Cover
Cover | 3 Months Ended |
Jan. 31, 2022 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jan. 31, 2022 |
Document Fiscal Period Focus | Q1 |
Document Fiscal Year Focus | 2022 |
Current Fiscal Year End Date | --10-31 |
Entity File Number | 001-14446 |
Entity Registrant Name | TORONTO DOMINION BANK |
Entity Central Index Key | 0000947263 |
Entity Address, Address Line One | c/o General Counsel’s Office |
Entity Address, Address Line Two | P.O. Box 1 |
Entity Address, Address Line Three | Toronto Dominion Centre |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5K 1A2 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheet - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
ASSETS | ||
Cash and due from banks | $ 7,001 | $ 5,931 |
Interest-bearing deposits with banks | 165,209 | 159,962 |
Cash and interest bearing deposits with banks | 172,210 | 165,893 |
Trading loans, securities, and other (Note 4) | 152,748 | 147,590 |
Non-trading financial assets at fair value through profit or loss (Note 4) | 9,925 | 9,390 |
Derivatives (Note 4) | 54,519 | 54,427 |
Financial assets designated at fair value through profit or loss (Note 4) | 4,762 | 4,564 |
Financial assets at fair value through other comprehensive income (Note 4) | 75,519 | 79,066 |
Total Trading and Non Trading Financial Assets | 297,473 | 295,037 |
Debt securities at amortized cost, net of allowance for credit losses (Notes 4, 5) | 295,946 | 268,939 |
Securities purchased under reverse repurchase agreements | 165,818 | 167,284 |
Loans (Notes 4, 6) | ||
Residential mortgages | 275,029 | 268,340 |
Consumer instalment and other personal | 191,996 | 189,864 |
Credit card | 31,441 | 30,738 |
Business and government | 251,388 | 240,070 |
Total loans | 749,854 | 729,012 |
Allowance for loan losses (Note 6) | (6,239) | (6,390) |
Loans, net of allowance for loan losses | 743,615 | 722,622 |
Other | ||
Customers' liability under acceptances | 17,346 | 18,448 |
Investment in Schwab (Note 7) | 11,186 | 11,112 |
Goodwill (Note 8) | 16,615 | 16,232 |
Other intangibles | 2,152 | 2,123 |
Land, buildings, equipment, and other depreciable assets | 9,289 | 9,181 |
Deferred tax assets | 2,228 | 2,265 |
Amounts receivable from brokers, dealers, and clients | 24,779 | 32,357 |
Other assets (Note 9) | 19,931 | 17,179 |
Total other miscellaneous assets | 103,526 | 108,897 |
Total assets | 1,778,588 | 1,728,672 |
LIABILITIES | ||
Trading deposits (Notes 4, 10) | 20,549 | 22,891 |
Derivatives (Note 4) | 51,892 | 57,122 |
Securitization liabilities at fair value (Note 4) | 13,332 | 13,505 |
Financial liabilities designated at fair value through profit or loss (Notes 4, 10) | 135,150 | 113,988 |
Total financial liabilities other than non-trading deposits and other | 220,923 | 207,506 |
Deposits (Notes 4, 10) | ||
Personal | 652,746 | 633,498 |
Banks | 24,282 | 20,917 |
Business and government | 482,510 | 470,710 |
Total deposits, other than trading | 1,159,538 | 1,125,125 |
Other | ||
Acceptances | 17,346 | 18,448 |
Obligations related to securities sold short (Note 4) | 47,430 | 42,384 |
Obligations related to securities sold under repurchase agreements | 145,432 | 144,097 |
Securitization liabilities at amortized cost (Note 4) | 15,280 | 15,262 |
Amounts payable to brokers, dealers, and clients | 26,895 | 28,993 |
Insurance-related liabilities | 7,745 | 7,676 |
Other liabilities (Note 11) | 24,718 | 28,133 |
Total other miscellaneous liabilities | 284,846 | 284,993 |
Subordinated notes and debentures (Note 4) | 11,304 | 11,230 |
Total liabilities | 1,676,611 | 1,628,854 |
EQUITY | ||
Contributed surplus | 148 | 173 |
Retained earnings | 65,621 | 63,944 |
Accumulated other comprehensive income (loss) | 7,532 | 7,097 |
Total equity | 101,977 | 99,818 |
Total liabilities and equity | 1,778,588 | 1,728,672 |
Common shares [member] | ||
EQUITY | ||
Issued capital (Note 12) | 23,170 | 23,066 |
Treasury shares (Note 12) | (188) | (152) |
Preferred shares and other equity instruments [member] | ||
EQUITY | ||
Issued capital (Note 12) | 5,700 | 5,700 |
Treasury shares (Note 12) | (6) | (10) |
Schwab [member] | ||
Other | ||
Investment in Schwab (Note 7) | $ 11,186 | $ 11,112 |
Interim Consolidated Statement
Interim Consolidated Statement of Income - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Interest income1 (Note 19) | |||
Loans | [1] | $ 6,011 | $ 6,190 |
Securities | |||
Interest | [1] | 1,011 | 949 |
Dividends | [1] | 431 | 395 |
Deposits with banks | [1] | 69 | 76 |
Total interest income | [1] | 7,522 | 7,610 |
Interest expense (Note 19) | |||
Deposits | 776 | 1,131 | |
Securitization liabilities | 102 | 76 | |
Subordinated notes and debentures | 97 | 94 | |
Other | 245 | 279 | |
Total interest expense | 1,220 | 1,580 | |
Net interest income | 6,302 | 6,030 | |
Non-interest income | |||
Investment and securities services | 1,604 | 1,510 | |
Credit fees | 400 | 358 | |
Trading income (loss) | 114 | 272 | |
Service charges | 733 | 643 | |
Card services | 707 | 595 | |
Insurance revenue | 1,317 | 1,228 | |
Other income (loss) | 104 | 176 | |
Total non-interest income | 4,979 | 4,782 | |
Total revenue | 11,281 | 10,812 | |
Provision for (recovery of) credit losses (Note 6) | 72 | 313 | |
Insurance claims and related expenses | 756 | 780 | |
Non-interest expenses | |||
Salaries and employee benefits | 3,278 | 3,156 | |
Occupancy, including depreciation | 400 | 545 | |
Technology and equipment, including depreciation | 444 | 404 | |
Amortization of other intangibles | 160 | 180 | |
Communication and marketing | 287 | 267 | |
Brokerage-related and sub-advisory fees | 113 | 98 | |
Professional, advisory and outside services | 440 | 313 | |
Other | 845 | 821 | |
Total non-interest expenses | 5,967 | 5,784 | |
Income before income taxes and share of net income from investment in Schwab | 4,486 | 3,935 | |
Provision for (recovery of) income taxes | 984 | 827 | |
Net income | 3,733 | 3,277 | |
Dividend | 43 | 65 | |
Net income available to common shareholders | $ 3,690 | $ 3,212 | |
Earnings per share (Canadian dollars) (Note 16) | |||
Basic | $ 2.03 | $ 1.77 | |
Diluted | 2.02 | 1.77 | |
Dividends per common share (Canadian dollars) | $ 0.89 | $ 0.79 | |
Schwab [Member] | |||
Non-interest expenses | |||
Share of net income from investment in Schwab (Note 7) | $ 231 | $ 169 | |
[1] | Includes $6,623 million and $6,788 million, for the three months ended January 31, 2022 and January 31, 2021, respectively, which have been calculated based on the effective interest rate method (EIRM). |
Interim Consolidated Statemen_2
Interim Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Profit or loss [abstract] | ||
Interest income calculated using effective interest rate method | $ 6,623 | $ 6,788 |
Interim Consolidated Statemen_3
Interim Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
IFRS Statement [Line Items] | ||
Net income | $ 3,733 | $ 3,277 |
Net change in unrealized gain/(loss) on financial assets at fair value through other comprehensive income | ||
Change in unrealized gain/(loss) | (257) | 293 |
Reclassification to earnings of net loss/(gain) | (10) | (21) |
Changes in allowance for credit losses recognized in earnings | (2) | 1 |
Income taxes relating to: | ||
Change in unrealized gain/(loss) | 63 | (74) |
Reclassification to earnings of net loss/(gain) | 1 | 4 |
Net change in unrealized gain/(loss) on financial assets at fair value through other comprehensive income | (205) | 203 |
Net change in unrealized foreign currency translation gain/(loss) on investments in foreign operations, net of hedging activities | ||
Unrealized gain/(loss) | 2,354 | (3,371) |
Net gain/(loss) on hedges | (1,034) | 1,471 |
Income taxes relating to: | ||
Net gain/(loss) on hedges | 271 | (386) |
Net change in unrealized foreign currency translation gain/(loss) on investments in foreign operations, net of hedging activities | 1,591 | (2,286) |
Net change in gain/(loss) on derivatives designated as cash flow hedges | ||
Change in gain/(loss) | 640 | (909) |
Reclassification to earnings of loss/(gain) | (1,452) | 555 |
Income taxes relating to: | ||
Change in gain/(loss) | (150) | 179 |
Reclassification to earnings of loss/(gain) | 356 | (86) |
Net change in gain/(loss) on derivatives designated as cash flow hedges | (606) | (261) |
Actuarial gain/(loss) on employee benefit plans | ||
Gain/(loss) | 377 | 553 |
Income taxes | (99) | (145) |
Actuarial gain/(loss) on employee benefit plans | 278 | 408 |
Change in net unrealized gain/(loss) on equity securities designated at fair value through other comprehensive income | ||
Change in net unrealized gain/(loss) | 87 | 135 |
Income taxes | (23) | (37) |
Change in net unrealized gain/(loss) on equity securities designated at fair value through other comprehensive income | 64 | 98 |
Gain/(loss) from changes in fair value due to own credit risk on financial liabilities designated at fair value through profit or loss | ||
Gain/(loss) | (16) | 23 |
Income taxes | 4 | (6) |
Gain/(loss) from changes in fair value due to own credit risk on financial liabilities designated at fair value through profit or loss | (12) | 17 |
Total other comprehensive income (loss) | 713 | (1,877) |
Total comprehensive income (loss) | 4,446 | 1,400 |
Attributable to: | ||
Comprehensive income (loss), attributable to shareholders | 4,403 | 1,335 |
Preferred shareholders and other equity instrument holders | 43 | 65 |
Schwab [Member] | ||
Income taxes relating to: | ||
Share of other comprehensive income (loss) from investment in Schwab | $ (397) | $ (56) |
Interim Consolidated Statemen_4
Interim Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Schwab [member] | Issued capital [member]Common shares [member] | Issued capital [member]Preferred shares and other equity instruments [member] | Treasury shares [member]Common shares [member] | Treasury shares [member]Preferred shares and other equity instruments [member] | Contributed Surplus [Member] | Retained earnings [member] | Retained earnings [member]Common shares [member] | Retained earnings [member]Preferred shares and other equity instruments [member] | Accumulated other comprehensive income [member] | Accumulated other comprehensive income [member]Schwab [member] | Accumulated other comprehensive income [member]Reserve of change in fair value of financial liability attributable to change in credit risk of liability [member] | Accumulated other comprehensive income [member]Reserve of exchange differences on translation [member] | Accumulated other comprehensive income [member]Reserve of cash flow hedges [member] | Accumulated other comprehensive income [member]Financial Assets At Fair Value Through Other Comprehensive Income [Member] | Accumulated other comprehensive income [member]Equity Securities At Fair Value Through Other Comprehensive Income [Member] | Equity attributable to owners of parent [member] |
Balance at beginning of period at Oct. 31, 2020 | $ 22,487 | $ 5,650 | $ (37) | $ (4) | $ 121 | $ 53,845 | $ (37) | $ 9,357 | $ 3,826 | $ 543 | $ (252) | |||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Issuance of stock options, net of options exercised | 46 | 4 | ||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 112 | |||||||||||||||||
Purchase of shares for cancellation and other | ||||||||||||||||||
Purchase of shares | (3,145) | |||||||||||||||||
Purchase of shares and other equity instruments | (34) | |||||||||||||||||
Sale of shares and other equity instruments | 34 | |||||||||||||||||
Sale of shares | 3,011 | |||||||||||||||||
Net premium (discount) on sale of treasury instruments | (8) | |||||||||||||||||
Other | 4 | |||||||||||||||||
Net income attributable to equity instrument holders | 3,277 | |||||||||||||||||
Preferred dividends and distributions on other equity instruments | $ (1,433) | $ (65) | ||||||||||||||||
Net premium on repurchase of common shares and redemption of preferred shares and other equity instruments (Note 12) | ||||||||||||||||||
Actuarial gain/(loss) on employee benefit plans | $ 408 | 408 | ||||||||||||||||
Realized gain/(loss) on equity securities designated at fair value through other comprehensive income | ||||||||||||||||||
Other comprehensive income (loss) | 203 | 202 | ||||||||||||||||
Allowance for credit losses | 1 | 1 | ||||||||||||||||
Other comprehensive income (loss) | 98 | |||||||||||||||||
Reclassification of loss/(gain) to retained earnings | ||||||||||||||||||
Other comprehensive income (loss) | 17 | 17 | ||||||||||||||||
Other comprehensive income (loss) | (2,286) | (2,286) | ||||||||||||||||
Other comprehensive income (loss) | (261) | (261) | ||||||||||||||||
Share of accumulated other comprehensive income (loss) from investment in Schwab | $ (56) | $ (56) | ||||||||||||||||
Balance at end of period at Jan. 31, 2021 | 22,645 | 5,650 | (171) | (4) | 121 | 56,032 | $ 11,152 | (20) | 7,071 | 3,565 | 746 | (154) | $ 95,425 | |||||
Balance at beginning of period at Oct. 31, 2021 | 99,818 | 23,066 | 5,700 | (152) | (10) | 173 | 63,944 | 14 | 5,230 | 1,930 | 510 | 181 | ||||||
Disclosure of classes of share capital [line items] | ||||||||||||||||||
Issuance of stock options, net of options exercised | 76 | 3 | ||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 122 | |||||||||||||||||
Purchase of shares for cancellation and other | (94) | |||||||||||||||||
Purchase of shares | (2,936) | |||||||||||||||||
Purchase of shares and other equity instruments | (29) | |||||||||||||||||
Sale of shares and other equity instruments | 33 | |||||||||||||||||
Sale of shares | 2,900 | |||||||||||||||||
Net premium (discount) on sale of treasury instruments | 8 | |||||||||||||||||
Other | (36) | |||||||||||||||||
Net income attributable to equity instrument holders | 3,733 | |||||||||||||||||
Preferred dividends and distributions on other equity instruments | $ (1,622) | $ (43) | ||||||||||||||||
Net premium on repurchase of common shares and redemption of preferred shares and other equity instruments (Note 12) | (670) | |||||||||||||||||
Actuarial gain/(loss) on employee benefit plans | 278 | 278 | ||||||||||||||||
Realized gain/(loss) on equity securities designated at fair value through other comprehensive income | 1 | |||||||||||||||||
Other comprehensive income (loss) | (205) | (203) | ||||||||||||||||
Allowance for credit losses | (2) | (2) | ||||||||||||||||
Other comprehensive income (loss) | 65 | |||||||||||||||||
Reclassification of loss/(gain) to retained earnings | (1) | |||||||||||||||||
Other comprehensive income (loss) | (12) | (12) | ||||||||||||||||
Other comprehensive income (loss) | 1,591 | 1,591 | ||||||||||||||||
Other comprehensive income (loss) | (606) | (606) | ||||||||||||||||
Share of accumulated other comprehensive income (loss) from investment in Schwab | $ (397) | $ (1,165) | ||||||||||||||||
Balance at end of period at Jan. 31, 2022 | $ 101,977 | $ 23,170 | $ 5,700 | $ (188) | $ (6) | $ 148 | $ 65,621 | $ 7,532 | $ 2 | $ 6,821 | $ 1,324 | $ 305 | $ 245 | $ 101,977 |
Interim Consolidated Statemen_5
Interim Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Net income | ||
Net income | $ 3,733 | $ 3,277 |
Adjustments to determine net cash flows from (used in) operating activities | ||
Provision for (recovery of) credit losses (Note 6) | 72 | 313 |
Depreciation | 275 | 399 |
Amortization of other intangibles | 160 | 180 |
Net securities loss/(gain) (Note 5) | (10) | (20) |
Deferred taxes | 140 | 169 |
Changes in operating assets and liabilities | ||
Interest receivable and payable (Notes 9, 11) | (53) | (16) |
Securities sold under repurchase agreements | 1,335 | (13,204) |
Securities purchased under reverse repurchase agreements | 1,466 | 12,986 |
Securities sold short | 5,046 | 6,769 |
Trading loans and securities | (5,158) | (8,033) |
Loans net of securitization and sales | (21,034) | 11,174 |
Deposits | 32,071 | 31,840 |
Derivatives | (5,322) | 4,170 |
Non-trading financial assets at fair value through profit or loss | (535) | 858 |
Financial assets and liabilities designated at fair value through profit or loss | 20,964 | (10,096) |
Securitization liabilities | (155) | (651) |
Current taxes | (2,083) | 467 |
Brokers, dealers and clients amounts receivable and payable | 5,480 | (5,337) |
Other, including unrealized foreign currency translation (gains)/loss | (7,414) | 10,580 |
Net cash from (used in) operating activities | 28,747 | 45,656 |
Cash flows from (used in) financing activities | ||
Redemption or repurchase of subordinated notes and debentures | 38 | 2 |
Common shares issued, net | 69 | 40 |
Repurchase of common shares (Note 12) | (764) | |
Redemption of preferred shares and other equity instruments | (1,000) | |
Sale of treasury shares and other equity instruments | 2,941 | 3,037 |
Purchase of treasury shares and other equity instruments (Note 12) | (2,965) | (3,179) |
Dividends paid on shares and distributions paid on other equity instruments | (2,947) | (1,387) |
Repayment of lease liabilities | (166) | (136) |
Net cash from (used in) financing activities | (4,794) | (1,623) |
Cash flows from (used in) investing activities | ||
Interest-bearing deposits with banks | (2,951) | (55,614) |
Activities in financial assets at fair value through other comprehensive income | ||
Purchases | (5,821) | (6,152) |
Proceeds from maturities | 6,714 | 7,936 |
Proceeds from sales | 3,166 | 605 |
Activities in debt securities at amortized cost | ||
Purchases | (41,702) | (27,278) |
Proceeds from maturities | 17,932 | 36,116 |
Proceeds from sales | 6 | 597 |
Net purchases of land, buildings, equipment, other depreciable assets, and other intangibles | (333) | (302) |
Net cash acquired from (paid for) divestitures and acquisitions | 24 | |
Net cash from (used in) investing activities | (22,989) | (44,068) |
Effect of exchange rate changes on cash and due from banks | 106 | (160) |
Net increase (decrease) in cash and due from banks | 1,070 | (195) |
Cash and due from banks at beginning of period | 5,931 | 6,445 |
Cash and due from banks at end of period | 7,001 | 6,250 |
Supplementary disclosure of cash flows from operating activities | ||
Amount of income taxes paid (refunded) during the period | 2,614 | 695 |
Amount of interest paid during the period | 1,272 | 1,700 |
Amount of interest received during the period | 7,090 | 7,319 |
Amount of dividends received during the period | 489 | 451 |
Schwab [member] | ||
Adjustments to determine net cash flows from (used in) operating activities | ||
Share of net income from investment in Schwab (Note 7) | $ (231) | $ (169) |
IFRS 7 Disclosure
IFRS 7 Disclosure | 3 Months Ended |
Jan. 31, 2022 | |
IFRS 7 Disclosure [Abstract] | |
IFRS 7 Disclosure | MARKET RISK Market risk capital is calculated using internal models and comprises three components: (1) Value-at-Risk Calculating VaR The Bank computes total VaR on a daily basis by combining the General Market Risk (GMR) and Idiosyncratic Debt Specific Risk (IDSR) associated with the Bank’s trading positions. GMR is determined by creating a distribution of potential changes in the market value of the current portfolio using historical simulation. The Bank values the current portfolio using the market price and rate changes of the most recent 259 trading days for equity, interest rate, foreign exchange, credit, and commodity products. GMR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. A one-day IDSR measures idiosyncratic (single-name) credit spread risk for credit exposures in the trading portfolio using Monte Carlo simulation. The IDSR model is based on the historical behaviour of five-year idiosyncratic credit spreads. Similar to GMR, IDSR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. IDSR is measured for a ten-day The following graph discloses daily one-day VaR is a valuable risk measure but it should be used in the context of its limitations, for example: • VaR uses historical data to estimate future events, which limits its forecasting abilities; • it does not provide information on losses beyond the selected confidence level; and • it assumes that all positions can be liquidated during the holding period used for VaR calculation. The Bank continuously improves its VaR methodologies and incorporates new risk measures in line with market conventions, industry best practices, and regulatory requirements. To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk management and capital purposes. These include Stressed VaR, IRC, Stress Testing Framework, as well as limits based on the sensitivity to various market risk factors. Calculating Stressed VaR In addition to VaR, the Bank also calculates Stressed VaR, which includes Stressed GMR and Stressed IDSR. Stressed VaR is designed to measure the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of stressed market conditions. Stressed VaR is determined using similar techniques and assumptions in GMR and IDSR VaR. However, instead of using the most recent 259 trading days (one year), the Bank uses a selected year of stressed market conditions. In the first quarter of 2022, Stressed VaR was calculated using the one-year one-year Calculating the Incremental Risk Charge The IRC is applied to all instruments in the trading book subject to migration and default risk. Migration risk represents the risk of changes in the credit ratings of the Bank’s exposures. TD applies a Monte Carlo simulation with a one-year The following table presents the end of quarter, average, high, and low usage of TD’s portfolio metrics. TABLE 29: PORTFOLIO MARKET RISK MEASURES (millions of Canadian dollars) For the three months ended January 31 2022 October 31 2021 January 31 2021 As at Average High Low Average Average Interest rate risk $ 20.4 $ 17.4 $ 25.3 $ 9.8 $ 10.6 $ 21.2 Credit spread risk 17.2 12.0 17.2 8.0 6.7 24.6 Equity risk 15.3 11.1 15.3 8.5 8.5 10.1 Foreign exchange risk 0.8 1.2 2.5 0.6 1.2 3.0 Commodity risk 4.3 4.8 5.9 3.0 4.2 6.3 Idiosyncratic debt specific risk 27.7 22.4 28.4 17.8 18.2 30.8 Diversification effect 1 (50.0 ) (40.4 ) n/m 2 n/m (26.9 ) (62.2 ) Total Value-at-Risk (one-day) 35.7 28.5 37.2 21.8 22.5 33.8 Stressed Value-at-Risk (one-day) 74.3 69.3 84.3 55.7 51.2 33.4 Incremental Risk Capital Charge (one-year) $ 293.1 $ 326.3 $ 418.8 $ 233.4 $ 339.0 $ 356.6 1 The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification. 2 Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. Average VaR increased quarter-over-quarter due to changes in interest rate risk positions and decreased year-over-year due to the COVID-19 one-year Average IRC remained relatively unchanged compared to last quarter. Average IRC decreased year-over-year due to changes in bond positions. Validation of VaR Model The Bank uses a back-testing process to compare the actual and theoretical profit and losses to VaR to ensure that they are consistent with the statistical results of the VaR model. The theoretical profit or loss is generated using the daily price movements on the assumption that there is no change in the composition of the portfolio. Validation of the IRC model must follow a different approach since the one-year Structural (Non-Trading) The Bank’s structural interest rate risk arises from traditional personal and commercial banking activity and is generally the result of mismatches between the maturities and repricing dates of the Bank’s assets and liabilities. The measurement of interest rate risk in the banking book does not include exposures from TD’s Wholesale Banking or Insurance businesses. The primary measures for this risk are Economic Value of Shareholders’ Equity (EVE) Sensitivity and Net Interest Income Sensitivity (NIIS). The EVE Sensitivity measures the impact of a specified interest rate shock to the change in the net present value of the Bank’s banking book assets, liabilities, and certain off-balance The NIIS measures the NII change over a twelve-month horizon for a specified change in interest rates for banking book assets, liabilities, and certain off-balance The Bank’s Market Risk policy sets overall limits on the structural interest rate risk measures. These limits are periodically reviewed and approved by the Risk Committee. In addition to the Board policy limits, book-level risk limits are set for the Bank’s management of non-trading The following table shows the potential before-tax -25 TABLE 30: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 January 31, 2021 EVE Sensitivity NII Sensitivity 1 EVE Sensitivity NII Sensitivity EVE Sensitivity NII Sensitivity Canada U.S. Total Canada U.S. Total Total Total Total Total Before-tax 100 bps increase in rates $ 3 $ (1,287 ) $ (1,284 ) $ 940 $ 1,060 $ 2,000 $ (1,368 ) $ 1,857 $ (1,625 ) $ 2,299 100 bps decrease in rates (138 ) 681 543 (995 ) (486 ) (1,481 ) 338 (1,101 ) 143 (934 ) 1 Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates. As at January 31, 2022, an immediate and sustained 100 bps increase in interest rates would have had a negative impact to the Bank’s EVE of $1,284 million, a decrease an increase an increase million from last quarter. The quarter-over-quarter decrease in up shock EVE is primarily due to decreased sensitivity from loan optionality in the U.S. region. The quarter-over-quarter increase in down shock NII Sensitivity in primarily due to an increase in the effective shock given the increased level of rates and the measurement using a -25 bps floor, while the increase in up shock NII Sensitivity is primarily attributed to deposit growth. Liquidity Risk Liquidity risk is the risk of having insufficient cash or collateral to meet financial obligations and an inability to, in a timely manner, raise funding or monetize assets at a non-distressed TD’S LIQUIDITY RISK APPETITE The Bank maintains a prudent and disciplined approach to managing its potential exposure to liquidity risk. The Bank targets a 90-day LIQUIDITY RISK MANAGEMENT RESPONSIBILITY The Bank’s ALCO oversees the Bank’s liquidity risk management program. It ensures there are effective management structures and practices in place to properly measure and manage liquidity risk. The Global Liquidity & Funding Committee, a subcommittee of the ALCO comprised of senior management from Treasury and Balance Sheet Management (TBSM), Risk Management and Wholesale Banking, identifies and monitors the Bank’s liquidity risks. The management of liquidity risk is the responsibility of the SET member responsible for TBSM, while oversight and challenge is provided by the ALCO and independently by Risk Management. The Risk Committee regularly reviews the Bank’s liquidity position and approves the Bank’s Liquidity Risk Management Framework bi-annually The Bank has established TDGUS as TD’s U.S. Intermediate Holding Company (IHC), as well as a Combined U.S. Operations (CUSO) reporting unit that consists of the IHC and TD’s U.S. branch and agency network. Both TDGUS and CUSO are managed to the U.S. Enhanced Prudential Standards liquidity requirements in addition to the Bank’s liquidity management framework. The Bank’s liquidity risk appetite and liquidity risk management approach have not substantially changed from that described in the Bank’s 2021 Annual Report. For a complete discussion of liquidity risk, refer to the “Liquidity Risk” section in the Bank’s 2021 Annual Report. Liquid assets The unencumbered liquid assets the Bank holds to meet its liquidity requirements must be high-quality securities that the Bank believes can be monetized quickly in stress conditions with minimum loss in market value. The liquidity value of unencumbered liquid assets considers estimated market or trading depths, settlement timing, and/or other identified impediments to potential sale or pledging. Overall, the Bank expects any reduction in market value of its liquid asset portfolio to be modest given the underlying high credit quality and demonstrated liquidity. Assets held by the Bank to meet liquidity requirements are summarized in the following tables. The tables do not include assets held within the Bank’s insurance businesses as these are used to support insurance-specific liabilities and capital requirements. TABLE 31: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1,2 (millions of Canadian dollars, except as noted) As at Bank-owned liquid assets Securities received as collateral from securities financing and derivative transactions Total liquid assets % of Encumbered liquid assets Unencumbered liquid assets January 31, 2022 Cash and central bank reserves $ 74,893 $ – $ 74,893 8 % $ 577 $ 74,316 Canadian government obligations 15,106 97,755 112,861 12 80,412 32,449 National Housing Act Mortgage-Backed Securities (NHA MBS) 22,976 2 22,978 3 1,138 21,840 Obligations of provincial governments, public sector entities and multilateral development banks 3 30,877 26,244 57,121 6 37,427 19,694 Corporate issuer obligations 9,773 3,780 13,553 2 2,481 11,072 Equities 15,895 5,059 20,954 2 8,519 12,435 Total Canadian dollar-denominated 169,520 132,840 302,360 33 130,554 171,806 Cash and central bank reserves 86,205 – 86,205 10 1,490 84,715 U.S. government obligations 97,815 49,514 147,329 16 49,433 97,896 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 76,719 5,247 81,966 9 18,009 63,957 Obligations of other sovereigns, public sector entities and multilateral development banks 3 61,987 66,493 128,480 14 66,424 62,056 Corporate issuer obligations 85,883 3,288 89,171 10 9,710 79,461 Equities 40,977 31,599 72,576 8 36,371 36,205 Total non-Canadian 449,586 156,141 605,727 67 181,437 424,290 Total $ 619,106 $ 288,981 $ 908,087 100 % $ 311,991 $ 596,096 October 31, 2021 Cash and central bank reserves $ 70,271 $ – $ 70,271 8 % $ 798 $ 69,473 Canadian government obligations 26,176 92,825 119,001 14 83,456 35,545 NHA MBS 23,615 2 23,617 3 1,104 22,513 Obligations of provincial governments, public sector entities and multilateral development banks 3 30,213 24,808 55,021 6 37,142 17,879 Corporate issuer obligations 9,062 3,775 12,837 1 2,542 10,295 Equities 14,558 3,589 18,147 2 9,110 9,037 Total Canadian dollar-denominated 173,895 124,999 298,894 34 134,152 164,742 Cash and central bank reserves 84,956 – 84,956 10 120 84,836 U.S. government obligations 83,386 44,924 128,310 15 34,903 93,407 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 74,898 5,082 79,980 9 18,949 61,031 Obligations of other sovereigns, public sector entities and multilateral development banks 3 63,400 60,623 124,023 14 57,530 66,493 Corporate issuer obligations 79,108 3,143 82,251 9 10,268 71,983 Equities 41,961 33,280 75,241 9 38,077 37,164 Total non-Canadian 427,709 147,052 574,761 66 159,847 414,914 Total $ 601,604 $ 272,051 $ 873,655 100 % $ 293,999 $ 579,656 1 Liquid assets include collateral received that can be re-hypothecated 2 Positions stated include gross asset values pertaining to securities financing transactions. 3 Includes debt obligations issued or guaranteed by these entities. Unencumbered liquid assets are held in The Toronto-Dominion Bank and multiple domestic and foreign subsidiaries and branches and are summarized in the following table. TABLE 32: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES (millions of Canadian dollars) As at January 31 2022 October 31 The Toronto-Dominion Bank (Parent) $ 202,134 $ 204,543 Bank subsidiaries 373,743 360,569 Foreign branches 20,219 14,544 Total $ 596,096 $ 579,656 FUNDING The Bank has access to a variety of unsecured and secured funding sources. The Bank’s funding activities are conducted in accordance with the liquidity management policy that requires assets be funded to the appropriate term and to a prudent diversification profile. The Bank’s primary approach to managing funding activities is to maximize the use of deposits raised through personal and commercial banking channels. The following table illustrates the Bank’s large base of personal and commercial, wealth, and Schwab sweep deposits (collectively, “P&C deposits”) that make up over 75% of the Bank’s total funding. TABLE 40: SUMMARY OF DEPOSIT FUNDING (millions of Canadian dollars) As at January 31 2022 October 31 2021 P&C deposits – Canadian Retail $ 525,646 $ 519,466 P&C deposits – U.S. Retail 1 492,382 472,742 Total $ 1,018,028 $ 992,208 1 P&C deposits in U.S. Retail are presented on a CAD equivalent basis and therefore period-over-period movements reflect both underlying growth and changes in the foreign exchange rate. WHOLESALE FUNDING The Bank maintains various registered external wholesale term (greater than 1 year) funding programs to provide access to diversified funding sources, including asset securitization, covered bonds, and unsecured wholesale debt. The Bank raises term funding through Senior Notes, NHA MBS, and notes backed by credit card receivables (Evergreen Credit Card Trust) and home equity lines of credit (Genesis Trust II). The Bank’s wholesale funding is diversified by geography, by currency, and by funding types. The Bank raises short-term (1 year and less) funding using certificates of deposit, commercial paper, and bankers’ acceptances. The Bank maintains depositor concentration limits in respect of short-term wholesale deposits so that it is not overly reliant on individual depositors for funding. The Bank further limits short-term wholesale funding maturity concentration in an effort to mitigate refinancing risk during a stress event. MATURITY ANALYSIS OF ASSETS, LIABILITIES, AND OFF-BALANCE The following table summarizes on-balance off-balance Off-balance The maturity analysis presented does not depict the degree of the Bank’s maturity transformation or the Bank’s exposure to interest rate and liquidity risk. The Bank ensures that assets are appropriately funded to protect against borrowing cost volatility and potential reductions to funding market availability. The Bank utilizes stable non-maturity non-trading non-trading TABLE 43: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at January 31, 2022 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 7,001 $ – $ – $ – $ – $ – $ – $ – $ – $ 7,001 Interest-bearing deposits with banks 162,065 421 154 – – – – – 2,569 165,209 Trading loans, securities, and other 1 3,139 3,007 3,074 2,708 4,331 12,207 24,171 24,049 76,062 152,748 Non-trading 168 342 1,151 24 128 1,971 3,442 1,713 986 9,925 Derivatives 7,969 8,980 4,192 2,446 4,266 5,921 10,182 10,563 – 54,519 Financial assets designated at fair value through profit or loss 642 329 123 101 128 355 1,476 1,608 – 4,762 Financial assets at fair value through other comprehensive income 3,086 8,997 3,855 3,261 2,329 3,816 21,639 23,803 4,733 75,519 Debt securities at amortized cost, net of allowance for credit losses 2,387 8,321 4,913 4,770 5,017 28,172 85,123 157,245 (2 ) 295,946 Securities purchased under reverse repurchase agreements 2 104,838 26,771 20,208 9,939 3,701 119 242 – – 165,818 Loans Residential mortgages 2,339 6,822 8,899 7,233 2,150 31,535 173,484 42,567 – 275,029 Consumer instalment and other personal 565 1,232 3,412 2,915 2,409 14,085 83,733 27,288 56,357 191,996 Credit card – – – – – – – – 31,441 31,441 Business and government 24,630 5,659 11,036 9,426 8,063 24,470 74,541 63,412 30,151 251,388 Total loans 27,534 13,713 23,347 19,574 12,622 70,090 331,758 133,267 117,949 749,854 Allowance for loan losses – – – – – – – – (6,239 ) (6,239 ) Loans, net of allowance for loan losses 27,534 13,713 23,347 19,574 12,622 70,090 331,758 133,267 111,710 743,615 Customers’ liability under acceptances 14,680 2,639 17 4 6 – – – – 17,346 Investment in Schwab – – – – – – – – 11,186 11,186 Goodwill 3 – – – – – – – – 16,615 16,615 Other intangibles 3 – – – – – – – – 2,152 2,152 Land, buildings, equipment, and other depreciable assets 3 – 3 – 4 4 34 457 3,700 5,087 9,289 Deferred tax assets – – – – – – – – 2,228 2,228 Amounts receivable from brokers, dealers, and clients 24,779 – – – – – – – – 24,779 Other assets 3,154 4,872 289 89 285 89 129 83 10,941 19,931 Total assets $ 361,442 $ 78,395 $ 61,323 $ 42,920 $ 32,817 $ 122,774 $ 478,619 $ 356,031 $ 244,267 $ 1,778,588 Liabilities Trading deposits $ 700 $ 2,275 $ 5,013 $ 1,706 $ 3,474 $ 2,911 $ 3,413 $ 1,057 $ – $ 20,549 Derivatives 7,183 8,100 4,121 2,289 3,635 5,719 9,619 11,226 – 51,892 Securitization liabilities at fair value – 1,014 518 301 1,216 2,030 5,708 2,545 – 13,332 Financial liabilities designated at fair value through profit or loss 28,185 39,297 39,229 19,161 9,050 212 1 5 10 135,150 Deposits 4,5 Personal 5,907 9,044 6,893 5,744 8,743 7,307 7,535 28 601,545 652,746 Banks 8,582 651 88 11 24 1 2 4 14,919 24,282 Business and government 18,797 12,890 7,053 1,224 10,325 22,120 44,265 6,425 359,411 482,510 Total deposits 33,286 22,585 14,034 6,979 19,092 29,428 51,802 6,457 975,875 1,159,538 Acceptances 14,680 2,639 17 4 6 – – – – 17,346 Obligations related to securities sold short 1 1,063 4,154 3,767 485 562 5,254 15,205 14,335 2,605 47,430 Obligations related to securities sold under repurchase agreements 2 124,318 14,269 5,567 276 985 17 – – – 145,432 Securitization liabilities at amortized cost – 418 470 402 590 3,385 6,855 3,160 – 15,280 Amounts payable to brokers, dealers, and clients 26,895 – – – – – – – – 26,895 Insurance-related liabilities 161 278 412 412 432 1,006 1,694 877 2,473 7,745 Other liabilities 6,646 1,593 361 787 1,285 1,059 1,958 4,806 6,223 24,718 Subordinated notes and debentures – – – – – – 200 11,104 – 11,304 Equity – – – – – – – – 101,977 101,977 Total liabilities and equity $ 243,117 $ 96,622 $ 73,509 $ 32,802 $ 40,327 $ 51,021 $ 96,455 $ 55,572 $ 1,089,163 $ 1,778,588 Off-balance Credit and liquidity commitments 6,7 $ 14,043 $ 21,924 $ 26,697 $ 14,732 $ 16,885 $ 39,665 $ 121,118 $ 3,374 $ 1,363 $ 259,801 Other commitments 8 83 135 268 176 251 570 1,302 441 – 3,226 Unconsolidated structured entity commitments – 20 780 – 1,302 401 459 – – 2,962 Total off-balance $ 14,126 $ 22,079 $ 27,745 $ 14,908 $ 18,438 $ 40,636 $ 122,879 $ 3,815 $ 1,363 $ 265,989 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 As the timing of demand deposits and notice deposits is non-specific 5 Includes $23 billion of covered bonds with remaining contractual maturities of $2 billion in ‘over 1 month to 3 months’, $4 billion in ‘over 3 months to 6 months’, $3 billion in ‘over 9 months to 1 year’, $6 billion in ‘over 1 to 2 years’, $6 billion in ‘over 2 to 5 years’, and $2 billion in ‘over 5 years’ 6 Includes $319 million in commitments to extend credit to private equity investments. 7 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 8 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. TABLE 43: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at October 31, 2021 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 5,931 $ – $ – $ – $ – $ – $ – $ – $ – $ 5,931 Interest-bearing deposits with banks 158,039 373 185 – – – – – 1,365 159,962 Trading loans, securities, and other 1 2,020 4,382 5,059 2,275 2,874 12,293 21,299 23,119 74,269 147,590 Non-trading 58 3 543 1,250 53 745 3,803 1,931 1,004 9,390 Derivatives 6,146 9,393 5,289 2,885 1,818 7,172 10,895 10,829 – 54,427 Financial assets designated at fair value through profit or loss 441 311 187 167 363 851 624 1,620 – 4,564 Financial assets at fair value through other comprehensive income 1,030 6,532 11,881 3,381 2,914 4,089 21,983 22,658 4,598 79,066 Debt securities at amortized cost, net of allowance for credit losses 1,235 6,567 8,180 4,889 4,030 27,819 79,375 136,846 (2 ) 268,939 Securities purchased under reverse repurchase agreements 2 92,356 30,580 22,332 14,191 7,441 140 244 – – 167,284 Loans Residential mortgages 930 2,389 5,050 10,061 10,077 34,004 166,855 38,974 – 268,340 Consumer instalment and other personal 641 987 2,029 4,049 3,254 14,333 81,413 27,126 56,032 189,864 Credit card – – – – – – – – 30,738 30,738 Business and government 27,691 5,390 6,707 10,533 8,503 23,332 71,025 61,647 25,242 240,070 Total loans 29,262 8,766 13,786 24,643 21,834 71,669 319,293 127,747 112,012 729,012 Allowance for loan losses – – – – – – – – (6,390 ) (6,390 ) Loans, net of allowance for loan losses 29,262 8,766 13,786 24,643 21,834 71,669 319,293 127,747 105,622 722,622 Customers’ liability under acceptances 16,039 2,327 76 2 4 – – – – 18,448 Investment in Schwab – – – – – – – – 11,112 11,112 Goodwill 3 – – – – – – – – 16,232 16,232 Other intangibles 3 – – – – – – – – 2,123 2,123 Land, buildings, equipment, and other depreciable assets 3 – 3 10 4 4 19 466 3,664 5,011 9,181 Deferred tax assets – – – – – – – – 2,265 2,265 Amounts receivable from brokers, dealers, and clients 32,357 – – – – – – – – 32,357 Other assets 3,100 1,049 2,204 159 150 74 112 73 10,258 17,179 Total assets $ 348,014 $ 70,286 $ 69,732 $ 53,846 $ 41,485 $ 124,871 $ 458,094 $ 328,487 $ 233,857 $ 1,728,672 Liabilities Trading deposits $ 1,697 $ 5,373 $ 4,867 $ 2,953 $ 1,196 $ 2,135 $ 3,516 $ 1,154 $ – $ 22,891 Derivatives 7,387 9,392 4,581 2,969 2,244 7,403 10,792 12,354 – 57,122 Securitization liabilities at fair value – 538 1,013 514 301 2,814 5,737 2,588 – 13,505 Financial liabilities designated at fair value through profit or loss 23,923 12,526 33,712 28,017 14,678 1,127 1 4 – 113,988 Deposits 4,5 Personal 5,799 9,750 8,491 5,999 6,148 7,611 7,254 29 582,417 633,498 Banks 8,903 338 135 25 – 2 2 4 11,508 20,917 Business and government 15,795 12,080 8,268 5,433 1,311 28,880 37,255 6,079 355,609 470,710 Total deposits 30,497 22,168 16,894 11,457 7,459 36,493 44,511 6,112 949,534 1,125,125 Acceptances 16,039 2,327 76 2 4 – – – – 18,448 Obligations related to securities sold short 1 1,096 729 1,753 1,648 432 4,574 12,640 17,505 2,007 42,384 Obligations related to securities sold under repurchase agreements 2 120,938 13,904 7,255 1,700 272 28 – – – 144,097 Securitization liabilities at amortized cost – 344 414 475 403 3,448 7,043 3,135 – 15,262 Amounts payable to brokers, dealers, and clients 28,993 – – – – – – – – 28,993 Insurance-related liabilities 158 273 405 405 425 982 1,673 872 2,483 7,676 Other liabilities 9,008 3,106 925 228 767 1,522 1,796 4,815 5,966 28,133 Subordinated notes and debentures – – – – – – 200 11,030 – 11,230 Equity – – – – – – – – 99,818 99,818 Total liabilities and equity $ 239,736 $ 70,680 $ 71,895 $ 50,368 $ 28,181 $ 60,526 $ 87,909 $ 59,569 $ 1,059,808 $ 1,728,672 Off-balance Credit and liquidity commitments 6,7 $ 14,788 $ 24,189 $ 23,482 $ 19,887 $ 15,616 $ 38,639 $ 115,624 $ 3,789 $ 1,327 $ 257,341 Other commitments 8 59 170 185 244 170 591 1,303 541 – 3,263 Unconsolidated structured entity commitments – 859 20 557 – 127 510 – – 2,073 Total off-balance $ 14,847 $ 25,218 $ 23,687 $ 20,688 $ 15,786 $ 39,357 $ 117,437 $ 4,330 $ 1,327 $ 262,677 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 As the timing of demand deposits and notice deposits is non-specific 5 Includes $25 billion of covered bonds with remaining contractual maturities of $2 billion in ‘over 1 month to 3 months’, $2 billion in ‘over 3 months to 6 months’, $4 billion in ‘over 6 months to 9 months’, $8 billion in ‘over 1 to 2 years’, $7 billion in ‘over 2 to 5 years’, and $2 billion in ‘over 5 years’. 6 Includes $326 million in commitments to extend credit to private equity investments. 7 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 8 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. |
