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Securities (Tables)
 6 Months Ended
Apr. 30, 2025
Text Block [Abstract]  
Summary of 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
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.
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
            
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.