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Securities | 12 Months Ended
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Oct. 31, 2025
Text Block [Abstract] |
Securities | Note 2: Securities Securities are divided into five types, each with a different purpose and accounting treatment. The types of securities we hold are as follows: Trading securities are securities purchased for resale over a short period of time. Trading securities are recorded at FVTPL. Transaction costs and changes in fair value are recorded in our Consolidated Statement of Income in trading revenues. Fair value through profit or loss securities are measured at fair value, with changes in fair value and related transaction costs recorded in our Consolidated Statement of Income in securities gains, other than trading, except as noted below. This category includes the following: Securities Designated at FVTPL In order to qualify for this designation, the security must have a reliably measurable fair value, and the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the gains and losses on a different basis. Securities must be designated on initial recognition, and the designation is irrevocable. If these securities are not designated at FVTPL, they would be accounted for at either FVOCI or amortized cost. We designate certain securities held by our insurance subsidiaries that support our insurance and investment contract liabilities at FVTPL, since the changes in financial variables used to calculate insurance and investment contract liabilities are recorded through our Consolidated Statement of Income in each period. This designation aligns the accounting result with the way the portfolio is managed in order to reduce an accounting mismatch with respect to unrealized gains and losses, as the change in fair value of the securities, investment contract liabilities designated at fair value and the impact of the change in discount rates and financial assumptions on insurance contract liabilities are all recorded through the Consolidated Statement of Income in non-interest revenue, insurance investment results. These securities had a fair value of $13,536 million as at October 31, 2025 ($12,214 million as at October 31, 2024). The maximum exposure to credit risk from securities designated at FVTPL is the carrying value of these securities. Securities Mandatorily Measured at FVTPL Securities managed on a fair value basis, but not held for trading, or debt securities with cash flows that do not represent solely payments of principal and interest, and equity securities not held for trading or designated at FVOCI, are classified as FVTPL. These securities had a fair value of $ 7,818 million as at October 31, 2025 ($ 6,850 million as at October 31, 2024). Investments in Low Income Housing Tax Credit (LIHTC) entities are included in this balance as they are classified as FVTPL, with both changes in fair value of the investments and the benefit of tax credits received recorded in non-interest revenue, securities gains, other than trading. The fair value of these investments was $ 1,136 million as at October 31, 2025 ($900 million as at October 31, 2024). Debt securities at FVOCI are debt securities purchased with the objective of both collecting contractual cash flows and selling the securities. The securities’ cash flows represent solely payments of principal and interest. These securities may be sold in response to, or in anticipation of, changes in interest rates and any resulting prepayment risk, changes in credit risk, changes in foreign currency risk or changes in funding sources or terms, or in order to meet liquidity needs. Debt securities measured at FVOCI are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in our Consolidated Statement of Comprehensive Income until the security is sold or impaired. