Cover Page
Cover Page | 6 Months Ended |
Apr. 30, 2020 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Apr. 30, 2020 |
Document Fiscal Year Focus | 2020 |
Document Fiscal Period Focus | Q2 |
Entity Registrant Name | ROYAL BANK OF CANADA |
Entity Central Index Key | 0001000275 |
Entity Accounting Standard | IFRS |
Current Fiscal Year End Date | --10-31 |
Interim Condensed Consolidated
Interim Condensed Consolidated Balance Sheets (unaudited) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Assets | ||
Cash and due from banks | $ 98,777 | $ 26,310 |
Interest-bearing deposits with banks | 48,398 | 38,345 |
Securities | ||
Trading | 135,778 | 146,534 |
Investment, net of applicable allowance (Note 4) | 134,163 | 102,470 |
Securities | 269,941 | 249,004 |
Assets purchased under reverse repurchase agreements and securities borrowed | 325,534 | 306,961 |
Loans (Note 5) | ||
Retail | 435,409 | 426,086 |
Wholesale | 243,269 | 195,870 |
Loans | 678,678 | 621,956 |
Allowance for loan losses (Note 5) | (5,230) | (3,100) |
Loans, net | 673,448 | 618,856 |
Segregated fund net assets | 1,743 | 1,663 |
Other | ||
Customers' liability under acceptances | 19,438 | 18,062 |
Derivatives | 140,807 | 101,560 |
Premises and equipment | 8,394 | 3,191 |
Goodwill | 11,591 | 11,236 |
Other intangibles | 4,736 | 4,674 |
Other assets | 72,875 | 49,073 |
Total other assets | 257,841 | 187,796 |
Total assets | 1,675,682 | 1,428,935 |
Deposits (Note 6) | ||
Personal | 328,386 | 294,732 |
Business and government | 632,725 | 565,482 |
Bank | 48,336 | 25,791 |
Total deposits | 1,009,447 | 886,005 |
Segregated fund net liabilities | 1,743 | 1,663 |
Other | ||
Acceptances | 19,548 | 18,091 |
Obligations related to securities sold short | 40,347 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 278,605 | 226,586 |
Derivatives | 144,710 | 98,543 |
Insurance claims and policy benefit liabilities | 11,383 | 11,401 |
Other liabilities | 75,085 | 58,137 |
Total other liabilities | 569,678 | 447,827 |
Subordinated debentures (Note 8) | 9,774 | 9,815 |
Total liabilities | 1,590,642 | 1,345,310 |
Equity attributable to shareholders | ||
Retained earnings | 57,466 | 55,981 |
Other components of equity | 4,253 | 4,248 |
Total equity attributable to shareholders | 84,935 | 83,523 |
Non-controlling interests | 105 | 102 |
Total equity | 85,040 | 83,625 |
Total liabilities and equity | 1,675,682 | 1,428,935 |
Preferred shares (Note 8) [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 8) | 5,699 | 5,707 |
Common shares (Note 8) [member] | ||
Equity attributable to shareholders | ||
Issued capital (Note 8) | $ 17,517 | $ 17,587 |
Interim Condensed Consolidate_2
Interim Condensed Consolidated Statements of Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Interest and dividend income (Note 3) | ||||
Loans | $ 5,937 | $ 6,123 | $ 12,295 | $ 12,283 |
Securities | 1,730 | 1,702 | 3,472 | 3,398 |
Assets purchased under reverse repurchase agreements and securities borrowed | 1,492 | 2,191 | 3,501 | 4,339 |
Deposits and other | 67 | 116 | 196 | 261 |
Interest income | 9,226 | 10,132 | 19,464 | 20,281 |
Interest expense (Note 3) | ||||
Deposits and other | 2,337 | 3,267 | 5,357 | 6,529 |
Other liabilities | 1,343 | 1,999 | 3,257 | 3,947 |
Subordinated debentures | 81 | 93 | 164 | 185 |
Interest expense | 3,761 | 5,359 | 8,778 | 10,661 |
Net interest income | 5,465 | 4,773 | 10,686 | 9,620 |
Non-interest income | ||||
Insurance premiums, investment and fee income | 197 | 1,515 | 2,191 | 3,094 |
Trading revenue | (66) | 314 | 392 | 709 |
Investment management and custodial fees | 1,500 | 1,381 | 3,035 | 2,831 |
Mutual fund revenue | 890 | 899 | 1,836 | 1,772 |
Securities brokerage commissions | 460 | 316 | 778 | 658 |
Service charges | 468 | 466 | 956 | 934 |
Underwriting and other advisory fees | 544 | 554 | 1,171 | 899 |
Foreign exchange revenue, other than trading | 280 | 243 | 533 | 492 |
Card service revenue | 212 | 266 | 499 | 548 |
Credit fees | 304 | 288 | 664 | 603 |
Net gains on investment securities | 45 | 37 | 56 | 83 |
Share of profit in joint ventures and associates | 15 | 14 | 37 | 29 |
Other | 19 | 433 | 335 | 816 |
Non-interest income | 4,868 | 6,726 | 12,483 | 13,468 |
Total revenue | 10,333 | 11,499 | 23,169 | 23,088 |
Provision for credit losses (Notes 4 and 5) | 2,830 | 426 | 3,249 | 940 |
Insurance policyholder benefits, claims and acquisition expense | (177) | 1,160 | 1,437 | 2,385 |
Non-interest expense | ||||
Human resources (Note 7) | 3,573 | 3,622 | 7,633 | 7,265 |
Equipment | 468 | 445 | 930 | 876 |
Occupancy | 417 | 405 | 814 | 802 |
Communications | 252 | 273 | 502 | 513 |
Professional fees | 324 | 290 | 608 | 595 |
Amortization of other intangibles | 315 | 299 | 618 | 589 |
Other | 593 | 582 | 1,215 | 1,188 |
Non-interest expense | 5,942 | 5,916 | 12,320 | 11,828 |
Income before income taxes | 1,738 | 3,997 | 6,163 | 7,935 |
Income taxes | 257 | 767 | 1,173 | 1,533 |
Net income | 1,481 | 3,230 | 4,990 | 6,402 |
Net income attributable to: | ||||
Shareholders | 1,484 | 3,226 | 4,988 | 6,396 |
Non-controlling interests | (3) | 4 | 2 | 6 |
Net income | $ 1,481 | $ 3,230 | $ 4,990 | $ 6,402 |
Basic earnings per share (in dollars) (Note 9) | $ 1 | $ 2.20 | $ 3.41 | $ 4.36 |
Diluted earnings per share (in dollars) (Note 9) | 1 | 2.20 | 3.40 | 4.34 |
Dividends per common share (in dollars) | $ 1.08 | $ 1.02 | $ 2.13 | $ 2 |
Interim Condensed Consolidate_3
Interim Condensed Consolidated Statements of Comprehensive Income (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Statement of comprehensive income [abstract] | ||||
Net income | $ 1,481 | $ 3,230 | $ 4,990 | $ 6,402 |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | ||||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (989) | 140 | (806) | 139 |
Provision for credit losses recognized in income | 24 | (9) | 23 | (10) |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (64) | (31) | (73) | (60) |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (1,029) | 100 | (856) | 69 |
Foreign currency translation adjustments | ||||
Unrealized foreign currency translation gains (losses) | 2,937 | 1,096 | 3,348 | 1,131 |
Net foreign currency translation gains (losses) from hedging activities | (1,126) | (398) | (1,304) | (464) |
Reclassification of losses (gains) on foreign currency translation to income | 2 | |||
Reclassification of losses (gains) on net investment hedging activities to income | 2 | |||
