XML 28 R14.htm IDEA: XBRL DOCUMENT v3.25.1
Fair value measurement
 6 Months Ended
Apr. 30, 2025
Text Block [Abstract]  
Fair value measurement
Note 3. Fair value measurement

Fair value of financial instruments

 
  
 
 
Carrying value
 
 
 
 
 
 
 
$ millions, as at
 
Amortized
cost
 
 
Mandatorily
measured
at FVTPL
 
 
Designated
at FVTPL
 
 
Fair value
through
OCI
 
 
Total
 
 
Fair
value
 
 
Fair value
over (under)
carrying value
 
2025
  
Financial assets
 
 
 
 
 
 
 
Apr. 30
   
Cash and deposits with banks
  
$
49,586
 
  
$
–
 
  
$
–
 
  
$
–
 
  
$
49,586
 
  
$
49,586
 
  
$
–
 
  
Securities
  
 
71,027
 
  
 
115,783
 
  
 
–
 
  
 
83,031
 
  
 
269,841
 
  
 
269,404
 
  
 
(437
)
  
Cash collateral on securities borrowed
  
 
18,945
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
18,945
 
  
 
18,945
 
  
 
–
 
  
Securities purchased under resale agreements
  
 
67,904
 
  
 
23,357
 
  
 
–
 
  
 
–
 
  
 
91,261
 
  
 
91,261
 
  
 
–
 
  
Loans
              
  
Residential mortgages
  
 
282,952
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
282,955
 
  
 
283,729
 
  
 
774
 
  
Personal
  
 
45,828
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
45,828
 
  
 
45,942
 
  
 
114
 
  
Credit card
  
 
19,888
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
19,888
 
  
 
19,911
 
  
 
23
 
  
Business and government 
(1)
  
 
222,354
 
  
 
526
 
  
 
88
 
  
 
–
 
  
 
222,968
 
  
 
223,072
 
  
 
104
 
  
Derivative instruments
  
 
–
 
  
 
38,490
 
  
 
–
 
  
 
–
 
  
 
38,490
 
  
 
38,490
 
  
 
–
 
 
   
Other assets
  
 
21,944
 
  
 
586
 
  
 
–
 
  
 
–
 
  
 
22,530
 
  
 
22,530
 
  
 
–
 
  
Financial liabilities
              
  
Deposits
              
  
Personal
  
$
238,625
 
  
$
–
 
  
$
16,898
 
  
$
–
 
  
$
255,523
 
  
$
255,961
 
  
$
438
 
  
Business and government
  
 
420,248
 
  
 
–
 
  
 
21,094
 
  
 
–
 
  
 
441,342
 
  
 
442,276
 
  
 
934
 
  
Bank
  
 
27,401
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
27,401
 
  
 
27,401
 
  
 
–
 
  
Secured borrowings
  
 
58,904
 
  
 
–
 
  
 
1,457
 
  
 
–
 
  
 
60,361
 
  
 
60,463
 
  
 
102
 
  
Derivative instruments
  
 
–
 
  
 
43,945
 
  
 
–
 
  
 
–
 
  
 
43,945
 
  
 
43,945
 
  
 
–
 
  
Obligations related to securities sold short
  
 
–
 
  
 
20,093
 
  
 
–
 
  
 
–
 
  
 
20,093
 
  
 
20,093
 
  
 
–
 
  
Cash collateral on securities lent
  
 
6,715
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
6,715
 
  
 
6,715
 
  
 
–
 
  
Obligations related to securities sold under repurchase
agreements
  
 
121,733
 
  
 
–
 
  
 
11,546
 
  
 
–
 
  
 
133,279
 
  
 
133,279
 
  
 
–
 
  
Other liabilities 
(1)
  
 
19,977
 
  
 
171
 
  
 
11
 
  
 
–
 
  
 
20,159
 
  
 
20,159
 
  
 
–
 
 
   
Subordinated indebtedness
  
 
8,774
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
8,774
 
  
 
8,967
 
  
 
193
 
2024
   
Financial assets
              
Oct. 31
   
Cash and deposits with banks
   $ 48,064     $ –     $ –     $ –     $ 48,064     $ 48,064     $ –  
  
