Cover Page
Cover Page | 6 Months Ended |
Apr. 30, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | BANK OF NOVA SCOTIA |
Entity Central Index Key | 0000009631 |
Current Fiscal Year End Date | --10-31 |
Consolidated Statement of Finan
Consolidated Statement of Financial Position - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Assets | |||
Cash and deposits with financial institutions | $ 52,017 | $ 89,491 | $ 76,460 |
Precious metals | 553 | 1,107 | 1,181 |
Trading assets | |||
Securities | 137,116 | 133,197 | 108,331 |
Loans | 6,532 | 7,903 | 8,352 |
Other | 599 | 668 | 1,156 |
Total trading assets | 144,247 | 141,768 | 117,839 |
Securities purchased under resale agreements and securities borrowed | 131,081 | 118,831 | 119,747 |
Derivative financial instruments | 40,573 | 46,269 | 45,065 |
Investment securities | 85,107 | 99,236 | 111,389 |
Loans | |||
Residential mortgages | 296,727 | 290,474 | 284,684 |
Personal loans | 90,682 | 91,442 | 93,758 |
Credit cards | 12,826 | 14,143 | 14,797 |
Business and government | 214,646 | 215,180 | 217,663 |
Loans and receivables gross | 614,881 | 611,239 | 610,902 |
Allowance for credit losses | 6,716 | 7,590 | 7,639 |
Loans and receivables | 608,165 | 603,649 | 603,263 |
Other | |||
Customers' liability under acceptances, net of allowance | 15,596 | 14,775 | 14,228 |
Property and equipment | 5,558 | 5,730 | 5,897 |
Investments in associates | 2,480 | 2,516 | 2,475 |
Goodwill and other intangible assets | 16,801 | 16,977 | 17,015 |
Deferred tax assets | 2,052 | 2,116 | 2,185 |
Other assets | 21,018 | 21,585 | 19,722 |
Other Assets | 63,505 | 63,699 | 61,522 |
Total assets | 1,125,248 | 1,164,050 | 1,136,466 |
Deposits | |||
Personal | 246,661 | 249,509 | 246,135 |
Business and government | 469,078 | 476,334 | 464,619 |
Financial institutions | 40,922 | 43,150 | 40,084 |
Deposits | 756,661 | 768,993 | 750,838 |
Financial instruments designated at fair value through profit or loss | 20,406 | 20,260 | 18,899 |
Other | |||
Acceptances | 15,668 | 14,856 | 14,305 |
Obligations related to securities sold short | 41,768 | 40,119 | 31,902 |
Derivative financial instruments | 39,868 | 41,296 | 42,247 |
Obligations related to securities sold under repurchase agreements and securities lent | 115,969 | 140,491 | 137,763 |
Subordinated debentures | 6,439 | 6,600 | 7,405 |
Other liabilities | 58,047 | 60,298 | 62,604 |
Other Liabilities | 277,759 | 303,660 | 296,226 |
Total liabilities | 1,054,826 | 1,092,913 | 1,065,963 |
Equity | |||
Retained earnings | 48,713 | 47,519 | 46,345 |
Accumulated other comprehensive income (loss) | (3,979) | (2,785) | (2,125) |
Other reserves | 348 | 356 | 360 |
Total common equity | 63,459 | 63,387 | 62,819 |
Total equity attributable to equity holders of the Bank | 68,008 | 68,695 | 68,127 |
Non-controlling interests in subsidiaries | 2,414 | 2,442 | 2,376 |
Total equity | 70,422 | 71,137 | 70,503 |
Total liabilities and equity | 1,125,248 | 1,164,050 | 1,136,466 |
Common shares [member] | |||
Equity | |||
Common shares | 18,377 | 18,297 | 18,239 |
Preference shares [member] | |||
Equity | |||
Preferred shares and other equity instruments | $ 4,549 | $ 5,308 | $ 5,308 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Interest income | ||||||
Loans | [1] | $ 5,712 | $ 6,048 | $ 7,066 | $ 11,760 | $ 14,453 |
Securities | [1] | 390 | 380 | 567 | 770 | 1,117 |
Securities purchased under resale agreements and securities borrowed | [1] | 41 | 43 | 79 | 84 | 178 |
Deposits with financial institutions | [1] | 44 | 41 | 126 | 85 | 326 |
Interest income | [1] | 6,187 | 6,512 | 7,838 | 12,699 | 16,074 |
Interest expense | ||||||
Deposits | 1,619 | 1,793 | 2,922 | 3,412 | 6,251 | |
Subordinated debentures | 44 | 47 | 67 | 91 | 137 | |
Other | 348 | 321 | 432 | 669 | 877 | |
Interest expenses | 2,011 | 2,161 | 3,421 | 4,172 | 7,265 | |
Net interest income | 4,176 | 4,351 | 4,417 | 8,527 | 8,809 | |
Non-interest income | ||||||
Card revenues | 181 | 204 | 179 | 385 | 444 | |
Banking services fees | 399 | 385 | 386 | 784 | 827 | |
Credit fees | 377 | 358 | 330 | 735 | 670 | |
Mutual funds | 548 | 661 | 458 | 1,209 | 953 | |
Brokerage fees | 259 | 252 | 228 | 511 | 452 | |
Investment management and trust | 245 | 246 | 232 | 491 | 483 | |
Underwriting and other advisory | 216 | 166 | 172 | 382 | 336 | |
Non-trading foreign exchange | 210 | 204 | 184 | 414 | 369 | |
Trading revenues | 525 | 621 | 691 | 1,146 | 1,177 | |
Net gain on sale of investment securities | 137 | 119 | 239 | 256 | 280 | |
Net income from investments in associated corporations | 113 | 57 | 60 | 170 | 151 | |
Insurance underwriting income, net of claims | 100 | 113 | 115 | 213 | 264 | |
Other fees and commissions | 189 | 164 | 191 | 353 | 379 | |
Other | 61 | 171 | 74 | 232 | 503 | |
Total non-interest income | 3,560 | 3,721 | 3,539 | 7,281 | 7,288 | |
Total revenue | 7,736 | 8,072 | 7,956 | 15,808 | 16,097 | |
Provision for credit losses | 496 | 764 | 1,846 | 1,260 | 2,772 | |
Profit from operating activity | 7,240 | 7,308 | 6,110 | 14,548 | 13,325 | |
Non-interest expenses | ||||||
Salaries and employee benefits | 2,128 | 2,228 | 2,192 | 4,356 | 4,487 | |
Premises and technology | 581 | 575 | 590 | 1,156 | 1,200 | |
Depreciation and amortization | 375 | 380 | 363 | 755 | 762 | |
Communications | 94 | 96 | 111 | 190 | 220 | |
Advertising and business development | 94 | 91 | 118 | 185 | 251 | |
Professional | 179 | 157 | 203 | 336 | 388 | |
Business and capital taxes | 126 | 143 | 123 | 269 | 264 | |
Other | 465 | 538 | 663 | 1,003 | 1,209 | |
Total non-interest expenses | 4,042 | 4,208 | 4,363 | 8,250 | 8,781 | |
Income before taxes | 3,198 | 3,100 | 1,747 | 6,298 | 4,544 | |
Income tax expense | 742 | 702 | 423 | 1,444 | 894 | |
Net income | 2,456 | 2,398 | 1,324 | 4,854 | 3,650 | |
Net income attributable to non-controlling interests in subsidiaries | 90 | 90 | 15 | 180 | 54 | |
Net income attributable to equity holders of the Bank | 2,366 | 2,308 | 1,309 | 4,674 | 3,596 | |
Preferred shareholders and other equity instrument holders | 77 | 43 | 66 | 120 | 91 | |
Common shareholders | $ 2,289 | $ 2,265 | $ 1,243 | $ 4,554 | $ 3,505 | |
Earnings per common share (in dollars) | ||||||
Basic | [2] | $ 1.89 | $ 1.87 | $ 1.03 | $ 3.76 | $ 2.89 |
Diluted | [2] | 1.88 | 1.86 | 1 | 3.74 | 2.84 |
Dividends paid per common share (in dollars) | $ 0.90 | $ 0.90 | $ 0.90 | $ 1.80 | $ 1.80 | |
[1] | Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $6,078 for the three months ended April 30, 2021 (January 31, 2021 – $6,400; April 30, 2020 – $7,709) and for the six months ended April 30, 2021 – $12,478 (April 30, 2020 – $15,824). | |||||
[2] | Earnings per share calculations are based on full dollar and share amounts. |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Profit or loss [abstract] | |||||
Interest income calculated using effective interest method | $ 6,078 | $ 6,400 | $ 7,709 | $ 12,478 | $ 15,824 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Statement of comprehensive income [abstract] | |||||
Net income | $ 2,456 | $ 2,398 | $ 1,324 | $ 4,854 | $ 3,650 |
Net change in unrealized foreign currency translation gains (losses): | |||||
Net unrealized foreign currency translation gains (losses) | (1,956) | (1,406) | 712 | (3,362) | (474) |
Net gains (losses) on hedges of net investments in foreign operations | 625 | 506 | (417) | 1,131 | (188) |
Income tax expense (benefit): | |||||
Net unrealized foreign currency translation gains (losses) | (17) | (7) | 69 | (24) | 70 |
Net gains (losses) on hedges of net investments in foreign operations | 164 | 133 | (109) | 297 | (49) |
Other comprehensive income on foreign currency translation and hedges of net investments net of tax | (1,478) | (1,026) | 335 | (2,504) | (683) |
Net change in fair value due to change in debt instruments measured at fair value through other comprehensive income: | |||||
Net gains (losses) in fair value | (617) | (59) | 1,003 | (676) | 1,177 |
Reclassification of net (gains) losses to net income | 250 | 106 | (960) | 356 | (1,035) |
Income tax expense (benefit): | |||||
Net gains (losses) in fair value | (151) | (17) | 222 | (168) | 294 |
Reclassification of net (gains) losses to net income | 61 | 24 | (240) | 85 | (265) |
Other comprehensive income net of tax available for sale financial assets net of tax | (277) | 40 | 61 | (237) | 113 |
Net change in gains (losses) on derivative instruments designated as cash flow hedges: | |||||
Net gains (losses) on derivative instruments designated as cash flow hedges | (881) | 1,138 | 1,615 | 257 | 1,842 |
Reclassification of net (gains) losses to net income | 666 | (1,392) | (1,310) | (726) | (1,432) |
Income tax expense (benefit): | |||||
Net gains (losses) on derivative instruments designated as cash flow hedges | (249) | 306 | 417 | 57 | 484 |
Reclassification of net (gains) losses to net income | 195 | (362) | (331) | (167) | (368) |
Other comprehensive income net of tax cash flow hedges | (161) | (198) | 219 | (359) | 294 |
Other comprehensive income (loss) from investments in associates | 15 | 12 | 8 | 27 | (19) |
Net change in remeasurement of employee benefit plan asset and liability: | |||||
Actuarial gains (losses) on employee benefit plans | 887 | 641 | (49) | 1,528 | (407) |
Income tax expense (benefit) | 235 | 171 | 1 | 406 | (92) |
Other comprehensive income net of tax actuarial gains (losses) on employee benefit plans | 652 | 470 | (50) | 1,122 | (315) |
Net change in fair value due to change in equity instruments designated at fair value through other comprehensive income: | |||||
Net gains (losses) in fair value | 183 | 169 | (190) | 352 | (136) |
Income tax expense (benefit) | 60 | 22 | (56) | 82 | (38) |
Other comprehensive income net of tax for equity instruments designated at fair value through other comprehensive income | 123 | 147 | (134) | 270 | (98) |
Net change in fair value due to change in own credit risk on financial liabilities designated under the fair value option: | |||||
Change in fair value due to change in own credit risk on financial liabilities designated under the fair value option | (140) | (178) | 404 | (318) | 392 |
Income tax expense (benefit) | (36) | (47) | 106 | (83) | 103 |
Other comprehensive income net of tax change in fair value due to change in own credit risk on financial liabilities designated under the fair value option | (104) | (131) | 298 | (235) | 289 |
Other comprehensive income (loss) from investments in associates | (14) | 19 | (1) | 5 | (8) |
Other comprehensive income (loss) | (1,244) | (667) | 736 | (1,911) | (427) |
Total comprehensive income | 1,212 | 1,731 | 2,060 | 2,943 | 3,223 |
Comprehensive income (loss) attributable to non-controlling interests | 40 | 83 | (10) | 123 | (48) |
Comprehensive income attributable to equity holders of the Bank | 1,172 | 1,648 | 2,070 | 2,820 | 3,271 |
Preferred shareholders and other equity instrument holders | 77 | 43 | 66 | 120 | 91 |
Common shareholders | $ 1,095 | $ 1,605 | $ 2,004 | $ 2,700 | $ 3,180 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Common shares [member] | Retained earnings [member] | [1] | Other reserves [member] | Total common equity [member] | Preferred shares and other equity instruments [member] | Total common and preferred equity [member] | Non-controlling interests [member] | Foreign currency translation [member]Accumulated other comprehensive income (loss) [member] | Debt Instruments Fair Value Other Comprehensive Income [member]Accumulated other comprehensive income (loss) [member] | Equity Instruments Fair Value Other Comprehensive Income [member]Accumulated other comprehensive income (loss) [member] | Cash flow hedging reserve [member]Accumulated other comprehensive income (loss) [member] | Other [member]Accumulated other comprehensive income (loss) [member] | [2] | ||
Beginning Balance at Oct. 31, 2019 | $ 70,192 | $ 18,264 | $ 44,439 | $ 365 | $ 63,638 | $ 3,884 | $ 67,522 | $ 2,670 | $ 800 | $ 37 | $ (55) | $ 650 | $ (862) | ||||
Statement [Line Items] | |||||||||||||||||
Net income | 3,650 | 3,505 | 3,505 | 91 | 3,596 | 54 | |||||||||||
Other comprehensive income (loss) | (427) | (325) | (325) | (102) | (580) | 113 | (97) | 275 | (36) | ||||||||
Total comprehensive income | 3,223 | 3,505 | 3,180 | 91 | 3,271 | (48) | (580) | 113 | (97) | 275 | (36) | ||||||
Shares issued | 43 | 51 | (8) | 43 | 43 | ||||||||||||
Shares repurchased/redeemed | (679) | (84) | (330) | (414) | (265) | (679) | |||||||||||
Dividends and distributions paid to equity holders | (2,402) | (2,182) | (2,182) | (91) | (2,273) | (129) | |||||||||||
Share-based payments | [3] | 4 | 4 | 4 | 4 | ||||||||||||
Other | (46) | 24 | (2) | (5) | (5) | (41) | [4] | (27) | |||||||||
Ending Balance at Apr. 30, 2020 | 70,335 | 18,231 | 45,456 | 359 | 64,264 | 3,619 | 67,883 | 2,452 | 220 | 150 | (179) | 925 | (898) | ||||
Beginning Balance at Oct. 31, 2020 | 70,503 | 18,239 | 46,345 | 360 | 62,819 | 5,308 | 68,127 | 2,376 | (1,328) | 330 | (163) | 639 | (1,603) | ||||
Statement [Line Items] | |||||||||||||||||
Net income | 2,398 | ||||||||||||||||
Other comprehensive income (loss) | (667) | ||||||||||||||||
Total comprehensive income | 1,731 | ||||||||||||||||
Ending Balance at Jan. 31, 2021 | 71,137 | ||||||||||||||||
Beginning Balance at Oct. 31, 2020 | 70,503 | 18,239 | 46,345 | 360 | 62,819 | 5,308 | 68,127 | 2,376 | (1,328) | 330 | (163) | 639 | (1,603) | ||||
Statement [Line Items] | |||||||||||||||||
Net income | 4,854 | 4,554 | 4,554 | 120 | 4,674 | 180 | |||||||||||
Other comprehensive income (loss) | (1,911) | (1,854) | (1,854) | (57) | (2,412) | (237) | 287 | (398) | 906 | ||||||||
Total comprehensive income | 2,943 | 4,554 | 2,700 | 120 | 2,820 | 123 | (2,412) | (237) | 287 | (398) | 906 | ||||||
Shares issued | 121 | 138 | (17) | 121 | 121 | ||||||||||||
Shares repurchased/redeemed | (759) | (759) | (759) | ||||||||||||||
Dividends and distributions paid to equity holders | (2,388) | (2,183) | (2,183) | (120) | (2,303) | (85) | |||||||||||
Share-based payments | [3] | 5 | 5 | 5 | 5 | ||||||||||||
Other | (3) | (3) | (3) | (3) | |||||||||||||
Ending Balance at Apr. 30, 2021 | 70,422 | 18,377 | 48,713 | 348 | 63,459 | 4,549 | 68,008 | 2,414 | (3,740) | 93 | 124 | 241 | (697) | ||||
Beginning Balance at Jan. 31, 2021 | 71,137 | ||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Net income | 2,456 | ||||||||||||||||
Other comprehensive income (loss) | (1,244) | ||||||||||||||||
Total comprehensive income | 1,212 | ||||||||||||||||
Ending Balance at Apr. 30, 2021 | $ 70,422 | $ 18,377 | $ 48,713 | $ 348 | $ 63,459 | $ 4,549 | $ 68,008 | $ 2,414 | $ (3,740) | $ 93 | $ 124 | $ 241 | $ (697) | ||||
[1] | Includes undistributed retained earnings of $58 (April 30, 2020 – $66) related to a foreign associated corporation, which is subject to local regulatory restriction. | ||||||||||||||||
[2] | Includes Share from associates, Employee benefits and Own credit risk. | ||||||||||||||||
[3] | Represents amounts on account of share-based payments (refer to Note 13). | ||||||||||||||||
[4] | Includes changes to non-controlling interests arising from business combinations and related transactions. |
Consolidated Statement of Cha_2
Consolidated Statement of Changes in Equity (Parenthetical) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 |
Disclosure Of Restatement [abstract] | ||||
Undistributed retained earnings | $ 58 | $ 61 | $ 64 | $ 66 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Cash flows from operating activities | |||||
Net income | $ 2,456 | $ 1,324 | $ 4,854 | $ 3,650 | |
Adjustment for: | |||||
Net interest income | (4,176) | (4,417) | (8,527) | (8,809) | |
Depreciation and amortization | 375 | 363 | 755 | 762 | |
Provision for credit losses | 496 | 1,846 | 1,260 | 2,772 | |
Equity-settled share-based payment expense | 1 | 1 | 5 | 4 | |
Net gain on sale of investment securities | (137) | (239) | (256) | (280) | |
Net (gain)/loss on divestitures | 15 | 15 | (262) | ||
Net income from investments in associated corporations | (113) | (60) | (170) | (151) | |
Income tax expense | 742 | 423 | 1,444 | 894 | |
Changes in operating assets and liabilities: | |||||
Trading assets | (6,013) | 25,301 | (31,840) | 8,388 | |
Securities purchased under resale agreements and securities borrowed | (16,101) | 19,421 | (17,630) | 4,845 | |
Loans | (13,693) | (31,342) | (19,544) | (38,245) | |
Deposits | 3,189 | 23,512 | 32,174 | 60,302 | |
Obligations related to securities sold short | 2,451 | (745) | 10,877 | 1,135 | |
Obligations related to securities sold under repurchase agreements and securities lent | (21,006) | 18,396 | (15,456) | 36,630 | |
Net derivative financial instruments | 3,586 | 2,067 | 2,959 | 237 | |
Other, net | (1,167) | 12,063 | (7,054) | 9,478 | |
Dividends received | 238 | 218 | 455 | 414 | |
Interest received | 6,272 | 7,425 | 13,092 | 15,757 | |
Interest paid | (2,256) | (3,543) | (4,779) | (7,678) | |
Income tax paid | (662) | (572) | (1,504) | (1,188) | |
Net cash from/(used in) operating activities | (45,503) | 71,442 | (38,870) | 88,655 | |
Cash flows from investing activities | |||||
Interest-bearing deposits with financial institutions | 34,287 | (30,808) | 17,913 | (55,334) | |
Purchase of investment securities | (17,661) | (70,354) | (34,706) | (85,615) | |
Proceeds from sale and maturity of investment securities | 29,507 | 31,438 | 57,066 | 50,700 | |
Acquisition/divestiture of subsidiaries, associated corporations or business units, net of cash acquired | (186) | (186) | 3,807 | ||
Property and equipment, net of disposals | (137) | (308) | (182) | (403) | |
Other, net | (17) | (145) | (120) | (427) | |
Net cash from/(used in) investing activities | 45,793 | (70,177) | 39,785 | (87,272) | |
Cash flows from financing activities | |||||
Redemption of subordinated debentures | (750) | ||||
Redemption of preferred shares | (759) | (265) | (759) | (265) | |
Proceeds from common shares issued | 80 | 13 | 138 | 51 | |
Common shares purchased for cancellation | (146) | (414) | |||
Cash dividends and distributions paid | (1,169) | (1,156) | (2,303) | (2,273) | |
Distributions to non-controlling interests | (68) | (99) | (85) | (129) | |
Payment of lease liabilities | (83) | (83) | (172) | (171) | |
Other, net | 500 | 1,703 | 313 | 2,395 | |
Net cash from/(used in) financing activities | (1,499) | (33) | (3,618) | (806) | |
Effect of exchange rate changes on cash and cash equivalents | (294) | 198 | (480) | 182 | |
Net change in cash and cash equivalents | (1,503) | 1,430 | (3,183) | 759 | |
Cash and cash equivalents at beginning of period | [1] | 9,443 | 10,233 | 11,123 | 10,904 |
Cash and cash equivalents at end of period | [1] | $ 7,940 | $ 11,663 | $ 7,940 | $ 11,663 |
[1] | Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5). |
Reporting entity
Reporting entity | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Reporting entity | 1. Reporting entity The Bank of Nova Scotia (the Bank) is a chartered bank under the Bank Act (Canada) (the Bank Act). The Bank is a Schedule I bank under the Bank Act and is regulated by the Office of the Superintendent of Financial Institutions (OSFI). The Bank is a global financial services provider offering a diverse range of products and services, including personal, commercial, corporate and investment banking. The head office of the Bank is located at 1709 Hollis Street, Halifax, Nova Scotia, Canada and its executive offices are at Scotia Plaza, 44 King Street West, Toronto, Canada. The common shares of the Bank are listed on the Toronto Stock Exchange and the New York Stock Exchange. |
Basis of preparation
Basis of preparation | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Basis of preparation | 2. Basis of preparation Statement of compliance These condensed interim consolidated financial statements of the Bank have been prepared in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB) and accounting requirements of OSFI in accordance with Section 308 of the Bank Act. Section 308 states that except as otherwise specified by OSFI, the financial statements are to be prepared in accordance with IFRS. These condensed interim consolidated financial statements were prepared in accordance with International Accounting Standard 34, Interim Financial Reporting The condensed interim consolidated financial statements for the quarter ended April 30, 2021 have been approved by the Board of Directors for issue on June 1, 2021. Certain comparative amounts have been restated to conform with the basis of presentation in the current period. Basis of measurement The condensed interim consolidated financial statements have been prepared on the historical cost basis except for the following material items that are measured at fair value in the Consolidated Statement of Financial Position: • Financial assets and liabilities measured at fair value through profit or loss • Financial assets and liabilities designated at fair value through profit or loss • Derivative financial instruments • Equity instruments designated at fair value through other comprehensive income • Debt instruments measured at fair value through other comprehensive income Functional and presentation currency These condensed interim consolidated financial statements are presented in Canadian dollars, which is the Bank’s functional currency. All financial information presented in Canadian dollars has been rounded to the nearest million unless otherwise stated. Use of estimates and judgments The preparation of financial statements, in conformity with IFRS, requires management to make estimates, apply judgments and make assumptions that affect the reported amount of assets and liabilities at the date of the condensed interim consolidated financial statements, and income and expenses during the reporting period. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key areas where management has made difficult, complex or subjective judgments, often as a result of matters that are inherently uncertain, include those relating to the allowance for credit losses, the fair value of financial instruments (including derivatives), corporate income taxes, employee benefits, the fair value of all identifiable assets and liabilities as a result of business combinations, impairment of non-financial The allowance for credit losses, using an expected credit loss approach as required under IFRS 9, is estimated using complex models and incorporates inputs, assumptions and techniques that require a high degree of judgement. These include assessment of significant increase in credit risk, the forecast of macroeconomic variables for multiple scenarios and probability weightings of the scenarios. In the current economic environment resulting from COVID-19, While management makes its best estimates and assumptions, actual results could differ from these estimates and assumptions. |
Significant accounting policies
Significant accounting policies | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Significant accounting policies | 3. Significant accounting policies These condensed interim consolidated financial statements should be read in conjunction with the Bank’s audited consolidated financial statements for the year ended October 31, 2020. Except for the changes described below, the significant accounting policies used in the preparation of the condensed interim consolidated financial statements are consistent with those used in the Bank’s audited consolidated financial statements for the year ended October 31, 2020 as described in Note 3 of the Bank’s 2020 annual consolidated financial statements. Amendments to IFRS 3: Definition of a Business On October 22, 2018, the IASB issued a narrow-scope amendment to IFRS 3 Business Combinations. The amendment clarifies the determination of whether an acquisition is of a business or a group of assets. Distinguishing between a business and a group of assets is important because an acquirer recognizes goodwill only when acquiring a business. The amendments will apply prospectively to new transactions occurring after November 1, 2020. Interest Rate Benchmark Reform On August 27, 2020, the IASB issued Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (the amendments). The amendments introduce a practical expedient to account for a change in the basis for determining the contractual cash flows of financial instruments that are impacted by interest rate benchmark reform (IBOR reform). Under the practical expedient, the Bank does not derecognize or adjust the carrying amount of financial instruments for modifications required by IBOR reform but instead updates the effective interest rate to reflect the change in the interest rate benchmark. The practical expedient is applied when the modification is required as a direct consequence of IBOR reform, and the new basis for determining the contractual cash flows is economically equivalent to the previous basis. If changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by the interest rate benchmark reform, then the Bank first updates the effective interest of the financial asset or financial liability to reflect the change that is required by IBOR reform. After that, the Bank applies the policies on accounting for modifications set out in Note 3 of the Bank’s consolidated financial statements in the 2020 Annual Report to the remaining modifications. In conjunction, the amendments also provide relief from specific hedge accounting requirements, such that when the basis for determining the contractual cash flows of existing hedge relationship changes as a result of IBOR reform, the Bank may amend the hedge documentation without discontinuing the hedging relationship. For cash flow hedges where the interest benchmark changes as a result of IBOR reform, the Bank deems that the corresponding hedge reserve in OCI is based on the alternative benchmark rate to determine whether the hedged future cash flows are expected to occur. For changes that are in addition to those required by IBOR reform, the Bank first determines whether the additional changes result in discontinuation of hedge relationships before applying the relief. In addition, when determining the hedged risk, the Bank may designate an alternative benchmark rate risk component that is not currently separately identifiable, as long as it is reasonable to expect that the alternative benchmark rate will become separately identifiable within a 24-month Under the amendments, additional disclosures are required in the financial statements to outline the effect of the reform on the financial instruments and risk management strategy. The Bank early adopted the amendments effective November 1, 2020, as permitted by the standard. The amendments apply retrospectively, but the Bank is not required to restate comparative information. There was no impact on opening shareholders’ equity. Overview Major interest rate benchmark review and reform has been undertaken globally, with a view to either reforming or phasing out certain interbank offered rates (IBORs), including the Canadian Dollar Offered Rate (CDOR). As alternatives to IBORs, regulators have recommended markets begin adopting alternative risk-free rates (RFRs). The Bank has significant exposures to the London Interbank Offered Rate (LIBOR), particularly USD and GBP LIBOR. IBOR reform and the associated move from IBORs to RFRs carries systemic and market risks. These risks, such as increased volatility, lack of liquidity and uneven fallback practices, may impact market participants. In addition to these inherent risks, the Bank is exposed to operational risk arising from the renegotiation of contracts, technology readiness to issue and trade products referencing RFRs, and conduct with clients and counterparties. The Bank has established an enterprise-wide program (the Transition Program) to support the Bank’s transition away from LIBOR and other IBORs to RFRs. The focus of the Transition Program is to address risks by identifying the exposures to various IBORs, evaluating the contract language in the event IBORs cease to be published or available, developing the capabilities to issue and trade products referencing RFRs and communicating with clients and counterparties regarding industry developments pertaining to IBOR reform. The Transition Program provides quarterly updates to the Bank’s Regulatory Oversight Committee, and annually, to the Risk Committee of the Board of Directors, regarding the status of transition plans for migrating the Bank’s IBOR-linked products and upgrading systems and processes. On March 5, 2021, the FCA confirmed that the publication of most tenors of USD LIBOR (i.e., overnight, one-month, three-month, six-month and 12-month LIBOR) will cease immediately following a final publication on June 30, 2023. The scheduled cessation date for GBP, JPY, CHF and EUR LIBORs, remains December 31, 2021. This announcement provides certainty regarding the future of the various LIBOR currencies and tenors and serves to set the fixed spread adjustment that will be used in industry standard fallback provisions for both loans and derivative products. While the most widely used USD LIBOR tenors will continue to be published in their current form until June 30, 2023, the Federal Reserve Board has advised that banks should no longer write USD LIBOR linked contracts after December 31, 2021, and sooner, where practicable. The Bank continues to work towards meeting the regulatory and industry wide recommended milestones on cessation of LIBOR and will be working with clients and counterparties to issue products based on alternative reference rates where viable. There are a number of dependencies that are outside the Bank’s control and may create uncertainties in transition. Non-derivative The following table reflects the Bank’s IBOR exposure to non-derivative Carrying amount As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other (1) (2) Total Maturing after Maturing after December 31, 2021 Non-derivative (3) $ 27,500 $ 1,468 $ 695 $ 29,663 Non-derivative (4)(5) 1,229 949 750 2,928 (1) Other Rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Other Rates exclude EURIBOR exposures from non-derivative financial assets and non-derivative financial liabilities of $2,181 million and $1,164 million, respectively, which were included in Q1/21. (3) Non derivative financial assets include carrying amounts of debt securities and loans (debt securities and loans measured at amortized cost are gross of allowance for credit losses). (4) Non-derivative (5) Non-derivative Derivatives and undrawn commitments The following table reflects the Bank’s IBOR exposure to derivatives and undrawn commitments as at November 1, 2020, subject to reform that has yet to transition to alternative benchmark rates. The Bank previously reported its IBOR exposures (including USD LIBOR) to financial instruments, with most maturing after December 31, 2021. The Bank updated the USD LIBOR exposures to financial instruments due to the announcement by the FCA which extends the cessation date for USD LIBOR from December 31, 2021, to June 30, 2023. These exposures will remain outstanding until LIBOR ceases and will therefore transition in the future. Notional amount As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other (1) (2) Total Maturing after Maturing after December 31, 2021 Derivatives Single currency interest rate swaps $ 410,590 $ 699,339 $ 16,697 $ 1,126,626 Cross currency interest rate swaps (3) 231,539 31,052 19,084 281,675 Other (4) 20,885 29,486 – 50,371 Undrawn commitments 20,354 1,094 464 21,912 (1) Other Rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Other Rates exclude EURIBOR exposures from derivatives and undrawn commitments of $354,513 million and $149 million, respectively, which were included in Q1/21. (3) For cross currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. (4) Other derivatives include futures, forward rate agreements and options. |
Future accounting developments
Future accounting developments | 6 Months Ended |
Apr. 30, 2021 | |
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Future accounting developments | 4. Future accounting developments There are no significant updates to the future accounting developments disclosed in Note 5 of the Bank’s audited consolidated financial statements in the 2020 Annual Report. |
Cash and deposits with financia
Cash and deposits with financial institutions | 6 Months Ended |
Apr. 30, 2021 | |
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Cash and deposits with financial institutions | 5. Cash and deposits with financial institutions As at ($ millions) April 30 January 31 October 31 Cash and non-interest-bearing $ 7,940 $ 9,443 $ 11,123 Interest-bearing deposits with financial institutions 44,077 80,048 65,337 Total $ 52,017 (1) $ 89,491 (1) $ 76,460 (1) (1) Net of allowances of $2 (January 31, 2021 – $1; October 31, 2020 – $1). The Bank is required to maintain balances with central banks, other regulatory authorities and certain counterparties and these amounted to $5,990 million (January 31, 2021 – $6,411 million; October 31, 2020 – $7,121 million) and are included above. |
Investment securities
Investment securities | 6 Months Ended |
Apr. 30, 2021 | |
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Investment securities | 6. Investment securities The following table presents the carrying amounts of the Bank’s investment securities per measurement category. As at ($ millions) April 30 January 31 October 31 Debt investment securities measured at FVOCI $ 59,879 $ 68,259 $ 76,638 Debt investment securities measured at amortized cost 21,925 27,713 31,644 Equity investment securities designated at FVOCI 2,262 2,279 1,859 Equity investment securities measured at FVTPL 1,010 960 1,222 Debt investment securities measured at FVTPL 31 25 26 Total investment securities $ 85,107 $ 99,236 $ 111,389 (a) Debt investment securities measured at fair value through other comprehensive income (FVOCI) As at April 30, 2021 ($ millions) Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 11,769 $ 212 $ 3 $ 11,978 Canadian provincial and municipal debt 9,694 76 24 9,746 U.S. treasury and other U.S. agency debt 9,831 287 43 10,075 Other foreign government debt 27,043 130 192 26,981 Other debt 1,089 11 1 1,099 Total $ 59,426 $ 716 $ 263 $ 59,879 As at January 31, 2021 ($ millions) Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 14,247 $ 388 $ 1 $ 14,634 Canadian provincial and municipal debt 13,485 205 1 13,689 U.S. treasury and other U.S. agency debt 9,664 408 3 10,069 Other foreign government debt 28,617 409 186 28,840 Other debt 1,006 21 – 1,027 Total $ 67,019 $ 1,431 $ 191 $ 68,259 As at October 31, 2020 ($ millions) Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 16,374 $ 454 $ – $ 16,828 Canadian provincial and municipal debt 17,295 253 1 17,547 U.S. treasury and other U.S. agency debt 12,634 595 – 13,229 Other foreign government debt 27,643 274 17 27,900 Other debt 1,115 19 – 1,134 Total $ 75,061 $ 1,595 $ 18 $ 76,638 (b) Debt investment securities measured at amortized cost As at April 30, 2021 January 31, 2021 October 31, 2020 ($ millions) Fair value Carrying (1) Fair value Carrying (1) Fair value Carrying (1) Canadian federal and provincial government issued or guaranteed debt $ 13,897 $ 13,837 $ 17,318 $ 17,164 $ 17,955 $ 17,819 U.S. treasury and other U.S. agency debt 6,216 6,077 8,305 8,029 11,048 10,726 Other foreign government debt 1,516 1,502 1,716 1,695 1,766 1,744 Corporate debt 511 509 828 825 1,360 1,355 Total $ 22,140 $ 21,925 $ 28,167 $ 27,713 $ 32,129 $ 31,644 (1) Balances are net of allowances, which are not significant. (c) Equity investment securities designated as at fair value through other comprehensive income (FVOCI) The Bank has designated certain instruments at FVOCI shown in the following table as these equity securities are held for strategic purposes. As at April 30, 2021 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 16 $ – $ 5 $ 11 Common shares 1,891 390 30 2,251 Total $ 1,907 $ 390 $ 35 $ 2,262 As at January 31, 2021 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 14 $ – $ 3 $ 11 Common shares 2,021 316 69 2,268 Total $ 2,035 $ 316 $ 72 $ 2,279 As at October 31, 2020 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 11 $ – $ 3 $ 8 Common shares 1,735 228 112 1,851 Total $ 1,746 $ 228 $ 115 $ 1,859 Dividend income earned on equity securities designated at FVOCI of $26 million for the three months ended April 30, 2021 (January 31, 2021 – $26 million; April 30, 2020 – $17 million) and for the six months ended April 30, 2021 – $52 million (April 30, 2020 – $34 million) has been recognized in interest income. During the three months ended April 30, 2021, the Bank has disposed of certain equity securities designated at FVOCI with a fair value of $523 million (January 31, 2021 – $181 million; April 30, 2020 – $190 million) and for the six months ended April 30, 2021 – $704 million (April 30, 2020 – $532 million). This has resulted in a realized realized realized loss) and for the six months ended a realized gain of $111 million (April 30, 2020 – $107 million realized loss). |