Foreign currency translation adjustments | 1,811 | 698 | 2,044 | 671 |
Net change in cash flow hedges | ||||
Net gains (losses) on derivatives designated as cash flow hedges | (1,103) | (182) | (1,277) | (498) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 108 | (25) | 100 | (99) |
Net change in cash flow hedges | (995) | (207) | (1,177) | (597) |
Items that will not be reclassified subsequently to income: | ||||
Remeasurements of employee benefit plans (Note 7) | 457 | (92) | (12) | (486) |
Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss | 662 | (189) | 553 | (26) |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 20 | 30 | 21 | 37 |
Total items that will not be reclassified subsequently to income | 1,139 | (251) | 562 | (475) |
Total other comprehensive income (loss), net of taxes | 926 | 340 | 573 | (332) |
Total comprehensive income (loss) | 2,407 | 3,570 | 5,563 | 6,070 |
Total comprehensive income attributable to: | ||||
Shareholders | 2,404 | 3,566 | 5,555 | 6,063 |
Non-controlling interests | 3 | 4 | 8 | 7 |
Total comprehensive income (loss) | 2,407 | 3,570 | 5,563 | 6,070 |
Income taxes on other comprehensive income | ||||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (147) | 48 | (92) | 44 |
Provision for credit losses recognized in income | 3 | 3 | ||
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (23) | (15) | (26) | (32) |
Unrealized foreign currency translation gains (losses) | 1 | 1 | 1 | 2 |
Net foreign currency translation gains (losses) from hedging activities | (384) | (136) | (446) | (160) |
Reclassification of losses (gains) on net investment hedging activities to income | 0 | 1 | ||
Net gains (losses) on derivatives designated as cash flow hedges | (394) | (66) | (457) | (179) |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 39 | (9) | 36 | (36) |
Remeasurements of employee benefit plans | 165 | (45) | (2) | (170) |
Net fair value change due to credit risk on financial liabilities designated as fair value through profit or loss | 237 | (69) | 198 | (10) |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 7 | (6) | 5 | (7) |
Total income tax expenses (recoveries) | $ (496) | $ (297) | $ (780) | $ (547) |
Interim Condensed Consolidate_4
Interim Condensed Consolidated Statements of Changes in Equity (unaudited) - CAD ($) $ in Millions | Total | Common shares [member] | Issued capital [member]Preferred shares [member] | Issued capital [member]Common shares [member] | Treasury shares [member]Preferred shares [member] | Treasury shares [member]Common shares [member] | Retained earnings [member] | Other components of equity [member] | Equity attributable to shareholders [member] | Non-controlling interests [member] | FVOCI securities and loans [member]Other components of equity [member] | Foreign currency translation reserve [member]Other components of equity [member] | Cash flow hedge reserve [member]Other components of equity [member] |
Balance at beginning of period at Oct. 31, 2018 | $ 79,861 | $ 6,306 | $ 17,635 | $ 3 | $ (18) | $ 51,018 | $ 4,823 | $ 79,767 | $ 94 | $ (12) | $ 4,147 | $ 688 | |
Changes in equity | |||||||||||||
Issues of share capital | 399 | 350 | 49 | 399 | |||||||||
Common shares purchased for cancellation | (359) | $ (46) | (46) | (313) | (359) | ||||||||
Redemption of preferred shares | (950) | (950) | (950) | ||||||||||
Sales of treasury shares | 2,926 | 125 | 2,801 | 2,926 | |||||||||
Purchases of treasury shares | (3,015) | (128) | (2,887) | (3,015) | |||||||||
Share-based compensation awards | (6) | 49 | (6) | (6) | |||||||||
Dividends on common shares | (2,873) | (2,873) | (2,873) | ||||||||||
Dividends on preferred shares and other | (139) | (139) | (139) | ||||||||||
Other | 7 | 7 | 7 | ||||||||||
Net income | 6,402 | 6,396 | 6,396 | 6 | |||||||||
Total other comprehensive income (loss), net of taxes | (332) | (475) | 142 | (333) | 1 | 69 | 670 | (597) | |||||
Balance at end of period at Apr. 30, 2019 | 81,921 | 5,706 | 17,638 | (104) | 53,615 | 4,965 | 81,820 | 101 | 57 | 4,817 | 91 | ||
Balance at beginning of period at Jan. 31, 2019 | 80,626 | 6,406 | 17,601 | 0 | (36) | 52,184 | 4,374 | 80,529 | 97 | (43) | 4,119 | 298 | |
Changes in equity | |||||||||||||
Issues of share capital | 38 | 38 | 38 | ||||||||||
Common shares purchased for cancellation | (11) | (1) | (1) | (10) | (11) | ||||||||
Redemption of preferred shares | (700) | (700) | (700) | ||||||||||
Sales of treasury shares | 1,315 | 43 | 1,272 | 1,315 | |||||||||
Purchases of treasury shares | (1,383) | (43) | (1,340) | (1,383) | |||||||||
Share-based compensation awards | (8) | 38 | (8) | (8) | |||||||||
Dividends on common shares | (1,466) | (1,466) | (1,466) | ||||||||||
Dividends on preferred shares and other | (65) | (65) | (65) | ||||||||||
Other | 5 | 5 | 5 | ||||||||||
Net income | 3,230 | 3,226 | 3,226 | 4 | |||||||||
Total other comprehensive income (loss), net of taxes | 340 | (251) | 591 | 340 | 100 | 698 | (207) | ||||||
Balance at end of period at Apr. 30, 2019 | 81,921 | 5,706 | 17,638 | (104) | 53,615 | 4,965 | 81,820 | 101 | 57 | 4,817 | 91 | ||
Balance at beginning of period (Previously stated [member]) at Oct. 31, 2019 | 83,625 | 5,706 | 17,645 | 1 | (58) | 55,981 | 4,248 | 83,523 | 102 | 33 | 4,221 | (6) | |
Balance at beginning of period (Transition adjustment (Note 2)) at Oct. 31, 2019 | (107) | (107) | (107) | ||||||||||
Balance at beginning of period (Balance After IFRS Adjustments) at Oct. 31, 2019 | 83,518 | 5,706 | 17,645 | 1 | (58) | 55,874 | 4,248 | 83,416 | 102 | 33 | 4,221 | (6) | |
Balance at beginning of period at Oct. 31, 2019 | 83,625 | ||||||||||||
Changes in equity | |||||||||||||
Issues of share capital | 44 | 0 | 44 | 0 | 0 | 0 | 0 | 44 | 0 | 0 | 0 | 0 | |
Common shares purchased for cancellation | (814) | (97) | 0 | (97) | 0 | 0 | (717) | 0 | (814) | 0 | 0 | 0 | 0 |
Redemption of preferred shares | (8) | (8) | 0 | 0 | 0 | 0 | 0 | (8) | 0 | 0 | 0 | 0 | |
Sales of treasury shares | 3,234 | 0 | 0 | 63 | 3,171 | 0 | 0 | 3,234 | 0 | 0 | 0 | 0 | |
Purchases of treasury shares | (3,251) | 0 | 0 | (63) | (3,188) | 0 | 0 | (3,251) | 0 | 0 | 0 | 0 | |
Share-based compensation awards | 0 | 44 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 |
Dividends on common shares | (3,034) | 0 | 0 | 0 | 0 | (3,034) | 0 | (3,034) | 0 | 0 | 0 | 0 | |
Dividends on preferred shares and other | (133) | 0 | 0 | 0 | 0 | (129) | 0 | (129) | (4) | 0 | 0 | 0 | |