Securities
     71,610         106,042       –         76,693       254,345       253,437       (908 )
 
 
  
Cash collateral on securities borrowed
     17,028       –       –       –       17,028       17,028       –  
  
Securities purchased under resale agreements
     58,744       24,977       –       –       83,721       83,721       –  
  
Loans
              
  
Residential mortgages
     280,220       3       –       –       280,223       279,805       (418 )
  
Personal
     45,739       –       –       –       45,739       45,750       11  
  
Credit card
     19,649       –       –       –       19,649       19,682       33  
  
Business and government 
(1)
     212,460       116       105       –       212,681       212,750       69  
  
Derivative instruments
     –       36,435       –       –       36,435       36,435       –  
 
   
Other assets
     20,121       364       –       –       20,485       20,485       –  
  
Financial liabilities
              
  
Deposits
              
  
Personal
   $   235,593     $ –     $   17,301     $ –     $   252,894     $   253,378     $ 484  
  
Business and government
     414,441       –       21,058       –       435,499       436,528         1,029  
  
Bank
     20,009       –       –       –       20,009       20,009       –  
  
Secured borrowings
     55,285       –       1,170       –       56,455       56,588       133  
  
Derivative instruments
     –       40,654       –       –       40,654       40,654       –  
  
Obligations related to securities sold short
     –       21,642       –       –       21,642       21,642       –  
  
Cash collateral on securities lent
     7,997       –       –       –       7,997       7,997       –  
  
Obligations related to securities sold under repurchase
agreements
     100,407       –       9,746       –       110,153       110,153       –  
  
Other liabilities 
(1)
     20,657       158       19       –       20,834       20,834       –  
 
   
Subordinated indebtedness
     7,465       –       –       –       7,465       7,698       233  
(1)
Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.

The table below presents the level in the fair value hierarchy into which the fair values of financial instruments, that are carried at fair value on the interim consolidated balance sheet, are categorized:
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Level 1
 
 
 
 
 
Level 2
 
 
 
 
 
Level 3
 
 
 
 
  
 
Quoted market price
 
 
  
 
 
Valuation technique –
observable market inputs
 
 
  
 
 
Valuation technique –
non-observable market inputs
 
 
Total
 
  
Total
 
$ millions, as at
 
2025
Apr. 30
 
 
2024
Oct. 31
 
 
  
 
 
2025
Apr. 30
 
 
2024
Oct. 31
 
 
  
 
 
2025
Apr. 30
 
 
2024
Oct. 31
 
 
2025
Apr. 30
 
  
2024
Oct. 31
 
Financial assets
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Debt securities measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Government issued or guaranteed
 
$
7,681
 
 
$
4,258
 
 
      
 
$
31,081
 
 
$
32,328
 
 
      
 
$
–
 
 
$
–
 
 
$
38,762
 
  
$
36,586
 
Corporate debt
 
 
–
 
 
 
–
 
 
      
 
 
3,708
 
 
 
4,385
 
 
      
 
 
77
 
 
 
–
 
 
 
3,785
 
  
 
4,385
 
Mortgage- and asset-backed
 
 
–
 
 
 
–
 
 
 
 
 
 
 
5,015
 
 
 
4,213
 
 
 
 
 
 
 
454
 
 
 
70
 
 
 
5,469
 
  
 
4,283
 
 
 
 
7,681
 
 
 
4,258
 
 
 
 
 
 
 
39,804
 
 
 
40,926
 
 
 
 
 
 
 
531
 
 
 
70
 
 
 
48,016
 
  
 
45,254
 
Loans measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Business and government
 
 
–
 
 
 
–
 
 
      
 
 
353
 
 
 
116
 
 
      
 
 
261
 
(1)
 
 
 
105
 
(1)
 
 
 
614
 
  
 
221
 
Residential mortgages
 
 
–
 
 
 
–
 
 
 
 
 
 
 
3
 
 
 
3
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
3
 
  
 
3
 
 
 
 
–
 
 
 
–
 
 
 
 
 
 
 
356
 
 
 
119
 
 
 
 
 
 
 
261
 
 
 
105
 
 
 
617
 
  
 
