Cover |
3 Months Ended |
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Jan. 31, 2024 | |
Document Information [Table] | |
Document Type | 6-K |
Current Fiscal Year End Date | --10-31 |
Document Fiscal Year Focus | 2024 |
Document Period End Date | Jan. 31, 2024 |
Entity File Number | 001-14446 |
Entity Registrant Name | TORONTO DOMINION BANK |
Entity Address, Address Line One | c/o General Counsel’s Office |
Entity Address, Address Line Two | P.O. Box 1 |
Entity Address, Address Line Three | Toronto Dominion Centre |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5K 1A2 |
Amendment Flag | false |
Entity Central Index Key | 0000947263 |
Document Fiscal Period Focus | Q1 |
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions |
3 Months Ended | |
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Jan. 31, 2024 |
Jan. 31, 2023 |
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Consolidated Statement of Income and Comprehensive Income [Abstract] | ||
Interest income calculated using effective interest rate method | $ 20,499 | $ 16,248 |
IFRS 7 Disclosure |
3 Months Ended |
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Jan. 31, 2024 | |
IFRS 7 Disclosure [Abstract] | |
IFRS 7 Disclosure | MARKET RISK Market risk capital is calculated using the Standardized and control market risk. Calculating VaR The Bank computes total VaR on a daily basis by combining the General Bank’s trading positions. GMR is determined by creating a distribution current portfolio using the market price and rate 259 products. GMR is computed as the threshold period is used for GMR calculation. IDSR measures idiosyncratic (single-name) credit based on the historical behaviour of five-year idiosyncratic expected to exceed more than one out of every The following graph discloses daily one-day trading income and net interest income related 4 days of trading losses and trading net revenue 94 % of the trading days, reflecting normal on any trading day. VaR is a valuable risk measure but it should be used in the ● ● ● The Bank continuously improves its VaR methodologies and incorporates regulatory requirements. To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk as sensitivities to various market risk factors. The following table presents the end of quarter, average, high, TABLE 30: PORTFOLIO MARKET RISK MEASURES (millions of Canadian dollars) For the three months ended January 31 October 31 January 31 2024 2023 2023 As at Average High Low Average Average Interest rate risk $ 15.4 $ 17.8 $ 25.5 $ 12.1 $ 21.2 $ 24.1 Credit spread risk 29.6 29.4 35.0 23.9 30.6 29.2 Equity risk 8.5 7.2 8.7 5.6 6.8 10.6 Foreign exchange risk 1.6 2.4 4.5 1.2 2.8 4.8 Commodity risk 3.7 3.7 4.6 2.6 3.9 8.1 Idiosyncratic debt specific risk 18.1 20.9 29.7 13.8 26.2 38.9 Diversification effect 1 (50.7) (51.2) n/m 2 n/m (56.9) (62.7) Total Value-at-Risk (one-day) 26.2 30.2 40.1 21.8 34.6 53.0 The aggregate VaR is less than the sum of the VaR 2 Validation of VaR Model The Bank uses a back-testing process Structural (Non-Trading) Interest Rate The Bank’s maturities and repricing dates of the Bank’s assets Wholesale Banking or Insurance businesses. The primary measures for this risk are Economic The EVE Sensitivity measures the impact and certain off-balance sheet items. It reflects a management of the Bank’s own equity and excludes The NIIS measures the NII change over balance sheet items assuming a constant balance The Bank’s Market Risk policy sets overall limits Committee. In addition to the Board policy limits, Exposures against these limits are routinely Committee (ALCO) and the Risk Committee. The following table shows the potential before-tax measures. Interest rate floors are applied currencies set to a floor of -25 bps. TABLE 31: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES (millions of Canadian dollars) As at January 31, 2023 EVE NII EVE NII EVE NII Sensitivity Sensitivity 1 Sensitivity Sensitivity 1 Sensitivity Sensitivity 1 Canada U.S. Total Canada U.S. Total Total Total Total Total Before-tax impact of $ (402) $ (1,734) $ (2,136) $ 579 $ 390 $ 969 $ (2,211) $ 920 $ (1,610) $ 1,135 320 1,402 1,722 (605) (547) (1,152) 1,599 (1,099) 1,056 (1,216) Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates. As at January 31, 2024, an immediate and 2,136 decrease of $ 75 969 49 sustained 100 bps decrease in interest rates 1,722 123 and a negative impact to the Bank’s NII of $ 1,152 53 Sensitivity is primarily due to a decrease in duration of net assets supported by equity. The quarter-over-quarter assets supported by equity. The quarter-over-quarter increase in both due to changes in deposit composition and Treasury hedging activity. Liquidity Risk Liquidity risk is the risk of having insufficient cash or at a non-distressed price. Financial obligations to pledge additional collateral. TD’S LIQUIDITY RISK APPETITE The Bank applies an established set of practices under a combined bank-specific and market-wide Requirements (LAR) other than during periods of financial stress maximizing deposits as a core source of that is designed to ensure low exposure contingency funding plan to enhance preparedness liquidity risk management program that is designed LIQUIDITY RISK MANAGEMENT RESPONSIBILITY The Bank’s ALCO oversees the Bank’s liquidity risk measure and manage liquidity risk. The Global Risk Management and Wholesale Banking, identifies member responsible for Treasury, while oversight and challenge is provided reviews the Bank’s liquidity position and approves The Bank has established TDGUS as TD’s U.S. IHC, branch and agency network. Both TDGUS and liquidity management framework. The Bank’s liquidity risk appetite and liquidity risk For a complete discussion of liquidity risk, Liquid assets The unencumbered liquid assets the Bank holds in stress conditions with minimum loss in timing, and/or other identified impediments Assets held by the Bank to meet liquidity insurance businesses as these are used to TABLE 32: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1,2 (millions of Canadian dollars, except as noted) As at Securities received as collateral from securities financing and Bank-owned derivative Total % of Encumbered Unencumbered liquid assets transactions liquid assets total liquid assets liquid assets January 31, 2024 Cash and central bank reserves $ 13,203 $ – $ 13,203 2 % $ 590 $ 12,613 Canadian government obligations 18,437 80,646 99,083 12 45,930 53,153 National Housing Act Mortgage-Backed Securities (NHA MBS) 41,024 – 41,024 5 1,889 39,135 Obligations of provincial governments, public sector entities and multilateral development banks 3 41,606 23,211 64,817 8 33,066 31,751 Corporate issuer obligations 20,494 4,358 24,852 3 5,106 19,746 Equities 9,952 2,107 12,059 1 9,498 2,561 Total Canadian dollar-denominated 144,716 110,322 255,038 31 96,079 158,959 Cash and central bank reserves 59,981 – 59,981 7 199 59,782 U.S. government obligations 77,506 64,971 142,477 17 72,539 69,938 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 79,224 13,183 92,407 11 27,269 65,138 Obligations of other sovereigns, public sector entities and multilateral development banks 3 66,005 40,789 106,794 13 38,154 68,640 Corporate issuer obligations 77,877 10,190 88,067 11 18,535 69,532 Equities 51,299 34,804 86,103 10 47,636 38,467 Total non-Canadian dollar-denominated 411,892 163,937 575,829 69 204,332 371,497 Total $ 556,608 $ 274,259 $ 830,867 100 % $ 300,411 $ 530,456 October 31, 2023 Cash and central bank reserves $ 28,548 $ – $ 28,548 3 % $ 506 $ 28,042 Canadian government obligations 15,214 94,000 109,214 13 67,457 41,757 NHA MBS 38,760 – 38,760 4 1,043 37,717 Obligations of provincial governments, public sector entities and multilateral development banks 3 40,697 22,703 63,400 8 31,078 32,322 Corporate issuer obligations 19,507 4,815 24,322 3 4,512 19,810 Equities 10,555 2,288 12,843 1 8,890 3,953 Total Canadian dollar-denominated 153,281 123,806 277,087 32 113,486 163,601 Cash and central bank reserves 66,094 – 66,094 8 180 65,914 U.S. government obligations 72,808 64,449 137,257 16 63,688 73,569 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 80,047 15,838 95,885 11 29,487 66,398 Obligations of other sovereigns, public sector entities and multilateral development banks 3 65,996 54,321 120,317 13 56,652 63,665 Corporate issuer obligations 84,853 9,656 94,509 11 15,228 79,281 Equities 38,501 38,388 76,889 9 47,653 29,236 Total non-Canadian dollar-denominated 408,299 182,652 590,951 68 212,888 378,063 Total $ 561,580 $ 306,458 $ 868,038 100 % $ 326,374 $ 541,664 Liquid assets include collateral received that can be re-hypothecated or otherwise redeployed. 2 3 Unencumbered liquid assets held in The are summarized in the following table. TABLE 33: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY (millions of Canadian dollars) As at January 31 October 31 2024 2023 The Toronto-Dominion Bank (Parent) $ 211,078 $ 205,408 Bank subsidiaries 278,746 291,915 Foreign branches 40,632 44,341 Total $ 530,456 $ 541,664 FUNDING The Bank has access to a variety of unsecured management policies that require assets be The following table illustrates the Bank’s base of personal approximately 70 % (October 31, 2023 – 70 %) of the Bank’s total funding. TABLE 41: SUMMARY OF DEPOSIT FUNDING (millions of Canadian dollars) As at January 31 October 31 2024 2023 P&C deposits – Canadian $ 533,989 $ 529,078 P&C deposits – U.S. 1 424,893 446,355 Total $ 958,882 $ 975,433 P&C deposits in U.S. are presented on a Canadian equivalent basis and therefore period-over-period movements rate. WHOLESALE FUNDING The Bank maintains various registered external asset securitization, covered bonds, and card receivables (Evergreen Credit Card currency, and by funding types. The Bank raises short-term (1 The Bank maintains depositor concentration The Bank further limits short-term wholesale MATURITY ANALYSIS OF ASSETS, LIABILITIES, AND OFF-BALANCE SHEET COMMITMENTS The following table summarizes on-balance contractual obligations to make future payments instruments reported in the following be fully drawn or utilized. Since a significant amounts is not representative of expected future liquidity and capital resource needs. The maturity analysis presented does not depict Bank’s objective is to fund its assets appropriately utilizes stable non-maturity deposits (chequing assets including personal and business such non-trading assets and raises short considered when determining the appropriate TABLE 44: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at January 31, 2024 No Less than 1 to 3 3 to 6 6 to 9 9 months Over 1 to Over 2 to Over specific 1 month months months months to 1 year 2 years 5 years 5 years maturity Total Assets Cash and due from banks $ 6,333 $ – $ – $ – $ – $ – $ – $ – $ – $ 6,333 Interest-bearing deposits with banks 33,748 316 119 – – – – – 40,865 75,048 Trading loans, securities, and other 1 2,910 7,218 4,548 4,222 3,187 13,285 28,740 25,274 72,136 161,520 Non-trading financial assets at fair value through profit or loss 163 739 751 234 174 1,643 657 1,108 1,516 6,985 Derivatives 6,013 5,576 3,705 2,799 3,656 8,976 17,397 12,452 – 60,574 Financial assets designated at fair value through profit or loss 221 299 773 361 265 1,028 1,722 1,301 – 5,970 Financial assets at fair value through other comprehensive income 655 3,713 6,029 1,992 2,434 7,850 17,632 30,947 3,478 74,730 Debt securities at amortized cost, net of allowance for credit losses 1,258 2,960 15,625 3,403 5,057 22,520 112,305 136,945 (2) 300,071 Securities purchased under reverse repurchase agreements 2 123,061 29,362 22,863 9,820 4,436 1,211 889 – 7,437 199,079 Loans Residential mortgages 2,671 5,332 8,697 13,800 13,475 56,840 165,184 55,671 – 321,670 Consumer instalment and other personal 929 1,682 2,461 3,767 5,878 27,156 84,409 34,448 56,667 217,397 Credit card – – – – – – – – 38,635 38,635 Business and government 40,069 10,410 14,852 16,295 16,667 41,553 98,116 69,291 26,646 333,899 Total loans 43,669 17,424 26,010 33,862 36,020 125,549 347,709 159,410 121,948 911,601 Allowance for loan losses – – – – – – – – (7,265) (7,265) Loans, net of allowance for loan losses 43,669 17,424 26,010 33,862 36,020 125,549 347,709 159,410 114,683 904,336 Customers’ liability under acceptances 10,459 2,573 34 – – – – – – 13,066 Investment in Schwab – – – – – – – – 9,548 9,548 Goodwill 3 – – – – – – – – 18,098 18,098 Other intangibles 3 – – – – – – – – 2,799 2,799 Land, buildings, equipment, and other depreciable assets, and right-of-use assets 3 – 9 12 12 24 77 668 3,160 5,562 9,524 Deferred tax assets – – – – – – – – 3,928 3,928 Amounts receivable from brokers, dealers, and clients 34,400 – – – – – – – 370 34,770 Other assets 5,219 4,918 666 286 263 119 124 90 12,828 24,513 Total assets $ 268,109 $ 75,107 $ 81,135 $ 56,991 $ 55,516 $ 182,258 $ 527,843 $ 370,687 $ 293,246 $ 1,910,892 Liabilities Trading deposits $ 1,329 $ 3,306 $ 5,070 $ 4,002 $ 2,736 $ 5,049 $ 7,671 $ 1,471 $ – $ 30,634 Derivatives 6,180 5,865 3,622 2,238 3,103 6,728 12,365 13,972 – 54,073 Securitization liabilities at fair value – 339 1,219 391 825 1,980 7,657 4,132 – 16,543 Financial liabilities designated at fair value through profit or loss 33,203 42,139 45,960 41,435 17,155 95 – – 125 180,112 Deposits 4,5 Personal 10,760 15,741 22,117 19,561 21,717 18,475 21,271 683 492,515 622,840 Banks 14,101 115 – – – 1 3 1 11,722 25,943 Business and government 23,096 30,596 16,590 9,674 11,983 31,645 75,438 16,962 316,487 532,471 Total deposits 47,957 46,452 38,707 29,235 33,700 50,121 96,712 17,646 820,724 1,181,254 Acceptances 10,459 2,573 34 – – – – – – 13,066 Obligations related to securities sold short 1 1,007 2,136 2,016 1,421 383 7,227 14,670 12,571 1,444 42,875 Obligations related to securities sold under repurchase agreements 2 156,296 10,241 3,278 1,190 587 473 92 – 1,972 174,129 Securitization liabilities at amortized cost – 357 1,067 692 751 2,140 4,866 2,485 – 12,358 Amounts payable to brokers, dealers, and clients 33,314 – – – – – – – 698 34,012 Insurance contract liabilities 216 362 283 223 188 660 979 425 2,585 5,921 Other liabilities 11,379 8,339 7,565 1,949 1,987 915 1,320 4,282 6,190 43,926 Subordinated notes and debentures – – – – – 197 – 9,357 – 9,554 Equity – – – – – – – – 112,435 112,435 Total liabilities and equity $ 301,340 $ 122,109 $ 108,821 $ 82,776 $ 61,415 $ 75,585 $ 146,332 $ 66,341 $ 946,173 $ 1,910,892 Off-balance sheet commitments Credit and liquidity commitments 6,7 $ 17,680 $ 27,179 $ 29,707 $ 21,266 $ 23,986 $ 44,606 $ 160,936 $ 4,958 $ 1,845 $ 332,163 Other commitments 8 123 152 254 220 302 960 1,564 493 64 4,132 Unconsolidated structured entity commitments 17 – 123 62 870 501 – – – 1,573 Total off-balance sheet commitments $ 17,820 $ 27,331 $ 30,084 $ 21,548 $ 25,158 $ 46,067 $ 162,500 $ 5,451 $ 1,909 $ 337,868 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 3 4 5 61 3 3 4 1 in ‘over 6 to 9 months’, $ 12 34 4 6 530 7 8 . TABLE 44: REMAINING CONTRACTUAL MATURITY (continued) (millions of Canadian dollars) As at October 31, 2023 No Less than 1 to 3 3 to 6 6 to 9 9 months Over 1 to Over 2 to Over specific 1 month months months months to 1 year 2 years 5 years 5 years maturity Total Assets Cash and due from banks $ 6,721 $ – $ – $ – $ – $ – $ – $ – $ – $ 6,721 Interest-bearing deposits with banks 51,021 559 – – – – – – 46,768 98,348 Trading loans, securities, and other 1 4,328 6,329 5,170 3,008 4,569 13,226 27,298 25,677 62,485 152,090 Non-trading financial assets at fair value through profit or loss – – 354 1,538 199 1,664 828 1,351 1,406 7,340 Derivatives 10,145 10,437 5,246 4,244 3,255 11,724 25,910 16,421 – 87,382 Financial assets designated at fair value through profit or loss 374 496 375 695 324 838 1,470 1,246 – 5,818 Financial assets at fair value through other comprehensive income 745 2,190 1,200 5,085 2,223 9,117 15,946 29,845 3,514 69,865 Debt securities at amortized cost, net of allowance for credit losses 1,221 4,020 4,073 16,218 3,480 22,339 116,165 140,502 (2) 308,016 Securities purchased under reverse repurchase agreements 2 124,253 33,110 29,068 7,381 7,298 955 506 – 1,762 204,333 Loans Residential mortgages 1,603 2,616 5,860 10,575 14,181 57,254 168,475 59,733 44 320,341 Consumer instalment and other personal 894 1,580 2,334 3,830 5,974 27,166 85,487 34,183 56,106 217,554 Credit card – – – – – – – – 38,660 38,660 Business and government 37,656 10,058 13,850 14,886 16,964 42,460 96,952 67,190 26,512 326,528 Total loans 40,153 14,254 22,044 29,291 37,119 126,880 350,914 161,106 121,322 903,083 Allowance for loan losses – – – – – – – – (7,136) (7,136) Loans, net of allowance for loan losses 40,153 14,254 22,044 29,291 37,119 126,880 350,914 161,106 114,186 895,947 Customers’ liability under acceptances 14,804 2,760 5 – – – – – – 17,569 Investment in Schwab – – – – – – – – 8,907 8,907 Goodwill 3 – – – – – – – – 18,602 18,602 Other intangibles 3 – – – – – – – – 2,771 2,771 Land, buildings, equipment, other depreciable assets, and right-of-use assets 3 – 8 6 8 14 79 573 3,153 5,593 9,434 Deferred tax assets 4 – – – – – – – – 3,951 3,951 Amounts receivable from brokers, dealers, and clients 30,181 – – – – – – – 235 30,416 Other assets 4 5,267 1,869 5,619 208 194 137 129 82 14,124 27,629 Total assets 4 $ 289,213 $ 76,032 $ 73,160 $ 67,676 $ 58,675 $ 186,959 $ 539,739 $ 379,383 $ 284,302 $ 1,955,139 Liabilities Trading deposits $ 1,272 $ 1,684 $ 5,278 $ 4,029 $ 4,153 $ 6,510 $ 6,712 $ 1,342 $ – $ 30,980 Derivatives 9,068 9,236 4,560 3,875 2,559 8,345 16,589 17,408 – 71,640 Securitization liabilities at fair value 2 498 345 1,215 391 1,651 6,945 3,375 – 14,422 Financial liabilities designated at fair value through profit or loss 48,197 30,477 37,961 42,792 32,473 112 – – 118 192,130 Deposits 5,6 Personal 6,044 19,095 22,387 14,164 19,525 17,268 20,328 51 507,734 626,596 Banks 19,608 68 29 – – – 4 1 11,515 31,225 Business and government 25,663 16,407 24,487 11,819 9,658 33,723 74,300 19,652 324,660 540,369 Total deposits 51,315 35,570 46,903 25,983 29,183 50,991 94,632 19,704 843,909 1,198,190 Acceptances 14,804 2,760 5 – – – – – – 17,569 Obligations related to securities sold short 1 135 1,566 1,336 1,603 1,309 5,471 19,991 11,971 1,279 44,661 Obligations related to securities sold under repurchase agreements 2 146,559 10,059 6,607 457 1,142 150 46 – 1,834 166,854 Securitization liabilities at amortized cost – 526 355 1,073 703 2,180 4,956 2,917 – 12,710 Amounts payable to brokers, dealers, and clients 30,248 – – – – – – – 624 30,872 Insurance contract liabilities 4 243 305 327 258 253 694 1,131 501 2,134 5,846 Other liabilities 4 11,923 9,808 7,986 1,276 1,198 918 1,979 4,226 8,260 47,574 Subordinated notes and debentures – – – – – 196 – 9,424 – 9,620 Equity 4 – – – – – – – – 112,071 112,071 Total liabilities and equity 4 $ 313,766 $ 102,489 $ 111,663 $ 82,561 $ 73,364 $ 77,218 $ 152,981 $ 70,868 $ 970,229 $ 1,955,139 Off-balance sheet commitments Credit and liquidity commitments 7,8 $ 22,242 $ 24,178 $ 26,399 $ 21,450 $ 22,088 $ 47,826 $ 166,891 $ 5,265 $ 1,487 $ 337,826 Other commitments 9 109 279 214 197 204 889 1,364 424 73 3,753 Unconsolidated structured entity commitments – 836 3 239 95 729 – – – 1,902 Total off-balance sheet commitments $ 22,351 $ 25,293 $ 26,616 $ 21,886 $ 22,387 $ 49,444 $ 168,255 $ 5,689 $ 1,560 $ 343,481 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 3 4 details. 5 6 57 6 3 1 months to 1 year’, $ 12 31 4 7 573 8 9 |