Other | (79) | 0 | 0 | 0 | 0 | (78) | 0 | (78) | (1) | 0 | 0 | 0 | |
Net income | 4,990 | 0 | 0 | 0 | 0 | 4,988 | 0 | 4,988 | 2 | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of taxes | 573 | 0 | 0 | 0 | 0 | 562 | 5 | 567 | 6 | (856) | 2,038 | (1,177) | |
Balance at end of period at Apr. 30, 2020 | 85,040 | 5,698 | 17,592 | 1 | (75) | 57,466 | 4,253 | 84,935 | 105 | (823) | 6,259 | (1,183) | |
Balance at beginning of period (Previously stated [member]) at Jan. 31, 2020 | 84,061 | 5,698 | 17,577 | 1 | (72) | 56,279 | 4,472 | 83,955 | 106 | 206 | 4,454 | (188) | |
Changes in equity | |||||||||||||
Issues of share capital | 26 | 0 | 26 | 0 | 0 | 0 | 0 | 26 | 0 | 0 | 0 | 0 | |
Common shares purchased for cancellation | (87) | (11) | 0 | (11) | 0 | 0 | (76) | 0 | (87) | 0 | 0 | 0 | 0 |
Redemption of preferred shares | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | |
Sales of treasury shares | 1,635 | 0 | 0 | 30 | 1,605 | 0 | 0 | 1,635 | 0 | 0 | 0 | 0 | |
Purchases of treasury shares | (1,638) | 0 | 0 | (30) | (1,608) | 0 | 0 | (1,638) | 0 | 0 | 0 | 0 | |
Share-based compensation awards | (2) | $ 26 | 0 | 0 | 0 | 0 | (2) | 0 | (2) | 0 | 0 | 0 | 0 |
Dividends on common shares | (1,538) | 0 | 0 | 0 | 0 | (1,538) | 0 | (1,538) | 0 | 0 | 0 | 0 | |
Dividends on preferred shares and other | (67) | 0 | 0 | 0 | 0 | (64) | 0 | (64) | (3) | 0 | 0 | 0 | |
Other | 243 | 0 | 0 | 0 | 0 | 244 | 0 | 244 | (1) | 0 | 0 | 0 | |
Net income | 1,481 | 0 | 0 | 0 | 0 | 1,484 | 0 | 1,484 | (3) | 0 | 0 | 0 | |
Total other comprehensive income (loss), net of taxes | 926 | 0 | 0 | 0 | 0 | 1,139 | (219) | 920 | 6 | (1,029) | 1,805 | (995) | |
Balance at end of period at Apr. 30, 2020 | $ 85,040 | $ 5,698 | $ 17,592 | $ 1 | $ (75) | $ 57,466 | $ 4,253 | $ 84,935 | $ 105 | $ (823) | $ 6,259 | $ (1,183) |
Interim Condensed Consolidate_5
Interim Condensed Consolidated Statements of Cash Flows (unaudited) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Cash flows from operating activities | ||||
Net income | $ 1,481 | $ 3,230 | $ 4,990 | $ 6,402 |
Adjustments for non-cash items and others | ||||
Provision for credit losses | 2,830 | 426 | 3,249 | 940 |
Depreciation | 326 | 157 | 659 | 307 |
Deferred income taxes | (428) | (124) | (414) | (295) |
Amortization and impairment of other intangibles | 316 | 300 | 627 | 593 |
Net changes in investments in joint ventures and associates | (13) | (13) | (35) | (28) |
Losses (Gains) on investment securities | (86) | (47) | (98) | (96) |
Losses (Gains) on disposition of businesses | 8 | |||
Adjustments for net changes in operating assets and liabilities | ||||
Insurance claims and policy benefit liabilities | (876) | 494 | (18) | 1,006 |
Net change in accrued interest receivable and payable | (231) | 108 | (329) | 230 |
Current income taxes | (699) | (376) | (954) | (535) |
Derivative assets | (46,825) | 4 | (39,247) | 9,227 |
Derivative liabilities | 50,099 | 402 | 46,167 | (8,070) |
Trading securities | 8,788 | (743) | 10,292 | (10,658) |
Loans, net of securitizations | (46,092) | (12,604) | (57,727) | (25,755) |
Assets purchased under reverse repurchase agreements and securities borrowed | (1,347) | (11,860) | (18,573) | (14,918) |
Obligations related to assets sold under repurchase agreements and securities loaned | 24,214 | (549) | 52,019 | 17,166 |
Obligations related to securities sold short | 4,723 | 807 | 5,278 | 1,802 |
Deposits, net of securitizations | 107,220 | 11,457 | 124,456 | 26,939 |
Brokers and dealers receivable and payable | 2,997 | 162 | 2,353 | (316) |
Other | (14,436) | (2,405) | (20,798) | (3,888) |
Net cash from (used in) operating activities | 91,961 | (11,174) | 111,905 | 53 |
Cash flows from investing activities | ||||
Change in interest-bearing deposits with banks | (17,068) | 11,935 | (10,052) | 9,753 |
Proceeds from sales and maturities of investment securities | 35,777 | 12,850 | 52,581 | 31,154 |
Purchases of investment securities | (43,533) | (16,218) | (78,733) | (36,886) |
Net acquisitions of premises and equipment and other intangibles | (758) | (575) | (1,503) | (1,136) |
Net cash from (used in) investing activities | (25,582) | 7,992 | (37,707) | 2,885 |
Cash flows from financing activities | ||||
Issuance of subordinated debentures | 1,500 | |||
Repayment of subordinated debentures | (2,000) | |||
Issue of common shares, net of issuance costs | 23 | 30 | 39 | 39 |
Common shares purchased for cancellation | (87) | (11) | (814) | (359) |
Issue of preferred shares, net of issuance costs | 350 | |||
Redemption of preferred shares | (700) | (8) | (950) | |
Sales of treasury shares | 1,635 | 1,315 | 3,234 | 2,926 |
Purchases of treasury shares | (1,638) | (1,383) | (3,251) | (3,015) |
Dividends paid | (1,561) | (1,481) | (3,128) | (2,964) |
Dividends/distributions paid to non-controlling interests | (3) | (4) | ||
Change in short-term borrowings of subsidiaries | (1,248) | (1,774) | 1,531 | 3,086 |
Repayment of lease liabilities | (155) | (296) | ||
Net cash from (used in) financing activities | (3,034) | (4,004) | (3,197) | (887) |
Effect of exchange rate changes on cash and due from banks | 1,312 | 194 | 1,466 | 781 |
Net change in cash and due from banks | 64,657 | (6,992) | 72,467 | 2,832 |
Cash and due from banks at beginning of period | 34,120 | 40,033 | 26,310 | 30,209 |
Cash and due from banks at end of period | 98,777 | 33,041 | 98,777 | 33,041 |
Cash flows from operating activities include: | ||||
Amount of interest paid | 3,811 | 5,032 | 8,568 | 9,780 |
Amount of interest received | 8,903 | 9,817 | 18,654 | 19,477 |
Amount of dividends received | 646 | 488 | 1,304 | 981 |
Amount of income taxes paid | $ 842 | $ 958 | $ 1,717 | $ 1,749 |
Interim Condensed Consolidate_6
Interim Condensed Consolidated Statements of Cash Flows (unaudited) (Parenthetical) - CAD ($) $ in Billions | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Statement of cash flows [abstract] | ||||||
Mandatory reserve deposits at central banks | $ 2.6 | $ 2.5 | $ 2.6 | $ 2.3 | $ 2.3 | $ 2.4 |
General information
General information | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