224
 
Debt securities measured at FVOCI
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Government issued or guaranteed
 
 
7,584
 
 
 
2,760
 
 
      
 
 
59,680
 
 
 
60,051
 
 
      
 
 
–
 
 
 
–
 
 
 
67,264
 
  
 
62,811
 
Corporate debt
 
 
–
 
 
 
–
 
 
      
 
 
9,724
 
 
 
9,083
 
 
      
 
 
–
 
 
 
–
 
 
 
9,724
 
  
 
9,083
 
Mortgage- and asset-backed
 
 
–
 
 
 
–
 
 
 
 
 
 
 
5,087
 
 
 
4,127
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
5,087
 
  
 
4,127
 
 
 
 
7,584
 
 
 
2,760
 
 
 
 
 
 
 
74,491
 
 
 
73,261
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
82,075
 
  
 
76,021
 
Corporate equity mandatorily measured at FVTPL and designated at FVOCI
 
 
66,808
 
 
 
59,904
 
 
 
 
 
 
 
937
 
 
 
916
 
 
 
 
 
 
 
978
 
 
 
640
 
 
 
68,723
 
  
 
61,460
 
Securities purchased under resale agreements measured at FVTPL
 
 
–
 
 
 
–
 
 
 
 
 
 
 
23,357
 
 
 
24,977
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
23,357
 
  
 
24,977
 
Other assets
 
 
–
 
 
 
–
 
 
 
 
 
 
 
586
 
 
 
364
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
586
 
  
 
364
 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Interest rate
 
 
11
 
 
 
2
 
 
      
 
 
7,024
 
 
 
6,718
 
 
      
 
 
63
 
 
 
51
 
 
 
7,098
 
  
 
6,771
 
Foreign exchange
 
 
–
 
 
 
–
 
 
      
 
 
20,249
 
 
 
15,525
 
 
      
 
 
–
 
 
 
–
 
 
 
20,249
 
  
 
15,525
 
Credit
 
 
–
 
 
 
–
 
 
      
 
 
5
 
 
 
2
 
 
      
 
 
46
 
 
 
      44
 
 
 
51
 
  
 
46
 
Equity
 
 
3,571
 
 
 
5,821
 
 
      
 
 
3,591
 
 
 
5,157
 
 
      
 
 
19
 
 
 
6
 
 
 
7,181
 
  
 
10,984
 
Precious metal and other commodity
 
 
96
 
 
 
32
 
 
 
 
 
 
 
3,815
 
 
 
3,077
 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
3,911
 
  
 
3,109
 
 
 
 
3,678
 
 
 
5,855
 
 
 
 
 
 
 
34,684
 
 
 
30,479
 
 
 
 
 
 
 
128
 
 
 
101
 
 
 
38,490
 
  
 
36,435
 
Total financial assets
 
$
   85,751
 
 
$
  72,777
 
 
 
 
 
 
$
   174,215
 
 
$
  171,042
 
 
 
 
 
 
$
   1,898
 
 
$
916
 
 
$
   261,864
 
  
$
   244,735
 
Financial liabilities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Deposits and other liabilities
 (2)
 
$
–
 
 
$
–
 
 
      
 
$
(39,301
) 
 
$
(39,290
) 
 
      
 
$
(330
) 
 
$
(416
) 
 
$
(39,631
) 
  
$
(39,706
) 
Obligations related to securities sold short
 
 
(6,506
) 
 
 
(9,199
) 
 
      
 
 
(13,587
) 
 
 
(12,443
) 
 
      
 
 
–
 
 
 
–
 
 
 
(20,093
) 
  
 
(21,642
) 
Obligations related to securities sold under repurchase agreements
 
 
–
 
 
 
–
 
 
 
 
 
 
 
(11,546
) 
 
 
(9,746
) 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
(11,546
) 
  
 
(9,746
) 
Derivative instruments
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
  
      
Interest rate
 
 
(12
) 
 
 
(2
) 
 
      
 
 
(7,422
) 
 
 
(8,236
) 
 
      
 
 
(1,016
) 
 
 
(1,028
) 
 
 
(8,450
) 
  
