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total swaps | [4] | (5,174) | (9,811) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Foreign Exchange Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges | [1],[3] | (1,801) | (3,342) |
Fair value hedges | [3] | (1) | |
Total foreign exchange contracts | [3] | (1,810) | (3,342) |
Net investment hedges | [3] | (8) | |
Gross Liabilities [member] | Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (43) | ||
Gross Liabilities [member] | Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (43) | ||
Gross Liabilities [member] | Hedging Derivatives [Member] | Fair value hedging derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [3] | $ (7,027) | $ (13,153) |
[1]Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details.[2]Gold contracts are included in foreign exchange contracts.[3]The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance sheet financial instruments.[4]Includes the fair value of bond futures in fair value hedges rounded down to $0 million as at October 31, 2023 ($nil million as at October 31, 2022). |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Hedging Derivatives [Member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Net fair value of bonds designated as fair value hedges | $ 0 | $ 0 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Notional Amounts of Trading Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | $ 13,355,846 | $ 8,382,140 | |
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,460,001 | 1,338,195 |
Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 780,954 | 702,068 |
Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 4,035 | 1,032 |
Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1],[2] | 564,366 | 481,773 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 125,144 | 148,480 | |
Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 18,574 | 24,525 | |
Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 35,285 | 44,836 | |
Credit Contracts [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [3] | 26,937 | 27,870 |
Trading Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 12,946,853 | 8,040,414 | |
Trading Derivatives [Member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 304,801 | 266,927 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 11,079,640 | 6,328,488 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 167,264 | 121,967 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 156,780 | 99,014 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 9,254,984 | 5,683,145 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 132,653 | 22,397 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,367,959 | 401,965 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,410,331 | 1,268,649 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 52,994 | 73,860 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 57,652 | 79,462 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 4,035 | 1,032 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 54,169 | 53,837 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 677,765 | 578,685 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 563,716 | 481,773 |
Trading Derivatives [Member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 125,144 | 148,480 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 35,716 | 39,863 | |
Trading Derivatives [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 35,569 | 39,256 | |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 18,574 | 24,525 | |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 35,285 | 44,836 | |
Trading Derivatives [Member] | Credit Contracts [Member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 16,927 | 16,771 | |
Trading Derivatives [Member] | Credit Contracts [Member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 10,010 | 11,099 | |
Trading Derivatives [Member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,737,792 | 719,832 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 189,112 | 162,102 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,443,479 | 436,892 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 37,264 | 23,854 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 38,256 | 11,073 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 1,367,959 | 401,965 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 8,168 | 7,580 |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,851 | 1,127 |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 2,282 | 5,421 |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 4,035 | 1,032 |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 97,033 | 113,258 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 30,397 | 34,177 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 31,351 | 34,245 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 35,285 | 44,836 | |
Trading Derivatives [Member] | Over the Counter [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 11,209,061 | 7,320,582 | |
Trading Derivatives [Member] | Over the Counter [member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 115,689 | 104,825 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 9,636,161 | 5,891,596 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 130,000 | 98,113 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 118,524 | 87,941 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 9,254,984 | 5,683,145 |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 132,653 | 22,397 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,402,163 | 1,261,069 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 51,143 | 72,733 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 55,370 | 74,041 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 54,169 | 53,837 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 677,765 | 578,685 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 563,716 | 481,773 |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 28,111 | 35,222 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,319 | 5,686 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 4,218 | 5,011 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 18,574 | 24,525 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 26,937 | 27,870 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 16,927 | 16,771 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | $ 10,010 | $ 11,099 | |
[1]Gold contracts are included in foreign exchange contracts.[2]Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon close of the transaction. Refer to Note 10 for further details.[3]Under the SA-CCR, excludes loan commitment derivatives.[4]Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. |
Derivative Instruments - Sche_4
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 13,355,846 | $ 8,382,140 |
Carrying amount | 39,976 | 48,160 |
Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 6,188,915 | |
1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 3,085,156 | |
3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 1,878,203 | |
5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 1,577,611 | |
Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 625,961 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 186,679 | $ 167,945 |
Average fixed interest rate | 0.042 | 0.0306 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 69,605 | |
Average fixed interest rate | 0.0485 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 39,250 | |
Average fixed interest rate | 0.0433 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 38,041 | |
Average fixed interest rate | 0.035 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 34,962 | |
Average fixed interest rate | 0.0357 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 4,821 | |
Average fixed interest rate | 0.0369 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 43,622 | $ 62,703 |
Average fixed interest rate | 0.0277 | 0.0131 |
Average exchange rate | 1.3218 | 1.3196 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,897 | |
Average fixed interest rate | 0.0247 | |
Average exchange rate | 1.334 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 15,121 | |
Average fixed interest rate | 0.0304 | |
Average exchange rate | 1.313 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 12,977 | |
Average fixed interest rate | 0.0317 | |
Average exchange rate | 1.3118 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,300 | |
Average fixed interest rate | 0.0167 | |
Average exchange rate | 1.3474 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 327 | |
Average fixed interest rate | 0.0342 | |
Average exchange rate | 1.3076 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 16,386 | $ 19,429 |
Average fixed interest rate | 0.0315 | 0.0247 |
Average exchange rate | 1.4352 | 1.4489 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,924 | |
Average fixed interest rate | 0.0241 | |
Average exchange rate | 1.5395 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 7,449 | |
Average fixed interest rate | 0.039 | |
Average exchange rate | 1.4205 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 4,973 | |
Average fixed interest rate | 0.0279 | |
Average exchange rate | 1.4015 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,839 | |
Average fixed interest rate | 0.0189 | |
Average exchange rate | 1.4711 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 201 | |
Average fixed interest rate | 0.0297 | |
Average exchange rate | 1.487 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 9,787 | $ 7,718 |
Average fixed interest rate | 0.0299 | 0.0242 |
Average exchange rate | 1.5221 | 1.3956 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,155 | |
Average fixed interest rate | 0.0221 | |
Average exchange rate | 1.131 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,141 | |
Average fixed interest rate | 0.0262 | |
Average exchange rate | 1.6699 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,901 | |
Average fixed interest rate | 0.042 | |
Average exchange rate | 1.504 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 514 | |
Average fixed interest rate | 0.0445 | |
Average exchange rate | 0.794 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 76 | |
Average fixed interest rate | 0.0524 | |
Average exchange rate | 0.9038 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-EUR pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 21 | $ 19 |
Average fixed interest rate | 0.0325 | 0.0325 |
Average exchange rate | 0.9706 | 0.9706 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-EUR pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 21 | |
Average fixed interest rate | 0.0325 | |
Average exchange rate | 0.9706 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-JPY pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 476 | |
Average fixed interest rate | (0.0008) | |
Average exchange rate | 0.0076 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-JPY pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 476 | |
Average fixed interest rate | (0.0008) | |
Average exchange rate | 0.0076 | |
Cash flow hedges [member] | Equity price risk [member] | Total Return Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 451 | $ 455 |
Cash flow hedges [member] | Equity price risk [member] | Total Return Swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 451 | |
Fair Value Hedges [member] | Interest rate risk [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,825 | $ 109 |
Average fixed interest rate | 105 | 104 |
Fair Value Hedges [member] | Interest rate risk [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,825 | |
Average fixed interest rate | 105 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 169,368 | $ 103,671 |
Average fixed interest rate | 0.0391 | 0.0242 |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 42,073 | |
Average fixed interest rate | 0.0497 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 24,340 | |
Average fixed interest rate | 0.0379 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 46,219 | |
Average fixed interest rate | 0.0361 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 27,242 | |
Average fixed interest rate | 0.0348 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 29,494 | |
Average fixed interest rate | 0.0335 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | USD denominated deposit [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | $ 13,154 | $ 1,251 |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | USD denominated deposit [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 13,154 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | GBP denominated deposit [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 157 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | GBP denominated deposit [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 157 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-GBP pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 650 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-GBP pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 650 |
Derivative Instruments - Sche_5
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 13,355,846 | $ 8,382,140 |
Interest rate risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 2,825 | 109 |
Interest rate swaps [Member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 186,679 | 167,945 |
Interest rate swaps [Member] | Interest rate risk [member] | Cash Flow Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 22,689 | |
Interest rates swaps maturity period | Jun. 30, 2023 | |
Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 169,368 | $ 103,671 |
Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 31,455 | |
Interest rates swaps maturity period | Jun. 30, 2023 | |
Cross currency swaps and foreign exchange forwards [member] | Foreign exchange risk [member] | Fair Value Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | |
LIBOR Or Other Potentially Impacted IBORs [Member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Cash Flow Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | |
Interest rates swaps maturity period | Jun. 30, 2023 | |
CDOR [member] | Interest rate swaps [Member] | Equity price risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 451 | 455 |
CDOR [member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 21,718 | $ 49,560 |
Interest rates swaps maturity period | Jun. 28, 2024 | Jun. 28, 2024 |
CDOR [member] | Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 22,328 | $ 21,043 |
Interest rates swaps maturity period | Jun. 28, 2024 | Jun. 28, 2024 |
CDOR [member] | Cross currency swaps and foreign exchange forwards [member] | Foreign exchange risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | $ 0 |
Interest rates swaps maturity period | Jun. 28, 2024 | Jun. 28, 2024 |
CDOR [member] | Cross currency swaps and foreign exchange forwards [member] | Foreign exchange risk [member] | Fair Value Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Interest rates swaps maturity period | Jun. 30, 2023 | |
CDOR [member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | |
Interest rates swaps maturity period | Jun. 28, 2024 | Jun. 28, 2024 |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Items Designated As Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2023 | Oct. 31, 2022 | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Asset | [1] | $ 1,026 | $ 688 | ||
Carrying amount of hedging instruments, Liability | [1] | (18,947) | (11,417) | ||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (2,330) | (7,283) | ||
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 2,299 | 7,390 | ||
Ineffectiveness recorded in non-interest revenue - other | 1 | (33) | |||
Cash Flow Hedges [member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Asset | [1] | 1,026 | 688 | ||
Carrying amount of hedging instruments, Liability | [1] | (5,628) | (10,166) | ||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (1,868) | (6,826) | ||
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 1,836 | 6,933 | ||
Ineffectiveness recorded in non-interest revenue - other | (33) | ||||
Interest rate risk [member] | Cash Flow Hedges [member] | Interest rate swap contract [member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Asset | [1] | 693 | 41 | ||
Carrying amount of hedging instruments, Liability | [1] | (3,784) | (6,824) | ||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (1,543) | (8,481) | ||
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 1,511 | 8,588 | ||
Ineffectiveness recorded in non-interest revenue - other | (33) | ||||
Foreign exchange risk [member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Liability | [1] | (13,311) | (1,251) | ||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (485) | (886) | ||
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 485 | 886 | ||
Foreign exchange risk [member] | Cash Flow Hedges [member] | Cross currency swap [member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Asset | [1],[3] | 333 | 629 | ||
Carrying amount of hedging instruments, Liability | [1],[3] | (1,801) | (3,342) | ||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (245) | [4] | 1,684 | [3] |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 245 | [4] | (1,684) | [3] |
Foreign exchange risk [member] | Net Investment Hedges [member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Liability | [1] | (8) | |||
Ineffectiveness recorded in non-interest revenue - other | 1 | ||||
Foreign exchange risk [member] | Net Investment Hedges [member] | Cross currency swap [member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | 23 | 429 | ||
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | (22) | (429) | ||
Equity price risk [member] | Cash Flow Hedges [member] | Total Return Swaps [Member] | |||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||||
Carrying amount of hedging instruments, Asset | [1] | 18 | |||
Carrying amount of hedging instruments, Liability | [1] | (43) | |||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (80) | (29) | ||
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | $ 80 | $ 29 | ||
[1]Represents unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet.[2]Represents life to date amounts.[3]Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon close of the transaction. Refer to Note 10 for further details.[4]Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon completion of the transaction. Refer to Note 10 for further details. |
Derivative Instruments - Cash_2
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Reconciliation Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | $ 1,552 | |||
Ending Balance | 1,862 | $ 1,552 | ||
Cash Flow Hedges [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (6,948) | [1],[2] | 274 | |
Gains / (losses) recognized in OCI | (1,868) | (6,793) | ||
Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill | 1,339 | (429) | ||
Ending Balance | [1],[2] | (7,477) | (6,948) | |
Active hedges | (2,182) | (5,512) | ||
Discontinued hedges | (5,295) | (1,436) | ||
Cash Flow Hedges [member] | Interest rate risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (8,204) | [1],[2] | 578 | |
Gains / (losses) recognized in OCI | (1,543) | (8,448) | ||
Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill | 1,732 | (334) | ||
Ending Balance | [1],[2] | (8,015) | (8,204) | |
Active hedges | (2,720) | (6,713) | ||
Discontinued hedges | (5,295) | (1,491) | ||
Cash Flow Hedges [member] | Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 1,223 | [1],[2],[3] | (483) | |
Gains / (losses) recognized in OCI | (245) | [3] | 1,684 | |
Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill | (368) | [3] | 22 | |
Ending Balance | [1],[2],[3] | 610 | 1,223 | |
Active hedges | 610 | [3] | 1,168 | |
Discontinued hedges | 55 | |||
Cash Flow Hedges [member] | Equity price risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 33 | [1],[2] | 179 | |
Gains / (losses) recognized in OCI | (80) | (29) | ||
Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill | (25) | (117) | ||
Ending Balance | [1],[2] | (72) | 33 | |
Active hedges | (72) | 33 | ||
Net Investment Hedges [member] | Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (1,723) | [1],[2] | (1,263) | |
Gains / (losses) recognized in OCI | (463) | (457) | ||
Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill | (3) | |||
Ending Balance | [1],[2] | (2,186) | (1,723) | |
Active hedges | (2,186) | (1,723) | ||
Hedged item [Member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (8,671) | [1],[2] | (989) | |
Gains / (losses) recognized in OCI | (2,331) | (7,250) | ||
Amount reclassified to net income/goodwill as the hedged item affects net income/goodwill | 1,339 | (432) | ||
Ending Balance | [1],[2] | (9,663) | (8,671) | |
Active hedges | (4,368) | (7,235) | ||
Discontinued hedges | $ (5,295) | $ (1,436) | ||
[1]Tax balance related to cash flow hedges accumulated other comprehensive income was $2,029 million as at October 31, 2023 ($1,819 million as at October 31, 2022).[2]Tax balance related to net investment hedges accumulated other comprehensive income was $555 million as at October 31, 2023 ($466 million as at October 31, 2022).[3]On closing our acquisition of Bank of the West on February 1, 2023, we settled the foreign exchange forward contracts entered to mitigate foreign exchange risk of the purchase price of Bank of the West and reclassified gain of $269 million to goodwill. Refer to Note 10 for further details. |