General information | Note 1 General information Our unaudited Interim Condensed Consolidated Financial Statements (Condensed Financial Statements) are presented in compliance with International Accounting Standard (IAS) 34 Interim Financial Reporting |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Summary of significant accounting policies, estimates and judgments | Note 2 Summary of significant accounting policies, estimates and judgments Except as indicated below, the Condensed Financial Statements have been prepared using the same accounting policies and methods used in preparation of our audited 2019 Annual Consolidated Financial Statements. Our significant accounting policies and future changes in accounting policies and disclosures that are not yet effective for us are described in Note 2 of our audited 2019 Annual Consolidated Financial Statements. Changes in accounting policies Leases During the first quarter, we adopted IFRS 16 Leases Leases As a result of the adoption of IFRS 16, we increased total assets by $5,084 million and total liabilities by $5,191 million, primarily representing leases of premises and equipment previously classified as operating leases, and reduced retained earnings by $107 million, net of taxes. The adoption of IFRS 16 reduced our CET1 capital ratio by 14 bps. Leasing At inception of a contract, we assess whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys the right to obtain substantially all of the economic benefits from, and direct the use of, an identified asset for a period of time in return for consideration. When we are the lessee in a lease arrangement, we initially record a right-of-use low-value Low-value non-infrastructure low-value Where we are reasonably certain to exercise extension and termination options, they are included in the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at our incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method, recorded in Interest expense. The right-of-use The right-of-use right-of-use Impairment of assets right-of-use Impact of adoption of IFRS 16 – Leases previously classified as operating leases At transition, lease liabilities were measured at the present value of the remaining lease payments, discounted at our incremental borrowing rate as at November 1, 2019. We applied a weighted-average incremental borrowing rate of 2.3%. Right-of-use right-of-use • Election to not separate lease and non-lease • Exemption from recognition for short-term and low value leases. The following table reconciles our operating lease commitments at October 31, 2019, as previously disclosed in our 2019 Annual Consolidated Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at November 1, 2019. (Millions of Canadian dollars) Lease commitments disclosed as at October 31, 2019 $ 6,175 Less: commitments related to non-recoverable (360 ) Less: commitments for contracts not yet commenced (240 ) Less: recognition exemption adopted for short-term and low-value (83 ) Plus: commitments for renewal options reasonably certain to be exercised 977 Other (26 ) Adjusted operating lease commitments as at October 31, 2019 6,443 Discounted as at November 1, 2019 5,557 Finance lease liabilities recognized as at October 31, 2019 49 Lease liability recognized as at November 1, 2019 $ 5,606 Impact of adoption of IFRS 16 – Leases previously classified as finance leases The carrying amount of the right-of-use Leases Interest Rate Benchmark Reform During the first quarter, we early adopted amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures We will cease to apply these Amendments as interbank offered rate (IBOR) based cash flows transition to new risk free rates or when the hedging relationships to which the relief is applied are discontinued. Hedge Accounting Our accounting policies relating to hedge accounting are described in Note 2 and Note 8 of our 2019 Annual Report. We apply hedge accounting when designated hedging instruments are ‘highly effective’ in offsetting changes in the fair value or cash flows of the hedged items at inception and on an ongoing basis. We perform retrospective assessments to demonstrate that the relationship has been effective since designation of the hedge and prospective assessments to evaluate whether the hedge is expected to be effective over the remaining term of the hedge. While uncertainty due to IBOR reform exists, our prospective effectiveness testing is based on existing hedged cash flows or hedged risks. Any ineffectiveness arising from retrospective testing is recognized in net income. In addition to potential sources of ineffectiveness outlined in Note 8 of our 2019 Annual Report, the Reform may result in ineffectiveness as the transition of hedged items and related hedging instruments from IBORs to new risk free rates may occur at different times. This may result in different impacts on the valuation or cash flow variability of hedged items and related hedging instruments. Cash flow hedges We apply hedge accounting for cash flow hedges when the cash flows giving rise to the risk being hedged have a high probability of occurring. While uncertainty due to IBOR reform exists, we apply the relief provided by the Amendments that the IBOR benchmarks, on which the highly probable hedged cash flows are based, are not altered as a result of the Reform. In addition, associated cash flow hedge reserves are not recycled into net income solely due to changes related to the transition from IBOR to new risk free rates. Fair value hedges We apply hedge accounting to IBOR rates which may not be contractually specified when that rate is separately identifiable and reliably measurable at inception of the hedge relationship. Hedging relationships impacted by interest rate benchmark reform The following table presents the notional amount of our hedging instruments which reference IBOR that will expire after 2021 and will be affected by the Reform. The notional amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at November 1, 2019 (Millions of Canadian dollars) Notional/Principal amounts Interest rate contracts USD LIBOR $ 26,709 EURO Interbank Offered Rate 5,589 GBP LIBOR 618 Non-derivative USD LIBOR 888 GBP LIBOR 682 $ 34,486 (1) Excludes interest rate contracts and non-derivative IFRS Interpretations Committee Interpretation 23 Uncertainty over income tax treatments (IFRIC 23) During the first quarter, we adopted IFRIC 23 which provides guidance on the recognition and measurement of tax assets and liabilities under IAS 12 Income taxes Provisions, contingent liabilities and contingent assets IFRS 15 Revenue from Contracts with Customers (IFRS 15) On November 1, 2018, we adopted IFRS 15 and reduced our opening retained earnings. In the fourth quarter of 2019, we amended our opening