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Securities
 6 Months Ended
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.