Derivative Instruments - Cash_3
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Reconciliation Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Feb. 01, 2023 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Cash flow Hedge AOCI, tax | $ 2,029 | $ 1,819 | |
Net investment hedge AOCI,tax | $ 555 | $ 466 | |
Cash flow hedges [member] | BOTW Acquisition [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Goodwill recognised as of acquisition date | $ 269 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Designated As Fair Value Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [1] | $ (2,330) | $ (7,283) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [1] | 2,299 | 7,390 |
Ineffectiveness recorded in non-interest revenue - other | 1 | (33) | |
Fair Value Hedges [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging derivatives Asset | [2],[3] | 4,946 | 1,935 |
Carrying amount of hedging derivatives liabilities | [2],[3] | (1,391) | (2,987) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [4] | 2,993 | (480) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [2] | (2,816) | 503 |
Ineffectiveness recorded in non-interest revenue - other | [2] | 177 | 23 |
Carrying amount of the hedged item | [2],[5] | 9,685 | (24,913) |
Active hedges | [2] | (3,358) | 238 |
Discontinued hedges | [2] | 1,463 | 547 |
Fair Value Hedges [member] | Interest rate swap contract [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging derivatives Asset | [2],[3] | 4,877 | 1,935 |
Carrying amount of hedging derivatives liabilities | [2],[3] | (1,390) | (2,987) |
Fair Value Hedges [member] | Cross Currency Swaps [Member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging derivatives Asset | [2],[3] | 69 | |
Carrying amount of hedging derivatives liabilities | [2],[3] | (1) | |
Fair Value Hedges [member] | Securities and loans [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [4] | 4,071 | 2,633 |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [2] | (3,955) | (2,625) |
Ineffectiveness recorded in non-interest revenue - other | [2] | 116 | 8 |
Carrying amount of the hedged item | [2],[5] | 87,043 | 36,394 |
Active hedges | [2] | (4,373) | (2,603) |
Discontinued hedges | [2] | (404) | 122 |
Fair Value Hedges [member] | Deposits and subordinated debt [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [4] | (1,078) | (3,113) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [2] | 1,139 | 3,128 |
Ineffectiveness recorded in non-interest revenue - other | [2] | 61 | 15 |
Carrying amount of the hedged item | [2],[5] | (77,358) | (61,307) |
Active hedges | [2] | 1,015 | 2,841 |
Discontinued hedges | [2] | $ 1,867 | $ 425 |
[1]Represents life to date amounts.[2]Includes the fair value of bond futures rounded down to $0 million as at October 31, 2023 ($nil million as at October 31, 2022).[3]Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet.[4]Includes the fair value of bond futures rounded down to $nil million as at October 31, 2023 ($nil million as at October 31, 2022).[5]Represents the carrying value in our Consolidated Balance Sheet and includes amortized cost, before ACL, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivatives Designated As Fair Value Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Bond Futures [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Net fair value of bonds designated as fair value hedges | $ 0 | $ 0 |
Derivative Instruments - Sche_6
Derivative Instruments - Schedule of Derivative-Related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost | [1] | $ 10,295 | $ 17,511 |
Derivative credit risk equivalents | [1] | 42,410 | 50,096 |
Derivative credit risk weighted assets | 8,236 | 7,879 | |
Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 2,056 | 5,525 |
Derivative credit risk equivalents before master netting agreements | [1] | 7,966 | 11,389 |
Derivative credit risk weighted assets before master netting agreements | 1,621 | 1,319 | |
Interest rate contract [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 1,882 | 5,128 |
Derivative credit risk equivalents before master netting agreements | [1] | 7,666 | 10,792 |
Derivative credit risk weighted assets before master netting agreements | 1,615 | 1,307 | |
Interest rate contract [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 174 | 397 |
Derivative credit risk equivalents before master netting agreements | [1] | 300 | 597 |
Derivative credit risk weighted assets before master netting agreements | 6 | 12 | |
Interest rate contract [member] | Written put options [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 1 | 4 |
Derivative credit risk equivalents before master netting agreements | [1] | 140 | 131 |
Derivative credit risk weighted assets before master netting agreements | 77 | 67 | |
Interest rate contract [member] | Written put options [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 7 | |
Derivative credit risk equivalents before master netting agreements | [1] | 11 | |
Interest rate contract [member] | Futures contract [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 171 | 231 |
Derivative credit risk equivalents before master netting agreements | [1] | 296 | 359 |
Derivative credit risk weighted assets before master netting agreements | 6 | 7 | |
Interest rate contract [member] | Swap contract [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 1,265 | 4,133 |
Derivative credit risk equivalents before master netting agreements | [1] | 5,133 | 8,718 |
Derivative credit risk weighted assets before master netting agreements | 1,006 | 764 | |
Interest rate contract [member] | Forward rate agreements [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 571 | 943 |
Derivative credit risk equivalents before master netting agreements | [1] | 2,219 | 1,773 |
Derivative credit risk weighted assets before master netting agreements | 471 | 430 | |
Interest rate contract [member] | Purchased options [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 45 | 48 |
Derivative credit risk equivalents before master netting agreements | [1] | 174 | 170 |
Derivative credit risk weighted assets before master netting agreements | 61 | 46 | |
Interest rate contract [member] | Purchased options [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 3 | 159 |
Derivative credit risk equivalents before master netting agreements | [1] | 4 | 227 |
Derivative credit risk weighted assets before master netting agreements | 5 | ||
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 4,375 | 4,225 |
Derivative credit risk equivalents before master netting agreements | [1] | 16,387 | 14,657 |
Derivative credit risk weighted assets before master netting agreements | 3,389 | 2,330 | |
Foreign exchange contracts [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1],[2] | 4,372 | 4,218 |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 16,379 | 14,643 |
Derivative credit risk weighted assets before master netting agreements | [2] | 3,389 | 2,330 |
Foreign exchange contracts [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 3 | 7 |
Derivative credit risk equivalents before master netting agreements | [1] | 8 | 14 |
Foreign exchange contracts [member] | Written put options [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1],[2] | 2 | 2 |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 118 | 88 |
Derivative credit risk weighted assets before master netting agreements | [2] | 39 | 30 |
Foreign exchange contracts [member] | Written put options [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 7 | |
Derivative credit risk equivalents before master netting agreements | [1] | 10 | |
Foreign exchange contracts [member] | Futures contract [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative credit risk equivalents before master netting agreements | [1] | 2 | |
Foreign exchange contracts [member] | Swap contract [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1],[2] | 1,921 | 1,645 |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 6,517 | 5,535 |
Derivative credit risk weighted assets before master netting agreements | [2] | 1,313 | 880 |
Foreign exchange contracts [member] | Forward rate agreements [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1],[2] | 2,300 | 2,250 |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 9,296 | 8,339 |
Derivative credit risk weighted assets before master netting agreements | [2] | 1,908 | 1,237 |
Foreign exchange contracts [member] | Purchased options [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1],[2] | 149 | 321 |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 448 | 681 |
Derivative credit risk weighted assets before master netting agreements | [2] | 129 | 183 |
Foreign exchange contracts [member] | Purchased options [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 3 | |
Derivative credit risk equivalents before master netting agreements | [1] | 8 | 2 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 1,094 | 5,502 |
Derivative credit risk equivalents before master netting agreements | [1] | 4,055 | 10,524 |
Derivative credit risk weighted assets before master netting agreements | 929 | 1,643 | |
Commodity contract [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 519 | 3,721 |
Derivative credit risk equivalents before master netting agreements | [1] | 2,568 | 7,446 |
Derivative credit risk weighted assets before master netting agreements | 899 | 1,582 | |
Commodity contract [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 575 | 1,781 |
Derivative credit risk equivalents before master netting agreements | [1] | 1,487 | 3,078 |
Derivative credit risk weighted assets before master netting agreements | 30 | 61 | |
Commodity contract [member] | Written put options [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 47 | 126 |
Derivative credit risk equivalents before master netting agreements | [1] | 331 | 403 |
Derivative credit risk weighted assets before master netting agreements | 106 | 107 | |
Commodity contract [member] | Written put options [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 3 | 303 |
Derivative credit risk equivalents before master netting agreements | [1] | 83 | 471 |
Derivative credit risk weighted assets before master netting agreements | 2 | 9 | |
Commodity contract [member] | Futures contract [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 243 | 1,122 |
Derivative credit risk equivalents before master netting agreements | [1] | 869 | 2,055 |
Derivative credit risk weighted assets before master netting agreements | 17 | 41 | |
Commodity contract [member] | Swap contract [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 468 | 3,160 |
Derivative credit risk equivalents before master netting agreements | [1] | 1,957 | 6,107 |
Derivative credit risk weighted assets before master netting agreements | 683 | 1,281 | |
Commodity contract [member] | Purchased options [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 4 | 435 |
Derivative credit risk equivalents before master netting agreements | [1] | 280 | 936 |
Derivative credit risk weighted assets before master netting agreements | 110 | 194 | |
Commodity contract [member] | Purchased options [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 329 | 356 |
Derivative credit risk equivalents before master netting agreements | [1] | 535 | 552 |
Derivative credit risk weighted assets before master netting agreements | 11 | 11 | |
Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 2,324 | 2,162 |
Derivative credit risk equivalents before master netting agreements | [1] | 12,909 | 12,964 |
Derivative credit risk weighted assets before master netting agreements | 2,216 | 2,484 | |
Equity contract [member] | Over the Counter1 [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 684 | 582 |
Derivative credit risk equivalents before master netting agreements | [1] | 8,274 | 9,076 |
Derivative credit risk weighted assets before master netting agreements | 2,123 | 2,406 | |
Equity contract [member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 1,640 | 1,580 |
Derivative credit risk equivalents before master netting agreements | [1] | 4,635 | 3,888 |
Derivative credit risk weighted assets before master netting agreements | 93 | 78 | |
Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative replacement cost before master netting agreements | [1] | 446 | 97 |
Derivative credit risk equivalents before master netting agreements | [1] | 1,093 | 562 |
Derivative credit risk weighted assets before master netting agreements | $ 81 | $ 103 | |
[1]Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach for Counterparty Credit Risk (SA-CCR) in accordance with the CAR Guideline issued by OSFI. The table therefore excludes loan commitment derivatives.[2]Gold contracts are included in foreign exchange contracts. |
Derivative Instruments - Sche_7
Derivative Instruments - Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | $ 13,355,846 | $ 8,382,140 | |
Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 11,438,512 | 6,600,213 | |
Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 9,611,030 | 5,954,761 |
Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,827,482 | 645,452 | |
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 1,460,001 | 1,338,195 |
Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 780,954 | 702,068 |
Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 564,366 | 481,773 |
Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 4,035 | 1,032 |
Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 110,646 | 153,322 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 125,144 | 148,480 | |
Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 18,574 | 24,525 | |
Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 35,285 | 44,836 | |
Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 71,285 | 79,119 | |
Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 305,252 | 267,382 | |
Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 26,937 | $ 27,870 |
Within 1 year [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 6,188,915 | ||
Within 1 year [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 5,090,875 | ||
Within 1 year [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 3,738,351 | |
Within 1 year [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,352,524 | ||
Within 1 year [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 815,630 | |
Within 1 year [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 175,365 | |
Within 1 year [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 539,912 | |
Within 1 year [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 4,021 | |
Within 1 year [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 96,332 | |
Within 1 year [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 61,861 | ||
Within 1 year [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 9,823 | ||
Within 1 year [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 18,182 | ||
Within 1 year [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 33,856 | ||
Within 1 year [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 220,096 | ||
Within 1 year [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 453 | |
1 to 3 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 3,085,156 | ||
1 to 3 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,657,299 | ||
1 to 3 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 2,297,285 | |
1 to 3 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 360,014 | ||
1 to 3 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 299,330 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 266,699 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 19,531 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 14 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 13,086 | |
1 to 3 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 59,855 | ||
1 to 3 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 7,777 | ||
1 to 3 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 15,634 | ||
1 to 3 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 36,444 | ||
1 to 3 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 67,747 | ||
1 to 3 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 925 | |
3 to 5 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,878,203 | ||
3 to 5 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,674,539 | ||
3 to 5 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,587,033 | |
3 to 5 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 87,506 | ||
3 to 5 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 169,018 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 164,341 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 3,449 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 0 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 1,228 | |
3 to 5 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,800 | ||
3 to 5 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 549 | ||
3 to 5 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,372 | ||
3 to 5 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 879 | ||
3 to 5 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 15,097 | ||
3 to 5 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 16,749 | |
5 to 10 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,577,611 | ||
5 to 10 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,433,967 | ||
5 to 10 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,410,529 | |
5 to 10 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 23,438 | ||
5 to 10 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 134,582 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 133,125 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 1,457 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 0 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 0 | |
5 to 10 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 628 | ||
5 to 10 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 425 | ||
5 to 10 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 97 | ||
5 to 10 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 106 | ||
5 to 10 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,557 | ||
5 to 10 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 6,877 | |
Over 10 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 625,961 | ||
Over 10 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 581,832 | ||
Over 10 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 577,832 | |
Over 10 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 4,000 | ||
Over 10 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 41,441 | |
Over 10 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 41,424 | |
Over 10 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 17 | |
Over 10 years [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 0 | |
Over 10 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 0 | |
Over 10 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 0 | ||
Over 10 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 0 | ||
Over 10 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 0 | ||
Over 10 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 0 | ||
Over 10 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 755 | ||
Over 10 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | $ 1,933 | |
[1]Includes derivatives entered into in relation to our acquisition of Bank of the West and its subsidiaries, which were settled upon close of the transaction. Refer to Note 10 for further details.[2]Gold contracts are included in foreign exchange contracts.[3]Under the SA-CCR, excludes loan commitment derivatives. |
Premises and Equipment - Summar
Premises and Equipment - Summary of Maximum Estimated Useful Lives to Amortize Assets (Detail) | 12 Months Ended |
Oct. 31, 2023 | |
Buildings [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Buildings [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 40 years |
Computer equipment and operating system software [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 5 years |
Computer equipment and operating system software [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 7 years |
Office equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Leasehold improvements [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | Lease term to a maximum of 10 years |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Right-of-use assets [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment loss, property, plant and equipment | $ 40 | $ 6 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | $ 4,841 | |||
Ending balance | 6,241 | $ 4,841 | ||
Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 10,912 | 9,572 | ||
Additions/lease modifications | 1,328 | 1,111 | ||
Acquisitions | 1,112 | |||
Disposals | [1] | (350) | (615) | |
Foreign exchange and other | 121 | 844 | ||
Ending balance | 13,123 | 10,912 | ||
Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (6,071) | (5,118) | ||
Disposals | [1] | 304 | 504 | |