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest revenue, securities gains, other than trading. Interest income earned is recorded in our Consolidated Statement of Income in interest, dividend and fee income, securities, using the effective interest method. Equity securities at FVOCI are equity securities for which we have elected to record changes in the fair value of the instrument in other comprehensive income as opposed to FVTPL. Gains or losses recorded on these instruments will never be recognized in profit or loss. Equity securities measured at FVOCI are not subject to an impairment assessment. Debt securities at amortized cost are debt securities purchased or originated with the objective of collecting contractual cash flows, and those cash flows represent solely payments of principal and interest. These securities are initially recorded at fair value plus transaction costs and are subsequently measured at amortized cost, using the effective interest method. Impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest revenue, securities gains, other than trading. Interest income earned and amortization of premiums, discounts and transaction costs are recorded in our Consolidated Statement of Income in interest, dividend and fee income, securities. We account for all of our securities transactions using trade date accounting in our Consolidated Balance Sheet. Impairment Review Debt securities measured at amortized cost or FVOCI are assessed for impairment using the ECL model, with the exception of those determined to have low credit risk, where the ACL is measured at an amount equal to 12-month ECL. A debt security is considered to have low credit risk if it has a low risk of default, and if the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. All of our debt securities have a credit risk rating of investment grade. Debt securities measured at amortized cost totalled $96,610 million as at October 31, 2025 ($115,188 million as at October 31, 2024), net of ACL of $4 million as at October 31, 2025 ($3 million as at October 31, 2024). Debt securities measured at FVOCI totalled $113,209 million as at October 31, 2025 ($93,702 million as at October 31, 2024). ACL related to these FVOCI debt securities of $6 million as at October 31, 2025 ($4 million as at October 31, 2024) is included in Accumulated Other Comprehensive Income. Fair Value Measurement For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Where market quotes are not available, we use estimation techniques to determine fair value. Additional information regarding fair value measurement techniques is included in Note 17. Remaining Term to Maturity of Securities The following table shows the remaining terms to maturity of securities:
(Canadian $ in millions, except as noted) |  | Term to maturity |  |  | 2025 |  |  | 2024 |
|  | Within 1 year |  |  | 1 to 3 years |  |  | 3 to 5 years |  |  | 5 to 10 years |  |  | Over 10 years |  |  | No specific maturity |  |  | Total |  |  | Total |
Trading Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  | $ | 1,170 |  |  | $ | 2,342 |  |  | $ | 1,003 |  |  | $ | 3,481 |  |  | $ | 4,315 |  |  | $ | – |  |  | $ | 12,311 |  |  | $ | 10,036 |
Canadian provincial and municipal governments |  |  | 715 |  |  |  | 316 |  |  |  | 1,494 |  |  |  | 2,007 |  |  |  | 4,503 |  |  |  | – |  |  |  | 9,035 |  |  |  | 7,585 |
