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Securities
 9 Months Ended
Jul. 31, 2025
Text Block [Abstract]  
Securities
Note 5. Securities
Securities
 
$ millions, as at   
2025
Jul. 31
      2024
Oct. 31		  
      Carrying amount  
Securities measured and designated at FVOCI
   
$
84,093
 
    $ 76,693  
Securities measured at amortized cost 
(1)
   
 
68,812
 
      71,610  
Securities mandatorily measured and designated at FVTPL
   
 
122,092
 
      106,042  
    
$
   274,997
 
    $   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
Jul. 31
                            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
   
$
12,596
 
  
$
7
 
   
$
(16
)
   
$
12,587
 
    $ 11,715     $ 1      $ (31 )    $ 11,685  
Other Canadian governments
   
 
16,729
 
  
 
17
 
   
 
(59
)
   
 
16,687
 
      16,506       9        (101 )      16,414  
U.S. Treasury and agencies
   
 
31,729
 
  
 
52
 
   
 
(118
)
   
 
31,663
 
      29,362       10        (220 )      29,152  
Other foreign governments
   
 
7,051
 
  
 
27
 
   
 
(2
)
   
 
7,076
 
      5,542       22        (4 )      5,560  
Mortgage-backed securities
   
 
3,631
 
  
 
3
 
   
 
(15
)
   
 
3,619
 
      3,493       –        (23 )      3,470  
Asset-backed securities
   
 
1,503
 
  
 
2
 
   
 
–
 
   
 
1,505
 
      656       1        –       657  
Corporate debt
   
 
9,993
 
  
 
10
 
   
 
(5
)
   
 
9,998
 
      9,085       7        (9 )      9,083  
    
 
83,232
 
  
 
118
 
   
 
(215
)
   
 
83,135
 
      76,359       50        (388 )      76,021  
Corporate equity 
(2)
   
 
916
 
  
 
65
 
   
 
(23
)
   
 
958
 
      653       51        (32 )      672  
    
$
  84,148
 
  
$
    183
 
   
$
    (238
)
   
$
  84,093
 
    $   77,012     $   101      $   (420 )    $   76,693  
(1)
Net of allowance for credit losses for debt securities measured at FVOCI of $23 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 July 31, 2025 was nil (nil and nil for the three months ended April 30, 2025 and July 31, 2024, respectively) and nil for the nine months ended July 31, 2025 (July 31, 2024: nil), at the time of disposal.
Net realized cumulative after-tax gains of
$
2
million
 
for the three months ended July 31, 2025 (nil and $19 million of losses for the three months ended April 30, 2025 and July 31, 2024, respectively) and
$
2
million
 
for the nine months ended July 31, 2025 (July 31, 2024: $18 million of losses), 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 July 31, 2025 was
$
1
million
 
(nil and $1 million for the three months ended April 30, 2025 and July 31, 2024, respectively) and $3 million for the nine months ended July 31, 2025 (July 31, 2024: $2 million). Dividend income recognized on equity securities designated at FVOCI that were disposed of as at July 31, 2025 was nil (nil and nil for the three months ended April 30, 2025 and July 31, 2024, respectively) and nil for the nine months ended July 31, 2025 (July 31, 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
            
Jul. 31
  
Balance at beginning of period
   
$
6
 
  
$
16
 
  
$
11
 
     
$
33
 
 
Provision for (reversal of) credit losses 
(2)
   
 
(1
)
  
 
4
 
  
 
26
 
     
 
29
 
 
Write-offs
   
 
–
 
  
 
–
 
  
 
–
 
     
 
–
 
 
  
Foreign exchange and other
   
 
1
 
  
 
–
 
  
 
–
 
  
 
 
 
   
 
1
 
 
  
Balance at end of period
   
$
6
 
  
$
20
 
  
$
37
 
  
 
 
 
   
$
63
 
 
Comprises:
            
 
Debt securities measured at FVOCI
   
$
3
 
  
$
20
 
  
$
–
 
     
$
23
 
 
  
Debt securities measured at amortized cost
   
 
3
 
  
 
–
 
  
 
37
 
  
 
 
 
   
 
40
 
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  
2024
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
    $ 6     $ 19     $ 13        $ 38  
 
Provision for (reversal of) credit losses 
(2)
      1       (1 )      (1 )         (1 ) 
 
Write-offs
      –       –       –          –  
 
  
Foreign exchange and other
      –       –       –    
 
 
 
      –  
 
  
Balance at end of period
    $    7     $   18     $   12    
 
 
 
    $   37  
 
Comprises:
            
 
Debt securities measured at FVOCI
    $ 1     $ 18     $ –        $ 19  
 
  
Debt securities measured at amortized cost
      6       –       12    
 
 
 
      18  
$ millions, as at or for the nine months ended
  
2025
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
   
$
7
 
  
$
17
 
  
$
12
 
     
$
36
 
 
Provision for (reversal of) credit losses 
(2)
   
 
(2
)
  
 
3
 
  
 
25
 
     
 
26
 
 
Write-offs
   
 
–
 
  
 
–
 
  
 
–
 
     
 
–
 
 
  
Foreign exchange and other
   
 
1
 
  
 
–
 
  
 
–
 
  
 
 
 
   
 
1
 
 
  
Balance at end of period
   
$
6
 
  
$
20
 
  
$
37
 
  
 
 
 
   
$
63
 
2024
  
Debt securities measured at FVOCI and amortized cost
            
Jul. 31
  
Balance at beginning of period
    $    8     $   20     $   14        $   42  
 
Reversal of credit losses 
(2)
      –       (2 )      (2 )         (4 ) 
 
Write-offs
      –       –       –          –  
 
  
Foreign exchange and other
      (1 )      –       –    
 
 
 
      (1 ) 
 
  
Balance at end of period
    $ 7     $ 18     $ 12    
 
 
 
    $ 37  
(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.