Depreciation | 1,022 | 780 | ||
Foreign exchange and other | [2] | 93 | 677 | |
Ending balance | (6,882) | (6,071) | ||
Land [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 119 | |||
Ending balance | 323 | 119 | ||
Land [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 119 | 99 | ||
Additions/lease modifications | 13 | 18 | ||
Acquisitions | 213 | |||
Disposals | [1] | (28) | (8) | |
Foreign exchange and other | 6 | 10 | ||
Ending balance | 323 | 119 | ||
Buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 500 | |||
Ending balance | 809 | 500 | ||
Buildings [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 1,688 | 1,354 | ||
Additions/lease modifications | 91 | 59 | ||
Acquisitions | 276 | |||
Disposals | [1] | (26) | (44) | |
Foreign exchange and other | 18 | 319 | ||
Ending balance | 2,047 | 1,688 | ||
Buildings [member] | Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (1,188) | (867) | ||
Disposals | [1] | 25 | 35 | |
Depreciation | 70 | 50 | ||
Foreign exchange and other | [2] | 5 | 306 | |
Ending balance | (1,238) | (1,188) | ||
Computer equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 664 | |||
Ending balance | 695 | 664 | ||
Computer equipment [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,671 | 2,292 | ||
Additions/lease modifications | 280 | 319 | ||
Acquisitions | 63 | |||
Disposals | [1] | (109) | (53) | |
Foreign exchange and other | 18 | 113 | ||
Ending balance | 2,923 | 2,671 | ||
Computer equipment [member] | Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (2,007) | (1,724) | ||
Disposals | [1] | 106 | 48 | |
Depreciation | 306 | 225 | ||
Foreign exchange and other | [2] | 21 | 106 | |
Ending balance | (2,228) | (2,007) | ||
Other equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 278 | |||
Ending balance | 356 | 278 | ||
Other equipment [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 945 | 685 | ||
Additions/lease modifications | 125 | 105 | ||
Acquisitions | 12 | |||
Disposals | [1] | (30) | (29) | |
Foreign exchange and other | 8 | 184 | ||
Ending balance | 1,060 | 945 | ||
Other equipment [member] | Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (667) | (471) | ||
Disposals | [1] | 29 | 25 | |
Depreciation | 65 | 53 | ||
Foreign exchange and other | [2] | 1 | 168 | |
Ending balance | (704) | (667) | ||
Leasehold improvements [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 784 | |||
Ending balance | 1,057 | 784 | ||
Leasehold improvements [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,054 | 1,941 | ||
Additions/lease modifications | 413 | 281 | ||
Acquisitions | 25 | |||
Disposals | [1] | (97) | (246) | |
Foreign exchange and other | 18 | 78 | ||
Ending balance | 2,413 | 2,054 | ||
Leasehold improvements [member] | Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (1,270) | (1,338) | ||
Disposals | [1] | 94 | 243 | |
Depreciation | 169 | 116 | ||
Foreign exchange and other | [2] | 11 | 59 | |
Ending balance | (1,356) | (1,270) | ||
Right-of-use assets [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 2,496 | |||
Ending balance | 3,001 | 2,496 | ||
Right-of-use assets [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | 3,435 | 3,201 | ||
Additions/lease modifications | 406 | 329 | ||
Acquisitions | 523 | |||
Disposals | [1] | (60) | (235) | |
Foreign exchange and other | 53 | 140 | ||
Ending balance | 4,357 | 3,435 | ||
Right-of-use assets [member] | Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning balance | (939) | (718) | ||
Disposals | [1] | 50 | 153 | |
Depreciation | 412 | 336 | ||
Foreign exchange and other | 55 | [2] | 38 | |
Ending balance | $ (1,356) | $ (939) | ||
[1]Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10.[2]Includes impairment charges. |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) £ in Millions, $ in Millions, $ in Millions | 9 Months Ended | 12 Months Ended | |||||||||
Jun. 01, 2023 CAD ($) | Feb. 01, 2023 CAD ($) | Dec. 01, 2022 CAD ($) shares | Nov. 08, 2021 CAD ($) | Nov. 08, 2021 GBP (£) | Oct. 31, 2023 CAD ($) | Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | Jun. 01, 2023 USD ($) | Feb. 01, 2023 USD ($) | Dec. 20, 2021 | |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Tax expense | $ 1,486 | $ 4,349 | |||||||||
Top of range [member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Amortisation of intangible assets | 15 years | ||||||||||
Bank Of The West [Member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Consideration paid | $ 18,400 | $ 13,800 | |||||||||
Pay fixed receive float interest rate swaps mark to market gain | $ 269 | ||||||||||
Business combination proforma profit loss of acquiree | $ 4,500 | ||||||||||
Business combination proforma revenue of acquiree | 32,000 | ||||||||||
Business combination acquisition related costs incurred after tax | 1,342 | ||||||||||
Business combination initial provision for credit losses after taxes incurred | 517 | ||||||||||
Business combination acquistion related costs incurred before tax | 1,792 | ||||||||||
Business combination initial provision for credit losses before taxes incurred | 705 | ||||||||||
Profit or loss of acquiree | 361 | ||||||||||
Revenue of acquiree | $ 3,143 | ||||||||||
Amortisation of intangible assets | 15 years | ||||||||||
Business combination goodwill recognized as of acquisition date | $ 10,582 | ||||||||||
Business combination identifiable intangible assets recognized as of acquisition date | $ 2,883 | ||||||||||
Bank Of The West [Member] | Revised Pay Fixed Receive Floating Interest Rate Swaps [Member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Gain losses on hedging instrument | 877 | ||||||||||
Pay fixed receive float interest rate swaps mark to market gain | (5,700) | ||||||||||
Bank Of The West [Member] | Net Interest Income [Member] | Securities [member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Discount on purchased securities | 383 | ||||||||||
Discount on purchased loans | $ 725 | ||||||||||
EMEA And US Assets Management [Member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Assets derecognized amount | $ 1,779 | ||||||||||
Liabilities derecognized amount | 527 | ||||||||||
Gain loss recorded from reclassification of foreign currency translation from accumulated other comprehensive income in equity to net income | 29 | ||||||||||
Tax expense | $ 22 | ||||||||||
Consideration received | $ 1,038 | £ 615 | |||||||||
CLAAS Financial Services [Member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Percentage of voting equity interests acquired | 51% | ||||||||||
Radicle [Member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Consideration paid | $ 195 | ||||||||||
Acquired goodwill | 85 | ||||||||||
Acquired intangible assets | 60 | ||||||||||
Consideration in cash | $ 42 | ||||||||||
Number of shares issued | shares | 1,162,711 | ||||||||||
Number of shares issued, Value | $ 153 | ||||||||||
Radicle [Member] | Bottom of range [member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Amortisation of intangible assets | 3 years | ||||||||||
Radicle [Member] | Top of range [member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Amortisation of intangible assets | 15 years | ||||||||||
Air Miles [Member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Acquisition of business, net consideration | $ 213 | $ 157 | |||||||||
Consideration paid | 213 | ||||||||||
Business combination goodwill recognized as of acquisition date | 233 | ||||||||||
Business combination identifiable intangible assets recognized as of acquisition date | $ 151 | ||||||||||
Air Miles [Member] | Bottom of range [member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Amortisation of intangible assets | 5 years | ||||||||||
Air Miles [Member] | Top of range [member] | |||||||||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||||||||
Amortisation of intangible assets | 14 years |
Acquisitions and Divestitures_2
Acquisitions and Divestitures - Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition (Detail) $ in Millions, $ in Billions | Jun. 01, 2023 CAD ($) | Feb. 01, 2023 CAD ($) | Feb. 01, 2023 USD ($) | Dec. 01, 2022 CAD ($) |
AIR MILES [Member] | ||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||||
Securities | $ 668 | |||
Goodwill and intangible assets | 384 | |||
Other assets | 141 | |||
Deferred revenue | 916 | |||
Intangible assets | 151 | |||
Total fair value of identifiable assets acquired | 1,193 | |||
Purchase price | 213 | |||
Fair value of identifiable liabilities assumed | ||||
Other liabilities | 64 | |||
Total fair value of identifiable liabilities assumed | 980 | |||
Goodwill | $ 233 | |||
Bank Of The West [Member] | ||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||||
Securities | $ 28,437 | |||
Purchase consideration | 18,382 | |||
Impact of forward contracts | (269) | |||
Net purchase consideration | 18,113 | |||
Residential mortgages | 11,912 | |||
Consumer installment and other personal | 20,268 | |||
Credit card | 885 | |||
Business and government | 43,418 | |||
Total loans | 76,483 | |||
Other assets | 9,152 | |||
Intangible assets | 2,883 | |||
Total fair value of identifiable assets acquired | 116,955 | |||
Purchase price | 18,400 | $ 13.8 | ||
Fair value of identifiable liabilities assumed | ||||
Deposits | 91,711 | |||
Other liabilities | 17,697 | |||
Total fair value of identifiable liabilities assumed | 109,408 | |||
Non-controlling interest | 16 | |||
Goodwill | 10,582 | |||
Net purchase consideration | $ 18,113 | |||
Radicle [member] | ||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||||
Goodwill and intangible assets | $ 145 | |||
Other assets | 85 | |||
Total fair value of identifiable assets acquired | 230 | |||
Purchase price | 195 | |||
Fair value of identifiable liabilities assumed | ||||
Total fair value of identifiable liabilities assumed | $ 35 |
Acquisitions and Divestitures
Acquisitions and Divestitures - Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition (Parenthetical) (Detail) - Bank Of The West [Member] $ in Millions | 12 Months Ended |
Oct. 31, 2023 CAD ($) | |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |
Deferred tax liability (asset) | $ 1,273 |
Change in fair value of forward contracts | $ 269 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite lives | $ 227 | $ 0 |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Write-downs of intangible assets | $ 9 | $ 5 |
Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Cash flow projection period | 10 years | |
Terminal growth rate | 2% | 3% |
Bottom of range [member] | Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rates for determine the recoverable amount | 8.90% | 6.80% |
Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Useful lives of intangible assets other than goodwill | 15 years | |
Top of range [member] | Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rates for determine the recoverable amount | 11.40% | 11.20% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Continuity of Goodwill By Group of CGUs (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | $ 5,285 | $ 5,378 |
Acquisitions | 10,900 | |
Disposals | (538) | |
Foreign exchange and other | 543 | 445 |
Ending balance | 16,728 | 5,285 |
Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 4,026 | 3,664 |
Acquisitions | 10,578 | |
Foreign exchange and other | 515 | 362 |
Ending balance | 15,119 | 4,026 |
Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 824 | 1,312 |
Acquisitions | 237 | |
Disposals | (538) | |
Foreign exchange and other | 20 | 50 |
Ending balance | 1,081 | 824 |
Capital markets [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 435 | 402 |
Acquisitions | 85 | |
Foreign exchange and other | 8 | 33 |
Ending balance | 528 | 435 |
Wealth and Asset Management [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 822 | 1,310 |
Acquisitions | 237 | |
Disposals | (538) | |
Foreign exchange and other | 20 | 50 |
Ending balance | 1,079 | 822 |
Insurance products [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2 | 2 |
Ending balance | 2 | 2 |
Canada [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 97 | 97 |
Acquisitions | 233 | |
Ending balance | 330 | 97 |
United States [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,929 | 3,567 |
Acquisitions | 10,345 | |
Foreign exchange and other | 515 | 362 |
Ending balance | $ 14,789 | $ 3,929 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 2,193 | |
Amortization | 1,015 | $ 604 |
Ending balance | 5,216 | 2,193 |
Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 86 | |
Ending balance | 363 | 86 |
Core deposit [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Ending balance | 2,258 | |
Software amortizing [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,815 | |
Ending balance | 1,998 | 1,815 |
Software under development [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 259 | |
Ending balance | 324 | 259 |
Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 33 | |
Ending balance | 273 | 33 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 8,317 | 7,966 |
Additions | 830 | 693 |
Acquisitions | 3,094 | |
Disposals | (52) | (620) |
Foreign exchange and other | 181 | 278 |
Ending balance | 12,370 | 8,317 |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 521 | 719 |
Additions | ||
Acquisitions | 311 | |
Transfers | ||
Disposals | (247) | |
Foreign exchange and other | 18 | 49 |
Ending balance | 850 | 521 |
Gross carrying amount [member] | Core deposit [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 978 | 894 |
Additions | 0 | |
Acquisitions | 2,453 | |
Transfers | ||
Disposals | ||
Foreign exchange and other | 122 | 84 |
Ending balance | 3,553 | 978 |
Gross carrying amount [member] | Software amortizing [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 6,237 | 5,548 |
Additions | 58 | 11 |
Acquisitions | 103 | |
Transfers | 672 | 611 |
Disposals | (29) | (53) |
Foreign exchange and other | 30 | 120 |
Ending balance | 7,071 | 6,237 |
Gross carrying amount [member] | Software under development [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 259 | 204 |
Additions | 739 | 662 |
Transfers | (672) | (611) |
Disposals | (2) | (1) |
Foreign exchange and other | 5 | |
Ending balance | 324 | 259 |
Gross carrying amount [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 322 | 601 |
Additions | 33 | 20 |
Acquisitions | 227 | |
Disposals | (21) | (319) |
Foreign exchange and other | 11 | 20 |
Ending balance | 572 | 322 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (6,124) | (5,700) |
Amortization | 1,015 | 604 |
Disposals | (43) | (419) |
Foreign exchange and other | 58 | 239 |
Ending balance | (7,154) | (6,124) |
Accumulated depreciation and amortisation [member] | Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (435) | (616) |
Amortization | 44 | 22 |
Disposals | (247) | |
Foreign exchange and other | 8 | 44 |
Ending balance | (487) | (435) |
Accumulated depreciation and amortisation [member] | Core deposit [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (978) | (894) |
Amortization | 291 | 0 |
Disposals | ||
Foreign exchange and other | 26 | 84 |
Ending balance | (1,295) | (978) |
Accumulated depreciation and amortisation [member] | Software amortizing [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (4,422) | (3,821) |
Amortization | 653 | 556 |
Disposals | (22) | (49) |
Foreign exchange and other | 20 | 94 |
Ending balance | (5,073) | (4,422) |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (289) | (369) |
Amortization | 27 | 26 |
Disposals | (21) | (123) |
Foreign exchange and other | 4 | 17 |
Ending balance | $ (299) | $ (289) |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Statement [Line Items] | |||
Intangible assets other than goodwill | $ 5,216 | $ 2,193 | |
Gross carrying amount [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | 12,370 | 8,317 | $ 7,966 |
Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | (7,154) | (6,124) | $ (5,700) |
Internally generated [member] | Software amortizing [member] | Gross carrying amount [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | 6,172 | 5,486 | |
Internally generated [member] | Software amortizing [member] | Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | $ (4,420) | $ (3,819) |
Other Assets - Components of Ot
Other Assets - Components of Other within Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of Other Assets [line items] | ||
Accounts receivable, prepaid expenses and other items | $ 5,278 | $ 3,634 |
Accrued interest receivable | 4,097 | 2,726 |
Bank owned life insurance policies | 6,306 | 4,509 |
Leased vehicles, net of accumulated amortization | 124 | 263 |
Cash collateral | 9,939 | 13,586 |
Due from clients, dealers and brokers | 381 | 313 |
Insurance-related assets | 3,161 | 2,575 |
Other employee future benefits assets | 81 | 51 |
Precious metals | 4,701 | 2,970 |
Total | 35,293 | 31,894 |
Pension Plans [member] | ||
Disclosure of Other Assets [line items] | ||
Pension asset | 1,046 | 1,179 |
Other assets [member] | Pension Plans [member] | ||
Disclosure of Other Assets [line items] | ||
Pension asset | $ 1,225 | $ 1,267 |
Other Assets - Components of _2
Other Assets - Components of Other within Other Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of Other Assets [line items] | ||
Financial assets, at fair value | $ 1,326 | $ 1,184 |
At cost [member] | ||
Disclosure of Other Assets [line items] | ||
Investment properties | $ 1,073 | $ 1,001 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure Of Deposits [Line Items] | ||
Interest bearing | $ 66,336 | |
Non-interest bearing | 82,462 | |
Payables after notice | 323,197 | |
Payable on a fixed date | 437,681 | |
Total | 909,676 | $ 769,478 |
Canada [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 54,328 | |
Non-interest bearing | 68,495 | |
Payables after notice | 127,523 | |
Payable on a fixed date | 312,863 | |
Total | 563,209 | 515,290 |
United States [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 11,899 | |
Non-interest bearing | 13,957 | |
Payables after notice | 193,457 | |
Payable on a fixed date | 81,751 | |
Total | 301,064 | 217,720 |
Other countries [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 109 | |
Non-interest bearing | 10 | |
Payables after notice | 2,217 | |
Payable on a fixed date | 43,067 | |
Total | 45,403 | 36,468 |
Banks [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 4,237 | |
Non-interest bearing | 1,855 | |
Payables after notice | 1,609 | |
Payable on a fixed date | 21,886 | |
Total | 29,587 | 30,901 |
Business and governments [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 57,781 | |
Non-interest bearing | 45,648 | |
Payables after notice | 183,610 | |
Payable on a fixed date | 287,631 | |
Total | 574,670 | 495,831 |
Individuals [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 4,318 | |
Non-interest bearing | 34,959 | |
Payables after notice | 137,978 | |
Payable on a fixed date | 128,164 | |
Total | $ 305,419 | $ 242,746 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 437,681 | |
Unencumbered liquid assets | 360,213 | $ 335,299 |
Bank Recapitalization (Bail-In) Regime [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 63,925 | 51,746 |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 491,201 | 384,080 |
Non USD Non CAD [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | $ 55,705 | $ 46,830 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure Of Deposits [Line Items] | ||
Deposits eligible for early redemption without penalty | $ 30,852 | $ 29,966 |
Commercial paper | 52,884 | 42,138 |
Covered bonds | $ 28,400 | $ 29,076 |
Deposits - Summary of Deposit_3
Deposits - Summary of Deposits payable on a fixed (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 437,681 | |
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 | 385,594 | $ 315,258 |
Canada | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 312,863 | |
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 | 269,262 | 230,475 |
United States | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 81,751 | |
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 | 73,226 | 50,542 |
Other Countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 43,067 | |
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 | $ 43,106 | $ 34,241 |
Deposits - Summary of maturity
Deposits - Summary of maturity schedule for deposits greater than one hundred thousand dollars booked in Canada (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | $ 909,676 | $ 769,478 |
3 to 6 months [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 64,939 | 49,626 |
CANADA | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 563,209 | 515,290 |
CANADA | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 269,262 | 230,475 |
CANADA | Less than 3 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 55,070 | 46,792 |
CANADA | 3 to 6 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 38,509 | 28,826 |
CANADA | 6 to 12 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 61,370 | 55,288 |
CANADA | Over 12 months [member] | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | $ 114,313 | $ 99,569 |
Deposits - Summary of fair valu
Deposits - Summary of fair value and changes in fair value of structured note liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of fair value measurements of structured note liabilities [Abstract] | ||