U.S. federal government |  |  | 4,123 |  |  |  | 9,180 |  |  |  | 3,237 |  |  |  | 6,135 |  |  |  | 8,227 |  |  |  | – |  |  |  | 30,902 |  |  |  | 24,248 |
U.S. states, municipalities and agencies |  |  | – |  |  |  | 34 |  |  |  | 214 |  |  |  | 429 |  |  |  | 467 |  |  |  | – |  |  |  | 1,144 |  |  |  | 565 |
Other governments |  |  | 592 |  |  |  | 1,177 |  |  |  | 1,348 |  |  |  | 740 |  |  |  | 269 |  |  |  | – |  |  |  | 4,126 |  |  |  | 3,849 |
NHA MBS, U.S. agency MBS and CMO (1) |  |  | 1,103 |  |  |  | 176 |  |  |  | 467 |  |  |  | 928 |  |  |  | 53,776 |  |  |  | – |  |  |  | 56,450 |  |  |  | 40,995 |
Corporate debt |  |  | 1,377 |  |  |  | 3,030 |  |  |  | 2,259 |  |  |  | 2,365 |  |  |  | 2,583 |  |  |  | – |  |  |  | 11,614 |  |  |  | 10,172 |
Trading loans |  |  | 1 |  |  |  | 976 |  |  |  | 1,641 |  |  |  | 1,950 |  |  |  | – |  |  |  | – |  |  |  | 4,568 |  |  |  | 5,493 |
Corporate equity |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 62,153 |  |  |  | 62,153 |  |  |  | 65,983 |
Total trading securities |  |  | 9,081 |  |  |  | 17,231 |  |  |  | 11,663 |  |  |  | 18,035 |  |  |  | 74,140 |  |  |  | 62,153 |  |  |  | 192,303 |  |  |  | 168,926 |
FVTPL Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  |  | 876 |  |  |  | 7 |  |  |  | 146 |  |  |  | 342 |  |  |  | 248 |  |  |  | – |  |  |  | 1,619 |  |  |  | 403 |
Canadian provincial and municipal governments |  |  | 1 |  |  |  | 6 |  |  |  | 19 |  |  |  | 116 |  |  |  | 1,436 |  |  |  | – |  |  |  | 1,578 |  |  |  | 1,578 |
U.S. federal government |  |  | 4 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 1,491 |  |  |  | – |  |  |  | 1,495 |  |  |  | 1,527 |
Other governments |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 25 |
NHA MBS, U.S. agency MBS and CMO (1) |  |  | – |  |  |  | 11 |  |  |  | – |  |  |  | 7 |  |  |  | – |  |  |  | – |  |  |  | 18 |  |  |  | 21 |
Corporate debt |  |  | 227 |  |  |  | 273 |  |  |  | 246 |  |  |  | 1,133 |  |  |  | 7,029 |  |  |  | – |  |  |  | 8,908 |  |  |  | 8,780 |
Corporate equity |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 7,736 |  |  |  | 7,736 |  |  |  | 6,730 |
Total FVTPL securities |  |  | 1,108 |  |  |  | 297 |  |  |  | 411 |  |  |  | 1,598 |  |  |  | 10,204 |  |  |  | 7,736 |  |  |  | 21,354 |  |  |  | 19,064 |
FVOCI Securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 15,795 |  |  |  | 15,202 |  |  |  | 10,077 |  |  |  | 3,820 |  |  |  | – |  |  |  | – |  |  |  | 44,894 |  |  |  | 33,892 |
Fair value |  |  | 15,819 |  |  |  | 15,287 |  |  |  | 10,271 |  |  |  | 3,958 |  |  |  | – |  |  |  | – |  |  |  | 45,335 |  |  |  | 34,177 |
Yield (%) |  |  | 2.29 |  |  |  | 2.48 |  |  |  | 2.78 |  |  |  | 3.08 |  |  |  | – |  |  |  | – |  |  |  | 2.53 |  |  |  | 3.33 |
Canadian provincial and municipal governments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 470 |  |  |  | 1,041 |  |  |  | 2,925 |  |  |  | 1,072 |  |  |  | 17 |  |  |  | – |  |  |  | 5,525 |  |  |  | 5,939 |
Fair value |  |  | 470 |  |  |  | 1,061 |  |  |  | 2,986 |  |  |  | 1,112 |  |  |  | 15 |  |  |  | – |  |  |  | 5,644 |  |  |  | 5,996 |
Yield (%) |  |  | 2.52 |  |  |  | 3.05 |  |  |  | 3.32 |  |  |  | 3.47 |  |  |  | 4.07 |  |  |  | – |  |  |  | 3.23 |  |  |  | 3.61 |
U.S. federal government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 844 |  |  |  | 3,769 |  |  |  | 9,270 |  |  |  | 6,358 |  |  |  | 274 |  |  |  | – |  |  |  | 20,515 |  |  |  | 17,033 |
Fair value |  |  | 845 |  |  |  | 3,797 |  |  |  | 9,434 |  |  |  | 6,458 |  |  |  | 275 |  |  |  | – |  |  |  | 20,809 |  |  |  | 16,965 |
Yield (%) |  |  | 3.61 |  |  |  | 3.88 |  |  |  | 3.75 |  |  |  | 3.92 |  |  |  | 4.64 |  |  |  | – |  |  |  | 3.83 |  |  |  | 4.06 |