reduction to retained earnings to $94 million on an after-tax Significant judgments, estimates, and assumptions The COVID-19 pandemic is rapidly evolving and the economic environment in which we operate could be subject to sustained volatility, which could continue to negatively impact our financial results, as the duration of the pandemic, including the possibility of subsequent waves, and the effectiveness of steps undertaken by governments and central banks remains uncertain. The current environment required particularly complex judgments and estimates, and we are closely monitoring the changing conditions and their impact to the following areas. Allowance for credit losses Our estimation of expected credit losses in stage 1 and stage 2 continues to be a discounted probability-weighted estimate that considers five distinct macroeconomic scenarios. These include our base macroeconomic forecast, upside and downside scenarios based on reasonably possible alternative macroeconomic conditions, and additional and more severe downside scenarios designed to capture a broader range of potential credit losses in the energy and real estate sectors. Our process involves significant judgment to design and weigh macroeconomic scenarios, forecast macroeconomic variables, and assess for significant increases in credit risk. To reflect certain characteristics not already considered in our modelled, scenario-weighted ACL, including the impact of a pandemic scenario on particularly vulnerable sectors affected by COVID-19 Use of forward looking information The emergence of the COVID-19 global pandemic significantly impacted our economic outlook, which is reflected in the macroeconomic variables used to estimate our stage 1 and stage 2 credit loss allowances. The environment, including government support measures being introduced, is rapidly evolving and as a result, our macroeconomic outlook has a higher than usual degree of uncertainty and is inherently subject to change, which may materially change our estimate of stage 1 and stage 2 credit loss allowances. We are closely monitoring changes in conditions and their impact on our expected credit losses, and will continue to update our macroeconomic variables as the impact of COVID-19 progresses. Assessment of significant increase in credit risk To support our clients during this time, we have launched various hardship relief programs. Utilization of a payment deferral program does not, all else being equal, automatically trigger a significant increase in credit risk. Our assessment of significant increases in credit risk continues to be primarily based on quantitative lifetime probability of default (PD) thresholds and, for our wholesale portfolios, changes in the borrower’s risk rating. Additional qualitative reviews and a 30 days past due backstop are also applied. Risk ratings and the broader macroeconomic impacts of the pandemic are largely reflected in an instrument’s lifetime PD. To the extent the impacts of COVID-19 are not already reflected within the lifetime PD model, they are reflected through the qualitative review performed to assess the staging results and adjustments are made as necessary. RBC Client relief programs We have established relief programs to help personal and business banking clients manage the COVID-19 Government programs To support our clients through unprecedented times, we are participating in government relief programs in Canada and in the U.S. For these programs, we have assessed whether we transferred substantially all the risks and rewards associated with the financial assets, relinquished control, or retained the rights to receive the cash flows of the financial assets but assumed an obligation to pay the cash flows to a third party subject to certain pass-through requirements. Under the Canadian Emergency Business Account program, we have provided interest-free loans to existing eligible small business clients funded by the Export Development Bank of Canada (EDC). As we do not retain substantially all of the risks and rewards of the financial assets, and all cash flows are passed through to the EDC, these loans are not recognized on our Consolidated Balance Sheets. We have also provided loans to support certain U.S. based clients, guaranteed by the United States Federal Government, as part of the Paycheck Protection Program (PPP) CARES Act. Although these loans are guaranteed by the United States Federal Government, we retain substantially all of the other risk and rewards of the loans. Accordingly, loans provided under this program have been presented in Wholesale loans at amortized cost. Goodwill Due to the COVID-19 impacts on the cash flow outlook for our businesses, we completed sensitivity analysis on certain cash-generating units (CGUs) more significantly impacted by the pandemic. This included updating certain key assumptions and judgments used in estimating the recoverable amount of certain CGUs through completing sensitivity testing on our discount rates and forecast future cash flows to determine whether the CGUs’ recoverable amounts continue to exceed their carrying amounts. We determined that no impairment existed. As determined through our sensitivity analysis, the recoverable amount of our Caribbean Banking CGU has been updated to 111% of its carrying amount (October 31, 2019 – 126%). If the post-tax discount rate was increased by 0.7% (October 31, 2019 – 1.8%), or the terminal growth rate was decreased by 0.9% (October 31, 2019 – 2.4%), or we reduced future cash flows by 10% (October 31, 2019 – 21%), holding other individual factors constant, the CGU’s carrying amount would approximate its recoverable amount. We will continue to monitor the impact of COVID-19 and update our key assumptions and judgments as information emerges over future quarters. For further details on our significant estimates and judgments, refer to Note 2 of our audited Annual Consolidated Financial Statements. |
Fair value of financial instrum
