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IFRS 7 Disclosure (Tables)

9 Months Ended

Jul. 31, 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 Jul. 31							2024 Oct. 31
		IRB approach	(1)		Standardized approach		Total		IRB approach	(1)		Standardized approach		Total
Business and government portfolios
Drawn	$	411,940		$	16,396	$	428,336	$	386,836		$	15,817	$	402,653
Undrawn commitments		65,529			1,214		66,743		62,778			1,183		63,961
Repo-style transactions		506,658			1		506,659		408,201			1		408,202
Other off-balance sheet		18,990			490		19,480		17,078			487		17,565
OTC derivatives		21,100			125		21,225		18,806			126		18,932
Gross EAD on business and government portfolios		1,024,217			18,226		1,042,443		893,699			17,614		911,313
Less: Collateral held for repo-style transactions		481,105			–		481,105		388,767			–		388,767
Net EAD on business and government portfolios		543,112			18,226		561,338		504,932			17,614		522,546
Retail portfolios
Drawn		336,177			6,557		342,734		331,821			6,976		338,797
Undrawn commitments		111,446			4,184		115,630		104,906			3,982		108,888
Other off-balance sheet		471			123		594		444			114		558
Gross EAD on retail portfolios		448,094			10,864		458,958		437,171			11,072		448,243
Securitization exposures (2)		38,654			28,785		67,439		30,901			21,251		52,152
Gross EAD (3)	$	1,510,965		$	57,875	$	1,568,840	$	1,361,771		$	49,937	$	1,411,708
Net EAD (3)	$	1,029,860		$	57,875	$	1,087,735	$	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 Jul. 31		2024 Oct. 31
	31 to 90 days		Over 90 days		Total		Total
Residential mortgages	$	1,134	$	–	$	1,134	$	1,216
Personal		231		–		231		261
Credit card		241		157		398		392
Business and government		338		–		338		226
	$	1,944	$	157	$	2,101	$	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 nine months ended
$ millions								2025 Jul. 31						2025 Apr. 30						2024 Jul. 31			2025 Jul. 31			2024 Jul. 31
	High		Low		As at			Average			As at			Average			As at			Average			Average			Average
Interest rate risk	$	11.9	$	4.3	$	9.0		$	7.4		$	6.6		$	7.0		$	7.4		$	11.2		$	7.8		$	9.8
Credit spread risk		2.0		1.2		1.3			1.6			1.4			1.6			2.6			2.8			1.8			2.5
Equity risk		11.6		7.5		9.5			9.5			10.0			12.2			6.7			6.2			9.8			6.1
Foreign exchange risk		2.8		0.6		0.8			1.0			1.1			1.1			0.8			1.4			1.2			1.3
Commodity risk		3.2		1.5		2.5			2.3			2.3			5.0			3.3			3.3			3.4			2.8
Diversification effect (1)		n/m		n/m		(13.3	)		(10.6	)		(10.8	)		(13.1	)		(10.1	)		(11.8	)		(12.1	)		(10.7	)
Total VaR (one-day measure)	$	15.0	$	9.2	$	9.8		$	11.2		$	10.6		$	13.8		$	10.7		$	13.1		$	11.9		$	11.8

(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.

Summary of Structural Interest Rate Sensitivity - Measures


$ millions (pre-tax), as at				2025 Jul. 31									2025 Apr. 30									2024 Jul. 31
		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	$	116		$	31		$	147		$	84		$	37		$	121		$	145		$	79		$	224
Increase (decrease) in EVE		(1,072	)		(441	)		(1,513	)		(1,055	)		(457	)		(1,512)			(919	)		(406	)		(1,325	)
100 basis point decrease in interest rates
Increase (decrease) in net interest income		(191	)		(34	)		(225	)		(148	)		(41	)		(189	)		(191	)		(80	)		(271	)
Increase (decrease) in EVE		922			437			1,359			903			463			1,366			831			417			1,248