Fair value | $ 35,300 | $ 26,305 |
Notional amount due at contractual maturity | 42,437 | 32,507 |
Change in fair value recorded in the Consolidated Statement of Income | 1,336 | 4,617 |
Change in fair value due to own credit risk recorded in OCI (before tax) | (379) | 1,653 |
Cumulative change in fair value due to own credit risk recognized in AOCI (before tax) | $ 865 | $ 1,245 |
Other Liabilities - Summary of
Other Liabilities - Summary of Components of Other within Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of Other Liability [Line Items] | |||
Accounts payable, accrued expenses and other items | $ 11,987 | $ 11,206 | |
Accrued interest payable | 5,299 | 2,319 | |
ACL on off-balance sheet items | 460 | 381 | |
Cash collateral | 6,406 | 5,042 | |
Credit card loyalty rewards | 1,432 | 441 | |
Current tax liabilities | 44 | 425 | |
Deferred tax liabilities (Note 22) | 16 | 102 | $ 192 |
Insurance-related liabilities | 12,340 | 11,201 | $ 12,845 |
Lease Liabilities | 3,506 | 2,835 | |
Liabilities of subsidiaries | 18,120 | 7,494 | |
Payable to brokers, dealers and clients | 2,436 | 2,966 | |
Total | 63,048 | 45,332 | |
Other employee future benefit plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | 742 | 781 | |
Pension Plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | (1,046) | (1,179) | |
Other liabilities [member] | Other employee future benefit plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | 823 | 832 | |
Other liabilities [member] | Pension Plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | $ 179 | $ 88 |
Other Liabilities - Summary O_2
Other Liabilities - Summary Of Fair Value Changes in Investment Securities (Detail) - Related to investment securities held by insurance subsidiaries [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Fair Value Changes in Investment Securities [Line Items] | ||
Fair value | $ 708 | $ 770 |
Notional amount due at contractual maturity | 1,397 | 1,459 |
Change in fair value recorded in the Consolidated Statement of Income | (13) | (114) |
Change in fair value due to own credit risk recorded in OCI (before tax) | (15) | 94 |
Cumulative change in fair value due to own credit risk recognized in AOCI (before tax) | $ 8 | $ 22 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Text Block [Line Items] | ||
Interest expense on lease liabilities | $ 92 | $ 59 |
Cash outflow for leases | 435 | 342 |
Variable lease payments not included in the measurement of lease liabilities | 218 | $ 206 |
Year 2024 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 439 | |
Year 2025 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 440 | |
Year 2026 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 427 | |
Year 2027 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 404 | |
Year 2028 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 375 | |
Year 2029 and Thereafter [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | $ 2,089 |
Other Liabilities - Reconciliat
Other Liabilities - Reconciliation of Change in Insurance-Related Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Miscellaneous liabilities [abstract] | ||
Insurance-related liabilities, beginning of year | $ 11,201 | $ 12,845 |
Increase (decrease) in life insurance policy benefit liabilities from: | ||
New business | 1,424 | 354 |
In-force policies | (261) | (1,938) |
Changes in actuarial assumptions and methodology | (21) | 201 |
Foreign currency | 3 | |
Net increase (decrease) in life insurance policy benefit liabilities | 1,142 | (1,380) |
Change in other insurance-related liabilities | (3) | (264) |
Insurance-related liabilities, end of year | $ 12,340 | $ 11,201 |
Other Liabilities - Summary o_3
Other Liabilities - Summary of Reinsurance Premiums Ceded (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Net premiums | $ 2,233 | $ 1,224 |
Direct premium income [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Net premiums | 2,879 | 1,623 |
Ceded premiums [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Net premiums | $ (646) | $ (399) |
Subordinated Debt - Summary of
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2022 CAD ($) | |
Subordinated Liabilities [Line Items] | |||
Face value | $ 13,355,846 | $ 8,382,140 | |
Total | 8,228 | 8,150 | |
Subordinated debt [member] | |||
Subordinated Liabilities [Line Items] | |||
Total | 8,228 | 8,150 | |
Subordinated debt [member] | Debentures Series 20 [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 150 | ||
Maturity date | December 2025 to 2040 | ||
Interest rate (%) | 8.25% | 8.25% | |
Redeemable at our option beginning in | Not redeemable | ||
Total | $ 147 | 146 | |
Subordinated debt [member] | 3.803% Subordinated Notes due 2032 [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 1,250 | ||
Maturity date | December 2032 | ||
Interest rate (%) | 3.803% | 3.803% | |
Subordinated Borrowings Reset Spread Rate | 1.43% | ||
Redeemable at our option beginning in | December 2027 | ||
Total | $ 1,510 | 1,497 | |
Subordinated debt [member] | 4.338% Subordinated Notes due 2028 [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 850 | ||
Maturity date | October 2028 | ||
Interest rate (%) | 4.338% | 4.338% | |
Redeemable at our option beginning in | October 2023 | ||
Total | 1,135 | ||
Subordinated debt [member] | Series J Medium-Term Notes, First Tranche [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 1,000 | ||
Maturity date | September 2029 | ||
Interest rate (%) | 2.88% | 2.88% | |
Subordinated Borrowings Reset Spread Rate | 1.18% | ||
Redeemable at our option beginning in | September 2024 | ||
Total | $ 999 | 998 | |
Subordinated debt [member] | Series J Medium-Term Notes, Second Tranche [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 1,250 | ||
Maturity date | June 2030 | ||
Interest rate (%) | 2.08% | 2.08% | |
Subordinated Borrowings Reset Spread Rate | 1.32% | ||
Redeemable at our option beginning in | June 2025 | ||
Total | $ 1,248 | 1,248 | |
Subordinated debt [member] | Series K Medium-Term Notes, First Tranche [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 1,000 | ||
Maturity date | July 2031 | ||
Interest rate (%) | 1.93% | 1.93% | |
Subordinated Borrowings Reset Spread Rate | 0.59% | ||
Redeemable at our option beginning in | July 2026 | ||
Total | $ 988 | 984 | |
Subordinated debt [member] | 3.088% Subordinated Notes due 2037 [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 1,250 | ||
Maturity date | January 2037 | ||
Interest rate (%) | 3.088% | 3.088% | |
Subordinated Borrowings Reset Spread Rate | 1.40% | ||
Redeemable at our option beginning in | January 2032 | ||
Total | $ 1,439 | 1,393 | |
Subordinated debt [member] | Series L Medium-Term Notes, First Tranche [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 750 | ||
Maturity date | October 2032 | ||
Interest rate (%) | 6.53% | 6.53% | |
Subordinated Borrowings Reset Spread Rate | 2.70% | ||
Redeemable at our option beginning in | October 2027 | ||
Total | $ 749 | $ 749 | |
Subordinated debt [member] | Series M Medium-Term Notes, First Tranche [member] | |||
Subordinated Liabilities [Line Items] | |||
Face value | $ 1,150 | ||
Maturity date | September 2033 | ||
Interest rate (%) | 6.03% | 6.03% | |
Subordinated Borrowings Reset Spread Rate | 2.02% | ||
Redeemable at our option beginning in | September 2028 | ||
Total | $ 1,148 |
Subordinated Debt - Summary o_2
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Parenthetical) (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | Oct. 31, 2023 $ / shares | |
Subordinated Liabilities [Line Items] | |||
Repayments of subordinated liabilities | $ 1,179 | $ 850 | |
Subordinated debt [member] | |||
Subordinated Liabilities [Line Items] | |||
Increase (Decrease) in Subordinated Long Term Debt | 539 | $ 565 | |
Bottom of range [member] | Subordinated debt [member] | |||
Subordinated Liabilities [Line Items] | |||
Common stock conversion price | $ / shares | $ 5 | ||
3.803% Subordinated Notes due 2032 [member] | Subordinated debt [member] | |||
Subordinated Liabilities [Line Items] | |||
Interest rate | 3.803% | ||
4.338% Subordinated Notes due 2028 [member] | |||
Subordinated Liabilities [Line Items] | |||
Repayments of subordinated liabilities | $ 850 | ||
Percentage of redemption of principal amount plus unpaid accrued interest | 100% | ||
4.338% Subordinated Notes due 2028 [member] | Subordinated debt [member] | |||
Subordinated Liabilities [Line Items] | |||
Interest rate | 4.338% | ||
3.088% Subordinated Notes due 2037 [member] | |||
Subordinated Liabilities [Line Items] | |||
Borrowings, interest rate basis | 5-year U.S. treasury bill rate plus the reset premium noted. | ||
3.088% Subordinated Notes due 2037 [member] | Subordinated debt [member] | |||
Subordinated Liabilities [Line Items] | |||
Interest rate | 3.088% | ||
Series JK Medium Term Notes [Member] | |||
Subordinated Liabilities [Line Items] | |||
Borrowings, interest rate basis | 3-month CDOR plus the reset premium noted. |
Equity - Summary of Classes of
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | $ 71,038 | |
Balance at end of year | $ 77,037 | $ 71,038 |
Class B Series 27 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 20,000,000 | |
Balance at end of year (shares) | 20,000,000 | 20,000,000 |
Balance at beginning of year | $ 500 | |
Balance at end of year | $ 500 | $ 500 |
Dividend declared per share | $ 0.96 | $ 0.96 |
Class B Series 29 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 16,000,000 | |
Balance at end of year (shares) | 16,000,000 | 16,000,000 |
Balance at beginning of year | $ 400 | |
Balance at end of year | $ 400 | $ 400 |
Dividend declared per share | $ 0.91 | $ 0.91 |
Class B Series 31 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 12,000,000 | |
Balance at end of year (shares) | 12,000,000 | 12,000,000 |
Balance at beginning of year | $ 300 | |
Balance at end of year | $ 300 | $ 300 |
Dividend declared per share | $ 0.96 | $ 0.96 |
Class B Series 33 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 8,000,000 | |
Balance at end of year (shares) | 8,000,000 | 8,000,000 |
Balance at beginning of year | $ 200 | |
Balance at end of year | $ 200 | $ 200 |
Dividend declared per share | $ 0.76 | $ 0.76 |
Class B Series 44 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 16,000,000 | |
Balance at end of year (shares) | 16,000,000 | 16,000,000 |
Balance at beginning of year | $ 400 | |
Balance at end of year | $ 400 | $ 400 |
Dividend declared per share | $ 1.21 | $ 1.21 |
Class B Series 46 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 14,000,000 | |
Balance at end of year (shares) | 14,000,000 | 14,000,000 |
Balance at beginning of year | $ 350 | |
Balance at end of year | $ 350 | $ 350 |
Dividend declared per share | $ 1.28 | $ 1.28 |
Class B Series 50 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 500,000 | |
Balance at end of year (shares) | 500,000 | 500,000 |
Balance at beginning of year | $ 500 | |
Balance at end of year | $ 500 | $ 500 |
Dividend declared per share | $ 73.73 | $ 24.64 |
Class B Series 52 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at end of year (shares) | 650,000 | |
Balance at end of year | $ 650 | |
Dividend declared per share | $ 57.52 | |
Preferred shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | $ 2,650 | |
Balance at end of year | 3,300 | $ 2,650 |
Preferred Shares and Other Equity Instruments [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 6,308 | 5,558 |
Balance at end of year | $ 6,958 | $ 6,308 |
Common Shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 677,106,878 | 648,136,472 |
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (shares) | 13,482,314 | 7,531,233 |
Issued under the Stock Option Plan and other stock-based compensation plans (shares) | 724,853 | 733,591 |
Treasury shares sold/(purchased) (shares) | 101,178 | (138,168) |
Issued to align capital position with increased regulatory requirements as announced by OSFI (shares) | 28,331,227 | |
Issued for acquisitions (Note 10) (shares) | 1,162,711 | 20,843,750 |
Balance at end of year (shares) | 720,909,161 | 677,106,878 |
Balance at beginning of year | $ 17,744 | $ 13,599 |
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 1,609 | 999 |
Issued under the Stock Option Plan and other stock-based compensation plans | 61 | 57 |
Treasury shares sold/(purchased) | 14 | (17) |
Issued to align capital position with increased regulatory requirements as announced by OSFI | 3,360 | 0 |
Issued for acquisitions (Note 10) | 153 | 3,106 |
Balance at end of year | $ 22,941 | $ 17,744 |
Dividend declared per share | $ 5.8 | $ 5.44 |
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | Other Equity Instruments [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | $ 658 | |
Balance at end of year | 658 | $ 658 |
4.3% Series 1 LRCNs [member] | Other Equity Instruments [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 1,250 | |
Balance at end of year | 1,250 | 1,250 |
5.625% Series 2 LRCNs [member] | Other Equity Instruments [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 750 | |
Balance at end of year | 750 | 750 |
7.325% Series 3 LRCNs [member] | Other Equity Instruments [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 1,000 | |
Balance at end of year | $ 1,000 | $ 1,000 |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Jan. 31, 2023 | Jul. 27, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||||
Proceeds from issue of preference shares | $ 648 | $ 2,245 | ||
Class B Series 50 Preferred Shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 500,000 | 500,000 | ||
Proceeds from issue of preference shares | $ 500 | |||
Class B Series 52 Preferred Shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 650,000 | |||
Proceeds from issue of preference shares | $ 650 | |||
Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 73,511 | 174,689 |
Equity - Summary of Prefered Sh
Equity - Summary of Prefered Share Rights and Privileges (Detail) - $ / shares | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of classes of share capital [line items] | ||
Convertible to | In such an event, each preferred share or other equity instrument is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. | |
Class B Series 27 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | $ 25 | |
Non-cumulative dividend | $ 0.96 | $ 0.96 |
Reset premium | 2.33% | |
Date redeemable / convertible | May 25, 2024 | |
Convertible to | Class B – Series 28 | |
Class B Series 27 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 0.24075 | |
Class B Series 29 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Non-cumulative dividend | $ 0.91 | 0.91 |
Reset premium | 2.24% | |
Date redeemable / convertible | August 25, 2024 | |
Convertible to | Class B – Series 30 | |
Class B Series 29 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 0.2265 | |
Class B Series 31 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Non-cumulative dividend | $ 0.96 | 0.96 |
Reset premium | 2.22% | |
Date redeemable / convertible | November 25, 2024 | |
Convertible to | Class B – Series 32 | |
Class B Series 31 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 0.240688 | |
Class B Series 33 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Non-cumulative dividend | $ 0.76 | 0.76 |
Reset premium | 2.71% | |
Date redeemable / convertible | August 25, 2025 | |
Convertible to | Class B – Series 34 | |
Class B Series 33 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 0.190875 | |
Class B Series 44 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Non-cumulative dividend | $ 1.21 | 1.21 |
Reset premium | 2.68% | |
Date redeemable / convertible | November 25, 2023 | |
Convertible to | Class B – Series 45 | |
Class B Series 44 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 0.303125 | |
Class B Series 46 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Non-cumulative dividend | $ 1.28 | 1.28 |
Reset premium | 3.51% | |
Date redeemable / convertible | May 25, 2024 | |
Convertible to | Class B – Series 47 | |
Class B Series 46 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 0.31875 | |
Class B Series 50 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 1,000 | |
Non-cumulative dividend | $ 73.73 | $ 24.64 |
Reset premium | 4.25% | |
Date redeemable / convertible | November 26, 2027 | |
Convertible to | Not convertible | |
Class B Series 50 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 36.865 | |
Class B Series 52 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 1,000 | |
Non-cumulative dividend | $ 57.52 | |
Reset premium | 4.25% | |
Date redeemable / convertible | May 26, 2028 | |
Convertible to | Not convertible | |
Class B Series 52 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Non-cumulative dividend | $ 35.285 |
Equity - Schedule of the Equity
Equity - Schedule of the Equity Instrument (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | Oct. 31, 2023 USD ($) | |
Disclosure of classes of share capital [line items] | |||
Total | $ 3,658 | $ 3,658 | |
4.8% AT1 Capital Notes (NVCC) [member] | |||
Disclosure of classes of share capital [line items] | |||
Face value | $ 500 | $ 500 | |
Interest rate (%) | 4.80% | ||
Redeemable at our option | Aug. 31, 2024 | ||
Total | $ 658 | 658 | |
4.3% Series 1 LRCNs [member] | |||
Disclosure of classes of share capital [line items] | |||
Face value | $ 1,250 | ||
Interest rate (%) | 4.30% | ||
Redeemable at our option | Nov. 30, 2025 | ||
Total | $ 1,250 | 1,250 | |
5.625% Series 2 LRCNs [member] | |||
Disclosure of classes of share capital [line items] | |||
Face value | $ 750 | ||
Interest rate (%) | 5.625% | ||
Redeemable at our option | May 31, 2027 | ||
Total | $ 750 | 750 | |
7.325% Series 3 LRCNs [member] | |||
Disclosure of classes of share capital [line items] | |||
Face value | $ 1,000 | ||
Interest rate (%) | 7.325% | ||
Redeemable at our option | Nov. 30, 2027 | ||
Total | $ 1,000 | $ 1,000 |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | |||||||
Oct. 19, 2023 shares | Jan. 31, 2023 CAD ($) $ / shares shares | Jan. 25, 2023 CAD ($) shares | Dec. 16, 2022 CAD ($) shares | Oct. 31, 2023 CAD ($) shares | Oct. 31, 2022 CAD ($) shares | Oct. 31, 2023 USD ($) shares | Dec. 01, 2022 CAD ($) shares | |
Disclosure of classes of share capital [line items] | ||||||||
Description of conversion of preferred share | In such an event, each preferred share or other equity instrument is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. | |||||||
Proceeds from issue of preference shares | $ 648 | $ 2,245 | ||||||
Non-controlling interests | 28 | |||||||
Bank of the West [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Non-controlling interests | $ 28 | $ 0 | ||||||
Radicle [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of instruments or interests issued or issuable | shares | 1,162,711 | |||||||
Equity interests of acquirer | $ 153 | |||||||
Stock Option Plan [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Common shares reserved for potential issuance | shares | 6,312,576 | 5,976,870 | 6,312,576 | |||||
4.3% Series 1 LRCNs [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Note issued face value | $ 1,250 | |||||||
Interest Rate | 4.30% | |||||||
5.625% Series 2 LRCNs [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Note issued face value | $ 750 | |||||||
Interest Rate | 5.625% | |||||||
7.325% Series 3 LRCNs [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Note issued face value | $ 1,000 | |||||||
Interest Rate | 7.325% | |||||||
4.8% AT1 Capital Notes (NVCC) [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Note issued face value | $ 500 | $ 500 | ||||||
Interest Rate | 4.80% | |||||||
Dividend reinvestment and share purchase plan [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Common shares reserved for potential issuance | shares | 12,187,362 | 25,669,677 | 12,187,362 | |||||
Common shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Discount rates for determine the recoverable amount | 2% | 2% | ||||||
Common shares [member] | Public and Private Offering [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued | shares | 28,331,227 | |||||||
Issue of equity | $ 3,360 | |||||||
Common shares [member] | Public Offerings [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued | shares | 13,575,750 | |||||||
Issue of equity | $ 1,610 | |||||||
Common shares [member] | Private Placement [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued | shares | 6,323,777 | 8,431,700 | ||||||
Issue of equity | $ 750 | $ 1,000 | ||||||
Class B Series 44 Preferred Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Description of conversion of preferred share | Class B – Series 45 | |||||||
Number of shares tendered | shares | 93,870 | |||||||
Number of shares required for conversion | shares | 1,000,000 | |||||||
Dividend rate reset term | 5 years | |||||||
Dividend rate adjustment percentage | 6.816% | |||||||
Class B Series 45 Preferred Shares [Member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued | shares | 0 | |||||||
Class B Series 52 Preferred Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Description of conversion of preferred share | Not convertible | |||||||
Number of shares issued | shares | 650,000 | |||||||