Nature of Operations
Nature of Operations | 3 Months Ended |
Jan. 31, 2022 | |
Nature Of Operations | |
Nature of Operations | NOTE 1: NATURE OF OPERATIONS CORPORATE INFORMATION The Toronto-Dominion Bank is a bank chartered under the Bank Act Bank Act BASIS OF PREPARATION The accompanying Interim Consolidated Financial Statements and accounting principles followed by the Bank have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), including the accounting requirements of the Office of the Superintendent of Financial Institutions Canada (OSFI). The Interim Consolidated Financial Statements are presented in Canadian dollars, unless otherwise indicated. These Interim Consolidated Financial Statements were prepared on a condensed basis in accordance with International Accounting Standard 34, Interim Financial Reporting The preparation of the Interim Consolidated Financial Statements requires that management make judgments, estimates, and assumptions regarding the reported amount of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities, as further described in Note 3 of the Bank’s 2021 Annual Consolidated Financial Statements and in Note 3 of this report. Accordingly, actual results may differ from estimated amounts as future confirming events occur. The Bank’s Interim Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. All intercompany transactions, balances, and unrealized gains and losses on transactions are eliminated on consolidation. The Interim Consolidated Financial Statements for the three months ended January 31, 2022, were approved and authorized for issue by the Bank’s Board of Directors, in accordance with a recommendation of the Audit Committee, on March 2, 2022. As the Interim Consolidated Financial Statements do not include all of the disclosures normally provided in the Annual Consolidated Financial Statements, they should be read in conjunction with the Bank’s 2021 Annual Consolidated Financial Statements and the accompanying Notes, and the shaded sections of the 2021 Management’s Discussion and Analysis (MD&A). Certain disclosures are included in the shaded sections of the “Managing Risk” section of the MD&A in this report, as permitted by IFRS, and form an integral part of the Interim Consolidated Financial Statements. |
Current And Future Changes In A
Current And Future Changes In Accounting Policies | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Current And Future Changes In Accounting Policies | NOTE 2: CURRENT AND FUTURE CHANGES IN ACCOUNTING POLICIES CURRENT CHANGES IN ACCOUNTING POLICIES There were no new accounting policies that have been adopted by the Bank for the three months ended January 31, 2022. FUTURE CHANGES IN ACCOUNTING POLICIES The following standard has been issued, but is not yet effective on the date of issuance of the Bank’s Interim Consolidated Financial Statements. The Bank is currently assessing the impact of applying the standard on the Interim Consolidated Financial Statements and will adopt the standard when it becomes effective. Insurance Contracts The IASB issued IFRS 17, Insurance Contracts Insurance Contracts The standard is effective for annual reporting periods beginning on or after January 1, 2023, which will be November 1, 2023 for the Bank. OSFI’s related Advisory precludes early adoption. The standard will be applied retrospectively with restatement of comparatives unless impracticable. The Bank is proceeding with the implementation efforts accordingly. |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates, and Assumptions | 3 Months Ended |
Jan. 31, 2022 | |
Significant Accounting Judgments Estimates And Assumptions | |
Significant Accounting Judgments, Estimates, and Assumptions | NOTE 3: SIGNIFICANT ACCOUNTING JUDGMENTS, ESTIMATES, AND ASSUMPTIONS The estimates used in the Bank’s accounting policies are essential to understanding its results of operations and financial condition. Some of the Bank’s policies require subjective, complex judgments and estimates as they relate to matters that are inherently uncertain. Changes in these judgments or estimates and changes to accounting standards and policies could have a materially adverse impact on the Bank’s Interim Consolidated Financial Statements. The Bank has established procedures to ensure that accounting policies are applied consistently and that the processes for changing methodologies, determining estimates, and adopting new accounting standards are well-controlled and occur in an appropriate and systematic manner. Refer to Note 3 of the Bank’s 2021 Annual Consolidated Financial Statements for a description of significant accounting judgments, estimates, and assumptions. Impairment – Expected Credit Loss Model The expected credit loss (ECL) model requires the application of estimates and judgment in the assessment of the current and forward-looking economic environment. As a result of COVID-19, COVID-19 COVID-19 |
Fair Value Measurements
Fair Value Measurements | 3 Months Ended |
Jan. 31, 2022 | |
Fair Value Measurements | |
Fair Value Measurements | NOTE 4: FAIR VALUE MEASUREMENTS There have been no significant changes to the Bank’s approach and methodologies used to determine fair value measurements for the three months ended January 31, 2022. ( a ) FAIR VALUE OF FINANCIAL ASSETS AND LIABILITIES NOT CARRIED AT FAIR VALUE The following table reflects the fair value of the Bank’s financial assets and liabilities not carried at fair value. Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Carrying value Fair value Carrying value Fair value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 230,442 $ 228,722 $ 208,559 $ 207,927 Other debt securities 65,504 65,160 60,380 60,525 Total debt securities at amortized cost, net of allowance for credit losses 295,946 293,882 268,939 268,452 Total loans, net of allowance for loan losses 743,615 742,623 722,622 725,177 Total financial assets not carried at fair value $ 1,039,561 $ 1,036,505 $ 991,561 $ 993,629 FINANCIAL LIABILITIES Deposits $ 1,159,538 $ 1,157,900 $ 1,125,125 $ 1,124,762 Securitization liabilities at amortized cost 15,280 15,150 15,262 15,202 Subordinated notes and debentures 11,304 11,722 11,230 11,838 Total financial liabilities not carried at fair value $ 1,186,122 $ 1,184,772 $ 1,151,617 $ 1,151,802 1 This table excludes financial assets and liabilities where the carrying value approximates their fair value. (b) FAIR VALUE HIERARCHY The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at January 31, 2022 and October 31, 2021. Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 1 Government and government-related securities Canadian government debt Federal $ 1,080 $ 7,306 $ – $ 8,386 $ 294 $ 10,902 $ – $ 11,196 Provinces – 8,204 – 8,204 – 8,326 – 8,326 U.S. federal, state, municipal governments, and agencies debt – 18,886 – 18,886 – 13,241 – 13,241 Other OECD government guaranteed debt – 8,894 – 8,894 – 7,785 – 7,785 Mortgage-backed securities – 1,789 – 1,789 – 1,500 – 1,500 Other debt securities Canadian issuers – 6,229 – 6,229 – 5,970 – 5,970 Other issuers – 12,048 17 12,065 – 12,389 6 12,395 Equity securities 59,675 37 – 59,712 59,933 158 33 60,124 Trading loans – 12,048 – 12,048 – 12,405 – 12,405 Commodities 15,884 643 – 16,527 13,919 720 – 14,639 Retained interests – 8 – 8 – 9 – 9 76,639 76,092 17 152,748 74,146 73,405 39 147,590 Non-trading Securities 184 6,223 873 7,280 166 6,127 760 7,053 Loans – 2,642 3 2,645 – 2,334 3 2,337 184 8,865 876 9,925 166 8,461 763 9,390 Derivatives Interest rate contracts 37 10,335 – 10,372 12 10,277 1 10,290 Foreign exchange contracts 49 35,655 4 35,708 26 35,786 7 35,819 Credit contracts – 72 – 72 – 57 – 57 Equity contracts 4 5,117 – 5,121 3 5,359 – 5,362 Commodity contracts 341 2,851 54 3,246 365 2,495 39 2,899 431 54,030 58 54,519 406 53,974 47 54,427 Financial assets designated at fair value through profit or loss Securities 1 – 4,762 – 4,762 – 4,564 – 4,564 – 4,762 – 4,762 – 4,564 – 4,564 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 13,189 – 13,189 – 12,519 – 12,519 Provinces – 19,067 – 19,067 – 18,143 – 18,143 U.S. federal, state, municipal governments, and agencies debt – 16,704 – 16,704 – 19,300 – 19,300 Other OECD government guaranteed debt – 5,047 – 5,047 – 6,564 – 6,564 Mortgage-backed securities – 318 – 318 – 1,254 – 1,254 Other debt securities Asset-backed securities – 7,083 – 7,083 – 6,981 – 6,981 Corporate and other debt – 7,685 63 7,748 – 8,040 64 8,104 Equity securities 3,070 1 1,660 4,731 2,989 1 1,609 4,599 Loans – 1,632 – 1,632 – 1,602 – 1,602 3,070 70,726 1,723 75,519 2,989 74,404 1,673 79,066 Securities purchased under reverse repurchase agreements – 7,491 – 7,491 – 7,992 – 7,992 FINANCIAL LIABILITIES Trading deposits – 20,366 183 20,549 – 22,750 141 22,891 Derivatives Interest rate contracts 31 10,001 89 10,121 14 11,580 89 11,683 Foreign exchange contracts 34 33,023 – 33,057 28 35,146 – 35,174 Credit contracts – 297 – 297 – 347 – 347 Equity contracts – 6,386 90 6,476 – 7,932 82 8,014 Commodity contracts 468 1,464 9 1,941 300 1,596 8 1,904 533 51,171 188 51,892 342 56,601 179 57,122 Securitization liabilities at fair value – 13,332 – 13,332 – 13,505 – 13,505 Financial liabilities designated at fair value through profit or loss 10 135,093 47 135,150 – 113,912 76 113,988 Obligations related to securities sold short 1 2,944 44,486 – 47,430 2,015 40,360 9 42,384 Obligations related to securities sold under repurchase agreements – 6,329 – 6,329 – 5,126 – 5,126 1 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). (c) TRANSFERS BETWEEN FAIR VALUE HIERARCHY LEVELS FOR ASSETS AND LIABILITIES MEASURED AT FAIR VALUE ON A RECURRING BASIS The Bank’s policy is to record transfers of assets and liabilities between the different levels of the fair value hierarchy using the fair values as at the end of each reporting period. There were no significant transfers between Level 1 and Level 2 during the three months ended January 31, 2022 (three months ended January 31, 2021 – $400 million of fair value through other comprehensive income (FVOCI) Canadian government debt were transferred from Level 2 to Level 1). There were no significant transfers between Level 2 and Level 3 during the three months ended January 31, 2022 and January 31, 2021. There were no significant changes to the unobservable inputs and sensitivities for assets and liabilities classified as Level 3 during the three months ended January 31, 2022 and January 31, 2021. (d) RECONCILIATION OF CHANGES IN FAIR VALUE FOR LEVEL 3 ASSETS AND LIABILITIES The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 unobservable inputs for the three months ended January 31, 2022 and January 31, 2021. Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair value as at Total realized and unrealized gains (losses) Movements Transfers Fair value as at Change in unrealized gains (losses) on instruments still held 5 Included in income 1 Included in OCI 2,3 Purchases/ Issuances Sales/ Settlements 4 Into Level 3 Out of Level 3 FINANCIAL ASSETS Trading loans, securities, and other Other debt securities $ 6 $ – $ – $ 2 $ (2 ) $ 11 $ – $ 17 $ – Equity securities 33 – – – (33 ) – – – – 39 – – 2 (35 ) 11 – 17 – Non-trading Securities 760 36 – 88 (7 ) – (4 ) 873 33 Loans 3 – – – – – – 3 – 763 36 – 88 (7 ) – (4 ) 876 33 Financial assets at fair value through other comprehensive income Other debt securities 64 – – – (1 ) – – 63 – Equity securities 1,609 – 1 10 40 – – 1,660 1 $ 1,673 $ – $ 1 $ 10 $ 39 $ – $ – $ 1,723 $ 1 FINANCIAL LIABILITIES Trading deposits 6 $ (141 ) $ (10 ) $ – $ (28 ) $ 1 $ (8 ) $ 3 $ (183 ) $ (11 ) Derivatives 7 Interest rate contracts (88 ) (3 ) – – 2 – – (89 ) – Foreign exchange contracts 7 (3 ) – – – – – 4 (1 ) Equity contracts (82 ) (11 ) – – (1 ) (1 ) 5 (90 ) (12 ) Commodity contracts 31 22 – – (8 ) – – 45 22 (132 ) 5 – – (7 ) (1 ) 5 (130 ) 9 Financial liabilities designated at fair value through profit or loss (76 ) 8 – (71 ) 92 – – (47 ) 8 Obligations related to securities sold short (9 ) – – – 9 – – – – Fair November 1 2020 Total realized and unrealized gains (losses) Movements Transfers Fair January 31 2021 Change in unrealized gains instruments still held 5 Included in income 1 Included in OCI 2,3 Purchases/ Issuances Sales/ Settlements 4 Into Level 3 Out of Level 3 FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 16 $ 2 $ – $ – $ (18 ) $ – $ – $ – $ – Other debt securities 3 1 – – (1 ) – (1 ) 2 2 19 3 – – (19 ) – (1 ) 2 2 Non-trading Securities 571 – – 31 (6 ) – (1 ) 595 (3 ) Loans 3 – – – – – – 3 – 574 – – 31 (6 ) – (1 ) 598 (3 ) Financial assets at fair value through other comprehensive income Other debt securities 20 – 3 – – – – 23 3 Equity securities 1,579 – 6 20 (70 ) – – 1,535 6 $ 1,599 $ – $ 9 $ 20 $ (70 ) $ – $ – $ 1,558 $ 9 FINANCIAL LIABILITIES Trading deposits 6 $ (4,649 ) $ (534 ) $ – $ (744 ) $ 910 $ (7 ) $ – $ (5,024 ) $ (362 ) Derivatives 7 Interest rate contracts (96 ) (1 ) – – 1 – – (96 ) 1 Foreign exchange contracts 2 2 – – 1 – – 5 4 Equity contracts (707 ) (439 ) – (13 ) 80 7 – (1,072 ) (2 ) Commodity contracts (18 ) 18 – – 4 – – 4 7 (819 ) (420 ) – (13 ) 86 7 – (1,159 ) 10 Financial liabilities designated at fair value through profit or loss (24 ) 4 – (45 ) 34 – – (31 ) (1 ) Obligations related to securities sold short – – – – – (1 ) – (1 ) – 1 Gains/losses on financial assets and liabilities are recognized within Non-interest Income on the Interim Consolidated Statement of Income. 2 Other comprehensive income. 3 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. 4 Includes foreign exchange. 5 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in accumulated other comprehensive income. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 Consists of derivative assets of $58 million (January 31, 2021 – $576 million; October 31, 2021/November 1, 2021 – $47 million; October 31, 2020/November 1, 2020 – $381 million) and derivative liabilities of $188 million (January 31, 2021 – $1,735 million; October 31, 2021/November 1, 2021 – $179 million; October 31, 2020/November 1, 2020 – $1,200 million) which have been netted in this table for presentation purposes only. |
Securities
Securities | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Securities | NOTE 5: SECURITIES (a) UNREALIZED SECURITIES GAINS (LOSSES) The following table summarizes the unrealized gains and losses as at January 31, 2022 and October 31, 2021. Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Cost/ amortized cost 1 Gross unrealized gains Gross unrealized (losses) Fair value Cost/ amortized cost 1 Gross unrealized gains Gross unrealized (losses) Fair value Government and government-related securities Canadian government debt Federal $ 13,129 $ 80 $ (20 ) $ 13,189 $ 12,428 $ 98 $ (7 ) $ 12,519 Provinces 18,943 159 (35 ) 19,067 17,935 218 (10 ) 18,143 U.S. federal, state, municipal governments, and agencies debt 16,693 43 (32 ) 16,704 19,232 83 (15 ) 19,300 Other OECD government guaranteed debt 5,048 4 (5 ) 5,047 6,551 13 – 6,564 Mortgage-backed securities 317 1 – 318 1,251 3 – 1,254 54,130 287 (92 ) 54,325 57,397 415 (32 ) 57,780 Other debt securities Asset-backed securities 7,075 18 (10 ) 7,083 6,957 30 (6 ) 6,981 Corporate and other debt 7,755 33 (40 ) 7,748 8,054 68 (18 ) 8,104 14,830 51 (50 ) 14,831 15,011 98 (24 ) 15,085 Total debt securities 68,960 338 (142 ) 69,156 72,408 513 (56 ) 72,865 Equity securities Common shares 3,935 398 (80 ) 4,253 3,887 310 (80 ) 4,117 Preferred shares 467 41 (30 ) 478 470 43 (31 ) 482 4,402 439 (110 ) 4,731 4,357 353 (111 ) 4,599 Total securities at fair value through other comprehensive income $ 73,362 $ 777 $ (252 ) $ 73,887 $ 76,765 $ 866 $ (167 ) $ 77,464 1 Includes the foreign exchange translation of amortized cost balances at the period-end (b) EQUITY SECURITIES DESIGNATED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME The Bank designated certain equity securities as equity securities at FVOCI. The following table summarizes the fair value of equity securities designated at FVOCI as at January 31, 2022 and October 31, 2021, and dividend income recognized on these securities for the three months ended January 31, 2022 and January 31, 2021. Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the three months ended January 31, 2022 October 31, 2021 January 31, 2022 January 31, 2021 Fair value Dividend income recognized Common shares $ 4,253 $ 4,117 $ 39 $ 30 Preferred shares 478 482 5 3 Total $ 4,731 $ 4,599 $ 44 $ 33 The Bank disposed of certain equity securities in line with the Bank’s investment strategy with a fair value of $24 million during the three months ended January 31, 2022 (three months ended January 31, 2021 – $4 million). The Bank realized a cumulative gain of $2 million and earned no dividend income during the three months ended January 31, 2022 (cumulative gain and dividend income for the three months ended January 31, 2021 – nil) . (c) DEBT SECURITIES NET REALIZED GAINS (LOSSES) The following table summarizes the net realized gains and losses for the three months ended January 31, 2022 and January 31, 2021, which are included in Other income (loss) on the Interim Consolidated Statement of Income. Debt Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the three months ended January 31 2022 January 31 2021 Debt securities at fair value through other comprehensive income $ 10 $ 20 (d) CREDIT QUALITY OF DEBT SECURITIES The Bank evaluates non-retail non-retail The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances. Refer to the “Allowance for Credit Losses” table in Note 6 for details regarding the allowance and provision for credit losses on debt securities. Debt Securities by Risk Ratings (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities 1 Investment grade $ 362,910 $ – $ n/a 2 $ 362,910 $ 339,426 $ – $ n/a $ 339,426 Non-Investment 1,951 166 n/a 2,117 2,235 83 n/a 2,318 Watch and classified n/a 77 n/a 77 n/a 62 n/a 62 Default n/a n/a – – n/a n/a – – Total debt securities 364,861 243 – 365,104 341,661 145 – 341,806 Allowance for credit losses on debt securities at amortized cost 2 – – 2 2 – – 2 Total debt securities, net of allowance $ 364,859 $ 243 $ – $ 365,102 $ 341,659 $ 145 $ – $ 341,804 1 Includes debt securities backed by government-guaranteed loans of $207 million (October 31, 2021 – $1 million), which are reported in Non-Investment grade or a lower risk rating based on the issuer’s credit risk. 2 Not applicable. As at January 31, 2022, total debt securities, net of allowance, in the table above, include debt securities measured at amortized cost, net of allowance, of $295,946 million (October 31, 2021 – $268,939 million), and debt securities measured at FVOCI of $69,156 million (October 31, 2021 – $72,865 million). The difference between probability-weighted ECLs and base ECLs on debt securities at FVOCI and at amortized cost as at both January 31, 2022 and October 31, 2021, was insignificant. |
Loans, Impaired Loans, and Allo
Loans, Impaired Loans, and Allowance for Credit Losses | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Loans, Impaired Loans, and Allowance for Credit Losses | NOTE 6: LOANS, IMPAIRED LOANS, AND ALLOWANCE FOR CREDIT LOSSES (a) LOANS AND ACCEPTANCES The following table provides details regarding the Bank’s loans and acceptances as at January 31, 2022 and October 31, 2021. Loans and Acceptances (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Residential mortgages $ 275,029 $ 268,340 Consumer instalment and other personal 191,996 189,864 Credit card 31,441 30,738 Business and government 251,388 240,070 749,854 729,012 Customers’ liability under acceptances 17,346 18,448 Loans at FVOCI (Note 4) 1,632 1,602 Total loans and acceptances 768,832 749,062 Total allowance for loan losses 6,239 6,390 Total loans and acceptances, net of allowance 762,593 742,672 Business and government loans (including loans at FVOCI) and customers’ liability under acceptances are grouped together as reflected below for presentation in the “Loans and Acceptances by Risk Ratings” table. Loans and Acceptances – Business and Government (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Loans at amortized cost $ 251,388 $ 240,070 Customers’ liability under acceptances 17,346 18,448 Loans at FVOCI (Note 4) 1,632 1,602 Loans and acceptances 270,366 260,120 Allowance for loan and acceptances losses 2,714 2,751 Loans and acceptances, net of allowance 267,652 257,369 (b) CREDIT QUALITY OF LOANS In the retail portfolio, including individuals and small businesses, the Bank manages exposures on a pooled basis, using predictive credit scoring techniques. For non-retail 21-point non-retail The following table provides the gross carrying amounts of loans, acceptances and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances. Loans and Acceptances by Risk Ratings (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 1,2,3 Low Risk $ 216,299 $ 4,145 $ n/a $ 220,444 $ 208,030 $ 4,113 $ n/a $ 212,143 Normal Risk 40,538 6,416 n/a 46,954 38,922 9,768 n/a 48,690 Medium Risk – 4,380 n/a 4,380 – 4,405 n/a 4,405 High Risk – 2,479 333 2,812 – 2,380 266 2,646 Default n/a n/a 439 439 n/a n/a 456 456 Total loans 256,837 17,420 772 275,029 246,952 20,666 722 268,340 Allowance for loan losses 30 175 45 250 35 175 51 261 Loans, net of allowance 256,807 17,245 727 274,779 246,917 20,491 671 268,079 Consumer instalment and other personal 4 Low Risk 103,510 1,397 n/a 104,907 94,425 1,397 n/a 95,822 Normal Risk 52,875 6,113 n/a 58,988 62,484 1,255 n/a 63,739 Medium Risk 16,028 4,070 n/a 20,098 18,201 3,917 n/a 22,118 High Risk 1,055 6,144 395 7,594 1,073 6,346 379 7,798 Default n/a n/a 409 409 n/a n/a 387 387 Total loans 173,468 17,724 804 191,996 176,183 12,915 766 189,864 Allowance for loan losses 515 837 160 1,512 520 914 139 1,573 Loans, net of allowance 172,953 16,887 644 190,484 175,663 12,001 627 188,291 Credit card Low Risk 6,418 8 n/a 6,426 5,467 7 n/a 5,474 Normal Risk 10,643 67 n/a 10,710 10,109 68 n/a 10,177 Medium Risk 8,545 1,171 n/a 9,716 8,909 1,158 n/a 10,067 High Risk 283 4,047 181 4,511 476 4,319 149 4,944 Default n/a n/a 78 78 n/a n/a 76 76 Total loans 25,889 5,293 259 31,441 24,961 5,552 225 30,738 Allowance for loan losses 663 938 162 1,763 671 996 138 1,805 Loans, net of allowance 25,226 4,355 97 29,678 24,290 4,556 87 28,933 Business and government 1,2,3,5 Investment grade or Low/Normal Risk 117,336 799 n/a 118,135 110,129 699 n/a 110,828 Non-Investment 129,459 11,802 n/a 141,261 125,638 12,149 n/a 137,787 Watch and classified or High Risk 107 9,998 229 10,334 108 10,547 70 10,725 Default n/a n/a 636 636 n/a n/a 780 780 Total loans and acceptances 246,902 22,599 865 270,366 235,875 23,395 850 260,120 Allowance for loan and acceptances losses 1,039 1,358 317 2,714 1,037 1,407 307 2,751 Loans and acceptances, net of allowance 245,863 21,241 548 267,652 234,838 21,988 543 257,369 Total loans and acceptances 6 703,096 63,036 2,700 768,832 683,971 62,528 2,563 749,062 Total allowance for loan losses 6,7 2,247 3,308 684 6,239 2,263 3,492 635 6,390 Total loans and acceptances, net of allowance 6 $ 700,849 $ 59,728 $ 2,016 $ 762,593 $ 681,708 $ 59,036 $ 1,928 $ 742,672 1 Includes impaired loans with a balance of $177 million (October 31, 2021 – $86 million) which did not have a related allowance for loan losses as the realizable value of the collateral exceeded the loan amount. 2 Excludes trading loans and non-trading 3 Includes insured mortgages of $81 billion (October 31, 2021 – $82 billion). 4 Includes Canadian government-insured real estate personal loans of $10 billion (October 31, 2021 – $10 billion). 5 Includes loans guaranteed by government agencies of $27 billion (October 31, 2021 – $26 billion), which are primarily reported in Non-Investment 6 Stage 3 includes acquired credit-impaired (ACI) loans of $140 million (October 31, 2021 – $152 million) and a related allowance for loan losses of $4 million (October 31, 2021 – $6 million), which have been included in the “Default” risk rating category as they were impaired at acquisition. 7 Includes allowance for loan losses related to loans that are measured at FVOCI of nil (October 31, 2021 – nil). Loans and Acceptances by Risk Ratings – Off-Balance 1 (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 2 Low Risk $ 234,756 $ 219 $ n/a $ 234,975 $ 222,348 $ 232 $ n/a $ 222,580 Normal Risk 78,293 449 n/a 78,742 80,529 501 n/a 81,030 Medium Risk 12,890 413 n/a 13,303 13,993 551 n/a 14,544 High Risk 897 981 – 1,878 890 1,004 – 1,894 Default n/a n/a – – n/a n/a – – Non-Retail 3 Investment grade 200,053 – n/a 200,053 195,293 – n/a 195,293 Non-Investment 79,683 4,997 n/a 84,680 80,076 5,329 n/a 85,405 Watch and classified 38 4,565 – 4,603 38 5,097 – 5,135 Default n/a n/a 59 59 n/a n/a 86 86 Total off-balance 606,610 11,624 59 618,293 593,167 12,714 86 605,967 Allowance for off-balance 410 490 2 902 386 467 3 856 Total off-balance $ 606,200 $ 11,134 $ 57 $ 617,391 $ 592,781 $ 12,247 $ 83 $ 605,111 1 Excludes mortgage commitments. 2 Includes $327 billion (October 31, 2021 – $318 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 3 Includes $47 billion (October 31, 2021 – $48 billion) of the undrawn component of uncommitted credit and liquidity facilities. (c) ALLOWANCE FOR CREDIT LOSSES The following table provides details on the Bank’s allowance for credit losses as at and for the three months ended January 31, 2022 and January 31, 2021, including allowance for off-balance Allowance for Credit Losses (millions of Canadian dollars) Balance at Provision Write-offs, Foreign Balance Balance at Provision Write-offs, Foreign Balance For the three months ended January 31, 2022 January 31, 2021 Residential mortgages $ 261 $ (10 ) $ (2 ) $ 1 $ 250 $ 302 $ 5 $ (3 ) $ (3 ) $ 301 Consumer instalment and other personal 1,649 52 (125 ) 16 1,592 2,112 151 (183 ) (42 ) 2,038 Credit card 2,314 117 (144 ) 41 2,328 3,184 48 (215 ) (86 ) 2,931 Business and government 3,022 (85 ) (14 ) 48 2,971 3,779 108 (117 ) (103 ) 3,667 Total allowance for loan losses, including off-balance 7,246 74 (285 ) 106 7,141 9,377 312 (518 ) (234 ) 8,937 Debt securities at amortized cost 2 – – – 2 2 – – – 2 Debt securities at FVOCI 7 (2 ) – – 5 5 1 – – 6 Total allowance for credit losses on debt securities 9 (2 ) – – 7 7 1 – – 8 Total allowance for credit losses $ 7,255 $ 72 $ (285 ) $ 106 $ 7,148 $ 9,384 $ 313 $ (518 ) $ (234 ) $ 8,945 Comprising: Allowance for credit losses on loans at amortized cost $ 6,390 $ 6,239 $ 8,289 $ 7,932 Allowance for credit losses on loans at FVOCI – – 1 1 Allowance for loan losses 6,390 6,239 8,290 7,933 Allowance for off-balance 856 902 1,087 1,004 Allowance for credit losses on debt securities 9 7 7 8 (d) ALLOWANCE FOR LOAN LOSSES BY STAGE The following table provides details on the Bank’s allowance for loan losses by stage as at and for the three months ended January 31, 2022 and January 31, 2021. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 35 $ 175 $ 51 $ 261 $ 32 $ 205 $ 65 $ 302 Provision for credit losses Transfer to Stage 1 2 23 (23 ) – – 16 (16 ) – – Transfer to Stage 2 (4 ) 7 (3 ) – (12 ) 17 (5 ) – Transfer to Stage 3 – (4 ) 4 – – (4 ) 4 – Net remeasurement due to transfers into stage 3 (4 ) 3 – (1 ) (3 ) 3 – – New originations or purchases 4 4 n/a n/a 4 3 n/a n/a 3 Net repayments 5 (1 ) (1 ) – (2 ) (3 ) (1 ) – (4 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (1 ) (4 ) (11 ) (16 ) (1 ) (8 ) (5 ) (14 ) Changes to risk, parameters, and models 7 (22 ) 21 6 5 (5 ) 22 3 20 Disposals – – – – – – – – Write-offs – – (3 ) (3 ) – – (4 ) (4 ) Recoveries – – 1 1 1 (3 ) 3 1 Foreign exchange and other adjustments – 1 – 1 (2 ) (1 ) – (3 ) Balance at end of period $ 30 $ 175 $ 45 $ 250 $ 26 $ 214 $ 61 $ 301 Consumer Instalment and Other Personal Balance, including off-balance $ 550 $ 960 $ 139 $ 1,649 $ 595 $ 1,330 $ 187 $ 2,112 Provision for credit losses Transfer to Stage 1 2 204 (203 ) (1 ) – 269 (266 ) (3 ) – Transfer to Stage 2 (34 ) 45 (11 ) – (43 ) 59 (16 ) – Transfer to Stage 3 (1 ) (53 ) 54 – (2 ) (52 ) 54 – Net remeasurement due to transfers into stage 3 (50 ) 33 2 (15 ) (102 ) 49 1 (52 ) New originations or purchases 4 56 n/a n/a 56 51 n/a n/a 51 Net repayments 5 (20 ) (20 ) (3 ) (43 ) (25 ) (27 ) (3 ) (55 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (22 ) (48 ) (13 ) (83 ) (21 ) (38 ) (7 ) (66 ) Changes to risk, parameters, and models 7 (139 ) 159 117 137 (181 ) 300 154 273 Disposals – – – – – – – – Write-offs – – (197 ) (197 ) – – (258 ) (258 ) Recoveries – – 72 72 – – 75 75 Foreign exchange and other adjustments 5 10 1 16 (12 ) (22 ) (8 ) (42 ) Balance, including off-balance 549 883 160 1,592 529 1,333 176 2,038 Less: Allowance for off-balance 8 34 46 – 80 25 90 – 115 Balance at end of period $ 515 $ 837 $ 160 $ 1,512 $ 504 $ 1,243 $ 176 $ 1,923 Credit Card 9 Balance, including off-balance $ 878 $ 1,298 $ 138 $ 2,314 $ 799 $ 2,181 $ 204 $ 3,184 Provision for credit losses Transfer to Stage 1 2 324 (320 ) (4 ) – 378 (373 ) (5 ) – Transfer to Stage 2 (58 ) 66 (8 ) – (42 ) 57 (15 ) – Transfer to Stage 3 (6 ) (147 ) 153 – (2 ) (180 ) 182 – Net remeasurement due to transfers into stage 3 (96 ) 81 4 (11 ) (161 ) 62 2 (97 ) New originations or purchases 4 71 n/a n/a 71 27 n/a n/a 27 Net repayments 5 10 1 4 15 (9 ) (2 ) 6 (5 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (23 ) (51 ) (35 ) (109 ) (12 ) (36 ) (45 ) (93 ) Changes to risk, parameters, and models 7 (219 ) 320 50 151 (115 ) 216 115 216 Disposals – – – – – – – – Write-offs – – (221 ) (221 ) – – (282 ) (282 ) Recoveries – – 77 77 – – 67 67 Foreign exchange and other adjustments 16 21 4 41 (21 ) (58 ) (7 ) (86 ) Balance, including off-balance 897 1,269 162 2,328 842 1,867 222 2,931 Less: Allowance for off-balance 8 234 331 – 565 189 404 – 593 Balance at end of period $ 663 $ 938 $ 162 $ 1,763 $ 653 $ 1,463 $ 222 $ 2,338 1 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of Note 2, Summary of Significant Accounting Policies , Significant Accounting Judgments, Estimates and Assumptions 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., PD) caused by changes to macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of Expected Credit Losses”, “Forward Looking Information and Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies Significant Accounting Judgments, Estimates and Assumptions 8 The allowance for loan losses for off-balance 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2021 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance $ 1,186 $ 1,526 $ 310 $ 3,022 $ 1,499 $ 1,858 $ 422 $ 3,779 Provision for credit losses Transfer to Stage 1 3 87 (86 ) (1 ) – 103 (102 ) (1 ) – Transfer to Stage 2 (99 ) 101 (2 ) – (138 ) 142 (4 ) – Transfer to Stage 3 (1 ) (19 ) 20 – (3 ) (27 ) 30 – Net remeasurement due to transfers into stage 3 (20 ) 16 – (4 ) (26 ) 37 (2 ) 9 New originations or purchases 3 256 n/a n/a 256 322 n/a n/a 322 Net repayments 3 4 (16 ) (24 ) (36 ) 7 (7 ) (49 ) (49 ) Derecognition of financial assets (excluding disposals and write-offs) 3 (208 ) (153 ) (73 ) (434 ) (199 ) (182 ) (62 ) (443 ) Changes to risk, parameters, and models 3 (46 ) 75 104 133 (72 ) 204 137 269 Disposals – – – – – – – – Write-offs – – (26 ) (26 ) – – (131 ) (131 ) Recoveries – – 12 12 – – 14 14 Foreign exchange and other adjustments 22 27 (1 ) 48 (43 ) (46 ) (14 ) (103 ) Balance, including off-balance 1,181 1,471 319 2,971 1,450 1,877 340 3,667 Less: Allowance for off-balance 4 142 113 2 257 144 138 14 296 Balance at end of period 1,039 1,358 317 2,714 1,306 1,739 326 3,371 Total Allowance, including off-balance 2,657 3,798 686 7,141 2,847 5,291 799 8,937 Less: Total Allowance for off-balance 4 410 490 2 902 358 632 14 1,004 Total Allowance for Loan Losses at end of period $ 2,247 $ 3,308 $ 684 $ 6,239 $ 2,489 $ 4,659 $ 785 $ 7,933 1 Includes allowance for loan losses related to ACI loans. 2 Includes allowance for loan losses related to customers’ liability under acceptances. 3 For explanations regarding this line item, refer to the “Allowance for Loan Losses by Stage” table on the previous page in this Note. 4 The allowance for loan losses for off-balance The allowance for credit losses on all remaining financial assets is not significant. (e) FORWARD-LOOKING INFORMATION Relevant macroeconomic factors are incorporated in risk parameters as appropriate. Additional risk factors that are industry or segment specific are also incorporated, where relevant. The key macroeconomic variables used in determining ECLs include regional unemployment rates for all retail exposures and regional housing price indices for residential mortgages and home equity lines of credit. For business and government loans, the key macroeconomic variables include gross domestic product (GDP), unemployment rates, interest rates, and credit spreads. Refer to Note 3 of the Bank’s 2021 Annual Consolidated Financial Statements for a discussion of how forward-looking information is generated and considered in determining whether there has been a significant increase in credit risk and in measuring ECLs. Macroeconomic Variables Select macroeconomic variables are projected over the forecast period. The following table represents the average values of the macroeconomic variables over the four calendar quarters starting with the current quarter, and the remaining 4-year COVID-19 Macroeconomic Variables As at January 31, 2022 Base Forecast Upside Scenario Downside Scenario Average 1 Remaining 4-year 1 Average 1 Remaining 4-year 1 Average 1 Remaining 4-year 1 Unemployment rate Canada 5.6 % 5.6 % 5.6 % 5.3 % 6.7 % 6.5 % United States 3.6 3.8 3.6 3.5 4.5 4.5 Real GDP Canada 4.4 1.9 5.5 1.9 0.8 2.3 United States 4.1 1.9 5.1 1.9 1.2 2.2 Home prices Canada (average existing price) 2 6.9 1.0 8.7 1.4 3.6 0.6 United States (CoreLogic HPI) 3 10.2 3.0 13.1 2.9 7.5 2.5 Central bank policy interest rate Canada 0.81 1.73 1.38 2.23 0.25 1.22 United States 0.63 1.91 1.13 2.41 0.25 1.34 U.S. 10-year 1.97 2.23 2.43 2.43 1.70 2.20 U.S. 10-year (%-pts) 1.54 1.80 1.48 1.72 1.79 1.80 Exchange rate (U.S. dollar/Canadian dollar) $ 0.81 $ 0.80 $ 0.82 $ 0.81 $ 0.78 $ 0.79 1 The numbers represent average values for the quoted periods, and average of year-on-year 2 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service; data is collected by the Canadian Real Estate Association. 3 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home’s sales price over time. (f) SENSITIVITY OF ALLOWANCE FOR CREDIT LOSSES ECLs are sensitive to the inputs used in internally developed models, the macroeconomic variables in the forward-looking forecasts and respective probability weightings in determining the probability-weighted ECLs, and other factors considered when applying expert credit judgment. Changes in these inputs, assumptions, models, and judgments would affect the assessment of significant increase in credit risk and the measurement of ECLs. The following table presents the base ECL scenario compared to the probability-weighted ECLs, with the latter derived from three ECL scenarios for performing loans and off-balance non-linearity Change from Base to Probability-Weighted ECLs (millions of Canadian dollars, except as noted) As at January 31, 2022 October 31, 2021 Probability-weighted ECLs $ 6,455 $ 6,608 Base ECLs 6,306 6,412 Difference – in amount $ 149 $ 196 Difference – in percentage 2.4 % 3.1 % ECLs for performing loans and off-balance off-balance twelve-month Incremental Lifetime ECLs Impact (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Probability-weighted ECLs $ 6,455 $ 6,608 All performing loans and off-balance 12-month 4,802 4,903 Incremental lifetime ECLs impact $ 1,653 $ 1,705 (g) FORECLOSED ASSETS Foreclosed assets are repossessed non-financial (h) LOANS PAST DUE BUT NOT IMPAIRED A loan is classified as past due when a borrower has failed to make a payment by the contractual due date. The following table summarizes loans that are past due but not impaired. Loans less than 31 days contractually past due are excluded as they do not generally reflect a borrower’s ability to meet their payment obligations. Loans Past Due but not Impaired 1 (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 31-60 days 61-89 days Total 31-60 days 61-89 days Total Residential mortgages $ 199 $ 101 $ 300 $ 229 $ 62 $ 291 Consumer instalment and other personal 561 193 754 512 156 668 Credit card 208 129 337 186 113 299 Business and government 203 153 356 785 139 924 Total $ 1,171 $ 576 $ 1,747 $ 1,712 $ 470 $ 2,182 1 Includes loans that are measured at FVOCI. (i) TRANSFERS OF FINANCIAL ASSETS QUALIFYING FOR DERECOGNITION Canada Emergency Business Account Program Under the Canada Emergency Business Account (CEBA) Program, with funding provided by Her Majesty in Right of Canada (the “ ” 2-year non-recourse |