 
(9,266
) 
Foreign exchange
 
 
–
 
 
 
–
 
 
      
 
 
(22,755
) 
 
 
(16,065
) 
 
      
 
 
(36
) 
 
 
(4
) 
 
 
(22,791
) 
  
 
(16,069
) 
Credit
 
 
–
 
 
 
–
 
 
      
 
 
(7
) 
 
 
(5
) 
 
      
 
 
(51
) 
 
 
(50
) 
 
 
(58
) 
  
 
(55
) 
Equity
 
 
(3,746
) 
 
 
(4,712
) 
 
      
 
 
(4,711
) 
 
 
(6,404
) 
 
      
 
 
(17
) 
 
 
(1
) 
 
 
(8,474
) 
  
 
(11,117
) 
Precious metal and other commodity
 
 
(85
) 
 
 
(39
) 
 
 
 
 
 
 
(4,087
) 
 
 
(4,108
) 
 
 
 
 
 
 
–
 
 
 
–
 
 
 
(4,172
) 
  
 
(4,147
) 
 
 
 
(3,843
) 
 
 
(4,753
) 
 
 
 
 
 
 
(38,982
) 
 
 
(34,818
) 
 
 
 
 
 
 
(1,120
) 
 
 
(1,083
) 
 
 
(43,945
) 
  
 
(40,654
) 
Total financial liabilities
 
$
(10,349
) 
 
$
  (13,952
) 
 
 
 
 
 
$
(103,416
) 
 
$
(96,297
) 
 
 
 
 
 
$
(1,450
) 
 
$
  (1,499
) 
 
$
(115,215
) 
  
$
(111,748
) 
(1)
Includes
 loans designated at FVTPL.
(2)
Comprises deposits designated at FVTPL of $39,043 million (October 31, 2024: $39,008 million), net bifurcated embedded derivative liabilities of $
406
million (October 31, 2024: $521 million), other liabilities designated at FVTPL of $11 million (October 31, 2024: $19
 
million), and other financial liabilities measured at fair value of $171
 
million (October 31, 2024: $158 million).
Transfers between levels in the fair value hierarchy are deemed to have occurred at the beginning of the quarter in which the transfer occurred. Transfers between levels can occur as a result of additional or new information regarding valuation inputs and changes in their observability. Significant transfers made during the quarter ended April 30, 2025, included
$
1,989
 
million of securities measured at FVTPL or FVOCI from Level 1 to Level 2 and
$
1,647
 
million from Level 2 to Level 1, and
$
1,764
 
million of securities sold short from Level 1 to Level 2 and
$
122
 
million from Level 2 to Level 1, due to changes in observability in the inputs used to value these securities (for the quarter ended January 31, 2025,
$
457
million of securities measured at FVTPL or FVOCI were transferred from Level 1 to Level 2 and
$
292
million from Level 2 to Level 1, and
$
307
million of securities sold short from Level 1 to Level 2 and
$
132
 
million from Level 2 to Level 1). In addition, transfers between Level 2 and Level 3 were made during the quarters ended April 30, 2025 and January 31, 2025, primarily due to changes in the assessment of the observability of certain correlation and market volatility and probability inputs that were used in measuring the fair value of our FVO liabilities and derivatives.
The following table presents the changes in fair value of financial assets and liabilities in Level 3. These instruments are measured at fair value utilizing non-observable market inputs. We often hedge positions with offsetting positions that may be classified in a different level. As a result, the gains and losses for assets and liabilities in the Level 3 category presented in the table below do not reflect the effect of offsetting gains and losses on the related hedging instruments that are classified in Level 1 and Level 2.
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net gains (losses)
included in income 
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, for the three months ended
 
 
Opening
balance
 
 
 
 
Realized
 
 
 
Unrealized 
(2)
 
 
 

 
Net unrealized
gains (losses)
included in OCI
 
 
 
(3)
 
 
 

 
Transfer
in to
Level 3
 
 
 
 
 

 
Transfer
out of
Level 3
 
 
 
 
 
Purchases/
Issuances
 
 
 
 
Sales/
Settlements
 
 
 
 
Closing
balance
 
 
Apr. 30, 2025
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Debt securities measured at FVTPL
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Corporate debt
  