Dividend rate reset term | 5 years | |||||||
Par value per share | $ / shares | $ 1,000 | |||||||
Dividends paid, other shares per share | $ / shares | $ 70.57 | |||||||
Dividend rate percentage | 7.057% | |||||||
Dividend rate adjustment percentage | 4.25% | |||||||
Proceeds from issue of preference shares | $ 650 | |||||||
Class B Series 48 Preferred Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividend rate reset term | 5 years | |||||||
Note issued face value | $ 1,250 | |||||||
Issue of equity | $ 1,250 | |||||||
Class B Series 49 Preferred Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividend rate reset term | 5 years | |||||||
Note issued face value | $ 750 | |||||||
Class B Series 51 Preferred Shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Dividend rate reset term | 5 years | |||||||
Note issued face value | $ 1,000 | |||||||
Shareholder Dividend Reinvestment and Share Purchase Plan [member] | Common shares [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares issued or issuable upon conversion of convertible instrument | shares | 13,482,314 | 7,531,233 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Securities | |||
Amortized cost | $ 116,814 | $ 106,590 | |
Loans | |||
Consumer instalment and other personal | 104,040 | 86,103 | |
Credit cards | 12,294 | 9,663 | |
Business and government | 366,701 | 309,310 | |
Deposits | 909,676 | 769,478 | |
Securitization and structured entities' liabilities | 27,094 | 27,068 | |
Other liabilities | 63,048 | 45,332 | |
Subordinated debt | 8,228 | 8,150 | |
Fair Value [member] | |||
Securities | |||
Amortized cost | [1] | 104,171 | 94,832 |
Not Carried At Fair Value [member] | At carrying value [member] | |||
Securities | |||
Amortized cost | 116,814 | 106,590 | |
Loans | |||
Residential mortgages | 175,350 | 148,569 | |
Consumer instalment and other personal | 103,265 | 85,612 | |
Credit cards | 11,893 | 9,387 | |
Business and government | 358,527 | 302,079 | |
Loans net of allowance for loan losses | 649,035 | 545,647 | |
Deposits | 873,831 | 742,419 | |
Securitization and structured entities' liabilities | 24,631 | 25,816 | |
Other liabilities | 4,160 | 4,088 | |
Subordinated debt | 8,228 | 8,150 | |
Not Carried At Fair Value [member] | Fair Value [member] | |||
Securities | |||
Amortized cost | 104,171 | 94,832 | |
Loans | |||
Residential mortgages | 167,863 | 142,526 | |
Consumer instalment and other personal | 101,021 | 83,948 | |
Credit cards | 11,893 | 9,387 | |
Business and government | 356,842 | 300,173 | |
Loans net of allowance for loan losses | 637,619 | 536,034 | |
Deposits | 870,573 | 739,339 | |
Securitization and structured entities' liabilities | 23,739 | 24,989 | |
Other liabilities | 3,287 | 3,181 | |
Subordinated debt | $ 7,849 | $ 7,743 | |
[1]The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts. |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | $ 366,701 | $ 309,310 | |
Amortized cost | 116,814 | 106,590 | |
Securitization and structured entities' liabilities | 27,094 | 27,068 | |
Financial liabilities at fair value through profit or loss, category [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Structured Note Liabilities | 35,300 | 26,305 | |
Metal Deposits | 204 | 218 | |
Securitization and structured entities' liabilities | 2,463 | 1,252 | |
Structured deposits | 341 | 536 | |
At fair value [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Amortized cost | [1] | 104,171 | 94,832 |
Level 1 of fair value hierarchy [member] | At fair value [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Amortized cost | 21,229 | 39,622 | |
Level 2 of fair value hierarchy [member] | At fair value [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Amortized cost | 82,942 | 55,210 | |
Financial assets at fair value through profit or loss [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | 5,720 | 5,496 | |
Residential mortgages loans | 1,676 | 176 | |
Financial assets at fair value through other comprehensive income [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | $ 58 | $ 60 | |
[1]The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts. |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | $ 124,556 | $ 108,177 | |
FVTPL Securities | 16,720 | 13,641 | |
FVOCI Securities | 62,828 | 43,561 | |
Derivative Assets | |||
Derivative Assets | 39,976 | 48,160 | |
Derivative Liabilities | |||
Derivative Liabilities | 50,193 | 59,956 | |
Measured at fair value [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 124,556 | 108,177 | |
FVTPL Securities | 16,720 | 13,641 | |
FVOCI Securities | 62,828 | 43,561 | |
Loans | 7,454 | 5,732 | |
Other Assets | [1] | 6,450 | 4,257 |
Fair value liabilities | 84,156 | 71,299 | |
Securities sold but not yet purchased | 43,781 | 40,979 | |
Structured note liabilities | [2] | 35,300 | 26,305 |
Structured deposits | [3] | 341 | 536 |
Other liabilities | [4] | 4,734 | 3,479 |
Derivative Assets | |||
Derivative Assets | 39,976 | 48,160 | |
Derivative Liabilities | |||
Derivative Liabilities | 50,193 | 59,956 | |
Measured at fair value [member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 10,626 | 10,936 | |
FVTPL Securities | 216 | 493 | |
FVOCI Securities | 20,147 | 12,301 | |
Measured at fair value [member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 7,030 | 6,110 | |
FVTPL Securities | 1,167 | 1,080 | |
FVOCI Securities | 5,055 | 4,571 | |
Measured at fair value [member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 20,332 | 16,699 | |
FVTPL Securities | 2,088 | 4 | |
FVOCI Securities | 5,880 | 3,110 | |
Measured at fair value [member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 279 | 139 | |
FVOCI Securities | 5,301 | 3,714 | |
Measured at fair value [member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2,575 | 3,970 | |
FVTPL Securities | 48 | 87 | |
FVOCI Securities | 6,969 | 6,411 | |
Measured at fair value [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 23,869 | 14,312 | |
FVTPL Securities | 19 | 8 | |
FVOCI Securities | 15,765 | 9,268 | |
Measured at fair value [member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 11,734 | 9,592 | |
FVTPL Securities | 7,360 | 6,479 | |
FVOCI Securities | 3,551 | 4,033 | |
Measured at fair value [member] | Trading loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 450 | 346 | |
Measured at fair value [member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 47,661 | 46,073 | |
FVTPL Securities | 5,822 | 5,490 | |
FVOCI Securities | 160 | 153 | |
Measured at fair value [member] | Residential mortgages [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 1,676 | 176 | |
Measured at fair value [member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 5,778 | 5,556 | |
Measured at fair value [member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 13,350 | 12,762 | |
Derivative Liabilities | |||
Derivative Liabilities | 17,801 | 16,598 | |
Measured at fair value [member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 19,889 | 22,522 | |
Derivative Liabilities | |||
Derivative Liabilities | 19,205 | 25,110 | |
Measured at fair value [member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 2,022 | 6,324 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,657 | 3,589 | |
Measured at fair value [member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 4,690 | 6,491 | |
Derivative Liabilities | |||
Derivative Liabilities | 11,503 | 14,584 | |
Measured at fair value [member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 25 | 61 | |
Derivative Liabilities | |||
Derivative Liabilities | 27 | 75 | |
Valued using quoted market prices [member] | Measured at fair value [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 69,317 | 64,086 | |
FVTPL Securities | 1,495 | 1,857 | |
FVOCI Securities | 15,520 | 8,109 | |
Loans | |||
Other Assets | [1] | 6,020 | 4,148 |
Fair value liabilities | 22,468 | 19,644 | |
Securities sold but not yet purchased | 20,989 | 18,465 | |
Structured note liabilities | [2] | ||
Structured deposits | [3] | ||
Other liabilities | [4] | 1,479 | 1,179 |
Derivative Assets | |||
Derivative Assets | 775 | 2,554 | |
Derivative Liabilities | |||
Derivative Liabilities | 802 | 2,786 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,728 | 6,981 | |
FVTPL Securities | 211 | 319 | |
FVOCI Securities | 13,297 | 3,544 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,560 | 1,120 | |
FVTPL Securities | 445 | 36 | |
FVOCI Securities | 610 | 972 | |
Valued using quoted market prices [member] | Measured at fair value [member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 8,645 | 7,326 | |
FVTPL Securities | 5 | ||
FVOCI Securities | 727 | 1,443 | |
Valued using quoted market prices [member] | Measured at fair value [member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 56 | ||
FVOCI Securities | |||
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 | 408 | 1,085 | |
FVTPL Securities | |||
FVOCI Securities | 480 | 1,795 | |
Valued using quoted market prices [member] | Measured at fair value [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | |||
FVTPL Securities | |||
FVOCI Securities | |||
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 | 2,551 | 1,445 | |
FVTPL Securities | 25 | 62 | |
FVOCI Securities | 406 | 355 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Trading loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3 | ||
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 | 47,422 | 46,073 | |
FVTPL Securities | 809 | 1,440 | |
FVOCI Securities | |||
Valued using quoted market prices [member] | Measured at fair value [member] | Residential mortgages [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | |||
Valued using quoted market prices [member] | Measured at fair value [member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | |||
Valued using quoted market prices [member] | Measured at fair value [member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 21 | 80 | |
Derivative Liabilities | |||
Derivative Liabilities | 52 | 58 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 28 | 21 | |
Derivative Liabilities | |||
Derivative Liabilities | 1 | 2 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 668 | 1,514 | |
Derivative Liabilities | |||
Derivative Liabilities | 589 | 1,523 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 58 | 939 | |
Derivative Liabilities | |||
Derivative Liabilities | 160 | 1,203 | |
Valued using quoted market prices [member] | Measured at fair value [member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | |||
Derivative Liabilities | |||
Derivative Liabilities | |||
Valued using models (with observable inputs) [member] | Measured at fair value [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 54,194 | 43,103 | |
FVTPL Securities | 10,990 | 7,732 | |
FVOCI Securities | 47,148 | 35,298 | |
Loans | 7,268 | 5,712 | |
Other Assets | [1] | 33 | 60 |
Fair value liabilities | 61,683 | 51,653 | |
Securities sold but not yet purchased | 22,792 | 22,514 | |
Structured note liabilities | [2] | 35,300 | 26,305 |
Structured deposits | [3] | 341 | 536 |
Other liabilities | [4] | 3,250 | 2,298 |
Derivative Assets | |||
Derivative Assets | 39,196 | 45,580 | |
Derivative Liabilities | |||
Derivative Liabilities | 49,380 | 57,168 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,898 | 3,955 | |
FVTPL Securities | 5 | 174 | |
FVOCI Securities | 6,850 | 8,757 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,470 | 4,990 | |
FVTPL Securities | 722 | 1,044 | |
FVOCI Securities | 4,445 | 3,599 | |
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 | 11,687 | 9,373 | |
FVTPL Securities | 2,083 | 4 | |
FVOCI Securities | 5,153 | 1,667 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 279 | 83 | |
FVOCI Securities | 5,301 | 3,713 | |
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 | 2,167 | 2,885 | |
FVTPL Securities | 48 | 87 | |
FVOCI Securities | 6,489 | 4,616 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 22,973 | 13,327 | |
FVTPL Securities | 19 | 8 | |
FVOCI Securities | 15,765 | 9,268 | |
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 | 9,071 | 8,144 | |
FVTPL Securities | 7,308 | 6,409 | |
FVOCI Securities | 3,145 | 3,678 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Trading loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 447 | 346 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 202 | ||
FVTPL Securities | 805 | 6 | |
FVOCI Securities | |||
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Residential mortgages [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 1,676 | 176 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 5,592 | 5,536 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 13,329 | 12,682 | |
Derivative Liabilities | |||
Derivative Liabilities | 17,749 | 16,540 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 19,861 | 22,475 | |
Derivative Liabilities | |||
Derivative Liabilities | 19,204 | 25,108 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 1,349 | 4,810 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,067 | 2,066 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 4,632 | 5,552 | |
Derivative Liabilities | |||
Derivative Liabilities | 11,335 | 13,381 | |
Valued using models (with observable inputs) [member] | Measured at fair value [member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 25 | 61 | |
Derivative Liabilities | |||
Derivative Liabilities | 25 | 73 | |
Valued using models (without observable inputs) [member] | Measured at fair value [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,045 | 988 | |
FVTPL Securities | 4,235 | 4,052 | |
FVOCI Securities | 160 | 154 | |
Loans | 186 | 20 | |
Other Assets | [1] | 397 | 49 |
Fair value liabilities | 5 | 2 | |
Securities sold but not yet purchased | |||
Structured note liabilities | [2] | ||
Structured deposits | [3] | ||
Other liabilities | [4] | 5 | 2 |
Derivative Assets | |||
Derivative Assets | 5 | 26 | |
Derivative Liabilities | |||
Derivative Liabilities | 11 | 2 | |
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | |||
FVTPL Securities | |||
FVOCI Securities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | |||
FVTPL Securities | |||
FVOCI Securities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | |||
FVTPL Securities | |||
FVOCI Securities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | |||
FVOCI Securities | 1 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | |||
FVTPL Securities | |||
FVOCI Securities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 896 | 985 | |
FVTPL Securities | |||
FVOCI Securities | |||
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 | 112 | 3 | |
FVTPL Securities | 27 | 8 | |
FVOCI Securities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Trading loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 0 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 37 | ||
FVTPL Securities | 4,208 | 4,044 | |
FVOCI Securities | 160 | 153 | |
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Residential mortgages [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 186 | 20 | |
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | |||
Derivative Liabilities | |||
Derivative Liabilities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 26 | ||
Derivative Liabilities | |||
Derivative Liabilities | |||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 5 | ||
Derivative Liabilities | |||
Derivative Liabilities | 1 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | |||
Derivative Liabilities | |||
Derivative Liabilities | 8 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 0 | ||
Derivative Liabilities | |||
Derivative Liabilities | $ 2 | $ 2 | |
[1]Other assets include precious metals, segregated fund assets in our insurance business, carbon credits, certain receivables and other items measured at fair value.[2]This represents the structured note liabilities included in deposits that have been designated at FVTPL.[3]This represents certain embedded options related to structured deposits carried at amortized cost.[4]Other liabilities include investment contract liabilities and segregated fund liabilities in our insurance business, certain payables and metals deposit that have been designated at FVTPL, as well as certain securitization and structured entities’ liabilities measured at FVTPL. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Detail) - Valued using models (without observable inputs) [member] $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
Fair value of assets | $ 1,326 | $ 1,184 | |
Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
Fair value of assets | $ 4,208 | $ 4,044 | |
Corporate equity [member] | Bottom of range [member] | |||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
EV/EBITDA multiple range of input values | [1] | 3x | 5x |
Corporate equity [member] | Top of range [member] | |||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
EV/EBITDA multiple range of input values | [1] | 23x | 19x |
NHA MBS US Agency MBS And CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
Fair value of assets | $ 896 | $ 985 | |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | |||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
Discounted cash flows and Prepayment rate changes in percentage | [1] | 2% | 3% |
Comparability adjustment | [1],[2] | 0.31 | 0.32 |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | |||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |||
Discounted cash flows and Prepayment rate changes in percentage | [1] | 65% | 47% |
Comparability adjustment | [1],[2] | 0.92 | 0.88 |
[1]The low and high input values represent the lowest and highest actual level of inputs used to value a group of financial instruments in a particular product category. These value ranges do not reflect the level of input uncertainty but are affected by the specific underlying instruments within each product category. The value ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date.[2]Range of input values represents price per security adjustment (Canadian $). |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Transfers Between Level 1 and Level 2 (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Trading securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | $ 10,926 | $ 10,983 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 19,119 | 13,062 |
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 | 1,301 | 607 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 993 | 522 |
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 | 7,078 | 16,452 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 9,295 | 11,895 |
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 | 9,211 | 9,499 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 15,704 | $ 14,623 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | $ 1,184 | |||
Assets at end of period | 1,326 | $ 1,184 | ||
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 | 985 | |||
Assets at end of period | 896 | 985 | ||
Corporate equity [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 4,044 | |||
Assets at end of period | 4,208 | 4,044 | ||
Trading securities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 988 | 682 | ||
Change in fair value included in earnings | (137) | (239) | ||
Change in fair value included in other comprehensive income | [1] | 9 | 75 | |
Purchases/Issuances | 721 | [2] | 1,056 | |
Sales | (480) | (662) | ||
Transfers into Level 3 | 500 | 446 | ||
Transfers out of Level 3 | (556) | (370) | ||
Assets at end of period | 1,045 | 988 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (103) | (46) | |
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 | 985 | 675 | ||
Change in fair value included in earnings | (137) | (237) | ||
Change in fair value included in other comprehensive income | [1] | 8 | 76 | |
Purchases/Issuances | 682 | [2] | 1,045 | |
Sales | (473) | (657) | ||
Transfers into Level 3 | 378 | 444 | ||
Transfers out of Level 3 | (547) | (361) | ||
Assets at end of period | 896 | 985 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (103) | (45) | |
Trading securities [member] | Corporate debt [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 3 | 7 | ||
Change in fair value included in earnings | (2) | |||
Change in fair value included in other comprehensive income | [1] | 1 | (1) | |
Purchases/Issuances | 39 | [2] | 11 | |
Sales | (7) | (5) | ||
Transfers into Level 3 | 85 | 2 | ||
Transfers out of Level 3 | (9) | (9) | ||
Assets at end of period | 112 | 3 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (1) | ||
Trading securities [member] | Corporate equity [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Transfers into Level 3 | 37 | |||
Assets at end of period | 37 | |||
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 | 4,052 | 2,442 | ||
Change in fair value included in earnings | (233) | 231 | ||
Change in fair value included in other comprehensive income | [1] | 45 | 176 | |
Purchases/Issuances | 2,803 | [2] | 1,458 | |
Sales | (349) | (321) | ||
Maturities/Settlement | (1) | |||
Transfers into Level 3 | 15 | 66 | ||
Transfers out of Level 3 | (2,097) | |||
Assets at end of period | 4,235 | 4,052 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (38) | 274 | |