Nature of Operations |
3 Months Ended |
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Jan. 31, 2024 | |
Nature Of Operations [Abstract] | |
Nature of Operations | NOTE 1: NATURE OF OPERATIONS CORPORATE INFORMATION The Toronto-Dominion Bank is a bank chartered under the Bank Act (Canada) . The shareholders of a bank are not, as default of the bank except as otherwise provided Bank Act (Canada) . The Toronto-Dominion Bank and its subsidiaries are collectively known TD Bank Group (“TD” or the “Bank”). The Bank Dominion Bank (chartered in 1869). The Bank Street West, Toronto, Ontario. TD serves customers in four business segments operating in a Canadian Personal and Commercial BASIS OF PREPARATION The accompanying Interim Consolidated International Financial Reporting Standards the Office of the Superintendent of Financial Institutions otherwise indicated. These Interim Consolidated Financial Statements Interim Financial Reporting Certain comparative amounts have The preparation of the Interim Consolidated reported amount of assets, liabilities, revenue Annual Consolidated Financial Statements occur. The Bank’s Interim Consolidated Financial Statements circumstances. All intercompany transactions, The Interim Consolidated Financial Statements Directors, in accordance with a recommendation As the Interim Consolidated Financial Statements should be read in conjunction with the Bank’s 2023 Management’s Discussion and Analysis (MD&A). the “Managing Risk” section of the MD&A in Statements, as permitted by IFRS. |
Current And Future Changes In Accounting Policies |
3 Months Ended |
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Jan. 31, 2024 | |
Disclosure of Financial Instruments [Abstract] | |
Current And Future Changes In Accounting Policies | NOTE 2: CURRENT AND FUTURE CURRENT CHANGES IN ACCOUNTING The following new standard has been adopted Insurance Contracts The IASB issued IFRS 17, Insurance Contracts Insurance Contracts reporting periods beginning on or after January presentation and disclosure of insurance Under IFRS 17, insurance contracts are Revenue is recognized as insurance services onerous. The liabilities presented by insurance reported as Insurance contract liabilities occurred and includes the loss component related have not been reported, and related insurance IFRS 17 introduces two measurement models (GMM). The Bank measures the majority of and health contracts. The PAA is a simplified model applied to insurance Contracts using the GMM are longer-term life deferred acquisition cash flows allocated reported in insurance service expenses for longer term contracts using the GMM When a group of contracts is expected increases the LRC and insurance service expenses. underlying insurance contracts to offset claims The Bank measures the LIC at the present Consolidated Balance Sheet date. The LIC non-financial risks changes related to discounting the liability are expenses were recorded in insurance Reinsurance contracts held are recognized Other assets in the Interim Consolidated Balance Consolidated Statement of Income. Refer to The Bank initially applied IFRS 17 on approach which resulted in the measurement The following table sets out adjustments Bank’s insurance-related balances reported under recognized by the Bank as at November (millions of Canadian dollars) Amount Insurance-related liabilities $ 7,468 Other liabilities 131 Other assets (2,361) Net insurance-related balances as at October $ 5,238 Changes in actuarial assumptions, including (192) Recognition of losses on onerous contracts 113 Other adjustments (93) Net insurance-related balances as at $ 5,066 Insurance contract liabilities $ 5,761 Reinsurance contract assets (695) Net insurance-related balances as at $ 5,066 On November 1, 2022, IFRS 17 transition 60 earnings of $ 112 Upon the initial application of IFRS 17 on operations to minimize accounting mismatches is applicable for entities that previously used Financial Instruments a decrease to retained earnings and an increase 10 FUTURE CHANGES IN ACCOUNTING There were no new or amended material accounting Consolidated Financial Statements. |
Significant Accounting Judgments, Estimates, and Assumptions |
3 Months Ended |
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Jan. 31, 2024 | |
Significant Accounting Judgments, Estimates, And Assumptions [Abstract] | |
Significant Accounting Judgments, Estimates, and Assumptions | The estimates used in the Bank’s accounting policies require subjective, complex judgments and changes to accounting standards and policies procedures to ensure that accounting policies new accounting standards are well-controlled Financial Statements for a description of Impairment – Expected Credit Loss Model The expected credit loss (ECL) model requires economic environment. There remains elevated has experienced significant increase in credit effects are not fully incorporated into the model Insurance Contracts The assumptions used in establishing the Bank’s For property and casualty insurance accordance with Canadian accepted actuarial the future, in order to arrive at the estimated For life and health insurance contracts, the policies. Critical assumptions used in Further information on insurance risk assumptions NOTE 3: SIGNIFICANT ACCOUNTING |
Fair Value Measurements |
3 Months Ended |
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Jan. 31, 2024 | |
Fair Value Measurements [Abstract] | |
Fair Value Measurements | NOTE 4: FAIR VALUE MEASUREMENTS There have been no significant changes to January 31, 2024. (a) The following table reflects the fair value Financial Assets and Liabilities not carried 1 (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Carrying Fair Carrying Fair value value value value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance Government and government-related $ 227,917 $ 221,732 $ 232,093 $ 222,699 Other debt securities 72,154 70,117 75,923 72,511 Total debt securities at amortized cost, net of allowance for credit losses 300,071 291,849 308,016 295,210 Total loans, net of allowance for loan losses 904,336 896,070 895,947 877,763 Total financial assets not carried at fair value $ 1,204,407 $ 1,187,919 $ 1,203,963 $ 1,172,973 FINANCIAL LIABILITIES Deposits $ 1,181,254 $ 1,176,610 $ 1,198,190 $ 1,188,585 Securitization liabilities at amortized 12,358 11,912 12,710 12,035 Subordinated notes and debentures 9,554 9,519 9,620 9,389 Total financial liabilities not carried at fair value $ 1,203,166 $ 1,198,041 $ 1,220,520 $ 1,210,009 This table excludes financial assets and liabilities where the carrying value approximates their fair value. (b) FAIR VALUE HIERARCHY The following table presents the levels within January 31, 2024 and October 31, 2023. Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 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 $ 228 $ 7,720 $ – $ 7,948 $ 72 $ 9,073 $ – $ 9,145 Provinces – 7,395 – 7,395 – 7,445 – 7,445 U.S. federal, state, municipal governments, 2 25,136 34 25,172 2 24,325 67 24,394 Other OECD 2 – 8,688 – 8,688 – 8,811 – 8,811 Mortgage-backed securities – 1,661 – 1,661 – 1,698 – 1,698 Other debt securities Canadian issuers – 5,969 2 5,971 – 6,067 5 6,072 Other issuers – 14,067 59 14,126 – 14,553 60 14,613 Equity securities 65,437 155 7 65,599 54,186 41 10 54,237 Trading loans – 18,271 – 18,271 – 17,261 – 17,261 Commodities 5,840 847 – 6,687 7,620 791 – 8,411 Retained interests – 2 – 2 – 3 – 3 71,507 89,911 102 161,520 61,880 90,068 142 152,090 Non-trading financial assets at fair value through profit or loss Securities 257 2,055 1,079 3,391 269 2,596 980 3,845 Loans – 3,594 – 3,594 – 3,495 – 3,495 257 5,649 1,079 6,985 269 6,091 980 7,340 Derivatives Interest rate contracts 2 17,463 – 17,465 17 22,893 – 22,910 Foreign exchange contracts 26 37,130 1 37,157 26 57,380 7 57,413 Credit contracts – 80 – 80 – 54 – 54 Equity contracts 100 3,690 – 3,790 58 4,839 – 4,897 Commodity contracts 223 1,850 9 2,082 306 1,787 15 2,108 351 60,213 10 60,574 407 86,953 22 87,382 Financial assets designated at fair value through profit or loss Securities 1 – 5,970 – 5,970 – 5,818 – 5,818 – 5,970 – 5,970 – 5,818 – 5,818 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 20,723 – 20,723 – 18,210 – 18,210 Provinces – 20,890 – 20,890 – 19,940 – 19,940 U.S. federal, state, municipal governments, – 11,750 – 11,750 – 11,002 – 11,002 Other OECD government-guaranteed debt – 1,512 – 1,512 – 1,498 – 1,498 Mortgage-backed securities – 2,260 – 2,260 – 2,277 – 2,277 Other debt securities Asset-backed securities – 3,923 – 3,923 – 4,114 – 4,114 Corporate and other debt – 9,509 26 9,535 – 8,863 27 8,890 Equity securities 1,333 2 2,142 3,477 1,133 3 2,377 3,513 Loans – 660 – 660 – 421 – 421 1,333 71,229 2,168 74,730 1,133 66,328 2,404 69,865 Securities purchased under reverse repurchase agreements – 8,606 – 8,606 – 9,649 – 9,649 FINANCIAL LIABILITIES Trading deposits – 29,595 1,039 30,634 – 29,995 985 30,980 Derivatives Interest rate contracts – 12,432 137 12,569 16 21,064 126 21,206 Foreign exchange contracts 33 33,656 2 33,691 19 44,841 13 44,873 Credit contracts – 643 – 643 – 172 – 172 Equity contracts 14 4,796 28 4,838 7 3,251 21 3,279 Commodity contracts 273 2,040 19 2,332 248 1,846 16 2,110 320 53,567 186 54,073 290 71,174 176 71,640 Securitization liabilities at fair value – 16,543 – 16,543 – 14,422 – 14,422 Financial liabilities designated at fair value through profit or loss – 180,088 24 180,112 – 192,108 22 192,130 Obligations related to securities sold short 1 1,656 41,219 – 42,875 1,329 43,332 – 44,661 Obligations related to securities sold under repurchase agreements – 11,877 – 11,877 – 12,641 – 12,641 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but 2 Organisation for Economic Co-operation and Development (OECD). (c) The Bank’s policy is to record transfers of assets reporting period. There were no significant transfers between There were no significant transfers between There were no significant changes to the unobservable January 31, 2024, and January 31, 2023. (d) RECONCILIATION OF CHANGES IN FAIR VALUE FOR LEVEL 3 ASSETS AND LIABILITIES The following tables set out changes in fair months ended January 31, 2024 and January 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 January 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 $ – $ – $ – $ (33) $ – $ – $ 34 $ (1) Other debt securities 65 3 – 72 (81) 2 – 61 (1) Equity securities 10 (1) – – (2) – – 7 – 142 2 – 72 (116) 2 – 102 (2) Non-trading financial assets at fair value through profit or loss Securities 980 13 – 91 (5) – – 1,079 17 980 13 – 91 (5) – – 1,079 17 Financial assets at fair value through other comprehensive income Other debt securities 27 – (3) 3 (1) – – 26 (3) Equity securities 2,377 – (10) 6 (231) – – 2,142 2 $ 2,404 $ – $ (13) $ 9 $ (232) $ – $ – $ 2,168 $ (1) FINANCIAL LIABILITIES Trading deposits 6 $ (985) $ (24) $ – $ (56) $ 21 $ – $ 5 $ (1,039) $ (43) Derivatives 7 Interest rate contracts (126) (23) – – 12 – – (137) (12) Foreign exchange contracts (6) 2 – – – – 3 (1) (1) Equity contracts (21) (6) – – – (1) – (28) (5) Commodity contracts (1) 10 – – (19) – – (10) (17) (154) (17) – – (7) (1) 3 (176) (35) Financial liabilities designated at fair value through profit or loss (22) 38 – (54) 14 – – (24) 38 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 January 31 instruments 2022 in income 2 in OCI 4 Issuances Settlements Level 3 Level 3 2023 still held 5 FINANCIAL ASSETS Trading loans, securities, and other Government and government- related securities $ – $ – $ – $ – $ – $ – $ – $ – $ – Other debt securities 49 9 – 14 (15) 35 (7) 85 2 Equity securities – – – – – – – – – 49 9 – 14 (15) 35 (7) 85 2 Non-trading financial assets at fair value through profit or loss Securities 845 43 – 42 (3) – – 927 32 845 43 – 42 (3) – – 927 32 Financial assets at fair value through other comprehensive income Other debt securities 60 – 7 – (4) – – 63 – Equity securities 2,477 – (22) 824 (39) – – 3,240 (22) $ 2,537 $ – $ (15) $ 824 $ (43) $ – $ – $ 3,303 $ (22) FINANCIAL LIABILITIES Trading deposits 6 $ (416) $ (12) $ – $ (59) $ 4 $ (3) $ – $ (486) $ (11) Derivatives 7 Interest rate contracts (156) (24) – – 16 – – (164) (9) Foreign exchange contracts 4 (3) – – – – 1 2 (1) Equity contracts (59) 29 – – 2 (2) (21) (51) 8 Commodity contracts 27 29 – – (51) – – 5 (8) (184) 31 – – (33) (2) (20) (208) (10) Financial liabilities designated at fair value through profit or loss (44) 50 – (60) 32 – – (22) 50 Includes foreign exchange. 2 3 4 details. 5 6 7 10 31 22 October 31, 2022/November 1, 2022 – $ 50 derivative liabilities of $ 186 239 176 October 31, 2022/November 1, 2022 – $ 234 been netted in this table for presentation purposes only. |
Securities |
3 Months Ended |
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Jan. 31, 2024 | |
Disclosure of Financial Instruments [Abstract] | |
Securities | NOTE 5: SECURITIES UNREALIZED The following table summarizes the unrealized Unrealized Gains (Losses) for Securities (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Cost/ Gross Gross Cost/ Gross Gross amortized unrealized unrealized Fair amortized unrealized unrealized Fair cost 1 gains (losses) value cost 1 gains (losses) value Government and government-related securities Canadian government debt Federal $ 20,791 $ 34 $ (102) $ 20,723 $ 18,335 $ 45 $ (170) $ 18,210 Provinces 20,837 103 (50) 20,890 19,953 105 (118) 19,940 U.S. federal, state, municipal governments, and 11,905 19 (174) 11,750 11,260 17 (275) 11,002 Other OECD government-guaranteed debt 1,528 3 (19) 1,512 1,521 1 (24) 1,498 Mortgage-backed securities 2,269 5 (14) 2,260 2,313 – (36) 2,277 57,330 164 (359) 57,135 53,382 168 (623) 52,927 Other debt securities Asset-backed securities 3,943 1 (21) 3,923 4,146 – (32) 4,114 Corporate and other debt 9,537 61 (63) 9,535 8,946 43 (99) 8,890 13,480 62 (84) 13,458 13,092 43 (131) 13,004 Total debt securities 70,810 226 (443) 70,593 66,474 211 (754) 65,931 Equity securities Common shares 2,955 204 (82) 3,077 3,191 95 (116) 3,170 Preferred shares 567 13 (180) 400 566 1 (224) 343 3,522 217 (262) 3,477 3,757 96 (340) 3,513 Total securities at fair value through $ 74,332 $ 443 $ (705) $ 74,070 $ 70,231 $ 307 $ (1,094) $ 69,444 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate. EQUITY SECURITIES DESIGNATED AT FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME The Bank designated certain equity securities The following table summarizes the fair January 31, 2024 and October 31, 2023, and Equity Securities Designated at Fair Value Through (millions of Canadian dollars) As at For the three months ended January 31, 2024 October 31, 2023 January 31, 2024 January 31, 2023 Fair value Dividend income recognized Common shares $ 3,077 $ 3,170 $ 17 $ 17 Preferred shares 400 343 38 31 Total $ 3,477 $ 3,513 $ 55 $ 48 The Bank disposed of certain equity securities with FHLB member stockholding requirements, Equity Securities Net Realized Gains (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Equity Securities Fair value $ 42 $ 45 Cumulative realized gain/(loss) – (3) FHLB Stock Fair value 159 – Cumulative realized gain/(loss) – – DEBT SECURITIES NET REALIZED GAINS The following table summarizes income (loss) on the Interim Consolidated Debt Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Debt securities at fair value through other $ 6 $ (1) CREDIT QUALITY OF DEBT SECURITIES The Bank evaluates non-retail credit risk area of the “Managing Risk” section of the 2023 The following table provides the gross carrying risk management purposes, presenting Credit Losses” table in Note 6 for details regarding Debt Securities by Risk Rating (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities 1 Investment grade $ 370,182 $ – $ n/a 2 $ 370,182 $ 373,317 $ – $ n/a $ 373,317 Non-investment grade 329 26 n/a 355 519 – n/a 519 Watch and classified n/a 129 n/a 129 n/a 113 n/a 113 Default n/a n/a – – n/a n/a – – Total debt securities 370,511 155 – 370,666 373,836 113 – 373,949 Allowance for credit losses on debt securities at amortized cost 2 – – 2 2 – – 2 Total debt securities, net of $ 370,509 $ 155 $ – $ 370,664 $ 373,834 $ 113 $ – $ 373,947 Includes debt securities backed by government-guaranteed loans of $ 114 104 based on the issuer’s credit risk. 2 As at January 31, 2024, total debt securities, $ 300,071 308,016 70,593 65,931 difference between probability-weighted ECLs October 31, 2023, was insignificant. |
Loans, Impaired Loans, and Allowance for Credit Losses |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Disclosure of Financial Instruments [Abstract] | |