Fair value of financial instruments | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Fair value of financial instruments | Note 3 Fair value of financial instruments Carrying value and fair value of financial instruments The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2019 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter. As at April 30, 2020 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits $ – $ 33,783 $ – $ – $ 14,615 $ 14,615 $ 48,398 $ 48,398 Securities Trading 126,051 9,727 – – – – 135,778 135,778 Investment, net of applicable allowance – – 88,430 528 45,205 46,372 134,163 135,330 126,051 9,727 88,430 528 45,205 46,372 269,941 271,108 Assets purchased under reverse repurchase agreements and securities borrowed 271,679 – – – 53,855 53,860 325,534 325,539 Loans, net of applicable allowance Retail 162 243 90 – 432,256 435,701 432,751 436,196 Wholesale 8,121 2,019 424 – 230,133 230,598 240,697 241,162 8,283 2,262 514 – 662,389 666,299 673,448 677,358 Other Derivatives 140,807 – – – – – 140,807 140,807 Other assets (1) 2,998 – – – 71,456 71,455 74,454 74,453 Financial liabilities Deposits Personal $ 50 $ 16,963 $ 311,373 $ 310,738 $ 328,386 $ 327,751 Business and government (2) 96 136,805 495,824 496,816 632,725 633,717 Bank (3) – 13,482 34,854 34,889 48,336 48,371 146 167,250 842,051 842,443 1,009,447 1,009,839 Other Obligations related to securities sold short 40,347 – – – 40,347 40,347 Obligations related to assets – 265,708 12,897 12,897 278,605 278,605 Derivatives 144,710 – – – 144,710 144,710 Other liabilities (4) (111 ) 84 73,457 73,467 73,430 73,440 Subordinated debentures – – 9,774 9,628 9,774 9,628 As at October 31, 2019 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits with banks $ – $ 22,283 $ – $ – $ 16,062 $ 16,062 $ 38,345 $ 38,345 Securities Trading 137,600 8,934 – – – – 146,534 146,534 Investment, net of – – 57,223 463 44,784 45,104 102,470 102,790 137,600 8,934 57,223 463 44,784 45,104 249,004 249,324 Assets purchased under reverse repurchase agreements and securities borrowed 246,068 – – – 60,893 60,894 306,961 306,962 Loans, net of applicable allowance Retail 275 242 95 – 423,469 424,416 424,081 425,028 Wholesale 7,055 1,856 451 – 185,413 184,645 194,775 194,007 7,330 2,098 546 – 608,882 609,061 618,856 619,035 Other Derivatives 101,560 – – – – – 101,560 101,560 Other assets (1) 3,156 – – – 50,375 50,375 53,531 53,531 Financial liabilities Deposits Personal $ 140 $ 17,394 $ 277,198 $ 277,353 $ 294,732 $ 294,887 Business and government (2) 151 111,389 453,942 452,536 565,482 564,076 Bank (3) – 3,032 22,759 22,773 25,791 25,805 291 131,815 753,899 752,662 886,005 884,768 Other Obligations related to securities sold short 35,069 – – – 35,069 35,069 Obligations related to assets – 218,612 7,974 7,974 226,586 226,586 Derivatives 98,543 – – – 98,543 98,543 Other liabilities (4) (1,209 ) 91 61,039 61,024 59,921 59,906 Subordinated debentures – – 9,815 9,930 9,815 9,930 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. Financial assets designated as fair value through profit or loss For our financial assets designated as FVTPL, we measure the change in fair value attributable to changes in credit risk as the difference between the total change in the fair value of the instrument during the period and the change in fair value calculated using the appropriate risk-free yield curves. For the six months ended April 30, 2020, a loss of $971 million was attributable to changes in credit risk for positions still held and there were no significant changes in the extent to which credit derivatives or similar instruments mitigate the maximum exposure to credit risk. Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at April 30, 2020 October 31, 2019 Fair value measurements using Netting adjustments Fair value Fair value measurements using Netting adjustments Fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Interest-bearing deposits with banks $ – $ 33,783 $ – $ $ 33,783 $ – $ 22,283 $ – $ $ 22,283 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 18,982 5,957 – 24,939 14,655 5,474 – 20,129 Provincial and municipal – 13,786 – 13,786 – 11,282 – 11,282 U.S. state, municipal and agencies (1) 606 30,689 54 31,349 2,050 39,584 58 41,692 Other OECD government (2) 3,930 2,360 – 6,290 2,786 3,710 – 6,496 Mortgage-backed securities (1) – 136 – 136 – 482 – 482 Asset-backed securities Non-CDO (3) – 744 2 746 – 1,333 2 1,335 Corporate debt and other debt – 24,366 19 24,385 1 23,643 21 23,665 Equities 30,614 2,277 1,256 34,147 38,309 1,925 1,219 41,453 54,132 80,315 1,331 135,778 57,801 87,433 1,300 146,534 Investment Debt issued or guaranteed by: Canadian government (1) Federal – 1,131 – 1,131 – 657 – 657 Provincial and municipal – 5,148 – 5,148 – 2,898 – 2,898 U.S. state, municipal and agencies (1) 487 40,747 – 41,234 210 20,666 – 20,876 Other OECD government 909 5,877 – 6,786 – 4,251 – 4,251 Mortgage-backed securities (1) – 2,927 28 2,955 – 2,675 27 2,702 Asset-backed securities CDO – 7,489 – 7,489 – 7,300 – 7,300 Non-CDO – 963 – 963 – 849 – 849 Corporate debt and other debt – 22,560 165 22,725 – 17,537 153 17,690 Equities 40 154 333 527 42 127 294 463 1,436 86,996 526 88,958 252 56,960 474 57,686 Assets purchased under reverse repurchase agreements and securities borrowed – 271,679 – 271,679 – 246,068 – 246,068 Loans – 10,065 994 11,059 – 9,294 680 9,974 Other Derivatives Interest rate contracts – 64,200 564 64,764 1 46,095 349 46,445 Foreign exchange contracts – 55,119 103 55,222 – 40,768 48 40,816 Credit derivatives – 748 – 748 – 169 – 169 Other contracts 4,463 18,521 28 23,012 2,852 12,674 11 15,537 Valuation adjustments – (1,644 ) 3 (1,641 ) – (712 ) 15 (697 ) Total gross derivatives 4,463 136,944 698 142,105 2,853 98,994 423 102,270 Netting adjustments (1,298 ) (1,298 ) (710 ) (710 ) Total derivatives 140,807 101,560 Other assets 1,251 1,698 49 2,998 1,119 1,960 77 3,156 $ 61,282 $ 621,480 $ 3,598 $ (1,298 ) $ 685,062 $ 62,025 $ 522,992 $ 2,954 $ (710) $ 587,261 Financial Liabilities Deposits Personal $ – $ 16,850 $ 163 $ $ 17,013 $ – $ 17,378 $ 156 $ $ 17,534 Business and government – 136,901 – 136,901 – 111,540 – 111,540 Bank – 13,482 – 13,482 – 3,032 – 3,032 Other Obligations related to securities sold short 22,293 18,054 – 40,347 20,512 14,557 – 35,069 Obligations related to assets sold under repurchase agreements and securities loaned – 265,708 – 265,708 – 218,612 – 218,612 Derivatives Interest rate contracts – 57,282 1,160 58,442 – 39,165 934 40,099 Foreign exchange contracts – 59,987 37 60,024 – 40,183 27 40,210 Credit derivatives – 747 – 747 – 282 – 282 Other contracts 5,729 21,267 354 27,350 2,675 15,776 206 18,657 Valuation adjustments – (548 ) (7 ) (555 ) – 12 (7 ) 5 Total gross derivatives 5,729 138,735 1,544 146,008 2,675 95,418 1,160 99,253 Netting adjustments (1,298 ) (1,298 ) (710 ) (710 ) Total derivatives 144,710 