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Securities
 3 Months Ended
Jan. 31, 2025
Text Block [Abstract]  
Securities
Note 5. Securities
Securities
 
$ millions, as at
2025
Jan. 31
2024
Oct. 31
Carrying amount
Securities measured and designated at FVOCI
$
79,761
$
76,693
Securities measured at amortized cost
(1)
73,985
71,610
Securities mandatorily measured and designated at FVTPL
119,295
106,042
$
  273,041
$
  254,345
(1)
There were no sales of securities measured at amortized cost during the quarter (October 31, 2024: a realized gain of nil).
Fair value of debt securities measured and equity securities designated at FVOCI
 
$ millions, as at
2025
Jan. 31
2024
Oct. 31
Cost/
Amortized
cost
 
 
 (1)
 
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Cost/
Amortized
cost
 
 
 (1)
 
Gross
unrealized
gains
Gross
unrealized
losses
Fair
value
Securities issued or guaranteed by:
Canadian federal government
$
13,693
$
3
$
(36
) 
$
13,660
$
11,715
$
1
$
(31
) 
$
11,685
Other Canadian governments
15,366
6
(121
) 
15,251
16,506
9
(101
) 
16,414
U.S. Treasury and agencies
29,900
28
(108
) 
29,820
29,362
10
(220
) 
29,152
Other foreign governments
5,717
23
(3
) 
5,737
5,542
22
(4
) 
5,560
Mortgage-backed securities
3,579
1
(23
) 
3,557
3,493
–
(23
) 
3,470
Asset-backed securities
734
2
–
736
656
1
–
657
Corporate debt
10,005
9
(7
) 
10,007
9,085
7
(9
) 
9,083
78,994
72
(298
) 
78,768
76,359
50
(388
) 
76,021
Corporate equity
 (2)
970
58
(35
) 
993
653
51
(32
) 
672
$
  79,964
$
  130
$
  (333
) 
$
  79,761
$
  77,012
$
  101
$
  (420
) 
$
  76,693
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $20 million (October 31, 2024: $19 million).
(2)
Includes restricted stock.
Fair value of equity securities designated at FVOCI that were disposed of during the three months ended January 31, 2025 was nil (nil and nil for the three months ended October 31, 2024 and January 31, 2024, respectively), at the time of disposal.
Net realized cumulative after-tax gains of nil for the three months ended January 31, 2025 ($3 million and $
1 million of gains for the three months ended October 31, 2024 and January 31, 2024, respectively), were reclassified from AOCI to retained earnings, resulting from dispositions of equity securities designated at FVOCI and return on capital distributions from limited partnerships designated at FVOCI.
Dividend income recognized on equity securities designated at FVOCI that were still held as at January 31, 2025 was $2 million (
$
1
 milli
on
 and $1 million for the three months ended October 31, 2024 and January 31, 2024, respectively). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at January 31, 2025 was nil (nil and nil
for the three months ended October 31, 2024 and January 31, 2024, respectively). 
 
Allowance for credit losses
The following table provides a reconciliation of the opening balance to the closing balance of the ECL allowance for debt securities measured at FVOCI and amortized cost:
 
Stage 1
Stage 2
Stage 3
$ millions, as at or for the three months ended
Collective provision
12-month ECL
performing
Collective provision
lifetime ECL
performing
Collective and
individual provision
lifetime ECL
credit-impaired
 (1)
Total
2025
Debt securities measured at FVOCI and amortized cost
Jan. 31
  
Balance at beginning of period
   
$
7
 
$
17
 
$
12
    
$
36
 
Provision for (reversal of) credit losses
 (2)
   
–
 
–
 
(1
)
     
(1
)
 
Write-offs
   
–
 
–
 
–
    
–
 
Foreign exchange and other
   
–
 
1
 
1
 
  
2
 
Balance at end of period
   
$
7
 
$
18
 
$
12
 
  
$
37
 
Comprises:
            
 
Debt securities measured at FVOCI
   
$
2
 
$
18
 
$
–
    
$
20
 
Debt securities measured at amortized cost
   
5
 
–
 
12
 
  
17
2024
  
Debt securities measured at FVOCI and amortized cost
            
Oct. 31
  
Balance at beginning of period
    $ 7     $ 18     $ 12        $ 37  
 
Provision for (reversal of) credit losses
 (2)
      –       (1 )      –          (1 ) 
 
Write-offs
      –       –       –          –  
  
Foreign exchange and other
      –       –       –    
     –  
  
Balance at end of period
    $ 7     $ 17     $ 12    
   $ 36  
 
Comprises:
            
 
Debt securities measured at FVOCI
    $ 2    
$
 17    
$
 –       
$
 19  
  
Debt securities measured at amortized cost
      5       –       12    
     17  
2024
  
Debt securities measured at FVOCI and amortized cost
            
Jan. 31
  
Balance at beginning of period
    $ 8     $ 20     $ 14        $ 42  
 
Provision for (reversal of) credit losses
 (2)
      –       –       (1 )         (1 ) 
 
Write-offs
      –       –       –          –  
  
Foreign exchange and other
      (1 )      –       –    
     (1 ) 
  
Balance at end of period
    $    7     $   20     $   13    
   $   40  
 
Comprises:
            
 
Debt securities measured at FVOCI
    $ 1    
$
 20    
$
 –       
$
 21  
  
Debt securities measured at amortized cost
      6       –       13    
     19  
(1)
Includes stage 3 ECL allowance on originated credit-impaired amortized cost debt securities.
(2)
Included in gains (losses) from debt securities measured at FVOCI and amortized cost, net on our interim consolidated statement of income.