(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	$	55,187	$	–	$	55,187	$	282	$	54,905
Jul. 31	Securities issued or guaranteed by sovereigns, central banks, and multilateral development banks		184,041		118,248		302,289		187,527		114,762
	Other debt securities		6,934		13,251		20,185		9,103		11,082
	Equities		70,459		36,042		106,501		65,016		41,485
	Canadian government guaranteed National Housing Act mortgage-backed securities		31,334		3,773		35,107		22,990		12,117
	Other liquid assets (2)		18,666		4,688		23,354		8,119		15,235
		$	366,621	$	176,002	$	542,623	$	293,037	$	249,586
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 July 31, 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)	$	19,101	$	–	$	–	$	–	$	–	$	–	$	–	$	–	$	–		$	19,101
Interest-bearing deposits with banks		36,086		–		–		–		–		–		–		–		–			36,086
Securities		8,949		10,392		13,998		5,904		7,308		34,917		68,108		50,988		74,433			274,997
Cash collateral on securities borrowed		21,690		–		–		–		–		–		–		–		–			21,690
Securities purchased under resale agreements		46,936		17,496		12,820		2,350		3,558		3,044		6		–		–			86,210
Loans
Residential mortgages		4,914		13,288		20,049		15,364		34,861		86,693		100,753		10,013		–			285,935
Personal		980		865		586		1,000		684		743		4,875		5,230		32,296			47,259
Credit card		448		895		1,343		1,343		1,343		5,373		10,576		–		–			21,321
Business and government (2)		4,624		7,437		14,732		12,916		19,759		54,693		82,645		22,927		11,681			231,414
Allowance for credit losses		–		–		–		–		–		–		–		–		(4,285	)		(4,285	)
Derivative instruments		2,516		4,574		4,229		2,464		1,597		6,008		7,538		5,688		–			34,614
Other assets		–		–		–		–		–		–		–		–		47,913			47,913
	$	146,244	$	54,947	$	67,757	$	41,341	$	69,110	$	191,471	$	274,501	$	94,846	$	162,038		$	1,102,255
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)	$	40,083	$	45,283	$	53,647	$	57,171	$	53,307	$	50,002	$	69,340	$	24,624	$	399,215		$	792,672
Obligations related to securities sold short		20,827		–		–		–		–		–		–		–		–			20,827
Cash collateral on securities lent		5,304		–		–		–		–		–		–		–		–			5,304
Obligations related to securities sold under repurchase agreements		105,477		34,996		1,562		–		–		624		3,000		–		–			145,659
Derivative instruments		3,466		4,257		4,283		2,158		2,258		6,267		4,522		9,338		3			36,552
Other liabilities (2)		23		46		70		71		69		258		568		782		28,779			30,666
Subordinated indebtedness		–		–		–		–		–		–		131		7,568		–			7,699
Equity		–		–		–		–		–		–		–		–		62,876			62,876
	$	175,180	$	84,582	$	59,562	$	59,400	$	55,634	$	57,151	$	77,561	$	42,312	$	490,873		$	1,102,255
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 $256.1 billion (October 31, 2024: $252.9 billion) of personal deposits; $509.5 billion (October 31, 2024: $492.0 billion) of business and government deposits and secured borrowings; and $27.1 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 July 31, 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	$	2,641	$	10,815	$	4,839	$	6,644	$	8,867	$	25,194	$	89,379	$	5,321	$	257,984		$	411,684
Standby and performance letters of credit		6,023		3,042		5,455		4,066		4,745		576		802		186		–			24,895
Backstop liquidity facilities		–		198		28,680		57		132		405		–		–		–			29,472
Documentary and commercial letters of credit		24		98		40		4		4		–		20		–		–			190
Other (2)		1,637		–		–		–		–		–		–		–		56			1,693
	$	10,325	$	14,153	$	39,014	$	10,771	$	13,748	$	26,175	$	90,201	$	5,507	$	258,040		$	467,934
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 $198.6 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

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


$ millions, as at July 31, 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)	$	110	$	220	$	312	$	236	$	238	$	597	$	746	$	254	$	2,713
Future lease commitments (2)		–		1		5		6		6		33		94		427		572
Investment commitments		–		1		1		12		–		10		49		460		533
Underwriting commitments		311		–		–		–		–		–		–		–		311
Pension contributions (3)		14		28		–		–		–		–		–		–		42
	$	435	$	250	$	318	$	254	$	244	$	640	$	889	$	1,141	$	4,171
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.