Investment in Associates and Jo
Investment in Associates and Joint Ventures | 3 Months Ended |
Jan. 31, 2022 | |
Investments accounted for using equity method [abstract] | |
Investment in Associates and Joint Ventures | NOTE 7: INVESTMENT IN ASSOCIATES AND JOINT VENTURES INVESTMENT IN THE CHARLES SCHWAB CORPORATION The Bank has significant influence over The Charles Schwab Corporation (“Schwab”) and the ability to participate in the financial and operating policy-making decisions of Schwab through a combination of the Bank’s ownership, board representation and the insured deposit account agreement between the Bank and Schwab (the “Schwab IDA Agreement”). As such, the Bank accounts for its investment in Schwab using the equity method. The Bank’s share of Schwab’s earnings available to common shareholders is reported with a one-month As at January 31, 2022, the Bank’s reported investment in Schwab was 13.39% (October 31, 2021 – 13.41%) of the outstanding voting and non-voting The Bank and Schwab are party to a stockholder agreement (the “Stockholder Agreement”) under which the Bank has the right to designate two members of Schwab’s Board of Directors and has representation on two Board Committees, subject to the Bank meeting certain conditions. The Bank’s designated directors currently are the Bank’s Group President and Chief Executive Officer and the Bank’s Chair of the Board. Under the Stockholder Agreement, the Bank is not permitted to own more than 9.9% voting common shares of Schwab, and the Bank is subject to customary standstill restrictions and, subject to certain exceptions, transfer restrictions. In addition, the Schwab IDA Agreement has an initial expiration date of July 1, 2031. The condensed financial statements of Schwab, based on its most recent published consolidated financial statements, are included in the following tables. The carrying value of the Bank’s investment in Schwab of $11.2 billion as at January 31, 2022 (October 31, 2021 – $11.1 billion) represents the Bank’s share of Schwab’s stockholders’ equity, adjusted for goodwill, other intangibles, and cumulative translation adjustment. The Bank’s share of net income from its investment in Schwab of $231 million during the three months ended January 31, 2022 (three months ended January 31, 2021 – $169 million), reflects net income after adjustments for amortization of certain intangibles net of tax. Condensed Consolidated Balance Sheet (millions of Canadian dollars) As at December 31 September 30 Assets Receivables from brokerage clients, net $ 114,560 $ 107,118 Available for sale securities 493,399 466,536 Other assets 236,104 178,247 Total assets $ 844,063 $ 751,901 Liabilities Bank deposits $ 561,357 $ 489,192 Payables to brokerage clients 158,968 139,913 Other liabilities 52,571 51,706 Total liabilities 772,896 680,811 Stockholders’ equity 71,167 71,090 Total liabilities and stockholders’ equity $ 844,063 $ 751,901 Condensed Consolidated Statement of Income (millions of Canadian dollars, except as noted) For the three months ended December 31 2021 December 31 2020 Net Revenues Net interest revenue $ 2,699 $ 2,357 Asset management and administration fees 1,399 1,286 Trading revenue and other 1,835 1,798 Total net revenues 5,933 5,441 Expenses Excluding Interest Compensation and benefits 1,763 1,822 Other 1,620 1,697 Total expenses excluding interest 3,383 3,519 Income before taxes on income 2,550 1,922 Taxes on income 558 444 Net income 1,992 1,478 Preferred stock dividends and other 165 111 Net Income available to common stockholders 1,827 1,367 Other comprehensive income (loss) (2,976 ) (380 ) Total comprehensive income (loss) $ (1,149 ) $ 987 Earnings per common shares outstanding – basic (Canadian dollars) $ 0.97 $ 0.74 Earnings per common shares outstanding – diluted (Canadian dollars) 0.96 0.74 |
Goodwill
Goodwill | 3 Months Ended |
Jan. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Goodwill | NOTE 8: GOODWILL Goodwill by Segmen t (millions of Canadian dollars) Canadian Retail U.S. Retail 1 Wholesale Banking Total Carrying amount of goodwill as at November 1, 2020 $ 2,846 $ 14,142 $ 160 $ 17,148 Additions (disposals) 40 – 116 156 Foreign currency translation adjustments and other (62 ) (1,008 ) (2 ) (1,072 ) Carrying amount of goodwill as at October 31, 2021 2 $ 2,824 $ 13,134 $ 274 $ 16,232 Foreign currency translation adjustments and other 22 357 4 383 Carrying amount of goodwill as at January 31, 2022 2 $ 2,846 $ 13,491 $ 278 $ 16,615 1 Goodwill predominantly relates to U.S. personal and commercial banking. 2 Accumulated impairment as at January 31, 2022 and October 31, 2021 was nil. |
Other Assets
Other Assets | 3 Months Ended |
Jan. 31, 2022 | |
Other Assets | |
Other Assets | NOTE 9: OTHER ASSETS Other Assets (millions of Canadian dollars) As at January 31 2022 October 31 2021 Accounts receivable and other items $ 9,577 $ 9,144 Accrued interest 2,197 2,196 Current income tax receivable 3,921 1,862 Defined benefit asset 988 637 Insurance-related assets, excluding investments 2,067 2,040 Prepaid expenses 1,181 1,300 Total $ 19,931 $ 17,179 |
Deposits
Deposits | 3 Months Ended |
Jan. 31, 2022 | |
Deposits | |
Deposits | NOTE 10: DEPOSITS Demand deposits are those for which the Bank does not have the right to require notice prior to withdrawal and are in general chequing accounts. Notice deposits are those for which the Bank can legally require notice prior to withdrawal and are in general savings accounts. Term deposits are payable on a given date of maturity and are purchased by customers to earn interest over a fixed period, with terms ranging from one day to ten years and generally include fixed term deposits, guaranteed investment certificates, senior debt, and similar instruments. The aggregate amount of term deposits in denominations of $ 100,000 Deposits (millions of Canadian dollars) As at By Type By Country January 31 2022 October 31 2021 Demand Notice Term 1 Canada United States International Total Total Personal $ 24,239 $ 577,307 $ 51,200 $ 301,449 $ 351,297 $ – $ 652,746 $ 633,498 Banks 14,291 627 9,364 22,167 148 1,967 24,282 20,917 Business and government 2 140,524 219,081 122,905 324,663 155,533 2,314 482,510 470,710 179,054 797,015 183,469 648,279 506,978 4,281 1,159,538 1,125,125 Trading – – 20,549 11,011 2,178 7,360 20,549 22,891 Designated at fair value through profit or loss 3 – – 135,087 61,042 42,733 31,312 135,087 113,905 Total $ 179,054 $ 797,015 $ 339,105 $ 720,332 $ 551,889 $ 42,953 $ 1,315,174 $ 1,261,921 Non-interest-bearing In domestic offices $ 73,222 $ 72,705 In foreign offices 85,647 82,756 Interest-bearing deposits included above In domestic offices 647,110 626,562 In foreign offices 509,187 479,890 U.S. federal funds deposited 8 8 Total 2,4 $ 1,315,174 $ 1,261,921 1 Includes $51.3 billion (October 31, 2021 – $43.1 billion) of senior debt which is subject to the bank recapitalization “bail-in” non-viable. 2 Includes $23.0 billion relating to covered bondholders (October 31, 2021 – $25.1 billion) and nil (October 31, 2021 – $0.5 billion) due to TD Capital Trust lV. 3 Financial liabilities designated at FVTPL on the Interim Consolidated Balance Sheet also includes $63 million (October 31, 2021 – $83 million) of loan commitments, financial guarantees, and other liabilities designated at FVTPL. 4 Includes deposits of $756 billion (October 31, 2021 – $719 billion) denominated in U.S. dollars and $51 billion (October 31, 2021 – $44 billion) denominated in other foreign currencies. Redemption of TD Capital Trust IV Notes – Series 2 On November 1, 2021, TD Capital Trust IV redeemed all of the outstanding $450 million TD Capital Trust IV Notes – Series 2. The proceeds from the issuance of TD Capital Trust IV Notes – Series 2 were invested in Bank deposit notes which were redeemed on November 1, 2021. On December 8, 2021, TD Capital Trust IV was dissolved. |
Other Liabilities
Other Liabilities | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Other Liabilities | NOTE 11: OTHER LIABILITIES Other Liabilities (millions of Canadian dollars) As at January 31 2022 October 31 2021 Accounts payable, accrued expenses, and other items 1 $ 5,137 $ 7,499 Accrued interest 662 714 Accrued salaries and employee benefits 2,851 4,151 Cheques and other items in transit 2,652 2,667 Current income tax payable 58 82 Deferred tax liabilities 224 244 Defined benefit liability 1,581 1,592 Lease liabilities 5,499 5,473 Liabilities related to structured entities 4,692 4,407 Provisions 1,362 1,304 Total $ 24,718 $ 28,133 1 Includes dividends and distributions payable of nil (October 31, 2021 – $1,404 million). |
Equity
Equity | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Equity | NOTE 12: EQUITY The following table summarizes the changes to the shares and other equity instruments issued and outstanding, and treasury instruments held as at and for the three months ended January 31, 2022 and January 31, 2021. Shares and Other Equity Instruments Issued and Outstanding and Treasury Instruments Held (millions of shares or other equity instruments and millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Number of shares Amount Number of shares Amount Common Shares Balance as at beginning of period 1,823.9 $ 23,066 1,816.1 $ 22,487 Proceeds from shares issued on exercise of stock options 1.2 76 0.9 46 Shares issued as a result of dividend reinvestment plan 1.2 122 1.5 112 Purchase of shares for cancellation and other (7.5 ) (94 ) – – Balance as at end of period – common shares 1,818.8 $ 23,170 1,818.5 $ 22,645 Preferred Shares and Other Equity Instruments Preferred Shares – Class A Balance as at beginning and end of period 158.0 $ 3,950 226.0 $ 5,650 Other Equity Instruments 1 Balance as at beginning and end of period 1.8 $ 1,750 – $ – Balance as at beginning and end of period – preferred shares and other equity instruments 159.8 $ 5,700 226.0 $ 5,650 Treasury – common shares 2 Balance as at beginning of period 1.9 $ (152 ) 0.5 $ (37 ) Purchase of shares 30.5 (2,936 ) 44.7 (3,145 ) Sale of shares (30.1 ) 2,900 (42.7 ) 3,011 Balance as at end of period – treasury – common shares 2.3 $ (188 ) 2.5 $ (171 ) Treasury – preferred shares and other equity instruments 2 Balance as at beginning of period 0.1 $ (10 ) 0.1 $ (4 ) Purchase of shares and other equity instruments 0.8 (29 ) 1.5 (34 ) Sale of shares and other equity instruments (0.7 ) 33 (1.4 ) 34 Balance as at end of period – treasury – preferred shares and other equity instruments 0.2 $ (6 ) 0.2 $ (4 ) 1 Consists of Limited Recourse Capital Notes (LRCNs). For LRCNs, the number of shares represents the number of notes issued. 2 When the Bank purchases its own equity instruments as part of its trading business, they are classified as treasury instruments and the cost of these instruments is recorded as a reduction in equity. DIVIDENDS On March 2, 2022, the Board approved a dividend in an amount of eighty-nine cents ( 89 cents) per fully paid common share in the capital stock of the Bank for the quarter ending April 30, 2022, payable on and after April 30, 2022, to shareholders of record at the close of business on April 8, 2022. NORMAL COURSE ISSUER BID On January 7, 2022, the Bank announced that the Toronto Stock Exchange and OSFI had approved the Bank’s previously announced normal course issuer bid (NCIB) to repurchase for cancellation up to 50 million of its common shares. During the three months ended January 31, 2022, the Bank repurchased 7.5 million common shares under the NCIB, at an average price of $101.89 per share for a total amount of $764 million, which represents a $670 million premium over the share capital amount. Concurrent with the announcement of the Bank’s acquisition of First Horizon Corporation on February 28, 2022, the Bank’s automatic share purchase plan established under its NCIB automatically terminated pursuant to its terms. Refer to Note 22: Subsequent Events |
Share-Based Compensation
Share-Based Compensation | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |
Share-Based Compensation | NOTE 13: SHARE-BASED COMPENSATION For the three months ended January 31, 2022, the Bank recognized compensation expense for stock option awards of $10.1 million (three months ended January 31, $10.0 million). During the three months ended January 31, 2022, 2.5 million (three months ended January 31, 2021 – 2.2 million) stock options were granted by the Bank at a weighted-average fair value of $12.41 per option (January 31, 2021 – $8.90 per option). The following table summarizes the assumptions used for estimating the fair value of options for the three months ended January 31, 2022 and January 31, 2021. Assumptions Used for Estimating the Fair Value of Options (in Canadian dollars, except as noted) For the three months ended January 31 2022 January 31 2021 Risk-free interest rate 1.47 % 0.71 % Option contractual life 10.0 years 10.0 years Expected volatility 1 17.89 % 18.50 % Expected dividend yield 3.66 % 3.61 % Exercise price/share price $ 95.33 $ 71.88 1 Expected volatility is calculated based on the average daily volatility measured over a historical period. |
Employee Benefits
Employee Benefits | 3 Months Ended |
Jan. 31, 2022 | |
Employee Benefits | |
Employee Benefits | NOTE 14: EMPLOYEE BENEFITS The following table summarizes expenses for the Bank’s principal pension and non-pension Defined Benefit Plan Expenses (millions of Canadian dollars) Principal pension plans Principal post-retirement Other pension and 1 For the three months ended January 31 January 31 January 31 January 31 January 31 January 31 Service cost – benefits earned $ 104 $ 130 $ 2 $ 2 $ 1 $ 2 Net interest cost (income) on net defined benefit liability (asset) (6 ) 6 3 3 5 5 Past service cost (credit) – – – – – 1 Defined benefit administrative expenses 2 3 – – 1 1 Total $ 100 $ 139 $ 5 $ 5 $ 7 $ 9 1 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance defined benefit pension and post-retirement benefit plans, and supplemental employee defined benefit pension plans. The following table summarizes expenses for the Bank’s defined contribution plans for the three months ended January 31, 2022 and January 31, 2021. Defined Contribution Plan Expenses (millions of Canadian dollars) For the three months ended January 31 January 31 Defined contribution pension plans 1 $ 54 $ 52 Government pension plans 2 142 120 Total $ 196 $ 172 1 Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k) plan. 2 Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act The following table summarizes the remeasurements recognized in other comprehensive income for the Bank’s principal pension and post-retirement defined benefit plans for the three months ended January 31, 2022 and January 31, 2021. Amounts Recognized in Other Comprehensive Income for Remeasurement of Defined Benefit Plans 1,2,3 (millions of Canadian dollars) Principal pension plans Principal post-retirement benefit plan For the three months ended January 31 January 31 January 31 January 31 Remeasurement gain / $ 234 $ 247 $ 15 $ 4 Remeasurement gain / 128 302 – – Total $ 362 $ 549 $ 15 $ 4 1 Excludes the Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, supplemental employee retirement plans, and other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for disclosure purposes as these plans are not remeasured on a quarterly basis. 2 Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. All other assumptions are updated annually. 3 Amounts are presented on a pre-tax |
Income Taxes
Income Taxes | 3 Months Ended |
Jan. 31, 2022 | |
Income Taxes | |
Income Taxes | NOTE 15: INCOME TAXES The Canada Revenue Agency (CRA), Revenu Québec Agency (RQA) and Alberta Tax and Revenue Administration (ATRA) are denying certain dividend deductions claimed by the Bank. During the quarter, the CRA reassessed the Bank for $154 million of additional income tax and interest in respect of its 2016 taxation year. As at January 31, 2022, the CRA has reassessed the Bank for $1,186 million of income tax and interest for the years 2011 to 2016, the RQA has reassessed the Bank for $34 million for the years 2011 to 2015, and the ATRA has reassessed the Bank for $33 million for the years 2011 to 2014. In February 2022, the ATRA reassessed the Bank for $21 million of additional income tax and interest in respect of its 2015 and 2016 taxation years. In total, the Bank has been reassessed for $1,274 million of income tax and interest. The Bank expects the CRA, RQA, and ATRA to continue to reassess open years on the same basis. The Bank is of the view that its tax filing positions were appropriate and intends to challenge all reassessments. |
Earnings per Share
Earnings per Share | 3 Months Ended |
Jan. 31, 2022 | |
Earnings per share [abstract] | |
Earnings per Share | NOTE 16: EARNINGS PER SHARE Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated using the same method as basic earnings per share except that certain adjustments are made to net income attributable to common shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential common shares that are assumed to be issued by the Bank. The following table presents the Bank’s basic and diluted earnings per share for the three months ended January 31, 2022 and January 31, 2021. Basic and Diluted Earnings Per Share (millions of Canadian dollars, except as noted) For the three months ended January 31 January 31 2021 Basic earnings per share Net income attributable to common shareholders $ 3,690 $ 3,212 Weighted-average number of common shares outstanding (millions) 1,820.5 1,814.2 Basic earnings per share $ 2.03 $ 1.77 Diluted earnings per share Net income attributable to common shareholders $ 3,690 $ 3,212 Net income available to common shareholders including impact of dilutive securities 3,690 3,212 Weighted-average number of common shares outstanding (millions) 1,820.5 1,814.2 Effect of dilutive securities Stock options potentially exercisable (millions) 1 3.6 1.6 Weighted-average number of common shares outstanding – diluted (millions) 1,824.1 1,815.8 Diluted earnings per share 1 $ 2.02 $ 1.77 1 For the three months ended January 31, 2022, no outstanding options were excluded from the computation of diluted earnings per share. For the three months ended January 31, 2021, the computation of diluted earnings per share excluded average options outstanding of 4.9 million, with a weighted-average exercise price $72.55, as the option price was greater than the average market price of the Bank’s common shares. |
Contingent Liabilities
Contingent Liabilities | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of credit risk exposure [abstract] | |
Contingent Liabilities | NOTE 17: CONTINGENT LIABILITIES Other than as described below, there have been no new significant events or transactions as previously identified in Note 27 of the Bank’s 2021 Annual Consolidated Financial Statements. LEGAL AND REGULATORY MATTERS LITIGATION In the ordinary course of business, the Bank and its subsidiaries are involved in various legal and regulatory actions, including but not limited to civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. The Bank establishes provisions when it becomes probable that the Bank will incur a loss and the amount can be reliably estimated. The Bank also estimates the aggregate range of reasonably possible losses (RPL) in its legal and regulatory actions (that is, those which are neither probable nor remote), in excess of provisions. As at January 31, 2022, the Bank’s RPL is from zero to approximately $1.39 billion (October 31, 2021 – from zero to approximately $1.45 billion). The Bank’s provisions and RPL represent the Bank’s best estimates based upon currently available information for actions for which estimates can be made, but there are a number of factors that could cause the Bank’s provisions and/or RPL to be significantly different from its actual or RPL. For example, the Bank’s estimates involve significant judgment due to the varying stages of the proceedings, the existence of multiple defendants in many proceedings whose share of liability has yet to be determined, the numerous yet-unresolved In management’s opinion, based on its current knowledge and after consultation with counsel, the ultimate disposition of these actions, individually or in the aggregate, will not have a material adverse effect on the consolidated financial condition or the consolidated cash flows of the Bank. However, because of the factors listed above, as well as other uncertainties inherent in litigation and regulatory matters, there is a possibility that the ultimate resolution of legal or regulatory actions may be material to the Bank’s consolidated results of operations for any particular reporting period. Stanford Litigation – Rotstain v. Trustmark National Bank, et al Rotstain A joint status report was filed in the Smith v. Independent Bank et al. Rotstain Smith In Ontario, the hearing of the appeal in the Joint Liquidators’ action is scheduled for April 20-21, 2022. Credit Card Fees – TD Ameritrade Stockholder Litigation – |
Segmented Information
Segmented Information | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Segmented Information | NOTE 18: SEGMENTED INFORMATION For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada, and the Canadian wealth and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, U.S. credit cards, TD Auto Finance U.S., U.S. wealth business, and the Bank’s investment in Schwab; and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment. The following table summarizes the segment results for the three months ended January 31, 2022 and January 31, 2021. Results by Business Segment 1 (millions of Canadian dollars) Canadian Retail U.S. Retail Wholesale Banking 2 Corporate 2 Total For the three months ended January 31 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Net interest income $ 3,085 $ 2,978 $ 2,115 $ 2,031 $ 709 $ 661 $ 393 $ 360 $ 6,302 $ 6,030 Non-interest 3,633 3,367 671 653 637 649 38 113 4,979 4,782 Total revenue 6,718 6,345 2,786 2,684 1,346 1,310 431 473 11,281 10,812 Provision for (recovery of) credit losses 33 142 21 135 (5 ) 20 23 16 72 313 Insurance claims and related expenses 756 780 – – – – – – 756 780 Non-interest 2,869 2,654 1,597 1,688 764 711 737 731 5,967 5,784 Income (loss) before income taxes and share of net income from investment in Schwab 3,060 2,769 1,168 861 587 579 (329 ) (274 ) 4,486 3,935 Provision for (recovery of) income taxes 806 732 148 70 153 142 (123 ) (117 ) 984 827 Share of net income from investment in Schwab 3,4 – – 252 209 – – (21 ) (40 ) 231 169 Net income (loss) $ 2,254 $ 2,037 $ 1,272 $ 1,000 $ 434 $ 437 $ (227 ) $ (197 ) $ 3,733 $ 3,277 1 The retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest 2 Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 3 The after-tax 4 The Bank’s share of Schwab’s earnings is reported with a one-month Total Assets by Business Segment (millions of Canadian dollars) Canadian Retail U.S. Retail Wholesale Banking Corporate Total As at January 31, 2022 Total assets $ 520,885 $ 580,689 $ 522,804 $ 154,210 $ 1,778,588 As at October 31, 2021 Total assets $ 509,436 $ 559,503 $ 514,681 $ 145,052 $ 1,728,672 |
Interest Income and Expense
Interest Income and Expense | 3 Months Ended |
Jan. 31, 2022 | |
Analysis of income and expense [abstract] | |
Interest Income and Expense | NOTE 19: INTEREST INCOME AND EXPENSE The following tabl e Interest Income (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Measured at amortized cost 1 $ 6,530 $ 6,611 Measured at FVOCI – Debt instruments 1 93 177 6,623 6,788 Measured or designated at FVTPL 855 789 Measured at FVOCI – Equity instruments 44 33 Total $ 7,522 $ 7,610 1 Interest income is calculated using EIRM. Interest Expense (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Measured at amortized cost 1 $ 795 $ 996 Measured or designated at FVTPL 425 584 Total $ 1,220 $ 1,580 1 Interest expense is calculated using EIRM. |
Regulatory Capital
Regulatory Capital | 3 Months Ended |
Jan. 31, 2022 | |
Regulatory Capital | |
Regulatory Capital | NOTE 20: REGULATORY CAPITAL The Bank manages its capital under guidelines established by OSFI. The regulatory capital guidelines measure capital in relation to credit, market, and operational risks. The Bank has various capital policies, procedures, and controls which it utilizes to achieve its goals and objectives. On November 22, 2019, the Bank was designated a global systemically important bank (G-SIB). During the three months ended January 31, 2022, the Bank complied with the OSFI Basel III guidelines related to capital ratios and the leverage ratios. Effective January 1, 2016, OSFI’s target Common Equity Tier 1 (CET1), Tier 1, and Total Capital ratios for Canadian banks designated as domestic systemically important banks (D-SIBs) D-SIBs D-SIB G-SIB On September 23, 2018, the Canadian Bail-in regime came into effect, including OSFI’s Total Loss Absorbing Capacity (TLAC). Under this guideline, the Bank was required to meet supervisory risk-based TLAC target of 24.0% of RWA, inclusive of the 2.50% DSB, and TLAC leverage ratio target of 6.75% by November 1, 2021. Changes to the DSB will result in corresponding changes to the risk-based TLAC target ratio. The following table summarizes the Bank’s regulatory capital positions as at January 31, 2022 and October 31, 2021. Regulatory Capital Position (millions of Canadian dollars, except as noted) As at January 31 October 31 Capital Common Equity Tier 1 Capital $ 71,523 $ 69,937 Tier 1 Capital 76,856 75,716 Total Capital 89,388 87,987 Risk-weighted assets used in the calculation of capital ratios 470,852 460,270 Capital and leverage ratios Common Equity Tier 1 Capital ratio 15.2 % 15.2 % Tier 1 Capital ratio 16.3 16.5 Total Capital ratio 19.0 19.1 Leverage ratio 4.4 4.8 TLAC Ratio 28.6 28.3 TLAC Leverage Ratio 7.6 8.2 |
Risk Management
Risk Management | 3 Months Ended |
Jan. 31, 2022 | |
Risk Management | |
Risk Management | NOTE 21: RISK MANAGEMENT The risk management policies and procedures of the Bank are provided in the MD&A. The shaded sections of the “Managing Risk” section of the MD&A relating to market, liquidity, and insurance risks are an integral part of the Interim Consolidated Financial Statements. |
Subsequent Events
Subsequent Events | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent Events | NOTE 22: SUBSEQUENT EVENTS Acquisition of First Horizon Corporation On February 28, 2022, the Bank and First Horizon Corporation (“First Horizon”) announced a definitive agreement for the Bank to acquire First Horizon in an all-cash transaction valued at US$13.4 billion, or US$25.00 for each common share of First Horizon. In connection with this transaction, the Bank has invested US$494 million in non-voting First Horizon preferred stock (convertible in certain circumstances into up to 4.9% of First Horizon’s common stock). The transaction is expected to close in the first quarter of fiscal 2023, and is subject to customary closing conditions, including approvals from First Horizon’s shareholders and U.S. and Canadian regulatory authorities. The results of the acquired business will be consolidated by the Bank from the closing date and reported in the U.S. Retail segment. If the transaction does not close prior to November 27, 2022, First Horizon shareholders will receive, at closing, an additional US$0.65 per share on an annualized basis for the period from November 27, 2022 through the day immediately prior to the closing. Either party will have the right to terminate the agreement if the transaction has not closed by February 27, 2023 (the “outside date”), subject to the right of either party (under certain conditions) to extend the outside date to May 27, 2023. Concurrent with the announcement, the automatic share purchase plan established under the Bank’s NCIB automatically terminated pursuant to its terms. The NCIB remains in effect on the same terms and subject to the same restrictions as previously disclosed. Rothstein Litigation Settlement Recovery Subsequent to quarter end, the Bank reached a settlement in TD Bank, N.A. v. Lloyd’s Underwriters et al. |
Current And Future Changes In_2
Current And Future Changes In Accounting Policies (Policies) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Insurance Contracts | Insurance Contracts The IASB issued IFRS 17, Insurance Contracts Insurance Contracts The standard is effective for annual reporting periods beginning on or after January 1, 2023, which will be November 1, 2023 for the Bank. OSFI’s related Advisory precludes early adoption. The standard will be applied retrospectively with restatement of comparatives unless impracticable. The Bank is proceeding with the implementation efforts accordingly. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
IFRS 7 Disclosure [Abstract] | |
Portfolio Market Risk Measures | TABLE 29: PORTFOLIO MARKET RISK MEASURES (millions of Canadian dollars) For the three months ended January 31 2022 October 31 2021 January 31 2021 As at Average High Low Average Average Interest rate risk $ 20.4 $ 17.4 $ 25.3 $ 9.8 $ 10.6 $ 21.2 Credit spread risk 17.2 12.0 17.2 8.0 6.7 24.6 Equity risk 15.3 11.1 15.3 8.5 8.5 10.1 Foreign exchange risk 0.8 1.2 2.5 0.6 1.2 3.0 Commodity risk 4.3 4.8 5.9 3.0 4.2 6.3 Idiosyncratic debt specific risk 27.7 22.4 28.4 17.8 18.2 30.8 Diversification effect 1 (50.0 ) (40.4 ) n/m 2 n/m (26.9 ) (62.2 ) Total Value-at-Risk (one-day) 35.7 28.5 37.2 21.8 22.5 33.8 Stressed Value-at-Risk (one-day) 74.3 69.3 84.3 55.7 51.2 33.4 Incremental Risk Capital Charge (one-year) $ 293.1 $ 326.3 $ 418.8 $ 233.4 $ 339.0 $ 356.6 1 The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification. 2 Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. |
Structural Interest Rate Sensitivity Measures | TABLE 30: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 January 31, 2021 EVE Sensitivity NII Sensitivity 1 EVE Sensitivity NII Sensitivity EVE Sensitivity NII Sensitivity Canada U.S. Total Canada U.S. Total Total Total Total Total Before-tax 100 bps increase in rates $ 3 $ (1,287 ) $ (1,284 ) $ 940 $ 1,060 $ 2,000 $ (1,368 ) $ 1,857 $ (1,625 ) $ 2,299 100 bps decrease in rates (138 ) 681 543 (995 ) (486 ) (1,481 ) 338 (1,101 ) 143 (934 ) 1 Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates. |
Summary of Liquid Assets by Type and Currency | TABLE 31: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1,2 (millions of Canadian dollars, except as noted) As at Bank-owned liquid assets Securities received as collateral from securities financing and derivative transactions Total liquid assets % of Encumbered liquid assets Unencumbered liquid assets January 31, 2022 Cash and central bank reserves $ 74,893 $ – $ 74,893 8 % $ 577 $ 74,316 Canadian government obligations 15,106 97,755 112,861 12 80,412 32,449 National Housing Act Mortgage-Backed Securities (NHA MBS) 22,976 2 22,978 3 1,138 21,840 Obligations of provincial governments, public sector entities and multilateral development banks 3 30,877 26,244 57,121 6 37,427 19,694 Corporate issuer obligations 9,773 3,780 13,553 2 2,481 11,072 Equities 15,895 5,059 20,954 2 8,519 12,435 Total Canadian dollar-denominated 169,520 132,840 302,360 33 130,554 171,806 Cash and central bank reserves 86,205 – 86,205 10 1,490 84,715 U.S. government obligations 97,815 49,514 147,329 16 49,433 97,896 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 76,719 5,247 81,966 9 18,009 63,957 Obligations of other sovereigns, public sector entities and multilateral development banks 3 61,987 66,493 128,480 14 66,424 62,056 Corporate issuer obligations 85,883 3,288 89,171 10 9,710 79,461 Equities 40,977 31,599 72,576 8 36,371 36,205 Total non-Canadian 449,586 156,141 605,727 67 181,437 424,290 Total $ 619,106 $ 288,981 $ 908,087 100 % $ 311,991 $ 596,096 October 31, 2021 Cash and central bank reserves $ 70,271 $ – $ 70,271 8 % $ 798 $ 69,473 Canadian government obligations 26,176 92,825 119,001 14 83,456 35,545 NHA MBS 23,615 2 23,617 3 1,104 22,513 Obligations of provincial governments, public sector entities and multilateral development banks 3 30,213 24,808 55,021 6 37,142 17,879 Corporate issuer obligations 9,062 3,775 12,837 1 2,542 10,295 Equities 14,558 3,589 18,147 2 9,110 9,037 Total Canadian dollar-denominated 173,895 124,999 298,894 34 134,152 164,742 Cash and central bank reserves 84,956 – 84,956 10 120 84,836 U.S. government obligations 83,386 44,924 128,310 15 34,903 93,407 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 74,898 5,082 79,980 9 18,949 61,031 Obligations of other sovereigns, public sector entities and multilateral development banks 3 63,400 60,623 124,023 14 57,530 66,493 Corporate issuer obligations 79,108 3,143 82,251 9 10,268 71,983 Equities 41,961 33,280 75,241 9 38,077 37,164 Total non-Canadian 427,709 147,052 574,761 66 159,847 414,914 Total $ 601,604 $ 272,051 $ 873,655 100 % $ 293,999 $ 579,656 1 Liquid assets include collateral received that can be re-hypothecated 2 Positions stated include gross asset values pertaining to securities financing transactions. 3 Includes debt obligations issued or guaranteed by these entities. |
Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches | TABLE 32: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES (millions of Canadian dollars) As at January 31 2022 October 31 The Toronto-Dominion Bank (Parent) $ 202,134 $ 204,543 Bank subsidiaries 373,743 360,569 Foreign branches 20,219 14,544 Total $ 596,096 $ 579,656 |
Summary of Deposit Funding | TABLE 40: SUMMARY OF DEPOSIT FUNDING (millions of Canadian dollars) As at January 31 2022 October 31 2021 P&C deposits – Canadian Retail $ 525,646 $ 519,466 P&C deposits – U.S. Retail 1 492,382 472,742 Total $ 1,018,028 $ 992,208 1 P&C deposits in U.S. Retail are presented on a CAD equivalent basis and therefore period-over-period movements reflect both underlying growth and changes in the foreign exchange rate. |