Loans, impaired loans and allow
Loans, impaired loans and allowance for credit losses | 6 Months Ended |
Apr. 30, 2021 | |
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Loans, impaired loans and allowance for credit losses | 7. Loans, impaired loans and allowance for credit losses (a) Loans at amortized cost As at April 30, 2021 ($ millions) Gross Allowance Net Residential mortgages $ 296,727 $ 841 $ 295,886 Personal loans 90,682 2,806 87,876 Credit cards 12,826 1,545 11,281 Business and government 214,646 1,524 213,122 Total $ 614,881 $ 6,716 $ 608,165 As at January 31, 2021 October 31, 2020 ($ millions) Gross Allowance Net carrying Gross Allowance Net Residential mortgages $ 290,474 $ 864 $ 289,610 $ 284,684 $ 884 $ 283,800 Personal loans 91,442 3,150 88,292 93,758 3,155 90,603 Credit cards 14,143 1,915 12,228 14,797 1,886 12,911 Business and government 215,180 1,661 213,519 217,663 1,714 215,949 Total $ 611,239 $ 7,590 $ 603,649 $ 610,902 $ 7,639 $ 603,263 (b) Impaired loans (1)(2) As at April 30, 2021 ($ millions) Gross Allowance Net Residential mortgages $ 1,495 $ 410 $ 1,085 Personal loans 1,182 821 361 Credit cards – – – Business and government 2,439 707 1,732 Total $ 5,116 $ 1,938 $ 3,178 By geography: Canada $ 1,219 $ 518 $ 701 United States 49 2 47 Mexico 716 309 407 Peru 872 380 492 Chile 709 243 466 Colombia 521 135 386 Other international 1,030 351 679 Total $ 5,116 $ 1,938 $ 3,178 As at January 31, 2021 October 31, 2020 ($ millions) Gross Allowance Net Gross Allowance Net Residential mortgages $ 1,563 $ 406 $ 1,157 $ 1,490 $ 392 $ 1,098 Personal loans 1,302 849 453 1,032 820 212 Credit cards – – – – – – Business and government 2,414 739 1,675 2,531 745 1,786 Total $ 5,279 $ 1,994 $ 3,285 $ 5,053 $ 1,957 $ 3,096 By geography: Canada $ 1,168 $ 497 $ 671 $ 1,127 $ 487 $ 640 United States 57 3 54 116 4 112 Mexico 674 260 414 570 222 348 Peru 973 475 498 824 498 326 Chile 715 228 487 775 233 542 Colombia 541 130 411 459 102 357 Other international 1,151 401 750 1,182 411 771 Total $ 5,279 $ 1,994 $ 3,285 $ 5,053 $ 1,957 $ 3,096 (1) Interest income recognized on impaired loans during the three months ended April 30, 2021 was $12 (January 31, 2021 – $16; October 31, 2020 – $11). (2) Additional interest income of approximately $73 would have been recorded if the above loans had not been classified as impaired (January 31, 2021 – $78; October 31, 2020 – $71). (c) Allowance for credit losses (i) Key inputs and assumptions The Bank’s allowance for credit losses is measured using a three-stage approach based on the extent of credit deterioration since origination. The calculation of the Bank’s allowance for credit losses is an output of complex models with a number of underlying assumptions regarding the choice of variable inputs and their interdependencies. Some of the key drivers include the following: • Changes in risk ratings of the borrower or instrument reflecting changes in their credit quality; • Changes in the volumes of transactions; • Changes in the forward-looking macroeconomic environment reflected in the variables used in the models such as GDP growth, unemployment rates, commodity prices, and house price indices, which are most closely related with credit losses in the relevant portfolio; • Changes in macroeconomic scenarios and the probability weights assigned to each scenario; and • Borrower migration between the three stages. The Bank determines its allowance for credit losses using four probability-weighted forward-looking scenarios (base case, optimistic, pessimistic and pessimistic front loaded). The Bank considers both internal and external sources of information and data to achieve unbiased projections and forecasts in determining the allowance for credit losses. The Bank prepares the scenarios using forecasts generated by Scotiabank Economics (SE). The forecasts are generated using models whose outputs are modified by SE as necessary to formulate a ‘base case’ view of the most probable future direction of economic developments. The development of the baseline and alternative scenarios is overseen by a governance committee that consists of internal stakeholders from across the Bank. The final baseline and alternative scenarios reflect significant review and oversight, and incorporate judgment both in the determination of the scenarios’ forecasts and the probability weights that are assigned to them. (ii) Key macroeconomic variables The inputs and models used for calculating expected credit losses may not always capture all characteristics of the market at the date of the financial statements. Qualitative adjustments or overlays may be made for certain portfolios or geographies as temporary adjustments in circumstances where, in the Bank’s view, the inputs, assumptions, and/or modelling techniques do not capture all relevant risk factors, including the emergence of economic or political events. The Bank has applied expert credit judgement in the assessment of underlying credit deterioration and migration of balances to progressive stages. The Bank considered both quantitative and qualitative information in the assessment of significant increase in credit risk. The Bank’s models are calibrated to consider past performance and macroeconomic forward-looking variables as inputs. The Bank has generated a forward-looking base case scenario and three alternate forward-looking scenarios. In these scenarios the Bank considered recovery time periods ranging from more immediate (V shape), mid-term While the base case scenario expects the overall economy to trace a V-shaped pre-pandemic K-shaped The following table shows certain key macroeconomic variables used to estimate the allowance for credit losses. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view. Base Case Scenario Alternative Scenario - Alternative Scenario - Alternative Scenario - As at April 30, 2021 Next 12 Remaining Next 12 Remaining Next 12 Remaining Next 12 Remaining Canada Real GDP growth, y/y % change 7.8 1.6 9.9 2.3 2.8 2.8 -3.5 3.9 Unemployment rate, average % 6.7 6.0 6.1 4.8 9.3 6.6 12.2 8.5 Bank of Canada overnight rate target, average % 0.3 1.7 0.9 2.9 0.3 0.7 0.3 0.5 HPI - Housing Price Index, y/y % change 7.5 2.0 9.2 4.2 0.4 2.9 -5.9 4.0 USDCAD exchange rate, average 1.24 1.23 1.23 1.22 1.28 1.24 1.30 1.26 US Real GDP growth, y/y % change 8.2 1.6 10.3 2.1 4.8 2.5 0.9 3.5 Unemployment rate, average % 5.0 3.8 4.5 3.4 6.7 4.4 8.0 5.9 Mexico Real GDP growth, y/y % change 7.0 1.9 8.7 2.7 3.5 2.8 -0.3 3.8 Unemployment rate, average % 3.8 3.8 3.4 2.9 6.3 4.4 9.2 6.3 Chile Real GDP growth, y/y % change 6.5 5.1 8.4 6.8 3.1 6.0 -0.8 7.1 Unemployment rate, average % 9.5 6.7 9.0 5.7 12.0 7.2 14.9 9.2 Peru Real GDP growth, y/y % change 7.5 3.6 10.2 5.1 5.8 4.2 3.7 4.9 Unemployment rate, average % 11.3 7.3 10.1 4.4 13.2 7.9 15.4 9.9 Colombia Real GDP growth, y/y % change 4.7 3.6 6.7 4.9 3.0 4.2 0.9 4.9 Unemployment rate, average % 12.8 8.6 11.9 6.3 14.7 9.2 16.9 11.2 Caribbean Real GDP growth, y/y % change 3.8 4.1 5.4 4.9 2.1 5.2 -0.3 6.2 Global WTI oil price, average USD/bbl 62 66 70 90 54 62 50 57 Copper price, average USD/lb 4.03 3.90 4.23 4.55 3.69 3.77 3.49 3.50 Global GDP, y/y % change 6.73 3.00 8.65 4.00 4.29 3.65 1.45 4.40 Base Case Scenario Alternative Scenario - Alternative Scenario - Alternative Scenario - As at January 31, 2021 Next 12 Remaining Next 12 Remaining Next 12 Remaining Next 12 Remaining Canada Real GDP growth, y/y % change 4.6 2.3 6.5 3.4 -0.6 3.2 -6.8 4.4 Unemployment rate, average % 7.9 6.1 7.4 4.7 10.1 6.6 13.0 8.5 Bank of Canada overnight rate target, average % 0.3 1.0 0.6 1.8 0.3 0.7 0.3 0.5 HPI - Housing Price Index, y/y % change 4.0 1.7 5.3 3.1 -6.6 4.2 -12.6 6.4 USDCAD exchange rate, average 1.26 1.25 1.25 1.23 1.34 1.26 1.35 1.27 US Real GDP growth, y/y % change 4.3 2.5 5.7 3.3 0.9 3.2 -2.9 4.2 Unemployment rate, average % 6.2 5.0 5.8 4.5 7.4 5.7 8.7 7.1 Mexico Real GDP growth, y/y % change 3.8 1.9 5.6 2.7 0.6 2.7 -3.3 3.8 Unemployment rate, average % 4.7 4.3 4.3 3.4 7.3 4.9 10.2 6.8 Chile Real GDP growth, y/y % change 5.5 3.0 8.2 4.5 2.2 3.9 -1.8 5.0 Unemployment rate, average % 11.7 7.8 11.0 6.9 14.2 8.4 17.1 10.3 Peru Real GDP growth, y/y % change 8.7 3.6 11.4 5.2 5.5 4.5 1.6 5.5 Unemployment rate, average % 12.0 7.5 9.3 4.4 14.5 8.0 17.4 9.9 Colombia Real GDP growth, y/y % change 5.0 3.6 6.8 4.8 1.8 4.5 -2.1 5.5 Unemployment rate, average % 13.2 9.0 11.1 6.4 15.7 9.5 18.6 11.4 Caribbean Real GDP growth, y/y % change 3.6 4.1 5.4 4.9 0.4 5.4 -3.4 6.5 Global WTI oil price, average USD/bbl 48 57 54 81 41 52 38 44 Copper price, average USD/lb 3.11 3.24 3.28 3.78 2.90 3.15 2.82 2.94 Global GDP, y/y % change 5.31 3.36 7.18 4.39 2.64 3.89 -0.02 4.63 Base Case Scenario Alternative Scenario - Alternative Scenario - Alternative Scenario - As at October 31, 2020 Next 12 Remaining Next 12 Remaining Next 12 Remaining Next 12 Remaining Canada Real GDP growth, y/y % change 3.1 2.2 4.7 2.7 -2.0 3.8 -10.8 6.4 Unemployment rate, average % 7.3 5.5 6.7 4.7 9.9 5.8 14.1 7.1 Bank of Canada overnight rate target, average % 0.3 0.8 0.5 1.2 0.3 0.4 0.3 0.3 HPI - Housing Price Index, y/y % change 0.4 2.8 1.9 3.3 -6.3 4.6 -15.2 6.8 USDCAD exchange rate, average 1.30 1.25 1.30 1.25 1.37 1.27 1.40 1.33 US Real GDP growth, y/y % change 2.5 2.2 3.6 2.4 -0.5 3.1 -7.4 5.2 Unemployment rate, average % 6.3 3.5 6.1 3.3 8.1 4.1 10.5 7.0 Mexico Real GDP growth, y/y % change 1.0 2.3 2.5 2.6 -1.8 3.1 -8.7 5.3 Unemployment rate, average % 7.3 4.5 6.8 3.9 9.9 4.9 14.1 6.2 Chile Real GDP growth, y/y % change 3.8 2.6 5.6 3.2 0.8 3.4 -6.2 5.6 Unemployment rate, average % 12.1 7.3 11.6 6.9 14.7 7.7 18.9 8.9 Peru Real GDP growth, y/y % change 3.7 3.8 5.0 4.4 2.9 4.4 -3.5 6.3 Unemployment rate, average % 12.4 8.1 11.3 6.3 14.2 8.5 18.5 9.7 Colombia Real GDP growth, y/y % change 1.9 3.5 3.0 4.0 1.1 4.0 -5.2 6.0 Unemployment rate, average % 14.4 8.2 13.6 6.8 16.2 8.7 20.5 9.8 Caribbean Real GDP growth, y/y % change 2.2 4.1 3.3 4.4 1.0 4.7 -6.6 5.9 Global WTI oil price, average USD/bbl 48 58 52 68 42 54 37 38 Copper price, average USD/lb 3.00 3.19 3.09 3.42 2.79 3.06 2.66 2.64 Global GDP, y/y % change 4.44 3.28 5.63 3.72 2.36 3.91 -2.67 5.34 (iii) Sensitivity The weighting of these multiple scenarios increased our reported allowance for credit losses for financial assets in Stage 1 and Stage 2, relative to our base case scenario, to $4,955 million (January 31, 2021 – $5,816 million; October 31, 2020 – $5,863 million) from $4,809 million (January 31, 2021 – $5,464 million; October 31, 2020 – $5,407 million). If we were to only use our pessimistic front loaded scenario for the measurement of allowance for credit losses for such assets, our allowance for credit losses on performing financial instruments would be $1,141 million (January 31, 2021 – $1,397 million; October 31, 2020 – $1,944 million ) higher than the reported allowance for credit losses as at April 30, 2021. Actual results will differ as this does not consider the migration of exposures or incorporate changes that would occur in the portfolio due to risk mitigation actions and other factors. Under our current probability-weighted scenarios, if all of our performing financial assets were in Stage 1, reflecting a 12 month expected loss period, the allowance for credit losses would be $494 million (January 31, 2021 – $528 million; October 31, 2020 – $495 million) lower than the reported allowance for credit losses on performing financial assets. (iv) Allowance for credit losses Allowance for credit losses ($ millions) Balance as at Provision for Net write-offs Other, including Balance as at Residential mortgages $ 884 $ 51 $ (49 ) $ (45 ) $ 841 Personal loans 3,155 611 (826 ) (134 ) 2,806 Credit cards 1,886 504 (761 ) (84 ) 1,545 Business and government 1,892 94 (179 ) (110 ) 1,697 $ 7,817 $ 1,260 $ (1,815 ) $ (373 ) $ 6,889 Presented as: Allowance for credit losses on loans $ 7,639 $ 6,716 Allowance for credit losses on acceptances (1) 77 73 Allowance for credit losses on off-balance (2) 101 100 (1) Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position. (2) Allowance for credit losses on off-balance ($ millions) Balance as at Provision for Net write-offs Other, including Balance as at Residential mortgages $ 680 $ 176 $ (38 ) $ (112 ) $ 706 Personal loans 2,065 1,230 (773 ) (77 ) 2,445 Credit cards 1,255 832 (583 ) (22 ) 1,482 Business and government 1,139 534 (165 ) (66 ) 1,442 $ 5,139 $ 2,772 $ (1,559 ) $ (277 ) $ 6,075 Presented as: Allowance for credit losses on loans $ 5,077 $ 6,005 Allowance for credit losses on acceptances (1) 6 34 Allowance for credit losses on off-balance (2) 56 36 (1) Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position. (2) Allowance for credit losses on off-balance Allowance for credit losses on loans As at April 30, 2021 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 151 $ 280 $ 410 $ 841 Personal loans 699 1,286 821 2,806 Credit cards 319 1,226 – 1,545 Business and government 303 514 707 1,524 Total (1) $ 1,472 $ 3,306 $ 1,938 $ 6,716 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance As at October 31, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 190 $ 302 $ 392 $ 884 Personal loans 864 1,471 820 3,155 Credit cards 501 1,385 – 1,886 Business and government 409 560 745 1,714 Total (1) $ 1,964 $ 3,718 $ 1,957 $ 7,639 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance As at April 30, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 153 $ 257 $ 296 $ 706 Personal loans 716 1,082 647 2,445 Credit cards 452 1,030 – 1,482 Business and government 282 390 700 1,372 Total (1) $ 1,603 $ 2,759 $ 1,643 $ 6,005 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance The following table presents the changes to the allowance for credit losses on loans. As at and for the three months ended As at and for the six months April 30, 2021 January 31, 2021 April 30, 2021 ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 161 $ 297 $ 406 $ 864 $ 190 $ 302 $ 392 $ 884 $ 190 $ 302 $ 392 $ 884 Provision for credit losses Remeasurement (1) (30 ) 7 48 25 (65 ) 29 59 23 (95 ) 36 107 48 Newly originated or purchased financial assets 10 – – 10 11 – – 11 21 – – 21 Derecognition of financial assets and maturities (2 ) (7 ) – (9 ) (3 ) (6 ) – (9 ) (5 ) (13 ) – (18 ) Changes in models and methodologies – – – – – – – – – – – – Transfer to (from): Stage 1 19 (15 ) (4 ) – 32 (27 ) (5 ) – 51 (42 ) (9 ) – Stage 2 (3 ) 17 (14 ) – (3 ) 20 (17 ) – (6 ) 37 (31 ) – Stage 3 – (11 ) 11 – – (12 ) 12 – – (23 ) 23 – Gross write-offs – – (22 ) (22 ) – – (37 ) (37 ) – – (59 ) (59 ) Recoveries – – 6 6 – – 4 4 – – 10 10 Foreign exchange and other movements (4 ) (8 ) (21 ) (33 ) (1 ) (9 ) (2 ) (12 ) (5 ) (17 ) (23 ) (45 ) Balance at end of period (2) $ 151 $ 280 $ 410 $ 841 $ 161 $ 297 $ 406 $ 864 $ 151 $ 280 $ 410 $ 841 Personal loans Balance at beginning of period $ 787 $ 1,514 $ 849 $ 3,150 $ 864 $ 1,471 $ 820 $ 3,155 $ 864 $ 1,471 $ 820 $ 3,155 Provision for credit losses Remeasurement (1) (264 ) 176 327 239 (422 ) 536 252 366 (686 ) 712 579 605 Newly originated or purchased financial assets 154 – – 154 99 – – 99 253 – – 253 Derecognition of financial assets and maturities (67 ) (82 ) – (149 ) (28 ) (70 ) – (98 ) (95 ) (152 ) – (247 ) Changes in models and methodologies – – – – – – – – – – – – Transfer to (from): Stage 1 204 (200 ) (4 ) – 401 (398 ) (3 ) – 605 (598 ) (7 ) – Stage 2 (85 ) 104 (19 ) – (92 ) 111 (19 ) – (177 ) 215 (38 ) – Stage 3 (8 ) (184 ) 192 – (31 ) (126 ) 157 – (39 ) (310 ) 349 – Gross write-offs – – (547 ) (547 ) – – (406 ) (406 ) – – (953 ) (953 ) Recoveries – – 64 64 – – 63 63 – – 127 127 Foreign exchange and other movements (22 ) (42 ) (41 ) (105 ) (4 ) (10 ) (15 ) (29 ) (26 ) (52 ) (56 ) (134 ) Balance at end of period (2) $ 699 $ 1,286 $ 821 $ 2,806 $ 787 $ 1,514 $ 849 $ 3,150 $ 699 $ 1,286 $ 821 $ 2,806 Credit cards Balance at beginning of period $ 448 $ 1,467 $ – $ 1,915 $ 501 $ 1,385 $ – $ 1,886 $ 501 $ 1,385 $ – $ 1,886 Provision for credit losses Remeasurement (1) (177 ) 119 323 265 (133 ) 258 151 276 (310 ) 377 474 541 Newly originated or purchased financial assets 19 – – 19 29 – – 29 48 – – 48 Derecognition of financial assets and maturities (17 ) (24 ) – (41 ) (15 ) (29 ) – (44 ) (32 ) (53 ) – (85 ) Changes in models and methodologies – – – – – – – – – – – – Transfer to (from): Stage 1 91 (91 ) – – 113 (113 ) – – 204 (204 ) – – Stage 2 (32 ) 32 – – (43 ) 43 – – (75 ) 75 – – Stage 3 – (228 ) 228 – – (70 ) 70 – – (298 ) 298 – Gross write-offs – – (587 ) (587 ) – – (260 ) (260 ) – – (847 ) (847 ) Recoveries – – 42 42 – – 44 44 – – 86 86 Foreign exchange and other movements (13 ) (49 ) (6 ) (68 ) (4 ) (7 ) (5 ) (16 ) (17 ) (56 ) (11 ) (84 ) Balance at end of period (2) $ 319 $ 1,226 $ – $ 1,545 $ 448 $ 1,467 $ – $ 1,915 $ 319 $ 1,226 $ – $ 1,545 Business and government Balance at beginning of period $ 459 $ 600 $ 739 $ 1,798 $ 478 $ 592 $ 745 $ 1,815 $ 478 $ 592 $ 745 $ 1,815 Provision for credit losses Remeasurement (1) (79 ) – 103 24 (10 ) 21 106 117 (89 ) 21 209 141 Newly originated or purchased financial assets 79 – – 79 89 – – 89 168 – – 168 Derecognition of financial assets and maturities (85 ) (12 ) (1 ) (98 ) (83 ) (13 ) (2 ) (98 ) (168 ) (25 ) (3 ) (196 ) Changes in models and methodologies (4 ) (11 ) – (15 ) – – – – (4 ) (11 ) – (15 ) Transfer to (from): Stage 1 10 (10 ) – – 18 (18 ) – – 28 (28 ) – – Stage 2 (18 ) 19 (1 ) – (24 ) 24 – – (42 ) 43 (1 ) – Stage 3 – (3 ) 3 – – (1 ) 1 – – (4 ) 4 – Gross write-offs – – (105 ) (105 ) – – (87 ) (87 ) – – (192 ) (192 ) Recoveries – – 8 8 – – 5 5 – – 13 13 Foreign exchange and other movements (9 ) (19 ) (39 ) (67 ) (9 ) (5 ) (29 ) (43 ) (18 ) (24 ) (68 ) (110 ) Balance at end of period including off-balance (2) $ 353 $ 564 $ 707 $ 1,624 $ 459 $ 600 $ 739 $ 1,798 $ 353 $ 564 $ 707 $ 1,624 Less: Allowance for credit losses on off-balance (3) (50 ) (50 ) – (100 ) (75 ) (62 ) – (137 ) (50 ) (50 ) – (100 ) Balance at end of period (2) $ 303 $ 514 $ 707 $ 1,524 $ 384 $ 538 $ 739 $ 1,661 $ 303 $ 514 $ 707 $ 1,524 (1) Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments. (2) Interest income on impaired loans for residential mortgages, personal and credit cards, and business and government loans totaled $ 73 (3) Allowance for credit losses on off-balance (d) Carrying value of exposures by risk rating Residential mortgages As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 173,125 $ 1,813 $ – $ 174,938 $ 167,233 $ 1,892 $ – $ 169,125 Low 62,608 2,302 – 64,910 61,988 1,495 – 63,483 Medium 15,152 1,277 – 16,429 10,914 2,071 – 12,985 High 1,029 2,674 – 3,703 1,197 3,435 – 4,632 Very high 12 726 – 738 13 596 – 609 Loans not graded (2) 31,209 3,305 – 34,514 28,787 3,573 – 32,360 Default – – 1,495 1,495 – – 1,490 1,490 Total $ 283,135 $ 12,097 $ 1,495 $ 296,727 $ 270,132 $ 13,062 $ 1,490 $ 284,684 Allowance for credit losses 151 280 410 841 190 302 392 884 Carrying value $ 282,984 $ 11,817 $ 1,085 $ 295,886 $ 269,942 $ 12,760 $ 1,098 $ 283,800 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Personal loans As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 29,121 $ 269 $ – $ 29,390 $ 29,557 $ 499 $ – $ 30,056 Low 24,995 1,446 – 26,441 25,508 1,793 – 27,301 Medium 7,759 1,431 – 9,190 6,619 2,779 – 9,398 High 5,179 2,964 – 8,143 5,809 2,964 – 8,773 Very high 119 1,247 – 1,366 318 1,367 – 1,685 Loans not graded (2) 13,292 1,678 – 14,970 13,629 1,884 – 15,513 Default – – 1,182 1,182 – – 1,032 1,032 Total $ 80,465 $ 9,035 $ 1,182 $ 90,682 $ 81,440 $ 11,286 $ 1,032 $ 93,758 Allowance for credit losses 699 1,286 821 2,806 864 1,471 820 3,155 Carrying value $ 79,766 $ 7,749 $ 361 $ 87,876 $ 80,576 $ 9,815 $ 212 $ 90,603 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Credit cards As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 1,237 $ 95 $ – $ 1,332 $ 1,318 $ 20 $ – $ 1,338 Low 2,045 212 – 2,257 1,971 184 – 2,155 Medium 2,393 343 – 2,736 2,416 393 – 2,809 High 1,699 1,669 – 3,368 2,229 1,799 – 4,028 Very high 20 630 – 650 41 843 – 884 Loans not graded (1) 1,333 1,150 – 2,483 2,414 1,169 – 3,583 Default – – – – – – – – Total $ 8,727 $ 4,099 $ – $ 12,826 $ 10,389 $ 4,408 $ – $ 14,797 Allowance for credit losses 319 1,226 – 1,545 501 1,385 – 1,886 Carrying value $ 8,408 $ 2,873 $ – $ 11,281 $ 9,888 $ 3,023 $ – $ 12,911 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 89,391 $ 22 $ – $ 89,413 $ 85,242 $ 6 $ – $ 85,248 Low 18,534 13 – 18,547 16,775 39 – 16,814 Medium 6,671 27 – 6,698 5,739 123 – 5,862 High 2,791 852 – 3,643 2,201 705 – 2,906 Very high 20 222 – 242 3 134 – 137 Loans not graded (1) 1,911 2,464 – 4,375 11,113 4,501 – 15,614 Default – – – – – – – – Carrying value $ 119,318 $ 3,600 $ – $ 122,918 $ 121,073 $ 5,508 $ – $ 126,581 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Business and As at April 30, 2021 As at October 31, 2020 Grade ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 104,193 $ 617 $ – $ 104,810 $ 105,757 $ 1,290 $ – $ 107,047 Non-investment 92,978 8,471 – 101,449 93,998 8,840 – 102,838 Watch list 32 3,815 – 3,847 47 3,101 – 3,148 Loans not graded (2) 2,095 6 – 2,101 2,063 36 – 2,099 Default – – 2,439 2,439 – – 2,531 2,531 Total $ 199,298 $ 12,909 $ 2,439 $ 214,646 $ 201,865 $ 13,267 $ 2,531 $ 217,663 Allowance for credit losses 303 514 707 1,524 409 560 745 1,714 Carrying value $ 198,995 $ 12,395 $ 1,732 $ 213,122 $ 201,456 $ 12,707 $ 1,786 $ 215,949 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at April 30, 2021 As at October 31, 2020 Grade ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 178,900 $ 1,590 $ – $ 180,490 $ 182,580 $ 1,280 $ – $ 183,860 Non-investment 61,727 3,331 – 65,058 59,600 4,336 – 63,936 Watch list 11 2,159 – 2,170 6 1,704 – 1,710 Loans not graded (2) 3,727 14 – 3,741 3,702 309 – 4,011 Default – – 124 124 – – 161 161 Total $ 244,365 $ 7,094 $ 124 $ 251,583 $ 245,888 $ 7,629 $ 161 $ 253,678 Allowance for credit losses 50 50 – 100 69 32 – 101 Carrying value $ 244,315 $ 7,044 $ 124 $ 251,483 $ 245,819 $ 7,597 $ 161 $ 253,577 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. (e) Loans past due but not impaired (1) A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are contractually past due but not classified as impaired because they are either less than 90 days past due or fully secured and collection efforts are reasonably expected to result in repayment, or restoring it to a current status in accordance with the Bank’s policy. In cases where borrowers have opted to participate in payment deferral programs as a result of COVID-19, As at April 30, 2021 (2) ($ millions) 31-60 61-90 91 days (3) Total Residential mortgages $ 759 $ 366 $ – $ 1,125 Personal loans 439 264 – 703 Credit cards 181 141 470 792 Business and government 80 70 – 150 Total $ 1,459 $ 841 $ 470 $ 2,770 As at January 31, 2021 (2) ($ millions) 31-60 61-90 91 days (3) Total Residential mortgages $ 799 $ 382 $ – $ 1,181 Personal loans 529 322 – 851 Credit cards 320 231 629 1,180 Business and government 89 44 – 133 Total $ 1,737 $ 979 $ 629 $ 3,345 As at October 31, 2020 (2) ($ millions) 31-60 61-90 91 days (3) Total Residential mortgages $ 663 $ 282 $ – $ 945 Personal loans 604 273 – 877 Credit cards 401 166 277 844 Business and government 288 103 – 391 Total $ 1,956 $ 824 $ 277 $ 3,057 (1) Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due. (2) For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period. (3) All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due. (f) Purchased credit-impaired loans Certain financial assets including loans are credit-impaired on initial recognition. The following table provides details of such assets: As at ($ millions) April 30 January 31 October 31 Unpaid principal balance (1) $ 361 $ 376 $ 393 Credit related fair value adjustments (84 ) (88 ) (93 ) Carrying value 277 288 300 Stage 3 allowance (13 ) (14 ) (10 ) Carrying value net related allowance $ 264 $ 274 $ 290 (1) Represents principal amount owed net of write-offs. |
Derecognition of financial asse
Derecognition of financial assets | 6 Months Ended |
Apr. 30, 2021 | |
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Derecognition of financial assets | 8. Derecognition of financial assets Securitization of residential mortgage loans The Bank securitizes fully insured residential mortgage loans, Bank originated and others, through the creation of mortgage-backed securities (MBS) under the National Housing Act (NHA) MBS program, sponsored by Canada Mortgage and Housing Corporation (CMHC). MBS created under the program are sold to Canada Housing Trust (the Trust), a government sponsored entity under the Canada Mortgage Bond (CMB) program. The Trust issues securities to third-party investors. The CMHC also purchased insured mortgage pools from the Bank under the Insured Mortgage Purchase Program (IMPP). The sale of mortgages under the above programs do not meet the derecognition requirements, where the Bank retains the pre-payment The transferred mortgages continue to be recognized on the Consolidated Statement of Financial Position as residential mortgage loans. Cash proceeds from the transfer are treated as secured borrowings and included in Deposits – Business and government on the Consolidated Statement of Financial Position. The following table provides the carrying amount of transferred assets that do not qualify for derecognition and the associated liabilities: As at ($ millions) April 30 (1) January 31 (1) October 31 (1) Assets Carrying value of residential mortgage loans $ 18,338 $ 19,149 $ 20,586 Other related assets (2) 11,009 10,276 9,548 Liabilities Carrying value of associated liabilities $ 27,595 $ 27,143 $ 27,819 (1) The fair value of the transferred assets is $28,263 (January 31, 2021 – $28,892; October 31, 2020 – $29,415) and the fair value of the associated liabilities is $28,258 (January 31, 2021 – $28,211; October 31, 2020 – $28,920) for a net position of $5 (January 31, 2021 – $681; October 31, 2020 – $495). (2) These include cash held in trust and trust permitted investment assets acquired as part of the principal reinvestment account that the Bank is required to maintain in order to participate in the programs. Securitization of personal lines of credit, credit cards and auto loans The Bank securitizes a portion of its credit card and auto loan receivables and previously securitized a portion of its unsecured personal lines of credit through consolidated structured entities. These receivables continue to be recognized on the Consolidated Statement of Financial Position as personal loans and credit card loans. During the second quarter, the Bank did not enter into any new securitization arrangements. Securities sold under repurchase agreements and securities lent The Bank enters into transactions, such as repurchase agreements and securities lending agreements, where the Bank transfers assets under agreements to repurchase them on a future date and retains all the substantial risks and rewards associated with the assets. The transferred securities remain on the Consolidated Statement of Financial Position. The following table provides the carrying amount of the transferred assets and the associated liabilities: As at ($ millions) April 30 (1) January 31 (1) October 31 (1) Carrying value of securities associated with: Repurchase agreements (2) $ 97,400 $ 121,733 $ 121,918 Securities lending agreements 61,851 63,756 53,082 Total 159,251 185,489 175,000 Carrying value of associated liabilities (3) $ 115,969 $ 140,491 $ 137,763 (1) The fair value of transferred assets is $159,251 (January 31, 2021 – $185,489; October 31, 2020 – $175,000) and the fair value of the associated liabilities is $115,969 (January 31, 2021 – $140,491; October 31, 2020 – $137,763) for a net position of $43,282 (January 31, 2021 – $44,998; October 31, 2020 – $37,237). (2) Does not include over-collateralization of assets pledged. (3) Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral. |
Investments in associates
Investments in associates | 6 Months Ended |
Apr. 30, 2021 | |
Investments accounted for using equity method [abstract] | |
Investments in associates | 9. Investments in associates The Bank had significant investments in the following associates: As at April 30 January 31 October 31 ($ millions) Country of Nature of Ownership Date of financial (1) Carrying Carrying Carrying Canadian Tire Financial Services business (CTFS) (2) Canada Financial 20.00 % March 31, 2021 $ 521 $ 533 $ 534 Bank of Xi’an Co. Ltd. (3) China Banking 17.99 % March 31, 2021 935 955 926 Maduro & Curiel’s Bank N.V. (4) Curacao Banking 48.10 % March 31, 2021 344 365 355 (1) Represents the date of the most recent financial statements made available to the Bank by the associates’ management. (2) Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value. (3) Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $736 (January 31, 2021 – $826; October 31, 2020 – $818). (4) The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of April 30, 2021, these reserves amounted to $58 (January 31, 2021 – $61; October 31, 2020 – $64). |
Deposits
Deposits | 6 Months Ended |
Apr. 30, 2021 | |
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Deposits | 10. Deposits As at April 30, 2021 January 31 October 31 Payable on demand (1) Payable (2) ($ millions) Interest- Non-interest- Payable on a (3) Total Total Total Personal $ 8,652 $ 9,962 $ 155,807 $ 72,240 $ 246,661 $ 249,509 $ 246,135 Business and government 165,188 32,646 48,352 222,892 469,078 476,334 464,619 Financial institutions 8,425 739 1,383 30,375 40,922 43,150 40,084 $ 182,265 $ 43,347 $ 205,542 (4) $ 325,507 $ 756,661 $ 768,993 $ 750,838 Recorded in: Canada $ 127,832 $ 24,792 $ 170,056 $ 216,319 $ 538,999 $ 551,464 $ 541,589 United States 41,871 37 6,699 27,721 76,328 68,442 60,747 United Kingdom – – 201 17,752 17,953 19,227 14,977 Mexico – 5,574 7,081 12,455 25,110 24,782 25,294 Peru 4,866 46 5,482 4,185 14,579 17,098 17,694 Chile 3,326 6,610 155 13,261 23,352 23,928 23,592 Colombia 39 594 4,840 3,367 8,840 9,570 9,308 Other International 4,331 5,694 11,028 30,447 51,500 54,482 57,637 Total (5) $ 182,265 $ 43,347 $ 205,542 $ 325,507 $ 756,661 $ 768,993 $ 750,838 (1) Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. (2) Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts. (3) All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments. (4) Includes $160 (January 31, 2021 – $162; October 31, 2020 – $158) of non-interest-bearing (5) Deposits denominated in U.S. dollars amount to $226,259 (January 31, 2021 – $233,223; October 31, 2020 – $215,836), deposits denominated in Chilean pesos amount to $20,294 (January 31, 2021 – $21,050; October 31, 2020 – $21,099), deposits denominated in Mexican pesos amount to $22,675 (January 31, 2021 – $22,674; October 31, 2020 – $22,765) and deposits denominated in other foreign currencies amount to $77,384 (January 31, 2021 – $82,458; October 31, 2020 – $83,706). The following table presents the maturity schedule for term deposits in Canada greater than $100,000 (1) ($ millions) Within Three to Six to One to Over Total As at April 30, 2021 $ 34,164 $ 17,639 $ 35,906 $ 79,066 $ 16,570 $ 183,345 As at January 31, 2021 $ 41,497 $ 24,682 $ 31,143 $ 84,548 $ 16,341 $ 198,211 As at October 31, 2020 $ 38,739 $ 22,498 $ 30,850 $ 92,589 $ 18,072 $ 202,748 (1) The majority of foreign term deposits are in excess of $100,000. |
Capital and financing transacti
Capital and financing transactions | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Capital and financing transactions | 11. Capital and financing transactions Subordinated debentures On December 8, 2020, the Bank redeemed all outstanding $750 million 3.367% Debentures (Non-Viability Common shares Normal Course Issuer Bid On March 13, 2020, OSFI advised federally regulated deposit taking institutions to suspend common share buybacks as part of COVID-19 The Bank’s previous normal course issuer bid terminated on June 3, 2020. Under this program, the Bank repurchased and cancelled approximately 11.8 million common shares at an average price of $72.41 per share. These repurchases were carried out before March 13, 2020. Preferred shares and other equity instruments On February 2, 2021, the Bank redeemed all outstanding Non-cumulative On April 26, 2021, the Bank redeemed all outstanding Non-cumulative |
Capital management
Capital management | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Capital management | 12. Capital management The Bank’s regulatory capital and leverage position were as follows: As at ($ millions) April 30 January 31 October 31 Capital Common Equity Tier 1 capital $ 49,697 $ 49,542 $ 49,165 Net Tier 1 capital 55,152 55,293 55,362 Total regulatory capital 63,686 63,724 64,512 Risk-weighted assets/exposures used in calculation of capital ratios Risk-weighted assets (1) $ 404,727 $ 406,780 $ 417,138 Leverage exposures 1,180,223 1,179,755 1,170,290 Capital ratios Common Equity Tier 1 capital ratio 12.3 % 12.2 % 11.8 % Tier 1 capital ratio 13.6 % 13.6 % 13.3 % Total capital ratio 15.7 % 15.7 % 15.5 % Leverage ratio 4.7 % 4.7 % 4.7 % (1) As at April 30, 2021, January 31, 2021 and October 31, 2020, the Bank did not have a regulatory capital floor add-on The Bank substantially exceeded the OSFI minimum capital ratios as at April 30, 2021, including the Domestic Stability Buffer requirement. |
Share-based payments
Share-based payments | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Share-based payments | 13. Share-based payments During the first quarter, the Bank granted 1,876,066 options with an exercise price of $68.36 per option and a weighted average fair value of $4.60 to select employees, under the terms of the Employee Stock Option Plan. These stock options vest 50% at the end of the third year and 50% at the end of the fourth year. Options granted prior to December 2014 vest evenly over a four-year period. The Bank recorded an increase to equity – other reserves of $1 million and $5 million for the three months and six months ended April 30, 2021 (April 30, 2020 – $1 million and $4 million) as a result of equity-classified share-based payment expense. |
Employee benefits
Employee benefits | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Employee benefits | 14. Employee benefits Employee benefits include pensions, other post-retirement benefits, and post-employment benefits. The following table summarizes the expenses for the Bank’s principal plans (1) For the three months ended Pension plans Other benefit plans ($ millions) April 30 January 31 April 30 April 30 January 31 April 30 Defined benefit service cost $ 95 $ 95 $ 93 $ 6 $ 6 $ (1 ) Interest on net defined benefit (asset) liability 10 9 6 11 11 12 Other 3 3 4 (4 ) – (1 ) Defined benefit expense $ 108 $ 107 $ 103 $ 13 $ 17 $ 10 Defined contribution expense $ 26 $ 23 $ 23 $ – $ – $ – Increase (decrease) in other comprehensive income related to employee benefits (2) $ 814 $ 637 $ (98 ) $ 73 $ 4 $ 49 For the six months ended Pension plans Other benefit plans ($ millions) April 30 April 30 April 30 April 30 Defined benefit service cost $ 190 $ 184 $ 12 $ 12 Interest on net defined benefit (asset) liability 19 12 22 24 Other 6 8 (4 ) 1 Defined benefit expense $ 215 $ 204 $ 30 $ 37 Defined contribution expense $ 49 $ 42 $ – $ – Increase (decrease) in other comprehensive income related to employee benefits (2) $ 1,451 $ (414 ) $ 77 $ 7 (1) Other plans operated by certain subsidiaries of the Bank are not considered material and are not included in this note. (2) Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. In the absence of legislated changes, all other assumptions are updated annually. |
Operating segments
Operating segments | 6 Months Ended |
Apr. 30, 2021 | |