98,543 Other liabilities 45 (108 ) 36 (27 ) 102 (1,280 ) 60 (1,118 ) $ 28,067 $ 589,622 $ 1,743 $ (1,298 ) $ 618,134 $ 23,289 $ 459,257 $ 1,376 $ (710 ) $ 483,212 (1) As at April 30, 2020, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $20,361 million and $nil (October 31, 2019 – $22,365 million and $nil), respectively, and in all fair value levels of Investment securities were $10,618 million and $2,200 million (October 31, 2019 – $6,474 million and $2,046 million), respectively. (2) OECD stands for Organisation for Economic Co-operation (3) CDO stands for collateralized debt obligations. Fair value measurements using significant unobservable inputs (Level 3 Instruments) A financial instrument is classified as Level 3 in the fair value hierarchy if one or more of its unobservable inputs may significantly affect the measurement of its fair value. In preparing the financial statements, appropriate levels for these unobservable input parameters are chosen so that they are consistent with prevailing market evidence or management judgment. Due to the unobservable nature of the prices or rates, there may be uncertainty about the valuation of these Level 3 financial instruments. During the three months ended April 30, 2020, there were no significant changes made to the valuation techniques and ranges and weighted averages of unobservable inputs used in the determination of fair value of Level 3 financial instruments. As at April 30, 2020, the impacts of adjusting one or more of the unobservable inputs by reasonably possible alternative assumptions did not change significantly from the impacts disclosed in our 2019 Annual Consolidated Financial Statements. Changes in fair value measurement for instruments measured on a recurring basis and categorized in Level 3 For the three months ended April 30, 2020 (Millions of Canadian dollars) Fair value Gains (losses) included Gains (losses) included in Purchases (issuances) Settlement (sales) and other Transfers into Level 3 Transfers out of Level 3 Fair value at end of period Gains (losses) included in earnings for positions still held Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 55 $ – $ 4 $ – $ (5 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 19 – – – – – – 19 – Equities 1,236 (51 ) 43 47 (19 ) – – 1,256 (37 ) 1,312 (51 ) 47 47 (24 ) – – 1,331 (37 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 158 – 6 1 – – – 165 n.a. Equities 293 – 36 4 – – – 333 n.a. 478 – 43 5 – – – 526 n.a. Loans 995 (7 ) – 172 (490 ) 332 (8 ) 994 16 Other Net derivative balances (3) Interest rate contracts (610 ) (114 ) (2 ) (3 ) 7 34 92 (596 ) (55 ) Foreign exchange contracts 25 39 1 5 – – (4 ) 66 33 Other contracts (155 ) (79 ) (8 ) (72 ) (1 ) (23 ) 12 (326 ) (60 ) Valuation adjustments 16 – – – (6 ) – – 10 – Other assets 80 (26 ) 4 – (9 ) – – 49 (27 ) $ 2,141 $ (238 ) $ 85 $ 154 $ (523 ) $ 343 $ 92 $ 2,054 $ (130 ) Liabilities Deposits Personal $ (268 ) $ 87 $ (4 ) $ (39 ) $ 8 $ (66 ) $ 119 $ (163 ) $ 96 Business and government – – – – – – – – – Other Other liabilities (59 ) 16 (3 ) 1 9 – – (36 ) 16 $ (327 ) $ 103 $ (7 ) $ (38 ) $ 17 $ (66 ) $ 119 $ (199 ) $ 112 For the three months ended April 30, 2019 (Millions of Canadian dollars) Fair value of period Gains (losses) included Gains (losses) included in Purchases (issuances) Settlement (sales) and other (2) Transfers into Level 3 Transfers out of Level 3 Fair value at end of period Gains (losses) included in earnings for positions still held Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 65 $ – $ 2 $ – $ – $ – $ – $ 67 $ – Asset-backed securities Non-CDO 9 – – – (5 ) – – 4 1 Corporate debt and other debt 22 – – – (1 ) – – 21 – Equities 1,076 (29 ) 16 70 (35 ) 9 – 1,107 (12 ) 1,172 (29 ) 18 70 (41 ) 9 – 1,199 (11 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 135 – 11 – – – – 146 n.a. Equities 247 – 10 – 39 – – 296 n.a. 409 – 22 – 39 – – 470 n.a. Loans 826 12 1 48 (2 ) 53 (179 ) 759 5 Other Net derivative balances (3) Interest rate contracts (550 ) (27 ) – (193 ) 184 1 – (585 ) (31 ) Foreign exchange contracts 12 1 3 (1 ) – – 2 17 1 Other contracts (102 ) 35 (3 ) (6 ) 13 (22 ) (105 ) (190 ) 14 Valuation adjustments 13 – – – (7 ) – – 6 – Other assets 61 10 1 – (6 ) – – 66 10 $ 1,841 $ 2 $ 42 $ (82 ) $ 180 $ 41 $ (282 ) $ 1,742 $ (12 ) Liabilities Deposits Personal $ (91 ) $ (4 ) $ – $ (24 ) $ 6 $ (107 ) $ 28 $ (192 ) $ (7 ) Business and government – – – – – – – – – Other Other liabilities (52 ) (5 ) (2 ) 1 2 – – (56 ) (4 ) $ (143 ) $ (9 ) $ (2 ) $ (23 ) $ 8 $ (107 ) $ 28 $ (248 ) $ (11 ) For the six months ended April 30, 2020 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains (losses) included Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 58 $ – $ 4 $ – $ (8 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – – (1 ) – – 19 – Equities 1,219 (78 ) 47 118 (47 ) – (3 ) 1,256 (49 ) 1,300 (79 ) 51 118 (56 ) – (3 ) 1,331 (49 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 153 – 11 1 – – – 165 n.a. Equities 294 – 36 4 (1 ) – – 333 n.a. 474 – 48 5 (1 ) – – 526 n.a. Loans 680 19 – 490 (499 ) 340 (36 ) 994 17 Other Net derivative balances (3) Interest rate contracts (585 ) (110 ) (2 ) (39 ) 8 34 98 (596 ) (56 ) Foreign exchange contracts 21 40 1 16 – (5 ) (7 ) 66 31 Other contracts (195 ) (94 ) (7 ) (74 ) 7 (33 ) 70 (326 ) (72 ) Valuation adjustments 22 – – – (12 ) – – 10 – Other assets 77 (19 ) 4 – (13 ) – – 49 (20 ) $ 1,794 $ (243 ) $ 95 $ 516 $ (566 ) $ 336 $ 122 $ 2,054 $ (149 ) Liabilities Deposits Personal $ (156 ) $ 86 $ (4 ) $ (213 ) $ 18 $ (82 ) $ 188 $ (163 ) $ 94 Business and government – – – – – – – – – Other Other liabilities (60 ) 12 (3 ) 4 11 – – (36 ) 12 $ (216 ) $ 98 $ (7 ) $ (209 ) $ 29 $ (82 ) $ 188 $ (199 ) $ 106 For the six months ended April 30, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 66 $ (1 ) $ 2 $ – $ – $ – $ – $ 67 $ – Asset-backed securities Non-CDO 110 15 – – (121 ) – – 4 2 Corporate debt and other debt 21 1 – – (1 ) – – 21 – Equities 1,148 (47 ) 16 150 (178 ) 18 – 1,107 (17 ) 1,345 (32 ) 18 150 (300 ) 18 – 1,199 (15 ) Investment Mortgage-backed securities – – 1 27 – – – 28 n.a. Corporate debt and other debt 192 (3 ) 13 – (56 ) – – 146 n.a. Equities 237 – 20 – 39 – – 296 n.a. 429 (3 ) 34 27 (17 ) – – 470 n.a. Loans 551 29 2 312 (4 ) 53 (184 ) 759 21 Other Net derivative balances (3) Interest rate contracts (504 ) (95 ) – (193 ) 224 3 (20 ) (585 ) (37 ) Foreign exchange contracts 21 (6 ) 9 