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IFRS 7 Disclosure (Tables)

6 Months Ended

Apr. 30, 2025

Exposure to credit risk

The following table provides our exposure to credit risk by portfolios based upon how we manage the business and the associated risks. Gross credit exposure amounts presented in the table below represent our estimate of exposure at default (EAD), which is net of derivative master netting agreements and credit valuation adjustment (CVA), but is before allowance for credit losses or credit risk mitigation for internal ratings-based (IRB) approaches. Gross credit exposure amounts relating to our business and government portfolios are reduced for collateral held for repo-style transactions, which reflects the EAD value of such collateral. Non-trading equity exposures are not included in the table below as they have been deemed immaterial under the OSFI guidelines, and hence are subject to 100% risk-weighting.


$ millions, as at						2025 Apr. 30							2024 Oct. 31
		IRB approach	(1)		Standardized approach		Total		IRB approach	(1)		Standardized approach		Total
Business and government portfolios
Drawn	$	401,816		$	16,785	$	418,601	$	386,836		$	15,817	$	402,653
Undrawn commitments		63,389			1,059		64,448		62,778			1,183		63,961
Repo-style transactions		475,812			–		475,812		408,201			1		408,202
Other off-balance sheet		18,042			536		18,578		17,078			487		17,565
OTC derivatives		20,691			125		20,816		18,806			126		18,932
Gross EAD on business and government portfolios		979,750			18,505		998,255		893,699			17,614		911,313
Less: Collateral held for repo-style transactions		453,951			–		453,951		388,767			–		388,767
Net EAD on business and government portfolios		525,799			18,505		544,304		504,932			17,614		522,546
Retail portfolios
Drawn		334,724			6,979		341,703		331,821			6,976		338,797
Undrawn commitments		110,255			4,128		114,383		104,906			3,982		108,888
Other off-balance sheet		481			124		605		444			114		558
Gross EAD on retail portfolios		445,460			11,231		456,691		437,171			11,072		448,243
Securitization exposures (2)		35,564			24,013		59,577		30,901			21,251		52,152
Gross EAD (3)	$	1,460,774		$	53,749	$	1,514,523	$	1,361,771		$	49,937	$	1,411,708
Net EAD (3)	$	1,006,823		$	53,749	$	1,060,572	$	973,004		$	49,937	$	1,022,941

(1)	Includes exposures subject to the supervisory slotting approach.

(2)

OSFI guidelines define a hierarchy of approaches for treating securitization exposures in our banking book. Depending on the underlying characteristics, exposures are eligible for either the standardized approach or the IRB approach. The external ratings-based approach (SEC-ERBA), which is inclusive of the internal assessment approach (SEC-IAA), includes exposures that qualify for the IRB approach, as well as exposures under the standardized approach.

(3)

Excludes exposures arising from derivative and repo-style transactions which are cleared through qualified central counterparties (QCCPs) as well as credit risk exposures arising from other assets that are subject to the credit risk framework, including other balance sheet assets which are risk-weighted at 100%, significant investments in the capital of non-financial institutions which are risk-weighted at 1250%, settlement risk, and amounts below the thresholds for deduction which are risk-weighted at 250%. Non-trading equity exposures are also excluded and are subject to a range of risk-weightings dependent on the nature of the security.

Summary of Loans Contractually Past Due But Not Impaired


$ millions, as at					2025 Apr. 30		2024 Oct. 31
	31 to 90 days		Over 90 days		Total		Total
Residential mortgages	$	1,184	$	–	$	1,184	$	1,216
Personal		229		–		229		261
Credit card		238		173		411		392
Business and government		170		–		170		226
	$	1,821	$	173	$	1,994	$	2,095

Summary of Market Risks by Type of Risks

The following table shows VaR for our trading activities based on risk type.