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Operating segments | 15. Operating segments Scotiabank is a diversified financial services institution that provides a wide range of financial products and services to retail, commercial and corporate customers around the world. The Bank’s businesses are grouped into four business lines: Canadian Banking, International Banking, Global Banking and Markets and Global Wealth Management. Other smaller business segments are included in the Other segment. The results of these business segments are based upon the internal financial reporting systems of the Bank. The accounting policies used in these segments are generally consistent with those followed in the preparation of the consolidated financial statements as disclosed in Note 3 of the Bank’s audited consolidated financial statements in the 2020 Annual Report. Notable accounting measurement differences are: • tax normalization adjustments related to the gross-up • the grossing up of tax-exempt non-interest before-tax non-interest tax-exempt Scotiabank’s results, and average assets and liabilities, allocated by these operating segments, are as follows: For the three months ended April 30, 2021 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 1,934 $ 1,662 $ 152 $ 350 $ 78 $ 4,176 Non-interest (3)(4) 690 716 1,156 907 91 3,560 Total revenues 2,624 2,378 1,308 1,257 169 7,736 Provision for credit losses 145 396 (2 ) (43 ) – 496 Non-interest 1,229 1,294 802 633 84 4,042 Provision for income taxes 323 181 134 150 (46 ) 742 Net income $ 927 $ 507 $ 374 $ 517 $ 131 $ 2,456 Net income attributable to non-controlling $ – $ 87 $ 2 $ – $ 1 $ 90 Net income attributable to equity holders of the Bank $ 927 $ 420 $ 372 $ 517 $ 130 $ 2,366 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (5) – (1 ) – – – ( ) Net income attributable to equity holders of the Bank – relating to operations other than divested operations 927 421 372 517 130 2,367 Average assets ($ billions) $ 372 $ 194 $ 28 $ 399 $ 158 $ 1,151 Average liabilities ($ billions) $ 311 $ 149 $ 45 $ 398 $ 177 $ 1,080 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $76 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $26, International Banking – $53, Global Wealth Management – $4, and Other – $30. (5) Refer to Note 20 for closed divestitures impacting the current period. For the three months ended January 31, 2021 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 1,984 $ 1,788 $ 155 $ 358 $ 66 $ 4,351 Non-interest (3)(4) 664 773 1,235 978 71 3,721 Total revenues 2,648 2,561 1,390 1,336 137 8,072 Provision for credit losses 215 525 4 20 – 764 Non-interest 1,204 1,402 817 614 171 4,208 Provision for income taxes 318 157 148 159 (80 ) 702 Net income $ 911 $ 477 $ 421 $ 543 $ 46 $ 2,398 Net income attributable to non-controlling $ – $ 88 $ 3 $ – $ (1 ) $ 90 Net income attributable to equity holders of the Bank $ 911 $ 389 $ 418 $ 543 $ 47 $ 2,308 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations(5) – 3 – – – 3 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 911 386 418 543 47 2,305 Average assets ($ billions) $ 368 $ 199 $ 27 $ 395 $ 166 $ 1,155 Average liabilities ($ billions) $ 306 $ 153 $ 42 $ 387 $ 196 $ 1,084 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $69 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $20, International Banking – $49, Global Wealth Management – $3, and Other – $(15). (5) Refer to Note 20 for closed divestitures impacting the current period. For the three months ended April 30, 2020 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 1,951 $ 1,907 $ 145 $ 385 $ 29 $ 4,417 Non-interest (3)(4) 575 800 982 1,075 107 3,539 Total revenues 2,526 2,707 1,127 1,460 136 7,956 Provision for credit losses 670 1,019 2 155 – 1,846 Non-interest 1,220 1,465 715 616 347 4,363 Provision for income taxes 159 38 106 166 (46 ) 423 Net income $ 477 $ 185 $ 304 $ 523 $ (165 ) $ 1,324 Net income attributable to non-controlling $ – $ 12 $ 2 $ – $ 1 $ 15 Net income attributable to equity holders of the Bank $ 477 $ 173 $ 302 $ 523 $ (166 ) $ 1,309 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations(5) – (3 ) – – – (3 ) Net income attributable to equity holders of the Bank – relating to operations other than divested operations 477 176 302 523 (166 ) 1,312 Average assets ($ billions) $ 359 $ 205 $ 26 $ 433 $ 158 $ 1,181 Average liabilities ($ billions) $ 265 $ 154 $ 39 $ 378 $ 274 $ 1,110 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $75 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $12, International Banking – $65, Global Wealth Management – $4, and Other – $(21). (5) Refer to Note 37 in the Bank’s 2020 Annual Report for details on divested operations. For the six months ended April 30, 2021 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 3,918 $ 3,450 $ 307 $ 708 $ 144 $ 8,527 Non-interest (3)(4) 1,354 1,489 2,391 1,885 162 7,281 Total revenues 5,272 4,939 2,698 2,593 306 15,808 Provision for credit losses 360 921 2 (23 ) – 1,260 Non-interest 2,433 2,696 1,619 1,247 255 8,250 Provision for income taxes 641 338 282 309 (126 ) 1,444 Net income $ 1,838 $ 984 $ 795 $ 1,060 $ 177 $ 4,854 Net income attributable to non-controlling $ – $ 175 $ 5 $ – $ – $ 180 Net income attributable to equity holders of the Bank $ 1,838 $ 809 $ 790 $ 1,060 $ 177 $ 4,674 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (5) – 2 – – – 2 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 1,838 807 790 1,060 177 4,672 Average assets ($ billions) $ 370 $ 197 $ 28 $ 397 $ 162 $ 1,154 Average liabilities ($ billions) $ 308 $ 151 $ 43 $ 393 $ 188 $ 1,083 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $145 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $46, International Banking – $102, Global Wealth Management – $7, and Other – $15. (5) Refer to Note 20 for closed divestitures impacting the current period. For the six months ended April 30, 2020 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 3,954 $ 3,912 $ 286 $ 710 $ (53 ) $ 8,809 Non-interest (3)(4) 1,279 1,780 1,998 1,917 314 7,288 Total revenues 5,233 5,692 2,284 2,627 261 16,097 Provision for credit losses 991 1,599 3 179 – 2,772 Non-interest 2,453 3,129 1,452 1,270 477 8,781 Provision for income taxes 460 197 216 283 (262 ) 894 Net income $ 1,329 $ 767 $ 613 $ 895 $ 46 $ 3,650 Net income attributable to non-controlling $ – $ 76 $ 5 $ – $ (27 ) $ 54 Net income attributable to equity holders of the Bank $ 1,329 $ 691 $ 608 $ 895 $ 73 $ 3,596 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (5) – 58 – – – 58 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 1,329 633 608 895 73 3,538 Average assets ($ billions) $ 357 $ 204 $ 26 $ 422 $ 138 $ 1,147 Average liabilities ($ billions) $ 264 $ 152 $ 37 $ 357 $ 267 $ 1,077 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $143 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $32, International Banking – $158, Global Wealth Management – $7, and Other – $(46). (5) Refer to Note 37 in the Bank’s 2020 Annual Report for details on divested operations. |
Interest income and expense
Interest income and expense | 6 Months Ended |
Apr. 30, 2021 | |
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Interest income and expense | 16. Interest income and expense For the three months ended For the six months ended April 30, 2021 January 31, 2021 April 30, 2020 April 30, 2021 April 30, 2020 ($ millions) Interest Interest Interest Interest Interest Interest Interest income Interest Interest Interest Measured at amortized cost (1) $ 5,897 $ 1,962 $ 6,212 $ 2,126 $ 7,406 $ 3,390 $ 12,109 $ 4,088 $ 15,203 $ 7,167 Measured at FVOCI (1) 181 – 188 – 303 – 369 – 621 – 6,078 1,962 6,400 2,126 7,709 3,390 12,478 4,088 15,824 7,167 Other 109 (2) 49 (3) 112 (2) 35 (3) 129 (2) 31 (3) 221 (2) 84 (3) 250 (2) 98 (3) Total $ 6,187 $ 2,011 $ 6,512 $ 2,161 $ 7,838 $ 3,421 $ 12,699 $ 4,172 $ 16,074 $ 7,265 (1) The interest income/expense on financial assets/liabilities are calculated using the effective interest method. (2) Includes dividend income on equity securities. (3) Includes interest on lease liabilities for the three months ended April 30, 2021 – $27 (January 31, 2021 – $27; April 30, 2020 – $30) and for the six months ended April 30, 2021 – $54 (April 30, 2020 – $60). |
Earnings per share
Earnings per share | 6 Months Ended |
Apr. 30, 2021 | |
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Earnings per share | 17. Earnings per share For the three months ended For the six months ended ($ millions) April 30 January 31 April 30 April 30 April 30 Basic earnings per common share Net income attributable to common shareholders $ 2,289 $ 2,265 $ 1,243 $ 4,554 $ 3,505 Weighted average number of common shares outstanding (millions) 1,213 1,212 1,212 1,213 1,213 Basic earnings per common share (1) (in dollars) $ 1.89 $ 1.87 $ 1.03 $ 3.76 $ 2.89 Diluted earnings per common share Net income attributable to common shareholders $ 2,289 $ 2,265 $ 1,243 $ 4,554 $ 3,505 Dilutive impact of share-based payment options and others (2) 13 41 (22 ) 116 29 Net income attributable to common shareholders (diluted) $ 2,302 $ 2,306 $ 1,221 $ 4,670 $ 3,534 Weighted average number of common shares outstanding (millions) 1,213 1,212 1,212 1,213 1,213 Dilutive impact of share-based payment options and others (2) (millions) 10 25 10 35 32 Weighted average number of diluted common shares outstanding (millions) 1,223 1,237 1,222 1,248 1,245 Diluted earnings per common share (1) (in dollars) $ 1.88 $ 1.86 $ 1.00 $ 3.74 $ 2.84 (1) Earnings per share calculations are based on full dollar and share amounts. (2) Certain options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive. |
Financial instruments
Financial instruments | 6 Months Ended |
Apr. 30, 2021 | |
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Financial instruments | 18. Financial instruments (a) Risk management The Bank’s principal business activities result in a balance sheet that consists primarily of financial instruments. In addition, the Bank uses derivative financial instruments for both trading and hedging purposes. The principal financial risks that arise from transacting financial instruments include credit risk, liquidity risk and market risk. The Bank’s framework to monitor, evaluate and manage these risks is consistent with that in place as at October 31, 2020. (i) Credit risk Credit risk is the risk of loss resulting from the failure of a borrower or counterparty to honour its financial or contractual obligations to the Bank. Credit risk exposures disclosed below are presented based on the Basel framework utilized by the Bank. The Bank uses the Advanced Internal Ratings-Based approach (AIRB) for all material Canadian, U.S. and European portfolios, and for a significant portion of the international corporate and commercial portfolios. The remaining portfolios, including other international portfolios, are treated under the standardized approach. Under the AIRB approach, the Bank uses internal risk parameter estimates, based on historical experience. Under the standardized approach, credit risk is estimated using the risk weights as prescribed by the Basel framework, either based on credit assessments by external rating agencies or based on the counterparty type for non-retail Exposure at default (1) As at April 30, 2021 January 31 October 31 ($ millions) AIRB Standardized Total Total Total By exposure sub-type Non-retail Drawn (2)(3) $ 366,915 $ 63,042 $ 429,957 $ 483,553 $ 486,658 Undrawn commitments 109,974 3,263 113,237 111,407 115,420 Other exposures (4) 125,989 9,100 135,089 128,678 120,903 Total non-retail $ 602,878 $ 75,405 $ 678,283 $ 723,638 $ 722,981 Retail Drawn (5) $ 233,853 $ 86,966 $ 320,819 $ 315,332 $ 308,408 Undrawn commitments 48,463 – 48,463 51,486 52,835 Total retail $ 282,316 $ 86,966 $ 369,282 $ 366,818 $ 361,243 Total $ 885,194 $ 162,371 $ 1,047,565 $ 1,090,456 $ 1,084,224 (1) After credit risk mitigation and excludes equity securities and other assets. (2) Non-retail (3) Non-retail (4) Includes off-balance over-the-counter (5) Retail drawn includes residential mortgages, credit cards, lines of credit and other personal loans. Credit quality of non-retail The Bank’s non-retail Credit quality of retail exposures The Bank’s retail portfolios consist of a number of relatively small loans to a large number of borrowers. The portfolios are distributed across Canada and a wide range of countries. As such, the portfolios inherently have a high degree of diversification. In addition, as of April 30, 2021, 35% (January 31, 2021 – 36%; October 31, 2020 – 38%) of the Canadian residential mortgage portfolio is insured. The average loan-to-value Retail standardized portfolio The retail standardized portfolio of $87 billion as at April 30, 2021 (January 31, 2021 – $87 billion; October 31, 2020 – $87 billion) was comprised of residential mortgages, personal loans, credit cards and lines of credit to individuals, mainly in Latin America and the Caribbean. Of the total retail standardized exposures, $50 billion (January 31, 2021 – $49 billion; October 31, 2020 – $48 billion) was represented by mortgages and loans secured by residential real estate, mostly with a loan-to-value (ii) Liquidity risk Liquidity risk is the risk that the Bank is unable to meet its financial obligations in a timely manner at reasonable prices. The Bank’s liquidity risk is subject to extensive risk management controls and is managed within the framework of policies and limits approved by the Board. The Board receives reports on risk exposures and performance against approved limits. The Asset/Liability Committee (ALCO) provides senior management oversight of liquidity risk. The key elements of the Bank’s liquidity risk management framework include: • liquidity risk measurement and management limits, including limits on maximum net cash outflow by currency over specified short-term horizons; • prudent diversification of its wholesale funding activities by using a number of different funding programs to access the global financial markets and manage its maturity profile, as appropriate; • large holdings of liquid assets to support its operations, which can generally be sold or pledged to meet the Bank’s obligations; • liquidity stress testing, including Bank-specific, global-systemic, and combination systemic/specific scenarios; and • liquidity contingency planning. The Bank’s foreign operations have liquidity management frameworks that are similar to the Bank’s framework. Local deposits are managed from a liquidity risk perspective based on the local management frameworks and regulatory requirements. (iii) Market risk Market risk arises from changes in market prices and rates (including interest rates, credit spreads, equity prices, foreign exchange rates and commodity prices), the correlations among them, and their levels of volatility. Interest rate risk Interest rate risk is the risk of loss due to the following: changes in the level, slope and curvature of the yield curve; the volatility of interest rates and changes in customers’ preferences (e.g. mortgage prepayment rates). Non-trading Foreign currency risk is the risk of loss due to changes in spot and forward rates. As at April 30, 2021, a one per cent increase (decrease) in the Canadian dollar against all currencies in which the Bank operates decreases (increases) the Bank’s before-tax A similar change in the Canadian dollar as at April 30, 2021, would increase (decrease) the unrealized foreign currency translation losses in the accumulated other comprehensive income section of shareholders’ equity by approximately $336 million (January 31, 2021 Non-trading Equity risk is the risk of loss due to adverse movements in equity prices. The Bank is exposed to equity risk through its investment equity portfolios. The fair value of investment equity securities is shown in Note 6. Trading portfolio risk management The table below shows the Bank’s VaR by risk factor along with Stressed VaR: For the three months ended As at As at April 30, 2021 April 30 January 31 April 30 ($ millions) Average High Low 2021 2021 2020 Credit spread plus interest rate $ 14.3 $ 19.2 $ 10.2 $ 10.8 $ 15.4 $ 32.6 Credit spread 6.2 8.0 4.4 4.8 7.7 31.5 Interest rate 15.3 21.3 9.3 13.9 17.9 12.1 Equities 6.1 15.1 3.4 9.4 5.9 7.4 Foreign exchange 2.9 5.7 1.6 3.0 2.4 1.8 Commodities 4.9 8.7 1.9 4.1 5.5 6.9 Debt specific 2.8 3.7 2.3 2.3 3.7 9.3 Diversification effect (14.3 ) – – (13.0 ) (15.9 ) (23.5 ) Total VaR $ 16.7 $ 22.5 $ 12.7 $ 16.6 $ 17.0 $ 34.5 Total Stressed VaR $ 40.2 $ 50.5 $ 29.1 $ 37.6 $ 43.8 $ 42.9 (iv) Operational risk Operational risk is the risk of loss, whether direct or indirect, to which the Bank is exposed due to inadequate or failed internal processes or systems, human error, or external events. Operational risk includes legal and regulatory risk, business process and change risk, fiduciary or disclosure breaches, cyber risks, technology failure, financial crime and environmental risk. It exists in some form in every Bank business and function. Operational risk can not only result in financial loss, but also regulatory sanctions and damage to the Bank’s reputation. The Bank has developed policies, processes and assessment methodologies to ensure that operational risk is appropriately identified and managed with effective controls. (b) Financial instruments designated at fair value through profit or loss In accordance with its risk management strategy, the Bank has elected to designate certain senior note liabilities at fair value through profit or loss to reduce an accounting mismatch between fair value changes in these instruments and fair value changes in related derivatives, and where a hybrid financial liability contains one or more embedded derivatives that are not closely related to the host contract. Changes in fair value of financial liabilities arising from the Bank’s own credit risk are recognized in other comprehensive income, without subsequent reclassification to net income. The cumulative fair value adjustment due to own credit risk is determined at a point in time by comparing the present value of expected future cash flows over the term of these liabilities discounted at the Bank’s effective funding rate, and the present value of expected future cash flows discounted under a benchmark rate. The following table presents the fair value of Fair value Change in fair value Cumulative change in fair value (1) As at For the three months ended As at ($ millions) April 30 January 31 April 30 April 30 January 31 April 30 April 30 January 31 April 30 Liabilities Senior note liabilities (2) $ 20,406 $ 20,260 $ 16,111 $ 197 $ (746) $ 1,834 $ (350) $ (547) $ 1,260 (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (2) Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest The following table presents the changes in fair value attributable to changes in the Bank’s own credit risk for financial liabilities designated at fair value through profit or loss as well as their contractual maturity and carrying amounts. Senior note liabilities ($ millions) Contractual (1) Carrying value Difference Changes in fair value Cumulative changes (1) As at April 30, 2021 $ 20,056 $ 20,406 $ (350) $ (140) $ (777) As at January 31, 2021 $ 19,713 $ 20,260 $ (547) $ (178) $ (637) As at April 30, 2020 $ 17,371 $ 16,111 $ 1,260 $ 404 $ 337 (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (c) Financial instruments – fair value Fair value of financial instruments The calculation of fair value is based on market conditions at a specific point in time and therefore may not be reflective of future fair values. The Bank has controls and processes in place to ensure that the valuation of financial instruments is appropriately determined. Refer to Note 7 of the Bank’s audited consolidated financial statements in the 2020 Annual Report for the valuation techniques used to fair value its significant financial assets and liabilities. The following table sets out the fair values of financial instruments of the Bank and excludes non-financial As at April 30, 2021 January 31, 2021 October 31, 2020 ($ millions) Total fair Total Total fair Total Total fair Total Assets: Cash and deposits with financial institutions $ 52,017 $ 52,017 $ 89,491 $ 89,491 $ 76,460 $ 76,460 Trading assets 144,247 144,247 141,768 141,768 117,839 117,839 Securities purchased under resale agreements and securities borrowed 131,081 131,081 118,831 118,831 119,747 119,747 Derivative financial instruments 40,573 40,573 46,269 46,269 45,065 45,065 Investment securities – fair value 63,182 63,182 71,523 71,523 79,745 79,745 Investment securities – amortized cost 22,140 21,925 28,167 27,713 32,129 31,644 Loans 617,096 608,165 612,277 603,649 612,368 603,263 Customers’ liability under acceptances 15,596 15,596 14,775 14,775 14,228 14,228 Other financial assets 13,789 13,789 14,328 14,328 12,700 12,700 Liabilities: Deposits 759,760 756,661 773,422 768,993 755,395 750,838 Financial instruments designated at fair value through profit or loss 20,406 20,406 20,260 20,260 18,899 18,899 Acceptances 15,668 15,668 14,856 14,856 14,305 14,305 Obligations related to securities sold short 41,768 41,768 40,119 40,119 31,902 31,902 Derivative financial instruments 39,868 39,868 41,296 41,296 42,247 42,247 Obligations related to securities sold under repurchase agreements and securities lent 115,969 115,969 140,491 140,491 137,763 137,763 Subordinated debentures 6,871 6,439 7,032 6,600 7,827 7,405 Other financial liabilities 40,669 39,906 43,717 42,309 43,776 42,660 (d) Fair value hierarchy The best evidence of fair value for a financial instrument is the quoted price in an active market. Unadjusted quoted market prices for identical instruments represent a Level 1 valuation. Where possible, valuations are based on quoted prices or observable inputs obtained from active markets. Quoted prices are not always available for over-the-counter Where financial instruments trade in inactive markets, illiquid markets or when using models where observable parameters do not exist, greater management judgment is required for valuation purposes. Valuations that require the significant use of unobservable inputs are considered as Level 3. The following table outlines the fair value hierarchy and instruments carried at fair value on a recurring basis. As at April 30, 2021 January 31, 2021 ($ millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Instruments carried at fair value on a recurring basis: Assets: Precious metals (1) $ – $ 553 $ – $ 553 $ – $ 1,107 $ – $ 1,107 Trading assets Loans – 6,532 – 6,532 – 7,903 – 7,903 Canadian federal government and government guaranteed debt 11,136 3,992 – 15,128 8,482 4,069 – 12,551 Canadian provincial and municipal debt – 10,313 – 10,313 – 10,265 – 10,265 US treasury and other US agencies’ debt 10,754 – – 10,754 8,384 – – 8,384 Other foreign governments’ debt 9,153 2,980 – 12,133 11,559 2,816 – 14,375 Corporate and other debt – 11,463 4 11,467 – 11,274 20 11,294 Income funds 164 – – 164 141 – – 141 Equity securities 77,049 36 72 77,157 75,430 757 – 76,187 Other (2) 599 – – 599 668 – – 668 $ 108,855 $ 35,869 $ 76 $ 144,800 $ 104,664 $ 38,191 $ 20 $ 142,875 Investment securities (3) Canadian federal government and government guaranteed debt $ 984 $ 10,994 $ – $ 11,978 $ 1,600 $ 13,034 $ – $ 14,634 Canadian provincial and municipal debt 102 9,644 – 9,746 94 13,595 – 13,689 US treasury and other US agencies’ debt 7,068 3,007 – 10,075 8,181 1,888 – 10,069 Other foreign governments’ debt 12,422 14,556 22 27,000 13,976 14,860 24 28,860 Corporate and other debt 293 792 26 1,111 209 796 27 1,032 Equity securities 2,055 196 1,021 3,272 2,081 204 954 3,239 $ 22,924 $ 39,189 $ 1,069 $ 63,182 $ 26,141 $ 44,377 $ 1,005 $ 71,523 Derivative financial instruments Interest rate contracts $ – $ 14,522 $ 2 $ 14,524 $ – $ 19,411 $ 1 $ 19,412 Foreign exchange and gold contracts – 17,765 – 17,765 – 19,277 – 19,277 Equity contracts 93 3,151 11 3,255 98 3,263 2 3,363 Credit contracts – 186 – 186 – 239 – 239 Commodity contracts – 4,843 – 4,843 – 3,978 – 3,978 $ 93 $ 40,467 $ 13 $ 40,573 $ 98 $ 46,168 $ 3 $ 46,269 Liabilities: Deposits (4) $ – $ 135 $ – $ 135 $ – $ 118 $ – $ 118 Financial liabilities designated at fair value through profit or loss – 20,290 116 20,406 – 20,260 – 20,260 Obligations related to securities sold short 34,414 7,354 – 41,768 32,896 7,223 – 40,119 Derivative financial instruments Interest rate contracts – 13,595 73 13,668 – 16,000 48 16,048 Foreign exchange and gold contracts – 18,073 – 18,073 – 18,515 – 18,515 Equity contracts 260 3,713 2 3,975 340 2,628 6 2,974 Credit contracts – 37 – 37 – 46 – 46 Commodity contracts – 4,115 – 4,115 – 3,713 – 3,713 $ 260 $ 39,533 $ 75 $ 39,868 $ 340 $ 40,902 $ 54 $ 41,296 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. (2) Represents energy related assets. (3) Excludes debt investment securities measured at amortized cost of $21,925 (January 31, 2021 – $27,713). (4) These amounts represent embedded derivatives bifurcated from structured notes. As at October 31, 2020 ($ millions) Level 1 Level 2 Level 3 Total Instruments carried at fair value on a recurring basis: Assets: Precious metals (1) $ – $ 1,181 $ – $ 1,181 Trading assets Loans – 8,352 – 8,352 Canadian federal government and government guaranteed debt 9,154 3,882 – 13,036 Canadian provincial and municipal debt – 9,320 – 9,320 US treasury and other US agencies’ debt 5,182 – – 5,182 Other foreign governments’ debt 9,230 3,415 – 12,645 Corporate and other debt – 10,570 18 10,588 Income funds 121 – – 121 Equity securities 57,078 361 – 57,439 Other (2) 1,156 – – 1,156 $ 81,921 $ 37,081 $ 18 $ 119,020 Investment securities (3) Canadian federal government and government guaranteed debt $ 1,728 $ 15,100 $ – $ 16,828 Canadian provincial and municipal debt 93 17,454 – 17,547 US treasury and other US agencies’ debt 11,930 1,299 – 13,229 Other foreign governments’ debt 14,101 13,798 23 27,922 Corporate and other debt 265 850 23 1,138 Equity securities 1,954 263 864 3,081 $ 30,071 $ 48,764 $ 910 $ 79,745 Derivative financial instruments Interest rate contracts $ – $ 21,013 $ 4 $ 21,017 Foreign exchange and gold contracts – 17,943 – 17,943 Equity contracts 290 2,655 3 2,948 Credit contracts – 480 – 480 Commodity contracts – 2,677 – 2,677 $ 290 $ 44,768 $ 7 $ 45,065 Liabilities: Deposits (4) $ – $ 73 $ – $ 73 Financial liabilities designated at fair value through profit or loss – 18,899 – 18,899 Obligations related to securities sold short 25,584 6,318 – 31,902 Derivative financial instruments Interest rate contracts – 16,937 17 16,954 Foreign exchange and gold contracts – 19,511 – 19,511 Equity contracts 599 2,133 2 2,734 Credit contracts – 53 – 53 Commodity contracts – 2,995 – 2,995 $ 599 $ 41,629 $ 19 $ 42,247 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. (2) Represents energy related assets. (3) Excludes debt investment securities measured at amortized cost of $31,644. (4) These amounts represent embedded derivatives bifurcated from structured notes. Level 3 instrument fair value changes Financial instruments categorized as Level 3 as at April 30, 2021, in the fair value hierarchy comprise certain foreign government bonds, structured corporate bonds, equity securities, complex derivatives and financial liabilities designated at fair value through profit or loss. The following table summarizes the changes in Level 3 instruments carried at fair value for the three months ended April 30, 2021. All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities. As at April 30, 2021 ($ millions) Fair Gains/ Gains/ Purchases/ Sales/ Transfers Fair Changes in (1) Trading assets Corporate and other debt $ 20 $ 6 $ – $ – $ (22 ) $ – $ 4 $ – Equity securities – – – – – 72 72 – 20 6 – – (22 ) 72 76 – Investment securities Other foreign governments’ debt 24 – (2 ) – – – 22 n/a Corporate and other debt 27 – (8 ) 7 – – 26 – Equity securities 954 76 – 42 (51 ) – 1,021 76 1,005 76 (10 ) 49 (51 ) – 1,069 76 Derivative financial instruments – assets Interest rate contracts 1 – – 1 – – 2 – Equity contracts 2 1 – 8 – – 11 1 (2) Derivative financial instruments – liabilities Interest rate contracts (48 ) (1 ) – (24 ) – – (73 ) (1 ) (3) Equity contracts (6 ) 1 – (2 ) – 5 (2 ) 1 (2) (51 ) 1 – (17 ) – 5 (62 ) 1 Financial liabilities designated at fair value through profit or loss – 1 – (81 ) – (36 ) (116 ) 1 Total $ 974 $ 84 $ (10 ) $ (49 ) $ (73 ) $ 41 $ 967 $ 78 (1) These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income. (2) Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market (3) Certain unrealized losses on interest rate derivative contracts are largely offset by mark-to-market The following tables summarize the changes in Level 3 instruments carried at fair value for the three months ended January 31, 2021 and October 31, 2020 . As at January 31, 2021 ($ millions) Fair value, Gains/ (1) Gains/ Purchases/ Sales/ Transfers Fair value, Trading assets $ 18 $ 2 $ – $ – $ – $ – $ 20 Investment securities 910 58 1 43 (35 ) 28 1,005 Derivative financial instruments (12 ) 2 – (38 ) – (3 ) (51 ) (1) Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. As at October 31, 2020 ($ millions) Fair value, Gains/ (1) Gains/ Purchases/ Sales/ Transfers Fair value, Trading assets $ 15 $ 3 $ – $ – $ – $ – $ 18 Investment securities 898 14 7 43 (24 ) (28 ) 910 Derivative financial instruments (36 ) 5 – (7 ) 25 1 (12 ) (1) Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. Significant transfers Significant transfers can occur between the fair value hierarchy levels when additional or new information regarding valuation inputs and their refinement and observability become available. The Bank recognizes transfers between levels of the fair value hierarchy as of the end of the reporting period during which the change has occurred. Transfers into and out of Level 3 occur mainly due to changes in the observability, valuation technique and/or significance of unobservable valuation inputs. During the three months ended April 30, 2021, trading equity securities of $ 72 Transfers were a result of the change in the observability of the price used for valuing the securities. There were no significant transfers into and out of Level 3 during the three months ended January 31, 2021 and October 31, 2020. Level 3 sensitivity The Bank applies judgment in determining unobservable inputs used to calculate the fair value of Level 3 instruments. Refer to Note 7 of the Bank’s audited consolidated financial statements for the year ended October 31, 2020 for a description of the significant unobservable inputs for Level 3 instruments and the potential effect that a change in each unobservable input may have on the fair value measurement. There have been no significant changes to the Level 3 sensitivities during the quarter. |
Corporate income taxes
Corporate income taxes | 6 Months Ended |
Apr. 30, 2021 | |
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Corporate income taxes | 19. Corporate income taxes Since 2016, the Bank has received reassessments totaling $808 million of tax and interest as a result of the Canada Revenue Agency denying the tax deductibility of certain Canadian dividends received during the 2011–2014 taxation years. In June 2020, the Bank received a reassessment for $217 million of tax and interest in respect of certain Canadian dividends received during the 2015 taxation year. The circumstances of the dividends subject to these reassessments are similar to those prospectively addressed by rules introduced in 2015 and 2018. The Bank is confident that its tax filing position was appropriate and in accordance with the relevant provisions of the Income Tax Act (Canada) and intends to vigorously defend its position. |
Acquisition and divestitures
Acquisition and divestitures | 6 Months Ended |
Apr. 30, 2021 | |
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Acquisition and divestitures | 20. Acquisition and divestitures Acquisition Acquisition – Subsequent event Scotiabank Chile On May 12, 2021, the Bank increased its ownership in Scotiabank Chile through acquisition of an additional 7.0% stake for approximately $500 million from the non-controlling shareholder (“NCI”), resulting in ownership of 83% in Scotiabank Chile. This transaction between the Bank and NCI did not result in any change in the carrying value of the assets and liabilities of the subsidiary and there was no impact on the statement of income. The transaction negatively impacts Scotiabank’s Common Equity Tier 1 capital ratio by approximately eight basis points. Scotiabank Chile forms part of the International Banking business segment. Divestitures Closed divestiture impacting the current period Operations in Belize On March 31, 2021, the Bank completed the sale of its banking operations in Belize to Caribbean Investment Holdings Limited, upon receiving regulatory approvals and satisfying closing conditions. All assets and liabilities related to this operation were derecognized on the closing date. The net impact to the Bank of this transaction is not significant. Divestitures announced that are expected to close in a future period Operations in Guyana On March 3, 2021, the Bank announced that it has entered into an agreement to sell its banking operations in Guyana to First Citizens Bank Limited. The transaction is subject to regulatory approvals and customary closing conditions. |
Significant Accounting Polici_2
Significant Accounting Policies (Policies) | 6 Months Ended |
Apr. 30, 2021 | |
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Amendments to IFRS 3: Definition of a Business | Amendments to IFRS 3: Definition of a Business On October 22, 2018, the IASB issued a narrow-scope amendment to IFRS 3 Business Combinations. The amendment clarifies the determination of whether an acquisition is of a business or a group of assets. Distinguishing between a business and a group of assets is important because an acquirer recognizes goodwill only when acquiring a business. The amendments will apply prospectively to new transactions occurring after November 1, 2020. |
Interest Rate Benchmark Reform | Interest Rate Benchmark Reform On August 27, 2020, the IASB issued Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 (the amendments). The amendments introduce a practical expedient to account for a change in the basis for determining the contractual cash flows of financial instruments that are impacted by interest rate benchmark reform (IBOR reform). Under the practical expedient, the Bank does not derecognize or adjust the carrying amount of financial instruments for modifications required by IBOR reform but instead updates the effective interest rate to reflect the change in the interest rate benchmark. The practical expedient is applied when the modification is required as a direct consequence of IBOR reform, and the new basis for determining the contractual cash flows is economically equivalent to the previous basis. If changes are made to a financial asset or financial liability in addition to changes to the basis for determining the contractual cash flows required by the interest rate benchmark reform, then the Bank first updates the effective interest of the financial asset or financial liability to reflect the change that is required by IBOR reform. After that, the Bank applies the policies on accounting for modifications set out in Note 3 of the Bank’s consolidated financial statements in the 2020 Annual Report to the remaining modifications. In conjunction, the amendments also provide relief from specific hedge accounting requirements, such that when the basis for determining the contractual cash flows of existing hedge relationship changes as a result of IBOR reform, the Bank may amend the hedge documentation without discontinuing the hedging relationship. For cash flow hedges where the interest benchmark changes as a result of IBOR reform, the Bank deems that the corresponding hedge reserve in OCI is based on the alternative benchmark rate to determine whether the hedged future cash flows are expected to occur. For changes that are in addition to those required by IBOR reform, the Bank first determines whether the additional changes result in discontinuation of hedge relationships before applying the relief. In addition, when determining the hedged risk, the Bank may designate an alternative benchmark rate risk component that is not currently separately identifiable, as long as it is reasonable to expect that the alternative benchmark rate will become separately identifiable within a 24-month Under the amendments, additional disclosures are required in the financial statements to outline the effect of the reform on the financial instruments and risk management strategy. The Bank early adopted the amendments effective November 1, 2020, as permitted by the standard. The amendments apply retrospectively, but the Bank is not required to restate comparative information. There was no impact on opening shareholders’ equity. Overview Major interest rate benchmark review and reform has been undertaken globally, with a view to either reforming or phasing out certain interbank offered rates (IBORs), including the Canadian Dollar Offered Rate (CDOR). As alternatives to IBORs, regulators have recommended markets begin adopting alternative risk-free rates (RFRs). The Bank has significant exposures to the London Interbank Offered Rate (LIBOR), particularly USD and GBP LIBOR. IBOR reform and the associated move from IBORs to RFRs carries systemic and market risks. These risks, such as increased volatility, lack of liquidity and uneven fallback practices, may impact market participants. In addition to these inherent risks, the Bank is exposed to operational risk arising from the renegotiation of contracts, technology readiness to issue and trade products referencing RFRs, and conduct with clients and counterparties. The Bank has established an enterprise-wide program (the Transition Program) to support the Bank’s transition away from LIBOR and other IBORs to RFRs. The focus of the Transition Program is to address risks by identifying the exposures to various IBORs, evaluating the contract language in the event IBORs cease to be published or available, developing the capabilities to issue and trade products referencing RFRs and communicating with clients and counterparties regarding industry developments pertaining to IBOR reform. The Transition Program provides quarterly updates to the Bank’s Regulatory Oversight Committee, and annually, to the Risk Committee of the Board of Directors, regarding the status of transition plans for migrating the Bank’s IBOR-linked products and upgrading systems and processes. On March 5, 2021, the FCA confirmed that the publication of most tenors of USD LIBOR (i.e., overnight, one-month, three-month, six-month and 12-month LIBOR) will cease immediately following a final publication on June 30, 2023. The scheduled cessation date for GBP, JPY, CHF and EUR LIBORs, remains December 31, 2021. This announcement provides certainty regarding the future of the various LIBOR currencies and tenors and serves to set the fixed spread adjustment that will be used in industry standard fallback provisions for both loans and derivative products. While the most widely used USD LIBOR tenors will continue to be published in their current form until June 30, 2023, the Federal Reserve Board has advised that banks should no longer write USD LIBOR linked contracts after December 31, 2021, and sooner, where practicable. The Bank continues to work towards meeting the regulatory and industry wide recommended milestones on cessation of LIBOR and will be working with clients and counterparties to issue products based on alternative reference rates where viable. There are a number of dependencies that are outside the Bank’s control and may create uncertainties in transition. Non-derivative The following table reflects the Bank’s IBOR exposure to non-derivative Carrying amount As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other (1) (2) Total Maturing after Maturing after December 31, 2021 Non-derivative (3) $ 27,500 $ 1,468 $ 695 $ 29,663 Non-derivative (4)(5) 1,229 949 750 2,928 (1) Other Rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Other Rates exclude EURIBOR exposures from non-derivative financial assets and non-derivative financial liabilities of $2,181 million and $1,164 million, respectively, which were included in Q1/21. (3) Non derivative financial assets include carrying amounts of debt securities and loans (debt securities and loans measured at amortized cost are gross of allowance for credit losses). (4) Non-derivative (5) Non-derivative |