Financial assets at fair value through profit or loss [member] | Corporate debt [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 8 | |||
Purchases/Issuances | 19 | [2] | 8 | |
Assets at end of period | 27 | 8 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | 1 | ||
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 | 4,044 | 2,442 | ||
Change in fair value included in earnings | (233) | 231 | ||
Change in fair value included in other comprehensive income | [1] | 45 | 176 | |
Purchases/Issuances | 2,784 | [2] | 1,450 | |
Sales | (349) | (321) | ||
Maturities/Settlement | (1) | |||
Transfers into Level 3 | 15 | 66 | ||
Transfers out of Level 3 | (2,097) | |||
Assets at end of period | 4,208 | 4,044 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (39) | 274 | |
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 | 154 | 133 | ||
Change in fair value included in other comprehensive income | [1] | 1 | 1 | |
Purchases/Issuances | 7 | [2] | 15 | |
Sales | (1) | (1) | ||
Maturities/Settlement | (1) | |||
Transfers into Level 3 | 6 | |||
Assets at end of period | 160 | 154 | ||
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 | 153 | 132 | ||
Change in fair value included in other comprehensive income | [1] | 1 | 1 | |
Purchases/Issuances | 7 | [2] | 15 | |
Sales | (1) | (1) | ||
Transfers into Level 3 | 6 | |||
Assets at end of period | 160 | 153 | ||
Financial assets at fair value through other comprehensive income, category [member] | US States, municipalities and agencies [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 1 | 1 | ||
Maturities/Settlement | (1) | |||
Assets at end of period | 1 | |||
Business and government loans [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 20 | 6 | ||
Change in fair value included in other comprehensive income | [1] | 4 | ||
Purchases/Issuances | 259 | [2] | 15 | |
Maturities/Settlement | (97) | (1) | ||
Assets at end of period | 186 | 20 | ||
Derivatives Liabilities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 2 | 2 | ||
Change in fair value included in earnings | 13 | |||
Maturities/Settlement | (12) | |||
Transfers into Level 3 | 8 | 3 | ||
Transfers out of Level 3 | (3) | |||
Liabilities at end of period | 11 | 2 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (37) | ||
Derivatives Liabilities [member] | Equity contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Transfers into Level 3 | 8 | |||
Liabilities at end of period | 8 | |||
Derivatives Liabilities [member] | Credit default swaps [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 2 | 2 | ||
Transfers into Level 3 | 3 | |||
Transfers out of Level 3 | (3) | |||
Liabilities at end of period | 2 | 2 | ||
Derivatives Liabilities [member] | Commodity contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Change in fair value included in earnings | 1 | |||
Liabilities at end of period | 1 | |||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | 1 | ||
Derivatives Liabilities [member] | Foreign exchange contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Change in fair value included in earnings | 12 | |||
Maturities/Settlement | (12) | |||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (38) | ||
Other Liabilities [Member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 2 | |||
Change in fair value included in earnings | (1) | |||
Purchases/Issuances | 11 | [2] | 2 | |
Sales | (4) | |||
Transfers out of Level 3 | (3) | |||
Liabilities at end of period | 5 | 2 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (1) | ||
Other assets [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 49 | |||
Change in fair value included in earnings | 1 | |||
Purchases/Issuances | 358 | [2] | 49 | |
Maturities/Settlement | (11) | |||
Assets at end of period | 397 | 49 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | 2 | ||
Derivatives Asset [Member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 26 | |||
Change in fair value included in earnings | (23) | |||
Purchases/Issuances | 13 | [2] | 26 | |
Maturities/Settlement | (9) | |||
Transfers into Level 3 | 1 | |||
Transfers out of Level 3 | (3) | |||
Assets at end of period | 5 | 26 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | 3 | ||
Derivatives Asset [Member] | Equity contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Change in fair value included in earnings | 2 | |||
Transfers into Level 3 | 1 | |||
Transfers out of Level 3 | (3) | |||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | 2 | ||
Derivatives Asset [Member] | Commodity contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Change in fair value included in earnings | (8) | |||
Purchases/Issuances | [2] | 13 | ||
Assets at end of period | 5 | |||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | (8) | ||
Derivatives Asset [Member] | Foreign exchange contracts [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 26 | |||
Change in fair value included in earnings | (17) | |||
Purchases/Issuances | 26 | |||
Maturities/Settlement | (9) | |||
Assets at end of period | $ 26 | |||
Change in unrealized gains (losses) recorded in income for instruments still held | [3] | $ 9 | ||
[1]Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.[2]FVTPL securities include $969 million of Federal Home Loan Bank and Federal Reserve Bank equity and $587 million of investments in Low Income Housing Tax Credit entities, acquired as a result of our acquisition of Bank of the West.[3]Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2023 and 2022 are included in earnings for the year. |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Changes in Level 3 Instruments Carried At Fair Value (Parenthetical) (Detail) - Financial assets at fair value through profit or loss [member] - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchase fair value measurement of assets | $ 2,803 | [1] | $ 1,458 |
Bank of the West [Member] | Federal home loan bank and federal housing bank equity [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchase fair value measurement of assets | 969 | ||
Bank of the West [Member] | Housing tax credit entities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchase fair value measurement of assets | $ 587 | ||
[1]FVTPL securities include $969 million of Federal Home Loan Bank and Federal Reserve Bank equity and $587 million of investments in Low Income Housing Tax Credit entities, acquired as a result of our acquisition of Bank of the West. |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Trading Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Trading revenue [abstract] | ||
Interest rates | $ 770 | $ 893 |
Foreign exchange | 638 | 571 |
Equities | 610 | 713 |
Commodities | 192 | 189 |
Other | (1,526) | 7,556 |
Total trading-related revenue | 684 | 9,922 |
Reported as: | ||
Net interest income | 900 | 1,672 |
Non-interest revenue – trading revenues | (216) | 8,250 |
Total trading-related revenue | $ 684 | $ 9,922 |
Offsetting of Financial Asset_3
Offsetting of Financial Assets and Financial Liabilities - Summary of Amounts Offset and Not Offset in the Consolidated Balance Sheet (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Assets) | $ 158,641 | $ 164,803 | |
Amounts offset in the balance sheet | 3,003 | 3,449 | |
Net amounts presented in balance sheet | 155,638 | 161,354 | |
Impact of master netting agreements | 38,060 | 43,635 | |
Securities received as collateral | [1],[2] | 106,118 | 103,018 |
Cash collateral | 4,594 | 3,205 | |
Net amount | [3] | 6,866 | 11,496 |
Gross amounts (Financial Liabilities) | 159,304 | 167,368 | |
Amounts offset in the balance sheet | 3,003 | 3,449 | |
Net amounts presented in balance sheet | 156,301 | 163,919 | |
Impact of master netting agreements | 38,060 | 43,635 | |
Securities pledged as collateral | [1],[2] | 102,128 | 98,706 |
Cash collateral | 7,292 | 9,019 | |
Net amount | [3] | 8,821 | 12,559 |
Securities purchased under resale agreements and securities borrowed [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Assets) | 118,128 | 116,309 | |
Amounts offset in the balance sheet | 2,466 | 3,115 | |
Net amounts presented in balance sheet | 115,662 | 113,194 | |
Impact of master netting agreements | 11,386 | 11,757 | |
Securities received as collateral | [1],[2] | 102,852 | 99,736 |
Cash collateral | 25 | 4 | |
Net amount | [3] | 1,399 | 1,697 |
Derivative financial instruments assets 1 [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Assets) | 40,513 | 48,494 | |
Amounts offset in the balance sheet | 537 | 334 | |
Net amounts presented in balance sheet | 39,976 | 48,160 | |
Impact of master netting agreements | 26,674 | 31,878 | |
Securities received as collateral | [1],[2] | 3,266 | 3,282 |
Cash collateral | 4,569 | 3,201 | |
Net amount | [3] | 5,467 | 9,799 |
Derivative financial instruments liabilities 1 [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Liabilities) | 50,730 | 60,290 | |
Amounts offset in the balance sheet | 537 | 334 | |
Net amounts presented in balance sheet | 50,193 | 59,956 | |
Impact of master netting agreements | 26,674 | 31,878 | |
Securities pledged as collateral | [1],[2] | 7,837 | 7,212 |
Cash collateral | 7,186 | 8,843 | |
Net amount | [3] | 8,496 | 12,023 |
Obligations related to securities sold under repurchase agreements and securities lent [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Liabilities) | 108,574 | 107,078 | |
Amounts offset in the balance sheet | 2,466 | 3,115 | |
Net amounts presented in balance sheet | 106,108 | 103,963 | |
Impact of master netting agreements | 11,386 | 11,757 | |
Securities pledged as collateral | [1],[2] | 94,291 | 91,494 |
Cash collateral | 106 | 176 | |
Net amount | [3] | $ 325 | $ 536 |
[1]Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events.[2]Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table).[3]Not intended to represent our actual exposure to credit risk. |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended | |||
Nov. 01, 2023 | Feb. 01, 2023 | Dec. 31, 2022 | Oct. 31, 2023 | |
Statement [Line Items] | ||||
Capital conservation buffer, percentage | 2.50% | |||
Common equity surcharge, percentage | 1% | |||
Domestic stability buffer, percentage | 3% | |||
Buffer requirement for the leverage ratio percentage | 0.50% | |||
Increase (decrease) in capital floor adjustment percentage | 2.50% | |||
Minimum [Member] | ||||
Statement [Line Items] | ||||
Domestic stability buffer, percentage | 0% | 0% | ||
Capital floor adjustment percentage | 65% | |||
Maximum [Member] | ||||
Statement [Line Items] | ||||
Domestic stability buffer, percentage | 2.50% | 4% | ||
Capital floor adjustment percentage | 72.50% | |||
With Effect effective November 1, 2023 [Member] | ||||
Statement [Line Items] | ||||
Domestic stability buffer, percentage | 3.50% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital Measure and Risk-Weighted Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Fixed Rate of Instruments [Abstract] | ||
CET1 Capital | $ 52,914 | $ 60,891 |
Tier 1 Capital | 59,785 | 67,121 |
Total Capital | 68,718 | 75,309 |
TLAC | 114,402 | 120,663 |
Risk-Weighted Assets | 424,197 | 363,997 |
Leverage Exposures | $ 1,413,036 | $ 1,189,990 |
CET1 Ratio | 12.50% | 16.70% |
Tier 1 Capital Ratio | 14.10% | 18.40% |
Total Capital Ratio | 16.20% | 20.70% |
TLAC Ratio | 27% | 33.10% |
Leverage Ratio | 4.20% | 5.60% |
TLAC Leverage Ratio | 8.10% | 10.10% |
Employee Compensation - Share_3
Employee Compensation - Share-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Millions | 12 Months Ended | |
Oct. 31, 2023 CAD ($) $ / shares shares | Oct. 31, 2022 CAD ($) $ / shares shares | |
Disclosure of Sharebased Payment [Line Items] | ||
Weighted average fair value of options granted | $ / shares | $ 18.94 | $ 14.17 |
Other liabilities | $ 63,048,000,000 | $ 45,332,000,000 |
Weighted average exercise price, options | $ / shares | $ 122.31 | $ 135.58 |
Employee Stock Option Plan [Member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Employee compensation expense | $ 20,000,000 | $ 12,000,000 |
Share purchase plan [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Employee compensation expense | $ 48,000,000 | $ 45,000,000 |
Percentage of employer matching contribution for contribution up to 6% | 50% | |
Percentage of employee contribution towards share ownership plans | 6% | |
Share purchase plan contribution vesting period | 2 years | |
Individual gross salary for employees contribution | $ 75,000 | |
Description of employee ownership plan contribution | 50% of employee contributions up to 6% of their individual gross salary to a maximum of $75,000. Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. | |
Common shares held in plan | shares | 18.2 | 17.8 |
Mid-Term incentive plan [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Employee compensation expense | $ 605,000,000 | $ 719,000,000 |
Units granted | 6,900,000 | 5,800,000 |
Weighted average fair value of options granted | $ / shares | $ 129.18 | $ 139.04 |
Gains (losses) on hedge contract | $ (223,000,000) | $ 3,000,000 |
Deferred incentive plan outstanding | 17,800,000 | 16,600,000 |
Intrinsic value of share other than options vested | $ 1,361,000,000 | $ 1,501,000,000 |
Mid-Term incentive plan [member] | Equity contracts [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Employee compensation expense | 828,000,000 | 716,000,000 |
Deferred incentive plans [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Employee compensation expense | $ (76,000,000) | $ (16,000,000) |
Deferred incentive plan outstanding | 5,000,000 | 4,700,000 |
Deferred incentive plan units granted | 200,000 | 200,000 |
Weighted average fair value at measurement date | $ 123.64 | $ 136.74 |
Other liabilities | 517,000,000 | 585,000,000 |
Gains (losses) on derivatives | (105,000,000) | (30,000,000) |
Gains resulted in net employee compensation expense | 29,000,000 | 14,000,000 |
Share ownership arrangements [Member] | Assets 1 [member] | Compensation trusts [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Assets recognised | 1,908,000,000 | 2,239,000,000 |
Deferred compensation arrangements [member] | Compensation trusts [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Consolidated Trust Liabilities | 306,000,000 | |
Consolidated Trust Assets | 0 | |
Deferred compensation arrangements [member] | Assets 1 [member] | Compensation trusts [member] | ||
Disclosure of Sharebased Payment [Line Items] | ||
Assets recognised | $ 175,000,000 | $ 154,000,000 |
Employee Compensation - Share_4
Employee Compensation - Share-Based Compensation - Summary of Information about our Stock Option Plan (Detail) | 12 Months Ended | |
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | ||
Weighted-average exercise price,Granted | $ / shares | $ 122.31 | $ 135.58 |
Employee Stock Options [Member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | ||
Number of stock options, Outstanding at beginning of year | shares | 5,976,870 | 5,682,206 |
Number of stock options, Granted | shares | 1,322,817 | 1,028,255 |
Number of stock options, Exercised | shares | (724,853) | (733,591) |
Number of stock options, Forfeited/cancelled | shares | (262,258) | |
Number of stock options, Outstanding at end of year | shares | 6,312,576 | 5,976,870 |
Number of stock options, Exercisable at end of year | shares | 2,759,935 | 2,648,426 |
Number of stock options, Available for grant | shares | 10,619,482 | 11,680,041 |
Weighted-average exercise price, Outstanding at beginning of year | $ / shares | $ 98.12 | $ 87.79 |
Weighted-average exercise price,Granted | $ / shares | 122.31 | 135.58 |
Weighted-average exercise price,Exercised | $ / shares | 76.12 | 70.64 |
Weighted-average exercise price,Forfeited/cancelled | $ / shares | 109.19 | |
Weighted-average exercise price,Outstanding at end of year | $ / shares | 105.26 | 98.12 |
Weighted-average exercise price,Exercisable at end of year | $ / shares | $ 89.99 | $ 84.14 |
Employee Compensation - Share_5
Employee Compensation - Share-Based Compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) - Employee Stock Options [Member] | 12 Months Ended | ||
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | Oct. 31, 2021 shares $ / shares | |
Disclosure of range of exercise prices of share options [Line Items] | |||
Number of stock options | shares | 6,312,576 | 5,976,870 | 5,682,206 |
Weighted- average exercise price | $ 105.26 | $ 98.12 | $ 87.79 |
Number of stock options | shares | 2,759,935 | 2,648,426 | |
Weighted- average exercise price | $ 89.99 | $ 84.14 | |
Range of exercise prices $60.01 to $70.00 [member] | |||
Disclosure of range of exercise prices of share options [Line Items] | |||
Number of stock options | 230,413 | ||
Weighted- average remaining contractual life (years) | 1 month 6 days | ||
Weighted- average exercise price | $ 68.6 | ||
Number of stock options | shares | 230,413 | ||
Weighted- average exercise price | $ 68.6 | ||
Range of exercise prices $70.01 to $80.00 [member] | |||
Disclosure of range of exercise prices of share options [Line Items] | |||
Number of stock options | 615,909 | ||
Weighted- average remaining contractual life (years) | 1 year 8 months 12 days | ||
Weighted- average exercise price | $ 77.59 | ||
Number of stock options | shares | 615,909 | ||
Weighted- average exercise price | $ 77.59 | ||
Range of exercise prices $80.01 to $90.00 [member] | |||
Disclosure of range of exercise prices of share options [Line Items] | |||
Number of stock options | 654,099 | ||
Weighted- average remaining contractual life (years) | 5 years 1 month 6 days | ||
Weighted- average exercise price | $ 89.9 | ||
Number of stock options | shares | 654,099 | ||
Weighted- average exercise price | $ 89.9 | ||
Range of exercise prices $90.01 to $100.00 [member] | |||
Disclosure of range of exercise prices of share options [Line Items] | |||
Number of stock options | 1,277,195 | ||
Weighted- average remaining contractual life (years) | 5 years 10 months 24 days | ||
Weighted- average exercise price | $ 97.07 | ||
Number of stock options | shares | 386,544 | ||
Weighted- average exercise price | $ 96.9 | ||
Range of exercise prices $100.01 and over [member] | |||
Disclosure of range of exercise prices of share options [Line Items] | |||
Number of stock options | 3,534,960 | ||
Weighted- average remaining contractual life (years) | 7 years 6 months | ||
Weighted- average exercise price | $ 118.27 | ||
Number of stock options | shares | 872,970 | ||
Weighted- average exercise price | $ 101.38 |
Employee Compensation - Share_6
Employee Compensation - Share-Based Compensation - Summary of Further Information about our Stock Option Plan (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of number and weighted average exercise price of share options [abstract] | ||
Unrecognized compensation cost for non-vested stock option awards | $ 14 | $ 9 |
Cash proceeds from stock options exercised | $ 55 | $ 52 |
Weighted-average share price for stock options exercised (in dollars) | $ 123.01 | $ 141.5 |
Employee Compensation - Share_7
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) - yr | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.20% | |
Expected share price volatility | 20.90% | 16.80% |
Risk-free rate of return | 3.20% | |
Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.50% | |
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 dividend yield | 4.60% | |
Risk-free rate of return | 1.90% | |
Expected period until exercise (in years) | 7 | 7 |
Employee Compensation - Pensi_3
Employee Compensation - Pension and Other Employee Future Benefits - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of defined benefit plans [line items] | ||
Estimated Benefit payments | $ 589 | |
Pension Plans [member] | Scenario, Forecast [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Estimated Benefit payments | 57 | |
Other employee future benefit plans [member] | Scenario, Forecast [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Estimated Benefit payments | 49 | |
Canadian plans [member] | Common shares [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets | $ 0 | $ 1 |
Employee Compensation - Summary
Employee Compensation - Summary of Plan Information for Past Two Years (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | $ 8,148 | $ 7,833 |
Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 7,513 | 7,082 |
Fair value of plan assets | 8,559 | 8,261 |
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | 1,046 | 1,179 |
Pension Plans [member] | Funded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | 1,209 | 1,267 |
Pension Plans [member] | Unfunded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | (163) | (88) |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 880 | 928 |
Fair value of plan assets | 138 | 147 |
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | (742) | (781) |
Other employee future benefit plans [member] | Funded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | 81 | 51 |
Other employee future benefit plans [member] | Unfunded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | $ (823) | $ (832) |
Employee Compensation - Summa_2
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | $ 163 | $ 237 |
Net interest (income) expense on net defined benefit (asset) liability | (64) | (27) |
Impact of plan amendments | (1) | (2) |
Gain on settlement | (1) | |
Administrative expenses | 10 | 4 |