Loans, Impaired Loans, and Allowance for Credit Losses | Loans and Acceptances (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Loans at amortized cost $ 333,899 $ 326,528 Customers’ liability under acceptances 13,066 17,569 Loans at FVOCI 660 421 Loans and acceptances 347,625 344,518 Allowance for loan losses 2,990 2,990 Loans and acceptances, net of allowance $ 344,635 $ 341,528 (a) LOANS AND ACCEPTANCES The following table provides details regarding Loans and Acceptances (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Residential mortgages $ 321,670 $ 320,341 Consumer instalment and other personal 217,397 217,554 Credit card 38,635 38,660 Business and government 333,899 326,528 911,601 903,083 Customers’ liability under acceptances 13,066 17,569 Loans at FVOCI 660 421 Total loans 925,327 921,073 Total allowance for loan losses 7,265 7,136 Total loans $ 918,062 $ 913,937 Business and government loans (including the “Loans and Acceptances by Risk Ratings” (b) CREDIT QUALITY OF LOANS In the retail portfolio, including individuals and non-retail exposures, each borrower is assigned risk models and expert judgment. Refer to ranges to risk levels for retail exposures The following table provides the gross carrying by internal risk ratings for credit risk management Loans and Acceptances by Risk Ratings (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 1,2,3 Low Risk $ 222,767 $ 827 $ n/a $ 223,594 $ 225,596 $ 46 $ n/a $ 225,642 Normal Risk 70,237 13,581 n/a 83,818 70,423 11,324 n/a 81,747 Medium Risk 300 10,331 n/a 10,631 110 9,581 n/a 9,691 High Risk 8 2,960 315 3,283 10 2,573 325 2,908 Default n/a n/a 344 344 n/a n/a 353 353 Total loans 293,312 27,699 659 321,670 296,139 23,524 678 320,341 Allowance for loan losses 137 212 61 410 154 192 57 403 Loans, net of allowance 293,175 27,487 598 321,260 295,985 23,332 621 319,938 Consumer instalment and other personal 4 Low Risk 97,963 2,599 n/a 100,562 100,102 2,278 n/a 102,380 Normal Risk 61,423 12,501 n/a 73,924 60,613 13,410 n/a 74,023 Medium Risk 24,885 6,267 n/a 31,152 24,705 5,816 n/a 30,521 High Risk 4,000 6,921 330 11,251 4,122 5,700 323 10,145 Default n/a n/a 508 508 n/a n/a 485 485 Total loans 188,271 28,288 838 217,397 189,542 27,204 808 217,554 Allowance for loan losses 634 1,035 225 1,894 653 959 197 1,809 Loans, net of allowance 187,637 27,253 613 215,503 188,889 26,245 611 215,745 Credit card Low Risk 7,044 15 n/a 7,059 6,499 12 n/a 6,511 Normal Risk 10,827 168 n/a 10,995 11,171 134 n/a 11,305 Medium Risk 12,030 1,128 n/a 13,158 12,311 1,163 n/a 13,474 High Risk 2,520 4,348 438 7,306 2,567 4,289 401 7,257 Default n/a n/a 117 117 n/a n/a 113 113 Total loans 32,421 5,659 555 38,635 32,548 5,598 514 38,660 Allowance for loan losses 640 959 372 1,971 709 913 312 1,934 Loans, net of allowance 31,781 4,700 183 36,664 31,839 4,685 202 36,726 Business and government 1,2,3,5 Investment grade or Low/Normal Risk 161,743 169 n/a 161,912 159,477 101 n/a 159,578 Non-investment grade or Medium Risk 160,305 10,980 n/a 171,285 161,651 10,278 n/a 171,929 Watch and classified or High Risk 696 12,075 58 12,829 604 11,017 75 11,696 Default n/a n/a 1,599 1,599 n/a n/a 1,315 1,315 Total loans and acceptances 322,744 23,224 1,657 347,625 321,732 21,396 1,390 344,518 Allowance for loan and acceptances 985 1,480 525 2,990 1,157 1,371 462 2,990 Loans and acceptances, net of allowance 321,759 21,744 1,132 344,635 320,575 20,025 928 341,528 Total loans and acceptances 6 836,748 84,870 3,709 925,327 839,961 77,722 3,390 921,073 Total allowance for loan losses 6,7 2,396 3,686 1,183 7,265 2,673 3,435 1,028 7,136 Total loans and acceptances, net of allowance 6 $ 834,352 $ 81,184 $ 2,526 $ 918,062 $ 837,288 $ 74,287 $ 2,362 $ 913,937 Includes impaired loans with a balance of $ 358 271 exceeded the loan amount. Excludes trading loans and non-trading loans at fair value through profit or loss (FVTPL) with a fair value of $ 18 17 4 $ 3 Includes insured mortgages of $ 73 74 4 6 7 Includes loans guaranteed by government agencies of $ 25 26 the borrowers’ credit risk. 6 nil 91 nil 6 been included in the “Default” 7 nil nil ). Loans and Acceptances by Risk Ratings (Continued) 1 (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 2 Low Risk $ 252,681 $ 1,405 $ n/a $ 254,086 $ 254,231 $ 1,093 $ n/a $ 255,324 Normal Risk 89,653 1,303 n/a 90,956 91,474 1,112 n/a 92,586 Medium Risk 19,527 1,216 n/a 20,743 19,774 1,079 n/a 20,853 High Risk 1,172 1,251 – 2,423 1,209 1,198 – 2,407 Default n/a n/a – – n/a n/a – – Non-Retail Exposures 3 Investment grade 260,753 – n/a 260,753 264,029 – n/a 264,029 Non-investment grade 99,374 5,418 n/a 104,792 98,068 4,396 n/a 102,464 Watch and classified 272 4,176 – 4,448 218 4,158 – 4,376 Default n/a n/a 197 197 n/a n/a 107 107 Total off-balance sheet credit instruments 723,432 14,769 197 738,398 729,003 13,036 107 742,146 Allowance for off-balance sheet credit instruments 424 572 4 1,000 476 565 8 1,049 Total off-balance sheet credit instruments, net of allowance $ 723,008 $ 14,197 $ 193 $ 737,398 $ 728,527 $ 12,471 $ 99 $ 741,097 Excludes mortgage commitments. 2 366 369 3 62 62 (c) ALLOWANCE FOR CREDIT LOSSES The following table provides details on including allowance for off-balance sheet instruments Allowance for Credit Losses (millions of Canadian dollars) Foreign Foreign exchange, exchange, Balance at Provision Write-offs, disposals, Balance Balance at Provision Write-offs, disposals, Balance beginning for credit net of and other at end of beginning for credit net of and other at end of of period losses recoveries adjustments period of period losses recoveries adjustments period For the three months ended January 31, 2024 January 31, 2023 Residential mortgages $ 403 $ 8 $ (2) $ 1 $ 410 $ 323 $ 12 $ (1) $ (4) $ 330 Consumer instalment and other personal 1,895 382 (275) (23) 1,979 1,704 262 (196) (17) 1,753 Credit card 2,577 430 (369) (61) 2,577 2,352 337 (245) (37) 2,407 Business and government 3,310 181 (113) (79) 3,299 2,984 79 (31) (45) 2,987 Total allowance for loan losses, including off-balance sheet instruments 8,185 1,001 (759) (162) 8,265 7,363 690 (473) (103) 7,477 Debt securities at amortized cost 2 – – – 2 1 – – – 1 Debt securities at FVOCI 2 – – (1) 1 2 – – (1) 1 Total allowance for credit losses on debt securities 4 – – (1) 3 3 – – (1) 2 Total allowance for credit losses $ 8,189 $ 1,001 $ (759) $ (163) $ 8,268 $ 7,366 $ 690 $ (473) $ (104) $ 7,479 Comprising: Allowance for credit losses on loans at amortized cost $ 7,136 $ 7,265 $ 6,432 $ 6,492 Allowance for credit losses on loans at FVOCI – – – – Allowance for loan losses 7,136 7,265 6,432 6,492 Allowance for off-balance sheet instruments 1,049 1,000 931 985 Allowance for credit losses on debt securities 4 3 3 2 (d) ALLOWANCE FOR LOAN LOSSES BY STAGE The following table provides details on January 31, 2023. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 154 $ 192 $ 57 $ 403 $ 127 $ 140 $ 56 $ 323 Provision for credit losses Transfer to Stage 1 2 36 (33) (3) – 35 (34) (1) – Transfer to Stage 2 (10) 15 (5) – (6) 11 (5) – Transfer to Stage 3 – (9) 9 – – (5) 5 – Net remeasurement due to transfers into stage 3 (6) 7 – 1 (7) 6 – (1) New originations or purchases 4 8 n/a n/a 8 8 n/a n/a 8 Net repayments 5 (1) – – (1) (1) (1) – (2) Derecognition of financial assets (excluding disposals and write-offs) 6 (2) (5) (4) (11) (1) (4) (3) (8) Changes to risk, parameters, and models 7 (40) 45 6 11 (24) 38 1 15 Disposals – – – – – – – – Write-offs – – (2) (2) – – (2) (2) Recoveries – – – – – – 1 1 Foreign exchange and other adjustments (2) – 3 1 (2) (1) (1) (4) Balance at end of period $ 137 $ 212 $ 61 $ 410 $ 129 $ 150 $ 51 $ 330 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 688 $ 1,010 $ 197 $ 1,895 $ 654 $ 896 $ 154 $ 1,704 Provision for credit losses Transfer to Stage 1 2 131 (130) (1) – 170 (168) (2) – Transfer to Stage 2 (72) 91 (19) – (52) 70 (18) – Transfer to Stage 3 (3) (60) 63 – (2) (46) 48 – Net remeasurement due to transfers into stage 3 (54) 86 2 34 (53) 54 2 3 New originations or purchases 4 89 n/a n/a 89 99 n/a n/a 99 Net repayments 5 (18) (21) (3) (42) (22) (18) (3) (43) Derecognition of financial assets (excluding disposals and write-offs) 6 (17) (20) (10) (47) (18) (24) (9) (51) Changes to risk, parameters, and models 7 (71) 146 273 348 (94) 160 188 254 Disposals – – – – – – – – Write-offs – – (347) (347) – – (266) (266) Recoveries – – 72 72 – – 70 70 Foreign exchange and other adjustments (9) (12) (2) (23) (7) (8) (2) (17) Balance, including off-balance sheet instruments, at end of period 664 1,090 225 1,979 675 916 162 1,753 Less: Allowance for off-balance sheet instruments 8 30 55 – 85 36 52 – 88 Balance at end of period $ 634 $ 1,035 $ 225 $ 1,894 $ 639 $ 864 $ 162 $ 1,665 Credit Card 9 Balance, including off-balance sheet instruments, at beginning of period $ 988 $ 1,277 $ 312 $ 2,577 $ 954 $ 1,191 $ 207 $ 2,352 Provision for credit losses Transfer to Stage 1 2 246 (239) (7) – 299 (294) (5) – Transfer to Stage 2 (95) 111 (16) – (86) 98 (12) – Transfer to Stage 3 (6) (223) 229 – (5) (164) 169 – Net remeasurement due to transfers into stage 3 (108) 139 7 38 (139) 127 5 (7) New originations or purchases 4 39 n/a n/a 39 51 n/a n/a 51 Net repayments 5 22 5 17 44 28 7 13 48 Derecognition of financial assets (excluding disposals and write-offs) 6 (10) (16) (84) (110) (12) (18) (46) (76) Changes to risk, parameters, and models 7 (175) 300 294 419 (120) 270 171 321 Disposals – – – – – – – – Write-offs – – (444) (444) – – (314) (314) Recoveries – – 75 75 – – 69 69 Foreign exchange and other adjustments (21) (29) (11) (61) (14) (19) (4) (37) Balance, including off-balance sheet instruments, at end of period 880 1,325 372 2,577 956 1,198 253 2,407 Less: Allowance for off-balance sheet instruments 8 240 366 – 606 274 341 – 615 Balance at end of period $ 640 $ 959 $ 372 $ 1,971 $ 682 $ 857 $ 253 $ 1,792 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of Note 2 and Note 3 of the Bank’s 2023 Annual Consolidated Financial Statements, holding all other factors impacting the change in ECLs constant. 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., migration. Refer to the “Measurement of Expected Credit Losses”, “Forward-Looking Information” and “Expert Credit Judgment” sections of Note 2 and Note 3 of the Bank’s 2023 Annual Consolidated Financial Statements for further details. 8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2023 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (Continued) (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance sheet instruments, at beginning of period $ 1,319 $ 1,521 $ 470 $ 3,310 $ 1,220 $ 1,417 $ 347 $ 2,984 Provision for credit losses Transfer to Stage 1 3 62 (62) – – 100 (98) (2) – Transfer to Stage 2 (117) 120 (3) – (159) 162 (3) – Transfer to Stage 3 (14) (55) 69 – (5) (21) 26 – Net remeasurement due to transfers into stage 3 (21) 42 4 25 (28) 24 – (4) New originations or purchases 3 271 n/a n/a 271 332 n/a n/a 332 Net repayments 3 8 (8) (26) (26) 4 (21) (24) (41) Derecognition of financial assets (excluding disposals and write-offs) 3 (172) (99) (45) (316) (188) (151) (133) (472) Changes to risk, parameters, and models 3 (162) 202 187 227 9 64 191 264 Disposals – – – – – – – – Write-offs – – (124) (124) – – (43) (43) Recoveries – – 11 11 – – 12 12 Foreign exchange and other adjustments (35) (30) (14) (79) (20) (20) (5) (45) Balance, including off-balance sheet instruments, at end of period 1,139 1,631 529 3,299 1,265 1,356 366 2,987 Less: Allowance for off-balance sheet instruments 4 154 151 4 309 146 134 2 282 Balance at end of period 985 1,480 525 2,990 1,119 1,222 364 2,705 Total Allowance, including instruments, at end of period 2,820 4,258 1,187 8,265 3,025 3,620 832 7,477 Less: Total Allowance for instruments 4 424 572 4 1,000 456 527 2 985 Total Allowance for Loan Losses $ 2,396 $ 3,686 $ 1,183 $ 7,265 $ 2,569 $ 3,093 $ 830 $ 6,492 Includes allowance for loan losses related to ACI loans. 2 3 4 The allowance for credit losses on all remaining (e) Relevant macroeconomic factors are incorporated incorporated, where relevant. The key macroeconomic regional housing price indices for residential include gross domestic product (GDP), unemployment Statements for a discussion of how forward-looking risk and in measuring ECLs. Macroeconomic Variables Select macroeconomic variables are projected calendar quarters starting with the current determining the Bank’s ECLs as at January 31, 2024. are anchored on assumptions around structural contributing to elevated economic uncertainty, in economic growth and a modest increase in Macroeconomic Variables As at January 31, 2024 Base Forecast Upside Scenario Downside Scenario Average Remaining Average Remaining Average Remaining Q1 2024- 4-year Q1 2024- 4-year Q1 2024- 4-year Q4 2024 1 period 1 Q4 2024 1 period 1 Q4 2024 1 period 1 Unemployment rate Canada 6.5 % 6.1 % 5.8 % 5.8 % 7.3 % 7.2 % United States 4.2 4.0 3.9 4.0 5.2 5.4 Real GDP Canada 0.5 1.9 0.8 1.8 (1.1) 2.1 United States 1.5 1.8 2.2 1.9 (0.2) 2.1 Home prices Canada (average existing price) 2 (3.1) 3.1 (1.0) 2.6 (10.8) 3.1 United States (CoreLogic HPI) 3 0.6 1.9 2.0 2.3 (8.3) 4.2 Central bank policy interest rate Canada 4.25 2.31 4.88 2.41 3.72 1.88 United States 5.13 2.89 5.38 2.91 4.22 2.38 U.S. 10-year treasury yield 3.95 3.22 4.28 3.31 3.82 3.19 U.S. 10-year BBB spread (%-pts) 2.16 1.80 1.91 1.74 2.63 2.09 Exchange rate (U.S. dollar/Canadian dollar) $ 0.73 $ 0.79 $ 0.77 $ 0.81 $ 0.71 $ 0.74 The numbers represent average values for the quoted periods, and average of year-on-year growth for real GDP and home prices. 2 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service; data is collected by the Canadian Real Estate Association. 3 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home’s sales price over time. Incremental Lifetime ECLs Impact (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Probability-weighted ECLs $ 7,078 $ 7,149 All performing loans and off-balance sheet instruments 5,195 5,295 Incremental lifetime ECLs impact $ 1,883 $ 1,854 (g) Foreclosed assets are repossessed non-financial properties, which are managed for sale in an foreclosed properties for its business use. assets held for sale were $ 74 59 Balance Sheet. (h) A loan is classified as past due when a borrower The following table summarizes loans that are due but not impaired. obligations. Loans Past Due but not Impaired 1 (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 31-60 61-89 31-60 61-89 days days Total days days Total Residential mortgages $ 271 $ 126 $ 397 $ 286 $ 81 $ 367 Consumer instalment and other personal 887 328 1,215 870 287 1,157 Credit card 368 248 616 359 242 601 Business and government 300 115 415 264 103 367 Total $ 1,826 $ 817 $ 2,643 $ 1,779 $ 713 $ 2,492 Includes loans that are measured at FVOCI. (f) ECLs are sensitive to the inputs used in internally weightings in determining the probability-weighted assumptions, models, and judgments would The following table presents the base ECL loans and off-balance sheet instruments. The difference to non-linearity and sensitivity to using Change from Base to Probability-Weighted (millions of Canadian dollars, except As at January 31, 2024 October 31, 2023 Probability-weighted ECLs $ 7,078 $ 7,149 Base ECLs 6,593 6,658 Difference – in amount $ 485 $ 491 Difference – in percentage 7.4 % 7.4 % ECLs for performing loans and off-balance sheet month ECLs and lifetime ECLs, respectively. Transfers from Stage 1 to Stage loan. The following table shows the estimated twelve-month ECLs compared to the current NOTE 6: LOANS, IMPAIRED LOANS, AND ALLOWANCE FOR CREDIT LOSSES |
Investment in Associates and Joint Ventures |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Investments in Associates and Joint Ventures [Abstract] | |
Investment in Associates and Joint Ventures | NOTE 7: INVESTMENT IN ASSOCIATES AND JOINT VENTURES INVESTMENT IN THE CHARLES SCHWAB CORPORATION The Bank has significant influence over The decisions of Schwab through a combination Schwab. As such, the Bank accounts for its shareholders is reported with a one-month As at January 31, 2024, the Bank’s reported investment 12.3 % (October 31, 2023 – 12.4 %), consisting of 9.8 % of the outstanding voting common shares and the remainder 19 14 $ 16 12 62.92 52.04 ) on the New York Stock Exchange. The Bank and Schwab are party to a stockholder Schwab’s Board of Directors and has representation currently are the Bank’s Group President and permitted to own more than 9.9 % voting common shares of Schwab, transfer restrictions. The carrying value of the Bank’s investment in 9.5 8.9 Schwab’s stockholders’ equity, adjusted for goodwill, other intangibles, in Schwab of $ 141 285 amortization of certain intangibles net of tax. The following tables represent the gross comprehensive income (loss), and comprehensive Summarized Financial Information (millions of Canadian dollars) As at December 31 September 30 2023 2023 Total assets $ 651,463 $ 644,139 Total liabilities 597,360 592,923 (millions of Canadian dollars) For the three months ended December 31 December 31 2023 2022 Total net revenues $ 6,073 $ 7,465 Total net income available to common stockholders 1,261 2,472 Total other comprehensive income (loss) 3,570 721 Total comprehensive income (loss) 4,831 3,193 Insured Deposit Account (“IDA”) Agreement On November 25, 2019, the Bank and Schwab July 1, 2031. Under the 2019 Schwab IDA Agreement, 10 to certain limitations and adjustments), 50 deposit balances to fluctuate over time, under On May 4, 2023, the Bank and Schwab entered Agreement”), which replaced the 2019 Schwab accounts available to clients of Schwab. Schwab over the minimum level of FROA are designated extends the initial expiration date by three later years. Specifically, until September 2025, the aggregate 60 has the option to buy down up to $ 6.8 5 to certain limits. Refer to Note 27 of the Bank’s 2023 During the first quarter of 2024, Schwab exercised 0.7 0.5 5 allowance and paid $ 32 23 compensate the Bank for losses incurred interest income. |
Significant Transactions |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Significant Transactions [Abstract] | |
Significant Transactions | NOTE 8: SIGNIFICANT TRANSACTION Acquisition of Cowen Inc. On March 1, 2023, the Bank completed strategy in the U.S. and adds complementary consolidated by the Bank from the closing date 1,500 (US$ 1,100 100 % of Cowen’s common shares outstanding, $ 253 186 Stock, and $ 205 151 The acquisition was accounted for as a business measurement period, which shall not exceed acquisition contributed $ 10,800 7,933 9,884 7,261 over the fair value of the tangible net assets 298 219 $ 744 546 The Bank plans to dispose of certain non-core disposal groups which meet the criteria assets and liabilities of these disposal groups the three months ended January 31, 2024, sale. As at January 31, 2024, assets of $ 699 1,958 235 1,291 classified as held for sale. |
Other Assets |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Other Assets [Abstract] | |
Other Assets | NOTE 9: OTHER ASSETS Other Assets (millions of Canadian dollars) As at January 31 October 31 2024 2023 Accounts receivable and other items 1 $ 12,361 $ 13,893 Accrued interest 5,487 5,504 Current income tax receivable 3,204 4,814 Defined benefit asset 1,067 1,254 Reinsurance contract assets 708 702 Prepaid expenses 2 1,686 1,462 Total $ 24,513 $ 27,629 Includes assets related to disposal groups classified as held for sale in connection with the Cowen acquisition. Refer 2 |
Deposits |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Deposits [Abstract] | |
