Deposits

12 Months Ended

Oct. 31, 2025

Note 12: Deposits


	Payable on demand
(Canadian $ in millions)	Interest bearing		Non-interest bearing		Payable after notice (1)		Payable on a fixed date (2) (3)		2025		2024
Amortized cost deposits by:
Banks (4)	$	5,058	$	1,963	$	1,396	$	19,204	$	27,621	$	32,546
Business and government (5)		80,445		42,847		219,450		242,755		585,497		575,019
Individuals (5)		3,790		37,425		153,380		112,327		306,922		320,767
Total amortized cost deposits		89,293		82,235		374,226		374,286		920,040		928,332
Deposits at FVTPL		–		–		–		56,162		56,162		54,108
Total (6)	$	89,293	$	82,235	$	374,226	$	430,448	$	976,202	$	982,440
Booked in:
Canada	$	76,415	$	71,323	$	167,666	$	305,454	$	620,858	$	618,141
United States		12,769		10,912		204,183		77,608		305,472		314,066
Other countries		109		–		2,377		47,386		49,872		50,233
Total	$	89,293	$	82,235	$	374,226	$	430,448	$	976,202	$	982,440

(1)

Includes $43,766 million of

non-interest

bearing deposits as at October 31, 2025 ($44,617 million as at October 31, 2024).

(2)

Includes $62,843 million of senior unsecured debt as at October 31, 2025 subject to the Bank Recapitalization

(Bail-In)

regime ($65,986 million as at October 31, 2024). The

Bail-In

regime provides certain statutory powers to the Canada Deposit Insurance Corporation, including the ability to convert specified eligible shares and liabilities into common shares if the bank becomes

non-viable.

(3)

We have unencumbered liquid assets of $393,535 million as at October 31, 2025 to support these and other deposit liabilities ($396,338 million as at October 31, 2024).

(4)

Includes regulated and central banks.

(5)

The carrying value of deposits that are part of fair value hedging relationships are adjusted for related gains (losses) on hedge contracts.

(6)

Included in deposits as at October 31, 2025 and 2024 are $508,058 million and $521,160 million, respectively, of deposits denominated in U.S. dollars, and $59,697 million and $54,397 million, respectively, of deposits denominated in other foreign currencies.

Deposits are measured at amortized cost, except structured notes, money market deposits and metals deposits, which are measured at FVTPL. Deposits payable on demand are comprised primarily of our customers’ chequing accounts, on some of which we pay interest. Our customers do not need to notify us prior to withdrawing money from their chequing accounts. Deposits payable after notice are comprised primarily of our customers’ savings accounts, on which we pay interest. Deposits payable on a fixed date

comprise

•

Various investment instruments purchased by our customers to earn interest over a fixed period, such as retail and small business term deposits, wholesale funding and guaranteed investment certificates. Deposits totalling $27,819 million as at October 31, 2025 ($29,136 million as at October 31, 2024) can be redeemed early, either fully or partially, by customers without penalty.

•

Commercial paper, which totalled $43,617 million as at October 31, 2025 ($51,500 million as at October 31, 2024).

•

Covered bonds, which totalled $24,053 million as at October 31, 2025 ($26,957 million as at October 31, 2024).

The following table presents deposits payable on a fixed date and greater than one hundred thousand dollars:


(Canadian $ in millions)	Canada		United States		Other		Total
As at October 31, 2025	$	259,670	$	69,206	$	47,386	$	376,262
As at October 31, 2024		285,555		77,313		48,086		410,954

The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars that are booked in Canada:


(Canadian $ in millions)	Less than 3 months		3 to 6 months		6 to 12 months		Over 12 months		Total
As at October 31, 2025	$	51,591	$	32,105	$	56,129	$	119,845	$	259,670
As at October 31, 2024		63,442		33,704		62,674		125,735		285,555

Deposits Designated at FVTPL

Our deposits designated at FVTPL include structured note liabilities, money market and metals deposits. This designation aligns the accounting result with the way the portfolio is managed. We also include the value of embedded options related to certain structured deposits which are carried at amortized cost. The change in fair value of these deposits is recorded in

non-interest

revenue, trading revenues, in our Consolidated Statement of Income, with the changes in fair value due to own credit risk recognized in other comprehensive income. The impact of changes in our own credit risk is measured based on movements in our own credit spread year over year.


(Canadian $ in millions)	Fair value		Notional amount due at contractual maturity		Difference between fair value and amount due at contractual maturity			Change in fair value – (losses) recorded in the Consolidated Statement of Income (1)			Change in fair value – (losses) due to own credit risk recorded in OCI (before tax)			Cumulative change in fair value – gains (losses) due to own credit risk recognized in AOCI (before tax)
As at October 31, 2025	$	56,162	$	57,743	$	(1,581	)	$	(1,313	)	$	(365	)	$	(341	)
As at October 31, 2024		54,108		56,300		(2,192	)		(4,815	)		(841	)		24

(1)

Change in fair value may be offset by

the

related change in fair value on hedge contracts.