$
80
 
  
$
   –
 
  
$
  (6
)
  
$
   (4
)
 
  
$
–
 
  
$
   –
 
  
$
   7
 
  
$
   –
 
  
$
77
 
Mortgage- and asset-backed
  
 
72
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
386
 
  
 
–
 
  
 
–
 
  
 
(4
)
  
 
454
 
Loans measured at FVTPL
                  
Business and government
  
 
100
 
  
 
–
 
  
 
(3
)
  
 
(5
)
  
 
–
 
  
 
–
 
  
 
178
 
  
 
(9
)
  
 
261
 
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
  
 
962
 
  
 
–
 
  
 
6
  
 
(6
)
  
 
–
 
  
 
–
 
  
 
30
 
  
 
(14
)
  
 
978
 
Derivative instruments
                  
Interest rate
  
 
23
 
  
 
–
 
  
 
40
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
63
 
Foreign exchange
  
 
12
 
  
 
–
 
  
 
(12
)
  
 
–
 
  
 
–
 
  
 
–
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
49
 
  
 
–
 
  
 
(3
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
46
 
Equity
  
 
6
 
  
 
–
 
  
 
6
 
  
 
–
 
  
 
7
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
19
 
Total assets
  
$
   1,304
 
  
$
–
 
  
$
28
 
  
$
(15
)
  
$
  393
 
  
$
–
  
$
215
 
  
$
(27
)
  
$
1,898
 
Deposits and other liabilities
(4)
  
$
(379
)
  
$
3
 
  
$
10
 
  
$
–
 
  
$
–
 
  
$
2
 
  
$
(29
)
  
$
63
 
  
$
(330
)
Derivative instruments
                  
Interest rate
  
 
(1,284
)
  
 
–
 
  
 
155
 
  
 
–
 
  
 
–
 
  
 
96
 
  
 
–
  
 
17
 
  
 
(1,016
)
Foreign exchange
  
 
–
 
  
 
–
 
  
 
(36
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(36
)
Credit
  
 
(54
)
  
 
–
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(51
)
Equity
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(5
)
  
 
–
 
  
 
(11
)
  
 
–
 
  
 
(17
)
Total liabilities
  
$
(1,718
)
  
$
3
 
  
$
132
 
  
$
–
 
  
$
(5
)
  
$
98
 
  
$
(40
)
  
$
80
 
  
$
(1,450
)
Jan. 31, 2025
                  
Debt securities measured at FVTPL
                  
Corporate debt
   $ –     $ –     $ (10 )    $ –     $ –     $ –     $ 90     $ –     $ 80  
Mortgage- and asset-backed
     70       –       (1 )      –       –       –       22       (19 )      72  
Loans measured at FVTPL
                  
Business and government
     105       –       1       4       –       –       –       (10 )      100  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
     640       (2 )      20       9       –       –       304       (9 )      962  
Derivative instruments
                  
Interest rate
     51       –       (23 )      –       –       (5 )      –       –       23  
Foreign exchange
     –       –       12       –       –       –       –       –       12  
Credit
     44       –       5       –       –       –       –       –       49  
Equity
     6       –       –       –       –       –       –       –       6  
Total assets
   $ 916     $ (2 )    $ 4     $    13     $ –     $ (5 )    $   416     $ (38 )    $ 1,304  
Deposits and other liabilities
(4)
   $ (416 )    $ 5     $ (23 )    $ –     $ (3 )    $ 2     $ (1 )    $ 57     $ (379 ) 
Derivative instruments
                  
Interest rate
     (1,028 )      –       (310 )      –       –       33       –       21       (1,284 ) 
Foreign exchange
     (4 )      –       4       –       –       –       –       –       –  
Credit
     (50 )      –       (4 )      –       –       –       –       –       (54 ) 
Equity
     (1 )      –       –       –       –       –       –       –       (1 ) 
Total liabilities
   $ (1,499 )    $ 5     $   (333 )   $ –     $ (3 )    $ 35     $ (1 )    $ 78     $ (1,718 ) 
Apr. 30, 2024
                  