Derivatives and undrawn commitments | Derivatives and undrawn commitments The following table reflects the Bank’s IBOR exposure to derivatives and undrawn commitments as at November 1, 2020, subject to reform that has yet to transition to alternative benchmark rates. The Bank previously reported its IBOR exposures (including USD LIBOR) to financial instruments, with most maturing after December 31, 2021. The Bank updated the USD LIBOR exposures to financial instruments due to the announcement by the FCA which extends the cessation date for USD LIBOR from December 31, 2021, to June 30, 2023. These exposures will remain outstanding until LIBOR ceases and will therefore transition in the future. Notional amount As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other (1) (2) Total Maturing after Maturing after December 31, 2021 Derivatives Single currency interest rate swaps $ 410,590 $ 699,339 $ 16,697 $ 1,126,626 Cross currency interest rate swaps (3) 231,539 31,052 19,084 281,675 Other (4) 20,885 29,486 – 50,371 Undrawn commitments 20,354 1,094 464 21,912 (1) Other Rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Other Rates exclude EURIBOR exposures from derivatives and undrawn commitments of $354,513 million and $149 million, respectively, which were included in Q1/21. (3) For cross currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. (4) Other derivatives include futures, forward rate agreements and options. |
Significant Accounting Polici_3
Significant Accounting Policies (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
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Schedule of Non-derivative Financial Assets and Financial Liabilities | The following table reflects the Bank’s IBOR exposure to non-derivative Carrying amount As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other (1) (2) Total Maturing after Maturing after December 31, 2021 Non-derivative (3) $ 27,500 $ 1,468 $ 695 $ 29,663 Non-derivative (4)(5) 1,229 949 750 2,928 (1) Other Rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Other Rates exclude EURIBOR exposures from non-derivative financial assets and non-derivative financial liabilities of $2,181 million and $1,164 million, respectively, which were included in Q1/21. (3) Non derivative financial assets include carrying amounts of debt securities and loans (debt securities and loans measured at amortized cost are gross of allowance for credit losses). (4) Non-derivative (5) Non-derivative |
Schedule of Notional Balance of the Bank's Derivative Exposures and Undrawn Commitments to Significant IBORs | The following table reflects the Bank’s IBOR exposure to derivatives and undrawn commitments as at November 1, 2020, subject to reform that has yet to transition to alternative benchmark rates. The Bank previously reported its IBOR exposures (including USD LIBOR) to financial instruments, with most maturing after December 31, 2021. The Bank updated the USD LIBOR exposures to financial instruments due to the announcement by the FCA which extends the cessation date for USD LIBOR from December 31, 2021, to June 30, 2023. These exposures will remain outstanding until LIBOR ceases and will therefore transition in the future. Notional amount As at November 1, 2020 ($ millions) USD LIBOR GBP LIBOR Other (1) (2) Total Maturing after Maturing after December 31, 2021 Derivatives Single currency interest rate swaps $ 410,590 $ 699,339 $ 16,697 $ 1,126,626 Cross currency interest rate swaps (3) 231,539 31,052 19,084 281,675 Other (4) 20,885 29,486 – 50,371 Undrawn commitments 20,354 1,094 464 21,912 (1) Other Rates include exposures to EUR LIBOR, EONIA, CHF LIBOR, JPY LIBOR and six-month (2) Other Rates exclude EURIBOR exposures from derivatives and undrawn commitments of $354,513 million and $149 million, respectively, which were included in Q1/21. (3) For cross currency interest rate swaps, where both legs are referencing rates directly impacted by the benchmark reform, the relevant notional amount for both legs are shown separately to reflect the risks relating to the reform for each rate. (4) Other derivatives include futures, forward rate agreements and options. |
Cash and deposits with financ_2
Cash and deposits with financial institutions (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
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Summary of Cash and Deposits with Financial Institutions | As at ($ millions) April 30 January 31 October 31 Cash and non-interest-bearing $ 7,940 $ 9,443 $ 11,123 Interest-bearing deposits with financial institutions 44,077 80,048 65,337 Total $ 52,017 (1) $ 89,491 (1) $ 76,460 (1) (1) Net of allowances of $2 (January 31, 2021 – $1; October 31, 2020 – $1). |
Investment securities (Tables)
Investment securities (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
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Disclosure of Carrying Value Of Banks Investment Securities Per Measurement Category | The following table presents the carrying amounts of the Bank’s investment securities per measurement category. As at ($ millions) April 30 January 31 October 31 Debt investment securities measured at FVOCI $ 59,879 $ 68,259 $ 76,638 Debt investment securities measured at amortized cost 21,925 27,713 31,644 Equity investment securities designated at FVOCI 2,262 2,279 1,859 Equity investment securities measured at FVTPL 1,010 960 1,222 Debt investment securities measured at FVTPL 31 25 26 Total investment securities $ 85,107 $ 99,236 $ 111,389 |
Disclosure of Unrealized Gains and Losses on Fair Value through Other Comprehensive Income Securities | As at April 30, 2021 ($ millions) Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 11,769 $ 212 $ 3 $ 11,978 Canadian provincial and municipal debt 9,694 76 24 9,746 U.S. treasury and other U.S. agency debt 9,831 287 43 10,075 Other foreign government debt 27,043 130 192 26,981 Other debt 1,089 11 1 1,099 Total $ 59,426 $ 716 $ 263 $ 59,879 As at January 31, 2021 ($ millions) Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 14,247 $ 388 $ 1 $ 14,634 Canadian provincial and municipal debt 13,485 205 1 13,689 U.S. treasury and other U.S. agency debt 9,664 408 3 10,069 Other foreign government debt 28,617 409 186 28,840 Other debt 1,006 21 – 1,027 Total $ 67,019 $ 1,431 $ 191 $ 68,259 As at October 31, 2020 ($ millions) Cost Gross Gross Fair value Canadian federal government issued or guaranteed debt $ 16,374 $ 454 $ – $ 16,828 Canadian provincial and municipal debt 17,295 253 1 17,547 U.S. treasury and other U.S. agency debt 12,634 595 – 13,229 Other foreign government debt 27,643 274 17 27,900 Other debt 1,115 19 – 1,134 Total $ 75,061 $ 1,595 $ 18 $ 76,638 |
Summary of Analysis of Fair Value and Carrying Value of Investment Securities Measured at Amortized Cost | As at April 30, 2021 January 31, 2021 October 31, 2020 ($ millions) Fair value Carrying (1) Fair value Carrying (1) Fair value Carrying (1) Canadian federal and provincial government issued or guaranteed debt $ 13,897 $ 13,837 $ 17,318 $ 17,164 $ 17,955 $ 17,819 U.S. treasury and other U.S. agency debt 6,216 6,077 8,305 8,029 11,048 10,726 Other foreign government debt 1,516 1,502 1,716 1,695 1,766 1,744 Corporate debt 511 509 828 825 1,360 1,355 Total $ 22,140 $ 21,925 $ 28,167 $ 27,713 $ 32,129 $ 31,644 (1) Balances are net of allowances, which are not significant. |
Summary of Equity Investment Securities Designated as at Fair Value Through Other Comprehensive Income | As at April 30, 2021 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 16 $ – $ 5 $ 11 Common shares 1,891 390 30 2,251 Total $ 1,907 $ 390 $ 35 $ 2,262 As at January 31, 2021 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 14 $ – $ 3 $ 11 Common shares 2,021 316 69 2,268 Total $ 2,035 $ 316 $ 72 $ 2,279 As at October 31, 2020 ($ millions) Cost Gross Gross Fair value Preferred equity instruments $ 11 $ – $ 3 $ 8 Common shares 1,735 228 112 1,851 Total $ 1,746 $ 228 $ 115 $ 1,859 |
Loans, impaired loans and all_2
Loans, impaired loans and allowance for credit losses (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
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Disclosure of loans at amortized cost | (a) Loans at amortized cost As at April 30, 2021 ($ millions) Gross Allowance Net Residential mortgages $ 296,727 $ 841 $ 295,886 Personal loans 90,682 2,806 87,876 Credit cards 12,826 1,545 11,281 Business and government 214,646 1,524 213,122 Total $ 614,881 $ 6,716 $ 608,165 As at January 31, 2021 October 31, 2020 ($ millions) Gross Allowance Net carrying Gross Allowance Net Residential mortgages $ 290,474 $ 864 $ 289,610 $ 284,684 $ 884 $ 283,800 Personal loans 91,442 3,150 88,292 93,758 3,155 90,603 Credit cards 14,143 1,915 12,228 14,797 1,886 12,911 Business and government 215,180 1,661 213,519 217,663 1,714 215,949 Total $ 611,239 $ 7,590 $ 603,649 $ 610,902 $ 7,639 $ 603,263 |
Schedule of Impaired Loans | (b) Impaired loans (1)(2) As at April 30, 2021 ($ millions) Gross Allowance Net Residential mortgages $ 1,495 $ 410 $ 1,085 Personal loans 1,182 821 361 Credit cards – – – Business and government 2,439 707 1,732 Total $ 5,116 $ 1,938 $ 3,178 By geography: Canada $ 1,219 $ 518 $ 701 United States 49 2 47 Mexico 716 309 407 Peru 872 380 492 Chile 709 243 466 Colombia 521 135 386 Other international 1,030 351 679 Total $ 5,116 $ 1,938 $ 3,178 As at January 31, 2021 October 31, 2020 ($ millions) Gross Allowance Net Gross Allowance Net Residential mortgages $ 1,563 $ 406 $ 1,157 $ 1,490 $ 392 $ 1,098 Personal loans 1,302 849 453 1,032 820 212 Credit cards – – – – – – Business and government 2,414 739 1,675 2,531 745 1,786 Total $ 5,279 $ 1,994 $ 3,285 $ 5,053 $ 1,957 $ 3,096 By geography: Canada $ 1,168 $ 497 $ 671 $ 1,127 $ 487 $ 640 United States 57 3 54 116 4 112 Mexico 674 260 414 570 222 348 Peru 973 475 498 824 498 326 Chile 715 228 487 775 233 542 Colombia 541 130 411 459 102 357 Other international 1,151 401 750 1,182 411 771 Total $ 5,279 $ 1,994 $ 3,285 $ 5,053 $ 1,957 $ 3,096 (1) Interest income recognized on impaired loans during the three months ended April 30, 2021 was $12 (January 31, 2021 – $16; October 31, 2020 – $11). (2) Additional interest income of approximately $73 would have been recorded if the above loans had not been classified as impaired (January 31, 2021 – $78; October 31, 2020 – $71). |
Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations | The following table shows certain key macroeconomic variables used to estimate the allowance for credit losses. For the base case, optimistic and pessimistic scenarios, the projections are provided for the next 12 months and for the remaining forecast period, which represents a medium-term view. Base Case Scenario Alternative Scenario - Alternative Scenario - Alternative Scenario - As at April 30, 2021 Next 12 Remaining Next 12 Remaining Next 12 Remaining Next 12 Remaining Canada Real GDP growth, y/y % change 7.8 1.6 9.9 2.3 2.8 2.8 -3.5 3.9 Unemployment rate, average % 6.7 6.0 6.1 4.8 9.3 6.6 12.2 8.5 Bank of Canada overnight rate target, average % 0.3 1.7 0.9 2.9 0.3 0.7 0.3 0.5 HPI - Housing Price Index, y/y % change 7.5 2.0 9.2 4.2 0.4 2.9 -5.9 4.0 USDCAD exchange rate, average 1.24 1.23 1.23 1.22 1.28 1.24 1.30 1.26 US Real GDP growth, y/y % change 8.2 1.6 10.3 2.1 4.8 2.5 0.9 3.5 Unemployment rate, average % 5.0 3.8 4.5 3.4 6.7 4.4 8.0 5.9 Mexico Real GDP growth, y/y % change 7.0 1.9 8.7 2.7 3.5 2.8 -0.3 3.8 Unemployment rate, average % 3.8 3.8 3.4 2.9 6.3 4.4 9.2 6.3 Chile Real GDP growth, y/y % change 6.5 5.1 8.4 6.8 3.1 6.0 -0.8 7.1 Unemployment rate, average % 9.5 6.7 9.0 5.7 12.0 7.2 14.9 9.2 Peru Real GDP growth, y/y % change 7.5 3.6 10.2 5.1 5.8 4.2 3.7 4.9 Unemployment rate, average % 11.3 7.3 10.1 4.4 13.2 7.9 15.4 9.9 Colombia Real GDP growth, y/y % change 4.7 3.6 6.7 4.9 3.0 4.2 0.9 4.9 Unemployment rate, average % 12.8 8.6 11.9 6.3 14.7 9.2 16.9 11.2 Caribbean Real GDP growth, y/y % change 3.8 4.1 5.4 4.9 2.1 5.2 -0.3 6.2 Global WTI oil price, average USD/bbl 62 66 70 90 54 62 50 57 Copper price, average USD/lb 4.03 3.90 4.23 4.55 3.69 3.77 3.49 3.50 Global GDP, y/y % change 6.73 3.00 8.65 4.00 4.29 3.65 1.45 4.40 Base Case Scenario Alternative Scenario - Alternative Scenario - Alternative Scenario - As at January 31, 2021 Next 12 Remaining Next 12 Remaining Next 12 Remaining Next 12 Remaining Canada Real GDP growth, y/y % change 4.6 2.3 6.5 3.4 -0.6 3.2 -6.8 4.4 Unemployment rate, average % 7.9 6.1 7.4 4.7 10.1 6.6 13.0 8.5 Bank of Canada overnight rate target, average % 0.3 1.0 0.6 1.8 0.3 0.7 0.3 0.5 HPI - Housing Price Index, y/y % change 4.0 1.7 5.3 3.1 -6.6 4.2 -12.6 6.4 USDCAD exchange rate, average 1.26 1.25 1.25 1.23 1.34 1.26 1.35 1.27 US Real GDP growth, y/y % change 4.3 2.5 5.7 3.3 0.9 3.2 -2.9 4.2 Unemployment rate, average % 6.2 5.0 5.8 4.5 7.4 5.7 8.7 7.1 Mexico Real GDP growth, y/y % change 3.8 1.9 5.6 2.7 0.6 2.7 -3.3 3.8 Unemployment rate, average % 4.7 4.3 4.3 3.4 7.3 4.9 10.2 6.8 Chile Real GDP growth, y/y % change 5.5 3.0 8.2 4.5 2.2 3.9 -1.8 5.0 Unemployment rate, average % 11.7 7.8 11.0 6.9 14.2 8.4 17.1 10.3 Peru Real GDP growth, y/y % change 8.7 3.6 11.4 5.2 5.5 4.5 1.6 5.5 Unemployment rate, average % 12.0 7.5 9.3 4.4 14.5 8.0 17.4 9.9 Colombia Real GDP growth, y/y % change 5.0 3.6 6.8 4.8 1.8 4.5 -2.1 5.5 Unemployment rate, average % 13.2 9.0 11.1 6.4 15.7 9.5 18.6 11.4 Caribbean Real GDP growth, y/y % change 3.6 4.1 5.4 4.9 0.4 5.4 -3.4 6.5 Global WTI oil price, average USD/bbl 48 57 54 81 41 52 38 44 Copper price, average USD/lb 3.11 3.24 3.28 3.78 2.90 3.15 2.82 2.94 Global GDP, y/y % change 5.31 3.36 7.18 4.39 2.64 3.89 -0.02 4.63 Base Case Scenario Alternative Scenario - Alternative Scenario - Alternative Scenario - As at October 31, 2020 Next 12 Remaining Next 12 Remaining Next 12 Remaining Next 12 Remaining Canada Real GDP growth, y/y % change 3.1 2.2 4.7 2.7 -2.0 3.8 -10.8 6.4 Unemployment rate, average % 7.3 5.5 6.7 4.7 9.9 5.8 14.1 7.1 Bank of Canada overnight rate target, average % 0.3 0.8 0.5 1.2 0.3 0.4 0.3 0.3 HPI - Housing Price Index, y/y % change 0.4 2.8 1.9 3.3 -6.3 4.6 -15.2 6.8 USDCAD exchange rate, average 1.30 1.25 1.30 1.25 1.37 1.27 1.40 1.33 US Real GDP growth, y/y % change 2.5 2.2 3.6 2.4 -0.5 3.1 -7.4 5.2 Unemployment rate, average % 6.3 3.5 6.1 3.3 8.1 4.1 10.5 7.0 Mexico Real GDP growth, y/y % change 1.0 2.3 2.5 2.6 -1.8 3.1 -8.7 5.3 Unemployment rate, average % 7.3 4.5 6.8 3.9 9.9 4.9 14.1 6.2 Chile Real GDP growth, y/y % change 3.8 2.6 5.6 3.2 0.8 3.4 -6.2 5.6 Unemployment rate, average % 12.1 7.3 11.6 6.9 14.7 7.7 18.9 8.9 Peru Real GDP growth, y/y % change 3.7 3.8 5.0 4.4 2.9 4.4 -3.5 6.3 Unemployment rate, average % 12.4 8.1 11.3 6.3 14.2 8.5 18.5 9.7 Colombia Real GDP growth, y/y % change 1.9 3.5 3.0 4.0 1.1 4.0 -5.2 6.0 Unemployment rate, average % 14.4 8.2 13.6 6.8 16.2 8.7 20.5 9.8 Caribbean Real GDP growth, y/y % change 2.2 4.1 3.3 4.4 1.0 4.7 -6.6 5.9 Global WTI oil price, average USD/bbl 48 58 52 68 42 54 37 38 Copper price, average USD/lb 3.00 3.19 3.09 3.42 2.79 3.06 2.66 2.64 Global GDP, y/y % change 4.44 3.28 5.63 3.72 2.36 3.91 -2.67 5.34 |
Schedule of Allowance for Credit Losses | (iv) Allowance for credit losses Allowance for credit losses ($ millions) Balance as at Provision for Net write-offs Other, including Balance as at Residential mortgages $ 884 $ 51 $ (49 ) $ (45 ) $ 841 Personal loans 3,155 611 (826 ) (134 ) 2,806 Credit cards 1,886 504 (761 ) (84 ) 1,545 Business and government 1,892 94 (179 ) (110 ) 1,697 $ 7,817 $ 1,260 $ (1,815 ) $ (373 ) $ 6,889 Presented as: Allowance for credit losses on loans $ 7,639 $ 6,716 Allowance for credit losses on acceptances (1) 77 73 Allowance for credit losses on off-balance (2) 101 100 (1) Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position. (2) Allowance for credit losses on off-balance ($ millions) Balance as at Provision for Net write-offs Other, including Balance as at Residential mortgages $ 680 $ 176 $ (38 ) $ (112 ) $ 706 Personal loans 2,065 1,230 (773 ) (77 ) 2,445 Credit cards 1,255 832 (583 ) (22 ) 1,482 Business and government 1,139 534 (165 ) (66 ) 1,442 $ 5,139 $ 2,772 $ (1,559 ) $ (277 ) $ 6,075 Presented as: Allowance for credit losses on loans $ 5,077 $ 6,005 Allowance for credit losses on acceptances (1) 6 34 Allowance for credit losses on off-balance (2) 56 36 (1) Allowance for credit losses on acceptances are recorded against the financial asset in the Consolidated Statement of Financial Position. (2) Allowance for credit losses on off-balance Allowance for credit losses on loans As at April 30, 2021 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 151 $ 280 $ 410 $ 841 Personal loans 699 1,286 821 2,806 Credit cards 319 1,226 – 1,545 Business and government 303 514 707 1,524 Total (1) $ 1,472 $ 3,306 $ 1,938 $ 6,716 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance As at October 31, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 190 $ 302 $ 392 $ 884 Personal loans 864 1,471 820 3,155 Credit cards 501 1,385 – 1,886 Business and government 409 560 745 1,714 Total (1) $ 1,964 $ 3,718 $ 1,957 $ 7,639 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance As at April 30, 2020 ($ millions) Stage 1 Stage 2 Stage 3 Total Residential mortgages $ 153 $ 257 $ 296 $ 706 Personal loans 716 1,082 647 2,445 Credit cards 452 1,030 – 1,482 Business and government 282 390 700 1,372 Total (1) $ 1,603 $ 2,759 $ 1,643 $ 6,005 (1) Excludes allowance for credit losses for other financial assets including acceptances, investment securities, deposits with banks and off-balance The following table presents the changes to the allowance for credit losses on loans. As at and for the three months ended As at and for the six months April 30, 2021 January 31, 2021 April 30, 2021 ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 161 $ 297 $ 406 $ 864 $ 190 $ 302 $ 392 $ 884 $ 190 $ 302 $ 392 $ 884 Provision for credit losses Remeasurement (1) (30 ) 7 48 25 (65 ) 29 59 23 (95 ) 36 107 48 Newly originated or purchased financial assets 10 – – 10 11 – – 11 21 – – 21 Derecognition of financial assets and maturities (2 ) (7 ) – (9 ) (3 ) (6 ) – (9 ) (5 ) (13 ) – (18 ) Changes in models and methodologies – – – – – – – – – – – – Transfer to (from): Stage 1 19 (15 ) (4 ) – 32 (27 ) (5 ) – 51 (42 ) (9 ) – Stage 2 (3 ) 17 (14 ) – (3 ) 20 (17 ) – (6 ) 37 (31 ) – Stage 3 – (11 ) 11 – – (12 ) 12 – – (23 ) 23 – Gross write-offs – – (22 ) (22 ) – – (37 ) (37 ) – – (59 ) (59 ) Recoveries – – 6 6 – – 4 4 – – 10 10 Foreign exchange and other movements (4 ) (8 ) (21 ) (33 ) (1 ) (9 ) (2 ) (12 ) (5 ) (17 ) (23 ) (45 ) Balance at end of period (2) $ 151 $ 280 $ 410 $ 841 $ 161 $ 297 $ 406 $ 864 $ 151 $ 280 $ 410 $ 841 Personal loans Balance at beginning of period $ 787 $ 1,514 $ 849 $ 3,150 $ 864 $ 1,471 $ 820 $ 3,155 $ 864 $ 1,471 $ 820 $ 3,155 Provision for credit losses Remeasurement (1) (264 ) 176 327 239 (422 ) 536 252 366 (686 ) 712 579 605 Newly originated or purchased financial assets 154 – – 154 99 – – 99 253 – – 253 Derecognition of financial assets and maturities (67 ) (82 ) – (149 ) (28 ) (70 ) – (98 ) (95 ) (152 ) – (247 ) Changes in models and methodologies – – – – – – – – – – – – Transfer to (from): Stage 1 204 (200 ) (4 ) – 401 (398 ) (3 ) – 605 (598 ) (7 ) – Stage 2 (85 ) 104 (19 ) – (92 ) 111 (19 ) – (177 ) 215 (38 ) – Stage 3 (8 ) (184 ) 192 – (31 ) (126 ) 157 – (39 ) (310 ) 349 – Gross write-offs – – (547 ) (547 ) – – (406 ) (406 ) – – (953 ) (953 ) Recoveries – – 64 64 – – 63 63 – – 127 127 Foreign exchange and other movements (22 ) (42 ) (41 ) (105 ) (4 ) (10 ) (15 ) (29 ) (26 ) (52 ) (56 ) (134 ) Balance at end of period (2) $ 699 $ 1,286 $ 821 $ 2,806 $ 787 $ 1,514 $ 849 $ 3,150 $ 699 $ 1,286 $ 821 $ 2,806 Credit cards Balance at beginning of period $ 448 $ 1,467 $ – $ 1,915 $ 501 $ 1,385 $ – $ 1,886 $ 501 $ 1,385 $ – $ 1,886 Provision for credit losses Remeasurement (1) (177 ) 119 323 265 (133 ) 258 151 276 (310 ) 377 474 541 Newly originated or purchased financial assets 19 – – 19 29 – – 29 48 – – 48 Derecognition of financial assets and maturities (17 ) (24 ) – (41 ) (15 ) (29 ) – (44 ) (32 ) (53 ) – (85 ) Changes in models and methodologies – – – – – – – – – – – – Transfer to (from): Stage 1 91 (91 ) – – 113 (113 ) – – 204 (204 ) – – Stage 2 (32 ) 32 – – (43 ) 43 – – (75 ) 75 – – Stage 3 – (228 ) 228 – – (70 ) 70 – – (298 ) 298 – Gross write-offs – – (587 ) (587 ) – – (260 ) (260 ) – – (847 ) (847 ) Recoveries – – 42 42 – – 44 44 – – 86 86 Foreign exchange and other movements (13 ) (49 ) (6 ) (68 ) (4 ) (7 ) (5 ) (16 ) (17 ) (56 ) (11 ) (84 ) Balance at end of period (2) $ 319 $ 1,226 $ – $ 1,545 $ 448 $ 1,467 $ – $ 1,915 $ 319 $ 1,226 $ – $ 1,545 Business and government Balance at beginning of period $ 459 $ 600 $ 739 $ 1,798 $ 478 $ 592 $ 745 $ 1,815 $ 478 $ 592 $ 745 $ 1,815 Provision for credit losses Remeasurement (1) (79 ) – 103 24 (10 ) 21 106 117 (89 ) 21 209 141 Newly originated or purchased financial assets 79 – – 79 89 – – 89 168 – – 168 Derecognition of financial assets and maturities (85 ) (12 ) (1 ) (98 ) (83 ) (13 ) (2 ) (98 ) (168 ) (25 ) (3 ) (196 ) Changes in models and methodologies (4 ) (11 ) – (15 ) – – – – (4 ) (11 ) – (15 ) Transfer to (from): Stage 1 10 (10 ) – – 18 (18 ) – – 28 (28 ) – – Stage 2 (18 ) 19 (1 ) – (24 ) 24 – – (42 ) 43 (1 ) – Stage 3 – (3 ) 3 – – (1 ) 1 – – (4 ) 4 – Gross write-offs – – (105 ) (105 ) – – (87 ) (87 ) – – (192 ) (192 ) Recoveries – – 8 8 – – 5 5 – – 13 13 Foreign exchange and other movements (9 ) (19 ) (39 ) (67 ) (9 ) (5 ) (29 ) (43 ) (18 ) (24 ) (68 ) (110 ) Balance at end of period including off-balance (2) $ 353 $ 564 $ 707 $ 1,624 $ 459 $ 600 $ 739 $ 1,798 $ 353 $ 564 $ 707 $ 1,624 Less: Allowance for credit losses on off-balance (3) (50 ) (50 ) – (100 ) (75 ) (62 ) – (137 ) (50 ) (50 ) – (100 ) Balance at end of period (2) $ 303 $ 514 $ 707 $ 1,524 $ 384 $ 538 $ 739 $ 1,661 $ 303 $ 514 $ 707 $ 1,524 (1) Includes credit risk changes as a result of significant increases in credit risk, changes in credit risk that did not result in a transfer between stages, changes in model inputs and assumptions and changes due to drawdowns of undrawn commitments. (2) Interest income on impaired loans for residential mortgages, personal and credit cards, and business and government loans totaled $ 73 (3) Allowance for credit losses on off-balance |
Summary of Carrying Value of Exposures by Risk Rating | (d) Carrying value of exposures by risk rating Residential mortgages As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 173,125 $ 1,813 $ – $ 174,938 $ 167,233 $ 1,892 $ – $ 169,125 Low 62,608 2,302 – 64,910 61,988 1,495 – 63,483 Medium 15,152 1,277 – 16,429 10,914 2,071 – 12,985 High 1,029 2,674 – 3,703 1,197 3,435 – 4,632 Very high 12 726 – 738 13 596 – 609 Loans not graded (2) 31,209 3,305 – 34,514 28,787 3,573 – 32,360 Default – – 1,495 1,495 – – 1,490 1,490 Total $ 283,135 $ 12,097 $ 1,495 $ 296,727 $ 270,132 $ 13,062 $ 1,490 $ 284,684 Allowance for credit losses 151 280 410 841 190 302 392 884 Carrying value $ 282,984 $ 11,817 $ 1,085 $ 295,886 $ 269,942 $ 12,760 $ 1,098 $ 283,800 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Personal loans As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Very low $ 29,121 $ 269 $ – $ 29,390 $ 29,557 $ 499 $ – $ 30,056 Low 24,995 1,446 – 26,441 25,508 1,793 – 27,301 Medium 7,759 1,431 – 9,190 6,619 2,779 – 9,398 High 5,179 2,964 – 8,143 5,809 2,964 – 8,773 Very high 119 1,247 – 1,366 318 1,367 – 1,685 Loans not graded (2) 13,292 1,678 – 14,970 13,629 1,884 – 15,513 Default – – 1,182 1,182 – – 1,032 1,032 Total $ 80,465 $ 9,035 $ 1,182 $ 90,682 $ 81,440 $ 11,286 $ 1,032 $ 93,758 Allowance for credit losses 699 1,286 821 2,806 864 1,471 820 3,155 Carrying value $ 79,766 $ 7,749 $ 361 $ 87,876 $ 80,576 $ 9,815 $ 212 $ 90,603 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Credit cards As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 1,237 $ 95 $ – $ 1,332 $ 1,318 $ 20 $ – $ 1,338 Low 2,045 212 – 2,257 1,971 184 – 2,155 Medium 2,393 343 – 2,736 2,416 393 – 2,809 High 1,699 1,669 – 3,368 2,229 1,799 – 4,028 Very high 20 630 – 650 41 843 – 884 Loans not graded (1) 1,333 1,150 – 2,483 2,414 1,169 – 3,583 Default – – – – – – – – Total $ 8,727 $ 4,099 $ – $ 12,826 $ 10,389 $ 4,408 $ – $ 14,797 Allowance for credit losses 319 1,226 – 1,545 501 1,385 – 1,886 Carrying value $ 8,408 $ 2,873 $ – $ 11,281 $ 9,888 $ 3,023 $ – $ 12,911 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at April 30, 2021 As at October 31, 2020 Category of PD grades ($ millions) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Very low $ 89,391 $ 22 $ – $ 89,413 $ 85,242 $ 6 $ – $ 85,248 Low 18,534 13 – 18,547 16,775 39 – 16,814 Medium 6,671 27 – 6,698 5,739 123 – 5,862 High 2,791 852 – 3,643 2,201 705 – 2,906 Very high 20 222 – 242 3 134 – 137 Loans not graded (1) 1,911 2,464 – 4,375 11,113 4,501 – 15,614 Default – – – – – – – – Carrying value $ 119,318 $ 3,600 $ – $ 122,918 $ 121,073 $ 5,508 $ – $ 126,581 (1) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Business and As at April 30, 2021 As at October 31, 2020 Grade ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 104,193 $ 617 $ – $ 104,810 $ 105,757 $ 1,290 $ – $ 107,047 Non-investment 92,978 8,471 – 101,449 93,998 8,840 – 102,838 Watch list 32 3,815 – 3,847 47 3,101 – 3,148 Loans not graded (2) 2,095 6 – 2,101 2,063 36 – 2,099 Default – – 2,439 2,439 – – 2,531 2,531 Total $ 199,298 $ 12,909 $ 2,439 $ 214,646 $ 201,865 $ 13,267 $ 2,531 $ 217,663 Allowance for credit losses 303 514 707 1,524 409 560 745 1,714 Carrying value $ 198,995 $ 12,395 $ 1,732 $ 213,122 $ 201,456 $ 12,707 $ 1,786 $ 215,949 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. Undrawn loan As at April 30, 2021 As at October 31, 2020 Grade ($ millions) Stage 1 Stage 2 Stage 3 (1) Total Stage 1 Stage 2 Stage 3 (1) Total Investment grade $ 178,900 $ 1,590 $ – $ 180,490 $ 182,580 $ 1,280 $ – $ 183,860 Non-investment 61,727 3,331 – 65,058 59,600 4,336 – 63,936 Watch list 11 2,159 – 2,170 6 1,704 – 1,710 Loans not graded (2) 3,727 14 – 3,741 3,702 309 – 4,011 Default – – 124 124 – – 161 161 Total $ 244,365 $ 7,094 $ 124 $ 251,583 $ 245,888 $ 7,629 $ 161 $ 253,678 Allowance for credit losses 50 50 – 100 69 32 – 101 Carrying value $ 244,315 $ 7,044 $ 124 $ 251,483 $ 245,819 $ 7,597 $ 161 $ 253,577 (1) Stage 3 includes purchased or originated credit-impaired loans. (2) Portfolios where the customer account level ‘Probability of Default’ has not been determined have been included in the ‘Loans not graded’ category. |
Schedule of Loans Past Due But Not Impaired | (e) Loans past due but not impaired (1) A loan is considered past due when a counterparty has not made a payment by the contractual due date. The following table presents the carrying value of loans that are contractually past due but not classified as impaired because they are either less than 90 days past due or fully secured and collection efforts are reasonably expected to result in repayment, or restoring it to a current status in accordance with the Bank’s policy. In cases where borrowers have opted to participate in payment deferral programs as a result of COVID-19, As at April 30, 2021 (2) ($ millions) 31-60 61-90 91 days (3) Total Residential mortgages $ 759 $ 366 $ – $ 1,125 Personal loans 439 264 – 703 Credit cards 181 141 470 792 Business and government 80 70 – 150 Total $ 1,459 $ 841 $ 470 $ 2,770 As at January 31, 2021 (2) ($ millions) 31-60 61-90 91 days (3) Total Residential mortgages $ 799 $ 382 $ – $ 1,181 Personal loans 529 322 – 851 Credit cards 320 231 629 1,180 Business and government 89 44 – 133 Total $ 1,737 $ 979 $ 629 $ 3,345 As at October 31, 2020 (2) ($ millions) 31-60 61-90 91 days (3) Total Residential mortgages $ 663 $ 282 $ – $ 945 Personal loans 604 273 – 877 Credit cards 401 166 277 844 Business and government 288 103 – 391 Total $ 1,956 $ 824 $ 277 $ 3,057 (1) Loans past due 30 days or less are not presented in this analysis as they are not administratively considered past due. (2) For loans where payment deferrals were granted, deferred payments are not considered past due and such loans are not aged further during the deferral period. Regular ageing of the loans resumes, after the end of the deferral period. (3) All loans that are over 90 days past due are considered impaired with the exception of credit card receivables which are considered impaired when 180 days past due. |
Summary of Purchased Credit Impaired Loans | (f) Purchased credit-impaired loans Certain financial assets including loans are credit-impaired on initial recognition. The following table provides details of such assets: As at ($ millions) April 30 January 31 October 31 Unpaid principal balance (1) $ 361 $ 376 $ 393 Credit related fair value adjustments (84 ) (88 ) (93 ) Carrying value 277 288 300 Stage 3 allowance (13 ) (14 ) (10 ) Carrying value net related allowance $ 264 $ 274 $ 290 (1) Represents principal amount owed net of write-offs. |
Derecognition of financial as_2
Derecognition of financial assets (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Carrying Amount of Transferred Assets Do Not Qualify for Derecognition and Associated Liabilities | The following table provides the carrying amount of transferred assets that do not qualify for derecognition and the associated liabilities: As at ($ millions) April 30 (1) January 31 (1) October 31 (1) Assets Carrying value of residential mortgage loans $ 18,338 $ 19,149 $ 20,586 Other related assets (2) 11,009 10,276 9,548 Liabilities Carrying value of associated liabilities $ 27,595 $ 27,143 $ 27,819 (1) The fair value of the transferred assets is $28,263 (January 31, 2021 – $28,892; October 31, 2020 – $29,415) and the fair value of the associated liabilities is $28,258 (January 31, 2021 – $28,211; October 31, 2020 – $28,920) for a net position of $5 (January 31, 2021 – $681; October 31, 2020 – $495). (2) These include cash held in trust and trust permitted investment assets acquired as part of the principal reinvestment account that the Bank is required to maintain in order to participate in the programs. The following table provides the carrying amount of the transferred assets and the associated liabilities: As at ($ millions) April 30 (1) January 31 (1) October 31 (1) Carrying value of securities associated with: Repurchase agreements (2) $ 97,400 $ 121,733 $ 121,918 Securities lending agreements 61,851 63,756 53,082 Total 159,251 185,489 175,000 Carrying value of associated liabilities (3) $ 115,969 $ 140,491 $ 137,763 (1) The fair value of transferred assets is $159,251 (January 31, 2021 – $185,489; October 31, 2020 – $175,000) and the fair value of the associated liabilities is $115,969 (January 31, 2021 – $140,491; October 31, 2020 – $137,763) for a net position of $43,282 (January 31, 2021 – $44,998; October 31, 2020 – $37,237). (2) Does not include over-collateralization of assets pledged. (3) Liabilities for securities lending arrangements only include amounts related to cash collateral received. In most cases, securities are received as collateral. |
Investments in associates (Tabl
Investments in associates (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Investments accounted for using equity method [abstract] | |
Significant Investments in Associates | The Bank had significant investments in the following associates: As at April 30 January 31 October 31 ($ millions) Country of Nature of Ownership Date of financial (1) Carrying Carrying Carrying Canadian Tire Financial Services business (CTFS) (2) Canada Financial 20.00 % March 31, 2021 $ 521 $ 533 $ 534 Bank of Xi’an Co. Ltd. (3) China Banking 17.99 % March 31, 2021 935 955 926 Maduro & Curiel’s Bank N.V. (4) Curacao Banking 48.10 % March 31, 2021 344 365 355 (1) Represents the date of the most recent financial statements made available to the Bank by the associates’ management. (2) Canadian Tire has an option to sell to the Bank up to an additional 29% equity interest until the end of the 10th anniversary (October 1, 2024) at the then fair value, that can be settled, at the Bank’s discretion, by issuance of common shares or cash. After October 1, 2024 for a period of six months, the Bank has the option to sell its equity interest back to Canadian Tire at the then fair value. (3) Based on the quoted price on the Shanghai Stock Exchange, the Bank’s Investment in Bank of Xi’an Co. Ltd. was $736 (January 31, 2021 – $826; October 31, 2020 – $818). (4) The local regulator requires financial institutions to set aside reserves for general banking risks. These reserves are not required under IFRS, and represent undistributed retained earnings related to a foreign associated corporation, which are subject to local regulatory restrictions. As of April 30, 2021, these reserves amounted to $58 (January 31, 2021 – $61; October 31, 2020 – $64). |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Deposits | As at April 30, 2021 January 31 October 31 Payable on demand (1) Payable (2) ($ millions) Interest- Non-interest- Payable on a (3) Total Total Total Personal $ 8,652 $ 9,962 $ 155,807 $ 72,240 $ 246,661 $ 249,509 $ 246,135 Business and government 165,188 32,646 48,352 222,892 469,078 476,334 464,619 Financial institutions 8,425 739 1,383 30,375 40,922 43,150 40,084 $ 182,265 $ 43,347 $ 205,542 (4) $ 325,507 $ 756,661 $ 768,993 $ 750,838 Recorded in: Canada $ 127,832 $ 24,792 $ 170,056 $ 216,319 $ 538,999 $ 551,464 $ 541,589 United States 41,871 37 6,699 27,721 76,328 68,442 60,747 United Kingdom – – 201 17,752 17,953 19,227 14,977 Mexico – 5,574 7,081 12,455 25,110 24,782 25,294 Peru 4,866 46 5,482 4,185 14,579 17,098 17,694 Chile 3,326 6,610 155 13,261 23,352 23,928 23,592 Colombia 39 594 4,840 3,367 8,840 9,570 9,308 Other International 4,331 5,694 11,028 30,447 51,500 54,482 57,637 Total (5) $ 182,265 $ 43,347 $ 205,542 $ 325,507 $ 756,661 $ 768,993 $ 750,838 (1) Deposits payable on demand include all deposits for which we do not have the right to notice of withdrawal, generally chequing accounts. (2) Deposits payable after notice include all deposits for which we require notice of withdrawal, generally savings accounts. (3) All deposits that mature on a specified date, generally term deposits, guaranteed investments certificates and similar instruments. (4) Includes $160 (January 31, 2021 – $162; October 31, 2020 – $158) of non-interest-bearing (5) Deposits denominated in U.S. dollars amount to $226,259 (January 31, 2021 – $233,223; October 31, 2020 – $215,836), deposits denominated in Chilean pesos amount to $20,294 (January 31, 2021 – $21,050; October 31, 2020 – $21,099), deposits denominated in Mexican pesos amount to $22,675 (January 31, 2021 – $22,674; October 31, 2020 – $22,765) and deposits denominated in other foreign currencies amount to $77,384 (January 31, 2021 – $82,458; October 31, 2020 – $83,706). |
