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Securities | 6 Months Ended
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Apr. 30, 2025
Text Block [Abstract] |
Securities | Note 5. Securities Securities
$ millions, as at |  | 2025 Apr. 30 |  |  | 2024 Oct. 31 |
|  | Carrying amount |
Securities measured and designated at FVOCI |  | $ | 83,031 |  |  | $ | 76,693 |
Securities measured at amortized cost (1) |  |  | 71,027 |  |  |  | 71,610 |
Securities mandatorily measured and designated at FVTPL |  |  | 115,783 |  |  |  | 106,042 |
|  | $ | 269,841 |  |  | $ | 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 Apr. 30 |  |  |  |  |  |  |  |  |  |  |  | 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 |  | $ | 14,175 |  |  | $ | 2 |  |  | $ | (45 | ) |  | $ | 14,132 |  |  | $ | 11,715 |  |  | $ | 1 |  |  | $ | (31 | ) |  | $ | 11,685 |
Other Canadian governments |  |  | 16,352 |  |  |  | 4 |  |  |  | (168 | ) |  |  | 16,188 |  |  |  | 16,506 |  |  |  | 9 |  |  |  | (101 | ) |  |  | 16,414 |
U.S. Treasury and agencies |  |  | 30,467 |  |  |  | 46 |  |  |  | (131 | ) |  |  | 30,382 |  |  |  | 29,362 |  |  |  | 10 |  |  |  | (220 | ) |  |  | 29,152 |
Other foreign governments |  |  | 6,538 |  |  |  | 27 |  |  |  | (3 | ) |  |  | 6,562 |  |  |  | 5,542 |  |  |  | 22 |  |  |  | (4 | ) |  |  | 5,560 |
Mortgage-backed securities |  |  | 3,839 |  |  |  | 1 |  |  |  | (20 | ) |  |  | 3,820 |  |  |  | 3,493 |  |  |  | – |  |  |  | (23 | ) |  |  | 3,470 |
Asset-backed securities |  |  | 1,268 |  |  |  | 1 |  |  |  | (2 | ) |  |  | 1,267 |  |  |  | 656 |  |  |  | 1 |  |  |  | – |  |  |  | 657 |
Corporate debt |  |  | 9,723 |  |  |  | 10 |  |  |  | (9 | ) |  |  | 9,724 |  |  |  | 9,085 |  |  |  | 7 |  |  |  | (9 | ) |  |  | 9,083 |
|  |  | 82,362 |  |  |  | 91 |  |  |  | (378 | ) |  |  | 82,075 |  |  |  | 76,359 |  |  |  | 50 |  |  |  | (388 | ) |  |  | 76,021 |
Corporate equity (2) |  |  | 917 |  |  |  | 62 |  |  |  | (23 | ) |  |  | 956 |  |  |  | 653 |  |  |  | 51 |  |  |  | (32 | ) |  |  | 672 |
|  | $ | 83,279 |  |  | $ | 153 |  |  | $ | (401 | ) |  | $ | 83,031 |  |  | $ | 77,012 |  |  | $ | 101 |  |  | $ | (420 | ) |  | $ | 76,693 |
(1) | Net of allowance for credit losses for debt securities measured at FVOCI of $18 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 April 30, 2025 was nil (nil and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and nil for the six months ended April 30, 2025 (April 30, 2024: nil), at the time of disposal. Net realized cumulative after-tax gains of nil for the three months ended April 30, 2025 (nil and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and nil for the six months ended April 30, 2025 (April 30, 2024: $1 million of gains), 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 April 30, 2025 was nil ($2 million and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and $ 2 million for the six months ended April 30, 2025 (April 30, 2024: $1 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at April 30, 2025 was nil (nil and nil for the three months ended January 31, 2025 and April 30, 2024, respectively) and nil for the six months ended April 30, 2025 (April 30, 2024: nil). 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apr. 30 |  | Balance at beginning of period |  | $ | 7 |  |  | $ | 18 |  |  | $ | 12 |  |  |  |  |  |  | $ | 37 |
|  | Reversal of credit losses (2) |  |  | (1 | ) |  |  | (1 | ) |  |  | – |  |  |  |  |  |  |  | (2 | )
|  | Write-offs |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |
|  | Foreign exchange and other |  |  | – |  |  |  | (1 | ) |  |  | (1 | ) |  |  |  |  |  |  | (2 | )
|  | Balance at end of period |  | $ | 6 |  |  | $ | 16 |  |  | $ | 11 |  |  |  |  |  |  | $ | 33 |
|  | Comprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Debt securities measured at FVOCI |  | $ | 2 |  |  | $ | 16 |  |  | $ | – |  |  |  |  |  |  | $ | 18 |
|  | Debt securities measured at amortized cost |  |  | 4 |  |  |  | – |  |  |  | 11 |  |  |  |  |  |  |  | 15 |
2025 |  | Debt securities measured at FVOCI and amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Jan. 31 |  | Balance at beginning of period |  | $ | 7 |  |  | $ | 17 |  |  | $ | 12 |  |  |  |  |  |  | $ | 36 |
|  | 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 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apr. 30 |  | Balance at beginning of period |  | $ | 7 |  |  | $ | 20 |  |  | $ | 13 |  |  |  |  |  |  | $ | 40 |
|  | Reversal of credit losses (2) |  |  | (1 | ) |  |  | (1 | ) |  |  | – |  |  |  |  |  |  |  | (2 | )
|  | Write-offs |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |
|  | Foreign exchange and other |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |
|  | Balance at end of period |  | $ | 6 |  |  | $ | 19 |  |  | $ | 13 |  |  |  |  |  |  | $ | 38 |
|  | Comprises: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
|  | Debt securities measured at FVOCI |  | $ | 1 |  |  | $ | 19 |  |  | $ | – |  |  |  |  |  |  | $ | 20 |
|  | Debt securities measured at amortized cost |  |  | 5 |  |  |  | – |  |  |  | 13 |  |  |  |  |  |  |  | 18 |
$ millions, as at or for the six months ended |
2025 |  | Debt securities measured at FVOCI and amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apr. 30 |  | Balance at beginning of period |  | $ | 7 |  |  | $ | 17 |  |  | $ | 12 |  |  |  |  |  |  | $ | 36 |
|  | Reversal of credit losses (2) |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  |  |  |  |  | (3 | )
|  | Write-offs |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |
|  | Foreign exchange and other |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |
|  | Balance at end of period |  | $ | 6 |  |  | $ | 16 |  |  | $ | 11 |  |  |  |  |  |  | $ | 33 |
2024 |  | Debt securities measured at FVOCI and amortized cost |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Apr. 30 |  | Balance at beginning of period |  | $ | 8 |  |  | $ | 20 |  |  | $ | 14 |  |  |  |  |  |  | $ | 42 |
|  | Reversal of credit losses (2) |  |  | (1 | ) |  |  | (1 | ) |  |  | (1 | ) |  |  |  |  |  |  | (3 | )
|  | Write-offs |  |  | – |  |  |  | – |  |  |  | – |  |  |  |  |  |  |  | – |
|  | Foreign exchange and other |  |  | (1 | ) |  |  | – |  |  |  | – |  |  |  |  |  |  |  | (1 | )
|  | Balance at end of period |  | $ | 6 |  |  | $ | 19 |  |  | $ | 13 |  |  |  |  |  |  | $ | 38 |
(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.

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