Deposits | NOTE 10: DEPOSITS Demand deposits are those for which the Bank does not have the right to require notice prior to withdrawal and are in general deposits are those for which date of maturity and are purchased by customers deposits, guaranteed investment certificates, as at January 31, 2024, was $ 501 512 Deposits (millions of Canadian dollars) As at January 31 October 31 By Type By Country 2024 2023 Demand Notice Term 1 Canada United States International Total Total Personal $ 16,647 $ 475,868 $ 130,325 $ 329,247 $ 293,593 $ – $ 622,840 $ 626,596 Banks 11,499 223 14,221 15,280 8,833 1,830 25,943 31,225 Business and government 2 128,093 187,885 216,493 374,966 154,204 3,301 532,471 540,369 156,239 663,976 361,039 719,493 456,630 5,131 1,181,254 1,198,190 Trading – – 30,634 22,306 2,251 6,077 30,634 30,980 Designated at fair value through profit or loss 3 – – 179,962 39,955 66,245 73,762 179,962 191,988 Total $ 156,239 $ 663,976 $ 571,635 $ 781,754 $ 525,126 $ 84,970 $ 1,391,850 $ 1,421,158 Non-interest-bearing deposits included above 4 Canada $ 58,422 $ 61,581 United States 70,234 76,376 International – 23 Interest-bearing deposits included above 4 Canada 723,332 712,283 United States 5 454,892 482,247 International 84,970 88,648 Total 2,6 $ 1,391,850 $ 1,421,158 1 Includes $ 103.2 103.3 Canada Deposit Insurance Corporation, including the ability to convert specified eligible shares and liabilities into 2 Includes $ 61.1 57.0 3 150.3 142.3 guarantees designated at FVTPL. 4 5 6.9 13.9 8.7 9.0 6 744.2 779.9 117.0 115.0 currencies. |
Other Liabilities |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Other Liabilities [Abstract] | |
Other Liabilities | NOTE 11: OTHER LIABILITIES Other Liabilities (millions of Canadian dollars) As at January 31 October 31 2024 2023 Accounts payable, accrued expenses, and 1,2 $ 6,271 $ 8,314 Accrued interest 4,568 4,421 Accrued salaries and employee benefits 3,447 4,993 Cheques and other items in transit 2 2,517 2,245 Current income tax payable 120 162 Deferred tax liabilities 191 204 Defined benefit liability 1,322 1,244 Lease liabilities 5,139 5,050 Liabilities related to structured entities 16,938 17,520 Provisions 3,413 3,421 Total 2 $ 43,926 $ 47,574 Includes liabilities related to disposal groups classified as held for sale in connection with the Cowen acquisition. 2 |
Equity |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Equity Disclosure [Abstract] | |
Equity | NOTE 12: EQUITY The following table summarizes the changes three months ended January 31, 2024 and Shares and Other Equity Instruments (millions of shares or other equity instruments and millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Number Number of shares Amount of shares Amount Common Shares Balance as at beginning of period 1,791.4 $ 25,434 1,821.7 $ 24,363 Proceeds from shares issued on exercise of stock options 0.6 42 0.4 26 Shares issued as a result of dividend reinvestment plan 1.7 137 7.9 705 Purchase of shares for cancellation and other (20.9) (295) – – Balance as at end of period – common shares 1,772.8 $ 25,318 1,830.0 $ 25,094 Preferred Shares and Other Equity Instruments Preferred Shares – Class A Balance as at beginning of period 143.6 $ 5,200 159.6 $ 5,600 Issue of shares – – – – Redemption of shares – – – – Balance as at end of period 143.6 $ 5,200 159.6 $ 5,600 Other Equity Instruments 1 Balance 5.0 $ 5,653 5.0 $ 5,653 Balance as at end of period – preferred and other equity instruments 148.6 $ 10,853 164.6 $ 11,253 Treasury – common shares 2 Balance as at beginning of period 0.7 $ (64) 1.0 $ (91) Purchase of shares 37.5 (3,096) 20.4 (1,816) Sale of shares (37.5) 3,102 (20.3) 1,804 Balance as at end of period – treasury – common shares 0.7 $ (58) 1.1 $ (103) Treasury – preferred shares and other equity instruments 2 Balance as at beginning of period 0.1 $ (65) 0.1 $ (7) Purchase of shares and other equity instruments 1.7 (98) 0.9 (141) Sale of shares and other equity instruments (1.7) 136 (0.9) 139 Balance as at end of period – treasury – preferred shares and other equity 0.1 $ (27) 0.1 $ (9) For Limited Recourse Capital Notes, the number of shares represents the number of notes issued. 2 reduction in equity. DIVIDENDS On February 28, 2024, the Board approved 1.02 ) per fully paid common share in the capital Bank for the quarter ending April 30, 2024, payable DIVIDEND REINVESTMENT PLAN The Bank offers a dividend reinvestment plan common shares are used to purchase additional market price based on the last five trading 0 % to 5 % at the Bank’s discretion or purchased from the open market at market During the three months ended January 31, 2.0 January 31, 2023, the Bank issued 7.9 2 % discount. NORMAL COURSE ISSUER BID On August 28, 2023, the Bank announced up to 90 20.9 82.39 1.7 |
Insurance |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Insurance [Abstract] | |
Insurance | NOTE 13: INSURANCE INSURANCE SERVICE RESULT Insurance revenue and expenses are presented respectively. Net income or expense from reinsurance is presented The following table presents components of the presented in the Interim Consolidated Statement as well as reinsurance issued and held in Insurance Service Result (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Insurance revenue $ 1,676 $ 1,542 Insurance service expenses 1,366 1,164 Insurance service result before reinsurance 310 378 Net income (expense) from reinsurance 12 (45) Insurance service result $ 322 $ 333 The Bank recognized insurance finance expenses 122 months ended January 31, 2023 – $ 125 interest income reported in net interest income contracts was $ 131 150 INSURANCE CONTRACT LIABILITIES Insurance contract liabilities are comprised The following table presents LRC and LIC balances Property and casualty insurance contract liabilities by (millions of Canadian dollars) As at January 31, 2024 January 31, 2023 Liability for Liability for Liability for Liability for remaining coverage incurred claims Total remaining coverage incurred claims Total Estimates Estimates of the of the present present Excluding value of Excluding value of loss Loss future Risk loss Loss future Risk component component cash flows adjustment component component cash flows adjustment Balance at beginning of period Insurance contract liabilities $ 630 $ 129 $ 4,740 $ 220 $ 5,719 $ 623 $ 113 $ 4,700 $ 208 $ 5,644 Balance at end of period Insurance contract liabilities $ 585 $ 132 $ 4,820 $ 224 $ 5,761 $ 546 $ 130 $ 4,755 $ 211 $ 5,642 For property and casualty contracts, 1,326 ended January 31, 2023 – $ 1,188 1,171 979 finance expenses of $ 121 121 Other insurance liabilities were $ 160 127 $ 110 124 RISK ADJUSTMENT FOR NON-FINANCIAL The risk adjustment reflects an amount that The Bank has estimated the risk adjustment actuarial principles to develop potential future observations Insurance contract liabilities are calculated duration of 1 10 years 5.4 % to 4.8 % as at January 31, 2024 (October 31, 5.7 % to 5.5 %). |
Share-Based Compensation |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Share-Based Compensation [Abstract] | |
Share-Based Compensation | NOTE 14: SHARE-BASED COMPENSATION For the three months ended January 31, 2024, 10.1 January 31, 2023 – $ 11.1 2.5 2.5 were granted by the Bank at a weighted-average 14.36 14.70 The following table summarizes the assumptions Assumptions Used for Estimating the (in Canadian dollars, except as noted) For the three months ended January 31 January 31 2024 2023 Risk-free interest rate 3.41 % 2.87 % Option contractual life 10 years 10 years Expected volatility 18.92 % 18.43 % Expected dividend yield 3.78 % 3.69 % Exercise price/share price $ 81.78 $ 90.55 The risk-free interest rate is based on Government average daily volatility and expected dividend corresponding to the option contractual life. |
Employee Benefits |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Employee Benefits [Abstract] | |
Employee Benefits | NOTE 15: EMPLOYEE BENEFITS The following table summarizes expenses for defined benefit pension plans, for the and certain of its subsidiaries are not considered Defined Benefit Plan Expenses (millions of Canadian dollars) Principal post-retirement Principal pension plans benefit plan Other pension plans 1 For the three months ended January 31 January 31 January 31 January 31 January 31 January 31 2024 2023 2024 2023 2024 2023 Service cost – benefits earned $ 54 $ 62 $ 1 $ 1 $ 4 $ 4 Net interest cost (income) on net defined (20) (25) 5 5 6 6 Interest cost on asset limitation and minimum requirement 3 5 – – 1 1 Defined benefit administrative expenses 2 2 – – 1 1 Total $ 39 $ 44 $ 6 $ 6 $ 12 $ 12 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, and supplemental executive defined benefit pension plans. The following table summarizes expenses for Defined Contribution Plan Expenses (millions of Canadian dollars) For the three months ended January 31 January 31 2024 2023 Defined contribution pension plans 1 $ 85 $ 64 Government pension plans 2 197 173 Total $ 282 $ 237 Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k) 2 Federal Insurance Contributions Act . The following table summarizes the remeasurements the Bank’s other material defined benefit pension Amounts Recognized in Other Comprehensive 1,2,3 (millions of Canadian dollars) Principal post-retirement Principal pension plans benefit plan Other pension plans For the three months ended January 31 January 31 January 31 January 31 January 31 January 31 2024 2023 2024 2023 2024 2023 Remeasurement gain/(loss) – financial $ (1,124) $ (382) $ (36) $ (24) $ (43) $ – Remeasurement gain/(loss) – return on plan interest income 800 386 – – – – Change in asset limitation and minimum 176 116 – – – – Total $ (148) $ 120 $ (36) $ (24) $ (43) $ – 1 plan, and other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for a quarterly basis. 2 3 |
Income Taxes |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Income Taxes [Abstract] | |
Income Taxes | NOTE 16: INCOME TAXES International Tax Reform – Pillar Two Global Minimum Tax The OECD published Pillar Two model rules as part of its 15% global minimum tax for large multinational substantively enacted in certain jurisdictions November 1, 2024. On August 4, 2023, draft legislative and updated proposals are expected to be issued Other Tax Matters The Canada Revenue Agency (CRA), Revenu interest deductions claimed by the Bank. 1,661 reassessed the Bank for $ 51 71 Bank has been reassessed for $ 1,783 that its tax filing positions were appropriate |
Earnings per Share |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Earnings per Share [Abstract] | |
Earnings per Share | NOTE 17: EARNINGS PER SHARE Basic earnings per share is calculated by outstanding for the period. Diluted earnings per share is calculated using attributable to common shareholders and assumed to be issued by the Bank. The following table presents the Bank’s basic and Basic and Diluted Earnings Per Share 1 (millions of Canadian dollars, except For the three months ended January 31 January 31 2024 2023 Basic earnings per share Net income attributable to common shareholders $ 2,750 $ 1,498 Weighted-average number of common shares outstanding 1,776.7 1,820.7 Basic earnings per share (Canadian dollars) $ 1.55 $ 0.82 Diluted earnings per share Net income attributable to common shareholders $ 2,750 $ 1,498 Net income available to common shareholders 2,750 1,498 Weighted-average number of common shares outstanding 1,776.7 1,820.7 Effect of dilutive securities Stock options potentially exercisable (millions) 2 1.5 2.4 Weighted-average number of common shares outstanding 1,778.2 1,823.1 Diluted earnings per share (Canadian dollars) 2 $ 1.55 $ 0.82 Amounts for the three months ended January 31, 2023 have been restated for the adoption of IFRS 17. Refer to 2 4.9 of $ 92.89 , as the option price was greater than the average market price of the Bank’s common shares. earnings per share excluded average options outstanding of 3.7 93.69 , as the option price was greater than the average market price of the Bank’s common shares. |
Provisions And Contingent Liabilities |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Provisions And Contingent Liabilities [Abstract] | |
Provisions and Contingent Liabilities | NOTE 18: PROVISIONS AND CONTINGENT Other than as described below, there have been no new Consolidated Financial Statements. (a) The Bank continued to undertake certain measures, the Bank incurred $291 million costs recorded as provisions and (ii) real (b) Other than as described below, there have been no new identified in Note 26 of the Bank’s 2023 Annual In the ordinary course lawsuits, regulatory examinations, enforcement authorities in various probable that the Bank (RPL) in its legal and regulatory from zero 1.42 zero 1.44 estimates based upon currently provisions and/or RPL to be of the proceedings, the issues in many of the of the various potential outcomes large or indeterminate damages. The Bank and certain of its subsidiaries have Commodity Futures Trading Commission (CFTC) concerning on unapproved electronic channels. The Bank The SEC and CFTC have conducted similar In management’s opinion, based on its current aggregate, will not have a material adverse factors listed above, as well as other uncertainties actions may be material to the Bank’s consolidated |
Segmented Information |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Segmented Information [abstract] | |
Segmented Information | NOTE 19: SEGMENTED INFORMATION For management reporting purposes, the Bank reports and Commercial Banking, U.S. Retail, Wealth segment. Canadian Personal and Commercial TD Auto Finance Canada. U.S. Retail is Bank’s equity investment in Schwab. Wealth Management to institutional and retail investors, and the insurance customers across Canada. Effective the first quarter now reported in the Wealth Management and Banking provides a wide range of capital debt and equity issues, providing advice clients. The Corporate segment includes the and other management reclassifications, The following table summarizes the segment Results by Business Segment 1,2 (millions of Canadian dollars) Canadian Wealth Personal and Management Commercial Banking U.S. Retail and Insurance Wholesale Banking 3 Corporate 3 Total For the three months ended January 31 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income (loss) $ 3,833 $ 3,539 $ 2,899 $ 3,167 $ 285 $ 283 $ 198 $ 525 $ 273 $ 219 $ 7,488 $ 7,733 Non-interest income (loss) 1,051 1,050 604 560 2,850 2,632 1,582 820 139 (594) 6,226 4,468 Total revenue 4,884 4,589 3,503 3,727 3,135 2,915 1,780 1,345 412 (375) 13,714 12,201 Provision for (recovery of) credit losses 423 327 385 200 – – 10 32 183 131 1,001 690 Insurance service expenses – – – – 1,366 1,164 – – – – 1,366 1,164 Non-interest expenses 1,984 1,863 2,410 2,040 1,047 1,009 1,500 883 1,089 2,317 8,030 8,112 Income (loss) before income taxes and share of net income from investment in Schwab 2,477 2,399 708 1,487 722 742 270 430 (860) (2,823) 3,317 2,235 Provision for (recovery of) income taxes 692 670 (5) 204 167 188 65 99 (285) (222) 634 939 Share of net income from investment in Schwab 4,5 – – 194 301 – – – – (53) (16) 141 285 Net income (loss) $ 1,785 $ 1,729 $ 907 $ 1,584 $ 555 $ 554 $ 205 $ 331 $ (628) $ (2,617) $ 2,824 $ 1,581 Amounts for the three months ended January 31, 2023 have been restated for the adoption of IFRS 17. Refer to 2 Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included credit losses attributable to the Bank under the agreements. 3 segment. 4 share of Schwab’s restructuring charges, and the Bank’s share of Schwab’s FDIC 5 Total Assets by Business Segment 1 (millions of Canadian dollars) Canadian Wealth Personal and Management Wholesale Commercial Banking U.S. Retail and Insurance Banking Corporate Total As at January 31, 2024 Total assets $ 565,310 $ 546,140 $ 22,522 $ 652,260 $ 124,660 $ 1,910,892 As at October 31, 2023 Total assets $ 560,303 $ 560,585 $ 22,293 $ 673,398 $ 138,560 $ 1,955,139 Balances as at October 31, 2023 have been restated for the adoption of IFRS 17. Refer to Note 2 for details. |
Interest Income and Expense |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Interest Income and Expense [Abstract] | |
Interest Income and Expense | NOTE 20: INTEREST INCOME AND EXPENSE The following tables present interest income Interest Income (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Measured at amortized cost 1 $ 19,566 $ 15,528 Measured at FVOCI – Debt instruments 1 933 720 20,499 16,248 Measured or designated at FVTPL 2,250 1,756 Measured at FVOCI – Equity instruments 64 52 Total $ 22,813 $ 18,056 Interest income is calculated using EIRM. Interest Expense (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Measured at amortized cost 1 $ 12,192 $ 8,671 Measured or designated at FVTPL 3,133 1,652 Total $ 15,325 $ 10,323 Interest expense is calculated using EIRM. |
Regulatory Capital |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Regulatory Capital [Abstract] | |
Regulatory Capital | The Bank manages its capital under guidelines risks. The Bank has various capital policies, systemically important bank (D-SIB) and Canadian banks designated as D-SIBs are required include a D-SIB surcharge and Domestic Stability DSB level was increased to 3.5 % as of November 1, 2023, which 11.5 %, 13.0 %, 15.0 % and 25.0 %, respectively. The OSFI target includes the greater of the D-SIB or 1 % for the Bank. On February 1, 2023, OSFI Leverage Requirements Guideline to introduce 0.50 % in addition to the existing minimum requirement. This sets the minimum targets for leverage 3.5 % and 7.25 %, respectively. The Bank complied with all minimum risk-based The following table summarizes the Bank’s regulatory Regulatory Capital Position (millions of Canadian dollars, except As at January 31 October 31 2024 2023 Capital Common Equity Tier 1 Capital $ 80,679 $ 82,317 Tier 1 Capital 91,154 92,752 Total Capital 101,789 103,648 Risk-weighted assets used in the calculation 579,424 571,161 Capital and leverage ratios Common Equity Tier 1 Capital ratio 13.9 % 14.4 % Tier 1 Capital ratio 15.7 16.2 Total Capital ratio 17.6 18.1 Leverage ratio 4.4 4.4 TLAC Ratio 30.8 32.7 TLAC Leverage Ratio 8.6 8.9 |
Current And Future Changes In Accounting Policies (Policies) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Statement [Table] | |
Current Changes in Accounting Policies | CURRENT CHANGES IN ACCOUNTING The following new standard has been adopted (millions of Canadian dollars) Amount Insurance-related liabilities $ 7,468 Other liabilities 131 Other assets (2,361) Net insurance-related balances as at October $ 5,238 Changes in actuarial assumptions, including (192) Recognition of losses on onerous contracts 113 Other adjustments (93) Net insurance-related balances as at $ 5,066 Insurance contract liabilities $ 5,761 Reinsurance contract assets (695) Net insurance-related balances as at $ 5,066 |