Debt securities measured at FVTPL
                  
Corporate debt
   $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –  
Mortgage- and asset-backed
     147       –       –       –       –       –       12       (58 )      101  
Loans measured at FVTPL
                  
Business and government
     131       –       (1 )      3       –       –       –       (12 )      121  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
     586       3       16       (11 )      –       –       32       (18 )      608  
Derivative instruments
                  
Interest rate
     117       –       (44 )      –       –       (37 )      –       –       36  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     45       (2 )      2       –       –       –       1       –       46  
Equity
     5       –       –       –       –       –       –       –       5  
Total assets
   $ 1,031     $    1     $ (27 )    $ (8 )    $ –     $   (37 )   $ 45     $   (88 )   $ 917  
Deposits and other liabilities
(4)
   $ (399 )    $ (4 )    $ 2     $ –     $ (1 )    $ 5     $ (24 )    $ 41     $ (380 ) 
Derivative instruments
                  
Interest rate
     (908 )      –       (386 )      –       –       52       –       20         (1,222 )
Foreign exchange
     (9 )      –       (13 )      –       –       9       –       –       (13 ) 
Credit
     (50 )      –       –       –         (2 )      –       –       1       (51 ) 
Equity
     (6 )      –       –       –       –       2       –       –       (4 ) 
Total liabilities
   $ (1,372 )    $ (4 )    $   (397 )   $   –     $ (3 )    $    68     $   (24 )    $    62     $ (1,670 ) 
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period.
(3)
Foreign exchange translation on
debt securities and
 
loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
(4)
Includes deposits designated at FVTPL of $208 million (January 31, 2025: $210 million; April 30, 2024: $197 million), net bifurcated embedded derivative liabilities of $111 million (January 31, 2025: $166 million; April 30, 2024: $156 million) and other liabilities designated at FVTPL of $11 million (January 31, 2025: $3 million; April 30, 2024: $27 million).
 
 
 
 
 
 
Net gains (losses)
included in income 
(1)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
$ millions, for the six months ended    
 Opening
balance		  
 		     Realized       Unrealized 
(2)
 		    

 Net unrealized
gains (losses)
included in OCI		  
 
 
(3)
 		    

 Transfer
in to
Level 3		  
 
 		    

 Transfer
out of
Level 3		  
 
 		    
 Purchases/
Issuances		  
 		    
 Sales/
Settlements		  
 		    
 Closing
balance		  
 
Apr. 30, 2025
 
 
 
 
 
 
 
 
 
Debt securities measured at FVTPL
 
 
 
 
 
 
 
 
 
Corporate debt
  
$
–
 
  
$
–
 
  
$
(16
)
  
$
(4
)
 
  
$
 
–
 
  
$
–
 
  
$
 
97
 
  
$
–
 
  
$
77
 
Mortgage- and asset-backed
  
 
70
 
  
 
–
 
  
 
(1
)
  
 
–
 
  
 
386
 
  
 
–
 
  
 
22
 
  
 
(23
)
  
 
454
 
Loans measured at FVTPL
                  
Business and government
  
 
105
 
  
 
–
 
  
 
(2
)
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
178
 
  
 
(19
)
  
 
261
 
Corporate equity mandatorily measured at
FVTPL and designated at FVOCI
  
 
640
 
  
 
(2
)
  
 
26
 
  
 
3
 
  
 
–
 
  
 
–
 
  
 
334
 
  
 
(23
)
  
 
978
 
Derivative instruments
                  
Interest rate
  
 
51
 
  
 
–
 
  
 
17
  
 
–
 
  
 
–
 
  
 
(5
)
  
 
–
 
  
 
–
 
  
 
63
 
Foreign exchange
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
  
 
–
 
  
 
–
 
  
 
–
 
Credit
  
 
44
 
  
 
–
 
  
 
2
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
46
 
Equity
  
 
6
 
  
 
–
 
  
 
6
 
  
 
–
 
  
 
7
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
19
 
Total assets
  
$
916
 
  
$
(2
)
  
$
32
 
  
$
   (2
)
 
  
$
  393
 
  
$
(5
)
  
$
631
 
  
$
(65
) 
  
$
1,898
 
Deposits and other liabilities
(
4
)
  