Summary of Remaining Contractual Maturity | TABLE 43: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at January 31, 2022 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 7,001 $ – $ – $ – $ – $ – $ – $ – $ – $ 7,001 Interest-bearing deposits with banks 162,065 421 154 – – – – – 2,569 165,209 Trading loans, securities, and other 1 3,139 3,007 3,074 2,708 4,331 12,207 24,171 24,049 76,062 152,748 Non-trading 168 342 1,151 24 128 1,971 3,442 1,713 986 9,925 Derivatives 7,969 8,980 4,192 2,446 4,266 5,921 10,182 10,563 – 54,519 Financial assets designated at fair value through profit or loss 642 329 123 101 128 355 1,476 1,608 – 4,762 Financial assets at fair value through other comprehensive income 3,086 8,997 3,855 3,261 2,329 3,816 21,639 23,803 4,733 75,519 Debt securities at amortized cost, net of allowance for credit losses 2,387 8,321 4,913 4,770 5,017 28,172 85,123 157,245 (2 ) 295,946 Securities purchased under reverse repurchase agreements 2 104,838 26,771 20,208 9,939 3,701 119 242 – – 165,818 Loans Residential mortgages 2,339 6,822 8,899 7,233 2,150 31,535 173,484 42,567 – 275,029 Consumer instalment and other personal 565 1,232 3,412 2,915 2,409 14,085 83,733 27,288 56,357 191,996 Credit card – – – – – – – – 31,441 31,441 Business and government 24,630 5,659 11,036 9,426 8,063 24,470 74,541 63,412 30,151 251,388 Total loans 27,534 13,713 23,347 19,574 12,622 70,090 331,758 133,267 117,949 749,854 Allowance for loan losses – – – – – – – – (6,239 ) (6,239 ) Loans, net of allowance for loan losses 27,534 13,713 23,347 19,574 12,622 70,090 331,758 133,267 111,710 743,615 Customers’ liability under acceptances 14,680 2,639 17 4 6 – – – – 17,346 Investment in Schwab – – – – – – – – 11,186 11,186 Goodwill 3 – – – – – – – – 16,615 16,615 Other intangibles 3 – – – – – – – – 2,152 2,152 Land, buildings, equipment, and other depreciable assets 3 – 3 – 4 4 34 457 3,700 5,087 9,289 Deferred tax assets – – – – – – – – 2,228 2,228 Amounts receivable from brokers, dealers, and clients 24,779 – – – – – – – – 24,779 Other assets 3,154 4,872 289 89 285 89 129 83 10,941 19,931 Total assets $ 361,442 $ 78,395 $ 61,323 $ 42,920 $ 32,817 $ 122,774 $ 478,619 $ 356,031 $ 244,267 $ 1,778,588 Liabilities Trading deposits $ 700 $ 2,275 $ 5,013 $ 1,706 $ 3,474 $ 2,911 $ 3,413 $ 1,057 $ – $ 20,549 Derivatives 7,183 8,100 4,121 2,289 3,635 5,719 9,619 11,226 – 51,892 Securitization liabilities at fair value – 1,014 518 301 1,216 2,030 5,708 2,545 – 13,332 Financial liabilities designated at fair value through profit or loss 28,185 39,297 39,229 19,161 9,050 212 1 5 10 135,150 Deposits 4,5 Personal 5,907 9,044 6,893 5,744 8,743 7,307 7,535 28 601,545 652,746 Banks 8,582 651 88 11 24 1 2 4 14,919 24,282 Business and government 18,797 12,890 7,053 1,224 10,325 22,120 44,265 6,425 359,411 482,510 Total deposits 33,286 22,585 14,034 6,979 19,092 29,428 51,802 6,457 975,875 1,159,538 Acceptances 14,680 2,639 17 4 6 – – – – 17,346 Obligations related to securities sold short 1 1,063 4,154 3,767 485 562 5,254 15,205 14,335 2,605 47,430 Obligations related to securities sold under repurchase agreements 2 124,318 14,269 5,567 276 985 17 – – – 145,432 Securitization liabilities at amortized cost – 418 470 402 590 3,385 6,855 3,160 – 15,280 Amounts payable to brokers, dealers, and clients 26,895 – – – – – – – – 26,895 Insurance-related liabilities 161 278 412 412 432 1,006 1,694 877 2,473 7,745 Other liabilities 6,646 1,593 361 787 1,285 1,059 1,958 4,806 6,223 24,718 Subordinated notes and debentures – – – – – – 200 11,104 – 11,304 Equity – – – – – – – – 101,977 101,977 Total liabilities and equity $ 243,117 $ 96,622 $ 73,509 $ 32,802 $ 40,327 $ 51,021 $ 96,455 $ 55,572 $ 1,089,163 $ 1,778,588 Off-balance Credit and liquidity commitments 6,7 $ 14,043 $ 21,924 $ 26,697 $ 14,732 $ 16,885 $ 39,665 $ 121,118 $ 3,374 $ 1,363 $ 259,801 Other commitments 8 83 135 268 176 251 570 1,302 441 – 3,226 Unconsolidated structured entity commitments – 20 780 – 1,302 401 459 – – 2,962 Total off-balance $ 14,126 $ 22,079 $ 27,745 $ 14,908 $ 18,438 $ 40,636 $ 122,879 $ 3,815 $ 1,363 $ 265,989 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 As the timing of demand deposits and notice deposits is non-specific 5 Includes $23 billion of covered bonds with remaining contractual maturities of $2 billion in ‘over 1 month to 3 months’, $4 billion in ‘over 3 months to 6 months’, $3 billion in ‘over 9 months to 1 year’, $6 billion in ‘over 1 to 2 years’, $6 billion in ‘over 2 to 5 years’, and $2 billion in ‘over 5 years’ 6 Includes $319 million in commitments to extend credit to private equity investments. 7 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 8 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. TABLE 43: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at October 31, 2021 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 5,931 $ – $ – $ – $ – $ – $ – $ – $ – $ 5,931 Interest-bearing deposits with banks 158,039 373 185 – – – – – 1,365 159,962 Trading loans, securities, and other 1 2,020 4,382 5,059 2,275 2,874 12,293 21,299 23,119 74,269 147,590 Non-trading 58 3 543 1,250 53 745 3,803 1,931 1,004 9,390 Derivatives 6,146 9,393 5,289 2,885 1,818 7,172 10,895 10,829 – 54,427 Financial assets designated at fair value through profit or loss 441 311 187 167 363 851 624 1,620 – 4,564 Financial assets at fair value through other comprehensive income 1,030 6,532 11,881 3,381 2,914 4,089 21,983 22,658 4,598 79,066 Debt securities at amortized cost, net of allowance for credit losses 1,235 6,567 8,180 4,889 4,030 27,819 79,375 136,846 (2 ) 268,939 Securities purchased under reverse repurchase agreements 2 92,356 30,580 22,332 14,191 7,441 140 244 – – 167,284 Loans Residential mortgages 930 2,389 5,050 10,061 10,077 34,004 166,855 38,974 – 268,340 Consumer instalment and other personal 641 987 2,029 4,049 3,254 14,333 81,413 27,126 56,032 189,864 Credit card – – – – – – – – 30,738 30,738 Business and government 27,691 5,390 6,707 10,533 8,503 23,332 71,025 61,647 25,242 240,070 Total loans 29,262 8,766 13,786 24,643 21,834 71,669 319,293 127,747 112,012 729,012 Allowance for loan losses – – – – – – – – (6,390 ) (6,390 ) Loans, net of allowance for loan losses 29,262 8,766 13,786 24,643 21,834 71,669 319,293 127,747 105,622 722,622 Customers’ liability under acceptances 16,039 2,327 76 2 4 – – – – 18,448 Investment in Schwab – – – – – – – – 11,112 11,112 Goodwill 3 – – – – – – – – 16,232 16,232 Other intangibles 3 – – – – – – – – 2,123 2,123 Land, buildings, equipment, and other depreciable assets 3 – 3 10 4 4 19 466 3,664 5,011 9,181 Deferred tax assets – – – – – – – – 2,265 2,265 Amounts receivable from brokers, dealers, and clients 32,357 – – – – – – – – 32,357 Other assets 3,100 1,049 2,204 159 150 74 112 73 10,258 17,179 Total assets $ 348,014 $ 70,286 $ 69,732 $ 53,846 $ 41,485 $ 124,871 $ 458,094 $ 328,487 $ 233,857 $ 1,728,672 Liabilities Trading deposits $ 1,697 $ 5,373 $ 4,867 $ 2,953 $ 1,196 $ 2,135 $ 3,516 $ 1,154 $ – $ 22,891 Derivatives 7,387 9,392 4,581 2,969 2,244 7,403 10,792 12,354 – 57,122 Securitization liabilities at fair value – 538 1,013 514 301 2,814 5,737 2,588 – 13,505 Financial liabilities designated at fair value through profit or loss 23,923 12,526 33,712 28,017 14,678 1,127 1 4 – 113,988 Deposits 4,5 Personal 5,799 9,750 8,491 5,999 6,148 7,611 7,254 29 582,417 633,498 Banks 8,903 338 135 25 – 2 2 4 11,508 20,917 Business and government 15,795 12,080 8,268 5,433 1,311 28,880 37,255 6,079 355,609 470,710 Total deposits 30,497 22,168 16,894 11,457 7,459 36,493 44,511 6,112 949,534 1,125,125 Acceptances 16,039 2,327 76 2 4 – – – – 18,448 Obligations related to securities sold short 1 1,096 729 1,753 1,648 432 4,574 12,640 17,505 2,007 42,384 Obligations related to securities sold under repurchase agreements 2 120,938 13,904 7,255 1,700 272 28 – – – 144,097 Securitization liabilities at amortized cost – 344 414 475 403 3,448 7,043 3,135 – 15,262 Amounts payable to brokers, dealers, and clients 28,993 – – – – – – – – 28,993 Insurance-related liabilities 158 273 405 405 425 982 1,673 872 2,483 7,676 Other liabilities 9,008 3,106 925 228 767 1,522 1,796 4,815 5,966 28,133 Subordinated notes and debentures – – – – – – 200 11,030 – 11,230 Equity – – – – – – – – 99,818 99,818 Total liabilities and equity $ 239,736 $ 70,680 $ 71,895 $ 50,368 $ 28,181 $ 60,526 $ 87,909 $ 59,569 $ 1,059,808 $ 1,728,672 Off-balance Credit and liquidity commitments 6,7 $ 14,788 $ 24,189 $ 23,482 $ 19,887 $ 15,616 $ 38,639 $ 115,624 $ 3,789 $ 1,327 $ 257,341 Other commitments 8 59 170 185 244 170 591 1,303 541 – 3,263 Unconsolidated structured entity commitments – 859 20 557 – 127 510 – – 2,073 Total off-balance $ 14,847 $ 25,218 $ 23,687 $ 20,688 $ 15,786 $ 39,357 $ 117,437 $ 4,330 $ 1,327 $ 262,677 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 As the timing of demand deposits and notice deposits is non-specific 5 Includes $25 billion of covered bonds with remaining contractual maturities of $2 billion in ‘over 1 month to 3 months’, $2 billion in ‘over 3 months to 6 months’, $4 billion in ‘over 6 months to 9 months’, $8 billion in ‘over 1 to 2 years’, $7 billion in ‘over 2 to 5 years’, and $2 billion in ‘over 5 years’. 6 Includes $326 million in commitments to extend credit to private equity investments. 7 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 8 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |
Schedule of Financial Assets and Liabilities not Carried at Fair Value | Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Carrying value Fair value Carrying value Fair value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 230,442 $ 228,722 $ 208,559 $ 207,927 Other debt securities 65,504 65,160 60,380 60,525 Total debt securities at amortized cost, net of allowance for credit losses 295,946 293,882 268,939 268,452 Total loans, net of allowance for loan losses 743,615 742,623 722,622 725,177 Total financial assets not carried at fair value $ 1,039,561 $ 1,036,505 $ 991,561 $ 993,629 FINANCIAL LIABILITIES Deposits $ 1,159,538 $ 1,157,900 $ 1,125,125 $ 1,124,762 Securitization liabilities at amortized cost 15,280 15,150 15,262 15,202 Subordinated notes and debentures 11,304 11,722 11,230 11,838 Total financial liabilities not carried at fair value $ 1,186,122 $ 1,184,772 $ 1,151,617 $ 1,151,802 1 This table excludes financial assets and liabilities where the carrying value approximates their fair value. |
Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities | Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair value as at Total realized and unrealized gains (losses) Movements Transfers Fair value as at Change in unrealized gains (losses) on instruments still held 5 Included in income 1 Included in OCI 2,3 Purchases/ Issuances Sales/ Settlements 4 Into Level 3 Out of Level 3 FINANCIAL ASSETS Trading loans, securities, and other Other debt securities $ 6 $ – $ – $ 2 $ (2 ) $ 11 $ – $ 17 $ – Equity securities 33 – – – (33 ) – – – – 39 – – 2 (35 ) 11 – 17 – Non-trading Securities 760 36 – 88 (7 ) – (4 ) 873 33 Loans 3 – – – – – – 3 – 763 36 – 88 (7 ) – (4 ) 876 33 Financial assets at fair value through other comprehensive income Other debt securities 64 – – – (1 ) – – 63 – Equity securities 1,609 – 1 10 40 – – 1,660 1 $ 1,673 $ – $ 1 $ 10 $ 39 $ – $ – $ 1,723 $ 1 FINANCIAL LIABILITIES Trading deposits 6 $ (141 ) $ (10 ) $ – $ (28 ) $ 1 $ (8 ) $ 3 $ (183 ) $ (11 ) Derivatives 7 Interest rate contracts (88 ) (3 ) – – 2 – – (89 ) – Foreign exchange contracts 7 (3 ) – – – – – 4 (1 ) Equity contracts (82 ) (11 ) – – (1 ) (1 ) 5 (90 ) (12 ) Commodity contracts 31 22 – – (8 ) – – 45 22 (132 ) 5 – – (7 ) (1 ) 5 (130 ) 9 Financial liabilities designated at fair value through profit or loss (76 ) 8 – (71 ) 92 – – (47 ) 8 Obligations related to securities sold short (9 ) – – – 9 – – – – Fair November 1 2020 Total realized and unrealized gains (losses) Movements Transfers Fair January 31 2021 Change in unrealized gains instruments still held 5 Included in income 1 Included in OCI 2,3 Purchases/ Issuances Sales/ Settlements 4 Into Level 3 Out of Level 3 FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 16 $ 2 $ – $ – $ (18 ) $ – $ – $ – $ – Other debt securities 3 1 – – (1 ) – (1 ) 2 2 19 3 – – (19 ) – (1 ) 2 2 Non-trading Securities 571 – – 31 (6 ) – (1 ) 595 (3 ) Loans 3 – – – – – – 3 – 574 – – 31 (6 ) – (1 ) 598 (3 ) Financial assets at fair value through other comprehensive income Other debt securities 20 – 3 – – – – 23 3 Equity securities 1,579 – 6 20 (70 ) – – 1,535 6 $ 1,599 $ – $ 9 $ 20 $ (70 ) $ – $ – $ 1,558 $ 9 FINANCIAL LIABILITIES Trading deposits 6 $ (4,649 ) $ (534 ) $ – $ (744 ) $ 910 $ (7 ) $ – $ (5,024 ) $ (362 ) Derivatives 7 Interest rate contracts (96 ) (1 ) – – 1 – – (96 ) 1 Foreign exchange contracts 2 2 – – 1 – – 5 4 Equity contracts (707 ) (439 ) – (13 ) 80 7 – (1,072 ) (2 ) Commodity contracts (18 ) 18 – – 4 – – 4 7 (819 ) (420 ) – (13 ) 86 7 – (1,159 ) 10 Financial liabilities designated at fair value through profit or loss (24 ) 4 – (45 ) 34 – – (31 ) (1 ) Obligations related to securities sold short – – – – – (1 ) – (1 ) – 1 Gains/losses on financial assets and liabilities are recognized within Non-interest Income on the Interim Consolidated Statement of Income. 2 Other comprehensive income. 3 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. 4 Includes foreign exchange. 5 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in accumulated other comprehensive income. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 Consists of derivative assets of $58 million (January 31, 2021 – $576 million; October 31, 2021/November 1, 2021 – $47 million; October 31, 2020/November 1, 2020 – $381 million) and derivative liabilities of $188 million (January 31, 2021 – $1,735 million; October 31, 2021/November 1, 2021 – $179 million; October 31, 2020/November 1, 2020 – $1,200 million) which have been netted in this table for presentation purposes only. |
At fair value [member] | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |
Schedule of Fair Value Hierarchy for Assets and Liabilities | The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at January 31, 2022 and October 31, 2021. Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 1 Government and government-related securities Canadian government debt Federal $ 1,080 $ 7,306 $ – $ 8,386 $ 294 $ 10,902 $ – $ 11,196 Provinces – 8,204 – 8,204 – 8,326 – 8,326 U.S. federal, state, municipal governments, and agencies debt – 18,886 – 18,886 – 13,241 – 13,241 Other OECD government guaranteed debt – 8,894 – 8,894 – 7,785 – 7,785 Mortgage-backed securities – 1,789 – 1,789 – 1,500 – 1,500 Other debt securities Canadian issuers – 6,229 – 6,229 – 5,970 – 5,970 Other issuers – 12,048 17 12,065 – 12,389 6 12,395 Equity securities 59,675 37 – 59,712 59,933 158 33 60,124 Trading loans – 12,048 – 12,048 – 12,405 – 12,405 Commodities 15,884 643 – 16,527 13,919 720 – 14,639 Retained interests – 8 – 8 – 9 – 9 76,639 76,092 17 152,748 74,146 73,405 39 147,590 Non-trading Securities 184 6,223 873 7,280 166 6,127 760 7,053 Loans – 2,642 3 2,645 – 2,334 3 2,337 184 8,865 876 9,925 166 8,461 763 9,390 Derivatives Interest rate contracts 37 10,335 – 10,372 12 10,277 1 10,290 Foreign exchange contracts 49 35,655 4 35,708 26 35,786 7 35,819 Credit contracts – 72 – 72 – 57 – 57 Equity contracts 4 5,117 – 5,121 3 5,359 – 5,362 Commodity contracts 341 2,851 54 3,246 365 2,495 39 2,899 431 54,030 58 54,519 406 53,974 47 54,427 Financial assets designated at fair value through profit or loss Securities 1 – 4,762 – 4,762 – 4,564 – 4,564 – 4,762 – 4,762 – 4,564 – 4,564 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 13,189 – 13,189 – 12,519 – 12,519 Provinces – 19,067 – 19,067 – 18,143 – 18,143 U.S. federal, state, municipal governments, and agencies debt – 16,704 – 16,704 – 19,300 – 19,300 Other OECD government guaranteed debt – 5,047 – 5,047 – 6,564 – 6,564 Mortgage-backed securities – 318 – 318 – 1,254 – 1,254 Other debt securities Asset-backed securities – 7,083 – 7,083 – 6,981 – 6,981 Corporate and other debt – 7,685 63 7,748 – 8,040 64 8,104 Equity securities 3,070 1 1,660 4,731 2,989 1 1,609 4,599 Loans – 1,632 – 1,632 – 1,602 – 1,602 3,070 70,726 1,723 75,519 2,989 74,404 1,673 79,066 Securities purchased under reverse repurchase agreements – 7,491 – 7,491 – 7,992 – 7,992 FINANCIAL LIABILITIES Trading deposits – 20,366 183 20,549 – 22,750 141 22,891 Derivatives Interest rate contracts 31 10,001 89 10,121 14 11,580 89 11,683 Foreign exchange contracts 34 33,023 – 33,057 28 35,146 – 35,174 Credit contracts – 297 – 297 – 347 – 347 Equity contracts – 6,386 90 6,476 – 7,932 82 8,014 Commodity contracts 468 1,464 9 1,941 300 1,596 8 1,904 533 51,171 188 51,892 342 56,601 179 57,122 Securitization liabilities at fair value – 13,332 – 13,332 – 13,505 – 13,505 Financial liabilities designated at fair value through profit or loss 10 135,093 47 135,150 – 113,912 76 113,988 Obligations related to securities sold short 1 2,944 44,486 – 47,430 2,015 40,360 9 42,384 Obligations related to securities sold under repurchase agreements – 6,329 – 6,329 – 5,126 – 5,126 1 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). |
Securities (Tables)
Securities (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Unrealized Gains and Losses | The following table summarizes the unrealized gains and losses as at January 31, 2022 and October 31, 2021. Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Cost/ amortized cost 1 Gross unrealized gains Gross unrealized (losses) Fair value Cost/ amortized cost 1 Gross unrealized gains Gross unrealized (losses) Fair value Government and government-related securities Canadian government debt Federal $ 13,129 $ 80 $ (20 ) $ 13,189 $ 12,428 $ 98 $ (7 ) $ 12,519 Provinces 18,943 159 (35 ) 19,067 17,935 218 (10 ) 18,143 U.S. federal, state, municipal governments, and agencies debt 16,693 43 (32 ) 16,704 19,232 83 (15 ) 19,300 Other OECD government guaranteed debt 5,048 4 (5 ) 5,047 6,551 13 – 6,564 Mortgage-backed securities 317 1 – 318 1,251 3 – 1,254 54,130 287 (92 ) 54,325 57,397 415 (32 ) 57,780 Other debt securities Asset-backed securities 7,075 18 (10 ) 7,083 6,957 30 (6 ) 6,981 Corporate and other debt 7,755 33 (40 ) 7,748 8,054 68 (18 ) 8,104 14,830 51 (50 ) 14,831 15,011 98 (24 ) 15,085 Total debt securities 68,960 338 (142 ) 69,156 72,408 513 (56 ) 72,865 Equity securities Common shares 3,935 398 (80 ) 4,253 3,887 310 (80 ) 4,117 Preferred shares 467 41 (30 ) 478 470 43 (31 ) 482 4,402 439 (110 ) 4,731 4,357 353 (111 ) 4,599 Total securities at fair value through other comprehensive income $ 73,362 $ 777 $ (252 ) $ 73,887 $ 76,765 $ 866 $ (167 ) $ 77,464 1 Includes the foreign exchange translation of amortized cost balances at the period-end |
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income | Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the three months ended January 31, 2022 October 31, 2021 January 31, 2022 January 31, 2021 Fair value Dividend income recognized Common shares $ 4,253 $ 4,117 $ 39 $ 30 Preferred shares 478 482 5 3 Total $ 4,731 $ 4,599 $ 44 $ 33 |
Summary of Securities Net Realized Gains (Losses) | The following table summarizes the net realized gains and losses for the three months ended January 31, 2022 and January 31, 2021, which are included in Other income (loss) on the Interim Consolidated Statement of Income. Debt Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the three months ended January 31 2022 January 31 2021 Debt securities at fair value through other comprehensive income $ 10 $ 20 |
Summary of Debt Securities by Risk Rating | The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances. Refer to the “Allowance for Credit Losses” table in Note 6 for details regarding the allowance and provision for credit losses on debt securities. Debt Securities by Risk Ratings (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities 1 Investment grade $ 362,910 $ – $ n/a 2 $ 362,910 $ 339,426 $ – $ n/a $ 339,426 Non-Investment 1,951 166 n/a 2,117 2,235 83 n/a 2,318 Watch and classified n/a 77 n/a 77 n/a 62 n/a 62 Default n/a n/a – – n/a n/a – – Total debt securities 364,861 243 – 365,104 341,661 145 – 341,806 Allowance for credit losses on debt securities at amortized cost 2 – – 2 2 – – 2 Total debt securities, net of allowance $ 364,859 $ 243 $ – $ 365,102 $ 341,659 $ 145 $ – $ 341,804 1 Includes debt securities backed by government-guaranteed loans of $207 million (October 31, 2021 – $1 million), which are reported in Non-Investment grade or a lower risk rating based on the issuer’s credit risk. 2 Not applicable. |
Loans, Impaired Loans, and Al_2
Loans, Impaired Loans, and Allowance for Credit Losses (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Banks Loans and Acceptances | The following table provides details regarding the Bank’s loans and acceptances as at January 31, 2022 and October 31, 2021. Loans and Acceptances (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Residential mortgages $ 275,029 $ 268,340 Consumer instalment and other personal 191,996 189,864 Credit card 31,441 30,738 Business and government 251,388 240,070 749,854 729,012 Customers’ liability under acceptances 17,346 18,448 Loans at FVOCI (Note 4) 1,632 1,602 Total loans and acceptances 768,832 749,062 Total allowance for loan losses 6,239 6,390 Total loans and acceptances, net of allowance 762,593 742,672 |
Summary of Credit Quality | Business and government loans (including loans at FVOCI) and customers’ liability under acceptances are grouped together as reflected below for presentation in the “Loans and Acceptances by Risk Ratings” table. Loans and Acceptances – Business and Government (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Loans at amortized cost $ 251,388 $ 240,070 Customers’ liability under acceptances 17,346 18,448 Loans at FVOCI (Note 4) 1,632 1,602 Loans and acceptances 270,366 260,120 Allowance for loan and acceptances losses 2,714 2,751 Loans and acceptances, net of allowance 267,652 257,369 |
Summary of Gross Carrying Amounts of Loans, Acceptances and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings | The following table provides the gross carrying amounts of loans, acceptances and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances. Loans and Acceptances by Risk Ratings (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 1,2,3 Low Risk $ 216,299 $ 4,145 $ n/a $ 220,444 $ 208,030 $ 4,113 $ n/a $ 212,143 Normal Risk 40,538 6,416 n/a 46,954 38,922 9,768 n/a 48,690 Medium Risk – 4,380 n/a 4,380 – 4,405 n/a 4,405 High Risk – 2,479 333 2,812 – 2,380 266 2,646 Default n/a n/a 439 439 n/a n/a 456 456 Total loans 256,837 17,420 772 275,029 246,952 20,666 722 268,340 Allowance for loan losses 30 175 45 250 35 175 51 261 Loans, net of allowance 256,807 17,245 727 274,779 246,917 20,491 671 268,079 Consumer instalment and other personal 4 Low Risk 103,510 1,397 n/a 104,907 94,425 1,397 n/a 95,822 Normal Risk 52,875 6,113 n/a 58,988 62,484 1,255 n/a 63,739 Medium Risk 16,028 4,070 n/a 20,098 18,201 3,917 n/a 22,118 High Risk 1,055 6,144 395 7,594 1,073 6,346 379 7,798 Default n/a n/a 409 409 n/a n/a 387 387 Total loans 173,468 17,724 804 191,996 176,183 12,915 766 189,864 Allowance for loan losses 515 837 160 1,512 520 914 139 1,573 Loans, net of allowance 172,953 16,887 644 190,484 175,663 12,001 627 188,291 Credit card Low Risk 6,418 8 n/a 6,426 5,467 7 n/a 5,474 Normal Risk 10,643 67 n/a 10,710 10,109 68 n/a 10,177 Medium Risk 8,545 1,171 n/a 9,716 8,909 1,158 n/a 10,067 High Risk 283 4,047 181 4,511 476 4,319 149 4,944 Default n/a n/a 78 78 n/a n/a 76 76 Total loans 25,889 5,293 259 31,441 24,961 5,552 225 30,738 Allowance for loan losses 663 938 162 1,763 671 996 138 1,805 Loans, net of allowance 25,226 4,355 97 29,678 24,290 4,556 87 28,933 Business and government 1,2,3,5 Investment grade or Low/Normal Risk 117,336 799 n/a 118,135 110,129 699 n/a 110,828 Non-Investment 129,459 11,802 n/a 141,261 125,638 12,149 n/a 137,787 Watch and classified or High Risk 107 9,998 229 10,334 108 10,547 70 10,725 Default n/a n/a 636 636 n/a n/a 780 780 Total loans and acceptances 246,902 22,599 865 270,366 235,875 23,395 850 260,120 Allowance for loan and acceptances losses 1,039 1,358 317 2,714 1,037 1,407 307 2,751 Loans and acceptances, net of allowance 245,863 21,241 548 267,652 234,838 21,988 543 257,369 Total loans and acceptances 6 703,096 63,036 2,700 768,832 683,971 62,528 2,563 749,062 Total allowance for loan losses 6,7 2,247 3,308 684 6,239 2,263 3,492 635 6,390 Total loans and acceptances, net of allowance 6 $ 700,849 $ 59,728 $ 2,016 $ 762,593 $ 681,708 $ 59,036 $ 1,928 $ 742,672 1 Includes impaired loans with a balance of $177 million (October 31, 2021 – $86 million) which did not have a related allowance for loan losses as the realizable value of the collateral exceeded the loan amount. 2 Excludes trading loans and non-trading 3 Includes insured mortgages of $81 billion (October 31, 2021 – $82 billion). 4 Includes Canadian government-insured real estate personal loans of $10 billion (October 31, 2021 – $10 billion). 5 Includes loans guaranteed by government agencies of $27 billion (October 31, 2021 – $26 billion), which are primarily reported in Non-Investment 6 Stage 3 includes acquired credit-impaired (ACI) loans of $140 million (October 31, 2021 – $152 million) and a related allowance for loan losses of $4 million (October 31, 2021 – $6 million), which have been included in the “Default” risk rating category as they were impaired at acquisition. 7 Includes allowance for loan losses related to loans that are measured at FVOCI of nil (October 31, 2021 – nil). Loans and Acceptances by Risk Ratings – Off-Balance 1 (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 2 Low Risk $ 234,756 $ 219 $ n/a $ 234,975 $ 222,348 $ 232 $ n/a $ 222,580 Normal Risk 78,293 449 n/a 78,742 80,529 501 n/a 81,030 Medium Risk 12,890 413 n/a 13,303 13,993 551 n/a 14,544 High Risk 897 981 – 1,878 890 1,004 – 1,894 Default n/a n/a – – n/a n/a – – Non-Retail 3 Investment grade 200,053 – n/a 200,053 195,293 – n/a 195,293 Non-Investment 79,683 4,997 n/a 84,680 80,076 5,329 n/a 85,405 Watch and classified 38 4,565 – 4,603 38 5,097 – 5,135 Default n/a n/a 59 59 n/a n/a 86 86 Total off-balance 606,610 11,624 59 618,293 593,167 12,714 86 605,967 Allowance for off-balance 410 490 2 902 386 467 3 856 Total off-balance $ 606,200 $ 11,134 $ 57 $ 617,391 $ 592,781 $ 12,247 $ 83 $ 605,111 1 Excludes mortgage commitments. 2 Includes $327 billion (October 31, 2021 – $318 billion) of personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 3 Includes $47 billion (October 31, 2021 – $48 billion) of the undrawn component of uncommitted credit and liquidity facilities. |
Summary of Allowance for Credit Losses | The following table provides details on the Bank’s allowance for credit losses as at and for the three months ended January 31, 2022 and January 31, 2021, including allowance for off-balance Allowance for Credit Losses (millions of Canadian dollars) Balance at Provision Write-offs, Foreign Balance Balance at Provision Write-offs, Foreign Balance For the three months ended January 31, 2022 January 31, 2021 Residential mortgages $ 261 $ (10 ) $ (2 ) $ 1 $ 250 $ 302 $ 5 $ (3 ) $ (3 ) $ 301 Consumer instalment and other personal 1,649 52 (125 ) 16 1,592 2,112 151 (183 ) (42 ) 2,038 Credit card 2,314 117 (144 ) 41 2,328 3,184 48 (215 ) (86 ) 2,931 Business and government 3,022 (85 ) (14 ) 48 2,971 3,779 108 (117 ) (103 ) 3,667 Total allowance for loan losses, including off-balance 7,246 74 (285 ) 106 7,141 9,377 312 (518 ) (234 ) 8,937 Debt securities at amortized cost 2 – – – 2 2 – – – 2 Debt securities at FVOCI 7 (2 ) – – 5 5 1 – – 6 Total allowance for credit losses on debt securities 9 (2 ) – – 7 7 1 – – 8 Total allowance for credit losses $ 7,255 $ 72 $ (285 ) $ 106 $ 7,148 $ 9,384 $ 313 $ (518 ) $ (234 ) $ 8,945 Comprising: Allowance for credit losses on loans at amortized cost $ 6,390 $ 6,239 $ 8,289 $ 7,932 Allowance for credit losses on loans at FVOCI – – 1 1 Allowance for loan losses 6,390 6,239 8,290 7,933 Allowance for off-balance 856 902 1,087 1,004 Allowance for credit losses on debt securities 9 7 7 8 |
Summary of Allowance for Loan Losses | The following table provides details on the Bank’s allowance for loan losses by stage as at and for the three months ended January 31, 2022 and January 31, 2021. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 35 $ 175 $ 51 $ 261 $ 32 $ 205 $ 65 $ 302 Provision for credit losses Transfer to Stage 1 2 23 (23 ) – – 16 (16 ) – – Transfer to Stage 2 (4 ) 7 (3 ) – (12 ) 17 (5 ) – Transfer to Stage 3 – (4 ) 4 – – (4 ) 4 – Net remeasurement due to transfers into stage 3 (4 ) 3 – (1 ) (3 ) 3 – – New originations or purchases 4 4 n/a n/a 4 3 n/a n/a 3 Net repayments 5 (1 ) (1 ) – (2 ) (3 ) (1 ) – (4 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (1 ) (4 ) (11 ) (16 ) (1 ) (8 ) (5 ) (14 ) Changes to risk, parameters, and models 7 (22 ) 21 6 5 (5 ) 22 3 20 Disposals – – – – – – – – Write-offs – – (3 ) (3 ) – – (4 ) (4 ) Recoveries – – 1 1 1 (3 ) 3 1 Foreign exchange and other adjustments – 1 – 1 (2 ) (1 ) – (3 ) Balance at end of period $ 30 $ 175 $ 45 $ 250 $ 26 $ 214 $ 61 $ 301 Consumer Instalment and Other Personal Balance, including off-balance $ 550 $ 960 $ 139 $ 1,649 $ 595 $ 1,330 $ 187 $ 2,112 Provision for credit losses Transfer to Stage 1 2 204 (203 ) (1 ) – 269 (266 ) (3 ) – Transfer to Stage 2 (34 ) 45 (11 ) – (43 ) 59 (16 ) – Transfer to Stage 3 (1 ) (53 ) 54 – (2 ) (52 ) 54 – Net remeasurement due to transfers into stage 3 (50 ) 33 2 (15 ) (102 ) 49 1 (52 ) New originations or purchases 4 56 n/a n/a 56 51 n/a n/a 51 Net repayments 5 (20 ) (20 ) (3 ) (43 ) (25 ) (27 ) (3 ) (55 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (22 ) (48 ) (13 ) (83 ) (21 ) (38 ) (7 ) (66 ) Changes to risk, parameters, and models 7 (139 ) 159 117 137 (181 ) 300 154 273 Disposals – – – – – – – – Write-offs – – (197 ) (197 ) – – (258 ) (258 ) Recoveries – – 72 72 – – 75 75 Foreign exchange and other adjustments 5 10 1 16 (12 ) (22 ) (8 ) (42 ) Balance, including off-balance 549 883 160 1,592 529 1,333 176 2,038 Less: Allowance for off-balance 8 34 46 – 80 25 90 – 115 Balance at end of period $ 515 $ 837 $ 160 $ 1,512 $ 504 $ 1,243 $ 176 $ 1,923 Credit Card 9 Balance, including off-balance $ 878 $ 1,298 $ 138 $ 2,314 $ 799 $ 2,181 $ 204 $ 3,184 Provision for credit losses Transfer to Stage 1 2 324 (320 ) (4 ) – 378 (373 ) (5 ) – Transfer to Stage 2 (58 ) 66 (8 ) – (42 ) 57 (15 ) – Transfer to Stage 3 (6 ) (147 ) 153 – (2 ) (180 ) 182 – Net remeasurement due to transfers into stage 3 (96 ) 81 4 (11 ) (161 ) 62 2 (97 ) New originations or purchases 4 71 n/a n/a 71 27 n/a n/a 27 Net repayments 5 10 1 4 15 (9 ) (2 ) 6 (5 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (23 ) (51 ) (35 ) (109 ) (12 ) (36 ) (45 ) (93 ) Changes to risk, parameters, and models 7 (219 ) 320 50 151 (115 ) 216 115 216 Disposals – – – – – – – – Write-offs – – (221 ) (221 ) – – (282 ) (282 ) Recoveries – – 77 77 – – 67 67 Foreign exchange and other adjustments 16 21 4 41 (21 ) (58 ) (7 ) (86 ) Balance, including off-balance 897 1,269 162 2,328 842 1,867 222 2,931 Less: Allowance for off-balance 8 234 331 – 565 189 404 – 593 Balance at end of period $ 663 $ 938 $ 162 $ 1,763 $ 653 $ 1,463 $ 222 $ 2,338 1 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of Note 2, Summary of Significant Accounting Policies , Significant Accounting Judgments, Estimates and Assumptions 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., PD) caused by changes to macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of Expected Credit Losses”, “Forward Looking Information and Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies Significant Accounting Judgments, Estimates and Assumptions 8 The allowance for loan losses for off-balance 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2021 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance $ 1,186 $ 1,526 $ 310 $ 3,022 $ 1,499 $ 1,858 $ 422 $ 3,779 Provision for credit losses Transfer to Stage 1 3 87 (86 ) (1 ) – 103 (102 ) (1 ) – Transfer to Stage 2 (99 ) 101 (2 ) – (138 ) 142 (4 ) – Transfer to Stage 3 (1 ) (19 ) 20 – (3 ) (27 ) 30 – Net remeasurement due to transfers into stage 3 (20 ) 16 – (4 ) (26 ) 37 (2 ) 9 New originations or purchases 3 256 n/a n/a 256 322 n/a n/a 322 Net repayments 3 4 (16 ) (24 ) (36 ) 7 (7 ) (49 ) (49 ) Derecognition of financial assets (excluding disposals and write-offs) 3 (208 ) (153 ) (73 ) (434 ) (199 ) (182 ) (62 ) (443 ) Changes to risk, parameters, and models 3 (46 ) 75 104 133 (72 ) 204 137 269 Disposals – – – – – – – – Write-offs – – (26 ) (26 ) – – (131 ) (131 ) Recoveries – – 12 12 – – 14 14 Foreign exchange and other adjustments 22 27 (1 ) 48 (43 ) (46 ) (14 ) (103 ) Balance, including off-balance 1,181 1,471 319 2,971 1,450 1,877 340 3,667 Less: Allowance for off-balance 4 142 113 2 257 144 138 14 296 Balance at end of period 1,039 1,358 317 2,714 1,306 1,739 326 3,371 Total Allowance, including off-balance 2,657 3,798 686 7,141 2,847 5,291 799 8,937 Less: Total Allowance for off-balance 4 410 490 2 902 358 632 14 1,004 Total Allowance for Loan Losses at end of period $ 2,247 $ 3,308 $ 684 $ 6,239 $ 2,489 $ 4,659 $ 785 $ 7,933 1 Includes allowance for loan losses related to ACI loans. 2 Includes allowance for loan losses related to customers’ liability under acceptances. 3 For explanations regarding this line item, refer to the “Allowance for Loan Losses by Stage” table on the previous page in this Note. 4 The allowance for loan losses for off-balance |
Summary of Macroeconomic Variables impacted in Determining ECLs | Macroeconomic Variables As at January 31, 2022 Base Forecast Upside Scenario Downside Scenario Average 1 Remaining 4-year 1 Average 1 Remaining 4-year 1 Average 1 Remaining 4-year 1 Unemployment rate Canada 5.6 % 5.6 % 5.6 % 5.3 % 6.7 % 6.5 % United States 3.6 3.8 3.6 3.5 4.5 4.5 Real GDP Canada 4.4 1.9 5.5 1.9 0.8 2.3 United States 4.1 1.9 5.1 1.9 1.2 2.2 Home prices Canada (average existing price) 2 6.9 1.0 8.7 1.4 3.6 0.6 United States (CoreLogic HPI) 3 10.2 3.0 13.1 2.9 7.5 2.5 Central bank policy interest rate Canada 0.81 1.73 1.38 2.23 0.25 1.22 United States 0.63 1.91 1.13 2.41 0.25 1.34 U.S. 10-year 1.97 2.23 2.43 2.43 1.70 2.20 U.S. 10-year (%-pts) 1.54 1.80 1.48 1.72 1.79 1.80 Exchange rate (U.S. dollar/Canadian dollar) $ 0.81 $ 0.80 $ 0.82 $ 0.81 $ 0.78 $ 0.79 1 The numbers represent average values for the quoted periods, and average of year-on-year 2 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service; data is collected by the Canadian Real Estate Association. 3 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home’s sales price over time. |
Schedule of Change from Base to Probability-Weighted ECL | The following table presents the base ECL scenario compared to the probability-weighted ECLs, with the latter derived from three ECL scenarios for performing loans and off-balance non-linearity Change from Base to Probability-Weighted ECLs (millions of Canadian dollars, except as noted) As at January 31, 2022 October 31, 2021 Probability-weighted ECLs $ 6,455 $ 6,608 Base ECLs 6,306 6,412 Difference – in amount $ 149 $ 196 Difference – in percentage 2.4 % 3.1 % |
Schedule of Incremental Lifetime ECL Impact | The following table shows the estimated impact of staging on ECLs by presenting all performing loans and off-balance twelve-month Incremental Lifetime ECLs Impact (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 Probability-weighted ECLs $ 6,455 $ 6,608 All performing loans and off-balance 12-month 4,802 4,903 Incremental lifetime ECLs impact $ 1,653 $ 1,705 |
Summary of Loans Past Due but Not Impaired | The following table summarizes loans that are past due but not impaired. Loans less than 31 days contractually past due are excluded as they do not generally reflect a borrower’s ability to meet their payment obligations. Loans Past Due but not Impaired 1 (millions of Canadian dollars) As at January 31, 2022 October 31, 2021 31-60 days 61-89 days Total 31-60 days 61-89 days Total Residential mortgages $ 199 $ 101 $ 300 $ 229 $ 62 $ 291 Consumer instalment and other personal 561 193 754 512 156 668 Credit card 208 129 337 186 113 299 Business and government 203 153 356 785 139 924 Total $ 1,171 $ 576 $ 1,747 $ 1,712 $ 470 $ 2,182 1 Includes loans that are measured at FVOCI. |
Investment in Associates and _2
Investment in Associates and Joint Ventures (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Charles Schwab Corporation [member] | |
Disclosure Of Investments In Associates And Joint Ventures [Line Items] | |
Summary of Condensed Financial Statements | Condensed Consolidated Balance Sheet (millions of Canadian dollars) As at December 31 September 30 Assets Receivables from brokerage clients, net $ 114,560 $ 107,118 Available for sale securities 493,399 466,536 Other assets 236,104 178,247 Total assets $ 844,063 $ 751,901 Liabilities Bank deposits $ 561,357 $ 489,192 Payables to brokerage clients 158,968 139,913 Other liabilities 52,571 51,706 Total liabilities 772,896 680,811 Stockholders’ equity 71,167 71,090 Total liabilities and stockholders’ equity $ 844,063 $ 751,901 Condensed Consolidated Statement of Income (millions of Canadian dollars, except as noted) For the three months ended December 31 2021 December 31 2020 Net Revenues Net interest revenue $ 2,699 $ 2,357 Asset management and administration fees 1,399 1,286 Trading revenue and other 1,835 1,798 Total net revenues 5,933 5,441 Expenses Excluding Interest Compensation and benefits 1,763 1,822 Other 1,620 1,697 Total expenses excluding interest 3,383 3,519 Income before taxes on income 2,550 1,922 Taxes on income 558 444 Net income 1,992 1,478 Preferred stock dividends and other 165 111 Net Income available to common stockholders 1,827 1,367 Other comprehensive income (loss) (2,976 ) (380 ) Total comprehensive income (loss) $ (1,149 ) $ 987 Earnings per common shares outstanding – basic (Canadian dollars) $ 0.97 $ 0.74 Earnings per common shares outstanding – diluted (Canadian dollars) 0.96 0.74 |