Insurance Contracts | Insurance Contracts The IASB issued IFRS 17, Insurance Contracts Insurance Contracts reporting periods beginning on or after January presentation and disclosure of insurance Under IFRS 17, insurance contracts are Revenue is recognized as insurance services onerous. The liabilities presented by insurance reported as Insurance contract liabilities occurred and includes the loss component related have not been reported, and related insurance IFRS 17 introduces two measurement models (GMM). The Bank measures the majority of and health contracts. The PAA is a simplified model applied to insurance Contracts using the GMM are longer-term life deferred acquisition cash flows allocated reported in insurance service expenses for longer term contracts using the GMM When a group of contracts is expected increases the LRC and insurance service expenses. underlying insurance contracts to offset claims The Bank measures the LIC at the present Consolidated Balance Sheet date. The LIC non-financial risks changes related to discounting the liability are expenses were recorded in insurance Reinsurance contracts held are recognized Other assets in the Interim Consolidated Balance Consolidated Statement of Income. Refer to The Bank initially applied IFRS 17 on approach which resulted in the measurement The following table sets out adjustments Bank’s insurance-related balances reported under recognized by the Bank as at November (millions of Canadian dollars) Amount Insurance-related liabilities $ 7,468 Other liabilities 131 Other assets (2,361) Net insurance-related balances as at October $ 5,238 Changes in actuarial assumptions, including (192) Recognition of losses on onerous contracts 113 Other adjustments (93) Net insurance-related balances as at $ 5,066 Insurance contract liabilities $ 5,761 Reinsurance contract assets (695) Net insurance-related balances as at $ 5,066 On November 1, 2022, IFRS 17 transition 60 earnings of $ 112 Upon the initial application of IFRS 17 on operations to minimize accounting mismatches is applicable for entities that previously used Financial Instruments a decrease to retained earnings and an increase 10 |
Future Changes in Accounting Policies | FUTURE CHANGES IN ACCOUNTING There were no new or amended material accounting Consolidated Financial Statements. |
Impairment - Expected Credit Loss Model Assumptions | Impairment – Expected Credit Loss Model The expected credit loss (ECL) model requires economic environment. There remains elevated has experienced significant increase in credit effects are not fully incorporated into the model |
Insurance Contracts Assumptions | Insurance Contracts The assumptions used in establishing the Bank’s For property and casualty insurance accordance with Canadian accepted actuarial the future, in order to arrive at the estimated For life and health insurance contracts, the policies. Critical assumptions used in Further information on insurance risk assumptions |
IFRS 7 Disclosure (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Statement [Table] | |
Portfolio Market Risk Measures | The following table presents the end of quarter, average, high, TABLE 30: PORTFOLIO MARKET RISK MEASURES (millions of Canadian dollars) For the three months ended January 31 October 31 January 31 2024 2023 2023 As at Average High Low Average Average Interest rate risk $ 15.4 $ 17.8 $ 25.5 $ 12.1 $ 21.2 $ 24.1 Credit spread risk 29.6 29.4 35.0 23.9 30.6 29.2 Equity risk 8.5 7.2 8.7 5.6 6.8 10.6 Foreign exchange risk 1.6 2.4 4.5 1.2 2.8 4.8 Commodity risk 3.7 3.7 4.6 2.6 3.9 8.1 Idiosyncratic debt specific risk 18.1 20.9 29.7 13.8 26.2 38.9 Diversification effect 1 (50.7) (51.2) n/m 2 n/m (56.9) (62.7) Total Value-at-Risk (one-day) 26.2 30.2 40.1 21.8 34.6 53.0 The aggregate VaR is less than the sum of the VaR 2 |
Structural Interest Rate Sensitivity Measures | TABLE 31: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES (millions of Canadian dollars) As at January 31, 2023 EVE NII EVE NII EVE NII Sensitivity Sensitivity 1 Sensitivity Sensitivity 1 Sensitivity Sensitivity 1 Canada U.S. Total Canada U.S. Total Total Total Total Total Before-tax impact of $ (402) $ (1,734) $ (2,136) $ 579 $ 390 $ 969 $ (2,211) $ 920 $ (1,610) $ 1,135 320 1,402 1,722 (605) (547) (1,152) 1,599 (1,099) 1,056 (1,216) Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates. |
Summary of Liquid Assets by Type and Currency | TABLE 32: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1,2 (millions of Canadian dollars, except as noted) As at Securities received as collateral from securities financing and Bank-owned derivative Total % of Encumbered Unencumbered liquid assets transactions liquid assets total liquid assets liquid assets January 31, 2024 Cash and central bank reserves $ 13,203 $ – $ 13,203 2 % $ 590 $ 12,613 Canadian government obligations 18,437 80,646 99,083 12 45,930 53,153 National Housing Act Mortgage-Backed Securities (NHA MBS) 41,024 – 41,024 5 1,889 39,135 Obligations of provincial governments, public sector entities and multilateral development banks 3 41,606 23,211 64,817 8 33,066 31,751 Corporate issuer obligations 20,494 4,358 24,852 3 5,106 19,746 Equities 9,952 2,107 12,059 1 9,498 2,561 Total Canadian dollar-denominated 144,716 110,322 255,038 31 96,079 158,959 Cash and central bank reserves 59,981 – 59,981 7 199 59,782 U.S. government obligations 77,506 64,971 142,477 17 72,539 69,938 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 79,224 13,183 92,407 11 27,269 65,138 Obligations of other sovereigns, public sector entities and multilateral development banks 3 66,005 40,789 106,794 13 38,154 68,640 Corporate issuer obligations 77,877 10,190 88,067 11 18,535 69,532 Equities 51,299 34,804 86,103 10 47,636 38,467 Total non-Canadian dollar-denominated 411,892 163,937 575,829 69 204,332 371,497 Total $ 556,608 $ 274,259 $ 830,867 100 % $ 300,411 $ 530,456 October 31, 2023 Cash and central bank reserves $ 28,548 $ – $ 28,548 3 % $ 506 $ 28,042 Canadian government obligations 15,214 94,000 109,214 13 67,457 41,757 NHA MBS 38,760 – 38,760 4 1,043 37,717 Obligations of provincial governments, public sector entities and multilateral development banks 3 40,697 22,703 63,400 8 31,078 32,322 Corporate issuer obligations 19,507 4,815 24,322 3 4,512 19,810 Equities 10,555 2,288 12,843 1 8,890 3,953 Total Canadian dollar-denominated 153,281 123,806 277,087 32 113,486 163,601 Cash and central bank reserves 66,094 – 66,094 8 180 65,914 U.S. government obligations 72,808 64,449 137,257 16 63,688 73,569 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 80,047 15,838 95,885 11 29,487 66,398 Obligations of other sovereigns, public sector entities and multilateral development banks 3 65,996 54,321 120,317 13 56,652 63,665 Corporate issuer obligations 84,853 9,656 94,509 11 15,228 79,281 Equities 38,501 38,388 76,889 9 47,653 29,236 Total non-Canadian dollar-denominated 408,299 182,652 590,951 68 212,888 378,063 Total $ 561,580 $ 306,458 $ 868,038 100 % $ 326,374 $ 541,664 Liquid assets include collateral received that can be re-hypothecated or otherwise redeployed. 2 3 |
Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches | Unencumbered liquid assets held in The are summarized in the following table. TABLE 33: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY (millions of Canadian dollars) As at January 31 October 31 2024 2023 The Toronto-Dominion Bank (Parent) $ 211,078 $ 205,408 Bank subsidiaries 278,746 291,915 Foreign branches 40,632 44,341 Total $ 530,456 $ 541,664 |
Summary of Deposit Funding | The following table illustrates the Bank’s base of personal approximately 70 % (October 31, 2023 – 70 %) of the Bank’s total funding. TABLE 41: SUMMARY OF DEPOSIT FUNDING (millions of Canadian dollars) As at January 31 October 31 2024 2023 P&C deposits – Canadian $ 533,989 $ 529,078 P&C deposits – U.S. 1 424,893 446,355 Total $ 958,882 $ 975,433 P&C deposits in U.S. are presented on a Canadian equivalent basis and therefore period-over-period movements rate. |
Summary of Remaining Contractual Maturity | TABLE 44: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at January 31, 2024 No Less than 1 to 3 3 to 6 6 to 9 9 months Over 1 to Over 2 to Over specific 1 month months months months to 1 year 2 years 5 years 5 years maturity Total Assets Cash and due from banks $ 6,333 $ – $ – $ – $ – $ – $ – $ – $ – $ 6,333 Interest-bearing deposits with banks 33,748 316 119 – – – – – 40,865 75,048 Trading loans, securities, and other 1 2,910 7,218 4,548 4,222 3,187 13,285 28,740 25,274 72,136 161,520 Non-trading financial assets at fair value through profit or loss 163 739 751 234 174 1,643 657 1,108 1,516 6,985 Derivatives 6,013 5,576 3,705 2,799 3,656 8,976 17,397 12,452 – 60,574 Financial assets designated at fair value through profit or loss 221 299 773 361 265 1,028 1,722 1,301 – 5,970 Financial assets at fair value through other comprehensive income 655 3,713 6,029 1,992 2,434 7,850 17,632 30,947 3,478 74,730 Debt securities at amortized cost, net of allowance for credit losses 1,258 2,960 15,625 3,403 5,057 22,520 112,305 136,945 (2) 300,071 Securities purchased under reverse repurchase agreements 2 123,061 29,362 22,863 9,820 4,436 1,211 889 – 7,437 199,079 Loans Residential mortgages 2,671 5,332 8,697 13,800 13,475 56,840 165,184 55,671 – 321,670 Consumer instalment and other personal 929 1,682 2,461 3,767 5,878 27,156 84,409 34,448 56,667 217,397 Credit card – – – – – – – – 38,635 38,635 Business and government 40,069 10,410 14,852 16,295 16,667 41,553 98,116 69,291 26,646 333,899 Total loans 43,669 17,424 26,010 33,862 36,020 125,549 347,709 159,410 121,948 911,601 Allowance for loan losses – – – – – – – – (7,265) (7,265) Loans, net of allowance for loan losses 43,669 17,424 26,010 33,862 36,020 125,549 347,709 159,410 114,683 904,336 Customers’ liability under acceptances 10,459 2,573 34 – – – – – – 13,066 Investment in Schwab – – – – – – – – 9,548 9,548 Goodwill 3 – – – – – – – – 18,098 18,098 Other intangibles 3 – – – – – – – – 2,799 2,799 Land, buildings, equipment, and other depreciable assets, and right-of-use assets 3 – 9 12 12 24 77 668 3,160 5,562 9,524 Deferred tax assets – – – – – – – – 3,928 3,928 Amounts receivable from brokers, dealers, and clients 34,400 – – – – – – – 370 34,770 Other assets 5,219 4,918 666 286 263 119 124 90 12,828 24,513 Total assets $ 268,109 $ 75,107 $ 81,135 $ 56,991 $ 55,516 $ 182,258 $ 527,843 $ 370,687 $ 293,246 $ 1,910,892 Liabilities Trading deposits $ 1,329 $ 3,306 $ 5,070 $ 4,002 $ 2,736 $ 5,049 $ 7,671 $ 1,471 $ – $ 30,634 Derivatives 6,180 5,865 3,622 2,238 3,103 6,728 12,365 13,972 – 54,073 Securitization liabilities at fair value – 339 1,219 391 825 1,980 7,657 4,132 – 16,543 Financial liabilities designated at fair value through profit or loss 33,203 42,139 45,960 41,435 17,155 95 – – 125 180,112 Deposits 4,5 Personal 10,760 15,741 22,117 19,561 21,717 18,475 21,271 683 492,515 622,840 Banks 14,101 115 – – – 1 3 1 11,722 25,943 Business and government 23,096 30,596 16,590 9,674 11,983 31,645 75,438 16,962 316,487 532,471 Total deposits 47,957 46,452 38,707 29,235 33,700 50,121 96,712 17,646 820,724 1,181,254 Acceptances 10,459 2,573 34 – – – – – – 13,066 Obligations related to securities sold short 1 1,007 2,136 2,016 1,421 383 7,227 14,670 12,571 1,444 42,875 Obligations related to securities sold under repurchase agreements 2 156,296 10,241 3,278 1,190 587 473 92 – 1,972 174,129 Securitization liabilities at amortized cost – 357 1,067 692 751 2,140 4,866 2,485 – 12,358 Amounts payable to brokers, dealers, and clients 33,314 – – – – – – – 698 34,012 Insurance contract liabilities 216 362 283 223 188 660 979 425 2,585 5,921 Other liabilities 11,379 8,339 7,565 1,949 1,987 915 1,320 4,282 6,190 43,926 Subordinated notes and debentures – – – – – 197 – 9,357 – 9,554 Equity – – – – – – – – 112,435 112,435 Total liabilities and equity $ 301,340 $ 122,109 $ 108,821 $ 82,776 $ 61,415 $ 75,585 $ 146,332 $ 66,341 $ 946,173 $ 1,910,892 Off-balance sheet commitments Credit and liquidity commitments 6,7 $ 17,680 $ 27,179 $ 29,707 $ 21,266 $ 23,986 $ 44,606 $ 160,936 $ 4,958 $ 1,845 $ 332,163 Other commitments 8 123 152 254 220 302 960 1,564 493 64 4,132 Unconsolidated structured entity commitments 17 – 123 62 870 501 – – – 1,573 Total off-balance sheet commitments $ 17,820 $ 27,331 $ 30,084 $ 21,548 $ 25,158 $ 46,067 $ 162,500 $ 5,451 $ 1,909 $ 337,868 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 3 4 5 61 3 3 4 1 in ‘over 6 to 9 months’, $ 12 34 4 6 530 7 8 TABLE 44: REMAINING CONTRACTUAL MATURITY (continued) (millions of Canadian dollars) As at October 31, 2023 No Less than 1 to 3 3 to 6 6 to 9 9 months Over 1 to Over 2 to Over specific 1 month months months months to 1 year 2 years 5 years 5 years maturity Total Assets Cash and due from banks $ 6,721 $ – $ – $ – $ – $ – $ – $ – $ – $ 6,721 Interest-bearing deposits with banks 51,021 559 – – – – – – 46,768 98,348 Trading loans, securities, and other 1 4,328 6,329 5,170 3,008 4,569 13,226 27,298 25,677 62,485 152,090 Non-trading financial assets at fair value through profit or loss – – 354 1,538 199 1,664 828 1,351 1,406 7,340 Derivatives 10,145 10,437 5,246 4,244 3,255 11,724 25,910 16,421 – 87,382 Financial assets designated at fair value through profit or loss 374 496 375 695 324 838 1,470 1,246 – 5,818 Financial assets at fair value through other comprehensive income 745 2,190 1,200 5,085 2,223 9,117 15,946 29,845 3,514 69,865 Debt securities at amortized cost, net of allowance for credit losses 1,221 4,020 4,073 16,218 3,480 22,339 116,165 140,502 (2) 308,016 Securities purchased under reverse repurchase agreements 2 124,253 33,110 29,068 7,381 7,298 955 506 – 1,762 204,333 Loans Residential mortgages 1,603 2,616 5,860 10,575 14,181 57,254 168,475 59,733 44 320,341 Consumer instalment and other personal 894 1,580 2,334 3,830 5,974 27,166 85,487 34,183 56,106 217,554 Credit card – – – – – – – – 38,660 38,660 Business and government 37,656 10,058 13,850 14,886 16,964 42,460 96,952 67,190 26,512 326,528 Total loans 40,153 14,254 22,044 29,291 37,119 126,880 350,914 161,106 121,322 903,083 Allowance for loan losses – – – – – – – – (7,136) (7,136) Loans, net of allowance for loan losses 40,153 14,254 22,044 29,291 37,119 126,880 350,914 161,106 114,186 895,947 Customers’ liability under acceptances 14,804 2,760 5 – – – – – – 17,569 Investment in Schwab – – – – – – – – 8,907 8,907 Goodwill 3 – – – – – – – – 18,602 18,602 Other intangibles 3 – – – – – – – – 2,771 2,771 Land, buildings, equipment, other depreciable assets, and right-of-use assets 3 – 8 6 8 14 79 573 3,153 5,593 9,434 Deferred tax assets 4 – – – – – – – – 3,951 3,951 Amounts receivable from brokers, dealers, and clients 30,181 – – – – – – – 235 30,416 Other assets 4 5,267 1,869 5,619 208 194 137 129 82 14,124 27,629 Total assets 4 $ 289,213 $ 76,032 $ 73,160 $ 67,676 $ 58,675 $ 186,959 $ 539,739 $ 379,383 $ 284,302 $ 1,955,139 Liabilities Trading deposits $ 1,272 $ 1,684 $ 5,278 $ 4,029 $ 4,153 $ 6,510 $ 6,712 $ 1,342 $ – $ 30,980 Derivatives 9,068 9,236 4,560 3,875 2,559 8,345 16,589 17,408 – 71,640 Securitization liabilities at fair value 2 498 345 1,215 391 1,651 6,945 3,375 – 14,422 Financial liabilities designated at fair value through profit or loss 48,197 30,477 37,961 42,792 32,473 112 – – 118 192,130 Deposits 5,6 Personal 6,044 19,095 22,387 14,164 19,525 17,268 20,328 51 507,734 626,596 Banks 19,608 68 29 – – – 4 1 11,515 31,225 Business and government 25,663 16,407 24,487 11,819 9,658 33,723 74,300 19,652 324,660 540,369 Total deposits 51,315 35,570 46,903 25,983 29,183 50,991 94,632 19,704 843,909 1,198,190 Acceptances 14,804 2,760 5 – – – – – – 17,569 Obligations related to securities sold short 1 135 1,566 1,336 1,603 1,309 5,471 19,991 11,971 1,279 44,661 Obligations related to securities sold under repurchase agreements 2 146,559 10,059 6,607 457 1,142 150 46 – 1,834 166,854 Securitization liabilities at amortized cost – 526 355 1,073 703 2,180 4,956 2,917 – 12,710 Amounts payable to brokers, dealers, and clients 30,248 – – – – – – – 624 30,872 Insurance contract liabilities 4 243 305 327 258 253 694 1,131 501 2,134 5,846 Other liabilities 4 11,923 9,808 7,986 1,276 1,198 918 1,979 4,226 8,260 47,574 Subordinated notes and debentures – – – – – 196 – 9,424 – 9,620 Equity 4 – – – – – – – – 112,071 112,071 Total liabilities and equity 4 $ 313,766 $ 102,489 $ 111,663 $ 82,561 $ 73,364 $ 77,218 $ 152,981 $ 70,868 $ 970,229 $ 1,955,139 Off-balance sheet commitments Credit and liquidity commitments 7,8 $ 22,242 $ 24,178 $ 26,399 $ 21,450 $ 22,088 $ 47,826 $ 166,891 $ 5,265 $ 1,487 $ 337,826 Other commitments 9 109 279 214 197 204 889 1,364 424 73 3,753 Unconsolidated structured entity commitments – 836 3 239 95 729 – – – 1,902 Total off-balance sheet commitments $ 22,351 $ 25,293 $ 26,616 $ 21,886 $ 22,387 $ 49,444 $ 168,255 $ 5,689 $ 1,560 $ 343,481 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 3 4 details. 5 6 57 6 3 1 months to 1 year’, $ 12 31 4 7 573 8 9 |
Current And Future Changes In Accounting Policies (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Summary of Significant Accounting Policies [Abstract] | |
Schedule Of Adjustments To Insurance-Raltes Balance Reported Under IFRS 4 | The following table sets out adjustments Bank’s insurance-related balances reported under recognized by the Bank as at November (millions of Canadian dollars) Amount Insurance-related liabilities $ 7,468 Other liabilities 131 Other assets (2,361) Net insurance-related balances as at October $ 5,238 Changes in actuarial assumptions, including (192) Recognition of losses on onerous contracts 113 Other adjustments (93) Net insurance-related balances as at $ 5,066 Insurance contract liabilities $ 5,761 Reinsurance contract assets (695) Net insurance-related balances as at $ 5,066 |
Fair Value Measurements (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Table] | |