Summary of Maturity Schedule for Term Deposits | The following table presents the maturity schedule for term deposits in Canada greater than $100,000 (1) ($ millions) Within Three to Six to One to Over Total As at April 30, 2021 $ 34,164 $ 17,639 $ 35,906 $ 79,066 $ 16,570 $ 183,345 As at January 31, 2021 $ 41,497 $ 24,682 $ 31,143 $ 84,548 $ 16,341 $ 198,211 As at October 31, 2020 $ 38,739 $ 22,498 $ 30,850 $ 92,589 $ 18,072 $ 202,748 (1) The majority of foreign term deposits are in excess of $100,000. |
Capital management (Tables)
Capital management (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | The Bank’s regulatory capital and leverage position were as follows: As at ($ millions) April 30 January 31 October 31 Capital Common Equity Tier 1 capital $ 49,697 $ 49,542 $ 49,165 Net Tier 1 capital 55,152 55,293 55,362 Total regulatory capital 63,686 63,724 64,512 Risk-weighted assets/exposures used in calculation of capital ratios Risk-weighted assets (1) $ 404,727 $ 406,780 $ 417,138 Leverage exposures 1,180,223 1,179,755 1,170,290 Capital ratios Common Equity Tier 1 capital ratio 12.3 % 12.2 % 11.8 % Tier 1 capital ratio 13.6 % 13.6 % 13.3 % Total capital ratio 15.7 % 15.7 % 15.5 % Leverage ratio 4.7 % 4.7 % 4.7 % (1) As at April 30, 2021, January 31, 2021 and October 31, 2020, the Bank did not have a regulatory capital floor add-on |
Employee benefits (Tables)
Employee benefits (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Expenses for Bank's Principal Plans | Employee benefits include pensions, other post-retirement benefits, and post-employment benefits. The following table summarizes the expenses for the Bank’s principal plans (1) For the three months ended Pension plans Other benefit plans ($ millions) April 30 January 31 April 30 April 30 January 31 April 30 Defined benefit service cost $ 95 $ 95 $ 93 $ 6 $ 6 $ (1 ) Interest on net defined benefit (asset) liability 10 9 6 11 11 12 Other 3 3 4 (4 ) – (1 ) Defined benefit expense $ 108 $ 107 $ 103 $ 13 $ 17 $ 10 Defined contribution expense $ 26 $ 23 $ 23 $ – $ – $ – Increase (decrease) in other comprehensive income related to employee benefits (2) $ 814 $ 637 $ (98 ) $ 73 $ 4 $ 49 For the six months ended Pension plans Other benefit plans ($ millions) April 30 April 30 April 30 April 30 Defined benefit service cost $ 190 $ 184 $ 12 $ 12 Interest on net defined benefit (asset) liability 19 12 22 24 Other 6 8 (4 ) 1 Defined benefit expense $ 215 $ 204 $ 30 $ 37 Defined contribution expense $ 49 $ 42 $ – $ – Increase (decrease) in other comprehensive income related to employee benefits (2) $ 1,451 $ (414 ) $ 77 $ 7 (1) Other plans operated by certain subsidiaries of the Bank are not considered material and are not included in this note. (2) Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. In the absence of legislated changes, all other assumptions are updated annually. |
Operating segments (Tables)
Operating segments (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Scotiabank’s results, and average assets and liabilities, allocated by these operating segments, are as follows: For the three months ended April 30, 2021 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 1,934 $ 1,662 $ 152 $ 350 $ 78 $ 4,176 Non-interest (3)(4) 690 716 1,156 907 91 3,560 Total revenues 2,624 2,378 1,308 1,257 169 7,736 Provision for credit losses 145 396 (2 ) (43 ) – 496 Non-interest 1,229 1,294 802 633 84 4,042 Provision for income taxes 323 181 134 150 (46 ) 742 Net income $ 927 $ 507 $ 374 $ 517 $ 131 $ 2,456 Net income attributable to non-controlling $ – $ 87 $ 2 $ – $ 1 $ 90 Net income attributable to equity holders of the Bank $ 927 $ 420 $ 372 $ 517 $ 130 $ 2,366 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (5) – (1 ) – – – ( ) Net income attributable to equity holders of the Bank – relating to operations other than divested operations 927 421 372 517 130 2,367 Average assets ($ billions) $ 372 $ 194 $ 28 $ 399 $ 158 $ 1,151 Average liabilities ($ billions) $ 311 $ 149 $ 45 $ 398 $ 177 $ 1,080 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $76 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $26, International Banking – $53, Global Wealth Management – $4, and Other – $30. (5) Refer to Note 20 for closed divestitures impacting the current period. For the three months ended January 31, 2021 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 1,984 $ 1,788 $ 155 $ 358 $ 66 $ 4,351 Non-interest (3)(4) 664 773 1,235 978 71 3,721 Total revenues 2,648 2,561 1,390 1,336 137 8,072 Provision for credit losses 215 525 4 20 – 764 Non-interest 1,204 1,402 817 614 171 4,208 Provision for income taxes 318 157 148 159 (80 ) 702 Net income $ 911 $ 477 $ 421 $ 543 $ 46 $ 2,398 Net income attributable to non-controlling $ – $ 88 $ 3 $ – $ (1 ) $ 90 Net income attributable to equity holders of the Bank $ 911 $ 389 $ 418 $ 543 $ 47 $ 2,308 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations(5) – 3 – – – 3 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 911 386 418 543 47 2,305 Average assets ($ billions) $ 368 $ 199 $ 27 $ 395 $ 166 $ 1,155 Average liabilities ($ billions) $ 306 $ 153 $ 42 $ 387 $ 196 $ 1,084 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $69 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $20, International Banking – $49, Global Wealth Management – $3, and Other – $(15). (5) Refer to Note 20 for closed divestitures impacting the current period. For the three months ended April 30, 2020 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 1,951 $ 1,907 $ 145 $ 385 $ 29 $ 4,417 Non-interest (3)(4) 575 800 982 1,075 107 3,539 Total revenues 2,526 2,707 1,127 1,460 136 7,956 Provision for credit losses 670 1,019 2 155 – 1,846 Non-interest 1,220 1,465 715 616 347 4,363 Provision for income taxes 159 38 106 166 (46 ) 423 Net income $ 477 $ 185 $ 304 $ 523 $ (165 ) $ 1,324 Net income attributable to non-controlling $ – $ 12 $ 2 $ – $ 1 $ 15 Net income attributable to equity holders of the Bank $ 477 $ 173 $ 302 $ 523 $ (166 ) $ 1,309 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations(5) – (3 ) – – – (3 ) Net income attributable to equity holders of the Bank – relating to operations other than divested operations 477 176 302 523 (166 ) 1,312 Average assets ($ billions) $ 359 $ 205 $ 26 $ 433 $ 158 $ 1,181 Average liabilities ($ billions) $ 265 $ 154 $ 39 $ 378 $ 274 $ 1,110 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $75 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $12, International Banking – $65, Global Wealth Management – $4, and Other – $(21). (5) Refer to Note 37 in the Bank’s 2020 Annual Report for details on divested operations. For the six months ended April 30, 2021 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 3,918 $ 3,450 $ 307 $ 708 $ 144 $ 8,527 Non-interest (3)(4) 1,354 1,489 2,391 1,885 162 7,281 Total revenues 5,272 4,939 2,698 2,593 306 15,808 Provision for credit losses 360 921 2 (23 ) – 1,260 Non-interest 2,433 2,696 1,619 1,247 255 8,250 Provision for income taxes 641 338 282 309 (126 ) 1,444 Net income $ 1,838 $ 984 $ 795 $ 1,060 $ 177 $ 4,854 Net income attributable to non-controlling $ – $ 175 $ 5 $ – $ – $ 180 Net income attributable to equity holders of the Bank $ 1,838 $ 809 $ 790 $ 1,060 $ 177 $ 4,674 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (5) – 2 – – – 2 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 1,838 807 790 1,060 177 4,672 Average assets ($ billions) $ 370 $ 197 $ 28 $ 397 $ 162 $ 1,154 Average liabilities ($ billions) $ 308 $ 151 $ 43 $ 393 $ 188 $ 1,083 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $145 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $46, International Banking – $102, Global Wealth Management – $7, and Other – $15. (5) Refer to Note 20 for closed divestitures impacting the current period. For the six months ended April 30, 2020 Taxable equivalent basis ($ millions) Canadian International Global Global Other (1) Total Net interest income (2) $ 3,954 $ 3,912 $ 286 $ 710 $ (53 ) $ 8,809 Non-interest (3)(4) 1,279 1,780 1,998 1,917 314 7,288 Total revenues 5,233 5,692 2,284 2,627 261 16,097 Provision for credit losses 991 1,599 3 179 – 2,772 Non-interest 2,453 3,129 1,452 1,270 477 8,781 Provision for income taxes 460 197 216 283 (262 ) 894 Net income $ 1,329 $ 767 $ 613 $ 895 $ 46 $ 3,650 Net income attributable to non-controlling $ – $ 76 $ 5 $ – $ (27 ) $ 54 Net income attributable to equity holders of the Bank $ 1,329 $ 691 $ 608 $ 895 $ 73 $ 3,596 Represented by: Net income attributable to equity holders of the Bank – relating to divested operations (5) – 58 – – – 58 Net income attributable to equity holders of the Bank – relating to operations other than divested operations 1,329 633 608 895 73 3,538 Average assets ($ billions) $ 357 $ 204 $ 26 $ 422 $ 138 $ 1,147 Average liabilities ($ billions) $ 264 $ 152 $ 37 $ 357 $ 267 $ 1,077 (1) Includes all other smaller operating segments and corporate adjustments, such as the elimination of the tax-exempt income gross-up reported in net interest income and non-interest income and provision for income taxes of $143 to arrive at the amounts reported in the Consolidated Statement of Income, differences in the actual amount of costs incurred and charged to the operating segments. (2) Interest income is reported net of interest expense as management relies primarily on net interest income as a performance measure. (3) Card revenues and Banking services fees are mainly earned in Canadian and International Banking. Mutual fund, Brokerage fees and Investment management and trust fees are primarily earned in Global Wealth Management. Underwriting and other advisory fees are predominantly earned in Global Banking and Markets. (4) Includes income (on a taxable equivalent basis) from investments in associated corporations for Canadian Banking – $32, International Banking – $158, Global Wealth Management – $7, and Other – $(46). (5) Refer to Note 37 in the Bank’s 2020 Annual Report for details on divested operations. |
Interest income and expense (Ta
Interest income and expense (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Details of Interest Income and Interest Expense from Financial Instruments | For the three months ended For the six months ended April 30, 2021 January 31, 2021 April 30, 2020 April 30, 2021 April 30, 2020 ($ millions) Interest Interest Interest Interest Interest Interest Interest income Interest Interest Interest Measured at amortized cost (1) $ 5,897 $ 1,962 $ 6,212 $ 2,126 $ 7,406 $ 3,390 $ 12,109 $ 4,088 $ 15,203 $ 7,167 Measured at FVOCI (1) 181 – 188 – 303 – 369 – 621 – 6,078 1,962 6,400 2,126 7,709 3,390 12,478 4,088 15,824 7,167 Other 109 (2) 49 (3) 112 (2) 35 (3) 129 (2) 31 (3) 221 (2) 84 (3) 250 (2) 98 (3) Total $ 6,187 $ 2,011 $ 6,512 $ 2,161 $ 7,838 $ 3,421 $ 12,699 $ 4,172 $ 16,074 $ 7,265 (1) The interest income/expense on financial assets/liabilities are calculated using the effective interest method. (2) Includes dividend income on equity securities. (3) Includes interest on lease liabilities for the three months ended April 30, 2021 – $27 (January 31, 2021 – $27; April 30, 2020 – $30) and for the six months ended April 30, 2021 – $54 (April 30, 2020 – $60). |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Text Block [Abstract] | |
Summary of Earnings Per Share | For the three months ended For the six months ended ($ millions) April 30 January 31 April 30 April 30 April 30 Basic earnings per common share Net income attributable to common shareholders $ 2,289 $ 2,265 $ 1,243 $ 4,554 $ 3,505 Weighted average number of common shares outstanding (millions) 1,213 1,212 1,212 1,213 1,213 Basic earnings per common share (1) (in dollars) $ 1.89 $ 1.87 $ 1.03 $ 3.76 $ 2.89 Diluted earnings per common share Net income attributable to common shareholders $ 2,289 $ 2,265 $ 1,243 $ 4,554 $ 3,505 Dilutive impact of share-based payment options and others (2) 13 41 (22 ) 116 29 Net income attributable to common shareholders (diluted) $ 2,302 $ 2,306 $ 1,221 $ 4,670 $ 3,534 Weighted average number of common shares outstanding (millions) 1,213 1,212 1,212 1,213 1,213 Dilutive impact of share-based payment options and others (2) (millions) 10 25 10 35 32 Weighted average number of diluted common shares outstanding (millions) 1,223 1,237 1,222 1,248 1,245 Diluted earnings per common share (1) (in dollars) $ 1.88 $ 1.86 $ 1.00 $ 3.74 $ 2.84 (1) Earnings per share calculations are based on full dollar and share amounts. (2) Certain options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive. |
Financial instruments (Tables)
Financial instruments (Tables) | 6 Months Ended |
Apr. 30, 2021 | |
Statement [Line Items] | |
Summary of Credit Risk Exposures | Under the standardized approach, credit risk is estimated using the risk weights as prescribed by the Basel framework, either based on credit assessments by external rating agencies or based on the counterparty type for non-retail Exposure at default (1) As at April 30, 2021 January 31 October 31 ($ millions) AIRB Standardized Total Total Total By exposure sub-type Non-retail Drawn (2)(3) $ 366,915 $ 63,042 $ 429,957 $ 483,553 $ 486,658 Undrawn commitments 109,974 3,263 113,237 111,407 115,420 Other exposures (4) 125,989 9,100 135,089 128,678 120,903 Total non-retail $ 602,878 $ 75,405 $ 678,283 $ 723,638 $ 722,981 Retail Drawn (5) $ 233,853 $ 86,966 $ 320,819 $ 315,332 $ 308,408 Undrawn commitments 48,463 – 48,463 51,486 52,835 Total retail $ 282,316 $ 86,966 $ 369,282 $ 366,818 $ 361,243 Total $ 885,194 $ 162,371 $ 1,047,565 $ 1,090,456 $ 1,084,224 (1) After credit risk mitigation and excludes equity securities and other assets. (2) Non-retail (3) Non-retail (4) Includes off-balance over-the-counter (5) Retail drawn includes residential mortgages, credit cards, lines of credit and other personal loans. |
Summary of VaR by Risk Factor | The table below shows the Bank’s VaR by risk factor along with Stressed VaR: For the three months ended As at As at April 30, 2021 April 30 January 31 April 30 ($ millions) Average High Low 2021 2021 2020 Credit spread plus interest rate $ 14.3 $ 19.2 $ 10.2 $ 10.8 $ 15.4 $ 32.6 Credit spread 6.2 8.0 4.4 4.8 7.7 31.5 Interest rate 15.3 21.3 9.3 13.9 17.9 12.1 Equities 6.1 15.1 3.4 9.4 5.9 7.4 Foreign exchange 2.9 5.7 1.6 3.0 2.4 1.8 Commodities 4.9 8.7 1.9 4.1 5.5 6.9 Debt specific 2.8 3.7 2.3 2.3 3.7 9.3 Diversification effect (14.3 ) – – (13.0 ) (15.9 ) (23.5 ) Total VaR $ 16.7 $ 22.5 $ 12.7 $ 16.6 $ 17.0 $ 34.5 Total Stressed VaR $ 40.2 $ 50.5 $ 29.1 $ 37.6 $ 43.8 $ 42.9 |
Fair Value of Financial Liabilities Designated at Fair Value Through Profit or Loss and Changes in Fair Value | The following table presents the fair value of Fair value Change in fair value Cumulative change in fair value (1) As at For the three months ended As at ($ millions) April 30 January 31 April 30 April 30 January 31 April 30 April 30 January 31 April 30 Liabilities Senior note liabilities (2) $ 20,406 $ 20,260 $ 16,111 $ 197 $ (746) $ 1,834 $ (350) $ (547) $ 1,260 (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. (2) Changes in fair value attributable to changes in the Bank’s own credit risk are recorded in other comprehensive income. Other changes in fair value are recorded in non-interest |
Changes in Fair Value Attributable to Changes in Bank's Own Credit Risk for Financial Liabilities Designated at Fair Value | The following table presents the changes in fair value attributable to changes in the Bank’s own credit risk for financial liabilities designated at fair value through profit or loss as well as their contractual maturity and carrying amounts. Senior note liabilities ($ millions) Contractual (1) Carrying value Difference Changes in fair value Cumulative changes (1) As at April 30, 2021 $ 20,056 $ 20,406 $ (350) $ (140) $ (777) As at January 31, 2021 $ 19,713 $ 20,260 $ (547) $ (178) $ (637) As at April 30, 2020 $ 17,371 $ 16,111 $ 1,260 $ 404 $ 337 (1) The cumulative change in fair value is measured from the instruments’ date of initial recognition. |
Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption | The following table sets out the fair values of financial instruments of the Bank and excludes non-financial As at April 30, 2021 January 31, 2021 October 31, 2020 ($ millions) Total fair Total Total fair Total Total fair Total Assets: Cash and deposits with financial institutions $ 52,017 $ 52,017 $ 89,491 $ 89,491 $ 76,460 $ 76,460 Trading assets 144,247 144,247 141,768 141,768 117,839 117,839 Securities purchased under resale agreements and securities borrowed 131,081 131,081 118,831 118,831 119,747 119,747 Derivative financial instruments 40,573 40,573 46,269 46,269 45,065 45,065 Investment securities – fair value 63,182 63,182 71,523 71,523 79,745 79,745 Investment securities – amortized cost 22,140 21,925 28,167 27,713 32,129 31,644 Loans 617,096 608,165 612,277 603,649 612,368 603,263 Customers’ liability under acceptances 15,596 15,596 14,775 14,775 14,228 14,228 Other financial assets 13,789 13,789 14,328 14,328 12,700 12,700 Liabilities: Deposits 759,760 756,661 773,422 768,993 755,395 750,838 Financial instruments designated at fair value through profit or loss 20,406 20,406 20,260 20,260 18,899 18,899 Acceptances 15,668 15,668 14,856 14,856 14,305 14,305 Obligations related to securities sold short 41,768 41,768 40,119 40,119 31,902 31,902 Derivative financial instruments 39,868 39,868 41,296 41,296 42,247 42,247 Obligations related to securities sold under repurchase agreements and securities lent 115,969 115,969 140,491 140,491 137,763 137,763 Subordinated debentures 6,871 6,439 7,032 6,600 7,827 7,405 Other financial liabilities 40,669 39,906 43,717 42,309 43,776 42,660 |
Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis | The following table outlines the fair value hierarchy and instruments carried at fair value on a recurring basis. As at April 30, 2021 January 31, 2021 ($ millions) Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Instruments carried at fair value on a recurring basis: Assets: Precious metals (1) $ – $ 553 $ – $ 553 $ – $ 1,107 $ – $ 1,107 Trading assets Loans – 6,532 – 6,532 – 7,903 – 7,903 Canadian federal government and government guaranteed debt 11,136 3,992 – 15,128 8,482 4,069 – 12,551 Canadian provincial and municipal debt – 10,313 – 10,313 – 10,265 – 10,265 US treasury and other US agencies’ debt 10,754 – – 10,754 8,384 – – 8,384 Other foreign governments’ debt 9,153 2,980 – 12,133 11,559 2,816 – 14,375 Corporate and other debt – 11,463 4 11,467 – 11,274 20 11,294 Income funds 164 – – 164 141 – – 141 Equity securities 77,049 36 72 77,157 75,430 757 – 76,187 Other (2) 599 – – 599 668 – – 668 $ 108,855 $ 35,869 $ 76 $ 144,800 $ 104,664 $ 38,191 $ 20 $ 142,875 Investment securities (3) Canadian federal government and government guaranteed debt $ 984 $ 10,994 $ – $ 11,978 $ 1,600 $ 13,034 $ – $ 14,634 Canadian provincial and municipal debt 102 9,644 – 9,746 94 13,595 – 13,689 US treasury and other US agencies’ debt 7,068 3,007 – 10,075 8,181 1,888 – 10,069 Other foreign governments’ debt 12,422 14,556 22 27,000 13,976 14,860 24 28,860 Corporate and other debt 293 792 26 1,111 209 796 27 1,032 Equity securities 2,055 196 1,021 3,272 2,081 204 954 3,239 $ 22,924 $ 39,189 $ 1,069 $ 63,182 $ 26,141 $ 44,377 $ 1,005 $ 71,523 Derivative financial instruments Interest rate contracts $ – $ 14,522 $ 2 $ 14,524 $ – $ 19,411 $ 1 $ 19,412 Foreign exchange and gold contracts – 17,765 – 17,765 – 19,277 – 19,277 Equity contracts 93 3,151 11 3,255 98 3,263 2 3,363 Credit contracts – 186 – 186 – 239 – 239 Commodity contracts – 4,843 – 4,843 – 3,978 – 3,978 $ 93 $ 40,467 $ 13 $ 40,573 $ 98 $ 46,168 $ 3 $ 46,269 Liabilities: Deposits (4) $ – $ 135 $ – $ 135 $ – $ 118 $ – $ 118 Financial liabilities designated at fair value through profit or loss – 20,290 116 20,406 – 20,260 – 20,260 Obligations related to securities sold short 34,414 7,354 – 41,768 32,896 7,223 – 40,119 Derivative financial instruments Interest rate contracts – 13,595 73 13,668 – 16,000 48 16,048 Foreign exchange and gold contracts – 18,073 – 18,073 – 18,515 – 18,515 Equity contracts 260 3,713 2 3,975 340 2,628 6 2,974 Credit contracts – 37 – 37 – 46 – 46 Commodity contracts – 4,115 – 4,115 – 3,713 – 3,713 $ 260 $ 39,533 $ 75 $ 39,868 $ 340 $ 40,902 $ 54 $ 41,296 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. (2) Represents energy related assets. (3) Excludes debt investment securities measured at amortized cost of $21,925 (January 31, 2021 – $27,713). (4) These amounts represent embedded derivatives bifurcated from structured notes. As at October 31, 2020 ($ millions) Level 1 Level 2 Level 3 Total Instruments carried at fair value on a recurring basis: Assets: Precious metals (1) $ – $ 1,181 $ – $ 1,181 Trading assets Loans – 8,352 – 8,352 Canadian federal government and government guaranteed debt 9,154 3,882 – 13,036 Canadian provincial and municipal debt – 9,320 – 9,320 US treasury and other US agencies’ debt 5,182 – – 5,182 Other foreign governments’ debt 9,230 3,415 – 12,645 Corporate and other debt – 10,570 18 10,588 Income funds 121 – – 121 Equity securities 57,078 361 – 57,439 Other (2) 1,156 – – 1,156 $ 81,921 $ 37,081 $ 18 $ 119,020 Investment securities (3) Canadian federal government and government guaranteed debt $ 1,728 $ 15,100 $ – $ 16,828 Canadian provincial and municipal debt 93 17,454 – 17,547 US treasury and other US agencies’ debt 11,930 1,299 – 13,229 Other foreign governments’ debt 14,101 13,798 23 27,922 Corporate and other debt 265 850 23 1,138 Equity securities 1,954 263 864 3,081 $ 30,071 $ 48,764 $ 910 $ 79,745 Derivative financial instruments Interest rate contracts $ – $ 21,013 $ 4 $ 21,017 Foreign exchange and gold contracts – 17,943 – 17,943 Equity contracts 290 2,655 3 2,948 Credit contracts – 480 – 480 Commodity contracts – 2,677 – 2,677 $ 290 $ 44,768 $ 7 $ 45,065 Liabilities: Deposits (4) $ – $ 73 $ – $ 73 Financial liabilities designated at fair value through profit or loss – 18,899 – 18,899 Obligations related to securities sold short 25,584 6,318 – 31,902 Derivative financial instruments Interest rate contracts – 16,937 17 16,954 Foreign exchange and gold contracts – 19,511 – 19,511 Equity contracts 599 2,133 2 2,734 Credit contracts – 53 – 53 Commodity contracts – 2,995 – 2,995 $ 599 $ 41,629 $ 19 $ 42,247 (1) The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. (2) Represents energy related assets. (3) Excludes debt investment securities measured at amortized cost of $31,644. (4) These amounts represent embedded derivatives bifurcated from structured notes. |
Summary of Changes in Level 3 Instruments Carried at Fair Value | The following table summarizes the changes in Level 3 instruments carried at fair value for the three months ended April 30, 2021. All positive balances represent assets and negative balances represent liabilities. Consequently, positive amounts indicate purchases of assets or settlements of liabilities and negative amounts indicate sales of assets or issuances of liabilities. As at April 30, 2021 ($ millions) Fair Gains/ Gains/ Purchases/ Sales/ Transfers Fair Changes in (1) Trading assets Corporate and other debt $ 20 $ 6 $ – $ – $ (22 ) $ – $ 4 $ – Equity securities – – – – – 72 72 – 20 6 – – (22 ) 72 76 – Investment securities Other foreign governments’ debt 24 – (2 ) – – – 22 n/a Corporate and other debt 27 – (8 ) 7 – – 26 – Equity securities 954 76 – 42 (51 ) – 1,021 76 1,005 76 (10 ) 49 (51 ) – 1,069 76 Derivative financial instruments – assets Interest rate contracts 1 – – 1 – – 2 – Equity contracts 2 1 – 8 – – 11 1 (2) Derivative financial instruments – liabilities Interest rate contracts (48 ) (1 ) – (24 ) – – (73 ) (1 ) (3) Equity contracts (6 ) 1 – (2 ) – 5 (2 ) 1 (2) (51 ) 1 – (17 ) – 5 (62 ) 1 Financial liabilities designated at fair value through profit or loss – 1 – (81 ) – (36 ) (116 ) 1 Total $ 974 $ 84 $ (10 ) $ (49 ) $ (73 ) $ 41 $ 967 $ 78 (1) These amounts represent the gains and losses from fair value changes of Level 3 instruments still held at the end of the period that are recorded in the Consolidated Statement of Income. (2) Certain unrealized gains and losses on derivative assets and liabilities are largely offset by mark-to-market (3) Certain unrealized losses on interest rate derivative contracts are largely offset by mark-to-market The following tables summarize the changes in Level 3 instruments carried at fair value for the three months ended January 31, 2021 and October 31, 2020 . As at January 31, 2021 ($ millions) Fair value, Gains/ (1) Gains/ Purchases/ Sales/ Transfers Fair value, Trading assets $ 18 $ 2 $ – $ – $ – $ – $ 20 Investment securities 910 58 1 43 (35 ) 28 1,005 Derivative financial instruments (12 ) 2 – (38 ) – (3 ) (51 ) (1) Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. As at October 31, 2020 ($ millions) Fair value, Gains/ (1) Gains/ Purchases/ Sales/ Transfers Fair value, Trading assets $ 15 $ 3 $ – $ – $ – $ – $ 18 Investment securities 898 14 7 43 (24 ) (28 ) 910 Derivative financial instruments (36 ) 5 – (7 ) 25 1 (12 ) (1) Gains or losses for items in Level 3 may be offset with losses or gains on related hedges in Level 1 or Level 2. |
Significant Accounting Polici_4
Significant Accounting Policies - Schedule of Non-derivative Financial Assets and Financial Liabilities (Detail) $ in Millions | Nov. 01, 2020CAD ($) |
Nonderivative financial assets and financial liabilities [Line Items] | |
Non-derivative financial assets | $ 29,663 |
Non-derivative financial liabilities | 2,928 |
USD LIBOR [member] | Maturing after June 30, 2023 [member] | |
Nonderivative financial assets and financial liabilities [Line Items] | |
Non-derivative financial assets | 27,500 |
Non-derivative financial liabilities | 1,229 |
GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |
Nonderivative financial assets and financial liabilities [Line Items] | |
Non-derivative financial assets | 1,468 |
Non-derivative financial liabilities | 949 |
Other Rates [member] | Maturing after December 31, 2021 [member] | |
Nonderivative financial assets and financial liabilities [Line Items] | |
Non-derivative financial assets | 695 |
Non-derivative financial liabilities | $ 750 |
Significant Accounting Polici_5
Significant Accounting Policies - Schedule of Non-derivative Financial Assets and Financial Liabilities (Parenthetical) (Detail) $ in Millions, $ in Millions | Oct. 12, 2022CAD ($) | Oct. 12, 2022USD ($) | Jan. 31, 2021CAD ($) | Nov. 01, 2020CAD ($) |
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non derivative financial assets | $ 29,663 | |||
Non derivative financial liabilities | $ 2,928 | |||
Additional tier1 capital instruments one [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Other equity instruments notional amount | $ 1,560 | $ 1,250 | ||
Not included as part of EURIBOR exposures [member] | ||||
Nonderivative financial assets and financial liabilities [Line Items] | ||||
Non derivative financial assets | $ 2,181 | |||
Non derivative financial liabilities | $ 1,164 |
Significant Accounting Polici_6
Significant Accounting Policies - Schedule of Notional Balance of the Bank's Derivative Exposures and Undrawn Commitments to Significant IBORs (Detail) $ in Millions | Nov. 01, 2020CAD ($) |
Single currency interest rate swaps | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | $ 1,126,626 |
Single currency interest rate swaps | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 410,590 |
Single currency interest rate swaps | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 699,339 |
Single currency interest rate swaps | Other Rates [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 16,697 |
Cross currency interest rate swaps | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 281,675 |
Cross currency interest rate swaps | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 231,539 |
Cross currency interest rate swaps | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 31,052 |
Cross currency interest rate swaps | Other Rates [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 19,084 |
Other | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 50,371 |
Other | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 20,885 |
Other | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 29,486 |
Undrawn commitments | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 21,912 |
Undrawn commitments | USD LIBOR [member] | Maturing after June 30, 2023 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 20,354 |
Undrawn commitments | GBP LIBOR [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | 1,094 |
Undrawn commitments | Other Rates [member] | Maturing after December 31, 2021 [member] | |
Derivatives and undrawn commitments [line Items] | |
Notional amount | $ 464 |
Significant Accounting Polici_7
Significant Accounting Policies - Schedule of Notional Balance of the Bank's Derivative Exposures and Undrawn Commitments to Significant IBORs (Parenthetical) (Detail) - Not included as part of EURIBOR exposures [member] $ in Millions | Jan. 31, 2021CAD ($) |
Derivatives and undrawn commitments [line Items] | |
Derivatives | $ 354,513 |
Undrawn commitements | $ 149 |
Cash and Deposits with Financ_3
Cash and Deposits with Financial Institutions - Summary of Cash and Deposits with Financial Institutions (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | |
Disclosure Of Cash And Cash Equivalents [abstract] | |||||||
Cash and non-interest-bearing deposits with financial institutions | [1] | $ 7,940 | $ 9,443 | $ 11,123 | $ 11,663 | $ 10,233 | $ 10,904 |
Interest-bearing deposits with financial institutions | 44,077 | 80,048 | 65,337 | ||||
Total | $ 52,017 | $ 89,491 | $ 76,460 | ||||
[1] | Represents cash and non-interest-bearing deposits with financial institutions (refer to Note 5). |
Cash and Deposits with Financ_4
Cash and Deposits with Financial Institutions - Summary of Cash and Deposits with Financial Institutions (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Cash And Deposits With Financial Institutions [member] | |||
Cash And Cash Equivalents And Short-term Deposits [line items] | |||
Net of allowances | $ 2 | $ 1 | $ 1 |
Cash and Deposits with Financ_5
Cash and Deposits with Financial Institutions - Additional Information (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Mandatory Reserve Deposits At Central Banks [abstract] | |||
Cash balances required to maintain with central banks, other regulatory authorities and certain counterparties | $ 5,990 | $ 6,411 | $ 7,121 |
Investment Securities - Disclos
Investment Securities - Disclosure of Carrying Value of Banks Investment Securities Per Measurement Category (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | |||
Investment securities | $ 85,107 | $ 99,236 | $ 111,389 |
Debt Investments [member] | Financial assets measured at fair value through other comprehensive income, category [member] | |||
Disclosure of financial assets [line items] | |||
Investment securities | 59,879 | 68,259 | 76,638 |
Debt Investments [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets [line items] | |||
Investment securities | 21,925 | 27,713 | 31,644 |
Debt Investments [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets [line items] | |||
Investment securities | 31 | 25 | 26 |
Equity securities [member] | Investments in equity instruments designated at fair value through other comprehensive income [member] | |||
Disclosure of financial assets [line items] | |||
Investment securities | 2,262 | 2,279 | 1,859 |
Equity securities [member] | Financial assets at fair value through profit or loss, category [member] | |||
Disclosure of financial assets [line items] | |||
Investment securities | $ 1,010 | $ 960 | $ 1,222 |
Investment Securities - Discl_2
Investment Securities - Disclosure of Unrealized Gains and Losses on Fair Value Through Other Comprehensive Income Securities (Detail) - Financial assets measured at fair value through other comprehensive income, category [member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | |||
Cost | $ 59,426 | $ 67,019 | $ 75,061 |
Gross unrealized gains | 716 | 1,431 | 1,595 |
Gross unrealized losses | 263 | 191 | 18 |
Fair value | 59,879 | 68,259 | 76,638 |
Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 11,769 | 14,247 | 16,374 |
Gross unrealized gains | 212 | 388 | 454 |
Gross unrealized losses | 3 | 1 | |
Fair value | 11,978 | 14,634 | 16,828 |
Canadian provincial and municipal debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 9,694 | 13,485 | 17,295 |
Gross unrealized gains | 76 | 205 | 253 |
Gross unrealized losses | 24 | 1 | 1 |
Fair value | 9,746 | 13,689 | 17,547 |
U.S. treasury and other U.S. agency debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 9,831 | 9,664 | 12,634 |
Gross unrealized gains | 287 | 408 | 595 |
Gross unrealized losses | 43 | 3 | |
Fair value | 10,075 | 10,069 | 13,229 |
Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 27,043 | 28,617 | 27,643 |
Gross unrealized gains | 130 | 409 | 274 |
Gross unrealized losses | 192 | 186 | 17 |
Fair value | 26,981 | 28,840 | 27,900 |
Other debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 1,089 | 1,006 | 1,115 |
Gross unrealized gains | 11 | 21 | 19 |
Gross unrealized losses | 1 | ||
Fair value | $ 1,099 | $ 1,027 | $ 1,134 |
Investment Securities - Summary
Investment Securities - Summary of Analysis of Fair Value and Carrying Value of Investment Securities Measured at Amortized Cost (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Financial assets at fair value, investment securities [member] | |||
Disclosure of financial assets [line items] | |||
Cost | $ 22,140 | $ 28,167 | $ 32,129 |
Financial assets at fair value, investment securities [member] | Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 13,897 | 17,318 | 17,955 |
Financial assets at fair value, investment securities [member] | U.S. treasury and other U.S. agency debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 6,216 | 8,305 | 11,048 |
Financial assets at fair value, investment securities [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 1,516 | 1,716 | 1,766 |
Financial assets at fair value, investment securities [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 511 | 828 | 1,360 |
Financial assets at carrying value, investment securities [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 21,925 | 27,713 | 31,644 |
Financial assets at carrying value, investment securities [member] | Canadian federal government issued or guaranteed debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 13,837 | 17,164 | 17,819 |
Financial assets at carrying value, investment securities [member] | U.S. treasury and other U.S. agency debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 6,077 | 8,029 | 10,726 |
Financial assets at carrying value, investment securities [member] | Other foreign government debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 1,502 | 1,695 | 1,744 |
Financial assets at carrying value, investment securities [member] | Corporate debt [member] | |||
Disclosure of financial assets [line items] | |||
Cost | $ 509 | $ 825 | $ 1,355 |
Investment Securities - Summa_2
Investment Securities - Summary of Equity Investment Securities Designated as at Fair Value Through Other Comprehensive Income (Detail) - Investments in equity instruments designated at fair value through other comprehensive income [member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | |||
Cost | $ 1,907 | $ 2,035 | $ 1,746 |
Gross unrealized gains | 390 | 316 | 228 |
Gross unrealized losses | 35 | 72 | 115 |
Fair value | 2,262 | 2,279 | 1,859 |
Preferred equity instruments [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 16 | 14 | 11 |
Gross unrealized losses | 5 | 3 | 3 |
Fair value | 11 | 11 | 8 |
Common shares [member] | |||
Disclosure of financial assets [line items] | |||
Cost | 1,891 | 2,021 | 1,735 |
Gross unrealized gains | 390 | 316 | 228 |
Gross unrealized losses | 30 | 69 | 112 |
Fair value | $ 2,251 | $ 2,268 | $ 1,851 |
Investment Securities - Additio
Investment Securities - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||||
Fair value of disposed equity securities | $ 523 | $ 181 | $ 190 | $ 704 | $ 532 |
Cumulative after-tax loss on equity securities designated at FVOCI | 72 | 39 | (87) | 111 | (107) |
Dividend income | $ 26 | $ 26 | $ 17 | $ 52 | $ 34 |
Loans, Impaired Loans and All_3
Loans, Impaired Loans and Allowance for Credit Losses - Schedule of Loans at Amortized Cost (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Gross carrying amount [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | $ 614,881 | $ 611,239 | $ 610,902 |
Gross carrying amount [member] | Residential mortgages [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 296,727 | 290,474 | 284,684 |
Gross carrying amount [member] | Loans to consumers [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 90,682 | 91,442 | 93,758 |