Goodwill (Tables)
Goodwill (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Intangible assets and goodwill [abstract] | |
Summary of Goodwill by Segment | Goodwill by Segmen t (millions of Canadian dollars) Canadian Retail U.S. Retail 1 Wholesale Banking Total Carrying amount of goodwill as at November 1, 2020 $ 2,846 $ 14,142 $ 160 $ 17,148 Additions (disposals) 40 – 116 156 Foreign currency translation adjustments and other (62 ) (1,008 ) (2 ) (1,072 ) Carrying amount of goodwill as at October 31, 2021 2 $ 2,824 $ 13,134 $ 274 $ 16,232 Foreign currency translation adjustments and other 22 357 4 383 Carrying amount of goodwill as at January 31, 2022 2 $ 2,846 $ 13,491 $ 278 $ 16,615 1 Goodwill predominantly relates to U.S. personal and commercial banking. 2 Accumulated impairment as at January 31, 2022 and October 31, 2021 was nil. |
Other Assets (Tables)
Other Assets (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Other Assets | |
Schedule of Other Assets | Other Assets (millions of Canadian dollars) As at January 31 2022 October 31 2021 Accounts receivable and other items $ 9,577 $ 9,144 Accrued interest 2,197 2,196 Current income tax receivable 3,921 1,862 Defined benefit asset 988 637 Insurance-related assets, excluding investments 2,067 2,040 Prepaid expenses 1,181 1,300 Total $ 19,931 $ 17,179 |
Deposits (Tables)
Deposits (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Deposits | |
Summary of Deposit Liabilities | Deposits (millions of Canadian dollars) As at By Type By Country January 31 2022 October 31 2021 Demand Notice Term 1 Canada United States International Total Total Personal $ 24,239 $ 577,307 $ 51,200 $ 301,449 $ 351,297 $ – $ 652,746 $ 633,498 Banks 14,291 627 9,364 22,167 148 1,967 24,282 20,917 Business and government 2 140,524 219,081 122,905 324,663 155,533 2,314 482,510 470,710 179,054 797,015 183,469 648,279 506,978 4,281 1,159,538 1,125,125 Trading – – 20,549 11,011 2,178 7,360 20,549 22,891 Designated at fair value through profit or loss 3 – – 135,087 61,042 42,733 31,312 135,087 113,905 Total $ 179,054 $ 797,015 $ 339,105 $ 720,332 $ 551,889 $ 42,953 $ 1,315,174 $ 1,261,921 Non-interest-bearing In domestic offices $ 73,222 $ 72,705 In foreign offices 85,647 82,756 Interest-bearing deposits included above In domestic offices 647,110 626,562 In foreign offices 509,187 479,890 U.S. federal funds deposited 8 8 Total 2,4 $ 1,315,174 $ 1,261,921 1 Includes $51.3 billion (October 31, 2021 – $43.1 billion) of senior debt which is subject to the bank recapitalization “bail-in” non-viable. 2 Includes $23.0 billion relating to covered bondholders (October 31, 2021 – $25.1 billion) and nil (October 31, 2021 – $0.5 billion) due to TD Capital Trust lV. 3 Financial liabilities designated at FVTPL on the Interim Consolidated Balance Sheet also includes $63 million (October 31, 2021 – $83 million) of loan commitments, financial guarantees, and other liabilities designated at FVTPL. 4 Includes deposits of $756 billion (October 31, 2021 – $719 billion) denominated in U.S. dollars and $51 billion (October 31, 2021 – $44 billion) denominated in other foreign currencies. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of financial liabilities [abstract] | |
Summary of Other Liabilities | Other Liabilities (millions of Canadian dollars) As at January 31 2022 October 31 2021 Accounts payable, accrued expenses, and other items 1 $ 5,137 $ 7,499 Accrued interest 662 714 Accrued salaries and employee benefits 2,851 4,151 Cheques and other items in transit 2,652 2,667 Current income tax payable 58 82 Deferred tax liabilities 224 244 Defined benefit liability 1,581 1,592 Lease liabilities 5,499 5,473 Liabilities related to structured entities 4,692 4,407 Provisions 1,362 1,304 Total $ 24,718 $ 28,133 1 Includes dividends and distributions payable of nil (October 31, 2021 – $1,404 million). |
Equity (Tables)
Equity (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of classes of share capital [abstract] | |
Summary of Classes of Share Capital | The following table summarizes the changes to the shares and other equity instruments issued and outstanding, and treasury instruments held as at and for the three months ended January 31, 2022 and January 31, 2021. Shares and Other Equity Instruments Issued and Outstanding and Treasury Instruments Held (millions of shares or other equity instruments and millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Number of shares Amount Number of shares Amount Common Shares Balance as at beginning of period 1,823.9 $ 23,066 1,816.1 $ 22,487 Proceeds from shares issued on exercise of stock options 1.2 76 0.9 46 Shares issued as a result of dividend reinvestment plan 1.2 122 1.5 112 Purchase of shares for cancellation and other (7.5 ) (94 ) – – Balance as at end of period – common shares 1,818.8 $ 23,170 1,818.5 $ 22,645 Preferred Shares and Other Equity Instruments Preferred Shares – Class A Balance as at beginning and end of period 158.0 $ 3,950 226.0 $ 5,650 Other Equity Instruments 1 Balance as at beginning and end of period 1.8 $ 1,750 – $ – Balance as at beginning and end of period – preferred shares and other equity instruments 159.8 $ 5,700 226.0 $ 5,650 Treasury – common shares 2 Balance as at beginning of period 1.9 $ (152 ) 0.5 $ (37 ) Purchase of shares 30.5 (2,936 ) 44.7 (3,145 ) Sale of shares (30.1 ) 2,900 (42.7 ) 3,011 Balance as at end of period – treasury – common shares 2.3 $ (188 ) 2.5 $ (171 ) Treasury – preferred shares and other equity instruments 2 Balance as at beginning of period 0.1 $ (10 ) 0.1 $ (4 ) Purchase of shares and other equity instruments 0.8 (29 ) 1.5 (34 ) Sale of shares and other equity instruments (0.7 ) 33 (1.4 ) 34 Balance as at end of period – treasury – preferred shares and other equity instruments 0.2 $ (6 ) 0.2 $ (4 ) 1 Consists of Limited Recourse Capital Notes (LRCNs). For LRCNs, the number of shares represents the number of notes issued. 2 When the Bank purchases its own equity instruments as part of its trading business, they are classified as treasury instruments and the cost of these instruments is recorded as a reduction in equity. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |
Schedule of Assumptions Used for Estimating the Fair Value of Options | The following table summarizes the assumptions used for estimating the fair value of options for the three months ended January 31, 2022 and January 31, 2021. Assumptions Used for Estimating the Fair Value of Options (in Canadian dollars, except as noted) For the three months ended January 31 2022 January 31 2021 Risk-free interest rate 1.47 % 0.71 % Option contractual life 10.0 years 10.0 years Expected volatility 1 17.89 % 18.50 % Expected dividend yield 3.66 % 3.61 % Exercise price/share price $ 95.33 $ 71.88 1 Expected volatility is calculated based on the average daily volatility measured over a historical period. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Employee Benefits | |
Summary of Employee Benefit Plans Expenses | The following table summarizes expenses for the Bank’s principal pension and non-pension Defined Benefit Plan Expenses (millions of Canadian dollars) Principal pension plans Principal post-retirement Other pension and 1 For the three months ended January 31 January 31 January 31 January 31 January 31 January 31 Service cost – benefits earned $ 104 $ 130 $ 2 $ 2 $ 1 $ 2 Net interest cost (income) on net defined benefit liability (asset) (6 ) 6 3 3 5 5 Past service cost (credit) – – – – – 1 Defined benefit administrative expenses 2 3 – – 1 1 Total $ 100 $ 139 $ 5 $ 5 $ 7 $ 9 1 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance defined benefit pension and post-retirement benefit plans, and supplemental employee defined benefit pension plans. |
Summary of Expenses for Bank's Defined Contribution Plans | The following table summarizes expenses for the Bank’s defined contribution plans for the three months ended January 31, 2022 and January 31, 2021. Defined Contribution Plan Expenses (millions of Canadian dollars) For the three months ended January 31 January 31 Defined contribution pension plans 1 $ 54 $ 52 Government pension plans 2 142 120 Total $ 196 $ 172 1 Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k) plan. 2 Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act |
Summary of Remeasurement of Defined Benefit Plans | The following table summarizes the remeasurements recognized in other comprehensive income for the Bank’s principal pension and post-retirement defined benefit plans for the three months ended January 31, 2022 and January 31, 2021. Amounts Recognized in Other Comprehensive Income for Remeasurement of Defined Benefit Plans 1,2,3 (millions of Canadian dollars) Principal pension plans Principal post-retirement benefit plan For the three months ended January 31 January 31 January 31 January 31 Remeasurement gain / $ 234 $ 247 $ 15 $ 4 Remeasurement gain / 128 302 – – Total $ 362 $ 549 $ 15 $ 4 1 Excludes the Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, supplemental employee retirement plans, and other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for disclosure purposes as these plans are not remeasured on a quarterly basis. 2 Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. All other assumptions are updated annually. 3 Amounts are presented on a pre-tax |
Earnings per Share (Tables)
Earnings per Share (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Earnings per share [abstract] | |
Summary of Earnings Per Share | The following table presents the Bank’s basic and diluted earnings per share for the three months ended January 31, 2022 and January 31, 2021. Basic and Diluted Earnings Per Share (millions of Canadian dollars, except as noted) For the three months ended January 31 January 31 2021 Basic earnings per share Net income attributable to common shareholders $ 3,690 $ 3,212 Weighted-average number of common shares outstanding (millions) 1,820.5 1,814.2 Basic earnings per share $ 2.03 $ 1.77 Diluted earnings per share Net income attributable to common shareholders $ 3,690 $ 3,212 Net income available to common shareholders including impact of dilutive securities 3,690 3,212 Weighted-average number of common shares outstanding (millions) 1,820.5 1,814.2 Effect of dilutive securities Stock options potentially exercisable (millions) 1 3.6 1.6 Weighted-average number of common shares outstanding – diluted (millions) 1,824.1 1,815.8 Diluted earnings per share 1 $ 2.02 $ 1.77 1 For the three months ended January 31, 2022, no outstanding options were excluded from the computation of diluted earnings per share. For the three months ended January 31, 2021, the computation of diluted earnings per share excluded average options outstanding of 4.9 million, with a weighted-average exercise price $72.55, as the option price was greater than the average market price of the Bank’s common shares. |
Segmented Information (Tables)
Segmented Information (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Disclosure of operating segments [abstract] | |
Summary of Results by Business Segment | The following table summarizes the segment results for the three months ended January 31, 2022 and January 31, 2021. Results by Business Segment 1 (millions of Canadian dollars) Canadian Retail U.S. Retail Wholesale Banking 2 Corporate 2 Total For the three months ended January 31 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Net interest income $ 3,085 $ 2,978 $ 2,115 $ 2,031 $ 709 $ 661 $ 393 $ 360 $ 6,302 $ 6,030 Non-interest 3,633 3,367 671 653 637 649 38 113 4,979 4,782 Total revenue 6,718 6,345 2,786 2,684 1,346 1,310 431 473 11,281 10,812 Provision for (recovery of) credit losses 33 142 21 135 (5 ) 20 23 16 72 313 Insurance claims and related expenses 756 780 – – – – – – 756 780 Non-interest 2,869 2,654 1,597 1,688 764 711 737 731 5,967 5,784 Income (loss) before income taxes and share of net income from investment in Schwab 3,060 2,769 1,168 861 587 579 (329 ) (274 ) 4,486 3,935 Provision for (recovery of) income taxes 806 732 148 70 153 142 (123 ) (117 ) 984 827 Share of net income from investment in Schwab 3,4 – – 252 209 – – (21 ) (40 ) 231 169 Net income (loss) $ 2,254 $ 2,037 $ 1,272 $ 1,000 $ 434 $ 437 $ (227 ) $ (197 ) $ 3,733 $ 3,277 1 The retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest 2 Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 3 The after-tax 4 The Bank’s share of Schwab’s earnings is reported with a one-month Total Assets by Business Segment (millions of Canadian dollars) Canadian Retail U.S. Retail Wholesale Banking Corporate Total As at January 31, 2022 Total assets $ 520,885 $ 580,689 $ 522,804 $ 154,210 $ 1,778,588 As at October 31, 2021 Total assets $ 509,436 $ 559,503 $ 514,681 $ 145,052 $ 1,728,672 |
Interest Income and Expense (Ta
Interest Income and Expense (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Analysis of income and expense [abstract] | |
Summary of Interest Income and Expenses by Basis of Accounting Classification | The following tabl e Interest Income (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Measured at amortized cost 1 $ 6,530 $ 6,611 Measured at FVOCI – Debt instruments 1 93 177 6,623 6,788 Measured or designated at FVTPL 855 789 Measured at FVOCI – Equity instruments 44 33 Total $ 7,522 $ 7,610 1 Interest income is calculated using EIRM. Interest Expense (millions of Canadian dollars) For the three months ended January 31, 2022 January 31, 2021 Measured at amortized cost 1 $ 795 $ 996 Measured or designated at FVTPL 425 584 Total $ 1,220 $ 1,580 1 Interest expense is calculated using EIRM. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 3 Months Ended |
Jan. 31, 2022 | |
Regulatory Capital | |
Summary of Regulatory Capital Position | The following table summarizes the Bank’s regulatory capital positions as at January 31, 2022 and October 31, 2021. Regulatory Capital Position (millions of Canadian dollars, except as noted) As at January 31 October 31 Capital Common Equity Tier 1 Capital $ 71,523 $ 69,937 Tier 1 Capital 76,856 75,716 Total Capital 89,388 87,987 Risk-weighted assets used in the calculation of capital ratios 470,852 460,270 Capital and leverage ratios Common Equity Tier 1 Capital ratio 15.2 % 15.2 % Tier 1 Capital ratio 16.3 16.5 Total Capital ratio 19.0 19.1 Leverage ratio 4.4 4.8 TLAC Ratio 28.6 28.3 TLAC Leverage Ratio 7.6 8.2 |
Portfolio Market Risk Measures
Portfolio Market Risk Measures (Details) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | $ 35.7 | ||
Stressed Value-at-Risk (one-day) | 74.3 | ||
Incremental Risk Capital Charge (one-year) | 293.1 | ||
Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 28.5 | $ 22.5 | $ 33.8 |
Stressed Value-at-Risk (one-day) | 69.3 | 51.2 | 33.4 |
Incremental Risk Capital Charge (one-year) | 326.3 | 339 | 356.6 |
High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 37.2 | ||
Stressed Value-at-Risk (one-day) | 84.3 | ||
Incremental Risk Capital Charge (one-year) | 418.8 | ||
Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 21.8 | ||
Stressed Value-at-Risk (one-day) | 55.7 | ||
Incremental Risk Capital Charge (one-year) | 233.4 | ||
Interest rate risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 20.4 | ||
Interest rate risk [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 17.4 | 10.6 | 21.2 |
Interest rate risk [member] | High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 25.3 | ||
Interest rate risk [member] | Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 9.8 | ||
Credit risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 17.2 | ||
Credit risk [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 12 | 6.7 | 24.6 |
Credit risk [member] | High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 17.2 | ||
Credit risk [member] | Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 8 | ||
Equity price risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 15.3 | ||
Equity price risk [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 11.1 | 8.5 | 10.1 |
Equity price risk [member] | High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 15.3 | ||
Equity price risk [member] | Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 8.5 | ||
Currency risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 0.8 | ||
Currency risk [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 1.2 | 1.2 | 3 |
Currency risk [member] | High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 2.5 | ||
Currency risk [member] | Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 0.6 | ||
Commodity price risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 4.3 | ||
Commodity price risk [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 4.8 | 4.2 | 6.3 |
Commodity price risk [member] | High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 5.9 | ||
Commodity price risk [member] | Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 3 | ||
Idiosyncratic debt specific risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 27.7 | ||
Idiosyncratic debt specific risk [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 22.4 | 18.2 | 30.8 |
Idiosyncratic debt specific risk [member] | High risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 28.4 | ||
Idiosyncratic debt specific risk [member] | Low risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | 17.8 | ||
Risk diversification effect [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | (50) | ||
Risk diversification effect [member] | Average risk [member] | |||
MarketRisk [Line Items] | |||
Total VaR (one-day measure) | $ (40.4) | $ (26.9) | $ (62.2) |
Structural Interest Rate Sensit
Structural Interest Rate Sensitivity Measures (Details) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
100 bps increase [member] | |||
Structural Interest Rate Sensitivity Measures [Line Items] | |||
EVE Sensitivity | $ (1,284) | $ (1,368) | $ (1,625) |
NII Sensitivity | 2,000 | 1,857 | 2,299 |
100 bps decrease [member] | |||
Structural Interest Rate Sensitivity Measures [Line Items] | |||
EVE Sensitivity | 543 | 338 | 143 |
NII Sensitivity | (1,481) | $ (1,101) | $ (934) |
Canada [member] | 100 bps increase [member] | |||
Structural Interest Rate Sensitivity Measures [Line Items] | |||
EVE Sensitivity | 3 | ||
NII Sensitivity | 940 | ||
Canada [member] | 100 bps decrease [member] | |||
Structural Interest Rate Sensitivity Measures [Line Items] | |||
EVE Sensitivity | (138) | ||
NII Sensitivity | (995) | ||
United States [member] | 100 bps increase [member] | |||
Structural Interest Rate Sensitivity Measures [Line Items] | |||
EVE Sensitivity | (1,287) | ||
NII Sensitivity | 1,060 | ||
United States [member] | 100 bps decrease [member] | |||
Structural Interest Rate Sensitivity Measures [Line Items] | |||
EVE Sensitivity | 681 | ||
NII Sensitivity | $ (486) |
Summary of Liquid Assets by Typ
Summary of Liquid Assets by Type and Currency (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | $ 619,106 | $ 601,604 |
Securities received as collateral from securities financing and derivative transactions | 288,981 | 272,051 |
Total liquid assets | $ 908,087 | $ 873,655 |
% of total | 100.00% | 100.00% |
Encumbered liquid assets | $ 311,991 | $ 293,999 |
Unencumbered liquid assets | 596,096 | 579,656 |
Canadian Dollar [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 169,520 | 173,895 |
Securities received as collateral from securities financing and derivative transactions | 132,840 | 124,999 |
Total liquid assets | $ 302,360 | $ 298,894 |
% of total | 33.00% | 34.00% |
Encumbered liquid assets | $ 130,554 | $ 134,152 |
Unencumbered liquid assets | 171,806 | 164,742 |
Canadian Dollar [member] | Cash and central bank reserves [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 74,893 | 70,271 |
Total liquid assets | $ 74,893 | $ 70,271 |
% of total | 8.00% | 8.00% |
Encumbered liquid assets | $ 577 | $ 798 |
Unencumbered liquid assets | 74,316 | 69,473 |
Canadian Dollar [member] | Canadian government obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 15,106 | 26,176 |
Securities received as collateral from securities financing and derivative transactions | 97,755 | 92,825 |
Total liquid assets | $ 112,861 | $ 119,001 |
% of total | 12.00% | 14.00% |
Encumbered liquid assets | $ 80,412 | $ 83,456 |
Unencumbered liquid assets | 32,449 | 35,545 |
Canadian Dollar [member] | National Housing Act mortgage backed securities [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 22,976 | 23,615 |
Securities received as collateral from securities financing and derivative transactions | 2 | 2 |
Total liquid assets | $ 22,978 | $ 23,617 |
% of total | 3.00% | 3.00% |
Encumbered liquid assets | $ 1,138 | $ 1,104 |
Unencumbered liquid assets | 21,840 | 22,513 |
Canadian Dollar [member] | Provincial government obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 30,877 | 30,213 |
Securities received as collateral from securities financing and derivative transactions | 26,244 | 24,808 |
Total liquid assets | $ 57,121 | $ 55,021 |
% of total | 6.00% | 6.00% |
Encumbered liquid assets | $ 37,427 | $ 37,142 |
Unencumbered liquid assets | 19,694 | 17,879 |
Canadian Dollar [member] | Corporate issuer obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 9,773 | 9,062 |
Securities received as collateral from securities financing and derivative transactions | 3,780 | 3,775 |
Total liquid assets | $ 13,553 | $ 12,837 |
% of total | 2.00% | 1.00% |
Encumbered liquid assets | $ 2,481 | $ 2,542 |
Unencumbered liquid assets | 11,072 | 10,295 |
Canadian Dollar [member] | Equities [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 15,895 | 14,558 |
Securities received as collateral from securities financing and derivative transactions | 5,059 | 3,589 |
Total liquid assets | $ 20,954 | $ 18,147 |
% of total | 2.00% | 2.00% |
Encumbered liquid assets | $ 8,519 | $ 9,110 |
Unencumbered liquid assets | 12,435 | 9,037 |
Other than Canadian dollar [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 449,586 | 427,709 |
Securities received as collateral from securities financing and derivative transactions | 156,141 | 147,052 |
Total liquid assets | $ 605,727 | $ 574,761 |
% of total | 67.00% | 66.00% |
Encumbered liquid assets | $ 181,437 | $ 159,847 |
Unencumbered liquid assets | 424,290 | 414,914 |
Other than Canadian dollar [member] | Cash and central bank reserves [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 86,205 | 84,956 |
Total liquid assets | $ 86,205 | $ 84,956 |
% of total | 10.00% | 10.00% |
Encumbered liquid assets | $ 1,490 | $ 120 |
Unencumbered liquid assets | 84,715 | 84,836 |
Other than Canadian dollar [member] | Corporate issuer obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 85,883 | 79,108 |
Securities received as collateral from securities financing and derivative transactions | 3,288 | 3,143 |
Total liquid assets | $ 89,171 | $ 82,251 |
% of total | 10.00% | 9.00% |
Encumbered liquid assets | $ 9,710 | $ 10,268 |
Unencumbered liquid assets | 79,461 | 71,983 |
Other than Canadian dollar [member] | Equities [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 40,977 | 41,961 |
Securities received as collateral from securities financing and derivative transactions | 31,599 | 33,280 |
Total liquid assets | $ 72,576 | $ 75,241 |
% of total | 8.00% | 9.00% |
Encumbered liquid assets | $ 36,371 | $ 38,077 |
Unencumbered liquid assets | 36,205 | 37,164 |
Other than Canadian dollar [member] | U.S. government obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 97,815 | 83,386 |
Securities received as collateral from securities financing and derivative transactions | 49,514 | 44,924 |
Total liquid assets | $ 147,329 | $ 128,310 |
% of total | 16.00% | 15.00% |
Encumbered liquid assets | $ 49,433 | $ 34,903 |
Unencumbered liquid assets | 97,896 | 93,407 |
Other than Canadian dollar [member] | U.S. federal agency obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 76,719 | 74,898 |
Securities received as collateral from securities financing and derivative transactions | 5,247 | 5,082 |
Total liquid assets | $ 81,966 | $ 79,980 |
% of total | 9.00% | 9.00% |
Encumbered liquid assets | $ 18,009 | $ 18,949 |
Unencumbered liquid assets | 63,957 | 61,031 |
Other than Canadian dollar [member] | Other sovereign obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 61,987 | 63,400 |
Securities received as collateral from securities financing and derivative transactions | 66,493 | 60,623 |
Total liquid assets | $ 128,480 | $ 124,023 |
% of total | 14.00% | 14.00% |
Encumbered liquid assets | $ 66,424 | $ 57,530 |
Unencumbered liquid assets | $ 62,056 | $ 66,493 |
Summary of Unencumbered Liquid
Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | $ 596,096 | $ 579,656 |
Toronto-Dominion Bank [member] | ||
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | 202,134 | 204,543 |
Subsidiaries [Member] | ||
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | 373,743 | 360,569 |
Foreign branches [member] | ||
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | $ 20,219 | $ 14,544 |
Summary of Deposit Funding (Det
Summary of Deposit Funding (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits [Line Items] | ||
Funds from Deposits | $ 1,018,028 | $ 992,208 |
Canadian Retail [member] | P&C Deposits [member] | ||
Disclosure Of Deposits [Line Items] | ||
Funds from Deposits | 525,646 | 519,466 |
U.S. Retail [member] | P&C Deposits [member] | ||
Disclosure Of Deposits [Line Items] | ||
Funds from Deposits | $ 492,382 | $ 472,742 |
Summary of Remaining Contractua
Summary of Remaining Contractual Maturity (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Assets | ||||
Cash and due from banks | $ 7,001 | $ 5,931 | $ 6,250 | $ 6,445 |
Interest-bearing deposits with banks | 165,209 | 159,962 | ||
Trading loans, securities, and other | 152,748 | 147,590 | ||
Non-trading financial assets at fair value through profit or loss | 9,925 | 9,390 | ||
Derivatives | 54,519 | 54,427 | ||
Financial assets designated at fair value through profit or loss | 4,762 | 4,564 | ||
Financial assets at fair value through other comprehensive income | 75,519 | 79,066 | ||
Debt securities at amortized cost, net of allowance for credit losses | 295,946 | 268,939 | ||
Securities purchased under reverse repurchase agreements | 165,818 | 167,284 | ||
Loans | ||||
Residential mortgages | 275,029 | 268,340 | ||
Consumer installment and other personal | 191,996 | 189,864 | ||
Credit card | 31,441 | 30,738 | ||
Business and government | 251,388 | 240,070 | ||
Total loans | 749,854 | 729,012 | ||
Allowance for loan losses | (6,239) | (6,390) | ||
Loans, net of allowance for loan losses | 743,615 | 722,622 | ||
Customers' liability under acceptances | 17,346 | 18,448 | ||
Investment in Schwab | 11,186 | 11,112 | ||
Goodwill3 | 16,615 | 16,232 | $ 17,148 | |
Other intangibles3 | 2,152 | 2,123 | ||
Land, buildings, equipment, and other depreciable assets3 | 9,289 | 9,181 | ||
Deferred tax assets | 2,228 | 2,265 | ||
Amounts receivable from brokers, dealers, and clients | 24,779 | 32,357 | ||
Other assets | 19,931 | 17,179 | ||
Total assets | 1,778,588 | 1,728,672 | ||
Liabilities | ||||
Trading deposits | 20,549 | 22,891 | ||
Derivatives | 51,892 | 57,122 | ||
Securitization liabilities at fair value | 13,332 | 13,505 | ||
Financial liabilities designated at fair value through profit or loss | 135,150 | 113,988 | ||
Deposits | ||||
Personal | 652,746 | 633,498 | ||
Banks | 24,282 | 20,917 | ||
Business and government | 482,510 | 470,710 | ||
Total deposits, other than trading | 1,159,538 | 1,125,125 | ||
Acceptances | 17,346 | 18,448 | ||
Obligations related to securities sold short1 | 47,430 | 42,384 | ||
Obligations related to securities sold under repurchase agreements2 | 145,432 | 144,097 | ||
Securitization liabilities at amortized cost | 15,280 | 15,262 | ||
Amounts payable to brokers, dealers, and clients | 26,895 | 28,993 | ||
Insurance-related liabilities | 7,745 | 7,676 | ||
Other liabilities | 24,718 | 28,133 | ||
Subordinated notes and debentures | 11,304 | 11,230 | ||
Equity | 101,977 | 99,818 | ||
Total liabilities and equity | 1,778,588 | 1,728,672 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 265,989 | 262,677 | ||
Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 259,801 | 257,341 | ||
Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 3,226 | 3,263 | ||
Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 2,962 | 2,073 | ||
Not later than one month [member] | ||||
Assets | ||||
Cash and due from banks | 7,001 | 5,931 | ||
Interest-bearing deposits with banks | 162,065 | 158,039 | ||
Trading loans, securities, and other | 3,139 | 2,020 | ||
Non-trading financial assets at fair value through profit or loss | 168 | 58 | ||
Derivatives | 7,969 | 6,146 | ||
Financial assets designated at fair value through profit or loss | 642 | 441 | ||
Financial assets at fair value through other comprehensive income | 3,086 | 1,030 | ||
Debt securities at amortized cost, net of allowance for credit losses | 2,387 | 1,235 | ||
Securities purchased under reverse repurchase agreements | 104,838 | 92,356 | ||
Loans | ||||
Residential mortgages | 2,339 | 930 | ||
Consumer installment and other personal | 565 | 641 | ||
Business and government | 24,630 | 27,691 | ||
Total loans | 27,534 | 29,262 | ||
Loans, net of allowance for loan losses | 27,534 | 29,262 | ||
Customers' liability under acceptances | 14,680 | 16,039 | ||
Amounts receivable from brokers, dealers, and clients | 24,779 | 32,357 | ||
Other assets | 3,154 | 3,100 | ||
Total assets | 361,442 | 348,014 | ||
Liabilities | ||||
Trading deposits | 700 | 1,697 | ||
Derivatives | 7,183 | 7,387 | ||
Securitization liabilities at fair value | 0 | |||
Financial liabilities designated at fair value through profit or loss | 28,185 | 23,923 | ||
Deposits | ||||
Personal | 5,907 | 5,799 | ||
Banks | 8,582 | 8,903 | ||
Business and government | 18,797 | 15,795 | ||
Total deposits, other than trading | 33,286 | 30,497 | ||
Acceptances | 14,680 | 16,039 | ||
Obligations related to securities sold short1 | 1,063 | 1,096 | ||
Obligations related to securities sold under repurchase agreements2 | 124,318 | 120,938 | ||
Amounts payable to brokers, dealers, and clients | 26,895 | 28,993 | ||
Insurance-related liabilities | 161 | 158 | ||
Other liabilities | 6,646 | 9,008 | ||
Total liabilities and equity | 243,117 | 239,736 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 14,126 | 14,847 | ||
Not later than one month [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 14,043 | 14,788 | ||
Not later than one month [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 83 | 59 | ||
Later than one month and not later than three months [member] | ||||
Assets | ||||
Interest-bearing deposits with banks | 421 | 373 | ||
Trading loans, securities, and other | 3,007 | 4,382 | ||
Non-trading financial assets at fair value through profit or loss | 342 | 3 | ||
Derivatives | 8,980 | 9,393 | ||
Financial assets designated at fair value through profit or loss | 329 | 311 | ||
Financial assets at fair value through other comprehensive income | 8,997 | 6,532 | ||
Debt securities at amortized cost, net of allowance for credit losses | 8,321 | 6,567 | ||
Securities purchased under reverse repurchase agreements | 26,771 | 30,580 | ||
Loans | ||||
Residential mortgages | 6,822 | 2,389 | ||
Consumer installment and other personal | 1,232 | 987 | ||
Business and government | 5,659 | 5,390 | ||
Total loans | 13,713 | 8,766 | ||
Loans, net of allowance for loan losses | 13,713 | 8,766 | ||
Customers' liability under acceptances | 2,639 | 2,327 | ||
Land, buildings, equipment, and other depreciable assets3 | 3 | 3 | ||
Other assets | 4,872 | 1,049 | ||
Total assets | 78,395 | 70,286 | ||
Liabilities | ||||
Trading deposits | 2,275 | 5,373 | ||
Derivatives | 8,100 | 9,392 | ||
Securitization liabilities at fair value | 1,014 | 538 | ||
Financial liabilities designated at fair value through profit or loss | 39,297 | 12,526 | ||
Deposits | ||||
Personal | 9,044 | 9,750 | ||
Banks | 651 | 338 | ||
Business and government | 12,890 | 12,080 | ||
Total deposits, other than trading | 22,585 | 22,168 | ||
Acceptances | 2,639 | 2,327 | ||
Obligations related to securities sold short1 | 4,154 | 729 | ||
Obligations related to securities sold under repurchase agreements2 | 14,269 | 13,904 | ||
Securitization liabilities at amortized cost | 418 | 344 | ||
Insurance-related liabilities | 278 | 273 | ||
Other liabilities | 1,593 | 3,106 | ||
Total liabilities and equity | 96,622 | 70,680 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 22,079 | 25,218 | ||
Later than one month and not later than three months [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 21,924 | 24,189 | ||
Later than one month and not later than three months [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 135 | 170 | ||
Later than one month and not later than three months [member] | Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 20 | 859 | ||
Later than three months and not later than six months [member] | ||||
Assets | ||||
Interest-bearing deposits with banks | 154 | 185 | ||
Trading loans, securities, and other | 3,074 | 5,059 | ||
Non-trading financial assets at fair value through profit or loss | 1,151 | 543 | ||
Derivatives | 4,192 | 5,289 | ||
Financial assets designated at fair value through profit or loss | 123 | 187 | ||
Financial assets at fair value through other comprehensive income | 3,855 | 11,881 | ||
Debt securities at amortized cost, net of allowance for credit losses | 4,913 | 8,180 | ||
Securities purchased under reverse repurchase agreements | 20,208 | 22,332 | ||
Loans | ||||
Residential mortgages | 8,899 | 5,050 | ||
Consumer installment and other personal | 3,412 | 2,029 | ||
Business and government | 11,036 | 6,707 | ||
Total loans | 23,347 | 13,786 | ||
Loans, net of allowance for loan losses | 23,347 | 13,786 | ||
Customers' liability under acceptances | 17 | 76 | ||
Land, buildings, equipment, and other depreciable assets3 | 10 | |||
Other assets | 289 | 2,204 | ||
Total assets | 61,323 | 69,732 | ||
Liabilities | ||||
Trading deposits | 5,013 | 4,867 | ||
Derivatives | 4,121 | 4,581 | ||
Securitization liabilities at fair value | 518 | 1,013 | ||
Financial liabilities designated at fair value through profit or loss | 39,229 | 33,712 | ||
Deposits | ||||
Personal | 6,893 | 8,491 | ||
Banks | 88 | 135 | ||
Business and government | 7,053 | 8,268 | ||
Total deposits, other than trading | 14,034 | 16,894 | ||
Acceptances | 17 | 76 | ||
Obligations related to securities sold short1 | 3,767 | 1,753 | ||
Obligations related to securities sold under repurchase agreements2 | 5,567 | 7,255 | ||
Securitization liabilities at amortized cost | 470 | 414 | ||
Insurance-related liabilities | 412 | 405 | ||
Other liabilities | 361 | 925 | ||
Total liabilities and equity | 73,509 | 71,895 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 27,745 | 23,687 | ||
Later than three months and not later than six months [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 26,697 | 23,482 | ||
Later than three months and not later than six months [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 268 | 185 | ||
Later than three months and not later than six months [member] | Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 780 | 20 | ||
Later than six months and not later than nine months [member] | ||||
Assets | ||||
Trading loans, securities, and other | 2,708 | 2,275 | ||
Non-trading financial assets at fair value through profit or loss | 24 | 1,250 | ||
Derivatives | 2,446 | 2,885 | ||
Financial assets designated at fair value through profit or loss | 101 | 167 | ||
Financial assets at fair value through other comprehensive income | 3,261 | 3,381 | ||
Debt securities at amortized cost, net of allowance for credit losses | 4,770 | 4,889 | ||
Securities purchased under reverse repurchase agreements | 9,939 | 14,191 | ||
Loans | ||||
Residential mortgages | 7,233 | 10,061 | ||
Consumer installment and other personal | 2,915 | 4,049 | ||
Business and government | 9,426 | 10,533 | ||
Total loans | 19,574 | 24,643 | ||
Loans, net of allowance for loan losses | 19,574 | 24,643 | ||
Customers' liability under acceptances | 4 | 2 | ||
Land, buildings, equipment, and other depreciable assets3 | 4 | 4 | ||
Other assets | 89 | 159 | ||
Total assets | 42,920 | 53,846 | ||
Liabilities | ||||
Trading deposits | 1,706 | 2,953 | ||
Derivatives | 2,289 | 2,969 | ||
Securitization liabilities at fair value | 301 | 514 | ||
Financial liabilities designated at fair value through profit or loss | 19,161 | 28,017 | ||
Deposits | ||||
Personal | 5,744 | 5,999 | ||
Banks | 11 | 25 | ||
Business and government | 1,224 | 5,433 | ||
Total deposits, other than trading | 6,979 | 11,457 | ||
Acceptances | 4 | 2 | ||
Obligations related to securities sold short1 | 485 | 1,648 | ||
Obligations related to securities sold under repurchase agreements2 | 276 | 1,700 | ||
Securitization liabilities at amortized cost | 402 | 475 | ||
Insurance-related liabilities | 412 | 405 | ||
Other liabilities | 787 | 228 | ||
Total liabilities and equity | 32,802 | 50,368 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 14,908 | 20,688 | ||
Later than six months and not later than nine months [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 14,732 | 19,887 | ||
Later than six months and not later than nine months [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 176 | 244 | ||
