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Fair Value Measurements (Tables) | 12 Months Ended
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Oct. 31, 2025
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] |
Schedule of Financial Assets and Liabilities not Carried at Fair Value | Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Carrying Fair Carrying Fair value value value value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 183,593 $ 182,478 $ 206,815 $ 202,667 Other debt securities 56,846 56,679 64,800 63,509 Total debt securities at amortized cost, net of allowance for credit losses 240,439 239,157 271,615 266,176 Total loans, net of allowance for loan losses 953,012 956,424 949,549 949,227 Total financial assets not carried at fair value $ 1,193,451 $ 1,195,581 $ 1,221,164 $ 1,215,403 FINANCIAL LIABILITIES Deposits $ 1,267,104 $ 1,267,466 $ 1,268,680 $ 1,266,562 Securitization liabilities at amortized cost 14,841 14,805 12,365 12,123 Subordinated notes and debentures 10,733 10,929 11,473 11,628 Total financial liabilities not carried at fair value $ 1,292,678 $ 1,293,200 $ 1,292,518 $ 1,290,313 1 This table excludes financial assets and liabilities where the carrying value approximates their fair value.
Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities | The following tables set out changes in fair value of all assets and liabilities measured at fair value using significant Level 3 unobservable inputs for the years ended October 31, 2025 and October 31, 2024. Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Change in unrealized Fair Total realized and Fair gains value as at unrealized gains (losses) Movements 1 Transfers value as at (losses) on November 1 Included Included Purchases/ Sales/ Into Out of October 31 instruments 2024 in income 2 in OCI 3,4 Issuances Settlements Level 3 Level 3 2025 still held 5 FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ – $ – $ – $ – $ – $ – $ – $ – $ – Other debt securities 26 (1) – – (26) 70 (2) 67 (2) Equity securities 12 1 – 21 (9) – – 25 – 38 – – 21 (35) 70 (2) 92 (2) Non-trading financial assets at fair value through profit or loss Securities 1,233 33 – 385 (74) – (10) 1,567 (5) 1,233 33 – 385 (74) – (10) 1,567 (5) Financial assets at fair value through other comprehensive income Other debt securities 7 – – – (7) – – – – Equity securities 3,355 3 15 13 (1,472) – (3) 1,911 13 $ 3,362 $ 3 $ 15 $ 13 $ (1,479) $ – $ (3) $ 1,911 $ 13 FINANCIAL LIABILITIES Trading deposits 6 $ (505) $ 33 $ – $ (191) $ 350 $ – $ 40 $ (273) $ 32 Derivatives 7 Interest rate contracts (158) 80 – – 10 – – (68) 83 Foreign exchange contracts 1 (18) – – 4 8 3 (2) (3) Equity contracts (24) (108) – – (24) (2) 3 (155) (108) Commodity and other contracts (10) (45) – – – – – (55) (48) (191) (91) – – (10) 6 6 (280) (76) Financial liabilities designated at fair value through profit or loss (24) 10 – (24) 36 – – (2) 1 Change in unrealized Fair Total realized and Fair gains value as at unrealized gains (losses) Movements 1 Transfers value as at (losses) on November 1 Included Included Purchases/ Sales/ Into Out of October 31 instruments 2023 in income 2 in OCI 3,4 Issuances Settlements Level 3 Level 3 2024 still held 5 FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 67 $ – $ – $ – $ (67) $ – $ – $ – $ – Other debt securities 65 1 – 91 (88) 33 (76) 26 – Equity securities 10 (1) – 11 (8) – – 12 – 142 – – 102 (163) 33 (76) 38 – Non-trading financial assets at fair value through profit or loss Securities 980 98 – 232 (76) – (1) 1,233 80 980 98 – 232 (76) – (1) 1,233 80 Financial assets at fair value through other comprehensive income Other debt securities 27 – (3) 3 (20) – – 7 – Equity securities 2,377 – (7) 1,171 (205) 19 – 3,355 3 $ 2,404 $ – $ (10) $ 1,174 $ (225) $ 19 $ – $ 3,362 $ 3 FINANCIAL LIABILITIES Trading deposits 6 $ (985) $ (13) $ – $ (122) $ 540 $ – $ 75 $ (505) $ (6) Derivatives 7 Interest rate contracts (126) (70) – – 38 – – (158) (34) Foreign exchange contracts (6) 14 – – 2 (14) 5 1 4 Equity contracts (21) (5) – – (2) 3 1 (24) (6) Commodity and other contracts (1) (5) – – (4) – – (10) (9) (154) (66) – – 34 (11) 6 (191) (45) Financial liabilities designated at fair value through profit or loss (22) 127 – (260) 131 – – (24) 127 1 Includes foreign exchange. 2 Gains/losses on financial assets and liabilities are recognized within Non-interest income on the Consolidated Statement of Income. 3 Other comprehensive income. 4 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. Refer to Note 7 for further details. 5 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in AOCI. 6 Issuances and repurchases of trading deposits are reported on a gross basis. 7 Consists of derivative assets of $ 11 million (October 31, 2024/November 1, 2024 – $ 30 million; November 1, 2023 – $ 22 million) and derivative liabilities of $ 291 million (October 31, 2024/November 1, 2024 – $ 221 million; November 1, 2023 – $ 176 million), which have been netted in this table for presentation purposes only.
Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) | The following table presents the Bank’s assets and liabilities recognized at fair value and classified as Level 3, together with the valuation techniques used to measure fair value, the significant inputs used in the valuation technique that are considered unobservable, and a range of values for those unobservable inputs. The range of values represents the highest and lowest inputs used in calculating the fair value. Valuation Techniques and Inputs Used in the Fair Value Measurement of Level 3 Assets and Liabilities As at October 31, 2025 October 31, 2024 Significant Valuation unobservable Lower Upper Lower Upper technique inputs (Level 3) range range range range Unit Other debt securities Market comparable Bond price equivalent – 108 – 102 points Equity securities 1 Market comparable New issue price 100 100 100 100 % Non-trading financial assets at fair value through profit or loss Market comparable New issue price 100 100 100 100 % Discounted cash flow Discount rates 11 11 9 9 % EBITDA multiple Earnings multiple n/a 2 n/a – 20.0 times Price-based Net Asset Value 3 n/a n/a n/a n/a Derivatives Interest rate contracts Discounted cash flow Inflation rate swap curve n/a n/a 2 2 % Option model Funding ratio n/a n/a 75 75 % Swaption Model Currency-specific volatility 46 277 56 319 % Foreign exchange contracts Option model Currency-specific volatility 3 26 5 26 % Equity contracts Option model Price correlation 29 81 16 67 % Dividend yield – 8 2 7 % Equity volatility 12 111 13 27 % Commodity and other contracts Option model Quanto correlation (67) (47) (67) (47) % Market comparable Price equivalent 90 95 n/a n/a points Trading deposits Swaption model Currency-specific volatility 46 277 53 319 % Financial liabilities designated at fair value through profit or loss Option model Funding ratio 56 66 2 70 % 1 Equity securities exclude the fair value of Federal Reserve stock and FHLB stock of $ 1.7 billion (October 31, 2024 – $ 3.2 billion) which are redeemable by the issuer at cost which approximates fair value. These securities cannot be traded in the market, hence, these securities have not been subjected to the sensitivity analysis. 2 Not applicable. 3
Schedule of Sensitivity Analysis of Level 3 Financial Assets and Liabilities | The following table summarizes the potential effect of using reasonably possible alternative assumptions for financial assets and financial liabilities held, that are classified in Level 3 of the fair value hierarchy as at October 31, 2025 and October 31, 2024. For trading securities, non-trading securities at FVTPL and equity securities at FVOCI, the sensitivity was calculated based on an upward and downward shock of the fair value reported. For interest rate derivatives, the Bank performed a sensitivity analysis on the mortgage spreads and unobservable inflation curve. For equity derivatives, the sensitivity was calculated based on an upward and downward shock of fair value. For financial liabilities designated at FVTPL, the sensitivity was calculated based on an upward and downward shock of the funding ratio. Sensitivity Analysis of Level 3 Financial Assets and Liabilities (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Impact to net assets Impact to net assets Decrease in Increase in Decrease in Increase in fair value fair value fair value fair value FINANCIAL ASSETS Trading loans, securities, and other Securities $ 5 $ 1 $ 3 $ 1 Non-trading financial assets at fair value through profit or loss Securities 189 63 155 39 Financial assets at fair value through other comprehensive income Equity securities 31 11 30 12 FINANCIAL LIABILITIES Trading deposits – – – – Derivatives Interest rate contracts 35 18 28 17 Equity contracts 2 1 1 – 37 19 29 17 Financial liabilities designated at fair value through profit or loss – – 2 4 Total $ 262 $ 94 $ 219 $ 73
At fair value [member] |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] |