U.S. states, municipalities and agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 399 |  |  |  | 538 |  |  |  | 732 |  |  |  | 3,408 |  |  |  | 545 |  |  |  | – |  |  |  | 5,622 |  |  |  | 5,125 |
Fair value |  |  | 398 |  |  |  | 534 |  |  |  | 733 |  |  |  | 3,423 |  |  |  | 546 |  |  |  | – |  |  |  | 5,634 |  |  |  | 5,068 |
Yield (%) |  |  | 2.89 |  |  |  | 2.87 |  |  |  | 3.06 |  |  |  | 3.02 |  |  |  | 4.77 |  |  |  | – |  |  |  | 3.17 |  |  |  | 4.04 |
Other governments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 1,521 |  |  |  | 1,607 |  |  |  | 911 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,039 |  |  |  | 5,643 |
Fair value |  |  | 1,521 |  |  |  | 1,624 |  |  |  | 920 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4,065 |  |  |  | 5,656 |
Yield (%) |  |  | 2.28 |  |  |  | 3.49 |  |  |  | 3.66 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3.07 |  |  |  | 3.15 |
NHA MBS, U.S. agency MBS and CMO (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 112 |  |  |  | 1,451 |  |  |  | 10,628 |  |  |  | 3,783 |  |  |  | 10,972 |  |  |  | – |  |  |  | 26,946 |  |  |  | 21,570 |
Fair value |  |  | 111 |  |  |  | 1,457 |  |  |  | 10,776 |  |  |  | 3,834 |  |  |  | 10,837 |  |  |  | – |  |  |  | 27,015 |  |  |  | 21,293 |
Yield (%) |  |  | 2.46 |  |  |  | 3.46 |  |  |  | 4.19 |  |  |  | 3.90 |  |  |  | 4.02 |  |  |  | – |  |  |  | 4.03 |  |  |  | 3.92 |
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 1,663 |  |  |  | 523 |  |  |  | 550 |  |  |  | 1,686 |  |  |  | 69 |  |  |  | – |  |  |  | 4,491 |  |  |  | 4,391 |
Fair value |  |  | 1,664 |  |  |  | 530 |  |  |  | 557 |  |  |  | 1,699 |  |  |  | 65 |  |  |  | – |  |  |  | 4,515 |  |  |  | 4,370 |
Yield (%) |  |  | 4.48 |  |  |  | 2.69 |  |  |  | 3.35 |  |  |  | 4.79 |  |  |  | 5.02 |  |  |  | – |  |  |  | 4.26 |  |  |  | 2.67 |
Corporate equity |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 165 |  |  |  | 165 |  |  |  | 135 |
Fair value |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 192 |  |  |  | 192 |  |  |  | 177 |
Total cost or amortized cost |  |  | 20,804 |  |  |  | 24,131 |  |  |  | 35,093 |  |  |  | 20,127 |  |  |  | 11,877 |  |  |  | 165 |  |  |  | 112,197 |  |  |  | 93,728 |
Total fair value |  |  | 20,828 |  |  |  | 24,290 |  |  |  | 35,677 |  |  |  | 20,484 |  |  |  | 11,738 |  |  |  | 192 |  |  |  | 113,209 |  |  |  | 93,702 |
Yield (%) |  |  | 2.54 |  |  |  | 2.86 |  |  |  | 3.55 |  |  |  | 3.65 |  |  |  | 4.07 |  |  |  | – |  |  |  | 3.28 |  |  |  | 3.61 |
Amortized Cost Securities (2) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 538 |  |  |  | 376 |  |  |  | – |  |  |  | 35 |  |  |  | – |  |  |  | – |  |  |  | 949 |  |  |  | 2,465 |
Fair value |  |  | 532 |  |  |  | 376 |  |  |  | – |  |  |  | 35 |  |  |  | – |  |  |  | – |  |  |  | 943 |  |  |  | 2,403 |
Yield (%) |  |  | 3.43 |  |  |  | 2.74 |  |  |  | – |  |  |  | 3.12 |  |  |  | – |  |  |  | – |  |  |  | 3.15 |  |  |  | 1.81 |
Canadian provincial and municipal governments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 720 |  |  |  | 1,099 |  |  |  | 1,495 |  |  |  | 2,868 |  |  |  | – |  |  |  | – |  |  |  | 6,182 |  |  |  | 4,488 |
Fair value |  |  | 719 |  |  |  | 1,106 |  |  |  | 1,506 |  |  |  | 2,889 |  |  |  | – |  |  |  | – |  |  |  | 6,220 |  |  |  | 4,216 |
Yield (%) |  |  | 2.84 |  |  |  | 2.50 |  |  |  | 2.86 |  |  |  | 3.45 |  |  |  | – |  |  |  | – |  |  |  | 3.07 |  |  |  | 2.38 |
U.S. federal government |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 773 |  |  |  | 17,536 |  |  |  | 12,377 |  |  |  | 8,992 |  |  |  | 3,790 |  |  |  | – |  |  |  | 43,468 |  |  |  | 55,421 |