Schedule of Financial Assets and Liabilities not Carried at Fair Value | The following table reflects the fair value Financial Assets and Liabilities not carried 1 (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Carrying Fair Carrying Fair value value value value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance Government and government-related $ 227,917 $ 221,732 $ 232,093 $ 222,699 Other debt securities 72,154 70,117 75,923 72,511 Total debt securities at amortized cost, net of allowance for credit losses 300,071 291,849 308,016 295,210 Total loans, net of allowance for loan losses 904,336 896,070 895,947 877,763 Total financial assets not carried at fair value $ 1,204,407 $ 1,187,919 $ 1,203,963 $ 1,172,973 FINANCIAL LIABILITIES Deposits $ 1,181,254 $ 1,176,610 $ 1,198,190 $ 1,188,585 Securitization liabilities at amortized 12,358 11,912 12,710 12,035 Subordinated notes and debentures 9,554 9,519 9,620 9,389 Total financial liabilities not carried at fair value $ 1,203,166 $ 1,198,041 $ 1,220,520 $ 1,210,009 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 months ended January 31, 2024 and January 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 January 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 $ – $ – $ – $ (33) $ – $ – $ 34 $ (1) Other debt securities 65 3 – 72 (81) 2 – 61 (1) Equity securities 10 (1) – – (2) – – 7 – 142 2 – 72 (116) 2 – 102 (2) Non-trading financial assets at fair value through profit or loss Securities 980 13 – 91 (5) – – 1,079 17 980 13 – 91 (5) – – 1,079 17 Financial assets at fair value through other comprehensive income Other debt securities 27 – (3) 3 (1) – – 26 (3) Equity securities 2,377 – (10) 6 (231) – – 2,142 2 $ 2,404 $ – $ (13) $ 9 $ (232) $ – $ – $ 2,168 $ (1) FINANCIAL LIABILITIES Trading deposits 6 $ (985) $ (24) $ – $ (56) $ 21 $ – $ 5 $ (1,039) $ (43) Derivatives 7 Interest rate contracts (126) (23) – – 12 – – (137) (12) Foreign exchange contracts (6) 2 – – – – 3 (1) (1) Equity contracts (21) (6) – – – (1) – (28) (5) Commodity contracts (1) 10 – – (19) – – (10) (17) (154) (17) – – (7) (1) 3 (176) (35) Financial liabilities designated at fair value through profit or loss (22) 38 – (54) 14 – – (24) 38 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 January 31 instruments 2022 in income 2 in OCI 4 Issuances Settlements Level 3 Level 3 2023 still held 5 FINANCIAL ASSETS Trading loans, securities, and other Government and government- related securities $ – $ – $ – $ – $ – $ – $ – $ – $ – Other debt securities 49 9 – 14 (15) 35 (7) 85 2 Equity securities – – – – – – – – – 49 9 – 14 (15) 35 (7) 85 2 Non-trading financial assets at fair value through profit or loss Securities 845 43 – 42 (3) – – 927 32 845 43 – 42 (3) – – 927 32 Financial assets at fair value through other comprehensive income Other debt securities 60 – 7 – (4) – – 63 – Equity securities 2,477 – (22) 824 (39) – – 3,240 (22) $ 2,537 $ – $ (15) $ 824 $ (43) $ – $ – $ 3,303 $ (22) FINANCIAL LIABILITIES Trading deposits 6 $ (416) $ (12) $ – $ (59) $ 4 $ (3) $ – $ (486) $ (11) Derivatives 7 Interest rate contracts (156) (24) – – 16 – – (164) (9) Foreign exchange contracts 4 (3) – – – – 1 2 (1) Equity contracts (59) 29 – – 2 (2) (21) (51) 8 Commodity contracts 27 29 – – (51) – – 5 (8) (184) 31 – – (33) (2) (20) (208) (10) Financial liabilities designated at fair value through profit or loss (44) 50 – (60) 32 – – (22) 50 Includes foreign exchange. 2 3 4 details. 5 6 7 10 31 22 October 31, 2022/November 1, 2022 – $ 50 derivative liabilities of $ 186 239 176 October 31, 2022/November 1, 2022 – $ 234 been netted in this table for presentation purposes only. |
At fair value [member] | |
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Table] | |
Schedule of Fair Value Hierarchy for Assets and Liabilities | The following table presents the levels within January 31, 2024 and October 31, 2023. Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 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 $ 228 $ 7,720 $ – $ 7,948 $ 72 $ 9,073 $ – $ 9,145 Provinces – 7,395 – 7,395 – 7,445 – 7,445 U.S. federal, state, municipal governments, 2 25,136 34 25,172 2 24,325 67 24,394 Other OECD 2 – 8,688 – 8,688 – 8,811 – 8,811 Mortgage-backed securities – 1,661 – 1,661 – 1,698 – 1,698 Other debt securities Canadian issuers – 5,969 2 5,971 – 6,067 5 6,072 Other issuers – 14,067 59 14,126 – 14,553 60 14,613 Equity securities 65,437 155 7 65,599 54,186 41 10 54,237 Trading loans – 18,271 – 18,271 – 17,261 – 17,261 Commodities 5,840 847 – 6,687 7,620 791 – 8,411 Retained interests – 2 – 2 – 3 – 3 71,507 89,911 102 161,520 61,880 90,068 142 152,090 Non-trading financial assets at fair value through profit or loss Securities 257 2,055 1,079 3,391 269 2,596 980 3,845 Loans – 3,594 – 3,594 – 3,495 – 3,495 257 5,649 1,079 6,985 269 6,091 980 7,340 Derivatives Interest rate contracts 2 17,463 – 17,465 17 22,893 – 22,910 Foreign exchange contracts 26 37,130 1 37,157 26 57,380 7 57,413 Credit contracts – 80 – 80 – 54 – 54 Equity contracts 100 3,690 – 3,790 58 4,839 – 4,897 Commodity contracts 223 1,850 9 2,082 306 1,787 15 2,108 351 60,213 10 60,574 407 86,953 22 87,382 Financial assets designated at fair value through profit or loss Securities 1 – 5,970 – 5,970 – 5,818 – 5,818 – 5,970 – 5,970 – 5,818 – 5,818 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 20,723 – 20,723 – 18,210 – 18,210 Provinces – 20,890 – 20,890 – 19,940 – 19,940 U.S. federal, state, municipal governments, – 11,750 – 11,750 – 11,002 – 11,002 Other OECD government-guaranteed debt – 1,512 – 1,512 – 1,498 – 1,498 Mortgage-backed securities – 2,260 – 2,260 – 2,277 – 2,277 Other debt securities Asset-backed securities – 3,923 – 3,923 – 4,114 – 4,114 Corporate and other debt – 9,509 26 9,535 – 8,863 27 8,890 Equity securities 1,333 2 2,142 3,477 1,133 3 2,377 3,513 Loans – 660 – 660 – 421 – 421 1,333 71,229 2,168 74,730 1,133 66,328 2,404 69,865 Securities purchased under reverse repurchase agreements – 8,606 – 8,606 – 9,649 – 9,649 FINANCIAL LIABILITIES Trading deposits – 29,595 1,039 30,634 – 29,995 985 30,980 Derivatives Interest rate contracts – 12,432 137 12,569 16 21,064 126 21,206 Foreign exchange contracts 33 33,656 2 33,691 19 44,841 13 44,873 Credit contracts – 643 – 643 – 172 – 172 Equity contracts 14 4,796 28 4,838 7 3,251 21 3,279 Commodity contracts 273 2,040 19 2,332 248 1,846 16 2,110 320 53,567 186 54,073 290 71,174 176 71,640 Securitization liabilities at fair value – 16,543 – 16,543 – 14,422 – 14,422 Financial liabilities designated at fair value through profit or loss – 180,088 24 180,112 – 192,108 22 192,130 Obligations related to securities sold short 1 1,656 41,219 – 42,875 1,329 43,332 – 44,661 Obligations related to securities sold under repurchase agreements – 11,877 – 11,877 – 12,641 – 12,641 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but 2 Organisation for Economic Co-operation and Development (OECD). |
Securities (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Disclosure of Financial Instruments [Abstract] | |
Summary of Unrealized Gains and Losses | The following table summarizes the unrealized Unrealized Gains (Losses) for Securities (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Cost/ Gross Gross Cost/ Gross Gross amortized unrealized unrealized Fair amortized unrealized unrealized Fair cost 1 gains (losses) value cost 1 gains (losses) value Government and government-related securities Canadian government debt Federal $ 20,791 $ 34 $ (102) $ 20,723 $ 18,335 $ 45 $ (170) $ 18,210 Provinces 20,837 103 (50) 20,890 19,953 105 (118) 19,940 U.S. federal, state, municipal governments, and 11,905 19 (174) 11,750 11,260 17 (275) 11,002 Other OECD government-guaranteed debt 1,528 3 (19) 1,512 1,521 1 (24) 1,498 Mortgage-backed securities 2,269 5 (14) 2,260 2,313 – (36) 2,277 57,330 164 (359) 57,135 53,382 168 (623) 52,927 Other debt securities Asset-backed securities 3,943 1 (21) 3,923 4,146 – (32) 4,114 Corporate and other debt 9,537 61 (63) 9,535 8,946 43 (99) 8,890 13,480 62 (84) 13,458 13,092 43 (131) 13,004 Total debt securities 70,810 226 (443) 70,593 66,474 211 (754) 65,931 Equity securities Common shares 2,955 204 (82) 3,077 3,191 95 (116) 3,170 Preferred shares 567 13 (180) 400 566 1 (224) 343 3,522 217 (262) 3,477 3,757 96 (340) 3,513 Total securities at fair value through $ 74,332 $ 443 $ (705) $ 74,070 $ 70,231 $ 307 $ (1,094) $ 69,444 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate. |
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income | The following table summarizes the fair January 31, 2024 and October 31, 2023, and Equity Securities Designated at Fair Value Through (millions of Canadian dollars) As at For the three months ended January 31, 2024 October 31, 2023 January 31, 2024 January 31, 2023 Fair value Dividend income recognized Common shares $ 3,077 $ 3,170 $ 17 $ 17 Preferred shares 400 343 38 31 Total $ 3,477 $ 3,513 $ 55 $ 48 |
Summary of Equity Securities Net Realized Gains (Losses) Explanatory | The Bank disposed of certain equity securities with FHLB member stockholding requirements, Equity Securities Net Realized Gains (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Equity Securities Fair value $ 42 $ 45 Cumulative realized gain/(loss) – (3) FHLB Stock Fair value 159 – Cumulative realized gain/(loss) – – |
Summary of Securities Net Realized Gains (Losses) | The following table summarizes income (loss) on the Interim Consolidated Debt Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Debt securities at fair value through other $ 6 $ (1) |
Summary of Debt Securities by Risk Rating | The following table provides the gross carrying risk management purposes, presenting Credit Losses” table in Note 6 for details regarding Debt Securities by Risk Rating (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities 1 Investment grade $ 370,182 $ – $ n/a 2 $ 370,182 $ 373,317 $ – $ n/a $ 373,317 Non-investment grade 329 26 n/a 355 519 – n/a 519 Watch and classified n/a 129 n/a 129 n/a 113 n/a 113 Default n/a n/a – – n/a n/a – – Total debt securities 370,511 155 – 370,666 373,836 113 – 373,949 Allowance for credit losses on debt securities at amortized cost 2 – – 2 2 – – 2 Total debt securities, net of $ 370,509 $ 155 $ – $ 370,664 $ 373,834 $ 113 $ – $ 373,947 Includes debt securities backed by government-guaranteed loans of $ 114 104 based on the issuer’s credit risk. 2 |
Loans, Impaired Loans, and Allowance for Credit Losses (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Disclosure of Financial Instruments [Abstract] | |
Summary of Banks Loans and Acceptances | The following table provides details regarding Loans and Acceptances (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Residential mortgages $ 321,670 $ 320,341 Consumer instalment and other personal 217,397 217,554 Credit card 38,635 38,660 Business and government 333,899 326,528 911,601 903,083 Customers’ liability under acceptances 13,066 17,569 Loans at FVOCI 660 421 Total loans 925,327 921,073 Total allowance for loan losses 7,265 7,136 Total loans $ 918,062 $ 913,937 |
Summary of Credit Quality | Business and government loans (including the “Loans and Acceptances by Risk Ratings” Loans and Acceptances (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Loans at amortized cost $ 333,899 $ 326,528 Customers’ liability under acceptances 13,066 17,569 Loans at FVOCI 660 421 Loans and acceptances 347,625 344,518 Allowance for loan losses 2,990 2,990 Loans and acceptances, net of allowance $ 344,635 $ 341,528 |
Summary of Gross Carrying Amounts of Loans, Acceptances and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings | The following table provides the gross carrying by internal risk ratings for credit risk management Loans and Acceptances by Risk Ratings (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 1,2,3 Low Risk $ 222,767 $ 827 $ n/a $ 223,594 $ 225,596 $ 46 $ n/a $ 225,642 Normal Risk 70,237 13,581 n/a 83,818 70,423 11,324 n/a 81,747 Medium Risk 300 10,331 n/a 10,631 110 9,581 n/a 9,691 High Risk 8 2,960 315 3,283 10 2,573 325 2,908 Default n/a n/a 344 344 n/a n/a 353 353 Total loans 293,312 27,699 659 321,670 296,139 23,524 678 320,341 Allowance for loan losses 137 212 61 410 154 192 57 403 Loans, net of allowance 293,175 27,487 598 321,260 295,985 23,332 621 319,938 Consumer instalment and other personal 4 Low Risk 97,963 2,599 n/a 100,562 100,102 2,278 n/a 102,380 Normal Risk 61,423 12,501 n/a 73,924 60,613 13,410 n/a 74,023 Medium Risk 24,885 6,267 n/a 31,152 24,705 5,816 n/a 30,521 High Risk 4,000 6,921 330 11,251 4,122 5,700 323 10,145 Default n/a n/a 508 508 n/a n/a 485 485 Total loans 188,271 28,288 838 217,397 189,542 27,204 808 217,554 Allowance for loan losses 634 1,035 225 1,894 653 959 197 1,809 Loans, net of allowance 187,637 27,253 613 215,503 188,889 26,245 611 215,745 Credit card Low Risk 7,044 15 n/a 7,059 6,499 12 n/a 6,511 Normal Risk 10,827 168 n/a 10,995 11,171 134 n/a 11,305 Medium Risk 12,030 1,128 n/a 13,158 12,311 1,163 n/a 13,474 High Risk 2,520 4,348 438 7,306 2,567 4,289 401 7,257 Default n/a n/a 117 117 n/a n/a 113 113 Total loans 32,421 5,659 555 38,635 32,548 5,598 514 38,660 Allowance for loan losses 640 959 372 1,971 709 913 312 1,934 Loans, net of allowance 31,781 4,700 183 36,664 31,839 4,685 202 36,726 Business and government 1,2,3,5 Investment grade or Low/Normal Risk 161,743 169 n/a 161,912 159,477 101 n/a 159,578 Non-investment grade or Medium Risk 160,305 10,980 n/a 171,285 161,651 10,278 n/a 171,929 Watch and classified or High Risk 696 12,075 58 12,829 604 11,017 75 11,696 Default n/a n/a 1,599 1,599 n/a n/a 1,315 1,315 Total loans and acceptances 322,744 23,224 1,657 347,625 321,732 21,396 1,390 344,518 Allowance for loan and acceptances 985 1,480 525 2,990 1,157 1,371 462 2,990 Loans and acceptances, net of allowance 321,759 21,744 1,132 344,635 320,575 20,025 928 341,528 Total loans and acceptances 6 836,748 84,870 3,709 925,327 839,961 77,722 3,390 921,073 Total allowance for loan losses 6,7 2,396 3,686 1,183 7,265 2,673 3,435 1,028 7,136 Total loans and acceptances, net of allowance 6 $ 834,352 $ 81,184 $ 2,526 $ 918,062 $ 837,288 $ 74,287 $ 2,362 $ 913,937 Includes impaired loans with a balance of $ 358 271 exceeded the loan amount. Excludes trading loans and non-trading loans at fair value through profit or loss (FVTPL) with a fair value of $ 18 17 4 $ 3 Includes insured mortgages of $ 73 74 4 6 7 Includes loans guaranteed by government agencies of $ 25 26 the borrowers’ credit risk. 6 nil 91 nil 6 been included in the “Default” 7 nil nil ). Loans and Acceptances by Risk Ratings (Continued) 1 (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 2 Low Risk $ 252,681 $ 1,405 $ n/a $ 254,086 $ 254,231 $ 1,093 $ n/a $ 255,324 Normal Risk 89,653 1,303 n/a 90,956 91,474 1,112 n/a 92,586 Medium Risk 19,527 1,216 n/a 20,743 19,774 1,079 n/a 20,853 High Risk 1,172 1,251 – 2,423 1,209 1,198 – 2,407 Default n/a n/a – – n/a n/a – – Non-Retail Exposures 3 Investment grade 260,753 – n/a 260,753 264,029 – n/a 264,029 Non-investment grade 99,374 5,418 n/a 104,792 98,068 4,396 n/a 102,464 Watch and classified 272 4,176 – 4,448 218 4,158 – 4,376 Default n/a n/a 197 197 n/a n/a 107 107 Total off-balance sheet credit instruments 723,432 14,769 197 738,398 729,003 13,036 107 742,146 Allowance for off-balance sheet credit instruments 424 572 4 1,000 476 565 8 1,049 Total off-balance sheet credit instruments, net of allowance $ 723,008 $ 14,197 $ 193 $ 737,398 $ 728,527 $ 12,471 $ 99 $ 741,097 Excludes mortgage commitments. 2 366 369 3 62 62 |
Summary of Allowance for Credit Losses | The following table provides details on including allowance for off-balance sheet instruments Allowance for Credit Losses (millions of Canadian dollars) Foreign Foreign exchange, exchange, Balance at Provision Write-offs, disposals, Balance Balance at Provision Write-offs, disposals, Balance beginning for credit net of and other at end of beginning for credit net of and other at end of of period losses recoveries adjustments period of period losses recoveries adjustments period For the three months ended January 31, 2024 January 31, 2023 Residential mortgages $ 403 $ 8 $ (2) $ 1 $ 410 $ 323 $ 12 $ (1) $ (4) $ 330 Consumer instalment and other personal 1,895 382 (275) (23) 1,979 1,704 262 (196) (17) 1,753 Credit card 2,577 430 (369) (61) 2,577 2,352 337 (245) (37) 2,407 Business and government 3,310 181 (113) (79) 3,299 2,984 79 (31) (45) 2,987 Total allowance for loan losses, including off-balance sheet instruments 8,185 1,001 (759) (162) 8,265 7,363 690 (473) (103) 7,477 Debt securities at amortized cost 2 – – – 2 1 – – – 1 Debt securities at FVOCI 2 – – (1) 1 2 – – (1) 1 Total allowance for credit losses on debt securities 4 – – (1) 3 3 – – (1) 2 Total allowance for credit losses $ 8,189 $ 1,001 $ (759) $ (163) $ 8,268 $ 7,366 $ 690 $ (473) $ (104) $ 7,479 Comprising: Allowance for credit losses on loans at amortized cost $ 7,136 $ 7,265 $ 6,432 $ 6,492 Allowance for credit losses on loans at FVOCI – – – – Allowance for loan losses 7,136 7,265 6,432 6,492 Allowance for off-balance sheet instruments 1,049 1,000 931 985 Allowance for credit losses on debt securities 4 3 3 2 |
Summary of Allowance for Loan Losses | The following table provides details on January 31, 2023. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 154 $ 192 $ 57 $ 403 $ 127 $ 140 $ 56 $ 323 Provision for credit losses Transfer to Stage 1 2 36 (33) (3) – 35 (34) (1) – Transfer to Stage 2 (10) 15 (5) – (6) 11 (5) – Transfer to Stage 3 – (9) 9 – – (5) 5 – Net remeasurement due to transfers into stage 3 (6) 7 – 1 (7) 6 – (1) New originations or purchases 4 8 n/a n/a 8 8 n/a n/a 8 Net repayments 5 (1) – – (1) (1) (1) – (2) Derecognition of financial assets (excluding disposals and write-offs) 6 (2) (5) (4) (11) (1) (4) (3) (8) Changes to risk, parameters, and models 7 (40) 45 6 11 (24) 38 1 15 Disposals – – – – – – – – Write-offs – – (2) (2) – – (2) (2) Recoveries – – – – – – 1 1 Foreign exchange and other adjustments (2) – 3 1 (2) (1) (1) (4) Balance at end of period $ 137 $ 212 $ 61 $ 410 $ 129 $ 150 $ 51 $ 330 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 688 $ 1,010 $ 197 $ 1,895 $ 654 $ 896 $ 154 $ 1,704 Provision for credit losses Transfer to Stage 1 2 131 (130) (1) – 170 (168) (2) – Transfer to Stage 2 (72) 91 (19) – (52) 70 (18) – Transfer to Stage 3 (3) (60) 63 – (2) (46) 48 – Net remeasurement due to transfers into stage 3 (54) 86 2 34 (53) 54 2 3 New originations or purchases 4 89 n/a n/a 89 99 n/a n/a 99 Net repayments 5 (18) (21) (3) (42) (22) (18) (3) (43) Derecognition of financial assets (excluding disposals and write-offs) 6 (17) (20) (10) (47) (18) (24) (9) (51) Changes to risk, parameters, and models 7 (71) 146 273 348 (94) 160 188 254 Disposals – – – – – – – – Write-offs – – (347) (347) – – (266) (266) Recoveries – – 72 72 – – 70 70 Foreign exchange and other adjustments (9) (12) (2) (23) (7) (8) (2) (17) Balance, including off-balance sheet instruments, at end of period 664 1,090 225 1,979 675 916 162 1,753 Less: Allowance for off-balance sheet instruments 8 30 55 – 85 36 52 – 88 Balance at end of period $ 634 $ 1,035 $ 225 $ 1,894 $ 639 $ 864 $ 162 $ 1,665 Credit Card 9 Balance, including off-balance sheet instruments, at beginning of period $ 988 $ 1,277 $ 312 $ 2,577 $ 954 $ 1,191 $ 207 $ 2,352 Provision for credit losses Transfer to Stage 1 2 246 (239) (7) – 299 (294) (5) – Transfer to Stage 2 (95) 111 (16) – (86) 98 (12) – Transfer to Stage 3 (6) (223) 229 – (5) (164) 169 – Net remeasurement due to transfers into stage 3 (108) 139 7 38 (139) 127 5 (7) New originations or purchases 4 39 n/a n/a 39 51 n/a n/a 51 Net repayments 5 22 5 17 44 28 7 13 48 Derecognition of financial assets (excluding disposals and write-offs) 6 (10) (16) (84) (110) (12) (18) (46) (76) Changes to risk, parameters, and models 7 (175) 300 294 419 (120) 270 171 321 Disposals – – – – – – – – Write-offs – – (444) (444) – – (314) (314) Recoveries – – 75 75 – – 69 69 Foreign exchange and other adjustments (21) (29) (11) (61) (14) (19) (4) (37) Balance, including off-balance sheet instruments, at end of period 880 1,325 372 2,577 956 1,198 253 2,407 Less: Allowance for off-balance sheet instruments 8 240 366 – 606 274 341 – 615 Balance at end of period $ 640 $ 959 $ 372 $ 1,971 $ 682 $ 857 $ 253 $ 1,792 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of Note 2 and Note 3 of the Bank’s 2023 Annual Consolidated Financial Statements, holding all other factors impacting the change in ECLs constant. 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., migration. Refer to the “Measurement of Expected Credit Losses”, “Forward-Looking Information” and “Expert Credit Judgment” sections of Note 2 and Note 3 of the Bank’s 2023 Annual Consolidated Financial Statements for further details. 8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2023 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (Continued) (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance sheet instruments, at beginning of period $ 1,319 $ 1,521 $ 470 $ 3,310 $ 1,220 $ 1,417 $ 347 $ 2,984 Provision for credit losses Transfer to Stage 1 3 62 (62) – – 100 (98) (2) – Transfer to Stage 2 (117) 120 (3) – (159) 162 (3) – Transfer to Stage 3 (14) (55) 69 – (5) (21) 26 – Net remeasurement due to transfers into stage 3 (21) 42 4 25 (28) 24 – (4) New originations or purchases 3 271 n/a n/a 271 332 n/a n/a 332 Net repayments 3 8 (8) (26) (26) 4 (21) (24) (41) Derecognition of financial assets (excluding disposals and write-offs) 3 (172) (99) (45) (316) (188) (151) (133) (472) Changes to risk, parameters, and models 3 (162) 202 187 227 9 64 191 264 Disposals – – – – – – – – Write-offs – – (124) (124) – – (43) (43) Recoveries – – 11 11 – – 12 12 Foreign exchange and other adjustments (35) (30) (14) (79) (20) (20) (5) (45) Balance, including off-balance sheet instruments, at end of period 1,139 1,631 529 3,299 1,265 1,356 366 2,987 Less: Allowance for off-balance sheet instruments 4 154 151 4 309 146 134 2 282 Balance at end of period 985 1,480 525 2,990 1,119 1,222 364 2,705 Total Allowance, including instruments, at end of period 2,820 4,258 1,187 8,265 3,025 3,620 832 7,477 Less: Total Allowance for instruments 4 424 572 4 1,000 456 527 2 985 Total Allowance for Loan Losses $ 2,396 $ 3,686 $ 1,183 $ 7,265 $ 2,569 $ 3,093 $ 830 $ 6,492 Includes allowance for loan losses related to ACI loans. 2 3 4 |