Benefits expense | 108 | 211 |
Government pension plans expense | 361 | 252 |
Defined contribution expense | 271 | 176 |
Total annual pension and other employee future benefit expenses recognized in our Consolidated Statement of Income | 740 | 639 |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | 6 | 8 |
Net interest (income) expense on net defined benefit (asset) liability | 42 | 35 |
Impact of plan amendments | (51) | |
Remeasurement of other long-term benefits | 9 | (18) |
Benefits expense | 6 | 25 |
Total annual pension and other employee future benefit expenses recognized in our Consolidated Statement of Income | $ 6 | $ 25 |
Employee Compensation - Summa_3
Employee Compensation - Summary of Weighted-average Assumptions (Detail) | Oct. 31, 2023 | Oct. 31, 2022 | |||
Pension Plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Discount rate at beginning of year | [1],[2] | 5.50% | 3.20% | ||
Rate of compensation increase | 2.30% | 2.20% | |||
Pension Plans [member] | Defined Benefit Obligation [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Discount rate at beginning of year | 5.80% | 5.50% | |||
Rate of compensation increase | 2.10% | 2.30% | |||
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Discount rate at beginning of year | [1],[2] | 5.50% | 3.30% | ||
Assumed overall health care cost trend rate | [3] | 4.70% | 4.80% | ||
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Discount rate at beginning of year | 5.70% | 5.50% | |||
Assumed overall health care cost trend rate | 4.80% | [4] | 4.70% | [3] | |
[1]The other employee future benefit plans current service cost was calculated using a separate discount rate of 5.5% and 3.6% for 2023 and 2022, respectively.[2]The pension benefit current service cost was calculated using a separate discount rate of 5.4% and 3.7% for 2023 and 2022, respectively.[3]Trending to 4.00% in 2041 and remaining at that level thereafter.[4]Trending to 4.03% in 2040 and remaining at that level thereafter. |
Employee Compensation - Summa_4
Employee Compensation - Summary of Weighted-average Assumptions (Parenthetical) (Detail) | Oct. 31, 2023 | Oct. 31, 2022 | |||
Pension Plans [member] | Current service costs [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 5.40% | 3.70% | |||
Pension Plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | [1],[2] | 5.50% | 3.20% | ||
Pension Plans [member] | Defined Benefit Obligation [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 5.80% | 5.50% | |||
Other employee future benefit plans [member] | Current service costs [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 5.50% | 3.60% | |||
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | [3] | 4.70% | 4.80% | ||
Actuarial assumption of discount rates | [1],[2] | 5.50% | 3.30% | ||
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | 2040 [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.03% | ||||
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | 2041 [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4% | ||||
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.80% | [4] | 4.70% | [3] | |
Actuarial assumption of discount rates | 5.70% | 5.50% | |||
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | 2040 [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.03% | ||||
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | 2041 [Member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4% | ||||
[1]The other employee future benefit plans current service cost was calculated using a separate discount rate of 5.5% and 3.6% for 2023 and 2022, respectively.[2]The pension benefit current service cost was calculated using a separate discount rate of 5.4% and 3.7% for 2023 and 2022, respectively.[3]Trending to 4.00% in 2041 and remaining at that level thereafter.[4]Trending to 4.03% in 2040 and remaining at that level thereafter. |
Employee Compensation - Summa_5
Employee Compensation - Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations (Detail) | Oct. 31, 2023 | Oct. 31, 2022 |
Canada [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.9 | 23.9 |
Canada [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.3 | 24.2 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.8 | 24.8 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 25.2 | 25.1 |
United States [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 21.9 | 21.8 |
United States [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.3 | 23.2 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.1 | 23 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.5 | 24.4 |
Employee Compensation - Summa_6
Employee Compensation - Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 7,082 | ||
Current service cost | 163 | $ 237 | |
Interest cost | (64) | (27) | |
Actuarial (gains) losses due to: | |||
Changes in financial assumptions | 349 | 2,386 | |
Plan member experience | (46) | (207) | |
Foreign exchange and other | (8) | (14) | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 1,046 | 1,179 | |
Defined benefit obligation at end of year | 7,513 | 7,082 | |
Actuarial gains (losses) recognized in other comprehensive income for the year | (5) | 641 | |
Pension Plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 7,082 | 9,716 | |
Acquisition of defined benefit obligation | [1] | 563 | |
Divestiture of defined benefit obligation | [2] | (532) | |
Current service cost | 163 | 237 | |
Interest cost | 393 | 290 | |
Impact of plan amendments | (1) | (2) | |
(Gain) on settlements | (1) | ||
Employer contributions | 20 | 18 | |
Benefits paid | (449) | (578) | |
Actuarial (gains) losses due to: | |||
Changes in financial assumptions | (349) | (2,386) | |
Plan member experience | 46 | 207 | |
Foreign exchange and other | 45 | 113 | |
Defined benefit obligation at end of year | 7,513 | 7,082 | |
Wholly or partially funded defined benefit obligation | 7,350 | 6,994 | |
Unfunded defined benefit obligation | 163 | 88 | |
Pension Plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 8,261 | 10,525 | |
Acquisition of plan assets | [1] | 487 | |
Divestiture of plan assets | [2] | (647) | |
Interest cost | 457 | 317 | |
Return on plan assets (excluding interest income) | (300) | (1,524) | |
Employer contributions | 50 | 58 | |
Employee contributions | 20 | 18 | |
Benefits paid | (449) | (578) | |
Actuarial (gains) losses due to: | |||
Administrative expenses | (10) | (4) | |
Foreign exchange and other | 43 | 96 | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 1,046 | 1,179 | |
Defined benefit obligation at end of year | 8,559 | 8,261 | |
Actuarial gains (losses) recognized in other comprehensive income for the year | (300) | (1,524) | |
Pension Plans [member] | Other assets [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 1,225 | 1,267 | |
Pension Plans [member] | Other liabilities [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | (179) | (88) | |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 928 | ||
Current service cost | 6 | 8 | |
Interest cost | 42 | 35 | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | 14 | 56 | |
Changes in financial assumptions | 17 | 228 | |
Plan member experience | 9 | 10 | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | (742) | (781) | |
Defined benefit obligation at end of year | 880 | 928 | |
Actuarial gains (losses) recognized in other comprehensive income for the year | 28 | 257 | |
Other employee future benefit plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 928 | 1,220 | |
Acquisition of defined benefit obligation | [1] | 28 | |
Current service cost | 6 | 8 | |
Interest cost | 50 | 39 | |
Impact of plan amendments | (51) | ||
Employer contributions | 6 | 6 | |
Benefits paid | (58) | (49) | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | (2) | (60) | |
Changes in financial assumptions | (19) | (244) | |
Plan member experience | (10) | (9) | |
Foreign exchange and other | 2 | 17 | |
Defined benefit obligation at end of year | 880 | 928 | |
Wholly or partially funded defined benefit obligation | 57 | 96 | |
Unfunded defined benefit obligation | 823 | 832 | |
Other employee future benefit plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 147 | 166 | |
Interest cost | 8 | 4 | |
Return on plan assets (excluding interest income) | (12) | (37) | |
Employer contributions | 45 | 40 | |
Employee contributions | 6 | 6 | |
Benefits paid | (58) | (49) | |
Actuarial (gains) losses due to: | |||
Foreign exchange and other | 2 | 17 | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | (742) | (781) | |
Defined benefit obligation at end of year | 138 | 147 | |
Actuarial gains (losses) recognized in other comprehensive income for the year | (12) | (37) | |
Other employee future benefit plans [member] | Other assets [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 81 | 51 | |
Other employee future benefit plans [member] | Other liabilities [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | $ (823) | $ (832) | |
[1]Relates to the defined benefit plan included in our acquisition of Bank of the West in fiscal 2023. Refer to Note 10 for further information.[2]Relates to the defined benefit plan included in the sale of our EMEA Asset Management business in fiscal 2022. Refer to Note 10 for further information. |
Employee Compensation - Summa_7
Employee Compensation - Summary Of Asset Allocation Ranges, Weighted-Average Actual Asset Allocations And Fair Values Of Plan Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
% of total | 100% | 100% |
Plan assets, at fair value | $ 8,148 | $ 7,833 |
Level 1 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | 1,093 | 1,297 |
Level 2 and 3 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | $ 7,055 | $ 6,536 |
Equities [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
% of total | 20% | 24% |
Plan assets, at fair value | $ 1,588 | $ 1,891 |
Equities [Member] | Level 1 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | 925 | 1,187 |
Equities [Member] | Level 2 and 3 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | $ 663 | $ 704 |
Fixed Income Investments [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
% of total | 49% | 45% |
Plan assets, at fair value | $ 4,023 | $ 3,488 |
Fixed Income Investments [Member] | Level 1 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | 168 | 110 |
Fixed Income Investments [Member] | Level 2 and 3 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | $ 3,855 | $ 3,378 |
Alternative Strategies [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
% of total | 31% | 31% |
Plan assets, at fair value | $ 2,537 | $ 2,454 |
Alternative Strategies [Member] | Level 1 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | 0 | 0 |
Alternative Strategies [Member] | Level 2 and 3 of fair value hierarchy [member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Plan assets, at fair value | $ 2,537 | $ 2,454 |
Bottom of range [member] | Equities [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Target range | 15% | 20% |
Bottom of range [member] | Fixed Income Investments [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Target range | 40% | 40% |
Bottom of range [member] | Alternative Strategies [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Target range | 10% | 15% |
Top of range [member] | Equities [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Target range | 40% | 40% |
Top of range [member] | Fixed Income Investments [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Target range | 60% | 55% |
Top of range [member] | Alternative Strategies [Member] | ||
Disclosure Of Detailed Information About Allocation Of Plan Assets And Weighted Average Actual Asset Allocations And Fair Value Of Plan Assets [Line Items] | ||
Target range | 40% | 40% |
Employee Compensation - Summa_8
Employee Compensation - Summary of Changes in Number of Key Assumption (Detail) $ in Millions | Oct. 31, 2023 CAD ($) |
Pension Plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 5.80% |
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (659) |
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 807 |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 2.10% |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 29 |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | (28) |
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | 114 |
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ (117) |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 5.70% |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (65) |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | 77 |
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | 16 |
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ (16) |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 4.80% |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 33 |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ (30) |
Employee Compensation - Summa_9
Employee Compensation - Summary of Changes in Number of Key Assumption (Parenthetical) (Detail) - Defined benefit expenses [member] - Other employee future benefit plans [member] | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of defined benefit plans [line items] | |||
Assumed overall health care cost trend rate | [1] | 4.70% | 4.80% |
2040 [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Assumed overall health care cost trend rate | 4.03% | ||
[1]Trending to 4.00% in 2041 and remaining at that level thereafter. |
Employee Compensation - Summ_10
Employee Compensation - Summary of Duration of Defined Benefit Obligation (Detail) - yr | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Pension Plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 12.1 | 12.1 |
Pension Plans [member] | United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 7.2 | 7.5 |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 11.2 | 12.5 |
Employee Compensation - Summ_11
Employee Compensation - Summary of Cash payments in connection with employee future benefit plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Pension Plans [member] | ||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | ||
Net contributions to defined benefit plans | $ 7 | $ 24 |
Contributions to defined contribution plans | 271 | 176 |
Benefits paid directly to pensioners | 43 | 34 |
Cash payments made for employee future benefit plans | 321 | 234 |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | ||
Benefits paid directly to pensioners | 45 | 40 |
Cash payments made for employee future benefit plans | $ 45 | $ 40 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |||
Dec. 15, 2022 | Jan. 31, 2023 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of Income Tax [Line items] | |||||
Deferred income tax assets loss carryforwards | $ 3,081 | $ 1,175 | $ 1,287 | ||
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | 1,018 | 922 | |||
Amount of unrecognized tax loss carryforwards | 74 | 36 | |||
Temporary differences associated with repatriation of earnings from investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 24,000 | 24,000 | |||
One-time income tax expense, Canada recovery dividend, pro-rated fiscal 2022 impact | $ 59 | ||||
One-time income tax expense, canada recovery dividend | 312 | ||||
One-time income tax expense | $ 371 | ||||
One time income tax rate canada recovery dividend | 15% | ||||
Exemption of average taxable income tax amount | $ 1,000 | ||||
Increase in income tax rate | 1.50% | 1.50% | |||
Increase in taxable amount prorated fiscal year | $ 100 | ||||
2011 - 2018 taxation years [member] | |||||
Disclosure of Income Tax [Line items] | |||||
Additional income tax expense and interest | $ 1,465 | ||||
Canada [member] | 2023 - 2041 taxation years [member] | |||||
Disclosure of Income Tax [Line items] | |||||
Deferred income tax assets loss carryforwards expiration period | 2042 | ||||
Canada [member] | Tax loss carryforwards [member] | |||||
Disclosure of Income Tax [Line items] | |||||
Deferred income tax assets loss carryforwards | $ 6 | 0 | |||
United States [member] | Tax loss carryforwards [member] | |||||
Disclosure of Income Tax [Line items] | |||||
Deferred income tax assets loss carryforwards | $ 7 | $ 10 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure representing major components of tax expense income [line items] | ||
Current taxes | $ 2,220 | $ 3,889 |
Adjustments for current tax of prior periods | (2) | (15) |
Origination and reversal of temporary differences | (711) | 475 |
Effect of changes in tax rates | (21) | |
Provision for taxes | 1,486 | 4,349 |
Unrealized (losses) on FVOCI debt securities | (35) | (182) |
Reclassification to earnings of (gains) on FVOCI debt securities | (11) | (5) |
(Losses) on derivatives designated as cash flow hedges | (576) | (1,794) |
Reclassification to earnings/goodwill of (gains) losses on derivatives designated as cash flow hedges | 366 | (114) |
Unrealized (losses) on hedges of net foreign operations | (90) | (124) |
Gains on remeasurement of pension and other employee future benefit plans | 24 | 239 |
Gains (Losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (103) | 465 |
Unrealized gains on FVOCI equity securities | 1 | |
Share-based compensation | 4 | 5 |
Aggregate provision for income tax in Other Comprehensive Income and Equity | (421) | (1,509) |
Total provision for income taxes | 1,065 | 2,840 |
Canada [member] | ||
Disclosure representing major components of tax expense income [line items] | ||
Federal current taxes | 509 | 1,178 |
Provincial current taxes | 278 | 672 |
Current taxes | 787 | 1,850 |
Federal Deferred taxes | (491) | 148 |
Provincial deferred taxes | (269) | 85 |
Deferred taxes | (760) | 233 |
Total provision for income taxes | 27 | 2,083 |
Foreign countries [member] | ||
Disclosure representing major components of tax expense income [line items] | ||
Current taxes | 933 | 953 |
Deferred taxes | 105 | (196) |
Total provision for income taxes | $ 1,038 | $ 757 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rates (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Statement [Line Items] | ||
Combined Canadian federal and provincial income taxes at the statutory tax rate | $ 1,630 | $ 4,757 |
Tax-exempt income from securities | (265) | (200) |
Foreign operations subject to different tax rates | (233) | (160) |
Income attributable to investments in associates and joint ventures | (31) | (57) |
Net impact of certain Canadian tax measures | 371 | |
Other | 14 | 9 |
Provision for income taxes in our Consolidated Statement of Income and effective tax rate | $ 1,486 | $ 4,349 |
Combined Canadian federal and provincial income taxes at the statutory tax rate | 27.80% | 26.60% |
Tax-exempt income from securities | (4.50%) | (1.10%) |
Foreign operations subject to different tax rates | (4.00%) | (0.90%) |
Income attributable to investments in associates and joint ventures | (0.50%) | (0.30%) |
Net impact of certain Canadian tax measures | 6.30% | |
Other | 0.20% | |
Provision for income taxes in our Consolidated Statement of Income and effective tax rate | 25.30% | 24.30% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Income Tax Balances (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | ||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | $ 1,073 | $ 1,095 | ||||
Bank of the West acquisitions | 1,273 | |||||
Benefit (expense) to Income statement | 732 | (475) | ||||
Benefit (expense) to equity | (77) | 438 | ||||
Translation and other | 64 | 15 | ||||
Ending balance of net asset | 3,065 | 1,073 | ||||
Comprising | ||||||
Deferred tax assets | 3,081 | 1,175 | $ 1,287 | |||
Deferred tax liabilities | (16) | (102) | (192) | |||
Net deferred tax assets (liabilities) | 3,065 | 1,073 | $ 1,095 | |||
Allowance for credit losses [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | 605 | 651 | ||||
Bank of the West acquisitions | 96 | |||||
Benefit (expense) to Income statement | 182 | (52) | ||||
Translation and other | 10 | 6 | ||||
Ending balance of net asset | 893 | 605 | ||||
Employee future benefits [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | 256 | 330 | ||||
Benefit (expense) to Income statement | 21 | (10) | ||||
Benefit (expense) to equity | (14) | (65) | ||||
Translation and other | 1 | 1 | ||||
Ending balance of net asset | 264 | 256 | ||||
Deferred compensation benefits [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | 708 | 685 | ||||
Bank of the West acquisitions | 115 | |||||
Benefit (expense) to Income statement | (50) | 18 | ||||
Translation and other | 10 | 5 | ||||
Ending balance of net asset | 783 | 708 | ||||
Other comprehensive income [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | 573 | (108) | ||||
Benefit (expense) to Income statement | (1) | |||||
Benefit (expense) to equity | (51) | 682 | ||||
Ending balance of net asset | 522 | 573 | ||||
Premises and equipment [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | (460) | (400) | ||||
Bank of the West acquisitions | (179) | |||||
Benefit (expense) to Income statement | 375 | (59) | ||||
Translation and other | (8) | (1) | ||||
Ending balance of net asset | (272) | (460) | ||||
Pension benefits [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | (370) | (148) | ||||
Bank of the West acquisitions | 25 | |||||
Benefit (expense) to Income statement | (41) | (47) | ||||