Gross carrying amount [member] | Credit Card [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 12,826 | 14,143 | 14,797 |
Gross carrying amount [member] | Business and government [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 214,646 | 215,180 | 217,663 |
Net Carrying Amount [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 608,165 | 603,649 | 603,263 |
Net Carrying Amount [member] | Residential mortgages [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 295,886 | 289,610 | 283,800 |
Net Carrying Amount [member] | Loans to consumers [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 87,876 | 88,292 | 90,603 |
Net Carrying Amount [member] | Credit Card [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 11,281 | 12,228 | 12,911 |
Net Carrying Amount [member] | Business and government [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 213,122 | 213,519 | 215,949 |
Financial assets individually assessed for credit losses [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 6,716 | 7,590 | 7,639 |
Financial assets individually assessed for credit losses [member] | Residential mortgages [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 841 | 864 | 884 |
Financial assets individually assessed for credit losses [member] | Loans to consumers [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 2,806 | 3,150 | 3,155 |
Financial assets individually assessed for credit losses [member] | Credit Card [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | 1,545 | 1,915 | 1,886 |
Financial assets individually assessed for credit losses [member] | Business and government [member] | |||
Disclosure of fair value financial assets amortised cost [line Items] | |||
Financial assets | $ 1,524 | $ 1,661 | $ 1,714 |
Loans, Impaired Loans and All_4
Loans, Impaired Loans and Allowance for Credit Losses - Impaired Loans (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | $ 614,881 | $ 611,239 | $ 610,902 |
Allowance for credit losses | 6,716 | 7,590 | 7,639 |
Net | 608,165 | 603,649 | 603,263 |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 296,727 | 284,684 | |
Allowance for credit losses | 841 | 884 | |
Net | 295,886 | 283,800 | |
Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 90,682 | 93,758 | |
Allowance for credit losses | 2,806 | 3,155 | |
Net | 87,876 | 90,603 | |
Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 12,826 | 14,797 | |
Allowance for credit losses | 1,545 | 1,886 | |
Net | 11,281 | 12,911 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 214,646 | 217,663 | |
Allowance for credit losses | 1,524 | 1,714 | |
Net | 213,122 | 215,949 | |
Financial instruments credit-impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 5,116 | 5,279 | 5,053 |
Allowance for credit losses | 1,938 | 1,994 | 1,957 |
Net | 3,178 | 3,285 | 3,096 |
Financial instruments credit-impaired [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 1,219 | 1,168 | 1,127 |
Allowance for credit losses | 518 | 497 | 487 |
Net | 701 | 671 | 640 |
Financial instruments credit-impaired [member] | United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 49 | 57 | 116 |
Allowance for credit losses | 2 | 3 | 4 |
Net | 47 | 54 | 112 |
Financial instruments credit-impaired [member] | Mexico [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 716 | 674 | 570 |
Allowance for credit losses | 309 | 260 | 222 |
Net | 407 | 414 | 348 |
Financial instruments credit-impaired [member] | Peru [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 872 | 973 | 824 |
Allowance for credit losses | 380 | 475 | 498 |
Net | 492 | 498 | 326 |
Financial instruments credit-impaired [member] | Chile [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 709 | 715 | 775 |
Allowance for credit losses | 243 | 228 | 233 |
Net | 466 | 487 | 542 |
Financial instruments credit-impaired [member] | Colombia [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 521 | 541 | 459 |
Allowance for credit losses | 135 | 130 | 102 |
Net | 386 | 411 | 357 |
Financial instruments credit-impaired [member] | Other International [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 1,030 | 1,151 | 1,182 |
Allowance for credit losses | 351 | 401 | 411 |
Net | 679 | 750 | 771 |
Financial instruments credit-impaired [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 1,495 | 1,563 | 1,490 |
Allowance for credit losses | 410 | 406 | 392 |
Net | 1,085 | 1,157 | 1,098 |
Financial instruments credit-impaired [member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 1,182 | 1,302 | 1,032 |
Allowance for credit losses | 821 | 849 | 820 |
Net | 361 | 453 | 212 |
Financial instruments credit-impaired [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | |||
Allowance for credit losses | |||
Net | |||
Financial instruments credit-impaired [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Gross impaired loans | 2,439 | 2,414 | 2,531 |
Allowance for credit losses | 707 | 739 | 745 |
Net | $ 1,732 | $ 1,675 | $ 1,786 |
Loans, Impaired Loans and All_5
Loans, Impaired Loans and Allowance for Credit Losses - Impaired Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Impaired loans [abstract] | |||
Interest income recognized on impaired loans | $ 12 | $ 16 | $ 11 |
Interest income, not classified as impaired loans | $ 73 | $ 78 | $ 71 |
Loans, Impaired Loans and All_6
Loans, Impaired Loans and Allowance for Credit Losses - Summary of Key Macroeconomic Variables Used for Allowance for Credit Losses Calculations (Detail) | 3 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Base case scenario [member] | Canada [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 7.80% | 4.60% | 3.10% |
Unemployment rate, average % | 6.70% | 7.90% | 7.30% |
Bank of Canada overnight rate target, average % | 0.30% | 0.30% | 0.30% |
HPI - Housing Price Index, y/y % change | 7.50% | 4.00% | 0.40% |
USDCAD exchange rate, average | 1.24 | 1.26 | 1.30 |
Base case scenario [member] | Canada [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 1.60% | 2.30% | 2.20% |
Unemployment rate, average % | 6.00% | 6.10% | 5.50% |
Bank of Canada overnight rate target, average % | 1.70% | 1.00% | 0.80% |
HPI - Housing Price Index, y/y % change | 2.00% | 1.70% | 2.80% |
USDCAD exchange rate, average | 1.23 | 1.25 | 1.25 |
Base case scenario [member] | United States [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 8.20% | 4.30% | 2.50% |
Unemployment rate, average % | 5.00% | 6.20% | 6.30% |
Base case scenario [member] | United States [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 1.60% | 2.50% | 2.20% |
Unemployment rate, average % | 3.80% | 5.00% | 3.50% |
Base case scenario [member] | Mexico [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 7.00% | 3.80% | 1.00% |
Unemployment rate, average % | 3.80% | 4.70% | 7.30% |
Base case scenario [member] | Mexico [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 1.90% | 1.90% | 2.30% |
Unemployment rate, average % | 3.80% | 4.30% | 4.50% |
Base case scenario [member] | Chile [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 6.50% | 5.50% | 3.80% |
Unemployment rate, average % | 9.50% | 11.70% | 12.10% |
Base case scenario [member] | Chile [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 5.10% | 3.00% | 2.60% |
Unemployment rate, average % | 6.70% | 7.80% | 7.30% |
Base case scenario [member] | Peru [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 7.50% | 8.70% | 3.70% |
Unemployment rate, average % | 11.30% | 12.00% | 12.40% |
Base case scenario [member] | Peru [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.60% | 3.60% | 3.80% |
Unemployment rate, average % | 7.30% | 7.50% | 8.10% |
Base case scenario [member] | Colombia [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.70% | 5.00% | 1.90% |
Unemployment rate, average % | 12.80% | 13.20% | 14.40% |
Base case scenario [member] | Colombia [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.60% | 3.60% | 3.50% |
Unemployment rate, average % | 8.60% | 9.00% | 8.20% |
Base case scenario [member] | Caribbean [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.80% | 3.60% | 2.20% |
Base case scenario [member] | Caribbean [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.10% | 4.10% | 4.10% |
Base case scenario [member] | Global WTI oil price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 62.00% | 48.00% | 48.00% |
Base case scenario [member] | Global WTI oil price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 66.00% | 57.00% | 58.00% |
Base case scenario [member] | Global Copper price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 4.03% | 3.11% | 3.00% |
Base case scenario [member] | Global Copper price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.90% | 3.24% | 3.19% |
Base case scenario [member] | Global GDP and PPP [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 6.73% | 5.31% | 4.44% |
Base case scenario [member] | Global GDP and PPP [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.00% | 3.36% | 3.28% |
Optimistic scenario [member] | Canada [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 9.90% | 6.50% | 4.70% |
Unemployment rate, average % | 6.10% | 7.40% | 6.70% |
Bank of Canada overnight rate target, average % | 0.90% | 0.60% | 0.50% |
HPI - Housing Price Index, y/y % change | 9.20% | 5.30% | 1.90% |
USDCAD exchange rate, average | 1.23 | 1.25 | 1.30 |
Optimistic scenario [member] | Canada [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.30% | 3.40% | 2.70% |
Unemployment rate, average % | 4.80% | 4.70% | 4.70% |
Bank of Canada overnight rate target, average % | 2.90% | 1.80% | 1.20% |
HPI - Housing Price Index, y/y % change | 4.20% | 3.10% | 3.30% |
USDCAD exchange rate, average | 1.22 | 1.23 | 1.25 |
Optimistic scenario [member] | United States [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 10.30% | 5.70% | 3.60% |
Unemployment rate, average % | 4.50% | 5.80% | 6.10% |
Optimistic scenario [member] | United States [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.10% | 3.30% | 2.40% |
Unemployment rate, average % | 3.40% | 4.50% | 3.30% |
Optimistic scenario [member] | Mexico [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 8.70% | 5.60% | 2.50% |
Unemployment rate, average % | 3.40% | 4.30% | 6.80% |
Optimistic scenario [member] | Mexico [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.70% | 2.70% | 2.60% |
Unemployment rate, average % | 2.90% | 3.40% | 3.90% |
Optimistic scenario [member] | Chile [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 8.40% | 8.20% | 5.60% |
Unemployment rate, average % | 9.00% | 11.00% | 11.60% |
Optimistic scenario [member] | Chile [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 6.80% | 4.50% | 3.20% |
Unemployment rate, average % | 5.70% | 6.90% | 6.90% |
Optimistic scenario [member] | Peru [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 10.20% | 11.40% | 5.00% |
Unemployment rate, average % | 10.10% | 9.30% | 11.30% |
Optimistic scenario [member] | Peru [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 5.10% | 5.20% | 4.40% |
Unemployment rate, average % | 4.40% | 4.40% | 6.30% |
Optimistic scenario [member] | Colombia [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 6.70% | 6.80% | 3.00% |
Unemployment rate, average % | 11.90% | 11.10% | 13.60% |
Optimistic scenario [member] | Colombia [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.90% | 4.80% | 4.00% |
Unemployment rate, average % | 6.30% | 6.40% | 6.80% |
Optimistic scenario [member] | Caribbean [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 5.40% | 5.40% | 3.30% |
Optimistic scenario [member] | Caribbean [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.90% | 4.90% | 4.40% |
Optimistic scenario [member] | Global WTI oil price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 70.00% | 54.00% | 52.00% |
Optimistic scenario [member] | Global WTI oil price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 90.00% | 81.00% | 68.00% |
Optimistic scenario [member] | Global Copper price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 4.23% | 3.28% | 3.09% |
Optimistic scenario [member] | Global Copper price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 4.55% | 3.78% | 3.42% |
Optimistic scenario [member] | Global GDP and PPP [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 8.65% | 7.18% | 5.63% |
Optimistic scenario [member] | Global GDP and PPP [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 4.00% | 4.39% | 3.72% |
Pessimistic scenario [member] | Canada [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.80% | (0.60%) | (2.00%) |
Unemployment rate, average % | 9.30% | 10.10% | 9.90% |
Bank of Canada overnight rate target, average % | 0.30% | 0.30% | 0.30% |
HPI - Housing Price Index, y/y % change | 0.40% | (6.60%) | (6.30%) |
USDCAD exchange rate, average | 1.28 | 1.34 | 1.37 |
Pessimistic scenario [member] | Canada [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.80% | 3.20% | 3.80% |
Unemployment rate, average % | 6.60% | 6.60% | 5.80% |
Bank of Canada overnight rate target, average % | 0.70% | 0.70% | 0.40% |
HPI - Housing Price Index, y/y % change | 2.90% | 4.20% | 4.60% |
USDCAD exchange rate, average | 1.24 | 1.26 | 1.27 |
Pessimistic scenario [member] | United States [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.80% | 0.90% | (0.50%) |
Unemployment rate, average % | 6.70% | 7.40% | 8.10% |
Pessimistic scenario [member] | United States [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.50% | 3.20% | 3.10% |
Unemployment rate, average % | 4.40% | 5.70% | 4.10% |
Pessimistic scenario [member] | Mexico [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.50% | 0.60% | (1.80%) |
Unemployment rate, average % | 6.30% | 7.30% | 9.90% |
Pessimistic scenario [member] | Mexico [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.80% | 2.70% | 3.10% |
Unemployment rate, average % | 4.40% | 4.90% | 4.90% |
Pessimistic scenario [member] | Chile [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.10% | 2.20% | 0.80% |
Unemployment rate, average % | 12.00% | 14.20% | 14.70% |
Pessimistic scenario [member] | Chile [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 6.00% | 3.90% | 3.40% |
Unemployment rate, average % | 7.20% | 8.40% | 7.70% |
Pessimistic scenario [member] | Peru [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 5.80% | 5.50% | 2.90% |
Unemployment rate, average % | 13.20% | 14.50% | 14.20% |
Pessimistic scenario [member] | Peru [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.20% | 4.50% | 4.40% |
Unemployment rate, average % | 7.90% | 8.00% | 8.50% |
Pessimistic scenario [member] | Colombia [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.00% | 1.80% | 1.10% |
Unemployment rate, average % | 14.70% | 15.70% | 16.20% |
Pessimistic scenario [member] | Colombia [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.20% | 4.50% | 4.00% |
Unemployment rate, average % | 9.20% | 9.50% | 8.70% |
Pessimistic scenario [member] | Caribbean [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 2.10% | 0.40% | 1.00% |
Pessimistic scenario [member] | Caribbean [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 5.20% | 5.40% | 4.70% |
Pessimistic scenario [member] | Global WTI oil price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 54.00% | 41.00% | 42.00% |
Pessimistic scenario [member] | Global WTI oil price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 62.00% | 52.00% | 54.00% |
Pessimistic scenario [member] | Global Copper price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.69% | 2.90% | 2.79% |
Pessimistic scenario [member] | Global Copper price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.77% | 3.15% | 3.06% |
Pessimistic scenario [member] | Global GDP and PPP [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 4.29% | 2.64% | 2.36% |
Pessimistic scenario [member] | Global GDP and PPP [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.65% | 3.89% | 3.91% |
Severe Pessimistic [Member] | Canada [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | (3.50%) | (6.80%) | (10.80%) |
Unemployment rate, average % | 12.20% | 13.00% | 14.10% |
Bank of Canada overnight rate target, average % | 0.30% | 0.30% | 0.30% |
HPI - Housing Price Index, y/y % change | (5.90%) | (12.60%) | (15.20%) |
USDCAD exchange rate, average | 1.30 | 1.35 | 1.40 |
Severe Pessimistic [Member] | Canada [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.90% | 4.40% | 6.40% |
Unemployment rate, average % | 8.50% | 8.50% | 7.10% |
Bank of Canada overnight rate target, average % | 0.50% | 0.50% | 0.30% |
HPI - Housing Price Index, y/y % change | 4.00% | 6.40% | 6.80% |
USDCAD exchange rate, average | 1.26 | 1.27 | 1.33 |
Severe Pessimistic [Member] | United States [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 0.90% | (2.90%) | (7.40%) |
Unemployment rate, average % | 8.00% | 8.70% | 10.50% |
Severe Pessimistic [Member] | United States [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.50% | 4.20% | 5.20% |
Unemployment rate, average % | 5.90% | 7.10% | 7.00% |
Severe Pessimistic [Member] | Mexico [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | (0.30%) | (3.30%) | (8.70%) |
Unemployment rate, average % | 9.20% | 10.20% | 14.10% |
Severe Pessimistic [Member] | Mexico [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.80% | 3.80% | 5.30% |
Unemployment rate, average % | 6.30% | 6.80% | 6.20% |
Severe Pessimistic [Member] | Chile [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | (0.80%) | (1.80%) | (6.20%) |
Unemployment rate, average % | 14.90% | 17.10% | 18.90% |
Severe Pessimistic [Member] | Chile [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 7.10% | 5.00% | 5.60% |
Unemployment rate, average % | 9.20% | 10.30% | 8.90% |
Severe Pessimistic [Member] | Peru [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 3.70% | 1.60% | (3.50%) |
Unemployment rate, average % | 15.40% | 17.40% | 18.50% |
Severe Pessimistic [Member] | Peru [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.90% | 5.50% | 6.30% |
Unemployment rate, average % | 9.90% | 9.90% | 9.70% |
Severe Pessimistic [Member] | Colombia [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 0.90% | (2.10%) | (5.20%) |
Unemployment rate, average % | 16.90% | 18.60% | 20.50% |
Severe Pessimistic [Member] | Colombia [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 4.90% | 5.50% | 6.00% |
Unemployment rate, average % | 11.20% | 11.40% | 9.80% |
Severe Pessimistic [Member] | Caribbean [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | (0.30%) | (3.40%) | (6.60%) |
Severe Pessimistic [Member] | Caribbean [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Real GDP growth, y/y % change | 6.20% | 6.50% | 5.90% |
Severe Pessimistic [Member] | Global WTI oil price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 50.00% | 38.00% | 37.00% |
Severe Pessimistic [Member] | Global WTI oil price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 57.00% | 44.00% | 38.00% |
Severe Pessimistic [Member] | Global Copper price [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.49% | 2.82% | 2.66% |
Severe Pessimistic [Member] | Global Copper price [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 3.50% | 2.94% | 2.64% |
Severe Pessimistic [Member] | Global GDP and PPP [member] | Next 12 Months [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 1.45% | (0.02%) | (2.67%) |
Severe Pessimistic [Member] | Global GDP and PPP [member] | Remaining forecast period [member] | |||
Disclosure of Primary Macroeconomic Drivers of Credit Losses [Line Items] | |||
Global GDP, y/y % change | 4.40% | 4.63% | 5.34% |
Loans, Impaired Loans and All_7
Loans, Impaired Loans and Allowance for Credit Losses - Allowance For Credit Losses (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | $ 7,817 | $ 7,817 | $ 5,139 | |
Provision for credit losses | 1,260 | 2,772 | ||
Net write-offs | (1,815) | (1,559) | ||
Other, including foreign currency adjustment | (373) | (277) | ||
Provision for credit losses | ||||
Balance at end of period | $ 6,889 | 6,889 | 6,075 | |
Allowance for credit losses [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 7,639 | 7,639 | 5,077 | |
Provision for credit losses | ||||
Balance at end of period | 6,716 | 6,716 | 6,005 | |
Allowance for credit losses on acceptances [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 77 | 77 | 6 | |
Provision for credit losses | ||||
Balance at end of period | 73 | 73 | 34 | |
Allowance for credit losses on off balance sheet exposures [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 101 | 101 | 56 | |
Provision for credit losses | ||||
Balance at end of period | 100 | 100 | 36 | |
Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 7,639 | 7,639 | ||
Residential mortgages [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 864 | 884 | 884 | 680 |
Provision for credit losses | 51 | 176 | ||
Net write-offs | (49) | (38) | ||
Other, including foreign currency adjustment | (45) | (112) | ||
Provision for credit losses | ||||
Remeasurement | 25 | 23 | 48 | |
Newly originated or purchased financial assets | 10 | 11 | 21 | |
Derecognition of financial assets and maturities | (9) | (9) | (18) | |
Gross write-offs | (22) | (37) | (59) | |
Recoveries | 6 | 4 | 10 | |
Foreign exchange and other movements | (33) | (12) | (45) | |
Balance at end of period | 841 | 864 | 841 | 706 |
Residential mortgages [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 841 | 841 | 706 | |
Loans to consumers [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 3,150 | 3,155 | 3,155 | 2,065 |
Provision for credit losses | 611 | 1,230 | ||
Net write-offs | (826) | (773) | ||
Other, including foreign currency adjustment | (134) | (77) | ||
Provision for credit losses | ||||
Remeasurement | 239 | 366 | 605 | |
Newly originated or purchased financial assets | 154 | 99 | 253 | |
Derecognition of financial assets and maturities | (149) | (98) | (247) | |
Gross write-offs | (547) | (406) | (953) | |
Recoveries | 64 | 63 | 127 | |
Foreign exchange and other movements | (105) | (29) | (134) | |
Balance at end of period | 2,806 | 3,150 | 2,806 | 2,445 |
Loans to consumers [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 2,806 | 2,806 | 2,445 | |
Loans to consumers [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 3,155 | 3,155 | ||
Credit Card [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,915 | 1,886 | 1,886 | 1,255 |
Provision for credit losses | 504 | 832 | ||
Net write-offs | (761) | (583) | ||
Other, including foreign currency adjustment | (84) | (22) | ||
Provision for credit losses | ||||
Remeasurement | 265 | 276 | 541 | |
Newly originated or purchased financial assets | 19 | 29 | 48 | |
Derecognition of financial assets and maturities | (41) | (44) | (85) | |
Transfer to (from)stage 3 | 0 | |||
Gross write-offs | (587) | (260) | (847) | |
Recoveries | 42 | 44 | 86 | |
Foreign exchange and other movements | (68) | (16) | (84) | |
Balance at end of period | 1,545 | 1,915 | 1,545 | 1,482 |
Credit Card [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 1,545 | 1,545 | 1,482 | |
Credit Card [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,886 | 1,886 | ||
Business and government [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,892 | 1,892 | 1,139 | |
Provision for credit losses | 94 | 534 | ||
Net write-offs | (179) | (165) | ||
Other, including foreign currency adjustment | (110) | (66) | ||
Provision for credit losses | ||||
Remeasurement | 24 | 117 | 141 | |
Newly originated or purchased financial assets | 79 | 89 | 168 | |
Derecognition of financial assets and maturities | (98) | (98) | (196) | |
Changes in models and methodologies | (15) | (15) | ||
Gross write-offs | (105) | (87) | (192) | |
Recoveries | 8 | 5 | 13 | |
Foreign exchange and other movements | (67) | (43) | (110) | |
Balance at end of period including off-balance sheet exposures | 1,624 | 1,798 | 1,624 | |
Less: Allowance for credit losses on off-balance sheet exposures | (100) | (137) | (100) | |
Balance at end of period | 1,697 | 1,697 | 1,442 | |
Business and government [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,798 | 1,815 | 1,815 | |
Provision for credit losses | ||||
Balance at end of period | 1,798 | |||
Business and government [member] | Net Amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,661 | |||
Provision for credit losses | ||||
Balance at end of period | 1,524 | 1,661 | 1,524 | |
Business and government [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 1,524 | 1,524 | 1,372 | |
Business and government [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,714 | 1,714 | ||
Stage 1 [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 1,472 | 1,472 | 1,603 | |
Stage 1 [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,964 | 1,964 | ||
Stage 1 [member] | Residential mortgages [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 161 | 190 | 190 | |
Provision for credit losses | ||||
Remeasurement | (30) | (65) | (95) | |
Newly originated or purchased financial assets | 10 | 11 | 21 | |
Derecognition of financial assets and maturities | (2) | (3) | (5) | |
Transfer to (from)stage 1 | 19 | 32 | 51 | |
Transfer to (from)stage 2 | (3) | (3) | (6) | |
Foreign exchange and other movements | (4) | (1) | (5) | |
Balance at end of period | 151 | 161 | 151 | |
Stage 1 [member] | Residential mortgages [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 151 | 151 | 153 | |
Stage 1 [member] | Loans to consumers [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 787 | 864 | 864 | |
Provision for credit losses | ||||
Remeasurement | (264) | (422) | (686) | |
Newly originated or purchased financial assets | 154 | 99 | 253 | |
Derecognition of financial assets and maturities | (67) | (28) | (95) | |
Transfer to (from)stage 1 | 204 | 401 | 605 | |
Transfer to (from)stage 2 | (85) | (92) | (177) | |
Transfer to (from)stage 3 | (8) | (31) | (39) | |
Foreign exchange and other movements | (22) | (4) | (26) | |
Balance at end of period | 699 | 787 | 699 | |
Stage 1 [member] | Loans to consumers [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 699 | 699 | 716 | |
Stage 1 [member] | Loans to consumers [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 864 | 864 | ||
Stage 1 [member] | Credit Card [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 448 | 501 | 501 | |
Provision for credit losses | ||||
Remeasurement | (177) | (133) | (310) | |
Newly originated or purchased financial assets | 19 | 29 | 48 | |
Derecognition of financial assets and maturities | (17) | (15) | (32) | |
Transfer to (from)stage 1 | 91 | 113 | 204 | |
Transfer to (from)stage 2 | (32) | (43) | (75) | |
Foreign exchange and other movements | (13) | (4) | (17) | |
Balance at end of period | 319 | 448 | 319 | |
Stage 1 [member] | Credit Card [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 319 | 319 | 452 | |
Stage 1 [member] | Credit Card [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 501 | 501 | ||
Stage 1 [member] | Business and government [member] | ||||
Provision for credit losses | ||||
Remeasurement | (79) | (10) | (89) | |
Newly originated or purchased financial assets | 79 | 89 | 168 | |
Derecognition of financial assets and maturities | (85) | (83) | (168) | |
Changes in models and methodologies | (4) | (4) | ||
Transfer to (from)stage 1 | 10 | 18 | 28 | |
Transfer to (from)stage 2 | (18) | (24) | (42) | |
Foreign exchange and other movements | (9) | (9) | (18) | |
Balance at end of period including off-balance sheet exposures | 353 | 459 | 353 | |
Less: Allowance for credit losses on off-balance sheet exposures | (50) | (75) | (50) | |
Stage 1 [member] | Business and government [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 459 | 478 | 478 | |
Provision for credit losses | ||||
Balance at end of period | 459 | |||
Stage 1 [member] | Business and government [member] | Net Amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 384 | |||
Provision for credit losses | ||||
Balance at end of period | 303 | 384 | 303 | |
Stage 1 [member] | Business and government [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 303 | 303 | 282 | |
Stage 1 [member] | Business and government [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 409 | 409 | ||
Stage 2 [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 3,306 | 3,306 | 2,759 | |
Stage 2 [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 3,718 | 3,718 | ||
Stage 2 [member] | Residential mortgages [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 297 | 302 | 302 | |
Provision for credit losses | ||||
Remeasurement | 7 | 29 | 36 | |
Derecognition of financial assets and maturities | (7) | (6) | (13) | |
Transfer to (from)stage 1 | (15) | (27) | (42) | |
Transfer to (from)stage 2 | 17 | 20 | 37 | |
Transfer to (from)stage 3 | (11) | (12) | (23) | |
Foreign exchange and other movements | (8) | (9) | (17) | |
Balance at end of period | 280 | 297 | 280 | |
Stage 2 [member] | Residential mortgages [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 280 | 280 | 257 | |
Stage 2 [member] | Loans to consumers [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,514 | 1,471 | 1,471 | |
Provision for credit losses | ||||
Remeasurement | 176 | 536 | 712 | |
Derecognition of financial assets and maturities | (82) | (70) | (152) | |
Transfer to (from)stage 1 | (200) | (398) | (598) | |
Transfer to (from)stage 2 | 104 | 111 | 215 | |
Transfer to (from)stage 3 | (184) | (126) | (310) | |
Foreign exchange and other movements | (42) | (10) | (52) | |
Balance at end of period | 1,286 | 1,514 | 1,286 | |
Stage 2 [member] | Loans to consumers [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 1,286 | 1,286 | 1,082 | |
Stage 2 [member] | Loans to consumers [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,471 | 1,471 | ||
Stage 2 [member] | Credit Card [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,467 | 1,385 | 1,385 | |
Provision for credit losses | ||||
Remeasurement | 119 | 258 | 377 | |
Derecognition of financial assets and maturities | (24) | (29) | (53) | |
Transfer to (from)stage 1 | (91) | (113) | (204) | |
Transfer to (from)stage 2 | 32 | 43 | 75 | |
Transfer to (from)stage 3 | (228) | (70) | (298) | |
Foreign exchange and other movements | (49) | (7) | (56) | |
Balance at end of period | 1,226 | 1,467 | 1,226 | |
Stage 2 [member] | Credit Card [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 1,226 | 1,226 | 1,030 | |
Stage 2 [member] | Credit Card [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,385 | 1,385 | ||
Stage 2 [member] | Business and government [member] | ||||
Provision for credit losses | ||||
Remeasurement | 21 | 21 | ||
Derecognition of financial assets and maturities | (12) | (13) | (25) | |
Changes in models and methodologies | (11) | (11) | ||
Transfer to (from)stage 1 | (10) | (18) | (28) | |
Transfer to (from)stage 2 | 19 | 24 | 43 | |
Transfer to (from)stage 3 | (3) | (1) | (4) | |
Foreign exchange and other movements | (19) | (5) | (24) | |
Balance at end of period including off-balance sheet exposures | 564 | 600 | 564 | |
Less: Allowance for credit losses on off-balance sheet exposures | (50) | (62) | (50) | |
Stage 2 [member] | Business and government [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 600 | 592 | 592 | |
Provision for credit losses | ||||
Balance at end of period | 600 | |||
Stage 2 [member] | Business and government [member] | Net Amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 538 | |||
Provision for credit losses | ||||
Balance at end of period | 514 | 538 | 514 | |
Stage 2 [member] | Business and government [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 514 | 514 | 390 | |
Stage 2 [member] | Business and government [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 560 | 560 | ||
Stage 3 [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 1,938 | 1,938 | 1,643 | |
Stage 3 [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 1,957 | 1,957 | ||
Stage 3 [member] | Residential mortgages [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 406 | 392 | 392 | |
Provision for credit losses | ||||
Remeasurement | 48 | 59 | 107 | |
Transfer to (from)stage 1 | (4) | (5) | (9) | |
Transfer to (from)stage 2 | (14) | (17) | (31) | |
Transfer to (from)stage 3 | 11 | 12 | 23 | |
Gross write-offs | (22) | (37) | (59) | |
Recoveries | 6 | 4 | 10 | |
Foreign exchange and other movements | (21) | (2) | (23) | |
Balance at end of period | 410 | 406 | 410 | |
Stage 3 [member] | Residential mortgages [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 410 | 410 | 296 | |
Stage 3 [member] | Loans to consumers [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 849 | 820 | 820 | |
Provision for credit losses | ||||
Remeasurement | 327 | 252 | 579 | |
Transfer to (from)stage 1 | (4) | (3) | (7) | |
Transfer to (from)stage 2 | (19) | (19) | (38) | |
Transfer to (from)stage 3 | 192 | 157 | 349 | |
Gross write-offs | (547) | (406) | (953) | |
Recoveries | 64 | 63 | 127 | |
Foreign exchange and other movements | (41) | (15) | (56) | |
Balance at end of period | 821 | 849 | 821 | |
Stage 3 [member] | Loans to consumers [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | 821 | 821 | 647 | |
Stage 3 [member] | Loans to consumers [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 820 | 820 | ||
Stage 3 [member] | Credit Card [member] | ||||
Provision for credit losses | ||||
Remeasurement | 323 | 151 | 474 | |
Transfer to (from)stage 3 | 228 | 70 | 298 | |
Gross write-offs | (587) | (260) | (847) | |
Recoveries | 42 | 44 | 86 | |
Foreign exchange and other movements | (6) | (5) | (11) | |
Stage 3 [member] | Business and government [member] | ||||
Provision for credit losses | ||||
Remeasurement | 103 | 106 | 209 | |
Derecognition of financial assets and maturities | (1) | (2) | (3) | |
Transfer to (from)stage 2 | (1) | (1) | ||
Transfer to (from)stage 3 | 3 | 1 | 4 | |
Gross write-offs | (105) | (87) | (192) | |
Recoveries | 8 | 5 | 13 | |
Foreign exchange and other movements | (39) | (29) | (68) | |
Balance at end of period including off-balance sheet exposures | 707 | 739 | 707 | |
Stage 3 [member] | Business and government [member] | Gross carrying amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 739 | 745 | 745 | |
Provision for credit losses | ||||
Balance at end of period | 739 | |||
Stage 3 [member] | Business and government [member] | Net Amount [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | 739 | |||
Provision for credit losses | ||||
Balance at end of period | 707 | 739 | 707 | |
Stage 3 [member] | Business and government [member] | Allowance for credit losses [member] | ||||
Provision for credit losses | ||||
Balance at end of period | $ 707 | 707 | $ 700 | |
Stage 3 [member] | Business and government [member] | Allowance for credit losses on loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Balance at beginning of period | $ 745 | $ 745 |
Loans, Impaired Loans and All_8
Loans, Impaired Loans and Allowance for Credit Losses - Allowance For Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | Oct. 31, 2020 | ||
Disclosure of detailed information about financial instruments [line items] | |||||||
Allowance for credit losses for other financial assets | $ 177 | $ 74 | $ 177 | $ 74 | $ 181 | ||
Interest income on impaired loans | [1] | 5,712 | $ 6,048 | $ 7,066 | $ 11,760 | $ 14,453 | |
Gross impaired loans [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Interest income on impaired loans | $ 73 | $ 78 | |||||
[1] | Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $6,078 for the three months ended April 30, 2021 (January 31, 2021 – $6,400; April 30, 2020 – $7,709) and for the six months ended April 30, 2021 – $12,478 (April 30, 2020 – $15,824). |
Loans, Impaired Loans and All_9
Loans, Impaired Loans and Allowance for Credit Losses -Summary of Carrying Value of Exposures by Risk Rating (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | $ 614,881 | $ 611,239 | $ 610,902 |
Allowance for credit losses | 6,716 | 7,590 | 7,639 |
Carrying value of loans net of ACL | 608,165 | $ 603,649 | 603,263 |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 296,727 | 284,684 | |
Allowance for credit losses | 841 | 884 | |
Carrying value of loans net of ACL | 295,886 | 283,800 | |
Residential mortgages [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 174,938 | 169,125 | |
Residential mortgages [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 64,910 | 63,483 | |
Residential mortgages [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 16,429 | 12,985 | |
Residential mortgages [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,703 | 4,632 | |
Residential mortgages [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 738 | 609 | |
Residential mortgages [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 34,514 | 32,360 | |
Residential mortgages [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,495 | 1,490 | |
Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 90,682 | 93,758 | |
Allowance for credit losses | 2,806 | 3,155 | |