Later than six months and not later than nine months [member] | Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 557 | |||
Later than nine months and not later than one year [member] | ||||
Assets | ||||
Trading loans, securities, and other | 4,331 | 2,874 | ||
Non-trading financial assets at fair value through profit or loss | 128 | 53 | ||
Derivatives | 4,266 | 1,818 | ||
Financial assets designated at fair value through profit or loss | 128 | 363 | ||
Financial assets at fair value through other comprehensive income | 2,329 | 2,914 | ||
Debt securities at amortized cost, net of allowance for credit losses | 5,017 | 4,030 | ||
Securities purchased under reverse repurchase agreements | 3,701 | 7,441 | ||
Loans | ||||
Residential mortgages | 2,150 | 10,077 | ||
Consumer installment and other personal | 2,409 | 3,254 | ||
Business and government | 8,063 | 8,503 | ||
Total loans | 12,622 | 21,834 | ||
Loans, net of allowance for loan losses | 12,622 | 21,834 | ||
Customers' liability under acceptances | 6 | 4 | ||
Land, buildings, equipment, and other depreciable assets3 | 4 | 4 | ||
Other assets | 285 | 150 | ||
Total assets | 32,817 | 41,485 | ||
Liabilities | ||||
Trading deposits | 3,474 | 1,196 | ||
Derivatives | 3,635 | 2,244 | ||
Securitization liabilities at fair value | 1,216 | 301 | ||
Financial liabilities designated at fair value through profit or loss | 9,050 | 14,678 | ||
Deposits | ||||
Personal | 8,743 | 6,148 | ||
Banks | 24 | |||
Business and government | 10,325 | 1,311 | ||
Total deposits, other than trading | 19,092 | 7,459 | ||
Acceptances | 6 | 4 | ||
Obligations related to securities sold short1 | 562 | 432 | ||
Obligations related to securities sold under repurchase agreements2 | 985 | 272 | ||
Securitization liabilities at amortized cost | 590 | 403 | ||
Insurance-related liabilities | 432 | 425 | ||
Other liabilities | 1,285 | 767 | ||
Total liabilities and equity | 40,327 | 28,181 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 18,438 | 15,786 | ||
Later than nine months and not later than one year [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 16,885 | 15,616 | ||
Later than nine months and not later than one year [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 251 | 170 | ||
Later than nine months and not later than one year [member] | Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 1,302 | |||
Later than one year and not later than two years [member] | ||||
Assets | ||||
Trading loans, securities, and other | 12,207 | 12,293 | ||
Non-trading financial assets at fair value through profit or loss | 1,971 | 745 | ||
Derivatives | 5,921 | 7,172 | ||
Financial assets designated at fair value through profit or loss | 355 | 851 | ||
Financial assets at fair value through other comprehensive income | 3,816 | 4,089 | ||
Debt securities at amortized cost, net of allowance for credit losses | 28,172 | 27,819 | ||
Securities purchased under reverse repurchase agreements | 119 | 140 | ||
Loans | ||||
Residential mortgages | 31,535 | 34,004 | ||
Consumer installment and other personal | 14,085 | 14,333 | ||
Business and government | 24,470 | 23,332 | ||
Total loans | 70,090 | 71,669 | ||
Loans, net of allowance for loan losses | 70,090 | 71,669 | ||
Land, buildings, equipment, and other depreciable assets3 | 34 | 19 | ||
Other assets | 89 | 74 | ||
Total assets | 122,774 | 124,871 | ||
Liabilities | ||||
Trading deposits | 2,911 | 2,135 | ||
Derivatives | 5,719 | 7,403 | ||
Securitization liabilities at fair value | 2,030 | 2,814 | ||
Financial liabilities designated at fair value through profit or loss | 212 | 1,127 | ||
Deposits | ||||
Personal | 7,307 | 7,611 | ||
Banks | 1 | 2 | ||
Business and government | 22,120 | 28,880 | ||
Total deposits, other than trading | 29,428 | 36,493 | ||
Obligations related to securities sold short1 | 5,254 | 4,574 | ||
Obligations related to securities sold under repurchase agreements2 | 17 | 28 | ||
Securitization liabilities at amortized cost | 3,385 | 3,448 | ||
Insurance-related liabilities | 1,006 | 982 | ||
Other liabilities | 1,059 | 1,522 | ||
Total liabilities and equity | 51,021 | 60,526 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 40,636 | 39,357 | ||
Later than one year and not later than two years [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 39,665 | 38,639 | ||
Later than one year and not later than two years [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 570 | 591 | ||
Later than one year and not later than two years [member] | Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 401 | 127 | ||
Later than two years and not later than five years [member] | ||||
Assets | ||||
Trading loans, securities, and other | 24,171 | 21,299 | ||
Non-trading financial assets at fair value through profit or loss | 3,442 | 3,803 | ||
Derivatives | 10,182 | 10,895 | ||
Financial assets designated at fair value through profit or loss | 1,476 | 624 | ||
Financial assets at fair value through other comprehensive income | 21,639 | 21,983 | ||
Debt securities at amortized cost, net of allowance for credit losses | 85,123 | 79,375 | ||
Securities purchased under reverse repurchase agreements | 242 | 244 | ||
Loans | ||||
Residential mortgages | 173,484 | 166,855 | ||
Consumer installment and other personal | 83,733 | 81,413 | ||
Business and government | 74,541 | 71,025 | ||
Total loans | 331,758 | 319,293 | ||
Loans, net of allowance for loan losses | 331,758 | 319,293 | ||
Land, buildings, equipment, and other depreciable assets3 | 457 | 466 | ||
Other assets | 129 | 112 | ||
Total assets | 478,619 | 458,094 | ||
Liabilities | ||||
Trading deposits | 3,413 | 3,516 | ||
Derivatives | 9,619 | 10,792 | ||
Securitization liabilities at fair value | 5,708 | 5,737 | ||
Financial liabilities designated at fair value through profit or loss | 1 | 1 | ||
Deposits | ||||
Personal | 7,535 | 7,254 | ||
Banks | 2 | 2 | ||
Business and government | 44,265 | 37,255 | ||
Total deposits, other than trading | 51,802 | 44,511 | ||
Obligations related to securities sold short1 | 15,205 | 12,640 | ||
Securitization liabilities at amortized cost | 6,855 | 7,043 | ||
Insurance-related liabilities | 1,694 | 1,673 | ||
Other liabilities | 1,958 | 1,796 | ||
Subordinated notes and debentures | 200 | 200 | ||
Total liabilities and equity | 96,455 | 87,909 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 122,879 | 117,437 | ||
Later than two years and not later than five years [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 121,118 | 115,624 | ||
Later than two years and not later than five years [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 1,302 | 1,303 | ||
Later than two years and not later than five years [member] | Unconsolidated structured entity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 459 | 510 | ||
Later than five years [member] | ||||
Assets | ||||
Trading loans, securities, and other | 24,049 | 23,119 | ||
Non-trading financial assets at fair value through profit or loss | 1,713 | 1,931 | ||
Derivatives | 10,563 | 10,829 | ||
Financial assets designated at fair value through profit or loss | 1,608 | 1,620 | ||
Financial assets at fair value through other comprehensive income | 23,803 | 22,658 | ||
Debt securities at amortized cost, net of allowance for credit losses | 157,245 | 136,846 | ||
Loans | ||||
Residential mortgages | 42,567 | 38,974 | ||
Consumer installment and other personal | 27,288 | 27,126 | ||
Business and government | 63,412 | 61,647 | ||
Total loans | 133,267 | 127,747 | ||
Loans, net of allowance for loan losses | 133,267 | 127,747 | ||
Land, buildings, equipment, and other depreciable assets3 | 3,700 | 3,664 | ||
Other assets | 83 | 73 | ||
Total assets | 356,031 | 328,487 | ||
Liabilities | ||||
Trading deposits | 1,057 | 1,154 | ||
Derivatives | 11,226 | 12,354 | ||
Securitization liabilities at fair value | 2,545 | 2,588 | ||
Financial liabilities designated at fair value through profit or loss | 5 | 4 | ||
Deposits | ||||
Personal | 28 | 29 | ||
Banks | 4 | 4 | ||
Business and government | 6,425 | 6,079 | ||
Total deposits, other than trading | 6,457 | 6,112 | ||
Obligations related to securities sold short1 | 14,335 | 17,505 | ||
Securitization liabilities at amortized cost | 3,160 | 3,135 | ||
Insurance-related liabilities | 877 | 872 | ||
Other liabilities | 4,806 | 4,815 | ||
Subordinated notes and debentures | 11,104 | 11,030 | ||
Total liabilities and equity | 55,572 | 59,569 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 3,815 | 4,330 | ||
Later than five years [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 3,374 | 3,789 | ||
Later than five years [member] | Other commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 441 | 541 | ||
No specific maturity [member] | ||||
Assets | ||||
Interest-bearing deposits with banks | 2,569 | 1,365 | ||
Trading loans, securities, and other | 76,062 | 74,269 | ||
Non-trading financial assets at fair value through profit or loss | 986 | 1,004 | ||
Financial assets at fair value through other comprehensive income | 4,733 | 4,598 | ||
Debt securities at amortized cost, net of allowance for credit losses | (2) | (2) | ||
Loans | ||||
Consumer installment and other personal | 56,357 | 56,032 | ||
Credit card | 31,441 | 30,738 | ||
Business and government | 30,151 | 25,242 | ||
Total loans | 117,949 | 112,012 | ||
Allowance for loan losses | (6,239) | (6,390) | ||
Loans, net of allowance for loan losses | 111,710 | 105,622 | ||
Investment in Schwab | 11,186 | 11,112 | ||
Goodwill3 | 16,615 | 16,232 | ||
Other intangibles3 | 2,152 | 2,123 | ||
Land, buildings, equipment, and other depreciable assets3 | 5,087 | 5,011 | ||
Deferred tax assets | 2,228 | 2,265 | ||
Other assets | 10,941 | 10,258 | ||
Total assets | 244,267 | 233,857 | ||
Liabilities | ||||
Financial liabilities designated at fair value through profit or loss | 10 | |||
Deposits | ||||
Personal | 601,545 | 582,417 | ||
Banks | 14,919 | 11,508 | ||
Business and government | 359,411 | 355,609 | ||
Total deposits, other than trading | 975,875 | 949,534 | ||
Obligations related to securities sold short1 | 2,605 | 2,007 | ||
Insurance-related liabilities | 2,473 | 2,483 | ||
Other liabilities | 6,223 | 5,966 | ||
Equity | 101,977 | 99,818 | ||
Total liabilities and equity | 1,089,163 | 1,059,808 | ||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | 1,363 | 1,327 | ||
No specific maturity [member] | Credit and liquidity commitments [member] | ||||
Off-balance sheet commitments | ||||
Total off-balance sheet commitments | $ 1,363 | $ 1,327 |
Summary of Remaining Contract_2
Summary of Remaining Contractual Maturity (Parenthetical) (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | $ 23,000 | $ 25,000 |
Commitments to extend credit to private equity investments | 319 | 326 |
Later than one month and not later than three months [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 2,000 | 2,000 |
Later than three months and not later than six months [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 4,000 | 2,000 |
Later than six months and not later than nine months [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 4,000 | |
Later than nine months and not later than one year [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 3,000 | |
Later than one year and not later than two years [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 6,000 | 8,000 |
Later than two years and not later than five years [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 6,000 | 7,000 |
Later than five years [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | $ 2,000 | $ 2,000 |
IFRS 7 Disclosure (Details Narr
IFRS 7 Disclosure (Details Narrative) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | |
MarketRisk [Line Items] | |||
Number of trading days used to value current portfolio using market price and rate changes | 259 days | ||
Loss trading days | 7 days | ||
Positive trading days | 89.00% | ||
Percentage of P&C deposits in bank's total funding | 75.00% | ||
100 bps increase [member] | |||
MarketRisk [Line Items] | |||
EVE Sensitivity | $ (1,284) | $ (1,368) | $ (1,625) |
Increase (decrease) to economic value of shareholders equity from prior period | (84) | ||
NII Sensitivity | 2,000 | 1,857 | 2,299 |
Increase (decrease) to net interest income from last period | 143 | ||
100 bps decrease [member] | |||
MarketRisk [Line Items] | |||
EVE Sensitivity | 543 | 338 | 143 |
Increase (decrease) to economic value of shareholders equity from prior period | 205 | ||
NII Sensitivity | (1,481) | $ (1,101) | $ (934) |
Increase (decrease) to net interest income from last period | $ 380 |
Schedule of Financial Assets an
Schedule of Financial Assets and Liabilities not Carried at Fair Value (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | $ 295,946 | $ 268,939 |
Total loans, net of allowance for loan losses | 743,615 | 722,622 |
FINANCIAL LIABILITIES | ||
Deposits | 1,159,538 | 1,125,125 |
Securitization liabilities at amortized cost | 15,280 | 15,262 |
Subordinated notes and debentures | 11,304 | 11,230 |
Carrying value [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 295,946 | 268,939 |
Total loans, net of allowance for loan losses | 743,615 | 722,622 |
Total financial assets not carried at fair value | 1,039,561 | 991,561 |
FINANCIAL LIABILITIES | ||
Deposits | 1,159,538 | 1,125,125 |
Securitization liabilities at amortized cost | 15,280 | 15,262 |
Subordinated notes and debentures | 11,304 | 11,230 |
Total financial liabilities not carried at fair value | 1,186,122 | 1,151,617 |
Carrying value [member] | Government and government-related securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 230,442 | 208,559 |
Carrying value [member] | Other debt securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 65,504 | 60,380 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 293,882 | 268,452 |
Total loans, net of allowance for loan losses | 742,623 | 725,177 |
Total financial assets not carried at fair value | 1,036,505 | 993,629 |
FINANCIAL LIABILITIES | ||
Deposits | 1,157,900 | 1,124,762 |
Securitization liabilities at amortized cost | 15,150 | 15,202 |
Subordinated notes and debentures | 11,722 | 11,838 |
Total financial liabilities not carried at fair value | 1,184,772 | 1,151,802 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Government and government-related securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 228,722 | 207,927 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Other debt securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | $ 65,160 | $ 60,525 |
Schedule of Fair Value Hierarch
Schedule of Fair Value Hierarchy for Assets and Liabilities (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | $ 152,748 | $ 147,590 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 9,925 | 9,390 |
Derivatives | ||
Derivatives | 54,519 | 54,427 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,762 | 4,564 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 75,519 | 79,066 |
Securities purchased under reverse repurchase agreements | 165,818 | 167,284 |
FINANCIAL LIABILITIES | ||
Trading deposits | 20,549 | 22,891 |
Derivatives | ||
Derivatives | 51,892 | 57,122 |
Securitization liabilities at fair value | 13,332 | 13,505 |
Financial liabilities designated at fair value through profit or loss | 135,150 | 113,988 |
Obligations related to securities sold short | 47,430 | 42,384 |
Obligations related to securities sold under repurchase agreements | 145,432 | 144,097 |
Recurring fair value measurement [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 152,748 | 147,590 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 9,925 | 9,390 |
Derivatives | ||
Derivatives | 54,519 | 54,427 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,762 | 4,564 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 75,519 | 79,066 |
Securities purchased under reverse repurchase agreements | 7,491 | 7,992 |
FINANCIAL LIABILITIES | ||
Trading deposits | 20,549 | 22,891 |
Derivatives | ||
Derivatives | 51,892 | 57,122 |
Securitization liabilities at fair value | 13,332 | 13,505 |
Financial liabilities designated at fair value through profit or loss | 135,150 | 113,988 |
Obligations related to securities sold short | 47,430 | 42,384 |
Obligations related to securities sold under repurchase agreements | 6,329 | 5,126 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8,386 | 11,196 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 13,189 | 12,519 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8,204 | 8,326 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 19,067 | 18,143 |
Recurring fair value measurement [member] | Government and government-related securities [member] | United State Federal State Municipal Governments And Agencies Debt [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 18,886 | 13,241 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 16,704 | 19,300 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8,894 | 7,785 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 5,047 | 6,564 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Mortgage- backed securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 1,789 | 1,500 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 318 | 1,254 |
Recurring fair value measurement [member] | Other debt securities [member] | Canadian Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 6,229 | 5,970 |
Recurring fair value measurement [member] | Other debt securities [member] | Other Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,065 | 12,395 |
Recurring fair value measurement [member] | Other debt securities [member] | Assets Backed Security [Member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,083 | 6,981 |
Recurring fair value measurement [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,748 | 8,104 |
Recurring fair value measurement [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 59,712 | 60,124 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 4,731 | 4,599 |
Recurring fair value measurement [member] | Trading Loans [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,048 | 12,405 |
Recurring fair value measurement [member] | Commodities [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 16,527 | 14,639 |
Recurring fair value measurement [member] | Retained Interest 1 [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8 | 9 |
Recurring fair value measurement [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 7,280 | 7,053 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,762 | 4,564 |
Recurring fair value measurement [member] | Loans 1 [Member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 2,645 | 2,337 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,632 | 1,602 |
Recurring fair value measurement [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 10,372 | 10,290 |
Derivatives | ||
Derivatives | 10,121 | 11,683 |
Recurring fair value measurement [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 35,708 | 35,819 |
Derivatives | ||
Derivatives | 33,057 | 35,174 |
Recurring fair value measurement [member] | Credit Derivatives [Member] | ||
Derivatives | ||
Derivatives | 72 | 57 |
Derivatives | ||
Derivatives | 297 | 347 |
Recurring fair value measurement [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 5,121 | 5,362 |
Derivatives | ||
Derivatives | 6,476 | 8,014 |
Recurring fair value measurement [member] | Commodity contracts [member] | ||
Derivatives | ||
Derivatives | 3,246 | 2,899 |
Derivatives | ||
Derivatives | 1,941 | 1,904 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 76,639 | 74,146 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 184 | 166 |
Derivatives | ||
Derivatives | 431 | 406 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 3,070 | 2,989 |
Derivatives | ||
Derivatives | 533 | 342 |
Financial liabilities designated at fair value through profit or loss | 10 | |
Obligations related to securities sold short | 2,944 | 2,015 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 1,080 | 294 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 59,675 | 59,933 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 3,070 | 2,989 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Commodities [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 15,884 | 13,919 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 184 | 166 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 37 | 12 |
Derivatives | ||
Derivatives | 31 | 14 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 49 | 26 |
Derivatives | ||
Derivatives | 34 | 28 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 4 | 3 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Commodity contracts [member] | ||
Derivatives | ||
Derivatives | 341 | 365 |
Derivatives | ||
Derivatives | 468 | 300 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 76,092 | 73,405 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 8,865 | 8,461 |
Derivatives | ||
Derivatives | 54,030 | 53,974 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,762 | 4,564 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 70,726 | 74,404 |
Securities purchased under reverse repurchase agreements | 7,491 | 7,992 |
FINANCIAL LIABILITIES | ||
Trading deposits | 20,366 | 22,750 |
Derivatives | ||
Derivatives | 51,171 | 56,601 |
Securitization liabilities at fair value | 13,332 | 13,505 |
Financial liabilities designated at fair value through profit or loss | 135,093 | 113,912 |
Obligations related to securities sold short | 44,486 | 40,360 |
Obligations related to securities sold under repurchase agreements | 6,329 | 5,126 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 7,306 | 10,902 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 13,189 | 12,519 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8,204 | 8,326 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 19,067 | 18,143 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | United State Federal State Municipal Governments And Agencies Debt [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 18,886 | 13,241 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 16,704 | 19,300 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8,894 | 7,785 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 5,047 | 6,564 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Mortgage- backed securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 1,789 | 1,500 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 318 | 1,254 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Canadian Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 6,229 | 5,970 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Other Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,048 | 12,389 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Assets Backed Security [Member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,083 | 6,981 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,685 | 8,040 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 37 | 158 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1 | 1 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Trading Loans [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,048 | 12,405 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Commodities [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 643 | 720 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Retained Interest 1 [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 8 | 9 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 6,223 | 6,127 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,762 | 4,564 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Loans 1 [Member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 2,642 | 2,334 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,632 | 1,602 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 10,335 | 10,277 |
Derivatives | ||
Derivatives | 10,001 | 11,580 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 35,655 | 35,786 |
Derivatives | ||
Derivatives | 33,023 | 35,146 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Credit Derivatives [Member] | ||
Derivatives | ||
Derivatives | 72 | 57 |
Derivatives | ||
Derivatives | 297 | 347 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 5,117 | 5,359 |
Derivatives | ||
Derivatives | 6,386 | 7,932 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Commodity contracts [member] | ||
Derivatives | ||
Derivatives | 2,851 | 2,495 |
Derivatives | ||
Derivatives | 1,464 | 1,596 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 17 | 39 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 876 | 763 |
Derivatives | ||
Derivatives | 58 | 47 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,723 | 1,673 |
FINANCIAL LIABILITIES | ||
Trading deposits | 183 | 141 |
Derivatives | ||
Derivatives | 188 | 179 |
Financial liabilities designated at fair value through profit or loss | 47 | 76 |
Obligations related to securities sold short | 9 | |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Other debt securities [member] | Other Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 17 | 6 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 63 | 64 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 33 | |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,660 | 1,609 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 873 | 760 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Loans 1 [Member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 3 | 3 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 1 | |
Derivatives | ||
Derivatives | 89 | 89 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 4 | 7 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 90 | 82 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Commodity contracts [member] | ||
Derivatives | ||
Derivatives | 54 | 39 |
Derivatives | ||
Derivatives | $ 9 | $ 8 |
Schedule of Reconciliation of C
Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Details) - CAD ($) $ in Millions | 3 Months Ended | |||||
Jan. 31, 2022 | Jan. 31, 2021 | Nov. 01, 2021 | Oct. 31, 2021 | Nov. 01, 2020 | Oct. 31, 2020 | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Derivatives | $ 54,519 | $ 54,427 | ||||
Derivatives (Note 4) | 51,892 | 57,122 | ||||
Level 3 of fair value hierarchy [member] | Netted Derivatives [member | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Derivatives | 58 | $ 576 | $ 47 | 47 | $ 381 | $ 381 |
Derivatives (Note 4) | 188 | 1,735 | $ 179 | $ 179 | $ 1,200 | $ 1,200 |
Level 3 of fair value hierarchy [member] | Trading deposits [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | (141) | (4,649) | ||||
Total realized and unrealized gains (losses) included in income | (10) | (534) | ||||
Movements purchases/Issuances | (28) | (744) | ||||
Movements Sales/Settlements | 1 | 910 | ||||
Transfers into Level 3 of fair value hierarchy, liabilities | (8) | (7) | ||||
Transfers Out of Level 3 | 3 | |||||
Fair value ending balance | (183) | (5,024) | ||||
Change in Unrealized gain (losses) on instruments still held | (11) | (362) | ||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | (132) | (819) | ||||
Total realized and unrealized gains (losses) included in income | 5 | (420) | ||||
Movements purchases/Issuances | (13) | |||||
Movements Sales/Settlements | (7) | 86 | ||||
Transfers into Level 3 of fair value hierarchy, liabilities | (1) | 7 | ||||
Transfers Out of Level 3 | 5 | |||||
Fair value ending balance | (130) | (1,159) | ||||
Change in Unrealized gain (losses) on instruments still held | 9 | 10 | ||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Interest Rate Contracts [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | (88) | (96) | ||||
Total realized and unrealized gains (losses) included in income | (3) | (1) | ||||
Movements Sales/Settlements | 2 | 1 | ||||
Fair value ending balance | (89) | (96) | ||||
Change in Unrealized gain (losses) on instruments still held | 1 | |||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Foreign Exchange Contracts [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 7 | 2 | ||||
Total realized and unrealized gains (losses) included in income | (3) | 2 | ||||
Movements Sales/Settlements | 1 | |||||
Fair value ending balance | 4 | 5 | ||||
Change in Unrealized gain (losses) on instruments still held | (1) | 4 | ||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Equity Contracts [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | (82) | (707) | ||||
Total realized and unrealized gains (losses) included in income | (11) | (439) | ||||
Movements purchases/Issuances | (13) | |||||
Movements Sales/Settlements | (1) | 80 | ||||
Transfers into Level 3 of fair value hierarchy, liabilities | (1) | 7 | ||||
Transfers Out of Level 3 | 5 | |||||
Fair value ending balance | (90) | (1,072) | ||||
Change in Unrealized gain (losses) on instruments still held | (12) | (2) | ||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Commodity contracts [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 31 | (18) | ||||
Total realized and unrealized gains (losses) included in income | 22 | 18 | ||||
Movements Sales/Settlements | (8) | 4 | ||||
Fair value ending balance | 45 | 4 | ||||
Change in Unrealized gain (losses) on instruments still held | 22 | 7 | ||||
Level 3 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | (76) | (24) | ||||
Total realized and unrealized gains (losses) included in income | 8 | 4 | ||||
Movements purchases/Issuances | (71) | (45) | ||||
Movements Sales/Settlements | 92 | 34 | ||||
Fair value ending balance | (47) | (31) | ||||
Change in Unrealized gain (losses) on instruments still held | 8 | (1) | ||||
Level 3 of fair value hierarchy [member] | Obligations Related To Securities Sold Short [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | (9) | |||||
Movements Sales/Settlements | 9 | |||||
Transfers into Level 3 of fair value hierarchy, liabilities | (1) | |||||
Fair value ending balance | (1) | |||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 39 | 19 | ||||
Total realized and unrealized gains (losses) included in income | 3 | |||||
Movements purchases/Issuances | 2 | |||||
Movements Sales/ Settlements | (35) | (19) | ||||
Transfer Into Level 3 | 11 | |||||
Transfers Out of Level 3 | (1) | |||||
Fair value ending balance | 17 | 2 | ||||
Change in Unrealized gain (losses) on instruments still held | 2 | |||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | Government and government-related securities [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 16 | |||||
Total realized and unrealized gains (losses) included in income | 2 | |||||
Movements Sales/ Settlements | (18) | |||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | Other debt securities [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 6 | 3 | ||||
Total realized and unrealized gains (losses) included in income | 1 | |||||
Movements purchases/Issuances | 2 | |||||
Movements Sales/ Settlements | (2) | (1) | ||||
Transfer Into Level 3 | 11 | |||||
Transfers Out of Level 3 | (1) | |||||
Fair value ending balance | 17 | 2 | ||||
Change in Unrealized gain (losses) on instruments still held | 2 | |||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | Equity securities [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 33 | |||||
Movements Sales/ Settlements | (33) | |||||
Level 3 of fair value hierarchy [member] | Non Trading Financial Assets At Fair Value Through Profit Or Loss [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 763 | 574 | ||||
Total realized and unrealized gains (losses) included in income | 36 | |||||
Movements purchases/Issuances | 88 | 31 | ||||
Movements Sales/ Settlements | (7) | (6) | ||||
Transfers Out of Level 3 | (4) | (1) | ||||
Fair value ending balance | 876 | 598 | ||||
Change in Unrealized gain (losses) on instruments still held | 33 | (3) | ||||
Level 3 of fair value hierarchy [member] | Non Trading Financial Assets At Fair Value Through Profit Or Loss [Member] | Securities [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 760 | 571 | ||||
Total realized and unrealized gains (losses) included in income | 36 | |||||
Movements purchases/Issuances | 88 | 31 | ||||
Movements Sales/ Settlements | (7) | (6) | ||||
Transfers Out of Level 3 | (4) | (1) | ||||
Fair value ending balance | 873 | 595 | ||||
Change in Unrealized gain (losses) on instruments still held | 33 | (3) | ||||
Level 3 of fair value hierarchy [member] | Non Trading Financial Assets At Fair Value Through Profit Or Loss [Member] | Loans 1 [Member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 3 | 3 | ||||
Fair value ending balance | 3 | 3 | ||||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 1,673 | 1,599 | ||||
Total realized and unrealized gains (losses) included in OCI | 1 | 9 | ||||
Movements purchases/Issuances | 10 | 20 | ||||
Movements Sales/ Settlements | 39 | (70) | ||||
Fair value ending balance | 1,723 | 1,558 | ||||
Change in Unrealized gain (losses) on instruments still held | 1 | 9 | ||||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income [member] | Other debt securities [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 64 | 20 | ||||
Total realized and unrealized gains (losses) included in OCI | 3 | |||||
Movements Sales/ Settlements | (1) | |||||
Fair value ending balance | 63 | 23 | ||||
Change in Unrealized gain (losses) on instruments still held | 3 | |||||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income [member] | Equity securities [member] | ||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | ||||||
Fair value beginning balance | 1,609 | 1,579 | ||||
Total realized and unrealized gains (losses) included in OCI | 1 | 6 | ||||
Movements purchases/Issuances | 10 | 20 | ||||
Movements Sales/ Settlements | 40 | (70) | ||||
Fair value ending balance | 1,660 | 1,535 | ||||
Change in Unrealized gain (losses) on instruments still held | $ 1 | $ 6 |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Millions | 3 Months Ended |
Jan. 31, 2021CAD ($) | |
Debt securities FVOCI [member] | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |
Transfers out of Level 2 to Level 1 | $ 400 |
Summary of Unrealized Gains (Lo
Summary of Unrealized Gains (Losses) for securities at FVOCI (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 75,519 | $ 79,066 |
Securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 73,362 | 76,765 |
Gross unrealized gains | 777 | 866 |
Gross unrealized (losses) | (252) | (167) |
Financial assets at fair value through other comprehensive income | 73,887 | 77,464 |
Securities [member] | Government and government-related securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 54,130 | 57,397 |
Gross unrealized gains | 287 | 415 |
Gross unrealized (losses) | (92) | (32) |
Financial assets at fair value through other comprehensive income | 54,325 | 57,780 |
Securities [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 13,129 | 12,428 |
Gross unrealized gains | 80 | 98 |
Gross unrealized (losses) | (20) | (7) |
Financial assets at fair value through other comprehensive income | 13,189 | 12,519 |
Securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 18,943 | 17,935 |
Gross unrealized gains | 159 | 218 |
Gross unrealized (losses) | (35) | (10) |
Financial assets at fair value through other comprehensive income | 19,067 | 18,143 |
Securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 16,693 | 19,232 |
Gross unrealized gains | 43 | 83 |
Gross unrealized (losses) | (32) | (15) |
Financial assets at fair value through other comprehensive income | 16,704 | 19,300 |
Securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 5,048 | 6,551 |
Gross unrealized gains | 4 | 13 |
Gross unrealized (losses) | (5) | |
Financial assets at fair value through other comprehensive income | 5,047 | 6,564 |
Securities [member] | Government and government-related securities [member] | Mortgage- backed securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 317 | 1,251 |
Gross unrealized gains | 1 | 3 |
Financial assets at fair value through other comprehensive income | 318 | 1,254 |
Securities [member] | Other debt securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 14,830 | 15,011 |
Gross unrealized gains | 51 | 98 |
Gross unrealized (losses) | (50) | (24) |
Financial assets at fair value through other comprehensive income | 14,831 | 15,085 |
Securities [member] | Other debt securities [member] | Asset-backed financings [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 7,075 | 6,957 |
Gross unrealized gains | 18 | 30 |
Gross unrealized (losses) | (10) | (6) |
Financial assets at fair value through other comprehensive income | 7,083 | 6,981 |
Securities [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 7,755 | 8,054 |
Gross unrealized gains | 33 | 68 |
Gross unrealized (losses) | (40) | (18) |
Financial assets at fair value through other comprehensive income | 7,748 | 8,104 |
Securities [member] | Debt securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 68,960 | 72,408 |
Gross unrealized gains | 338 | 513 |
Gross unrealized (losses) | (142) | (56) |
Financial assets at fair value through other comprehensive income | 69,156 | 72,865 |
Securities [member] | Equity securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 4,402 | 4,357 |
Gross unrealized gains | 439 | 353 |
Gross unrealized (losses) | (110) | (111) |
Financial assets at fair value through other comprehensive income | 4,731 | 4,599 |
Securities [member] | Equity securities [member] | Common shares [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 3,935 | 3,887 |
Gross unrealized gains | 398 | 310 |
Gross unrealized (losses) | (80) | (80) |
Financial assets at fair value through other comprehensive income | 4,253 | 4,117 |
Securities [member] | Equity securities [member] | Preference shares [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 467 | 470 |
Gross unrealized gains | 41 | 43 |