	As at or for the three months ended																						As at or for the six months ended
$ millions								2025 Apr. 30						2025 Jan. 31						2024 Apr. 30			2025 Apr. 30			2024 Apr. 30
	High		Low		As at			Average			As at			Average			As at			Average			Average			Average
Interest rate risk	$	10.2	$	4.1	$	6.6		$	7.0		$	7.0		$	8.9		$	11.7		$	10.6		$	7.9		$	9.0
Credit spread risk		2.9		1.2		1.4			1.6			1.3			2.1			2.4			2.4			1.9			2.4
Equity risk		15.9		8.4		10.0			12.2			8.9			7.9			4.9			6.4			10.0			6.0
Foreign exchange risk		3.0		0.5		1.1			1.1			1.3			1.6			2.7			1.5			1.3			1.2
Commodity risk		9.0		2.0		2.3			5.0			5.9			2.8			3.1			2.4			3.9			2.5
Diversification effect (1)		n/m		n/m		(10.8	)		(13.1	)		(13.3	)		(12.4	)		(9.8	)		(10.3	)		(12.7	)		(9.9	)
Total VaR (one-day measure)	$	16.1	$	10.6	$	10.6		$	13.8		$	11.1		$	10.9		$	15.0		$	13.0		$	12.3		$	11.2

(1)	Total VaR is less than the sum of the VaR of the different market risk types due to risk offsets resulting from a portfolio diversification effect.

n/m	Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types.

Summary of Structural Interest Rate Sensitivity - Measures


$ millions (pre-tax), as at				2025 Apr. 30									2025 Jan. 31									2024 Apr. 30
		CAD	(1)		USD			Total			CAD	(1)		USD			Total			CAD	(1)		USD			Total
100 basis point increase in interest rates
Increase (decrease) in net interest income	$	84		$	37		$	121		$	109		$	41		$	150		$	216		$	89		$	305
Increase (decrease) in EVE		(1,055	)		(457	)		(1,512	)		(1,061	)		(454	)		(1,515	)		(820	)		(367	)		(1,187	)
100 basis point decrease in interest rates
Increase (decrease) in net interest income		(148	)		(41	)		(189	)		(174	)		(44	)		(218	)		(273	)		(88	)		(361	)
Increase (decrease) in EVE		903			463			1,366			975			464			1,439			724			380			1,104

(1)	Includes CAD and other currency exposures.

Summary of Encumbered and Unencumbered Assets from On- and Off-Balance Sheet Sources

Encumbered and unencumbered liquid assets from on- and off-balance sheet sources are summarized as follows:


$ millions, as at			Bank owned liquid assets		Securities received as collateral		Total liquid assets		Encumbered liquid assets		Unencumbered liquid assets	(1)
2025	Cash and deposits with banks	$	49,586	$	–	$	49,586	$	482	$	49,104
Apr. 30	Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks		186,105		120,301		306,406		179,119		127,287
	Other debt securities		5,947		13,934		19,881		5,863		14,018
	Equities		64,770		30,245		95,015		59,146		35,869
	Canadian government guaranteed National Housing Act mortgage-backed securities		32,431		5,264		37,695		23,557		14,138
	Other liquid assets (2)		21,881		5,875		27,756		10,147		17,609
		$	360,720	$	175,619	$	536,339	$	278,314	$	258,025
2024	Cash and deposits with banks	$	48,064	$	–	$	48,064	$	560	$	47,504
Oct. 31	Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks		178,324		108,499		286,823		146,992		139,831
	Other debt securities		6,093		11,328		17,421		3,696		13,725
	Equities		58,102		33,424		91,526		54,269		37,257
	Canadian government guaranteed National Housing Act mortgage-backed securities		35,155		2,038		37,193		20,263		16,930
	Other liquid assets (2)		16,021		2,849		18,870		8,971		9,899
		$	341,759	$	158,138	$	499,897	$	234,751	$	265,146

(1)	Unencumbered liquid assets are defined as on-balance sheet assets, assets borrowed or purchased under resale agreements, and other off-balance sheet collateral received less encumbered liquid assets.