Carrying value of loans net of ACL | 87,876 | 90,603 | |
Loans to consumers [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 29,390 | 30,056 | |
Loans to consumers [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 26,441 | 27,301 | |
Loans to consumers [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 9,190 | 9,398 | |
Loans to consumers [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 8,143 | 8,773 | |
Loans to consumers [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,366 | 1,685 | |
Loans to consumers [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 14,970 | 15,513 | |
Loans to consumers [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,182 | 1,032 | |
Undrawn loan commitments retail [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments net of ACL | 122,918 | 126,581 | |
Undrawn loan commitments retail [Member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 89,413 | 85,248 | |
Undrawn loan commitments retail [Member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 18,547 | 16,814 | |
Undrawn loan commitments retail [Member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 6,698 | 5,862 | |
Undrawn loan commitments retail [Member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 3,643 | 2,906 | |
Undrawn loan commitments retail [Member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 242 | 137 | |
Undrawn loan commitments retail [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 4,375 | 15,614 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 214,646 | 217,663 | |
Allowance for credit losses | 1,524 | 1,714 | |
Carrying value of loans net of ACL | 213,122 | 215,949 | |
Business and government [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,101 | 2,099 | |
Business and government [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,439 | 2,531 | |
Business and government [member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 104,810 | 107,047 | |
Business and government [member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 101,449 | 102,838 | |
Business and government [member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,847 | 3,148 | |
Undrawn loan commitments business and government [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 251,583 | 253,678 | |
Allowance for credit losses | 100 | 101 | |
Carrying value of undrawn loan commitments net of ACL | 251,483 | 253,577 | |
Undrawn loan commitments business and government [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 3,741 | 4,011 | |
Undrawn loan commitments business and government [Member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 124 | 161 | |
Undrawn loan commitments business and government [Member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 180,490 | 183,860 | |
Undrawn loan commitments business and government [Member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 65,058 | 63,936 | |
Undrawn loan commitments business and government [Member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 2,170 | 1,710 | |
Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 12,826 | 14,797 | |
Allowance for credit losses | 1,545 | 1,886 | |
Carrying value of loans net of ACL | 11,281 | 12,911 | |
Credit Card [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,332 | 1,338 | |
Credit Card [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,257 | 2,155 | |
Credit Card [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,736 | 2,809 | |
Credit Card [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,368 | 4,028 | |
Credit Card [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 650 | 884 | |
Credit Card [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,483 | 3,583 | |
Stage one exposure [Member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 283,135 | 270,132 | |
Allowance for credit losses | 151 | 190 | |
Carrying value of loans net of ACL | 282,984 | 269,942 | |
Stage one exposure [Member] | Residential mortgages [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 173,125 | 167,233 | |
Stage one exposure [Member] | Residential mortgages [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 62,608 | 61,988 | |
Stage one exposure [Member] | Residential mortgages [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 15,152 | 10,914 | |
Stage one exposure [Member] | Residential mortgages [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,029 | 1,197 | |
Stage one exposure [Member] | Residential mortgages [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 12 | 13 | |
Stage one exposure [Member] | Residential mortgages [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 31,209 | 28,787 | |
Stage one exposure [Member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 80,465 | 81,440 | |
Allowance for credit losses | 699 | 864 | |
Carrying value of loans net of ACL | 79,766 | 80,576 | |
Stage one exposure [Member] | Loans to consumers [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 29,121 | 29,557 | |
Stage one exposure [Member] | Loans to consumers [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 24,995 | 25,508 | |
Stage one exposure [Member] | Loans to consumers [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 7,759 | 6,619 | |
Stage one exposure [Member] | Loans to consumers [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 5,179 | 5,809 | |
Stage one exposure [Member] | Loans to consumers [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 119 | 318 | |
Stage one exposure [Member] | Loans to consumers [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 13,292 | 13,629 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments net of ACL | 119,318 | 121,073 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 89,391 | 85,242 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 18,534 | 16,775 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 6,671 | 5,739 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 2,791 | 2,201 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 20 | 3 | |
Stage one exposure [Member] | Undrawn loan commitments retail [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 1,911 | 11,113 | |
Stage one exposure [Member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 199,298 | 201,865 | |
Allowance for credit losses | 303 | 409 | |
Carrying value of loans net of ACL | 198,995 | 201,456 | |
Stage one exposure [Member] | Business and government [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,095 | 2,063 | |
Stage one exposure [Member] | Business and government [member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 104,193 | 105,757 | |
Stage one exposure [Member] | Business and government [member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 92,978 | 93,998 | |
Stage one exposure [Member] | Business and government [member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 32 | 47 | |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 244,365 | 245,888 | |
Allowance for credit losses | 50 | 69 | |
Carrying value of undrawn loan commitments net of ACL | 244,315 | 245,819 | |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 3,727 | 3,702 | |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 178,900 | 182,580 | |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 61,727 | 59,600 | |
Stage one exposure [Member] | Undrawn loan commitments business and government [Member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 11 | 6 | |
Stage one exposure [Member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 8,727 | 10,389 | |
Allowance for credit losses | 319 | 501 | |
Carrying value of loans net of ACL | 8,408 | 9,888 | |
Stage one exposure [Member] | Credit Card [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,237 | 1,318 | |
Stage one exposure [Member] | Credit Card [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,045 | 1,971 | |
Stage one exposure [Member] | Credit Card [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,393 | 2,416 | |
Stage one exposure [Member] | Credit Card [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,699 | 2,229 | |
Stage one exposure [Member] | Credit Card [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 20 | 41 | |
Stage one exposure [Member] | Credit Card [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,333 | 2,414 | |
Stage two exposure [Member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 12,097 | 13,062 | |
Allowance for credit losses | 280 | 302 | |
Carrying value of loans net of ACL | 11,817 | 12,760 | |
Stage two exposure [Member] | Residential mortgages [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,813 | 1,892 | |
Stage two exposure [Member] | Residential mortgages [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,302 | 1,495 | |
Stage two exposure [Member] | Residential mortgages [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,277 | 2,071 | |
Stage two exposure [Member] | Residential mortgages [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,674 | 3,435 | |
Stage two exposure [Member] | Residential mortgages [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 726 | 596 | |
Stage two exposure [Member] | Residential mortgages [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,305 | 3,573 | |
Stage two exposure [Member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 9,035 | 11,286 | |
Allowance for credit losses | 1,286 | 1,471 | |
Carrying value of loans net of ACL | 7,749 | 9,815 | |
Stage two exposure [Member] | Loans to consumers [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 269 | 499 | |
Stage two exposure [Member] | Loans to consumers [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,446 | 1,793 | |
Stage two exposure [Member] | Loans to consumers [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,431 | 2,779 | |
Stage two exposure [Member] | Loans to consumers [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,964 | 2,964 | |
Stage two exposure [Member] | Loans to consumers [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,247 | 1,367 | |
Stage two exposure [Member] | Loans to consumers [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,678 | 1,884 | |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments net of ACL | 3,600 | 5,508 | |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 6 | ||
Carrying value of loans before ACL | 22 | ||
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 13 | ||
Carrying value of loans before ACL | 39 | ||
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 27 | 123 | |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 852 | 705 | |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 222 | 134 | |
Stage two exposure [Member] | Undrawn loan commitments retail [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 2,464 | 4,501 | |
Stage two exposure [Member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 12,909 | 13,267 | |
Allowance for credit losses | 514 | 560 | |
Carrying value of loans net of ACL | 12,395 | 12,707 | |
Stage two exposure [Member] | Business and government [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 6 | 36 | |
Stage two exposure [Member] | Business and government [member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 617 | 1,290 | |
Stage two exposure [Member] | Business and government [member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 8,471 | 8,840 | |
Stage two exposure [Member] | Business and government [member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 3,815 | 3,101 | |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 7,094 | 7,629 | |
Allowance for credit losses | 50 | 32 | |
Carrying value of undrawn loan commitments net of ACL | 7,044 | 7,597 | |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 14 | 309 | |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 1,590 | 1,280 | |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Non investment grade [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 3,331 | 4,336 | |
Stage two exposure [Member] | Undrawn loan commitments business and government [Member] | Watch list [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 2,159 | 1,704 | |
Stage two exposure [Member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 4,099 | 4,408 | |
Allowance for credit losses | 1,226 | 1,385 | |
Carrying value of loans net of ACL | 2,873 | 3,023 | |
Stage two exposure [Member] | Credit Card [member] | Very low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 95 | 20 | |
Stage two exposure [Member] | Credit Card [member] | Low probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 212 | 184 | |
Stage two exposure [Member] | Credit Card [member] | Medium probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 343 | 393 | |
Stage two exposure [Member] | Credit Card [member] | High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,669 | 1,799 | |
Stage two exposure [Member] | Credit Card [member] | Very High probability of default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 630 | 843 | |
Stage two exposure [Member] | Credit Card [member] | Loans not graded [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,150 | 1,169 | |
Stage three exposure [Member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,495 | 1,490 | |
Allowance for credit losses | 410 | 392 | |
Carrying value of loans net of ACL | 1,085 | 1,098 | |
Stage three exposure [Member] | Residential mortgages [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,495 | 1,490 | |
Stage three exposure [Member] | Loans to consumers [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,182 | 1,032 | |
Allowance for credit losses | 821 | 820 | |
Carrying value of loans net of ACL | 361 | 212 | |
Stage three exposure [Member] | Loans to consumers [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 1,182 | 1,032 | |
Stage three exposure [Member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,439 | 2,531 | |
Allowance for credit losses | 707 | 745 | |
Carrying value of loans net of ACL | 1,732 | 1,786 | |
Stage three exposure [Member] | Business and government [member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of loans before ACL | 2,439 | 2,531 | |
Stage three exposure [Member] | Undrawn loan commitments business and government [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | 124 | 161 | |
Allowance for credit losses | 0 | ||
Carrying value of undrawn loan commitments net of ACL | 124 | 161 | |
Stage three exposure [Member] | Undrawn loan commitments business and government [Member] | Default [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Carrying value of undrawn loan commitments before ACL | $ 124 | $ 161 |
Loans, Impaired Loans and Al_10
Loans, Impaired Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Base case scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | $ 4,955 | $ 5,816 | $ 5,863 |
Base case scenario [member] | Previously stated [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | 4,809 | 5,464 | 5,407 |
Pessimistic scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | 1,141 | 1,397 | 1,944 |
Probability Weighted Scenarios [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
ACL (Stage 1 and Stage 2) | $ 494 | $ 528 | $ 495 |
Loans, Impaired Loans and Al_11
Loans, Impaired Loans and Allowance for Credit Losses - Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | $ 614,881 | $ 611,239 | $ 610,902 |
Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 296,727 | 284,684 | |
Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 90,682 | 93,758 | |
Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 12,826 | 14,797 | |
Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 214,646 | 217,663 | |
Financial assets past due but not impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 2,770 | 3,345 | 3,057 |
Financial assets past due but not impaired [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 1,125 | 1,181 | 945 |
Financial assets past due but not impaired [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 703 | 851 | 877 |
Financial assets past due but not impaired [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 792 | 1,180 | 844 |
Financial assets past due but not impaired [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 150 | 133 | 391 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 1,459 | 1,737 | 1,956 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 759 | 799 | 663 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 439 | 529 | 604 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 181 | 320 | 401 |
31 - 60 days [member] | Financial assets past due but not impaired [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 80 | 89 | 288 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 841 | 979 | 824 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 366 | 382 | 282 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Personal loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 264 | 322 | 273 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 141 | 231 | 166 |
61 - 90 days [member] | Financial assets past due but not impaired [member] | Business and government [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 70 | 44 | 103 |
91 days and greater [member] | Financial assets past due but not impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | 470 | 629 | 277 |
91 days and greater [member] | Financial assets past due but not impaired [member] | Credit Card [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans and receivables gross | $ 470 | $ 629 | $ 277 |
Loans, Impaired Loans and Al_12
Loans, Impaired Loans and Allowance for Credit Losses - Summary of Purchased Credit Impaired Loans (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||||
Stage 3 allowance | $ (6,889) | $ (7,817) | $ (6,075) | $ (5,139) | |
Loans acquired in business combination [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Unpaid principal balance | 361 | $ 376 | 393 | ||
Credit related fair value adjustments | (84) | (88) | (93) | ||
Carrying value | 277 | 288 | 300 | ||
Carrying value net of related allowance | 264 | 274 | 290 | ||
Loans acquired in business combination [member] | Stage 3 [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Stage 3 allowance | $ (13) | $ (14) | $ (10) |
Derecognition of Financial As_3
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Assets Do Not Qualify for Derecognition and Associated Liabilities (Detail) - Securitisations [member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of associated liabilities | $ 27,595 | $ 27,143 | $ 27,819 |
Residential mortgage loans [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | 18,338 | 19,149 | 20,586 |
Other related assets [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | $ 11,009 | $ 10,276 | $ 9,548 |
Derecognition of Financial As_4
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Assets Do Not Qualify for Derecognition and Associated Liabilities (Parenthetical) (Detail) - Securitisations [member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Fair value of transferred assets | $ 28,263 | $ 28,892 | $ 29,415 |
Fair value of associated liabilities | 28,258 | 28,211 | 28,920 |
Net position | $ 5 | $ 681 | $ 495 |
Derecognition of Financial As_5
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Other Financial Assets Do Not Qualify for Derecognition and Associated Liabilities (Detail) - Other Financial Assets [Member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | $ 159,251 | $ 185,489 | $ 175,000 |
Carrying value of associated liabilities | 115,969 | 140,491 | 137,763 |
Repurchase agreement [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | 97,400 | 121,733 | 121,918 |
Securities lending [member] | |||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Carrying value of assets | $ 61,851 | $ 63,756 | $ 53,082 |
Derecognition of Financial As_6
Derecognition of Financial Assets - Summary of Carrying Amount of Transferred Other Financial Assets Do Not Qualify for Derecognition and Associated Liabilities (Parenthetical) (Detail) - Other Financial Assets [Member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | |||
Fair value of transferred assets | $ 159,251 | $ 185,489 | $ 175,000 |
Fair value of the associated liabilities | 115,969 | 140,491 | 137,763 |
Net position | $ 43,282 | $ 44,998 | $ 37,237 |
Investments in Associates - Sum
Investments in Associates - Summary of Significant Investments in Associates (Detail) - CAD ($) $ in Millions | 6 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Canadian tire financial services business [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | Canada | ||
Nature of business | Financial Services | ||
Ownership percentage | 20.00% | ||
Date of financial statements | Mar. 31, 2021 | ||
Carrying value | $ 521 | $ 533 | $ 534 |
Bank of Xian Co Ltd [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | China | ||
Nature of business | Banking | ||
Ownership percentage | 17.99% | ||
Date of financial statements | Mar. 31, 2021 | ||
Carrying value | $ 935 | 955 | 926 |
Maduro and curiels bank NV [member] | |||
Disclosure of associates [line items] | |||
Country of incorporation | Curacao | ||
Nature of business | Banking | ||
Ownership percentage | 48.10% | ||
Date of financial statements | Mar. 31, 2021 | ||
Carrying value | $ 344 | $ 365 | $ 355 |
Investments in Associates - S_2
Investments in Associates - Summary of Significant Investments in Associates (Parenthetical) (Detail) - CAD ($) $ in Millions | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2020 | |
Disclosure of associates [line items] | ||||
Undistributed retained earnings | $ 58 | $ 61 | $ 64 | $ 66 |
Canadian tires financial services business [member] | ||||
Disclosure of associates [line items] | ||||
Option to sell maximum additional equity interest within the next 10 years | 29.00% | |||
Period of option to sell back equity interest after ten years | 6 months | |||
Bank of Xian Co Ltd [member] | ||||
Disclosure of associates [line items] | ||||
Investments in associates based on quoted Stock Exchange price on Shanghai | $ 736 | $ 826 | $ 818 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [line items] | |||
Payable after notice | $ 205,542 | ||
Payable on a fixed date | 325,507 | ||
Total | 756,661 | $ 768,993 | $ 750,838 |
Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 170,056 | ||
Payable on a fixed date | 216,319 | ||
Total | 538,999 | 551,464 | 541,589 |
United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 6,699 | ||
Payable on a fixed date | 27,721 | ||
Total | 76,328 | 68,442 | 60,747 |
United Kingdom [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 201 | ||
Payable on a fixed date | 17,752 | ||
Total | 17,953 | 19,227 | 14,977 |
Mexico [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 7,081 | ||
Payable on a fixed date | 12,455 | ||
Total | 25,110 | 24,782 | 25,294 |
Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 5,482 | ||
Payable on a fixed date | 4,185 | ||
Total | 14,579 | 17,098 | 17,694 |
Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 155 | ||
Payable on a fixed date | 13,261 | ||
Total | 23,352 | 23,928 | 23,592 |
Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 4,840 | ||
Payable on a fixed date | 3,367 | ||
Total | 8,840 | 9,570 | 9,308 |
Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 11,028 | ||
Payable on a fixed date | 30,447 | ||
Total | 51,500 | 54,482 | 57,637 |
Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 155,807 | ||
Payable on a fixed date | 72,240 | ||
Total | 246,661 | 249,509 | 246,135 |
Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 48,352 | ||
Payable on a fixed date | 222,892 | ||
Total | 469,078 | 476,334 | 464,619 |
Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable after notice | 1,383 | ||
Payable on a fixed date | 30,375 | ||
Total | 40,922 | $ 43,150 | $ 40,084 |
Interest bearing [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 182,265 | ||
Interest bearing [member] | Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 127,832 | ||
Interest bearing [member] | United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 41,871 | ||
Interest bearing [member] | Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 4,866 | ||
Interest bearing [member] | Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 3,326 | ||
Interest bearing [member] | Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 39 | ||
Interest bearing [member] | Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 4,331 | ||
Interest bearing [member] | Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 8,652 | ||
Interest bearing [member] | Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 165,188 | ||
Interest bearing [member] | Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 8,425 | ||
Non- interest bearing [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 43,347 | ||
Non- interest bearing [member] | Canada [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 24,792 | ||
Non- interest bearing [member] | United States [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 37 | ||
Non- interest bearing [member] | Mexico [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 5,574 | ||
Non- interest bearing [member] | Peru [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 46 | ||
Non- interest bearing [member] | Chile [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 6,610 | ||
Non- interest bearing [member] | Colombia [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 594 | ||
Non- interest bearing [member] | Other International [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 5,694 | ||
Non- interest bearing [member] | Personal [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 9,962 | ||
Non- interest bearing [member] | Business and government [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | 32,646 | ||
Non- interest bearing [member] | Financial institution [member] | |||
Disclosure Of Deposits [line items] | |||
Payable on demand | $ 739 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [line Items] | |||
Payable after notice | $ 205,542 | ||
Deposits | 756,661 | $ 768,993 | $ 750,838 |
U.S. dollar [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 226,259 | 233,223 | 215,836 |
Chile, Pesos [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 20,294 | 21,050 | 21,099 |
Mexico, Pesos [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 22,675 | 22,674 | 22,765 |
Other Foreign Currencies [member] | |||
Disclosure Of Deposits [line Items] | |||
Deposits | 77,384 | 82,458 | 83,706 |
Non interest bearing deposits [member] | |||
Disclosure Of Deposits [line Items] | |||
Payable after notice | $ 160 | $ 162 | $ 158 |
Deposits - Summary of Maturity
Deposits - Summary of Maturity Schedule for Term Deposits (Detail) - Canada [member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [line items] | |||
Term deposit | $ 183,345 | $ 198,211 | $ 202,748 |
Within three months [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | 34,164 | 41,497 | 38,739 |
Three to six months [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | 17,639 | 24,682 | 22,498 |
Six to twelve months [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | 35,906 | 31,143 | 30,850 |
One to 5 years [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | 79,066 | 84,548 | 92,589 |
Over 5 years [member] | |||
Disclosure Of Deposits [line items] | |||
Term deposit | $ 16,570 | $ 16,341 | $ 18,072 |
Capital and Financing Transac_2
Capital and Financing Transactions - Additional Information (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | Apr. 26, 2021 | Feb. 02, 2021 | Dec. 08, 2020 | Mar. 13, 2020 | Apr. 30, 2021 | Apr. 30, 2020 |
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Interest rate | 3.367% | |||||
Shares repurchased/redeemed | $ 759 | $ 679 | ||||
Percentage of the principal amount of subordinated debt redeemable | 100.00% | |||||
Subordinated debentures redemption date | Dec. 8, 2025 | |||||
Three Point Three Six Seven Percentage Subordinated Debentures [Member] | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Shares repurchased/redeemed | $ 750 | |||||
NCIB [member] | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Shares repurchased and cancelled, shares | 11.8 | |||||
Shares repurchased and cancelled, per share | $ 72.41 | |||||
Series 32 Preferred Stock [member] | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Payment to redeem entities shares | $ 279 | |||||
Series 33 Preferred Stock [member] | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Payment to redeem entities shares | $ 130 | |||||
Series 34 preferred shares [member] | ||||||
Disclosure of objectives, policies and processes for managing capital [line items] | ||||||
Payment to redeem entities shares | $ 350 |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Capital | ||||
Common Equity Tier 1 Capital | $ 49,697 | $ 49,542 | $ 49,165 | |
Net Tier 1 Capital | 55,152 | 55,293 | 55,362 | |
Total regulatory capital | 63,686 | 63,724 | 64,512 | |
Risk-weighted assets/exposures used in calculation of capital ratios | ||||
Risk-weighted assets | [1] | 404,727 | 406,780 | 417,138 |
Leverage exposures | $ 1,180,223 | $ 1,179,755 | $ 1,170,290 | |
Capital ratios | ||||
Common Equity Tier 1 Capital ratio | 12.30% | 12.20% | 11.80% | |
Tier 1 capital ratio | 13.60% | 13.60% | 13.30% | |
Total capital ratio | 15.70% | 15.70% | 15.50% | |
Leverage ratio | 4.70% | 4.70% | 4.70% | |
[1] | As at April 30, 2021, January 31, 2021 and October 31, 2020, the Bank did not have a regulatory capital floor add-on for CET1, Tier 1 and Total capital RWA. |
Capital Management - Summary _2
Capital Management - Summary of Regulatory Capital and Capital Ratios (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of regulatory capital and capital ratios [Line Items] | |||
Common Equity Tier 1 Capital Basel I floor adjustment | $ 0 | $ 0 | $ 0 |
Tier 1 Capital Basel I floor adjustment | $ 0 | $ 0 | $ 0 |
Share-based Payment - Additiona
Share-based Payment - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021CAD ($) | Apr. 30, 2020CAD ($) | Apr. 30, 2021CAD ($)$ / shares | Apr. 30, 2020CAD ($) | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Stock options, exercisable period | 4 years | |||
Employee stock options [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Number of share options, granted | 1,876,066 | |||
Exercise price of options granted | $ / shares | $ 68.36 | |||
Weighted average grant date fair value of options granted | $ 4.60 | $ 4.60 | ||
Increase to equity | $ 1,000,000 | $ 1,000,000 | $ 5,000,000 | $ 4,000,000 |
Employee stock options [member] | Vesting period of 3 Years [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Stock options vesting percentage | 50.00% | |||
Employee stock options [member] | Vesting period of 4 Years [member] | ||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Stock options vesting percentage | 50.00% |
Employee Benefits - Summary of
Employee Benefits - Summary of Financial Information related to Principal Plans (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | |||||
Increase (decrease) in other comprehensive income related to employee benefits | $ 887 | $ 641 | $ (49) | $ 1,528 | $ (407) |
Pension plans [member] | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Defined benefit service cost | 95 | 95 | 93 | 190 | 184 |
Interest on net defined benefit (asset) liability | 10 | 9 | 6 | 19 | 12 |
Other | 3 | 3 | 4 | 6 | 8 |
Defined benefit expense | 108 | 107 | 103 | 215 | 204 |
Defined contribution expense | 26 | 23 | 23 | 49 | 42 |
Increase (decrease) in other comprehensive income related to employee benefits | 814 | 637 | (98) | 1,451 | (414) |
Other benefit plans [member] | |||||
Disclosure of net defined benefit liability (asset) [line items] | |||||
Defined benefit service cost | 6 | 6 | (1) | 12 | 12 |
Interest on net defined benefit (asset) liability | 11 | 11 | 12 | 22 | 24 |
Other | (4) | (1) | (4) | 1 | |
Defined benefit expense | 13 | 17 | 10 | 30 | 37 |
Increase (decrease) in other comprehensive income related to employee benefits | $ 73 | $ 4 | $ 49 | $ 77 | $ 7 |
Operating Segments - Additional
Operating Segments - Additional Information (Detail) | 6 Months Ended |
Apr. 30, 2021 | |
Disclosure of operating segments [line items] | |
Description of reportable segments | Scotiabank is a diversified financial services institution that provides a wide range of financial products and services to retail, commercial and corporate customers around the world. The Bank’s businesses are grouped into four business lines: Canadian Banking, International Banking, Global Banking and Markets and Global Wealth Management. Other smaller business segments are included in the Other segment. The results of these business segments are based upon the internal financial reporting systems of the Bank. |
Operating Segments - Schedule o
Operating Segments - Schedule of Operating Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 4,176 | $ 4,351 | $ 4,417 | $ 8,527 | $ 8,809 |
Non-interest income | 3,560 | 3,721 | 3,539 | 7,281 | 7,288 |
Total revenue | 7,736 | 8,072 | 7,956 | 15,808 | 16,097 |
Provision for credit losses | 496 | 764 | 1,846 | 1,260 | 2,772 |
Non-interest expenses | 4,042 | 4,208 | 4,363 | 8,250 | 8,781 |
Provision for income taxes | 742 | 702 | 423 | 1,444 | 894 |
Net income | 2,456 | 2,398 | 1,324 | 4,854 | 3,650 |
Net income attributable to non-controlling interests in subsidiaries | 90 | 90 | 15 | 180 | 54 |
Net income attributable to equity holders of the Bank | 2,366 | 2,308 | 1,309 | 4,674 | 3,596 |
Net income attributable to equity holders of the Bank – relating to divested operations | (1) | 3 | (3) | 2 | 58 |
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 2,367 | 2,305 | 1,312 | 4,672 | 3,538 |
Average assets | 1,151,000 | 1,155,000 | 1,181,000 | 1,154,000 | 1,147,000 |
Average liabilities | 1,080,000 | 1,084,000 | 1,110,000 | 1,083,000 | 1,077,000 |
Operating segments [member] | Canadian banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,934 | 1,984 | 1,951 | 3,918 | 3,954 |
Non-interest income | 690 | 664 | 575 | 1,354 | 1,279 |
Total revenue | 2,624 | 2,648 | 2,526 | 5,272 | 5,233 |
Provision for credit losses | 145 | 215 | 670 | 360 | 991 |
Non-interest expenses | 1,229 | 1,204 | 1,220 | 2,433 | 2,453 |
Provision for income taxes | 323 | 318 | 159 | 641 | 460 |
Net income | 927 | 911 | 477 | 1,838 | 1,329 |
Net income attributable to non-controlling interests in subsidiaries | 0 | 0 | 0 | ||
Net income attributable to equity holders of the Bank | 927 | 911 | 477 | 1,838 | 1,329 |
Net income attributable to equity holders of the Bank – relating to divested operations | 0 | 0 | 0 | ||
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 927 | 911 | 477 | 1,838 | 1,329 |
Average assets | 372,000 | 368,000 | 359,000 | 370,000 | 357,000 |
Average liabilities | 311,000 | 306,000 | 265,000 | 308,000 | 264,000 |
Operating segments [member] | International banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,662 | 1,788 | 1,907 | 3,450 | 3,912 |
Non-interest income | 716 | 773 | 800 | 1,489 | 1,780 |
Total revenue | 2,378 | 2,561 | 2,707 | 4,939 | 5,692 |
Provision for credit losses | 396 | 525 | 1,019 | 921 | 1,599 |
Non-interest expenses | 1,294 | 1,402 | 1,465 | 2,696 | 3,129 |
Provision for income taxes | 181 | 157 | 38 | 338 | 197 |
Net income | 507 | 477 | 185 | 984 | 767 |
Net income attributable to non-controlling interests in subsidiaries | 87 | 88 | 12 | 175 | 76 |
Net income attributable to equity holders of the Bank | 420 | 389 | 173 | 809 | 691 |
Net income attributable to equity holders of the Bank – relating to divested operations | (1) | 3 | (3) | 2 | 58 |
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 421 | 386 | 176 | 807 | 633 |
Average assets | 194,000 | 199,000 | 205,000 | 197,000 | 204,000 |
Average liabilities | 149,000 | 153,000 | 154,000 | 151,000 | 152,000 |
Operating segments [member] | Global Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 152 | 155 | 145 | 307 | 286 |
Non-interest income | 1,156 | 1,235 | 982 | 2,391 | 1,998 |
Total revenue | 1,308 | 1,390 | 1,127 | 2,698 | 2,284 |
Provision for credit losses | (2) | 4 | 2 | 2 | 3 |
Non-interest expenses | 802 | 817 | 715 | 1,619 | 1,452 |
Provision for income taxes | 134 | 148 | 106 | 282 | 216 |
Net income | 374 | 421 | 304 | 795 | 613 |
Net income attributable to non-controlling interests in subsidiaries | 2 | 3 | 2 | 5 | 5 |
Net income attributable to equity holders of the Bank | 372 | 418 | 302 | 790 | 608 |
Net income attributable to equity holders of the Bank – relating to divested operations | 0 | 0 | 0 | 0 | |
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 372 | 418 | 302 | 790 | 608 |
Average assets | 28,000 | 27,000 | 26,000 | 28,000 | 26,000 |
Average liabilities | 45,000 | 42,000 | 39,000 | 43,000 | 37,000 |
Operating segments [member] | Global banking and markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 350 | 358 | 385 | 708 | 710 |
Non-interest income | 907 | 978 | 1,075 | 1,885 | 1,917 |