Fair value |  |  | 765 |  |  |  | 17,037 |  |  |  | 11,601 |  |  |  | 7,980 |  |  |  | 3,049 |  |  |  | – |  |  |  | 40,432 |  |  |  | 51,319 |
Yield (%) |  |  | 3.87 |  |  |  | 2.74 |  |  |  | 2.32 |  |  |  | 2.69 |  |  |  | 3.96 |  |  |  | – |  |  |  | 2.74 |  |  |  | 1.49 |
U.S. states, municipalities and agencies |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 165 |  |  |  | – |  |  |  | – |  |  |  | 165 |  |  |  | 182 |
Fair value |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 167 |  |  |  | – |  |  |  | – |  |  |  | 167 |  |  |  | 180 |
Yield (%) |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 4.66 |  |  |  | – |  |  |  | – |  |  |  | 4.66 |  |  |  | 4.65 |
Other governments |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 186 |  |  |  | 217 |  |  |  | 122 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 525 |  |  |  | 681 |
Fair value |  |  | 186 |  |  |  | 217 |  |  |  | 120 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 523 |  |  |  | 675 |
Yield (%) |  |  | 3.76 |  |  |  | 3.96 |  |  |  | 4.00 |  |  |  | – |  |  |  | – |  |  |  | – |  |  |  | 3.90 |  |  |  | 1.80 |
NHA MBS, U.S. agency MBS and CMO (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 1,127 |  |  |  | 3,783 |  |  |  | 455 |  |  |  | 2,532 |  |  |  | 29,873 |  |  |  | – |  |  |  | 37,770 |  |  |  | 42,773 |
Fair value |  |  | 1,119 |  |  |  | 3,670 |  |  |  | 425 |  |  |  | 2,317 |  |  |  | 27,307 |  |  |  | – |  |  |  | 34,838 |  |  |  | 38,619 |
Yield (%) |  |  | 2.51 |  |  |  | 1.78 |  |  |  | 1.84 |  |  |  | 1.69 |  |  |  | 2.81 |  |  |  | – |  |  |  | 2.61 |  |  |  | 2.58 |
Corporate debt |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Amortized cost |  |  | 392 |  |  |  | 664 |  |  |  | 140 |  |  |  | 58 |  |  |  | 6,297 |  |  |  | – |  |  |  | 7,551 |  |  |  | 9,178 |
Fair value |  |  | 387 |  |  |  | 660 |  |  |  | 141 |  |  |  | 57 |  |  |  | 6,080 |  |  |  | – |  |  |  | 7,325 |  |  |  | 9,049 |
Yield (%) |  |  | 3.73 |  |  |  | 3.97 |  |  |  | 2.94 |  |  |  | 3.73 |  |  |  | 5.06 |  |  |  | – |  |  |  | 4.85 |  |  |  | 4.57 |
Total carrying value |  |  | 3,736 |  |  |  | 23,675 |  |  |  | 14,589 |  |  |  | 14,650 |  |  |  | 39,960 |  |  |  | – |  |  |  | 96,610 |  |  |  | 115,188 |
Total fair value |  |  | 3,708 |  |  |  | 23,066 |  |  |  | 13,793 |  |  |  | 13,445 |  |  |  | 36,436 |  |  |  | – |  |  |  | 90,448 |  |  |  | 106,461 |
Yield (%) |  |  | 3.18 |  |  |  | 2.62 |  |  |  | 2.38 |  |  |  | 2.69 |  |  |  | 3.27 |  |  |  | – |  |  |  | 2.89 |  |  |  | 2.19 |
Total carrying value of securities |  |  | 34,753 |  |  |  | 65,493 |  |  |  | 62,340 |  |  |  | 54,767 |  |  |  | 136,042 |  |  |  | 70,081 |  |  |  | 423,476 |  |  |  | 396,880 |
Total by Currency (Canadian $ equivalent) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian dollar |  |  | 23,158 |  |  |  | 24,896 |  |  |  | 16,194 |  |  |  | 15,622 |  |  |  | 18,796 |  |  |  | 27,159 |  |  |  | 125,825 |  |  |  | 111,370 |
U.S. dollar |  |  | 10,390 |  |  |  | 39,787 |  |  |  | 45,617 |  |  |  | 38,820 |  |  |  | 116,911 |  |  |  | 41,434 |  |  |  | 292,959 |  |  |  | 278,558 |
Other currencies |  |  | 1,205 |  |  |  | 810 |  |  |  | 529 |  |  |  | 325 |  |  |  | 335 |  |  |  | 1,488 |  |  |  | 4,692 |  |  |  | 6,952 |
Total securities |  | $ | 34,753 |  |  | $ | 65,493 |  |  | $ | 62,340 |  |  | $ | 54,767 |  |  | $ | 136,042 |  |  | $ | 70,081 |  |  | $ | 423,476 |  |  | $ | 396,880 |
| (1) | These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations.
| (2) | The carrying values of securities that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts.