(2)	Includes cash pledged as collateral for derivatives transactions, select asset-backed securities and precious metals.

Summary of Contractual Maturity Profile of On-Balance Sheet Assets, Liabilities and Equity at their Carrying Values

The following table provides the contractual maturity profile of our on-balance sheet assets, liabilities and equity at their carrying values. Contractual analysis is not representative of our liquidity risk exposure, however, this information serves to inform our management of liquidity risk, and provide input when modelling a behavioural balance sheet.


$ millions, as at April 30, 2025	Less than 1 month		1–3 months		3–6 months		6–9 months		9–12 months		1–2 years		2–5 years		Over 5 years		No specified maturity			Total
Assets
Cash and non-interest-bearing deposits with banks (1)	$	14,011	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	14,011
Interest-bearing deposits with banks		35,575		–		–		–		–		–		–		–		–			35,575
Securities		7,129		17,567		9,998		11,089		9,531		29,605		63,991		52,208		68,723			269,841
Cash collateral on securities borrowed		18,945		–		–		–		–		–		–		–		–			18,945
Securities purchased under resale agreements		49,354		19,259		14,810		4,136		2,474		1,221		7		–		–			91,261
Loans
Residential mortgages		5,290		11,046		21,240		15,842		27,887		90,285		101,839		10,008		–			283,437
Personal		969		581		1,011		635		971		665		4,745		5,134		32,145			46,856
Credit card		436		873		1,309		1,309		1,309		5,238		10,310		–		–			20,784
Business and government (2)		4,718		6,334		13,523		15,393		14,378		57,116		78,410		22,092		12,789			224,753
Allowance for credit losses		–		–		–		–		–		–		–		–		(4,191	)		(4,191	)
Derivative instruments		2,717		6,622		3,068		4,022		2,458		5,815		7,721		6,067		–			38,490
Other assets		–		–		–		–		–		–		–		–		50,381			50,381
	$	139,144	$	62,282	$	64,959	$	52,426	$	59,008	$	189,945	$	267,023	$	95,509	$	159,847		$	1,090,143
October 31, 2024	$	130,008	$	45,680	$	57,993	$	52,094	$	61,184	$	186,218	$	260,975	$	101,546	$	146,287		$	1,041,985
Liabilities
Deposits (3)	$	44,568	$	42,098	$	60,055	$	48,992	$	52,330	$	51,068	$	65,194	$	24,072	$	396,250		$	784,627
Obligations related to securities sold short		20,093		–		–		–		–		–		–		–		–			20,093
Cash collateral on securities lent		6,715		–		–		–		–		–		–		–		–			6,715
Obligations related to securities sold under repurchase agreements		122,041		8,279		660		678		–		620		1,001		–		–			133,279
Derivative instruments		7,844		6,240		2,489		3,867		2,356		6,581		4,723		9,839		6			43,945
Other liabilities (2)		34		47		68		69		69		264		587		810		28,816			30,764
Subordinated indebtedness		–		–		–		–		–		–		34		8,740		–			8,774
Equity		–		–		–		–		–		–		–		–		61,946			61,946
	$	201,295	$	56,664	$	63,272	$	53,606	$	54,755	$	58,533	$	71,539	$	43,461	$	487,018		$	1,090,143
October 31, 2024	$	188,502	$	48,833	$	75,616	$	49,168	$	46,158	$	55,388	$	73,705	$	39,445	$	465,170		$	1,041,985

(1)	Cash includes interest-bearing demand deposits with Bank of Canada.

(2)	Certain information has been revised to conform to the presentation adopted in the first quarter of 2025.

(3)	Comprises $255.5 billion (October 31, 2024: $252.9 billion) of personal deposits; $501.7 billion (October 31, 2024: $492.0 billion) of business and government deposits and secured borrowings; and $27.4 billion (October 31, 2024: $20.0 billion) of bank deposits.