Total revenue | 1,257 | 1,336 | 1,460 | 2,593 | 2,627 |
Provision for credit losses | (43) | 20 | 155 | (23) | 179 |
Non-interest expenses | 633 | 614 | 616 | 1,247 | 1,270 |
Provision for income taxes | 150 | 159 | 166 | 309 | 283 |
Net income | 517 | 543 | 523 | 1,060 | 895 |
Net income attributable to non-controlling interests in subsidiaries | 0 | 0 | 0 | ||
Net income attributable to equity holders of the Bank | 517 | 543 | 523 | 1,060 | 895 |
Net income attributable to equity holders of the Bank – relating to divested operations | 0 | 0 | 0 | 0 | |
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 517 | 543 | 523 | 1,060 | 895 |
Average assets | 399,000 | 395,000 | 433,000 | 397,000 | 422,000 |
Average liabilities | 398,000 | 387,000 | 378,000 | 393,000 | 357,000 |
Operating segments [member] | Other smaller operating segments and corporate adjustments [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 78 | 66 | 29 | 144 | (53) |
Non-interest income | 91 | 71 | 107 | 162 | 314 |
Total revenue | 169 | 137 | 136 | 306 | 261 |
Provision for credit losses | 0 | 0 | 0 | ||
Non-interest expenses | 84 | 171 | 347 | 255 | 477 |
Provision for income taxes | (46) | (80) | (46) | (126) | (262) |
Net income | 131 | 46 | (165) | 177 | 46 |
Net income attributable to non-controlling interests in subsidiaries | 1 | (1) | 1 | 0 | (27) |
Net income attributable to equity holders of the Bank | 130 | 47 | (166) | 177 | 73 |
Net income attributable to equity holders of the Bank – relating to divested operations | 0 | 0 | 0 | 0 | |
Net income attributable to equity holders of the Bank – relating to operations other than divested operations | 130 | 47 | (166) | 177 | 73 |
Average assets | 158,000 | 166,000 | 158,000 | 162,000 | 138,000 |
Average liabilities | $ 177,000 | $ 196,000 | $ 274,000 | $ 188,000 | $ 267,000 |
Operating Segments - Schedule_2
Operating Segments - Schedule of Operating Segments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Other smaller operating segments and corporate adjustments [member] | |||||
Disclosure of operating segments [line items] | |||||
Tax-exempt income | $ 76 | $ 69 | $ 75 | $ 145 | $ 143 |
Net income (loss) from investments in associated corporations | 30 | (15) | (21) | 15 | (46) |
Canadian banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net income (loss) from investments in associated corporations | 26 | 20 | 12 | 46 | 32 |
International banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net income (loss) from investments in associated corporations | 53 | 49 | 65 | 102 | 158 |
Global Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net income (loss) from investments in associated corporations | $ 4 | $ 3 | $ 4 | $ 7 | $ 7 |
Interest Income and Expense - D
Interest Income and Expense - Details of Interest Income from Financial Assets (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Disclosure of Interest Income Expense [line items] | ||||||
Measured at amortized cost | [1] | $ 5,897 | $ 6,212 | $ 7,406 | $ 12,109 | $ 15,203 |
Measured at FVOCI | [1] | 181 | 188 | 303 | 369 | 621 |
Interest income calculated using effective interest method | 6,078 | 6,400 | 7,709 | 12,478 | 15,824 | |
Other | [2] | 109 | 112 | 129 | 221 | 250 |
Interest income | [3] | 6,187 | 6,512 | 7,838 | 12,699 | 16,074 |
Measured at amortized cost | [1] | 1,962 | 2,126 | 3,390 | 4,088 | 7,167 |
Interest expense calculated using effective interest method | 1,962 | 2,126 | 3,390 | 4,088 | 7,167 | |
Other | [4] | 49 | 35 | 31 | 84 | 98 |
Interest expenses | $ 2,011 | $ 2,161 | $ 3,421 | $ 4,172 | $ 7,265 | |
[1] | The interest income/expense on financial assets/liabilities are calculated using the effective interest method. | |||||
[2] | Includes dividend income on equity securities. | |||||
[3] | Includes interest income on financial assets measured at amortized cost and FVOCI, calculated using the effective interest method, of $6,078 for the three months ended April 30, 2021 (January 31, 2021 – $6,400; April 30, 2020 – $7,709) and for the six months ended April 30, 2021 – $12,478 (April 30, 2020 – $15,824). | |||||
[4] | Includes interest on lease liabilities for the three months ended April 30, 2021 – $27 (January 31, 2021 – $27; April 30, 2020 – $30) and for the six months ended April 30, 2021 – $54 (April 30, 2020 – $60). |
Interest Income and Expense -_2
Interest Income and Expense - Details of Interest Income from Financial Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Expenses by nature [abstract] | |||||
Interest expense on lease liabilities | $ 27 | $ 27 | $ 30 | $ 54 | $ 60 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | ||
Basic earnings per common share | ||||||
Net income attributable to common shareholders | $ 2,289 | $ 2,265 | $ 1,243 | $ 4,554 | $ 3,505 | |
Weighted average number of common shares outstanding | 1,213 | 1,212 | 1,212 | 1,213 | 1,213 | |
Basic earnings per common share | [1] | $ 1.89 | $ 1.87 | $ 1.03 | $ 3.76 | $ 2.89 |
Diluted earnings per common share | ||||||
Net income attributable to common shareholders | $ 2,289 | $ 2,265 | $ 1,243 | $ 4,554 | $ 3,505 | |
Dilutive impact of share-based payment options and others | 13 | 41 | (22) | 116 | 29 | |
Net income attributable to common shareholders (diluted) | $ 2,302 | $ 2,306 | $ 1,221 | $ 4,670 | $ 3,534 | |
Weighted average number of common shares outstanding | 1,213 | 1,212 | 1,212 | 1,213 | 1,213 | |
Dilutive impact of share-based payment options and others | [2] | 10 | 25 | 10 | 35 | 32 |
Weighted average number of diluted common shares outstanding | 1,223 | 1,237 | 1,222 | 1,248 | 1,245 | |
Diluted earnings per common share | [1] | $ 1.88 | $ 1.86 | $ 1 | $ 3.74 | $ 2.84 |
[1] | Earnings per share calculations are based on full dollar and share amounts. | |||||
[2] | Certain options as well as acquisition-related put/call options that the Bank may settle at its own discretion by issuing common shares were not included in the calculation of diluted earnings per share as they were anti-dilutive. |
Financial Instruments - Summary
Financial Instruments - Summary of Credit Risk Exposures (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Total | $ 1,047,565 | $ 1,090,456 | $ 1,084,224 |
Non retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 429,957 | 483,553 | 486,658 |
Undrawn commitments | 113,237 | 111,407 | 115,420 |
Other exposures | 135,089 | 128,678 | 120,903 |
Total | 678,283 | 723,638 | 722,981 |
Retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 320,819 | 315,332 | 308,408 |
Undrawn commitments | 48,463 | 51,486 | 52,835 |
Total | 369,282 | 366,818 | 361,243 |
AIRB portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 885,194 | ||
AIRB portfolio [member] | Non retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 366,915 | ||
Undrawn commitments | 109,974 | ||
Other exposures | 125,989 | ||
Total | 602,878 | ||
AIRB portfolio [member] | Retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 233,853 | ||
Undrawn commitments | 48,463 | ||
Total | 282,316 | ||
Standardized portfolio [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Total | 162,371 | ||
Standardized portfolio [member] | Non retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 63,042 | ||
Undrawn commitments | 3,263 | ||
Other exposures | 9,100 | ||
Total | 75,405 | ||
Standardized portfolio [member] | Retail [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Drawn | 86,966 | ||
Undrawn commitments | 0 | ||
Total | $ 86,966 | $ 87,000 | $ 87,000 |
Financial Instruments - Additio
Financial Instruments - Additional Information (Detail) - CAD ($) | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | Apr. 30, 2021 | Apr. 30, 2020 | |
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | $ 1,047,565,000,000 | $ 1,090,456,000,000 | $ 1,084,224,000,000 | $ 1,047,565,000,000 | |
Decreases (increases) in the Bank's before-tax annual earnings | 69,000,000 | 60,000,000 | $ 59,000,000 | ||
The unrealized foreign currency translation gains | 347,000,000 | 336,000,000 | $ 356,000,000 | ||
Derivative liabilities transferred into Level 3 | 0 | 0 | 0 | ||
Derivative liabilities transferred out of Level 3 | 0 | 0 | 0 | ||
Derivative asset transferred out of Level 3 | 0 | 0 | 0 | ||
Derivative asset transferred into Level 3 | 0 | 0 | 0 | ||
Transfer of financial assets from level two to level three | 0 | 0 | 0 | ||
Trading assets [member] | Equity securities [Member] | Level 2 [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Derivative asset transferred into Level 3 | 72,000,000 | ||||
Transfer of financial assets from level two to level three | 72,000,000 | ||||
Standardized portfolio [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | 162,371,000,000 | 162,371,000,000 | |||
AIRB portfolio [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | 885,194,000,000 | 885,194,000,000 | |||
Retail [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | 369,282,000,000 | 366,818,000,000 | 361,243,000,000 | 369,282,000,000 | |
Retail [member] | Standardized portfolio [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | 86,966,000,000 | 87,000,000,000 | 87,000,000,000 | 86,966,000,000 | |
Retail [member] | Standardized portfolio [member] | Real estate secured [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | 50,000,000,000 | $ 49,000,000,000 | $ 48,000,000,000 | 50,000,000,000 | |
Retail [member] | AIRB portfolio [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Credit risk exposure default amount | $ 282,316,000,000 | $ 282,316,000,000 | |||
Percentage of residential mortgage portfolio insured | 35.00% | 36.00% | 38.00% | ||
Percentage of residential mortgage portfolio uninsured to average loan value | 51.00% | 52.00% | 52.00% | 51.00% | |
Retail [member] | Top of range [member] | Standardized portfolio [member] | |||||
Disclosure of detailed information about financial instruments [line items] | |||||
Secured mortgage loans to value ratio | 80.00% |
Financial Instruments - VaR by
Financial Instruments - VaR by Risk Factor (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 |
Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | $ 10.8 | $ 15.4 | $ 32.6 |
Credit spread [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 4.8 | 7.7 | 31.5 |
Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 13.9 | 17.9 | 12.1 |
Equity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 9.4 | 5.9 | 7.4 |
Currency risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 3 | 2.4 | 1.8 |
Commodity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 4.1 | 5.5 | 6.9 |
Debt specific risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 2.3 | 3.7 | 9.3 |
Risk diversification effect [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | (13) | (15.9) | (23.5) |
Bank risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 16.6 | 17 | 34.5 |
Bank stressed risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 37.6 | $ 43.8 | $ 42.9 |
Weighted average [member] | Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 14.3 | ||
Weighted average [member] | Credit spread [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 6.2 | ||
Weighted average [member] | Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 15.3 | ||
Weighted average [member] | Equity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 6.1 | ||
Weighted average [member] | Currency risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 2.9 | ||
Weighted average [member] | Commodity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 4.9 | ||
Weighted average [member] | Debt specific risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 2.8 | ||
Weighted average [member] | Risk diversification effect [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | (14.3) | ||
Weighted average [member] | Bank risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 16.7 | ||
Weighted average [member] | Bank stressed risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 40.2 | ||
Top of range [member] | Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 19.2 | ||
Top of range [member] | Credit spread [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 8 | ||
Top of range [member] | Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 21.3 | ||
Top of range [member] | Equity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 15.1 | ||
Top of range [member] | Currency risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 5.7 | ||
Top of range [member] | Commodity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 8.7 | ||
Top of range [member] | Debt specific risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 3.7 | ||
Top of range [member] | Risk diversification effect [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 0 | ||
Top of range [member] | Bank risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 22.5 | ||
Top of range [member] | Bank stressed risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 50.5 | ||
Bottom of range [member] | Credit risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 10.2 | ||
Bottom of range [member] | Credit spread [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 4.4 | ||
Bottom of range [member] | Interest rate risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 9.3 | ||
Bottom of range [member] | Equity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 3.4 | ||
Bottom of range [member] | Currency risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 1.6 | ||
Bottom of range [member] | Commodity price risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 1.9 | ||
Bottom of range [member] | Debt specific risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 2.3 | ||
Bottom of range [member] | Risk diversification effect [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 0 | ||
Bottom of range [member] | Bank risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | 12.7 | ||
Bottom of range [member] | Bank stressed risk [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Value at risk | $ 29.1 |
Financial Instruments - Fair Va
Financial Instruments - Fair Value of Financial Liabilities Designated at Fair Value Through Profit or Loss and Changes in Fair Value (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Nov. 01, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value | $ 2,928 | |||
Senior note liabilities [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Fair value | $ 20,406 | $ 20,260 | $ 16,111 | |
Change in Fair value | 197 | (746) | 1,834 | |
Cumulative change in FV | $ (350) | $ (547) | $ 1,260 |
Financial Instruments - Changes
Financial Instruments - Changes in Fair Value Attributable to Changes in Bank'S Own Credit Risk for Financial Liabilities Designated at Fair Value (Detail) - CAD ($) $ in Millions | 3 Months Ended | |||
Apr. 30, 2021 | Jan. 31, 2021 | Apr. 30, 2020 | Nov. 01, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Carrying value | $ 2,928 | |||
Senior note liabilities [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Contractual maturity amount | $ 20,056 | $ 19,713 | $ 17,371 | |
Carrying value | 20,406 | 20,260 | 16,111 | |
Difference between carrying value and contractual maturity amount | (350) | (547) | 1,260 | |
Changes in fair value for the period attributable to changes in own credit risk recorded in other comprehensive income | (140) | (178) | 404 | |
Cumulative changes in fair value due to changes in own credit risk | $ (777) | $ (637) | $ 337 |
Financial Instruments - Summa_2
Financial Instruments - Summary of Fair Values of Financial Instruments of Bank Using Valuation Methods and Assumption (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Assets: | |||
Cash and deposits with financial institutions | $ 52,017 | $ 89,491 | $ 76,460 |
Trading assets | 144,247 | 141,768 | 117,839 |
Securities purchased under resale agreements and securities borrowed | 131,081 | 118,831 | 119,747 |
Derivative financial instruments | 40,573 | 46,269 | 45,065 |
Customers' liability under acceptances | 15,596 | 14,775 | 14,228 |
Liabilities: | |||
Deposits | 756,661 | 768,993 | 750,838 |
Financial instruments designated at fair value through profit or loss | 20,406 | 20,260 | 18,899 |
Acceptances | 15,668 | 14,856 | 14,305 |
Obligations related to securities sold short | 41,768 | 40,119 | 31,902 |
Derivative financial instruments | 39,868 | 41,296 | 42,247 |
Obligations related to securities sold under repurchase agreements and securities lent | 115,969 | 140,491 | 137,763 |
Subordinated debentures | 6,439 | 6,600 | 7,405 |
Gross carrying amount [member] | |||
Assets: | |||
Cash and deposits with financial institutions | 52,017 | 89,491 | 76,460 |
Trading assets | 144,247 | 141,768 | 117,839 |
Securities purchased under resale agreements and securities borrowed | 131,081 | 118,831 | 119,747 |
Derivative financial instruments | 40,573 | 46,269 | 45,065 |
Investment securities - fair value | 63,182 | 71,523 | 79,745 |
Investment securities - amortized cost | 21,925 | 27,713 | 31,644 |
Loans | 608,165 | 603,649 | 603,263 |
Customers' liability under acceptances | 15,596 | 14,775 | 14,228 |
Other financial assets | 13,789 | 14,328 | 12,700 |
Liabilities: | |||
Deposits | 756,661 | 768,993 | 750,838 |
Financial instruments designated at fair value through profit or loss | 20,406 | 20,260 | 18,899 |
Acceptances | 15,668 | 14,856 | 14,305 |
Obligations related to securities sold short | 41,768 | 40,119 | 31,902 |
Derivative financial instruments | 39,868 | 41,296 | 42,247 |
Obligations related to securities sold under repurchase agreements and securities lent | 115,969 | 140,491 | 137,763 |
Subordinated debentures | 6,439 | 6,600 | 7,405 |
Other financial liabilities | 39,906 | 42,309 | 42,660 |
At fair value [member] | |||
Assets: | |||
Cash and deposits with financial institutions | 52,017 | 89,491 | 76,460 |
Trading assets | 144,247 | 141,768 | 117,839 |
Securities purchased under resale agreements and securities borrowed | 131,081 | 118,831 | 119,747 |
Derivative financial instruments | 40,573 | 46,269 | 45,065 |
Investment securities - fair value | 63,182 | 71,523 | 79,745 |
Investment securities - amortized cost | 22,140 | 28,167 | 32,129 |
Loans | 617,096 | 612,277 | 612,368 |
Customers' liability under acceptances | 15,596 | 14,775 | 14,228 |
Other financial assets | 13,789 | 14,328 | 12,700 |
Liabilities: | |||
Deposits | 759,760 | 773,422 | 755,395 |
Financial instruments designated at fair value through profit or loss | 20,406 | 20,260 | 18,899 |
Acceptances | 15,668 | 14,856 | 14,305 |
Obligations related to securities sold short | 41,768 | 40,119 | 31,902 |
Derivative financial instruments | 39,868 | 41,296 | 42,247 |
Obligations related to securities sold under repurchase agreements and securities lent | 115,969 | 140,491 | 137,763 |
Subordinated debentures | 6,871 | 7,032 | 7,827 |
Other financial liabilities | $ 40,669 | $ 43,717 | $ 43,776 |
Financial Instruments - Summa_3
Financial Instruments - Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis (Detail) - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | ||||
Assets: | |||||||
Precious metals | $ 553 | $ 1,107 | $ 1,181 | ||||
Trading assets | |||||||
Loans | 6,532 | 7,903 | 8,352 | ||||
Securities | 137,116 | 133,197 | 108,331 | ||||
Other | 599 | 668 | 1,156 | ||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 40,573 | 46,269 | 45,065 | ||||
Liabilities: | |||||||
Deposits | 756,661 | 768,993 | 750,838 | ||||
Financial liabilities designated at fair value through profit or loss | 20,406 | 20,260 | 18,899 | ||||
Obligations related to securities sold short | 41,768 | 40,119 | 31,902 | ||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 39,868 | 41,296 | 42,247 | ||||
Recurring fair value measurement [member] | IFRS9 [member] | |||||||
Assets: | |||||||
Precious metals | [1] | 553 | 1,107 | 1,181 | |||
Trading assets | |||||||
Assets | [1] | 144,800 | 142,875 | 119,020 | |||
Investment securities | |||||||
Investment securities | 63,182 | [2] | 71,523 | [2] | 79,745 | [3] | |
Derivative financial instruments | |||||||
Derivative Financial Assets | 40,573 | 46,269 | 45,065 | ||||
Liabilities: | |||||||
Deposits | [4] | 135 | 118 | 73 | |||
Financial liabilities designated at fair value through profit or loss | 20,406 | 20,260 | 18,899 | ||||
Obligations related to securities sold short | 41,768 | 40,119 | 31,902 | ||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 39,868 | 41,296 | 42,247 | ||||
Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Loans | [1] | 6,532 | 7,903 | 8,352 | |||
Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 15,128 | 12,551 | 13,036 | |||
Investment securities | |||||||
Investment securities | 11,978 | [2] | 14,634 | [2] | 16,828 | [3] | |
Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 10,313 | 10,265 | 9,320 | |||
Investment securities | |||||||
Investment securities | 9,746 | [2] | 13,689 | [2] | 17,547 | [3] | |
Recurring fair value measurement [member] | U.S. treasury and other U.S. agency debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 10,754 | 8,384 | 5,182 | |||
Investment securities | |||||||
Investment securities | 10,075 | [2] | 10,069 | [2] | 13,229 | [3] | |
Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 12,133 | 14,375 | 12,645 | |||
Investment securities | |||||||
Investment securities | 27,000 | [2] | 28,860 | [2] | 27,922 | [3] | |
Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 11,467 | 11,294 | 10,588 | |||
Investment securities | |||||||
Investment securities | 1,111 | [2] | 1,032 | [2] | 1,138 | [3] | |
Recurring fair value measurement [member] | Income funds [Member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 164 | 141 | 121 | |||
Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 77,157 | 76,187 | 57,439 | |||
Investment securities | |||||||
Investment securities | 3,272 | [2] | 3,239 | [2] | 3,081 | [3] | |
Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Other | [1],[5] | 599 | 668 | 1,156 | |||
Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 14,524 | 19,412 | 21,017 | ||||
Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 17,765 | 19,277 | 17,943 | ||||
Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 3,255 | 3,363 | 2,948 | ||||
Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 186 | 239 | 480 | ||||
Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 4,843 | 3,978 | 2,677 | ||||
Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 13,668 | 16,048 | 16,954 | ||||
Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 18,073 | 18,515 | 19,511 | ||||
Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 3,975 | 2,974 | 2,734 | ||||
Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 37 | 46 | 53 | ||||
Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 4,115 | 3,713 | 2,995 | ||||
Level 1 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Assets | [1] | 108,855 | 104,664 | 81,921 | |||
Investment securities | |||||||
Investment securities | 22,924 | [2] | 26,141 | [2] | 30,071 | [3] | |
Derivative financial instruments | |||||||
Derivative Financial Assets | 93 | 98 | 290 | ||||
Liabilities: | |||||||
Obligations related to securities sold short | 34,414 | 32,896 | 25,584 | ||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 260 | 340 | 599 | ||||
Level 1 [member] | Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 11,136 | 8,482 | 9,154 | |||
Investment securities | |||||||
Investment securities | 984 | [2] | 1,600 | [2] | 1,728 | [3] | |
Level 1 [member] | Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||||||
Investment securities | |||||||
Investment securities | 102 | [2] | 94 | [2] | 93 | [3] | |
Level 1 [member] | Recurring fair value measurement [member] | U.S. treasury and other U.S. agency debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 10,754 | 8,384 | 5,182 | |||
Investment securities | |||||||
Investment securities | 7,068 | [2] | 8,181 | [2] | 11,930 | [3] | |
Level 1 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 9,153 | 11,559 | 9,230 | |||
Investment securities | |||||||
Investment securities | 12,422 | [2] | 13,976 | [2] | 14,101 | [3] | |
Level 1 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||||||
Investment securities | |||||||
Investment securities | 293 | [2] | 209 | [2] | 265 | [3] | |
Level 1 [member] | Recurring fair value measurement [member] | Income funds [Member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 164 | 141 | 121 | |||
Level 1 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 77,049 | 75,430 | 57,078 | |||
Investment securities | |||||||
Investment securities | 2,055 | [2] | 2,081 | [2] | 1,954 | [3] | |
Level 1 [member] | Recurring fair value measurement [member] | Other trading assets [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Other | [1],[5] | 599 | 668 | 1,156 | |||
Level 1 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 93 | 98 | 290 | ||||
Level 1 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 260 | 340 | 599 | ||||
Level 2 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||||||
Assets: | |||||||
Precious metals | [1] | 553 | 1,107 | 1,181 | |||
Trading assets | |||||||
Assets | [1] | 35,869 | 38,191 | 37,081 | |||
Investment securities | |||||||
Investment securities | 39,189 | [2] | 44,377 | [2] | 48,764 | [3] | |
Derivative financial instruments | |||||||
Derivative Financial Assets | 40,467 | 46,168 | 44,768 | ||||
Liabilities: | |||||||
Deposits | [4] | 135 | 118 | 73 | |||
Financial liabilities designated at fair value through profit or loss | 20,290 | 20,260 | 18,899 | ||||
Obligations related to securities sold short | 7,354 | 7,223 | 6,318 | ||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 39,533 | 40,902 | 41,629 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Trading loans [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Loans | [1] | 6,532 | 7,903 | 8,352 | |||
Level 2 [member] | Recurring fair value measurement [member] | Canadian federal government and government guaranteed debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 3,992 | 4,069 | 3,882 | |||
Investment securities | |||||||
Investment securities | 10,994 | [2] | 13,034 | [2] | 15,100 | [3] | |
Level 2 [member] | Recurring fair value measurement [member] | Canadian provincial and municipal debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 10,313 | 10,265 | 9,320 | |||
Investment securities | |||||||
Investment securities | 9,644 | [2] | 13,595 | [2] | 17,454 | [3] | |
Level 2 [member] | Recurring fair value measurement [member] | U.S. treasury and other U.S. agency debt [member] | IFRS9 [member] | |||||||
Investment securities | |||||||
Investment securities | 3,007 | [2] | 1,888 | [2] | 1,299 | [3] | |
Level 2 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 2,980 | 2,816 | 3,415 | |||
Investment securities | |||||||
Investment securities | 14,556 | [2] | 14,860 | [2] | 13,798 | [3] | |
Level 2 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 11,463 | 11,274 | 10,570 | |||
Investment securities | |||||||
Investment securities | 792 | [2] | 796 | [2] | 850 | [3] | |
Level 2 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 36 | 757 | 361 | |||
Investment securities | |||||||
Investment securities | 196 | [2] | 204 | [2] | 263 | [3] | |
Level 2 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 14,522 | 19,411 | 21,013 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 17,765 | 19,277 | 17,943 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 3,151 | 3,263 | 2,655 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 186 | 239 | 480 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 4,843 | 3,978 | 2,677 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 13,595 | 16,000 | 16,937 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Foreign exchange and gold contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 18,073 | 18,515 | 19,511 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 3,713 | 2,628 | 2,133 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Credit contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 37 | 46 | 53 | ||||
Level 2 [member] | Recurring fair value measurement [member] | Commodity Contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 4,115 | 3,713 | 2,995 | ||||
Level 3 [member] | Recurring fair value measurement [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Assets | [1] | 76 | 20 | 18 | |||
Investment securities | |||||||
Investment securities | 1,069 | [2] | 1,005 | [2] | 910 | [3] | |
Derivative financial instruments | |||||||
Derivative Financial Assets | 13 | 3 | 7 | ||||
Liabilities: | |||||||
Financial liabilities designated at fair value through profit or loss | 116 | ||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 75 | 54 | 19 | ||||
Level 3 [member] | Recurring fair value measurement [member] | Other foreign governments debt [member] | IFRS9 [member] | |||||||
Investment securities | |||||||
Investment securities | 22 | [2] | 24 | [2] | 23 | [3] | |
Level 3 [member] | Recurring fair value measurement [member] | Corporate and other debt [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 4 | 20 | 18 | |||
Investment securities | |||||||
Investment securities | 26 | [2] | 27 | [2] | 23 | [3] | |
Level 3 [member] | Recurring fair value measurement [member] | Equity securities [member] | IFRS9 [member] | |||||||
Trading assets | |||||||
Securities | [1] | 72 | |||||
Investment securities | |||||||
Investment securities | 1,021 | [2] | 954 | [2] | 864 | [3] | |
Level 3 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 2 | 1 | 4 | ||||
Level 3 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Assets | 11 | 2 | 3 | ||||
Level 3 [member] | Recurring fair value measurement [member] | Interest rate contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | 73 | 48 | 17 | ||||
Level 3 [member] | Recurring fair value measurement [member] | Equity contracts [member] | IFRS9 [member] | |||||||
Derivative financial instruments | |||||||
Derivative Financial Liabilities | $ 2 | $ 6 | $ 2 | ||||
[1] | The fair value of precious metals is determined based on quoted market prices and forward spot prices, where applicable. | ||||||
[2] | Excludes debt investment securities measured at amortized cost of $21,925 (January 31, 2021 – $27,713). | ||||||
[3] | Excludes debt investment securities measured at amortized cost of $31,644. | ||||||
[4] | These amounts represent embedded derivatives bifurcated from structured notes. | ||||||
[5] | Represents energy related assets. |
Financial Instruments - Summa_4
Financial Instruments - Summary of Fair Value Hierarchy of Instruments Carried at Fair Value on a Recurring Basis (Parenthetical) (Detail) - Gross carrying amount [member] - CAD ($) $ in Millions | Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 |
Disclosure of fair value measurement of assets [line items] | |||
Investment securities measured at amortized cost | $ 21,925 | $ 27,713 | $ 31,644 |
Financial assets available-for-sale [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Investment securities measured at amortized cost | $ 21,925 | $ 27,713 | $ 31,644 |
Financial Instruments - Summa_5
Financial Instruments - Summary of Changes in Level 3 Instruments Carried at Fair Value (Detail) - Level 3 [member] - CAD ($) $ in Millions | 3 Months Ended | ||
Apr. 30, 2021 | Jan. 31, 2021 | Oct. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | $ 974 | ||
Gains/(losses) recorded in income | 84 | ||
Gains/(losses) recorded in OCI | (10) | ||
Purchases/ Issuances | (49) | ||
Sales/ Settlements | (73) | ||
Transfers into/out of Level 3 | 41 | ||
Fair value, ending balance | 967 | $ 974 | |
Change in unrealized gains/(losses)recorded in income for instruments still held | 78 | ||
Derivative financial instruments [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | (51) | (12) | $ (36) |
Gains/(losses) recorded in income | 1 | 2 | 5 |
Purchases/ Issuances | (17) | (38) | (7) |
Sales/ Settlements | 25 | ||
Transfers into/out of Level 3 | 5 | (3) | 1 |
Fair value, ending balance | (62) | (51) | (12) |
Change in unrealized gains/(losses)recorded in income for instruments still held | 1 | ||
Trading assets [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 20 | 18 | 15 |
Gains/(losses) recorded in income | 6 | 2 | 3 |
Sales/ Settlements | (22) | ||
Transfers into/out of Level 3 | 72 | ||
Fair value, ending balance | 76 | 20 | 18 |
Trading assets [member] | Corporate debt and other debt [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 20 | ||
Gains/(losses) recorded in income | 6 | ||
Sales/ Settlements | (22) | ||
Fair value, ending balance | 4 | 20 | |
Trading assets [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 0 | ||
Transfers into/out of Level 3 | 72 | ||
Fair value, ending balance | 72 | 0 | |
Investment securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 1,005 | 910 | 898 |
Gains/(losses) recorded in income | 76 | 58 | 14 |
Gains/(losses) recorded in OCI | (10) | 1 | 7 |
Purchases/ Issuances | 49 | 43 | 43 |
Sales/ Settlements | (51) | (35) | (24) |
Transfers into/out of Level 3 | 28 | (28) | |
Fair value, ending balance | 1,069 | 1,005 | $ 910 |
Change in unrealized gains/(losses)recorded in income for instruments still held | 76 | ||
Investment securities [member] | Other foreign governments debt [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 24 | ||
Gains/(losses) recorded in OCI | (2) | ||
Fair value, ending balance | 22 | 24 | |
Investment securities [member] | Corporate and other debt [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 27 | ||
Gains/(losses) recorded in OCI | (8) | ||
Purchases/ Issuances | 7 | ||
Fair value, ending balance | 26 | 27 | |
Investment securities [member] | Equity securities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 954 | ||
Gains/(losses) recorded in income | 76 | ||
Gains/(losses) recorded in OCI | 0 | ||
Purchases/ Issuances | 42 | ||
Fair value, ending balance | 1,021 | 954 | |
Change in unrealized gains/(losses)recorded in income for instruments still held | 76 | ||
Investment securities [member] | Equity securities [Member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Sales/ Settlements | (51) | ||
Derivative Financial Assets [member] | Interest rate contracts [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 1 | ||
Purchases/ Issuances | 1 | ||
Fair value, ending balance | 2 | 1 | |
Change in unrealized gains/(losses)recorded in income for instruments still held | 0 | ||
Derivative Financial Assets [member] | Equity contracts [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | 2 | ||
Gains/(losses) recorded in income | 1 | ||
Purchases/ Issuances | 8 | ||
Fair value, ending balance | 11 | 2 | |
Change in unrealized gains/(losses)recorded in income for instruments still held | 1 | ||
Interest rate contracts [member] | Derivative financial liabilities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | (48) | ||
Gains/(losses) recorded in income | (1) | ||
Purchases/ Issuances | (24) | ||
Fair value, ending balance | (73) | (48) | |
Change in unrealized gains/(losses)recorded in income for instruments still held | (1) | ||
Equity contracts [member] | Derivative financial liabilities [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Fair value, beginning balance | (6) | ||
Gains/(losses) recorded in income | 1 | ||
Purchases/ Issuances | (2) | ||
Transfers into/out of Level 3 | 5 | ||
Fair value, ending balance | (2) | $ (6) | |
Change in unrealized gains/(losses)recorded in income for instruments still held | 1 | ||
Financial liabilities at fair value through profit or loss, category [member] | |||
Disclosure of significant unobservable inputs used in fair value measurement of equity [line items] | |||
Gains/(losses) recorded in income | 1 | ||
Purchases/ Issuances | (81) | ||
Transfers into/out of Level 3 | (36) | ||
Fair value, ending balance | (116) | ||
Change in unrealized gains/(losses)recorded in income for instruments still held | $ 1 |
Corporate Income Taxes- Additio
Corporate Income Taxes- Additional Information (Detail) - CAD ($) $ in Millions | Jun. 30, 2020 | Nov. 30, 2016 |
2014 taxation year [member] | ||
Disclosure Of Income Taxes [Line Items] | ||
Reassessed tax by Canada Revenue Agency | $ 217 | |
2011 to 2013 taxation year [member] | ||
Disclosure Of Income Taxes [Line Items] | ||
Reassessed tax by Canada Revenue Agency | $ 808 |
Acquisition and divestitures -
Acquisition and divestitures - Additional Information (Detail) - Bank Of Nova Scotia Chile SA [member] $ in Millions | Mar. 12, 2021CAD ($) |
Increase In Ownership Interest In Subsidiaries [member] | |
Disclosure of detailed information about business combination [line items] | |
Payment to acquire non controlling interests in subsidiaries | $ 500 |
Percentage increase in ownership interest in subsidiaries | 7.00% |
Proportion of ownership interests in subsidiaries | 83.00% |
Percentage Reduction In Common Equity Tier One Ratio [member] | |
Disclosure of detailed information about business combination [line items] | |
Percentage reduction in common equity tier one ratio | 0.08% |