Yields in the table above are calculated using the cost of the security and the contractual interest rate associated with each security, adjusted for any amortization of premiums and discounts. Tax effects are not taken into consideration. The terms to maturity included in the table above are based on the contractual maturity dates of the securities. Actual maturities could differ, as issuers may have the right to call or prepay obligations. Certain comparative figures have been reclassified to conform with the current year’s presentation. Unrealized Gains and Losses on FVOCI Securities The following table summarizes unrealized gains and losses on FVOCI securities:
(Canadian $ in millions) |  |  |  |  |  |  |  |  |  |  | 2025 |  |  |  |  |  |  |  |  |  |  |  | 2024 |
|  | Cost or amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |  |  | Cost or amortized cost |  |  | Gross unrealized gains |  |  | Gross unrealized losses |  |  | Fair value |
Issued or guaranteed by: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Canadian federal government |  | $ | 44,894 |  |  | $ | 443 |  |  | $ | (2 | ) |  | $ | 45,335 |  |  | $ | 33,892 |  |  | $ | 303 |  |  | $ | (18 | ) |  | $ | 34,177 |
Canadian provincial and municipal governments |  |  | 5,525 |  |  |  | 132 |  |  |  | (13 | ) |  |  | 5,644 |  |  |  | 5,939 |  |  |  | 82 |  |  |  | (25 | ) |  |  | 5,996 |
U.S. federal government |  |  | 20,515 |  |  |  | 327 |  |  |  | (33 | ) |  |  | 20,809 |  |  |  | 17,033 |  |  |  | 100 |  |  |  | (168 | ) |  |  | 16,965 |
U.S. states, municipalities and agencies |  |  | 5,622 |  |  |  | 77 |  |  |  | (65 | ) |  |  | 5,634 |  |  |  | 5,125 |  |  |  | 24 |  |  |  | (81 | ) |  |  | 5,068 |
Other governments |  |  | 4,039 |  |  |  | 35 |  |  |  | (9 | ) |  |  | 4,065 |  |  |  | 5,643 |  |  |  | 20 |  |  |  | (7 | ) |  |  | 5,656 |
NHA MBS, U.S. agency MBS and CMO |  |  | 26,946 |  |  |  | 291 |  |  |  | (222 | ) |  |  | 27,015 |  |  |  | 21,570 |  |  |  | 58 |  |  |  | (335 | ) |  |  | 21,293 |
Corporate debt |  |  | 4,491 |  |  |  | 37 |  |  |  | (13 | ) |  |  | 4,515 |  |  |  | 4,391 |  |  |  | 31 |  |  |  | (52 | ) |  |  | 4,370 |
Corporate equity |  |  | 165 |  |  |  | 27 |  |  |  | – |  |  |  | 192 |  |  |  | 135 |  |  |  | 42 |  |  |  | – |  |  |  | 177 |
Total |  | $ | 112,197 |  |  | $ | 1,369 |  |  | $ | (357 | ) |  | $ | 113,209 |  |  | $ | 93,728 |  |  | $ | 660 |  |  | $ | (686 | ) |  | $ | 93,702 |
Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest, Dividend and Fee Income Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows. Related income for trading securities is included under trading-related revenue in Note 17.
(Canadian $ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |
FVTPL securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 143 |  |  | $ | 161 |
FVOCI securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 4,427 |  |  |  | 3,874 |
Amortized cost securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,709 |  |  |  | 3,952 |
Total |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 7,279 |  |  | $ | 7,987 |
Non-Interest Revenue Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows:
(Canadian $ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |
FVTPL securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 201 |  |  | $ | 87 |
FVOCI securities – realized gains (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 89 |  |  |  | 114 |
Impairment on FVOCI and amortized cost securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (3 | ) |  |  | (1 | )
Securities gains, other than trading |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 287 |  |  | $ | 200 |
| (1) | Gains are net of (losses) on hedge contracts.
Gains and losses on trading securities are included under trading-related revenue in Note 17. Interest and dividend income and gains on securities held in our Insurance business are recorded in non-interest revenue, insurance investment results, in our Consolidated Statement of Income as follows:
(Canadian $ in millions) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2025 |  |  | 2024 |
Interest and dividend income |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 546 |  |  | $ | 515 |
Gains from securities designated at FVTPL (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 374 |  |  |  | 1,270 |
Realized gains from FVOCI securities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | – |  |  |  | 1 |
Total interest and dividend income and gains held in our Insurance business |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | $ | 920 |  |  | $ | 1,786 |
| (1) | Gains (losses) on these securities may be offset by certain (losses) gains from changes in insurance-related liabilities, as described above under Securities Designated at FVTPL.

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