Benefit (expense) to equity | (9) | (174) | ||||
Translation and other | (1) | |||||
Ending balance of net asset | (395) | (370) | ||||
Goodwill and intangible assets [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | (244) | (241) | ||||
Bank of the West acquisitions | (767) | |||||
Benefit (expense) to Income statement | 134 | 1 | ||||
Translation and other | (36) | (4) | ||||
Ending balance of net asset | (913) | (244) | ||||
Securities [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | 142 | (51) | ||||
Bank of the West acquisitions | 1,086 | |||||
Benefit (expense) to Income statement | (286) | 193 | ||||
Translation and other | 45 | |||||
Ending balance of net asset | 987 | 142 | ||||
Deferred Tax Asset Liability Other [member] | ||||||
Disclosure of components of deferred tax assets and liabilities [line items] | ||||||
Beginning balance of net asset | [1] | (137) | 377 | |||
Bank of the West acquisitions | [2] | 897 | ||||
Benefit (expense) to Income statement | 397 | [3] | (518) | [1] | ||
Benefit (expense) to equity | (3) | (5) | [1] | |||
Translation and other | 42 | 9 | [1] | |||
Ending balance of net asset | $ 1,196 | $ (137) | [1] | |||
[1]Includes the tax impact of the interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates on our acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of the legal provision recorded in relation to the lawsuit described in Note 24.[2]Includes the tax impact of deferred revenue and purchase accounting adjustments in connection with our acquisition of Bank of the West.[3]Includes the tax impact of interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates in our acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of leasing assets. |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Basic Earnings Per Common Share | ||
Net income attributable to bank shareholders | $ 4,365 | $ 13,537 |
Dividends on preferred shares and distributions on other equity instruments | (331) | (231) |
Net income available to common shareholders | $ 4,034 | $ 13,306 |
Weighted-average number of common shares outstanding | 709,364 | 663,990 |
Basic earnings per common share | $ 5.69 | $ 20.04 |
Diluted Earnings Per Common Share | ||
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 4,034 | $ 13,306 |
Weighted-average number of common shares outstanding | 709,364 | 663,990 |
Effect of dilutive instruments | ||
Stock options potentially exercisable | 4,440 | 5,178 |
Common shares potentially repurchased | (3,289) | (3,461) |
Weighted-average number of diluted common shares outstanding | 710,515 | 665,707 |
Diluted earnings per common share | $ 5.68 | $ 19.99 |
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 | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 2,204,402 | 943,741 |
Weighted-average exercise price | $ 135.69 | $ 143.52 |
Commitments, Guarantees, Pled_3
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amounts Payable Under Various Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 288,275 | $ 263,688 |
Financial Guarantees [Member] | Standby letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 29,656 | 26,019 |
Financial Guarantees [Member] | Credit default swaps [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 10,010 | 11,099 |
Other Credit Instruments [Member] | Backstop liquidity facilities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 18,805 | 17,330 |
Other Credit Instruments [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 1,763 | 1,351 |
Other Credit Instruments [Member] | Commitments to extend credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 218,094 | 200,814 |
Other Credit Instruments [Member] | Other commitments [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 9,947 | $ 7,075 |
Commitments, Guarantees, Pled_4
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Fair value of derivative liabilities | $ 3 | $ (38) |
Other commitments | $ 5,611 | $ 783 |
Commitments, Guarantees, Pled_5
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | $ 364,394 | $ 316,130 | |
Bank assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 219,570 | 181,067 | |
Bank assets [member] | Cash and due from banks [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 125 | 87 | |
Bank assets [member] | Securities [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [1] | 114,407 | 95,194 |
Bank assets [member] | Loans [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 94,442 | 71,795 | |
Bank assets [member] | Other assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 10,596 | 13,991 | |
Third-party Assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Collateral received and available for sale or re-pledging | [2] | 191,148 | 177,300 |
Less: Collateral not sold or re-pledged | [2] | (46,324) | (42,237) |
Pledged assets and collateral | [2] | 144,824 | 135,063 |
Clearing systems, payment systems and depositories [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 18,096 | 19,082 | |
Foreign governments and central banks [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 89 | 87 | |
Obligations related to securities sold short [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 43,781 | 40,979 | |
Obligations related to securities sold under repurchase agreements [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 92,549 | 90,490 | |
Securities borrowing and lending [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [3] | 87,136 | 69,525 |
Derivative transactions [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 14,983 | 16,341 | |
Securitization [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 27,058 | 27,499 | |
Covered bonds [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 29,802 | 33,175 | |
Others [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | $ 50,900 | $ 18,952 | |
[1]Includes NHA MBS of $0 million, which are included in loans in our Consolidated Balance Sheet ($5,277 million as at October 31, 2022).[2]Includes on-balance sheet securities borrowed or purchased under resale agreements and off-balance sheet collateral received.[3]Includes off-balance sheet securities borrowing and lending. |
Commitments, Guarantees, Pled_6
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | $ 364,394 | $ 316,130 |
Federal Home Loan Bank Loans [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | 41,510 | 14,013 |
Bank assets [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | 219,570 | 181,067 |
Bank assets [member] | Securities [member] | NHA mortgaged back securities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | $ 4,481 | $ 5,277 |
Commitments, Guarantees, Pled_7
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||
Aug. 22, 2023 USD ($) | Nov. 08, 2022 USD ($) | Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | |
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | ||||
Lease Commitments | $ 94 | $ 303 | ||
Revised loss contingency accrual provision | 1,169 | |||
Revised loss contingency accrual provision after tax | 871 | |||
Litigation settlement pre-judgment interest | 5.26% | |||
Litigation settlement post-judgment interest | 4.74% | |||
Litigation settlement, amount awarded to other party | $ 483 | $ 564 | ||
Loss contingency accrual, provision | 1,120 | |||
Loss contingency accrual provision after tax | $ 830 | |||
Loss contingency accrual, non-interest expenses | 609 | |||
Loss contingency accrual, interest expenses | $ 560 |
Commitments, Guarantees, Pled_8
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Changes In Provision Balance (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | ||
Balance at beginning of year | $ 1,277 | $ 248 |
Additional provisions/increase in provisions | 576 | 1,201 |
Provisions utilized | (258) | (155) |
Amounts reversed | (38) | (20) |
Foreign exchange and other | 21 | 3 |
Balance at end of year | 1,578 | 1,277 |
Restructuring and severance [member] | ||
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | ||
Balance at beginning of year | 109 | |
Additional provisions/increase in provisions | 388 | |
Provisions utilized | (142) | |
Amounts reversed | (27) | |
Foreign exchange and other | 7 | |
Balance at end of year | 335 | 109 |
Legal [member] | ||
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | ||
Balance at beginning of year | 1,168 | |
Additional provisions/increase in provisions | 188 | |
Provisions utilized | (116) | |
Amounts reversed | (11) | |
Foreign exchange and other | 14 | |
Balance at end of year | $ 1,243 | $ 1,168 |
Operating and Geographic Segm_3
Operating and Geographic Segmentation - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 CAD ($) Branch ATM Segments Business | Oct. 31, 2022 CAD ($) | |
Disclosure of operating segments [line items] | ||
Number of operating groups | Business | 3 | |
Taxable equivalent basis adjustment amount | $ | $ 354 | $ 270 |
Personal and commercial banking [member] | ||
Disclosure of operating segments [line items] | ||
Number operating segments | Segments | 2 | |
Number of branches through which the services are provided to the customers | Branch | 900 | |
Number of automated teller machines through which the services are provided to the customers | ATM | 3,200 | |
US Personal and Commercial Banking [member] | ||
Disclosure of operating segments [line items] | ||
Number of branches through which the services are provided to the customers | Branch | 1,000 | |
Number of automated teller machines through which the services are provided to the customers | ATM | 40,000 |
Operating and Geographic Segm_4
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Net interest income | $ 18,681 | $ 15,885 |
Non-interest revenue | 12,518 | 17,825 |
Total Revenue | 31,199 | 33,710 |
Total provision for (recovery of) credit losses | 2,178 | 313 |
Insurance claims, commissions and changes in policy benefit liabilities | 1,939 | (683) |
Depreciation and amortization | 2,099 | 1,480 |
Non-interest expense | 19,120 | 14,714 |
Income Before Provision for Income Taxes | 5,863 | 17,886 |
Provision for (recovery of) income taxes | 1,486 | 4,349 |
Reported net income (loss) | 4,377 | 13,537 |
Non-controlling interest in subsidiaries | 12 | |
Net income (loss) attributable to bank shareholders | 4,365 | 13,537 |
Average assets | 1,248,356 | 1,072,497 |
Impaired Loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 1,180 | 502 |
Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 998 | (189) |
Canadian P&C [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 8,308 | 7,449 |
Non-interest revenue | 2,519 | 2,419 |
Total Revenue | 10,827 | 9,868 |
Total provision for (recovery of) credit losses | 930 | 341 |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | |
Depreciation and amortization | 573 | 516 |
Non-interest expense | 4,197 | 3,833 |
Income Before Provision for Income Taxes | 5,127 | 5,178 |
Provision for (recovery of) income taxes | 1,409 | 1,352 |
Reported net income (loss) | 3,718 | 3,826 |
Non-controlling interest in subsidiaries | 0 | |
Net income (loss) attributable to bank shareholders | 3,718 | |
Average assets | 317,878 | 292,087 |
Canadian P&C [member] | Impaired Loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 784 | 432 |
Canadian P&C [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 146 | (91) |
US P&C [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 7,853 | 5,037 |
Non-interest revenue | 1,573 | 1,265 |
Total Revenue | 9,426 | 6,302 |
Total provision for (recovery of) credit losses | 510 | 17 |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | |
Depreciation and amortization | 889 | 424 |
Non-interest expense | 4,613 | 2,619 |
Income Before Provision for Income Taxes | 3,414 | 3,242 |
Provision for (recovery of) income taxes | 690 | 745 |
Reported net income (loss) | 2,724 | 2,497 |
Non-controlling interest in subsidiaries | 6 | |
Net income (loss) attributable to bank shareholders | 2,718 | |
Average assets | 218,674 | 145,187 |
US P&C [member] | Impaired Loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 380 | 107 |
US P&C [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 130 | (90) |
BMO WM [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 1,416 | 1,188 |
Non-interest revenue | 5,978 | 3,336 |
Total Revenue | 7,394 | 4,524 |
Total provision for (recovery of) credit losses | 18 | (2) |
Insurance claims, commissions and changes in policy benefit liabilities | 1,939 | (683) |
Depreciation and amortization | 300 | 258 |
Non-interest expense | 3,662 | 3,306 |
Income Before Provision for Income Taxes | 1,475 | 1,645 |
Provision for (recovery of) income taxes | 349 | 394 |
Reported net income (loss) | 1,126 | 1,251 |
Non-controlling interest in subsidiaries | 0 | |
Net income (loss) attributable to bank shareholders | 1,126 | |
Average assets | 58,661 | 50,488 |
BMO WM [member] | Impaired Loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 5 | 2 |
BMO WM [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 13 | (4) |
BMO CM [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 2,553 | 3,197 |
Non-interest revenue | 3,897 | 2,975 |
Total Revenue | 6,450 | 6,172 |
Total provision for (recovery of) credit losses | 18 | (43) |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | |
Depreciation and amortization | 337 | 282 |
Non-interest expense | 3,942 | 3,573 |
Income Before Provision for Income Taxes | 2,153 | 2,360 |
Provision for (recovery of) income taxes | 471 | 588 |
Reported net income (loss) | 1,682 | 1,772 |
Non-controlling interest in subsidiaries | 0 | |
Net income (loss) attributable to bank shareholders | 1,682 | |
Average assets | 416,261 | 390,306 |
BMO CM [member] | Impaired Loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 9 | (32) |
BMO CM [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 9 | (11) |
Corporate services [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | (1,449) | (986) |
Non-interest revenue | (1,449) | 7,830 |
Total Revenue | (2,898) | 6,844 |
Total provision for (recovery of) credit losses | 702 | |
Insurance claims, commissions and changes in policy benefit liabilities | 0 | |
Depreciation and amortization | 0 | |
Non-interest expense | 2,706 | 1,383 |
Income Before Provision for Income Taxes | (6,306) | 5,461 |
Provision for (recovery of) income taxes | (1,433) | 1,270 |
Reported net income (loss) | (4,873) | 4,191 |
Non-controlling interest in subsidiaries | 6 | |
Net income (loss) attributable to bank shareholders | (4,879) | |
Average assets | 236,882 | 194,429 |
Corporate services [member] | Impaired Loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 2 | (7) |
Corporate services [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | $ 700 | $ 7 |
Operating and Geographic Segm_5
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Operating Segment (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Average Earning Assets | $ 1,145,632 | $ 979,341 |
Canadian Personal and Commercial Banking [member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | 303,855 | 278,022 |
United States Personal and Commercial Banking [member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | 202,155 | 138,094 |
All Other Operating Segments [member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | $ 639,622 | $ 563,225 |
Operating and Geographic Segm_6
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Geographic Region (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of geographical areas [line items] | ||
Total Revenue | $ 31,199 | $ 33,710 |
Income (loss) before taxes | 5,863 | 17,886 |
Reported net income | 4,377 | 13,537 |
Average Assets | 1,248,356 | 1,072,497 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Total Revenue | 16,884 | 15,977 |
Income (loss) before taxes | 4,407 | 7,335 |
Reported net income | 3,025 | 5,557 |
Average Assets | 655,887 | 600,607 |
United States [member] | ||
Disclosure of geographical areas [line items] | ||
Total Revenue | 11,967 | 16,980 |
Income (loss) before taxes | (44) | 10,526 |
Reported net income | 129 | 7,894 |
Average Assets | 541,045 | 416,885 |
Other international non CAN non US [member] | ||
Disclosure of geographical areas [line items] | ||
Total Revenue | 2,348 | 753 |
Income (loss) before taxes | 1,500 | 25 |
Reported net income | 1,223 | 86 |
Average Assets | $ 51,424 | $ 55,005 |
Significant Subsidiaries - Summ
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2023 CAD ($) | |
AIR MILES Loyalty Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | AIR MILES Loyalty Inc. |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 213 |
Bank of Montreal (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal (China) Co. Ltd. |
Head or principal office | Beijing, China |
Book value of shares owned by the bank | $ 489 |
Bank of Montreal Europe plc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Europe plc |
Head or principal office | Dublin, Ireland |
Book value of shares owned by the bank | $ 519 |
Bank of Montreal Holding Inc. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Holding Inc. and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 36,341 |
Bank of Montreal Mortgage Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Mortgage Corporation |
Head or principal office | Calgary, Canada |
BMO Mortgage Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Mortgage Corp. |
Head or principal office | Vancouver, Canada |
BMO Investments Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Inc. |
Head or principal office | Toronto, Canada |
BMO Investments Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Limited |
Head or principal office | Hamilton, Bermuda |
BMO Reinsurance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Reinsurance Limited |
Head or principal office | St. Michael, Barbados |
BMO InvestorLine Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO InvestorLine Inc. |
Head or principal office | Toronto, Canada |
BMO Nesbitt Burns Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Nesbitt Burns Inc. |
Head or principal office | Toronto, Canada |
BMO Private Equity (Canada) Inc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Private Equity (Canada) Inc. |
Head or principal office | Toronto, Canada |
BMO Capital Markets Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Limited |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 324 |
BMO Capital Partners Inc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Partners Inc. |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 799 |
BMO Financial Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Financial Corp. and subsidiaries |
Head or principal office | Chicago, United States |
Book value of shares owned by the bank | $ 51,512 |
BMO Bank National Association [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Bank National Association |
Head or principal office | Chicago, United States |
BMO Capital Markets Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Corp. |
Head or principal office | New York, United States |
BMO japan securities ltd[member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Japan Securities Ltd. |
Head or principal office | Tokyo, Japan |
Book value of shares owned by the bank | $ 6 |
BMO Life Insurance Company and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Insurance Company and subsidiaries, |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 1,885 |
BMO Life Holdings (Canada), ULC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Holdings (Canada), ULC |
Head or principal office | Halifax, Canada |
BMO Life Assurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Assurance Company |
Head or principal office | Toronto, Canada |
BMO Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Trust Company |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 530 |
Significant Subsidiaries - Su_2
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Voting rights held in subsidiaries | 100% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Base salary and incentives | $ 22 | $ 25 | |
Post-employment benefits | 2 | 3 | |
Share-based payments | [1] | 49 | 45 |
Total key management personnel compensation | $ 73 | $ 73 | |
[1]Amounts included in share-based payments are the fair values of awards granted in the year. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Provision for credit losses | $ 0 | $ 0 |
Key management personnel directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related party | $ 16 | $ 20 |
Related Party Transactions - _2
Related Party Transactions - Summary of Carrying amount in Joint Venture and Asoociated Companies (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Joint ventures where entity is venturer [member] | ||
Disclosure of associates [line items] | ||
Carrying amount | $ 679 | $ 585 |
Share of net income | 61 | 126 |
Associates [member] | ||
Disclosure of associates [line items] | ||
Carrying amount | 782 | 708 |
Share of net income | $ 124 | $ 148 |
Related Party Transactions - _3
Related Party Transactions - Summary of Transaction With Joint Ventures and Associates (Detail) - Associates and joint ventures [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of transactions between related parties [line items] | |||
Loans | [1] | $ 1,525 | $ 1,190 |
Deposits | 265 | 202 | |
Fees paid for services received | 58 | 61 | |
Guarantees and commitments | $ 98 | $ 93 | |
[1]Includes customers’ liability under acceptances. |