Summary of Macroeconomic Variables impacted in Determining ECLs | Macroeconomic Variables As at January 31, 2024 Base Forecast Upside Scenario Downside Scenario Average Remaining Average Remaining Average Remaining Q1 2024- 4-year Q1 2024- 4-year Q1 2024- 4-year Q4 2024 1 period 1 Q4 2024 1 period 1 Q4 2024 1 period 1 Unemployment rate Canada 6.5 % 6.1 % 5.8 % 5.8 % 7.3 % 7.2 % United States 4.2 4.0 3.9 4.0 5.2 5.4 Real GDP Canada 0.5 1.9 0.8 1.8 (1.1) 2.1 United States 1.5 1.8 2.2 1.9 (0.2) 2.1 Home prices Canada (average existing price) 2 (3.1) 3.1 (1.0) 2.6 (10.8) 3.1 United States (CoreLogic HPI) 3 0.6 1.9 2.0 2.3 (8.3) 4.2 Central bank policy interest rate Canada 4.25 2.31 4.88 2.41 3.72 1.88 United States 5.13 2.89 5.38 2.91 4.22 2.38 U.S. 10-year treasury yield 3.95 3.22 4.28 3.31 3.82 3.19 U.S. 10-year BBB spread (%-pts) 2.16 1.80 1.91 1.74 2.63 2.09 Exchange rate (U.S. dollar/Canadian dollar) $ 0.73 $ 0.79 $ 0.77 $ 0.81 $ 0.71 $ 0.74 The numbers represent average values for the quoted periods, and average of year-on-year growth for real GDP and home prices. 2 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service; data is collected by the Canadian Real Estate Association. 3 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home’s sales price over time. |
Schedule of Change from Base to Probability-Weighted ECL | The following table presents the base ECL loans and off-balance sheet instruments. The difference to non-linearity and sensitivity to using Change from Base to Probability-Weighted (millions of Canadian dollars, except As at January 31, 2024 October 31, 2023 Probability-weighted ECLs $ 7,078 $ 7,149 Base ECLs 6,593 6,658 Difference – in amount $ 485 $ 491 Difference – in percentage 7.4 % 7.4 % |
Schedule of Incremental Lifetime ECL Impact | The following table shows the estimated twelve-month ECLs compared to the current Incremental Lifetime ECLs Impact (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 Probability-weighted ECLs $ 7,078 $ 7,149 All performing loans and off-balance sheet instruments 5,195 5,295 Incremental lifetime ECLs impact $ 1,883 $ 1,854 |
Summary of Loans Past Due but Not Impaired | The following table summarizes loans that are due but not impaired. obligations. Loans Past Due but not Impaired 1 (millions of Canadian dollars) As at January 31, 2024 October 31, 2023 31-60 61-89 31-60 61-89 days days Total days days Total Residential mortgages $ 271 $ 126 $ 397 $ 286 $ 81 $ 367 Consumer instalment and other personal 887 328 1,215 870 287 1,157 Credit card 368 248 616 359 242 601 Business and government 300 115 415 264 103 367 Total $ 1,826 $ 817 $ 2,643 $ 1,779 $ 713 $ 2,492 Includes loans that are measured at FVOCI. |
Investment in Associates and Joint Ventures (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Charles Schwab Corporation [member] | |
Disclosure Of Investments In Associates And Joint Ventures [Table] | |
Summary of Condensed Financial Statements | The following tables represent the gross comprehensive income (loss), and comprehensive Summarized Financial Information (millions of Canadian dollars) As at December 31 September 30 2023 2023 Total assets $ 651,463 $ 644,139 Total liabilities 597,360 592,923 (millions of Canadian dollars) For the three months ended December 31 December 31 2023 2022 Total net revenues $ 6,073 $ 7,465 Total net income available to common stockholders 1,261 2,472 Total other comprehensive income (loss) 3,570 721 Total comprehensive income (loss) 4,831 3,193 |
Other Assets (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Other Assets [Abstract] | |
Schedule of Other Assets | Other Assets (millions of Canadian dollars) As at January 31 October 31 2024 2023 Accounts receivable and other items 1 $ 12,361 $ 13,893 Accrued interest 5,487 5,504 Current income tax receivable 3,204 4,814 Defined benefit asset 1,067 1,254 Reinsurance contract assets 708 702 Prepaid expenses 2 1,686 1,462 Total $ 24,513 $ 27,629 Includes assets related to disposal groups classified as held for sale in connection with the Cowen acquisition. Refer 2 |
Deposits (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Statement [Table] | |
Summary of Deposit Liabilities | Deposits (millions of Canadian dollars) As at January 31 October 31 By Type By Country 2024 2023 Demand Notice Term 1 Canada United States International Total Total Personal $ 16,647 $ 475,868 $ 130,325 $ 329,247 $ 293,593 $ – $ 622,840 $ 626,596 Banks 11,499 223 14,221 15,280 8,833 1,830 25,943 31,225 Business and government 2 128,093 187,885 216,493 374,966 154,204 3,301 532,471 540,369 156,239 663,976 361,039 719,493 456,630 5,131 1,181,254 1,198,190 Trading – – 30,634 22,306 2,251 6,077 30,634 30,980 Designated at fair value through profit or loss 3 – – 179,962 39,955 66,245 73,762 179,962 191,988 Total $ 156,239 $ 663,976 $ 571,635 $ 781,754 $ 525,126 $ 84,970 $ 1,391,850 $ 1,421,158 Non-interest-bearing deposits included above 4 Canada $ 58,422 $ 61,581 United States 70,234 76,376 International – 23 Interest-bearing deposits included above 4 Canada 723,332 712,283 United States 5 454,892 482,247 International 84,970 88,648 Total 2,6 $ 1,391,850 $ 1,421,158 1 Includes $ 103.2 103.3 Canada Deposit Insurance Corporation, including the ability to convert specified eligible shares and liabilities into 2 Includes $ 61.1 57.0 3 150.3 142.3 guarantees designated at FVTPL. 4 5 6.9 13.9 8.7 9.0 6 744.2 779.9 117.0 115.0 currencies. |
Other Liabilities (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Other Liabilities [Abstract] | |
Summary of Other Liabilities | Other Liabilities (millions of Canadian dollars) As at January 31 October 31 2024 2023 Accounts payable, accrued expenses, and 1,2 $ 6,271 $ 8,314 Accrued interest 4,568 4,421 Accrued salaries and employee benefits 3,447 4,993 Cheques and other items in transit 2 2,517 2,245 Current income tax payable 120 162 Deferred tax liabilities 191 204 Defined benefit liability 1,322 1,244 Lease liabilities 5,139 5,050 Liabilities related to structured entities 16,938 17,520 Provisions 3,413 3,421 Total 2 $ 43,926 $ 47,574 Includes liabilities related to disposal groups classified as held for sale in connection with the Cowen acquisition. 2 |
Equity (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Equity Disclosure [Abstract] | |
Summary of Classes of Share Capital | The following table summarizes the changes three months ended January 31, 2024 and Shares and Other Equity Instruments (millions of shares or other equity instruments and millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Number Number of shares Amount of shares Amount Common Shares Balance as at beginning of period 1,791.4 $ 25,434 1,821.7 $ 24,363 Proceeds from shares issued on exercise of stock options 0.6 42 0.4 26 Shares issued as a result of dividend reinvestment plan 1.7 137 7.9 705 Purchase of shares for cancellation and other (20.9) (295) – – Balance as at end of period – common shares 1,772.8 $ 25,318 1,830.0 $ 25,094 Preferred Shares and Other Equity Instruments Preferred Shares – Class A Balance as at beginning of period 143.6 $ 5,200 159.6 $ 5,600 Issue of shares – – – – Redemption of shares – – – – Balance as at end of period 143.6 $ 5,200 159.6 $ 5,600 Other Equity Instruments 1 Balance 5.0 $ 5,653 5.0 $ 5,653 Balance as at end of period – preferred and other equity instruments 148.6 $ 10,853 164.6 $ 11,253 Treasury – common shares 2 Balance as at beginning of period 0.7 $ (64) 1.0 $ (91) Purchase of shares 37.5 (3,096) 20.4 (1,816) Sale of shares (37.5) 3,102 (20.3) 1,804 Balance as at end of period – treasury – common shares 0.7 $ (58) 1.1 $ (103) Treasury – preferred shares and other equity instruments 2 Balance as at beginning of period 0.1 $ (65) 0.1 $ (7) Purchase of shares and other equity instruments 1.7 (98) 0.9 (141) Sale of shares and other equity instruments (1.7) 136 (0.9) 139 Balance as at end of period – treasury – preferred shares and other equity 0.1 $ (27) 0.1 $ (9) For Limited Recourse Capital Notes, the number of shares represents the number of notes issued. 2 reduction in equity. |
Insurance (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Insurance [Abstract] | |
Summary of Components of Insurance Service Result | The following table presents components of the presented in the Interim Consolidated Statement as well as reinsurance issued and held in Insurance Service Result (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Insurance revenue $ 1,676 $ 1,542 Insurance service expenses 1,366 1,164 Insurance service result before reinsurance 310 378 Net income (expense) from reinsurance 12 (45) Insurance service result $ 322 $ 333 |
Summary of LRC and LIC Balances for Property and Casualty Insurance Contracts | The following table presents LRC and LIC balances Property and casualty insurance contract liabilities by (millions of Canadian dollars) As at January 31, 2024 January 31, 2023 Liability for Liability for Liability for Liability for remaining coverage incurred claims Total remaining coverage incurred claims Total Estimates Estimates of the of the present present Excluding value of Excluding value of loss Loss future Risk loss Loss future Risk component component cash flows adjustment component component cash flows adjustment Balance at beginning of period Insurance contract liabilities $ 630 $ 129 $ 4,740 $ 220 $ 5,719 $ 623 $ 113 $ 4,700 $ 208 $ 5,644 Balance at end of period Insurance contract liabilities $ 585 $ 132 $ 4,820 $ 224 $ 5,761 $ 546 $ 130 $ 4,755 $ 211 $ 5,642 |
Share-Based Compensation (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Share-Based Compensation [Abstract] | |
Schedule of Assumptions Used for Estimating the Fair Value of Options | The following table summarizes the assumptions Assumptions Used for Estimating the (in Canadian dollars, except as noted) For the three months ended January 31 January 31 2024 2023 Risk-free interest rate 3.41 % 2.87 % Option contractual life 10 years 10 years Expected volatility 18.92 % 18.43 % Expected dividend yield 3.78 % 3.69 % Exercise price/share price $ 81.78 $ 90.55 |
Employee Benefits (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Employee Benefits [Abstract] | |
Summary of Employee Benefit Plans Expenses | The following table summarizes expenses for defined benefit pension plans, for the and certain of its subsidiaries are not considered Defined Benefit Plan Expenses (millions of Canadian dollars) Principal post-retirement Principal pension plans benefit plan Other pension plans 1 For the three months ended January 31 January 31 January 31 January 31 January 31 January 31 2024 2023 2024 2023 2024 2023 Service cost – benefits earned $ 54 $ 62 $ 1 $ 1 $ 4 $ 4 Net interest cost (income) on net defined (20) (25) 5 5 6 6 Interest cost on asset limitation and minimum requirement 3 5 – – 1 1 Defined benefit administrative expenses 2 2 – – 1 1 Total $ 39 $ 44 $ 6 $ 6 $ 12 $ 12 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, and supplemental executive defined benefit pension plans. |
Summary of Expenses for Bank's Defined Contribution Plans | The following table summarizes expenses for Defined Contribution Plan Expenses (millions of Canadian dollars) For the three months ended January 31 January 31 2024 2023 Defined contribution pension plans 1 $ 85 $ 64 Government pension plans 2 197 173 Total $ 282 $ 237 Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k) 2 Federal Insurance Contributions Act . |
Summary of Remeasurement of Defined Benefit Plans | The following table summarizes the remeasurements the Bank’s other material defined benefit pension Amounts Recognized in Other Comprehensive 1,2,3 (millions of Canadian dollars) Principal post-retirement Principal pension plans benefit plan Other pension plans For the three months ended January 31 January 31 January 31 January 31 January 31 January 31 2024 2023 2024 2023 2024 2023 Remeasurement gain/(loss) – financial $ (1,124) $ (382) $ (36) $ (24) $ (43) $ – Remeasurement gain/(loss) – return on plan interest income 800 386 – – – – Change in asset limitation and minimum 176 116 – – – – Total $ (148) $ 120 $ (36) $ (24) $ (43) $ – 1 plan, and other employee defined benefit plans operated by the Bank and certain of its subsidiaries not considered material for a quarterly basis. 2 3 |
Earnings per Share (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Earnings per Share [Abstract] | |
Summary of Earnings Per Share | The following table presents the Bank’s basic and Basic and Diluted Earnings Per Share 1 (millions of Canadian dollars, except For the three months ended January 31 January 31 2024 2023 Basic earnings per share Net income attributable to common shareholders $ 2,750 $ 1,498 Weighted-average number of common shares outstanding 1,776.7 1,820.7 Basic earnings per share (Canadian dollars) $ 1.55 $ 0.82 Diluted earnings per share Net income attributable to common shareholders $ 2,750 $ 1,498 Net income available to common shareholders 2,750 1,498 Weighted-average number of common shares outstanding 1,776.7 1,820.7 Effect of dilutive securities Stock options potentially exercisable (millions) 2 1.5 2.4 Weighted-average number of common shares outstanding 1,778.2 1,823.1 Diluted earnings per share (Canadian dollars) 2 $ 1.55 $ 0.82 Amounts for the three months ended January 31, 2023 have been restated for the adoption of IFRS 17. Refer to 2 4.9 of $ 92.89 , as the option price was greater than the average market price of the Bank’s common shares. earnings per share excluded average options outstanding of 3.7 93.69 , as the option price was greater than the average market price of the Bank’s common shares. |
Segmented Information (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Segmented Information [abstract] | |
Summary of Results by Business Segment | The following table summarizes the segment Results by Business Segment 1,2 (millions of Canadian dollars) Canadian Wealth Personal and Management Commercial Banking U.S. Retail and Insurance Wholesale Banking 3 Corporate 3 Total For the three months ended January 31 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 2024 2023 Net interest income (loss) $ 3,833 $ 3,539 $ 2,899 $ 3,167 $ 285 $ 283 $ 198 $ 525 $ 273 $ 219 $ 7,488 $ 7,733 Non-interest income (loss) 1,051 1,050 604 560 2,850 2,632 1,582 820 139 (594) 6,226 4,468 Total revenue 4,884 4,589 3,503 3,727 3,135 2,915 1,780 1,345 412 (375) 13,714 12,201 Provision for (recovery of) credit losses 423 327 385 200 – – 10 32 183 131 1,001 690 Insurance service expenses – – – – 1,366 1,164 – – – – 1,366 1,164 Non-interest expenses 1,984 1,863 2,410 2,040 1,047 1,009 1,500 883 1,089 2,317 8,030 8,112 Income (loss) before income taxes and share of net income from investment in Schwab 2,477 2,399 708 1,487 722 742 270 430 (860) (2,823) 3,317 2,235 Provision for (recovery of) income taxes 692 670 (5) 204 167 188 65 99 (285) (222) 634 939 Share of net income from investment in Schwab 4,5 – – 194 301 – – – – (53) (16) 141 285 Net income (loss) $ 1,785 $ 1,729 $ 907 $ 1,584 $ 555 $ 554 $ 205 $ 331 $ (628) $ (2,617) $ 2,824 $ 1,581 Amounts for the three months ended January 31, 2023 have been restated for the adoption of IFRS 17. Refer to 2 Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included credit losses attributable to the Bank under the agreements. 3 segment. 4 share of Schwab’s restructuring charges, and the Bank’s share of Schwab’s FDIC 5 |
Summary of Results by Geographic Location | Total Assets by Business Segment 1 (millions of Canadian dollars) Canadian Wealth Personal and Management Wholesale Commercial Banking U.S. Retail and Insurance Banking Corporate Total As at January 31, 2024 Total assets $ 565,310 $ 546,140 $ 22,522 $ 652,260 $ 124,660 $ 1,910,892 As at October 31, 2023 Total assets $ 560,303 $ 560,585 $ 22,293 $ 673,398 $ 138,560 $ 1,955,139 Balances as at October 31, 2023 have been restated for the adoption of IFRS 17. Refer to Note 2 for details. |
Interest Income and Expense (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Interest Income and Expense [Abstract] | |
Summary of Interest Income and Expenses by Basis of Accounting Classification | The following tables present interest income Interest Income (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Measured at amortized cost 1 $ 19,566 $ 15,528 Measured at FVOCI – Debt instruments 1 933 720 20,499 16,248 Measured or designated at FVTPL 2,250 1,756 Measured at FVOCI – Equity instruments 64 52 Total $ 22,813 $ 18,056 Interest income is calculated using EIRM. Interest Expense (millions of Canadian dollars) For the three months ended January 31, 2024 January 31, 2023 Measured at amortized cost 1 $ 12,192 $ 8,671 Measured or designated at FVTPL 3,133 1,652 Total $ 15,325 $ 10,323 Interest expense is calculated using EIRM. |