Gross unrealized (losses) | (30) | (31) |
Financial assets at fair value through other comprehensive income | $ 478 | $ 482 |
Summary of Equity Securities De
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Fair value | $ 4,731 | $ 4,599 | |
Dividend income recognized | 44 | $ 33 | |
Common shares [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Fair value | 4,253 | 4,117 | |
Dividend income recognized | 39 | 30 | |
Preference shares [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||
Fair value | 478 | $ 482 | |
Dividend income recognized | $ 5 | $ 3 |
Summary of Net Debt Securities
Summary of Net Debt Securities Gains (Losses) (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Debt securities [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of financial assets [line items] | ||
Total | $ 10 | $ 20 |
Summary of Debt Securities by R
Summary of Debt Securities by Risk Rating (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of financial assets [line items] | ||
Debt securities | $ 365,104 | $ 341,806 |
Allowance for credit losses on debt securities at amortized cost | 2 | 2 |
Debt securities, net of allowance | 365,102 | 341,804 |
Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 364,861 | 341,661 |
Allowance for credit losses on debt securities at amortized cost | 2 | 2 |
Debt securities, net of allowance | 364,859 | 341,659 |
Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 243 | 145 |
Debt securities, net of allowance | 243 | 145 |
Investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 362,910 | 339,426 |
Investment grade [member] | Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 362,910 | 339,426 |
Non Investment Grade [Member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 2,117 | 2,318 |
Non Investment Grade [Member] | Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 1,951 | 2,235 |
Non Investment Grade [Member] | Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 166 | 83 |
Watch and classified [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 77 | 62 |
Watch and classified [member] | Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | $ 77 | $ 62 |
Summary of Debt Securities by_2
Summary of Debt Securities by Risk Rating (Parenthetical) (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Oct. 31, 2021 | |
Disclosure of financial assets [abstract] | ||
Debt securities backed by government guaranteed loans | $ 207 | $ 1 |
Securities (Details Narrative)
Securities (Details Narrative) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | |||
Dividend Income recognized | $ 44 | $ 33 | |
Debt Securities Held Net of allowance | 365,102 | $ 341,804 | |
Debt securities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Securities Held Net of allowance | 295,946 | 268,939 | |
Debt securities FVOCI [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Debt Securities Held Net of allowance | 69,156 | $ 72,865 | |
Securities disposed [member] | Securities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Disposal of equity securities | 24 | 4 | |
Gain (loss) on sale of equity securities measured at fair value | 2 | 0 | |
Dividend Income recognized | $ 0 | $ 0 |
Summary of Bank Loans and Accep
Summary of Bank Loans and Acceptances (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of Banks loans and acceptances [Line Items] | ||
Total Loans | $ 749,854 | $ 729,012 |
Allowance for loan losses | 6,239 | 6,390 |
Total loans and acceptances, net of allowance | 762,593 | 742,672 |
Residential mortgages | 275,029 | 268,340 |
Consumer installment and other personal | 191,996 | 189,864 |
Credit card | 31,441 | 30,738 |
Business and government | 251,388 | 240,070 |
Customers' liability under acceptances | 17,346 | 18,448 |
Loans at FVOCI | 1,632 | 1,602 |
Loans and acceptances [member] | ||
Disclosure of Banks loans and acceptances [Line Items] | ||
Loans and acceptances | 768,832 | 749,062 |
Allowance for loan losses [member] | ||
Disclosure of Banks loans and acceptances [Line Items] | ||
Allowance for loan losses | $ 6,239 | $ 6,390 |
Summary of Credit Quality (Deta
Summary of Credit Quality (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Loans to business and government [Line Items] | ||
Customers' liability under acceptances | $ 17,346 | $ 18,448 |
Business and government [member] | ||
Loans to business and government [Line Items] | ||
Loans and acceptances | 270,366 | 260,120 |
Allowance for loan and acceptances losses | 2,714 | 2,751 |
Loans and acceptances, net of allowance | 267,652 | 257,369 |
Business and government [member] | Loans at amortized cost | ||
Loans to business and government [Line Items] | ||
Loans at amortized cost | 251,388 | 240,070 |
Business and government [member] | Customers' liability under acceptances | ||
Loans to business and government [Line Items] | ||
Customers' liability under acceptances | 17,346 | 18,448 |
Business and government [member] | Loans at FVOCI | ||
Loans to business and government [Line Items] | ||
Loans at FVOCI | $ 1,632 | $ 1,602 |
Summary of Gross Carrying Amoun
Summary of Gross Carrying Amounts of Loans, Acceptance and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 768,832 | $ 749,062 |
Total loans | 75,519 | 79,066 |
Allowance for loan losses | 6,239 | 6,390 |
Loan and acceptances, net of allowance | 762,593 | 742,672 |
Business And Government And Residential Mortgage [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Trading loans at fair value | 12,000 | 12,000 |
Non-trading loans at fair value | 3,000 | 2,000 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for loan losses | 0 | 0 |
Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 703,096 | 683,971 |
Allowance for loan losses | 2,247 | 2,263 |
Loan and acceptances, net of allowance | 700,849 | 681,708 |
Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 63,036 | 62,528 |
Allowance for loan losses | 3,308 | 3,492 |
Loan and acceptances, net of allowance | 59,728 | 59,036 |
Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,700 | 2,563 |
Allowance for loan losses | 684 | 635 |
Loan and acceptances, net of allowance | 2,016 | 1,928 |
Insured [Member] | Business And Government And Residential Mortgage [Member] | Mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 81,000 | 82,000 |
Acquired Credit Impaired Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 140 | 152 |
Allowance for loan losses | 4 | 6 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 275,029 | 268,340 |
Allowance for loan losses | 250 | 261 |
Loan and acceptances, net of allowance | 274,779 | 268,079 |
Residential mortgages [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 256,837 | 246,952 |
Allowance for loan losses | 30 | 35 |
Loan and acceptances, net of allowance | 256,807 | 246,917 |
Residential mortgages [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 17,420 | 20,666 |
Allowance for loan losses | 175 | 175 |
Loan and acceptances, net of allowance | 17,245 | 20,491 |
Residential mortgages [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 772 | 722 |
Allowance for loan losses | 45 | 51 |
Loan and acceptances, net of allowance | 727 | 671 |
Residential mortgages [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 220,444 | 212,143 |
Residential mortgages [member] | Low risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 216,299 | 208,030 |
Residential mortgages [member] | Low risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,145 | 4,113 |
Residential mortgages [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 46,954 | 48,690 |
Residential mortgages [member] | Normal risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 40,538 | 38,922 |
Residential mortgages [member] | Normal risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,416 | 9,768 |
Residential mortgages [member] | Medium Risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,380 | 4,405 |
Residential mortgages [member] | Medium Risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,380 | 4,405 |
Residential mortgages [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,812 | 2,646 |
Residential mortgages [member] | High risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,479 | 2,380 |
Residential mortgages [member] | High risk [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 333 | 266 |
Residential mortgages [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 439 | 456 |
Residential mortgages [member] | Default [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 439 | 456 |
Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 191,996 | 189,864 |
Allowance for loan losses | 1,512 | 1,573 |
Loan and acceptances, net of allowance | 190,484 | 188,291 |
Consumer instalment and other personal [member] | Canadian Government Insured [Member] | Real Estate Secured Personal Lending [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,000 | 10,000 |
Consumer instalment and other personal [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 173,468 | 176,183 |
Allowance for loan losses | 515 | 520 |
Loan and acceptances, net of allowance | 172,953 | 175,663 |
Consumer instalment and other personal [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 17,724 | 12,915 |
Allowance for loan losses | 837 | 914 |
Loan and acceptances, net of allowance | 16,887 | 12,001 |
Consumer instalment and other personal [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 804 | 766 |
Allowance for loan losses | 160 | 139 |
Loan and acceptances, net of allowance | 644 | 627 |
Consumer instalment and other personal [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 104,907 | 95,822 |
Consumer instalment and other personal [member] | Low risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 103,510 | 94,425 |
Consumer instalment and other personal [member] | Low risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,397 | 1,397 |
Consumer instalment and other personal [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 58,988 | 63,739 |
Consumer instalment and other personal [member] | Normal risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 52,875 | 62,484 |
Consumer instalment and other personal [member] | Normal risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,113 | 1,255 |
Consumer instalment and other personal [member] | Medium Risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 20,098 | 22,118 |
Consumer instalment and other personal [member] | Medium Risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 16,028 | 18,201 |
Consumer instalment and other personal [member] | Medium Risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,070 | 3,917 |
Consumer instalment and other personal [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 7,594 | 7,798 |
Consumer instalment and other personal [member] | High risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,055 | 1,073 |
Consumer instalment and other personal [member] | High risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,144 | 6,346 |
Consumer instalment and other personal [member] | High risk [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 395 | 379 |
Consumer instalment and other personal [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 409 | 387 |
Consumer instalment and other personal [member] | Default [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 409 | 387 |
Credit Card 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 31,441 | 30,738 |
Allowance for loan losses | 1,763 | 1,805 |
Loan and acceptances, net of allowance | 29,678 | 28,933 |
Credit Card 1 [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 25,889 | 24,961 |
Allowance for loan losses | 663 | 671 |
Loan and acceptances, net of allowance | 25,226 | 24,290 |
Credit Card 1 [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5,293 | 5,552 |
Allowance for loan losses | 938 | 996 |
Loan and acceptances, net of allowance | 4,355 | 4,556 |
Credit Card 1 [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 259 | 225 |
Allowance for loan losses | 162 | 138 |
Loan and acceptances, net of allowance | 97 | 87 |
Credit Card 1 [member] | Low risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,426 | 5,474 |
Credit Card 1 [member] | Low risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 6,418 | 5,467 |
Credit Card 1 [member] | Low risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 8 | 7 |
Credit Card 1 [member] | Normal risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,710 | 10,177 |
Credit Card 1 [member] | Normal risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,643 | 10,109 |
Credit Card 1 [member] | Normal risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 67 | 68 |
Credit Card 1 [member] | Medium Risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 9,716 | 10,067 |
Credit Card 1 [member] | Medium Risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 8,545 | 8,909 |
Credit Card 1 [member] | Medium Risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,171 | 1,158 |
Credit Card 1 [member] | High risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,511 | 4,944 |
Credit Card 1 [member] | High risk [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 283 | 476 |
Credit Card 1 [member] | High risk [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 4,047 | 4,319 |
Credit Card 1 [member] | High risk [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 181 | 149 |
Credit Card 1 [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 78 | 76 |
Credit Card 1 [member] | Default [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 78 | 76 |
Business and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 270,366 | 260,120 |
Allowance for loan losses | 2,714 | 2,751 |
Loan and acceptances, net of allowance | 267,652 | 257,369 |
Business and government [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 246,902 | 235,875 |
Allowance for loan losses | 1,039 | 1,037 |
Loan and acceptances, net of allowance | 245,863 | 234,838 |
Business and government [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 22,599 | 23,395 |
Allowance for loan losses | 1,358 | 1,407 |
Loan and acceptances, net of allowance | 21,241 | 21,988 |
Business and government [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 865 | 850 |
Allowance for loan losses | 317 | 307 |
Loan and acceptances, net of allowance | 548 | 543 |
Business and government [member] | Default [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 636 | 780 |
Business and government [member] | Default [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 636 | 780 |
Business and government [member] | Investment Grade Or Low Normal Risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 118,135 | 110,828 |
Business and government [member] | Investment Grade Or Low Normal Risk [Member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 117,336 | 110,129 |
Business and government [member] | Investment Grade Or Low Normal Risk [Member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 799 | 699 |
Business and government [member] | Non Investment Grade Or Medium Risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 141,261 | 137,787 |
Business and government [member] | Non Investment Grade Or Medium Risk [Member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 129,459 | 125,638 |
Business and government [member] | Non Investment Grade Or Medium Risk [Member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 11,802 | 12,149 |
Business and government [member] | Watch And Classified Or High Risk [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10,334 | 10,725 |
Business and government [member] | Watch And Classified Or High Risk [Member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 107 | 108 |
Business and government [member] | Watch And Classified Or High Risk [Member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 9,998 | 10,547 |
Business and government [member] | Watch And Classified Or High Risk [Member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 229 | 70 |
Business And Government And Residential Mortgage [Member] | With No Allowance For Loan Losses [Member] | Impaired Loans [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 177 | 86 |
Loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 27,000 | 26,000 |
Off-balance sheet credit risks [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 618,293 | 605,967 |
Allowance for off-balance sheet credit instruments | 902 | 856 |
Total off-balance sheet credit instruments, net of allowance | 617,391 | 605,111 |
Off-balance sheet credit risks [member] | Retail Exposures [Member] | Personal Lines Of Credit And Credit Card Lines Cancellable And Banks Discretion [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 327,000 | 318,000 |
Off-balance sheet credit risks [member] | Non Retail Exposures [Member] | Undrawn Component Of Uncommitted Credit And Liquidity Commitments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 47,000 | 48,000 |
Off-balance sheet credit risks [member] | Stage 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 606,610 | 593,167 |
Allowance for off-balance sheet credit instruments | 410 | 386 |
Total off-balance sheet credit instruments, net of allowance | 606,200 | 592,781 |
Off-balance sheet credit risks [member] | Stage 2 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 11,624 | 12,714 |
Allowance for off-balance sheet credit instruments | 490 | 467 |
Total off-balance sheet credit instruments, net of allowance | 11,134 | 12,247 |
Off-balance sheet credit risks [member] | Stage 3 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 59 | 86 |
Allowance for off-balance sheet credit instruments | 2 | 3 |
Total off-balance sheet credit instruments, net of allowance | 57 | 83 |
Off-balance sheet credit risks [member] | Low risk [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 234,975 | 222,580 |
Off-balance sheet credit risks [member] | Low risk [member] | Stage 1 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 234,756 | 222,348 |
Off-balance sheet credit risks [member] | Low risk [member] | Stage 2 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 219 | 232 |
Off-balance sheet credit risks [member] | Normal risk [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 78,742 | 81,030 |
Off-balance sheet credit risks [member] | Normal risk [member] | Stage 1 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 78,293 | 80,529 |
Off-balance sheet credit risks [member] | Normal risk [member] | Stage 2 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 449 | 501 |
Off-balance sheet credit risks [member] | Medium Risk [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 13,303 | 14,544 |
Off-balance sheet credit risks [member] | Medium Risk [member] | Stage 1 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 12,890 | 13,993 |
Off-balance sheet credit risks [member] | Medium Risk [member] | Stage 2 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 413 | 551 |
Off-balance sheet credit risks [member] | High risk [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 1,878 | 1,894 |
Off-balance sheet credit risks [member] | High risk [member] | Stage 1 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 897 | 890 |
Off-balance sheet credit risks [member] | High risk [member] | Stage 2 [member] | Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 981 | 1,004 |
Off-balance sheet credit risks [member] | Default [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 59 | 86 |
Off-balance sheet credit risks [member] | Default [member] | Stage 3 [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 59 | 86 |
Off-balance sheet credit risks [member] | Investment grade [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 200,053 | 195,293 |
Off-balance sheet credit risks [member] | Investment grade [member] | Stage 1 [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 200,053 | 195,293 |
Off-balance sheet credit risks [member] | Non investment grade [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 84,680 | 85,405 |
Off-balance sheet credit risks [member] | Non investment grade [member] | Stage 1 [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 79,683 | 80,076 |
Off-balance sheet credit risks [member] | Non investment grade [member] | Stage 2 [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 4,997 | 5,329 |
Off-balance sheet credit risks [member] | Watch and classified [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 4,603 | 5,135 |
Off-balance sheet credit risks [member] | Watch and classified [member] | Stage 1 [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | 38 | 38 |
Off-balance sheet credit risks [member] | Watch and classified [member] | Stage 2 [member] | Non Retail Exposures [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Off balance sheet credit instruments | $ 4,565 | $ 5,097 |
Summary of Allowance for Credit
Summary of Allowance for Credit Losses (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | $ 7,255 | $ 9,384 |
Provision for credit losses | 72 | 313 |
Write-offs, net of recoveries | (285) | (518) |
Foreign exchange disposals and other adjustments | 106 | (234) |
Allowance account for credit losses of financial assets, Balance at end of period | 7,148 | 8,945 |
Loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 6,390 | 8,290 |
Allowance account for credit losses of financial assets, Balance at end of period | 6,239 | 7,933 |
Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 7,246 | 9,377 |
Provision for credit losses | 74 | 312 |
Write-offs, net of recoveries | (285) | (518) |
Foreign exchange disposals and other adjustments | 106 | (234) |
Allowance account for credit losses of financial assets, Balance at end of period | 7,141 | 8,937 |
Allowance For Credit Losses On Debt Securities [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 9 | 7 |
Provision for credit losses | (2) | 1 |
Allowance account for credit losses of financial assets, Balance at end of period | 7 | 8 |
Allowance For Credit Losses On Debt Securities [Member] | Debt securities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 2 | 2 |
Allowance account for credit losses of financial assets, Balance at end of period | 2 | 2 |
Allowance For Credit Losses On Debt Securities [Member] | Debt securities FVOCI [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 7 | 5 |
Provision for credit losses | (2) | 1 |
Allowance account for credit losses of financial assets, Balance at end of period | 5 | 6 |
At Amortized Cost [Member] | Loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 6,390 | 8,289 |
Allowance account for credit losses of financial assets, Balance at end of period | 6,239 | 7,932 |
Allowance for credit losses on loans at FVOCI [member] | Loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 1 | |
Allowance account for credit losses of financial assets, Balance at end of period | 1 | |
Allowance For Off Balance Sheet Insturments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 856 | 1,087 |
Allowance account for credit losses of financial assets, Balance at end of period | 902 | 1,004 |
Residential mortgages [member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 261 | 302 |
Provision for credit losses | (10) | 5 |
Write-offs, net of recoveries | (2) | (3) |
Foreign exchange disposals and other adjustments | 1 | (3) |
Allowance account for credit losses of financial assets, Balance at end of period | 250 | 301 |
Consumer instalment and other personal [member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 1,649 | 2,112 |
Provision for credit losses | 52 | 151 |
Write-offs, net of recoveries | (125) | (183) |
Foreign exchange disposals and other adjustments | 16 | (42) |
Allowance account for credit losses of financial assets, Balance at end of period | 1,592 | 2,038 |
Credit Card 1 [member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 2,314 | 3,184 |
Provision for credit losses | 117 | 48 |
Write-offs, net of recoveries | (144) | (215) |
Foreign exchange disposals and other adjustments | 41 | (86) |
Allowance account for credit losses of financial assets, Balance at end of period | 2,328 | 2,931 |
Businesses and government [member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance account for credit losses of financial assets, Balance at beginning of period | 3,022 | 3,779 |
Provision for credit losses | (85) | 108 |
Write-offs, net of recoveries | (14) | (117) |
Foreign exchange disposals and other adjustments | 48 | (103) |
Allowance account for credit losses of financial assets, Balance at end of period | $ 2,971 | $ 3,667 |
Summary of Allowance for Loan L
Summary of Allowance for Loan Losses (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
IFRS Statement [Line Items] | ||
Total Allowance, including off-balance sheet instruments, at end of period | $ 7,141 | $ 8,937 |
Total Allowance for Loan Losses at end of period | 6,239 | 7,933 |
Less: Total Allowance for off-balance sheet instruments | 902 | 1,004 |
Residential mortgages [member] | ||
IFRS Statement [Line Items] | ||
Balance at beginning of period | 261 | 302 |
Net remeasurement due to transfers into stage | (1) | |
New originations or purchases | 4 | 3 |
Net repayments | (2) | (4) |
Derecognition of financial assets (excluding disposals and write-offs) | (16) | (14) |
Changes to risk, parameters, and models | 5 | 20 |
Disposals | ||
Write-offs | (3) | (4) |
Recoveries | 1 | 1 |
Foreign exchange and other adjustments | (3) | |
Total Allowance for Loan Losses at end of period | 250 | 301 |
Consumer instalment and other personal [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 1,649 | 2,112 |
Net remeasurement due to transfers into stage | (15) | (52) |
New originations or purchases | 56 | 51 |
Net repayments | (43) | (55) |
Derecognition of financial assets (excluding disposals and write-offs) | (83) | (66) |
Changes to risk, parameters, and models | 137 | 273 |
Disposals | ||
Write-offs | (197) | (258) |
Recoveries | 72 | 75 |
Foreign exchange and other adjustments | 16 | (42) |
Total Allowance, including off-balance sheet instruments, at end of period | 1,592 | 2,038 |
Total Allowance for Loan Losses at end of period | 1,512 | 1,923 |
Less: Total Allowance for off-balance sheet instruments | 80 | 115 |
Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Credit Card 1 [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 2,314 | 3,184 |
Net remeasurement due to transfers into stage | (11) | (97) |
New originations or purchases | 71 | 27 |
Net repayments | 15 | (5) |
Derecognition of financial assets (excluding disposals and write-offs) | (109) | (93) |
Changes to risk, parameters, and models | 151 | 216 |
Disposals | ||
Write-offs | (221) | (282) |
Recoveries | 77 | 67 |
Foreign exchange and other adjustments | 41 | (86) |
Total Allowance, including off-balance sheet instruments, at end of period | 2,328 | 2,931 |
Total Allowance for Loan Losses at end of period | 1,763 | 2,338 |
Less: Total Allowance for off-balance sheet instruments | 565 | 593 |
Credit Card 1 [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Credit Card 1 [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Credit Card 1 [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Businesses and government [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 3,022 | 3,779 |
Net remeasurement due to transfers into stage | (4) | 9 |
New originations or purchases | 256 | 322 |
Net repayments | (36) | (49) |
Derecognition of financial assets (excluding disposals and write-offs) | (434) | (443) |
Changes to risk, parameters, and models | 133 | 269 |
Disposals | ||
Write-offs | (26) | (131) |
Recoveries | 12 | 14 |
Foreign exchange and other adjustments | 48 | (103) |
Total Allowance, including off-balance sheet instruments, at end of period | 2,971 | 3,667 |
Total Allowance for Loan Losses at end of period | 2,714 | 3,371 |
Less: Total Allowance for off-balance sheet instruments | 257 | 296 |
Businesses and government [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Businesses and government [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Businesses and government [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | ||
Stage 1 [member] | ||
IFRS Statement [Line Items] | ||
Total Allowance, including off-balance sheet instruments, at end of period | 2,657 | 2,847 |
Total Allowance for Loan Losses at end of period | 2,247 | 2,489 |
Less: Total Allowance for off-balance sheet instruments | 410 | 358 |
Stage 1 [member] | Residential mortgages [member] | ||
IFRS Statement [Line Items] | ||
Balance at beginning of period | 35 | 32 |
Net remeasurement due to transfers into stage | (4) | (3) |
New originations or purchases | 4 | 3 |
Net repayments | (3) | |
Derecognition of financial assets (excluding disposals and write-offs) | (1) | (1) |
Changes to risk, parameters, and models | (22) | (5) |
Disposals | ||
Write-offs | ||
Recoveries | 1 | |
Foreign exchange and other adjustments | (2) | |
Total Allowance for Loan Losses at end of period | 30 | 26 |
Stage 1 [member] | Residential mortgages [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 23 | 16 |
Stage 1 [member] | Residential mortgages [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (4) | (12) |
Stage 1 [member] | Consumer instalment and other personal [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 550 | 595 |
Net remeasurement due to transfers into stage | (50) | (102) |
New originations or purchases | 56 | 51 |
Net repayments | (20) | (25) |
Derecognition of financial assets (excluding disposals and write-offs) | (22) | (21) |
Changes to risk, parameters, and models | (139) | (181) |
Disposals | ||
Write-offs | ||
Recoveries | ||
Foreign exchange and other adjustments | 5 | (12) |
Total Allowance, including off-balance sheet instruments, at end of period | 549 | 529 |
Total Allowance for Loan Losses at end of period | 515 | 504 |
Less: Total Allowance for off-balance sheet instruments | 34 | 25 |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 204 | 269 |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (34) | (43) |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (1) | (2) |
Stage 1 [member] | Credit Card 1 [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 878 | 799 |
Net remeasurement due to transfers into stage | (96) | (161) |
New originations or purchases | 71 | 27 |
Net repayments | 10 | (9) |
Derecognition of financial assets (excluding disposals and write-offs) | (23) | (12) |
Changes to risk, parameters, and models | (219) | (115) |
Disposals | ||
Write-offs | ||
Recoveries | ||
Foreign exchange and other adjustments | 16 | (21) |
Total Allowance, including off-balance sheet instruments, at end of period | 897 | 842 |
Total Allowance for Loan Losses at end of period | 663 | 653 |
Less: Total Allowance for off-balance sheet instruments | 234 | 189 |
Stage 1 [member] | Credit Card 1 [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 324 | 378 |
Stage 1 [member] | Credit Card 1 [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (58) | (42) |
Stage 1 [member] | Credit Card 1 [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (6) | (2) |
Stage 1 [member] | Businesses and government [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 1,186 | 1,499 |
Net remeasurement due to transfers into stage | (20) | (26) |
New originations or purchases | 256 | 322 |
Net repayments | 4 | 7 |
Derecognition of financial assets (excluding disposals and write-offs) | (208) | (199) |
Changes to risk, parameters, and models | (46) | (72) |
Disposals | ||
Write-offs | ||
Recoveries | ||
Foreign exchange and other adjustments | 22 | (43) |
Total Allowance, including off-balance sheet instruments, at end of period | 1,181 | 1,450 |
Total Allowance for Loan Losses at end of period | 1,039 | 1,306 |
Less: Total Allowance for off-balance sheet instruments | 142 | 144 |
Stage 1 [member] | Businesses and government [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 87 | 103 |
Stage 1 [member] | Businesses and government [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (99) | (138) |
Stage 1 [member] | Businesses and government [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (1) | (3) |
Stage 2 [member] | ||
IFRS Statement [Line Items] | ||
Total Allowance, including off-balance sheet instruments, at end of period | 3,798 | 5,291 |
Total Allowance for Loan Losses at end of period | 3,308 | 4,659 |
Less: Total Allowance for off-balance sheet instruments | 490 | 632 |
Stage 2 [member] | Residential mortgages [member] | ||
IFRS Statement [Line Items] | ||
Balance at beginning of period | 175 | 205 |
Net remeasurement due to transfers into stage | 3 | 3 |
Net repayments | (1) | (1) |
Derecognition of financial assets (excluding disposals and write-offs) | (4) | (8) |
Changes to risk, parameters, and models | 21 | 22 |
Disposals | ||
Write-offs | ||
Recoveries | ||
Recoveries | (3) | |
Foreign exchange and other adjustments | 1 | (1) |
Total Allowance for Loan Losses at end of period | 175 | 214 |
Stage 2 [member] | Residential mortgages [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (23) | (16) |
Stage 2 [member] | Residential mortgages [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 7 | 17 |
Stage 2 [member] | Residential mortgages [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (4) | (4) |
Stage 2 [member] | Consumer instalment and other personal [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 960 | 1,330 |
Net remeasurement due to transfers into stage | 33 | 49 |
Net repayments | (20) | (27) |
Derecognition of financial assets (excluding disposals and write-offs) | (48) | (38) |
Changes to risk, parameters, and models | 159 | 300 |
Disposals | ||
Write-offs | ||
Recoveries | ||
Foreign exchange and other adjustments | 10 | (22) |
Total Allowance, including off-balance sheet instruments, at end of period | 883 | 1,333 |
Total Allowance for Loan Losses at end of period | 837 | 1,243 |
Less: Total Allowance for off-balance sheet instruments | 46 | 90 |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (203) | (266) |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 45 | 59 |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (53) | (52) |
Stage 2 [member] | Credit Card 1 [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 1,298 | 2,181 |
Net remeasurement due to transfers into stage | 81 | 62 |
Net repayments | 1 | (2) |
Derecognition of financial assets (excluding disposals and write-offs) | (51) | (36) |
Changes to risk, parameters, and models | 320 | 216 |
Disposals | ||
Write-offs | ||
Recoveries | ||
Foreign exchange and other adjustments | 21 | (58) |
Total Allowance, including off-balance sheet instruments, at end of period | 1,269 | 1,867 |
Total Allowance for Loan Losses at end of period | 938 | 1,463 |
Less: Total Allowance for off-balance sheet instruments | 331 | 404 |
Stage 2 [member] | Credit Card 1 [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (320) | (373) |
Stage 2 [member] | Credit Card 1 [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 66 | 57 |
Stage 2 [member] | Credit Card 1 [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (147) | (180) |
Stage 2 [member] | Businesses and government [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 1,526 | 1,858 |
Net remeasurement due to transfers into stage | 16 | 37 |
Net repayments | (16) | (7) |
Derecognition of financial assets (excluding disposals and write-offs) | (153) | (182) |
Changes to risk, parameters, and models | 75 | 204 |
Disposals | ||
Write-offs | ||
Recoveries | ||
Foreign exchange and other adjustments | 27 | (46) |
Total Allowance, including off-balance sheet instruments, at end of period | 1,471 | 1,877 |
Total Allowance for Loan Losses at end of period | 1,358 | 1,739 |
Less: Total Allowance for off-balance sheet instruments | 113 | 138 |
Stage 2 [member] | Businesses and government [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (86) | (102) |
Stage 2 [member] | Businesses and government [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 101 | 142 |
Stage 2 [member] | Businesses and government [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (19) | (27) |
Stage 3 [member] | ||
IFRS Statement [Line Items] | ||
Total Allowance, including off-balance sheet instruments, at end of period | 686 | 799 |
Total Allowance for Loan Losses at end of period | 684 | 785 |
Less: Total Allowance for off-balance sheet instruments | 2 | 14 |
Stage 3 [member] | Residential mortgages [member] | ||
IFRS Statement [Line Items] | ||
Balance at beginning of period | 51 | 65 |
Net repayments | ||
Derecognition of financial assets (excluding disposals and write-offs) | (11) | (5) |
Changes to risk, parameters, and models | 6 | 3 |
Disposals | ||
Write-offs | (3) | (4) |
Recoveries | 1 | 3 |
Total Allowance for Loan Losses at end of period | 45 | 61 |
Stage 3 [member] | Residential mortgages [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (3) | (5) |
Stage 3 [member] | Residential mortgages [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 4 | 4 |
Stage 3 [member] | Consumer instalment and other personal [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 139 | 187 |
Net remeasurement due to transfers into stage | 2 | 1 |
Net repayments | (3) | (3) |
Derecognition of financial assets (excluding disposals and write-offs) | (13) | (7) |
Changes to risk, parameters, and models | 117 | 154 |
Disposals | ||
Write-offs | (197) | (258) |
Recoveries | 72 | 75 |
Foreign exchange and other adjustments | 1 | (8) |
Total Allowance, including off-balance sheet instruments, at end of period | 160 | 176 |
Total Allowance for Loan Losses at end of period | 160 | 176 |
Less: Total Allowance for off-balance sheet instruments | ||
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (1) | (3) |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (11) | (16) |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 54 | 54 |