Schedule of Fair Value Hierarchy for Assets and Liabilities | The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at October 31, 2025 and October 31, 2024. Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 1 Government and government-related securities Canadian government debt Federal $ 4,892 $ 3,875 $ – $ 8,767 $ 691 $ 9,551 $ – $ 10,242 Provinces – 4,537 – 4,537 – 6,398 – 6,398 U.S. federal, state, municipal governments, and agencies debt 2,973 20,811 – 23,784 – 18,861 – 18,861 Other OECD government-guaranteed debt 283 5,818 – 6,101 – 9,722 – 9,722 Mortgage-backed securities – 768 – 768 – 1,352 – 1,352 Other debt securities Canadian issuers – 6,695 67 6,762 – 6,611 12 6,623 Other issuers – 16,508 – 16,508 – 15,845 14 15,859 Equity securities 87,713 171 25 87,909 68,682 34 12 68,728 Trading loans – 30,032 – 30,032 – 23,518 – 23,518 Commodities 33,446 1,521 – 34,967 13,504 962 – 14,466 Retained interests – 1 – 1 – 1 – 1 129,307 90,737 92 220,136 82,877 92,855 38 175,770 Non-trading financial assets at fair value through profit or loss Securities 465 5,019 1,567 7,051 391 1,188 1,233 2,812 Loans – 344 – 344 – 3,057 – 3,057 465 5,363 1,567 7,395 391 4,245 1,233 5,869 Derivatives Interest rate contracts 6 10,990 8 11,004 2 15,440 – 15,442 Foreign exchange contracts 30 53,576 3 53,609 47 51,001 13 51,061 Credit contracts – 44 – 44 – 6 – 6 Equity contracts 162 12,534 – 12,696 64 6,167 – 6,231 Commodity and other contracts 752 4,867 – 5,619 548 4,756 17 5,321 950 82,011 11 82,972 661 77,370 30 78,061 Financial assets designated at fair value through profit or loss Securities 1 – 6,986 – 6,986 – 6,417 – 6,417 – 6,986 – 6,986 – 6,417 – 6,417 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal 100 15,791 – 15,891 – 18,139 – 18,139 Provinces – 21,080 – 21,080 – 21,270 – 21,270 U.S. federal, state, municipal governments, and agencies debt 851 53,641 – 54,492 – 35,197 – 35,197 Other OECD government-guaranteed debt – 7,875 – 7,875 – 1,679 – 1,679 Mortgage-backed securities – 1,896 – 1,896 – 2,137 – 2,137 Other debt securities Asset-backed securities – 8,709 – 8,709 – 1,384 – 1,384 Corporate and other debt – 13,091 – 13,091 – 9,439 7 9,446 Equity securities 1,136 – 1,911 3,047 1,058 2 3,355 4,415 Loans – 288 – 288 – 230 – 230 2,087 122,371 1,911 126,369 1,058 89,477 3,362 93,897 Securities purchased under reverse repurchase agreements – 7,574 – 7,574 – 10,488 – 10,488 FINANCIAL LIABILITIES Trading deposits – 37,609 273 37,882 – 29,907 505 30,412 Derivatives Interest rate contracts 6 9,572 76 9,654 3 13,283 158 13,444 Foreign exchange contracts 24 42,496 5 42,525 30 40,936 12 40,978 Credit contracts – 440 – 440 – 403 – 403 Equity contracts – 19,528 155 19,683 – 7,974 24 7,998 Commodity and other contracts 806 6,193 55 7,054 673 4,845 27 5,545 836 78,229 291 79,356 706 67,441 221 68,368 Securitization liabilities at fair value – 25,283 – 25,283 – 20,319 – 20,319 Financial liabilities designated at fair value through profit or loss – 197,633 2 197,635 – 207,890 24 207,914 Obligations related to securities sold short 1 15,342 28,453 – 43,795 1,783 37,732 – 39,515 Obligations related to securities sold under repurchase agreements – 11,557 – 11,557 – 9,736 – 9,736 1 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions).
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Line Items] |
Schedule of Fair Value Hierarchy for Assets and Liabilities | The following table presents the levels within the fair value hierarchy for each of the financial assets and liabilities not carried at fair value as at October 31, 2025 and October 31, 2024, but for which fair value is disclosed. Fair Value Hierarchy for Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at October 31, 2025 October 31, 2024 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ – $ 182,478 $ – $ 182,478 $ – $ 202,667 $ – $ 202,667 Other debt securities – 56,679 – 56,679 – 63,509 – 63,509 Total debt securities at amortized cost, net of allowance for credit losses – 239,157 – 239,157 – 266,176 – 266,176 Total loans, net of allowance for loan losses – 280,842 675,582 956,424 – 285,070 664,157 949,227 Total assets with fair value disclosures $ – $ 519,999 $ 675,582 $ 1,195,581 $ – $ 551,246 $ 664,157 $ 1,215,403 LIABILITIES Deposits $ – $ 1,267,466 $ – $ 1,267,466 $ – $ 1,266,562 $ – $ 1,266,562 Securitization liabilities at amortized cost – 14,805 – 14,805 – 12,123 – 12,123 Subordinated notes and debentures – 10,929 – 10,929 – 11,628 – 11,628 Total liabilities with fair value disclosures $ – $ 1,293,200 $ – $ 1,293,200 $ – $ 1,290,313 $ – $ 1,290,313 1 This table excludes financial assets and liabilities where the carrying value approximates their fair value.

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