$
(416
)
  
$
2
 
  
$
(13
)
  
$
–
 
  
$
(3
) 
  
$
4
 
  
$
(30
) 
  
$
126
 
  
$
(330
)
Derivative instruments
                  
Interest rate
  
 
(1,028
)
  
 
–
 
  
 
(155
)
  
 
–
 
  
 
–
 
  
 
129
 
  
 
–
  
 
38
 
  
 
(1,016
)
Foreign exchange
  
 
(4
)
  
 
–
 
  
 
(32
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(36
) 
Credit
  
 
(50
)
  
 
–
 
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(51
)
Equity
  
 
(1
)
  
 
–
 
  
 
–
 
  
 
–
 
  
 
(5
)
  
 
–
 
  
 
(11
)
  
 
–
 
  
 
(17
)
Total liabilities
  
$
  (1,499
) 
  
$
2
 
  
$
(201
)
  
$
–
 
  
$
(8
)
  
$
133
 
  
$
(41
)
  
$
164
 
  
 
$  (1,450
)
Apr. 30, 2024
                  
Debt securities measured at FVTPL
                  
Corporate debt
   $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –     $ –  
Mortgage- and asset-backed
     151       –       (3 )     –       –       –       61       (108 )     101  
Loans measured at FVTPL
                  
Business and government
     144       –       2       (1 )     –       –       –       (24 )     121  
Corporate equity mandatorily measured at FVTPL
and designated at FVOCI
     587       5       10       (13 )     –       –       62       (43 )     608  
Derivative instruments
                  
Interest rate
     21       –       53       –       –       (38 )     –       –       36  
Foreign exchange
     –       –       –       –       –       –       –       –       –  
Credit
     46       (3 )     2       –       –       –       1       –       46  
Equity
     4       –       –       –       2       (2 )     2       (1 )     5  
Total assets
   $ 953     $ 2     $ 64     $   (14 )   $    2     $ (40 )   $ 126     $   (176 )   $ 917  
Deposits and other liabilities
(
4
)
   $ (242 )   $   (9 )   $    (81 )   $ –     $   (1 )   $ 10     $   (101 )   $ 44     $ (380 )
Derivative instruments
                  
Interest rate
     (1,817 )     –       183       –       –       363       –       49       (1,222 )
Foreign exchange
     –       –       (22 )     –       –       9       –       –       (13 )
Credit
     (52 )     1       1       –       (2 )     –       –       1       (51 )
Equity
     (5 )     –       (1 )     –       (1 )     3       –       –       (4 )
Total liabilities
   $   (2,116 )   $ (8 )   $    80     $    –     $ (4 )   $   385     $ (101 )   $    94     $ (1,670 )
(1)
Cumulative AOCI gains or losses related to equity securities designated at FVOCI are reclassified from AOCI to retained earnings at the time of disposal or derecognition.
(2)
Comprises unrealized gains and losses relating to the assets and liabilities held at the end of the reporting period.
(3)
Foreign exchange translation on debt securities and loans measured at FVTPL held by foreign operations and denominated in the same currency as the foreign operations is included in OCI.
(
4
)
Includes deposits designated at FVTPL of $208 million (April 30, 2024: $197 million), net bifurcated embedded derivative liabilities of $111 million (April 30, 2024: $156 million) and other liabilities designated at FVTPL of $11 million (April 30, 2024: $27 million).
Financial instruments designated at FVTPL (FVO)
A net gain of $20 million, net of hedges for the three months ended April 30, 2025 (a net gain of $32 million and a net gain of $7 million for the three months ended January 31, 2025 and April 30, 2024, respectively), which is included in the interim consolidated statement of income under Gains (losses) from financial instruments measured/designated at FVTPL, net was recognized for FVO assets and FVO liabilities. A net gain of $52 million, net of hedges for the six months ended April 30, 2025 was recognized for FVO assets and FVO liabilities (nil for the six months ended April 30, 2024)
.
The fair value of a FVO liability reflects the credit risk relating to that liability. For those FVO liabilities for which we believe changes in our credit risk would impact the fair value from the note holders’ perspective, the related fair value changes were recognized in OCI.