Regulatory Capital (Tables) |
3 Months Ended |
---|---|
Jan. 31, 2024 | |
Regulatory Capital [Abstract] | |
Summary of Regulatory Capital Position | The following table summarizes the Bank’s regulatory Regulatory Capital Position (millions of Canadian dollars, except As at January 31 October 31 2024 2023 Capital Common Equity Tier 1 Capital $ 80,679 $ 82,317 Tier 1 Capital 91,154 92,752 Total Capital 101,789 103,648 Risk-weighted assets used in the calculation 579,424 571,161 Capital and leverage ratios Common Equity Tier 1 Capital ratio 13.9 % 14.4 % Tier 1 Capital ratio 15.7 16.2 Total Capital ratio 17.6 18.1 Leverage ratio 4.4 4.4 TLAC Ratio 30.8 32.7 TLAC Leverage Ratio 8.6 8.9 |
IFRS 7 Disclosure (Market Risk) (Narrative) (Details) - CAD ($) $ in Millions |
3 Months Ended | 12 Months Ended | |
---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Oct. 31, 2023 |
|
Market Risk [Table] | |||
Number of trading days used to value current portfolio using market price and rate changes | 259 days | ||
Positive trading days | 94.00% | ||
Percentage of P&C deposits in total funding | 70.00% | 70.00% | |
100 bps increase [member] | |||
Market Risk [Table] | |||
EVE Sensitivity | $ (2,136) | $ (1,610) | $ (2,211) |
Increase (decrease) to economic value of shareholders equity from prior period | 75 | ||
NII Sensitivity | 969 | 1,135 | 920 |
Increase (decrease) to net interest income from last period | 49 | ||
100 bps decrease [member] | |||
Market Risk [Table] | |||
EVE Sensitivity | 1,722 | 1,056 | 1,599 |
Increase (decrease) to economic value of shareholders equity from prior period | 123 | ||
NII Sensitivity | (1,152) | $ (1,216) | $ (1,099) |
Increase (decrease) to net interest income from last period | $ 53 |
IFRS 7 Disclosure (Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure Of Unencumbered Assets [Table] | ||
Unencumbered liquid assets | $ 530,456 | $ 541,664 |
Foreign branches [member] | ||
Disclosure Of Unencumbered Assets [Table] | ||
Unencumbered liquid assets | 40,632 | 44,341 |
Toronto-Dominion Bank [member] | ||
Disclosure Of Unencumbered Assets [Table] | ||
Unencumbered liquid assets | 211,078 | 205,408 |
Bank subsidiaries [member] | ||
Disclosure Of Unencumbered Assets [Table] | ||
Unencumbered liquid assets | $ 278,746 | $ 291,915 |
IFRS 7 Disclosure (Summary of Deposit Funding) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
DisclosureOfDepositsTable [Table] | ||
Funds from Deposits | $ 958,882 | $ 975,433 |
Canadian [member] | P&C Deposits [member] | ||
DisclosureOfDepositsTable [Table] | ||
Funds from Deposits | 533,989 | 529,078 |
U.S. [member] | P&C Deposits [member] | ||
DisclosureOfDepositsTable [Table] | ||
Funds from Deposits | $ 424,893 | $ 446,355 |
Current And Future Changes In Accounting Policies (Narrative) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Nov. 01, 2023 |
Oct. 31, 2023 |
---|---|---|---|
Disclosure of initial application of standards or interpretations [table] | |||
Deferred tax assets | $ 3,928 | $ 3,951 | |
Retained earnings | 72,347 | 73,008 | |
Accumulated other comprehensive income (loss) | $ 3,830 | 2,750 | |
IFRS 17 [member] | Increase (decrease) due to changes in accounting policy required by IFRS [member] | |||
Disclosure of initial application of standards or interpretations [table] | |||
Accumulated other comprehensive income (loss) | $ 10 | ||
IFRS 17 [member] | Transition adjustment [member] | |||
Disclosure of initial application of standards or interpretations [table] | |||
Deferred tax assets | (60) | ||
Retained earnings | $ 112 |
Fair Value Measurements (Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities) (Parenthetical) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Nov. 01, 2023 |
Oct. 31, 2023 |
Jan. 31, 2023 |
Nov. 01, 2022 |
Oct. 31, 2022 |
---|---|---|---|---|---|---|
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Table] | ||||||
Derivatives | $ 60,574 | $ 87,382 | ||||
Derivatives (Note 4) | 54,073 | 71,640 | ||||
Netted Derivatives [member] | Level 3 of fair value hierarchy [member] | ||||||
Disclosure Of Fair Value Measurement Of Assets And Liabilities [Table] | ||||||
Derivatives | 10 | $ 22 | 22 | $ 31 | $ 50 | $ 50 |
Derivatives (Note 4) | $ 186 | $ 176 | $ 176 | $ 239 | $ 234 | $ 234 |
Securities (Narrative) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure of detailed information about financial instruments [table] | ||
Debt Securities Held Net of allowance | $ 370,664 | $ 373,947 |
Debt securities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [table] | ||
Debt Securities Held Net of allowance | 300,071 | 308,016 |
Debt securities FVOCI [member] | ||
Disclosure of detailed information about financial instruments [table] | ||
Debt Securities Held Net of allowance | $ 70,593 | $ 65,931 |
Securities (Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income) (Details) - CAD ($) $ in Millions |
3 Months Ended | ||
---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Oct. 31, 2023 |
|
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [table] | |||
Fair value | $ 3,477 | $ 3,513 | |
Dividend income recognized | 55 | $ 48 | |
Common shares [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [table] | |||
Fair value | 3,077 | 3,170 | |
Dividend income recognized | 17 | 17 | |
Preference shares [member] | |||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [table] | |||
Fair value | 400 | $ 343 | |
Dividend income recognized | $ 38 | $ 31 |
Securities (Summary of Equity Securities Net Realized Gains (Losses) Explanatory) (Details) - CAD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Equity Securities [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [table] | ||
Fair value | $ 42 | $ 45 |
Cumulative realized gain/(loss) | 0 | (3) |
FHLB Stock [member] | ||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [table] | ||
Fair value | 159 | 0 |
Cumulative realized gain/(loss) | $ 0 | $ 0 |
Securities (Summary of Securities Net Realized Gains (Losses)) (Details) - CAD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Debt securities [member] | Debt securities at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [table] | ||
Net realized gains (losses) | $ 6 | $ (1) |
Securities (Summary of Debt Securities by Risk Rating) (Parenthetical) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure of Financial Assets [Abstract] | ||
Debt securities backed by government guaranteed loans | $ 114 | $ 104 |
Loans, Impaired Loans, and Allowance for Credit Losses (Narrative) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure of detailed information about financial instruments [table] | ||
Foreclosed assets held for sale | $ 74 | $ 59 |
Loans, Impaired Loans, and Allowance for Credit Losses (Summary of Bank Loans and Acceptances) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure Of Banks Loans And Acceptances [Table] | ||
Residential mortgages | $ 321,670 | $ 320,341 |
Consumer installment and other personal | 217,397 | 217,554 |
Credit card | 38,635 | 38,660 |
Business and government | 333,899 | 326,528 |
Total Loans | 911,601 | 903,083 |
Customers' liability under acceptances | 13,066 | 17,569 |
Loans at FVOCI | 660 | 421 |
Loans and acceptances | 925,327 | 921,073 |
Allowance for loan losses | 7,265 | 7,136 |
Total loans and acceptances, net of allowance | $ 918,062 | $ 913,937 |
Loans, Impaired Loans, and Allowance for Credit Losses (Summary of Credit Quality) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure Of Banks Loans And Acceptances [Table] | ||
Customers' liability under acceptances | $ 13,066 | $ 17,569 |
Business and government [member] | ||
Disclosure Of Banks Loans And Acceptances [Table] | ||
Loans at amortized cost | 333,899 | 326,528 |
Customers' liability under acceptances | 13,066 | 17,569 |
Loans at FVOCI | 660 | 421 |
Loans and acceptances | 347,625 | 344,518 |
Allowance for loan losses | 2,990 | 2,990 |
Loans and acceptances, net of allowance | $ 344,635 | $ 341,528 |
Loans, Impaired Loans, and Allowance for Credit Losses (Schedule of Change from Base to Probability-Weighted ECL) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Statement 1 [Table] | ||
Difference – in amount | $ 485 | $ 491 |
Expected credit loss rate | 7.40% | 7.40% |
Probability weighted method [member] | ||
Statement 1 [Table] | ||
Probability-weighted ECLs | $ 7,078 | $ 7,149 |
Base Scenario [member] | ||
Statement 1 [Table] | ||
Base ECLs | $ 6,593 | $ 6,658 |
Loans, Impaired Loans, and Allowance for Credit Losses (Schedule of Incremental Lifetime ECL Impact) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Disclosure of financial assets that are either past due or impaired [table] | ||
Incremental lifetime ECLs impact | $ 1,883 | $ 1,854 |
12-month expected credit losses [member] | ||
Disclosure of financial assets that are either past due or impaired [table] | ||
All performing loans and off-balance sheet instruments using 12-month ECLs | 5,195 | 5,295 |
Stage One and Two [member] | ||
Disclosure of financial assets that are either past due or impaired [table] | ||
Probability-weighted ECLs | $ 7,078 | $ 7,149 |
Investment in Associates and Joint Ventures (Summary of Condensed Financial Statements) (Details) - CAD ($) $ in Millions |
3 Months Ended | |||||
---|---|---|---|---|---|---|
Jan. 31, 2024 |
Dec. 31, 2023 |
Sep. 30, 2023 |
Jan. 31, 2023 |
Dec. 31, 2022 |
Oct. 31, 2023 |
|
Assets | ||||||
Total assets | $ 1,910,892 | $ 1,955,139 | ||||
Liabilities | ||||||
Total liabilities | 1,798,457 | $ 1,843,068 | ||||
Total net revenues | 13,714 | $ 12,201 | ||||
Total other comprehensive income (loss) | $ 916 | $ (13) | ||||
Charles Schwab Corporation [member] | ||||||
Assets | ||||||
Total assets | $ 651,463 | $ 644,139 | ||||
Liabilities | ||||||
Total liabilities | 597,360 | 592,923 | ||||
Total net revenues | 6,073 | 7,465 | $ 7,465 | |||
Total net income available to common stockholders | 1,261 | 2,472 | 2,472 | |||
Total other comprehensive income (loss) | 3,570 | 721 | 721 | |||
Total comprehensive income (loss) | $ 4,831 | $ 3,193 | $ 3,193 |
Significant Transactions (Narrative) (Details) - Cowen Inc [Member] $ in Millions, $ in Millions |
Jan. 31, 2024
CAD ($)
|
Oct. 31, 2023
CAD ($)
|
Mar. 01, 2023
CAD ($)
|
Mar. 01, 2023
USD ($)
|
---|---|---|---|---|
Disclosure of detailed information about business combination [table] | ||||
Cash consideration paid | $ 1,500 | $ 1,100 | ||
Percentage of common shares acquired | 100.00% | 100.00% | ||
Share-based compensation amounts | $ 205 | $ 151 | ||
Assets | 10,800 | 7,933 | ||
Liabilities | 9,884 | 7,261 | ||
Other intangibles assets | 298 | 219 | ||
Goodwill | 744 | 546 | ||
Assets classified as held for sale | $ 699 | $ 1,958 | ||
Liabilities classified as held for sale | $ 235 | $ 1,291 | ||
Series A Preferred Stock [Member] | ||||
Disclosure of detailed information about business combination [table] | ||||
Settlement of stocks | $ 253 | $ 186 |
Goodwill (Summary of Goodwill by Segment) (Details) $ in Millions |
Jan. 31, 2024
CAD ($)
|
---|---|
Disclosure of reconciliation of changes in goodwill [table] | |
Beginning balance | $ 18,602 |
Ending balance | $ 18,098 |
Other Assets (Schedule of Other Assets) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Other Assets [Abstract] | ||
Accounts receivable and other items | $ 12,361 | $ 13,893 |
Accrued interest | 5,487 | 5,504 |
Current income tax receivable | 3,204 | 4,814 |
Defined benefit asset (Note 23) | 1,067 | 1,254 |
Reinsurance contract assets | 708 | 702 |
Prepaid expenses | 1,686 | 1,462 |
Other assets, total | $ 24,513 | $ 27,629 |
Deposits (Narrative) (Details) - CAD ($) $ in Billions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Deposits [Abstract] | ||
Aggregate amount of term deposits in denominations of $100,000 or more | $ 501 | $ 512 |
Other Liabilities (Summary of Other Liabilities) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Other Liabilities [Abstract] | ||
Accounts payable, accrued expenses, and other items | $ 6,271 | $ 8,314 |
Accrued interest | 4,568 | 4,421 |
Accrued salaries and employee benefits | 3,447 | 4,993 |
Cheques and other items in transit | 2,517 | 2,245 |
Current income tax payable | 120 | 162 |
Deferred tax liabilities | 191 | 204 |
Defined benefit liability | 1,322 | 1,244 |
Lease liabilities | 5,139 | 5,050 |
Liabilities related to structured entities | 16,938 | 17,520 |
Provisions | 3,413 | 3,421 |
Total | $ 43,926 | $ 47,574 |
Equity (Summary of Classes of Share Capital - Preferred Shares and Other Equity Instruments) (Details) - CAD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Disclosure of classes of share capital [table] | ||
Balance at beginning of period | $ 112,071 | |
Balance at end of period | $ 112,435 | |
Preferred shares [member] | ||
Disclosure of classes of share capital [table] | ||
Balance at beginning of period (shares) | 143,600,000 | 159,600,000 |
Issue of shares (shares) | 0 | 0 |
Redemption of shares (shares) | 0 | 0 |
Balance at end of period (shares) | 143,600,000 | 159,600,000 |
Balance at beginning of period | $ 5,600 | $ 5,200 |
Issue of shares | 0 | 0 |
Redemption of shares | 0 | 0 |
Balance at end of period | $ 5,600 | $ 5,200 |
Other equity instruments [member] | ||
Disclosure of classes of share capital [table] | ||
Balance at beginning of period (shares) | 5,000,000.0 | 5,000,000.0 |
Balance at end of period (shares) | 148,600,000 | 164,600,000 |
Balance at beginning of period | $ 5,653 | $ 5,653 |
Balance at end of period | $ 10,853 | $ 11,253 |
Insurance (Summary of Components of Insurance Service Result) (Details) - CAD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Disclosure Of Amounts Arising From Insurance Contracts [Table] | ||
Insurance revenue | $ 1,676 | $ 1,542 |
Insurance service expenses | 1,366 | 1,164 |
Insurance service result before reinsurance contracts held | 310 | 378 |
Net (income or) expense from reinsurance contracts held | (12) | 45 |
Insurance service result | $ 322 | $ 333 |
Share-Based Compensation (Narrative) (Details) - Stock Option Awards [Member] $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024
CAD ($)
shares
$ / shares
|
Jan. 31, 2023
CAD ($)
shares
$ / shares
|
|
Disclosure of sensitivity analysis for actuarial assumptions [table] | ||
Compensation Expense | $ | $ 10.1 | $ 11.1 |
Granted | shares | 2.5 | 2.5 |
Weighted average fair value of options granted | $ / shares | $ 14.36 | $ 14.70 |
Share-Based Compensation (Schedule of Assumptions Used for Estimating the Fair Value of Options) (Details) - Options [Member] - $ / shares |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Disclosure of terms and conditions of share-based payment arrangement [table] | ||
Risk-free interest rate | 3.41% | 2.87% |
Option contractual life | 10 years | 10 years |
Expected volatility | 18.92% | 18.43% |
Expected dividend yield | 3.78% | 3.69% |
Exercise price/share price | $ 81.78 | $ 90.55 |
Employee Benefits (Summary of Expenses for Bank's Defined Contribution Plans) (Details) - CAD ($) $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Disclosure of defined benefit plans [table] | ||
Defined Contribution Plan Expenses | $ 282 | $ 237 |
Defined contribution pension plans [member] | ||
Disclosure of defined benefit plans [table] | ||
Defined Contribution Plan Expenses | 85 | 64 |
Government pension plans [member] | ||
Disclosure of defined benefit plans [table] | ||
Defined Contribution Plan Expenses | $ 197 | $ 173 |
Earnings per Share (Summary of Earnings Per Share) (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions |
3 Months Ended | |
---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
|
Basic earnings per share | ||
Net income attributable to common shareholders | $ 2,750 | $ 1,498 |
Weighted-average number of common shares outstanding (millions) | 1,776.7 | 1,820.7 |
Basic earnings per share (Canadian dollars) | $ 1.55 | $ 0.82 |
Diluted earnings per share | ||
Net income available to common shareholders including impact of dilutive securities | $ 2,750 | $ 1,498 |
Stock options potentially exercisable (millions) | 1.5 | 2.4 |
Weighted-average number of common shares outstanding – diluted (millions) | 1,778.2 | 1,823.1 |
Diluted earnings per share (Canadian dollars) | $ 1.55 | $ 0.82 |
Average outstanding options excluded from calculation of diluted earnings per share | 4.9 | 3.7 |
Weighted Average Exercise Price of Average Share Options Outstanding Excluded From Calculation of Earnings Per Share | $ 92.89 | $ 93.69 |
Provisions And Contingent Liabilities (Narrative) (Details) - CAD ($) |
3 Months Ended | ||
---|---|---|---|
Jan. 31, 2024 |
Jan. 31, 2023 |
Oct. 31, 2023 |
|
Disclosure of credit risk exposure [table] | |||
Restructuring charges | $ 291,000,000 | $ 0 | |
Litigation and other provision [member] | Bottom of range [member] | |||
Disclosure of credit risk exposure [table] | |||
Bank's reasonable possible losses | 0 | $ 0 | |
Litigation and other provision [member] | Top of range [member] | |||
Disclosure of credit risk exposure [table] | |||
Bank's reasonable possible losses | $ 1,420,000,000 | $ 1,440,000,000 |
Regulatory Capital (Narrative) (Details) |
Jan. 31, 2024 |
---|---|
First Of November Two Thousand And Twenty Three [Member] | |
Disclosure Of Regulatory Capital [Table] | |
Domestic stability buffer | 3.50% |
Basel III [member] | |
Disclosure Of Regulatory Capital [Table] | |
Minimum leverage ratio | 3.50% |
Target total loss absorbing capacity leverage ratio | 25.00% |
Target total loss absorbing capacity leverage ratio supervisory target | 7.25% |
Total capital target ratio | 15.00% |
CET1 target ratio | 11.50% |
Tier1 Target Ratio | 13.00% |
Domestic systemically important banks addition leverage ratio | 0.50% |
G-SIB surcharge percentage | 1.00% |
D-SIB surcharge percentage | 1.00% |
Regulatory Capital (Summary of Regulatory Capital Position) (Details) - CAD ($) $ in Millions |
Jan. 31, 2024 |
Oct. 31, 2023 |
---|---|---|
Capital | ||
Common Equity Tier 1 Capital | $ 80,679 | $ 82,317 |
Tier 1 Capital | 91,154 | 92,752 |
Total Capital | 101,789 | 103,648 |
Risk-weighted assets used in the calculation of capital ratios | $ 579,424 | $ 571,161 |
Capital and leverage ratios | ||
Common Equity Tier 1 Capital ratio | 13.90% | 14.40% |
Tier 1 Capital ratio | 15.70% | 16.20% |
Total Capital ratio | 17.60% | 18.10% |
Leverage ratio | 4.40% | 4.40% |
TLAC Ratio | 30.80% | 32.70% |
TLAC Leverage Ratio | 8.60% | 8.90% |
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