Stage 3 [member] | Credit Card 1 [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 138 | 204 |
Net remeasurement due to transfers into stage | 4 | 2 |
Net repayments | 4 | 6 |
Derecognition of financial assets (excluding disposals and write-offs) | (35) | (45) |
Changes to risk, parameters, and models | 50 | 115 |
Disposals | ||
Write-offs | (221) | (282) |
Recoveries | 77 | 67 |
Foreign exchange and other adjustments | 4 | (7) |
Total Allowance, including off-balance sheet instruments, at end of period | 162 | 222 |
Total Allowance for Loan Losses at end of period | 162 | 222 |
Less: Total Allowance for off-balance sheet instruments | ||
Stage 3 [member] | Credit Card 1 [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (4) | (5) |
Stage 3 [member] | Credit Card 1 [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (8) | (15) |
Stage 3 [member] | Credit Card 1 [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | 153 | 182 |
Stage 3 [member] | Businesses and government [member] | ||
IFRS Statement [Line Items] | ||
Balance, including off-balance sheet instruments, at beginning of period | 310 | 422 |
Net remeasurement due to transfers into stage | 0 | (2) |
Net repayments | (24) | (49) |
Derecognition of financial assets (excluding disposals and write-offs) | (73) | (62) |
Changes to risk, parameters, and models | 104 | 137 |
Disposals | ||
Write-offs | (26) | (131) |
Recoveries | 12 | 14 |
Foreign exchange and other adjustments | (1) | (14) |
Total Allowance, including off-balance sheet instruments, at end of period | 319 | 340 |
Total Allowance for Loan Losses at end of period | 317 | 326 |
Less: Total Allowance for off-balance sheet instruments | 2 | 14 |
Stage 3 [member] | Businesses and government [member] | Transfer To Stage One [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (1) | (1) |
Stage 3 [member] | Businesses and government [member] | Transfer To Stage Two [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | (2) | (4) |
Stage 3 [member] | Businesses and government [member] | Transfer To Stage Three [Member] | ||
IFRS Statement [Line Items] | ||
Transfer to Stage | $ 20 | $ 30 |
Summary of Macroeconomic Variab
Summary of Macroeconomic Variables impacted in Determining ECLs (Details) | 9 Months Ended |
Jul. 31, 2021 | |
Base Forecast [Member] | Average Q1 2022 - Q4 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.81 |
Base Forecast [Member] | Average Q1 2022 - Q4 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.60% |
Real GDP | 4.40% |
Home prices | 6.90% |
Central bank policy interest rate | 0.81% |
Base Forecast [Member] | Average Q1 2022 - Q4 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.60% |
Real GDP | 4.10% |
Home prices | 10.20% |
Central bank policy interest rate | 0.63% |
U.S. 10-year treasury yield | 1.97% |
U.S. 10-year BBB spread | 1.54% |
Base Forecast [Member] | Remaining 4 year period [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.80 |
Base Forecast [Member] | Remaining 4 year period [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.60% |
Real GDP | 1.90% |
Home prices | 1.00% |
Central bank policy interest rate | 1.73% |
Base Forecast [Member] | Remaining 4 year period [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.80% |
Real GDP | 1.90% |
Home prices | 3.00% |
Central bank policy interest rate | 1.91% |
U.S. 10-year treasury yield | 2.23% |
U.S. 10-year BBB spread | 1.80% |
Upside Scenario [Member] | Average Q1 2022 - Q4 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.82 |
Upside Scenario [Member] | Average Q1 2022 - Q4 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.60% |
Real GDP | 5.50% |
Home prices | 8.70% |
Central bank policy interest rate | 1.38% |
Upside Scenario [Member] | Average Q1 2022 - Q4 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.60% |
Real GDP | 5.10% |
Home prices | 13.10% |
Central bank policy interest rate | 1.13% |
U.S. 10-year treasury yield | 2.43% |
U.S. 10-year BBB spread | 1.48% |
Upside Scenario [Member] | Remaining 4 year period [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.81 |
Upside Scenario [Member] | Remaining 4 year period [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.30% |
Real GDP | 1.90% |
Home prices | 1.40% |
Central bank policy interest rate | 2.23% |
Upside Scenario [Member] | Remaining 4 year period [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.50% |
Real GDP | 1.90% |
Home prices | 2.90% |
Central bank policy interest rate | 2.41% |
U.S. 10-year treasury yield | 2.43% |
U.S. 10-year BBB spread | 1.72% |
Downside Scenario [Member] | Average Q1 2022 - Q4 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.78 |
Downside Scenario [Member] | Average Q1 2022 - Q4 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.70% |
Real GDP | 0.80% |
Home prices | 3.60% |
Central bank policy interest rate | 0.25% |
Downside Scenario [Member] | Average Q1 2022 - Q4 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 4.50% |
Real GDP | 1.20% |
Home prices | 7.50% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 1.70% |
U.S. 10-year BBB spread | 1.79% |
Downside Scenario [Member] | Remaining 4 year period [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.79 |
Downside Scenario [Member] | Remaining 4 year period [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.50% |
Real GDP | 2.30% |
Home prices | 0.60% |
Central bank policy interest rate | 1.22% |
Downside Scenario [Member] | Remaining 4 year period [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 4.50% |
Real GDP | 2.20% |
Home prices | 2.50% |
Central bank policy interest rate | 1.34% |
U.S. 10-year treasury yield | 2.20% |
U.S. 10-year BBB spread | 1.80% |
Schedule of Change from Base to
Schedule of Change from Base to Probability-Weighted ECL (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Difference – in amount | $ 149 | $ 196 |
Expected credit loss rate | 2.40% | 3.10% |
Probability weighted method [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability-weighted ECLs | $ 6,455 | $ 6,608 |
Base Scenario [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Base ECLs | $ 6,306 | $ 6,412 |
Schedule of Incremental Lifetim
Schedule of Incremental Lifetime ECL Impact (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
IFRS Statement [Line Items] | ||
Incremental lifetime ECLs impact | $ 1,653 | $ 1,705 |
12-month expected credit losses [member] | ||
IFRS Statement [Line Items] | ||
All performing loans and off-balance sheet instruments using 12-month ECLs | 4,802 | 4,903 |
Stage One and Two [member] | ||
IFRS Statement [Line Items] | ||
Probability-weighted ECLs | $ 6,455 | $ 6,608 |
Summary of Loans Past Due but N
Summary of Loans Past Due but Not Impaired (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | $ 749,854 | $ 729,012 |
Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,747 | 2,182 |
Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 300 | 291 |
Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 754 | 668 |
Financial assets past due but not impaired [member] | Credit Card 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 337 | 299 |
Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 356 | 924 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,171 | 1,712 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 199 | 229 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 561 | 512 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Credit Card 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 208 | 186 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 203 | 785 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 576 | 470 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 101 | 62 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 193 | 156 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Credit Card 1 [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 129 | 113 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Businesses and government [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | $ 153 | $ 139 |
Loans, Impaired Loans, and Al_3
Loans, Impaired Loans, and Allowance for Credit Losses (Details Narrative) - CAD ($) | 3 Months Ended | |
Jan. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Foreclosed assets held for sale | $ 35,000,000 | $ 53,000,000 |
Canada Emergency Business Account Program [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Due Date for eligible remaining loan waiver | Dec. 31, 2023 | |
Interest Rate | 5.00% | |
Canada emergency business account loan description | Under the Canada Emergency Business Account (CEBA) Program, with funding provided by Her Majesty in Right of Canada (the “Government of Canada”) and Export Development Canada as the Government of Canada’s agent, the Bank provided eligible business banking customers with an interest-free, partially forgivable loan of up to $60,000. On January 12, 2022, it was announced that the repayment deadline for CEBA loans to qualify for partial loan forgiveness is being extended from December 31, 2022 to December 31, 2023 for all eligible borrowers in good standing. If the loan is not repaid by December 31, 2023, it will be extended for an additional 2-year term bearing an interest rate of 5% per annum. | |
Canada Emergency Business Account Program [member] | Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
CEBA Loan Eligible Amount | $ 60,000 |
Summary of Condensed Financial
Summary of Condensed Financial Statements (Details) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | ||||||
Jan. 31, 2022 | Dec. 31, 2021 | Jan. 31, 2021 | Dec. 31, 2020 | Oct. 31, 2021 | Sep. 30, 2021 | ||
Assets | |||||||
Receivables from brokerage clients, net | $ 24,779 | $ 32,357 | |||||
Other assets | 19,931 | 17,179 | |||||
Total assets | 1,778,588 | 1,728,672 | |||||
Liabilities | |||||||
Bank deposits | 24,282 | 20,917 | |||||
Payables to brokerage clients | 26,895 | 28,993 | |||||
Other liabilities | 24,718 | 28,133 | |||||
Total liabilities | 1,676,611 | 1,628,854 | |||||
Stockholders' equity | 101,977 | 99,818 | |||||
Total liabilities and equity | 1,778,588 | $ 1,728,672 | |||||
Net Revenues | |||||||
Net interest revenue | [1] | 7,522 | $ 7,610 | ||||
Total net revenues | 11,281 | 10,812 | |||||
Expenses Excluding Interest | |||||||
Compensation and benefits | 3,278 | 3,156 | |||||
Taxes on income | 984 | 827 | |||||
Net income | 3,733 | 3,277 | |||||
Preferred stock dividends and other | 43 | 65 | |||||
Net income available to common shareholders | 3,690 | 3,212 | |||||
Other comprehensive income (loss) | $ 713 | $ (1,877) | |||||
Earnings per common shares outstanding – basic (Canadian dollars) | $ 2.03 | $ 1.77 | |||||
Earnings per common shares outstanding – diluted (Canadian dollars) | $ 2.02 | $ 1.77 | |||||
Charles Schwab Corporation [member] | |||||||
Assets | |||||||
Receivables from brokerage clients, net | $ 114,560 | $ 107,118 | |||||
Available for sale securities | 493,399 | 466,536 | |||||
Other assets | 236,104 | 178,247 | |||||
Total assets | 844,063 | 751,901 | |||||
Liabilities | |||||||
Bank deposits | 561,357 | 489,192 | |||||
Payables to brokerage clients | 158,968 | 139,913 | |||||
Other liabilities | 52,571 | 51,706 | |||||
Total liabilities | 772,896 | 680,811 | |||||
Stockholders' equity | 71,167 | 71,090 | |||||
Total liabilities and equity | 844,063 | $ 751,901 | |||||
Net Revenues | |||||||
Net interest revenue | 2,699 | $ 2,357 | |||||
Asset management and administration fees | 1,399 | 1,286 | |||||
Trading revenue and other | 1,835 | 1,798 | |||||
Total net revenues | 5,933 | 5,441 | |||||
Expenses Excluding Interest | |||||||
Compensation and benefits | 1,763 | 1,822 | |||||
Other | 1,620 | 1,697 | |||||
Total expenses excluding interest | 3,383 | 3,519 | |||||
Income before taxes on income | 2,550 | 1,922 | |||||
Taxes on income | 558 | 444 | |||||
Net income | 1,992 | 1,478 | |||||
Preferred stock dividends and other | 165 | 111 | |||||
Net income available to common shareholders | 1,827 | 1,367 | |||||
Other comprehensive income (loss) | (2,976) | (380) | |||||
Total comprehensive income (loss) | $ (1,149) | $ 987 | |||||
Earnings per common shares outstanding – basic (Canadian dollars) | $ 0.97 | $ 0.74 | |||||
Earnings per common shares outstanding – diluted (Canadian dollars) | $ 0.96 | $ 0.74 | |||||
[1] | Includes $6,623 million and $6,788 million, for the three months ended January 31, 2022 and January 31, 2021, respectively, which have been calculated based on the effective interest rate method (EIRM). |
Investment in Associates and _3
Investment in Associates and Joint Ventures (Details Narrative) $ / shares in Units, $ in Millions, $ in Billions | 1 Months Ended | 3 Months Ended | |||
Oct. 31, 2021CAD ($) | Jan. 31, 2022CAD ($) | Jan. 31, 2021CAD ($) | Jan. 31, 2022USD ($)$ / shares | Oct. 31, 2021USD ($)$ / shares | |
Disclosure of investments in associates and joint ventures [line items] | |||||
Investment in Schwab | $ 11,112 | $ 11,186 | |||
Charles Schwab Corporation [member] | |||||
Disclosure of investments in associates and joint ventures [line items] | |||||
Equity investment percentage | 13.41% | 13.39% | |||
Fair value of outstanding shares | $ 26,000 | $ 28,000 | $ 22 | $ 21 | |
Closing price of shares | $ / shares | $ 87.70 | $ 82.03 | |||
Percentage of voting common shares | 9.90% | ||||
Investment in Schwab | $ 11,100 | $ 11,200 | |||
Share of net income from investment in Schwab | $ 231 | $ 169 |
Summary of Goodwill by Segment
Summary of Goodwill by Segment (Details) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended |
Jan. 31, 2022 | Oct. 31, 2021 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 16,232 | $ 17,148 |
Additions | 156 | |
Foreign currency translation adjustments and other | 383 | (1,072) |
Ending balance | 16,615 | 16,232 |
Canadian Retail [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,824 | 2,846 |
Additions | 40 | |
Foreign currency translation adjustments and other | 22 | (62) |
Ending balance | 2,846 | 2,824 |
U.S. Retail [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 13,134 | 14,142 |
Foreign currency translation adjustments and other | 357 | (1,008) |
Ending balance | 13,491 | 13,134 |
Wholesale Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 274 | 160 |
Additions | 116 | |
Foreign currency translation adjustments and other | 4 | (2) |
Ending balance | $ 278 | $ 274 |
Summary of Goodwill by Segmen_2
Summary of Goodwill by Segment (Parenthetical) (Details) - CAD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of reconciliation of changes in goodwill [abstract] | ||
Accumulated impairment | $ 0 | $ 0 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Other Assets | ||
Accounts receivable and other items | $ 9,577 | $ 9,144 |
Accrued interest | 2,197 | 2,196 |
Current income tax receivable | 3,921 | 1,862 |
Defined benefit asset | 988 | 637 |
Insurance-related assets, excluding investments | 2,067 | 2,040 |
Prepaid expenses | 1,181 | 1,300 |
Total | $ 19,931 | $ 17,179 |
Summary of Deposit Liabilities
Summary of Deposit Liabilities (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | $ 179,054 | |
Notice | 797,015 | |
Term | 339,105 | |
Total deposits | 1,315,174 | $ 1,261,921 |
Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 720,332 | |
United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 551,889 | |
International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 42,953 | |
Personal [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 24,239 | |
Notice | 577,307 | |
Term | 51,200 | |
Total deposits | 652,746 | 633,498 |
Personal [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 301,449 | |
Personal [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 351,297 | |
Bank Deposits [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 14,291 | |
Notice | 627 | |
Term | 9,364 | |
Total deposits | 24,282 | 20,917 |
Bank Deposits [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 22,167 | |
Bank Deposits [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 148 | |
Bank Deposits [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 1,967 | |
Business and government [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 140,524 | |
Notice | 219,081 | |
Term | 122,905 | |
Total deposits | 482,510 | 470,710 |
Business and government [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 324,663 | |
Business and government [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 155,533 | |
Business and government [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 2,314 | |
Personal Banks Business And Goverment [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 179,054 | |
Notice | 797,015 | |
Term | 183,469 | |
Total deposits | 1,159,538 | 1,125,125 |
Personal Banks Business And Goverment [Member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 648,279 | |
Personal Banks Business And Goverment [Member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 506,978 | |
Personal Banks Business And Goverment [Member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 4,281 | |
Trading deposits [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Term | 20,549 | |
Total deposits | 20,549 | 22,891 |
Trading deposits [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 11,011 | |
Trading deposits [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 2,178 | |
Trading deposits [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 7,360 | |
Deposits designated at fair value through profit or loss [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Term | 135,087 | |
Total deposits | 135,087 | 113,905 |
Deposits designated at fair value through profit or loss [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 61,042 | |
Deposits designated at fair value through profit or loss [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 42,733 | |
Deposits designated at fair value through profit or loss [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 31,312 | |
Non interest bearing deposits [member] | Domestic Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 73,222 | 72,705 |
Non interest bearing deposits [member] | Foreign Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 85,647 | 82,756 |
Interest bearing deposits 1 [member] | Domestic Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 647,110 | 626,562 |
Interest bearing deposits 1 [member] | Foreign Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 509,187 | 479,890 |
Interest bearing deposits 1 [member] | US federal funds deposited [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | $ 8 | $ 8 |
Summary of Deposit Liabilitie_2
Summary of Deposit Liabilities (Parenthetical) (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits From Customers [Line Items] | ||
Deposits subject to bank recapitalization Bail-in | $ 51,300 | $ 43,100 |
Deposits | 482,510 | 470,710 |
Financial liabilities designated at fair value through profit or loss | 135,150 | 113,988 |
Total deposits | 1,315,174 | 1,261,921 |
U.S. Dollar [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 756,000 | 719,000 |
Other Currency [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 51,000 | 44,000 |
Business and government [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 482,510 | 470,710 |
Business and government [member] | Covered Bondholders [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Deposits | 23,000 | 25,100 |
Business and government [member] | TD Capital Trust IV [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Deposits | 0 | 500 |
Loan Commitments And Financial Guarantees [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Financial liabilities designated at fair value through profit or loss | $ 63 | $ 83 |
Deposits (Details Narrative)
Deposits (Details Narrative) - CAD ($) $ in Millions | Jan. 31, 2022 | Nov. 01, 2021 | Oct. 31, 2021 |
Deposits | |||
Aggregate amount of term deposits in denominations of $100,000 or more | $ 311,000 | $ 283,000 | |
Redemption of TD Capital Trust IV Notes - Series 2 | $ 450 |
Summary of Other Liabilities (D
Summary of Other Liabilities (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of financial liabilities [abstract] | ||
Accounts payable, accrued expenses, and other items1 | $ 5,137 | $ 7,499 |
Accrued interest | 662 | 714 |
Accrued salaries and employee benefits | 2,851 | 4,151 |
Cheques and other items in transit | 2,652 | 2,667 |
Current income tax payable | 58 | 82 |
Deferred tax liabilities | 224 | 244 |
Defined benefit liability | 1,581 | 1,592 |
Lease liabilities | 5,499 | 5,473 |
Liabilities related to structured entities | 4,692 | 4,407 |
Provisions | 1,362 | 1,304 |
Total | $ 24,718 | $ 28,133 |
Summary of Other Liabilities (P
Summary of Other Liabilities (Parenthetical) (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Disclosure of financial liabilities [abstract] | ||
Dividends payable | $ 0 | $ 1,404 |
Summary of Classes of Share Cap
Summary of Classes of Share Capital - Common Shares (Details) - CAD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | $ 99,818 | |
Balance at end of period | $ 101,977 | |
Common shares [member] | Issued capital [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance, Number of shares | 1,823.9 | 1,816.1 |
Balance at beginning of period | $ 23,066 | $ 22,487 |
Proceeds from shares issued on exercise of stock options, Number of shares | 1.2 | 0.9 |
Proceeds from shares issued on exercise of stock options, Amount | $ 76 | $ 46 |
Shares issued as a result of dividend reinvestment plan, Number of shares | 1.2 | 1.5 |
Shares issued as a result of dividend reinvestment plan | $ 122 | $ 112 |
Purchase of shares for cancellation and other, Number of Shares | (7.5) | |
Purchase of shares for cancellation and other, Amount | $ (94) | |
Ending balance, Number of shares | 1,818.8 | 1,818.5 |
Balance at end of period | $ 23,170 | $ 22,645 |
Summary of Classes of Share C_2
Summary of Classes of Share Capital - Preferred Shares and Other Equity Instruments (Details) - CAD ($) shares in Millions, $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of classes of share capital [line items] | ||||
Amount | $ 101,977 | $ 99,818 | ||
Issued capital [member] | Preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 158 | 226 | ||
Amount | $ 3,950 | $ 5,650 | ||
Issued capital [member] | Other equity securities [member] | Limited Recourse Capital Notes [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 1.8 | |||
Amount | $ 1,750 | |||
Issued capital [member] | Preferred shares and other equity instruments [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares | 159.8 | 226 | ||
Amount | $ 5,700 | $ 5,700 | $ 5,650 | $ 5,650 |
Summary of Classes of Share C_3
Summary of Classes of Share Capital - Treasury Shares (Details) - CAD ($) shares in Millions, $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Balance at beginning of period | $ 99,818 | |
Balance at end of period | $ 101,977 | |
Treasury shares [member] | Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance, Number of shares | 1.9 | 0.5 |
Purchase of shares, Number of shares | 30.5 | 44.7 |
Sale of shares, Number of shares | (30.1) | (42.7) |
Ending balance, Number of shares | 2.3 | 2.5 |
Balance at beginning of period | $ (152) | $ (37) |
Purchase of shares, Amount | (2,936) | (3,145) |
Sale of shares, Amount | 2,900 | 3,011 |
Balance at end of period | $ (188) | $ (171) |
Treasury shares [member] | Preferred shares and other equity instruments [member] | ||
Disclosure of classes of share capital [line items] | ||
Beginning balance, Number of shares | 0.1 | 0.1 |
Purchase of shares, Number of shares | 0.8 | 1.5 |
Sale of shares, Number of shares | (0.7) | (1.4) |
Ending balance, Number of shares | 0.2 | 0.2 |
Balance at beginning of period | $ (10) | $ (4) |
Purchase of shares and other equity instruments | (29) | (34) |
Sale of shares and other equity instruments | 33 | 34 |
Balance at end of period | $ (6) | $ (4) |
Equity (Details Narrative)
Equity (Details Narrative) - CAD ($) | Mar. 02, 2022 | Jan. 31, 2022 | Jan. 07, 2022 |
Disclosure of classes of share capital [line items] | |||
Dividends common stock | $ 0.89 | ||
Normal Course Issuer Bid [Member] | |||
Disclosure of classes of share capital [line items] | |||
Stock Repurchase Program, Number of Shares Authorized to be Repurchased | 7,500,000 | ||
Number of shares repurchased price per share | $ 101.89 | ||
Stock Repurchase Program, Authorized Amount | $ 764,000,000 | ||
Stock repurchase program authorized amount represent premium over the share capital amount | $ 670,000,000 | ||
Normal Course Issuer Bid [Member] | Toronto Stock Exchanges [Member] | |||
Disclosure of classes of share capital [line items] | |||
Common stock shares authorized to be repurchased | 50,000,000 |
Schedule of Assumptions Used fo
Schedule of Assumptions Used for Estimating the Fair Value of Options (Details) - Options [Member] | 3 Months Ended | |
Jan. 31, 2022yr$ / shares | Jan. 31, 2021yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate | 1.47% | 0.71% |
Option contractual life | yr | 10 | 10 |
Expected volatility | 17.89% | 18.50% |
Expected dividend yield | 3.66% | 3.61% |
Exercise price/share price | $ / shares | $ 95.33 | $ 71.88 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) - Stock Option Awards [Member] $ / shares in Units, Unit_pure in Millions, $ in Millions | 3 Months Ended | |
Jan. 31, 2022CAD ($)$ / shares | Jan. 31, 2021CAD ($)$ / shares | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Compensation Expense | $ | $ 10.1 | $ 10 |
Granted | 2.5 | 2.2 |
Weighted average fair value of options granted | $ / shares | $ 12.41 | $ 8.90 |
Summary of Employee Benefit Pla
Summary of Employee Benefit Plans Expenses (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of defined benefit plans [line items] | ||
Total | $ 196 | $ 172 |
Principal pension plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Service cost - benefits earned | 104 | 130 |
Net interest cost (income) on net defined benefit liability (asset) | (6) | 6 |
Defined benefit administrative expenses | 2 | 3 |
Total | 100 | 139 |
Principal post retirement benefit plan [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Service cost - benefits earned | 2 | 2 |
Net interest cost (income) on net defined benefit liability (asset) | 3 | 3 |
Total | 5 | 5 |
Other pension and post retirement benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Service cost - benefits earned | 1 | 2 |
Net interest cost (income) on net defined benefit liability (asset) | 5 | 5 |
Past service cost (credit) | 1 | |
Defined benefit administrative expenses | 1 | 1 |
Total | $ 7 | $ 9 |
Summary of Expenses for Bank's
Summary of Expenses for Bank's Defined Contribution Plans (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Disclosure of defined benefit plans [line items] | ||
Defined Contribution Plan Expenses | $ 196 | $ 172 |
Defined contribution pension plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined Contribution Plan Expenses | 54 | 52 |
Government pension plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined Contribution Plan Expenses | $ 142 | $ 120 |
Summary of Remeasurement of Def
Summary of Remeasurement of Defined Benefit Plans (Details) - CAD ($) $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Principal pension plans [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Remeasurement gain/(loss) – financial | $ 234 | $ 247 |
Remeasurement gain/(loss) – return on plan assets less interest income | 128 | 302 |
Total | 362 | 549 |
Principal post retirement benefit plan [Member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Remeasurement gain/(loss) – financial | 15 | 4 |
Total | $ 15 | $ 4 |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) $ in Millions | 3 Months Ended |
Jan. 31, 2022CAD ($) | |
Disclosure Of IncomeTax [Line Items] | |
Additional Income Tax and Interest reassessed | $ 1,274 |
Canada Revenue Agency Reassessment [member] | Two Thousand And Sixteen Taxation Year [Member] | |
Disclosure Of IncomeTax [Line Items] | |
Additional Income Tax and Interest reassessed | 154 |
Canada Revenue Agency Reassessment [member] | Two Thousand Eleven To Two Thousand Sixteen Taxation Years [Member] | |
Disclosure Of IncomeTax [Line Items] | |
Additional Income Tax and Interest reassessed | 1,186 |
Revenu Quebec Agency [member] | Two thousand eleven to two thousand fifteen taxation years [member] | |
Disclosure Of IncomeTax [Line Items] | |
Additional Income Tax and Interest reassessed | 34 |
Alberta Tax and Revenue Administration Reassessment [member] | Two Thousand Eleven to Two Thousand Fourteen Taxation Years [member] | |
Disclosure Of IncomeTax [Line Items] | |
Additional Income Tax and Interest reassessed | 33 |
Alberta Tax and Revenue Administration Reassessment [member] | Two Thousand Fifteen And Sixteen Taxation Year [Member] | |
Disclosure Of IncomeTax [Line Items] | |
Additional Income Tax and Interest reassessed | $ 21 |
Summary of Earnings Per Share (
Summary of Earnings Per Share (Details) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | |
Jan. 31, 2022 | Jan. 31, 2021 | |
Basic earnings per share | ||
Net income attributable to common shareholders | $ 3,690 | $ 3,212 |
Weighted-average number of common shares outstanding (millions) | 1,820,500,000 | 1,814,200,000 |
Basic earnings per share (Canadian dollars) | $ 2.03 | $ 1.77 |
Diluted earnings per share | ||
Net income available to common shareholders including impact of dilutive securities | $ 3,690 | $ 3,212 |
Stock options potentially exercisable (millions)1 | 3,600,000 | 1,600,000 |
Weighted-average number of common shares outstanding – diluted (millions) | 1,824,100,000 | 1,815,800,000 |
Diluted earnings per share (Canadian dollars)1 | $ 2.02 | $ 1.77 |
Average outstanding options excluded from calculation of diluted earnings per share | 0 | 4,900,000 |
Weighted-average exercise price of average outstanding options excluded from the calculation of diluted earnings per share | $ 72.55 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) - Litigation and other provision [member] - CAD ($) | Jan. 31, 2022 | Oct. 31, 2021 |
Bottom of range [member] | ||
Disclosure of contingent liabilities [line items] | ||
Bank's reasonable possible losses | $ 0 | $ 0 |
Top of range [member] | ||
Disclosure of contingent liabilities [line items] | ||
Bank's reasonable possible losses | $ 1,390,000,000 | $ 1,450,000,000 |
Summary of Results by Business
Summary of Results by Business Segment (Details) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | Oct. 31, 2021 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 6,302 | $ 6,030 | |
Non-interest income | 4,979 | 4,782 | |
Total revenue | 11,281 | 10,812 | |
Provision for (recovery of) credit losses | 72 | 313 | |
Insurance claims and related expenses | 756 | 780 | |
Non-interest expenses | 5,967 | 5,784 | |
Income (loss) before income taxes and share of net income from investment in Schwab | 4,486 | 3,935 | |
Provision for (recovery of) income taxes | 984 | 827 | |
Net income (loss) | 3,733 | 3,277 | |
Total assets | 1,778,588 | $ 1,728,672 | |
Schwab [member] | |||
Disclosure of operating segments [line items] | |||
Share of net income from investment in Schwab | 231 | 169 | |
Canadian Retail [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 3,085 | 2,978 | |
Non-interest income | 3,633 | 3,367 | |
Total revenue | 6,718 | 6,345 | |
Provision for (recovery of) credit losses | 33 | 142 | |
Insurance claims and related expenses | 756 | 780 | |
Non-interest expenses | 2,869 | 2,654 | |
Income (loss) before income taxes and share of net income from investment in Schwab | 3,060 | 2,769 | |
Provision for (recovery of) income taxes | 806 | 732 | |
Net income (loss) | 2,254 | 2,037 | |
Total assets | 520,885 | 509,436 | |
Canadian Retail [member] | Schwab [member] | |||
Disclosure of operating segments [line items] | |||
Share of net income from investment in Schwab | |||
U.S. Retail [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 2,115 | 2,031 | |
Non-interest income | 671 | 653 | |
Total revenue | 2,786 | 2,684 | |
Provision for (recovery of) credit losses | 21 | 135 | |
Insurance claims and related expenses | |||
Non-interest expenses | 1,597 | 1,688 | |
Income (loss) before income taxes and share of net income from investment in Schwab | 1,168 | 861 | |
Provision for (recovery of) income taxes | 148 | 70 | |
Net income (loss) | 1,272 | 1,000 | |
Total assets | 580,689 | 559,503 | |
U.S. Retail [member] | Schwab [member] | |||
Disclosure of operating segments [line items] | |||
Share of net income from investment in Schwab | 252 | 209 | |
Wholesale Banking [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 709 | 661 | |
Non-interest income | 637 | 649 | |
Total revenue | 1,346 | 1,310 | |
Provision for (recovery of) credit losses | (5) | 20 | |
Insurance claims and related expenses | |||
Non-interest expenses | 764 | 711 | |
Income (loss) before income taxes and share of net income from investment in Schwab | 587 | 579 | |
Provision for (recovery of) income taxes | 153 | 142 | |
Net income (loss) | 434 | 437 | |
Total assets | 522,804 | 514,681 | |
Wholesale Banking [member] | Schwab [member] | |||
Disclosure of operating segments [line items] | |||
Share of net income from investment in Schwab | |||
Corporate [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 393 | 360 | |
Non-interest income | 38 | 113 | |
Total revenue | 431 | 473 | |
Provision for (recovery of) credit losses | 23 | 16 | |
Insurance claims and related expenses | |||
Non-interest expenses | 737 | 731 | |
Income (loss) before income taxes and share of net income from investment in Schwab | (329) | (274) | |
Provision for (recovery of) income taxes | (123) | (117) | |
Net income (loss) | (227) | (197) | |
Total assets | 154,210 | $ 145,052 | |
Corporate [member] | Schwab [member] | |||
Disclosure of operating segments [line items] | |||
Share of net income from investment in Schwab | $ (21) | $ (40) |
Summary of Interest Income and
Summary of Interest Income and Expense by Basis of Accounting Classification (Details) - CAD ($) $ in Millions | 3 Months Ended | ||
Jan. 31, 2022 | Jan. 31, 2021 | ||
Disclosure Of Interest Income Expense [Line Items] | |||
Interest income | [1] | $ 7,522 | $ 7,610 |
Interest expense | 1,220 | 1,580 | |
Equity instruments measured at fair value through other comprehensive income [member] | |||
Disclosure Of Interest Income Expense [Line Items] | |||
Interest income | 44 | 33 | |
Financial assets amortized cost [member] | |||
Disclosure Of Interest Income Expense [Line Items] | |||
Interest income | 6,530 | 6,611 | |
Interest expense | 795 | 996 | |
Financial assets at fair value through other comprehensive income [member] | |||
Disclosure Of Interest Income Expense [Line Items] | |||
Interest income | 93 | 177 | |
Financial instruments measure at amortized cost and FVOCI [member] | |||
Disclosure Of Interest Income Expense [Line Items] | |||
Interest income | 6,623 | 6,788 | |
Financial instruments measured or designated at fair value through profit or loss [member] | |||
Disclosure Of Interest Income Expense [Line Items] | |||
Interest income | 855 | 789 | |
Interest expense | $ 425 | $ 584 | |
[1] | Includes $6,623 million and $6,788 million, for the three months ended January 31, 2022 and January 31, 2021, respectively, which have been calculated based on the effective interest rate method (EIRM). |
Summary of Regulatory Capital P
Summary of Regulatory Capital Position (Details) - CAD ($) $ in Millions | Jan. 31, 2022 | Oct. 31, 2021 |
Capital | ||
Common Equity Tier 1 Capital | $ 71,523 | $ 69,937 |
Tier 1 Capital | 76,856 | 75,716 |
Total Capital | 89,388 | 87,987 |
Risk-weighted assets used in the calculation of capital ratios | $ 470,852 | $ 460,270 |
Capital and leverage ratios | ||
Common Equity Tier 1 Capital ratio | 15.20% | 15.20% |
Tier 1 Capital ratio | 16.30% | 16.50% |
Total Capital ratio | 19.00% | 19.10% |
Leverage ratio | 4.40% | 4.80% |
TLAC Ratio | 28.60% | 28.30% |
TLAC Leverage Ratio | 7.60% | 8.20% |
Regulatory Capital (Details Nar
Regulatory Capital (Details Narrative) | Jan. 31, 2022 | Nov. 22, 2019 | Sep. 23, 2018 | Jan. 01, 2016 |
Disclosure Of Regulatory Capital [Line Items] | ||||
Domestic Stability Buffer | 2.50% | |||
Target Total Loss Absorbing Capacity | 24.00% | |||
Target Total Loss Absorbing Capacity Leverage Ratio | 6.75% | |||
Basel III [member] | ||||
Disclosure Of Regulatory Capital [Line Items] | ||||
Common equity capital surcharge | 1.00% | 1.00% | ||
Target common equity tier 1 capital ratio | 8.00% | 8.00% | ||
Target tier 1 capital ratio | 9.50% | 9.50% | ||
Target total capital ratio | 11.50% | 11.50% | ||
Domestic Stability Buffer | 2.50% | |||
Target Common Equity tier 1 Capital Ratio including Domestic Stability Buffer | 10.50% | |||
D-SIB surcharge percentage | 1.00% | 1.00% | ||
G-SIB surcharge percentage | 1.00% | 1.00% |
Subsequent Events (Details Narr
Subsequent Events (Details Narrative) $ / shares in Units, $ in Millions, $ in Millions | Feb. 28, 2022USD ($)$ / shares | Dec. 31, 2021CAD ($) |
Rothstein [member] | Litigation Settlement Recovery [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Recovery of losses incurred | $ 225 | |
First Horizon Corporation [member] | Major business combination [member] | ||
Disclosure of non-adjusting events after reporting period [line items] | ||
Cash transferred | $ 13,400 | |
Business acquisition consideration per share | $ / shares | $ 25 | |
Other cash payments to acquire equity or debt instruments of other entities, classified as investing activities | $ 494 | |
Conversion of preferred stock to common stock percentage | 4.90% | |
Business acquisition additional consideration payable per share | $ / shares | $ 0.65 | |
Business combination definitive agreement termination date | Feb. 27, 2023 |