Summary of Off-Balance Sheet Credit Related Commitments

The following table provides the contractual maturity of notional amounts of credit-related commitments. Since a significant portion of commitments are expected to expire without being drawn upon, the total of the contractual amounts is not representative of future liquidity requirements.


$ millions, as at April 30, 2025		Less than 1 month		1–3 months		3–6 months		6–9 months		9–12 months		1–2 years		2–5 years		Over 5 years		No specified maturity	(1)		Total
Unutilized credit commitments	$	2,895	$	9,807	$	6,618	$	5,400	$	7,503	$	24,263	$	85,476	$	3,544	$	253,155		$	398,661
Standby and performance letters of credit		5,318		3,645		3,608		5,827		3,886		503		783		189		–			23,759
Backstop liquidity facilities		157		216		259		25,469		207		120		243		–		–			26,671
Documentary and commercial letters of credit		48		47		57		14		10		–		14		–		–			190
Other (2)		1,292		–		–		–		–		–		–		–		54			1,346
	$	9,710	$	13,715	$	10,542	$	36,710	$	11,606	$	24,886	$	86,516	$	3,733	$	253,209		$	450,627
October 31, 2024	$	18,455	$	35,462	$	8,910	$	11,720	$	12,084	$	26,766	$	77,636	$	3,562	$	245,816		$	440,411

(1)	Includes $195.7 billion (October 31, 2024: $189.6 billion) of personal, home equity and credit card lines, which are unconditionally cancellable at our discretion.

(2)	Includes forward-dated securities financing trades.

Summary of Contractual Maturities of Other Contractual Obligations Affecting Our Funding Needs

Other off-balance sheet contractual obligations

The following table provides the contractual maturities of other off-balance sheet contractual obligations affecting our funding needs:


$ millions, as at April 30, 2025	Less than 1 month		1–3 months		3–6 months		6–9 months		9–12 months		1–2 years		2–5 years		Over 5 years		Total
Purchase obligations (1)	$	118	$	212	$	267	$	275	$	207	$	643	$	740	$	255	$	2,717
Future lease commitments (2)		–		–		2		5		6		31		95		434		573
Investment commitments		–		–		1		1		12		10		47		488		559
Underwriting commitments		514		–		–		–		–		–		–		–		514
Pension contributions (3)		14		28		41		–		–		–		–		–		83
	$	646	$	240	$	311	$	281	$	225	$	684	$	882	$	1,177	$	4,446
October 31, 2024 (2)	$	607	$	263	$	292	$	321	$	279	$	737	$	850	$	1,203	$	4,552

(1)

Obligations that are legally binding agreements whereby we agree to purchase products or services with specific minimum or baseline quantities defined at fixed, minimum or variable prices over a specified period of time are defined as purchase obligations. Purchase obligations are included through to the termination date specified in the respective agreements, even if the contract is renewable. Many of the purchase agreements for goods and services include clauses that would allow us to cancel the agreement prior to expiration of the contract within a specific notice period. However, the amount above includes our obligations without regard to such termination clauses (unless actual notice of our intention to terminate the agreement has been communicated to the counterparty). The table excludes purchases of debt and equity instruments that settle within standard market time frames.

(2)

Excludes lease obligations that are accounted for under IFRS 16, which are recognized on the

interim

consolidated balance sheet, and operating and tax expenses relating to lease commitments. The table includes lease obligations that are not accounted for under IFRS 16, including those related to future starting lease commitments for which we have not yet recognized a lease liability and right-of-use asset.

(3)

Includes estimated minimum funding contributions for our funded defined benefit pension plans in Canada, the U.S., the U.K., and the Caribbean. Estimated minimum funding contributions are included only for the remaining annual period ending October 31, 2025 as the minimum contributions are affected by various factors, such as market performance and regulatory requirements, and therefore are subject to significant variability.