Securities (Tables)

3 Months Ended

Jan. 31, 2025

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

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.

Summary of Allowance for Credit Losses measured at FVOCI

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.