1 – (1 ) (7 ) 17 – Other contracts (84 ) 80 (3 ) (15 ) (10 ) (39 ) (119 ) (190 ) 74 Valuation adjustments 1 – – – 5 – – 6 – Other assets 65 10 1 – (10 ) – – 66 10 $ 1,824 $ (17 ) $ 61 $ 282 $ (112 ) $ 34 $ (330 ) $ 1,742 $ 53 Liabilities Deposits Personal $ (390 ) $ (34 ) $ (1 ) $ (33 ) $ 11 $ (125 ) $ 380 $ (192 ) $ (5 ) Business and government 5 – – – – – (5 ) – – Other Other liabilities (68 ) (5 ) (2 ) 1 18 – – (56 ) (3 ) $ (453 ) $ (39 ) $ (3 ) $ (32 ) $ 29 $ (125 ) $ 375 $ (248 ) $ (8 ) (1) These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were $25 million for the three months ended April 30, 2020 (April 30, 2019 – gains of $18 million) and gains of $29 million for the six months ended April 30, 2020 (April 30, 2019 – gains of $29 million), excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at April 30, 2020 included derivative assets of $698 million (April 30, 2019 – $344 million) and derivative liabilities of $1,544 million (April 30, 2019 – $1,096 million). n.a. not applicable Transfers between fair value hierarchy levels for instruments carried at fair value on a recurring basis Transfers between Level 1 and Level 2, and transfers into and out of Level 3 are assumed to occur at the end of the period. For an asset or a liability that transfers into Level 3 during the period, the entire change in fair value for the period is excluded from the Gains (losses) included in earnings for positions still held column of the above reconciliation, whereas for transfers out of Level 3 during the period, the entire change in fair value for the period is included in the same column of the above reconciliation. Transfers between Level 1 and 2 are dependent on whether fair value is obtained on the basis of quoted market prices in active markets (Level 1). During the three months ended April 30, 2020, transfers out of Level 1 to Level 2 included Trading U.S. state, municipal and agencies debt and Obligations related to securities sold short of $403 million and $256 million, respectively. During the three months ended April 30, 2020 there were no significant transfers out of Level 2 to Level 1. Transfers between Level 2 and Level 3 are primarily due to either a change in the market observability for an input, or a change in an unobservable input’s significance to a financial instrument’s fair value. During the three months ended April 30, 2020, transfers out of Level 2 to Level 3 include: • $332 million in Loans, due to changes in the significance of the unobservable inputs. During the three months ended April 30, 2020, transfers out of Level 3 to Level 2 include: • $119 million in Personal deposits, due to changes in the significance of the unobservable inputs. • $92 million of Interest rate contracts, comprised of $190 million of derivative related assets and $282 million of derivative related liabilities, due to changes in the significance of the unobservable inputs. Net interest income from financial instruments Interest and dividend income arising from financial assets and financial liabilities and the associated costs of funding are reported in Net interest income. For the three months ended For the six months ended (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 2,436 $ 2,900 $ 5,421 $ 5,787 Financial instruments measured at fair value through other comprehensive income 305 288 614 560 Financial instruments measured at amortized cost 6,485 6,944 13,429 13,934 9,226 10,132 19,464 20,281 Interest expense (1) Financial instruments measured at fair value through profit or loss (3) $ 1,635 $ 2,543 $ 3,995 $ 5,098 Financial instruments measured at amortized cost (4) 2,126 2,816 4,783 5,563 3,761 5,359 8,778 10,661 Net interest income (3) $ 5,465 $ 4,773 $ 10,686 $ 9,620 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Interim Consolidated Statements of Income. For the three months ended April 30, 2020, Interest income of $123 million (April 30, 2019 – $114 million), and Interest expense of $1 million (April 30, 2019 – $1 million). For the six months ended April 30, 2020, Interest income of $255 million (April 30, 2019 – $243 million), and Interest expense of $3 million (April 30, 2019 – $2 million). (2) Includes dividend income for the three months ended April 30, 2020 of $614 million (April 30, 2019 – $456 million) and for the six months ended April 30, 2020 of $1,222 million (April 30, 2019 – $893 million), which is presented in Interest and dividend income in the Interim Consolidated Statements of Income. (3) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at fair value through profit or loss (FVTPL) previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (4) Includes interest expense on lease liabilities for the three months ended April 30, 2020 of $32 million and for the six months ended April 30, 2020 of $63 million, due to the adoption of IFRS 16. |
Securities
Securities | 6 Months Ended |
Apr. 30, 2020 | |
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Securities | Note 4 Securities Unrealized gains and losses on securities at FVOCI (1), (2) As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Debt issued or guaranteed by: Canadian government Federal (3) $ 1,132 $ 1 $ (2 ) $ 1,131 $ 655 $ 3 $ (1 ) $ 657 Provincial and municipal 5,092 82 (26 ) 5,148 2,878 43 (23 ) 2,898 U.S. state, municipal and agencies (3) 41,582 245 (593 ) 41,234 20,787 215 (126 ) 20,876 Other OECD government 6,800 4 (18 ) 6,786 4,254 2 (5 ) 4,251 Mortgage-backed securities (3) 3,109 3 (157 ) 2,955 2,709 1 (8 ) 2,702 Asset-backed securities CDO 7,858 6 (375 ) 7,489 7,334 1 (35 ) 7,300 Non-CDO 1,007 – (44 ) 963 847 4 (2 ) 849 Corporate debt and other debt 22,729 60 (64 ) 22,725 17,655 45 (10 ) 17,690 Equities 281 251 (5 ) 527 248 218 (3 ) 463 $ 89,590 $ 652 $ (1,284 ) $ 88,958 $ 57,367 $ 532 $ (213 ) $ 57,686 (1) Excludes $45,205 million of held-to-collect (2) Gross unrealized gains and losses includes $23 million of allowance for credit losses on debt securities at FVOCI as at April 30, 2020 (October 31, 2019 – $(3) million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, Gross unrealized gains, Gross unrealized losses and Fair value related to commercial MBS are $2,344 million, $nil, $144 million and $2,200 million, respectively as at April 30, 2020 (October 31, 2019 – $2,051 million, $1 million, $6 million and $2,046 million, respectively). Allowance for credit losses on investment securities The following tables reconcile the opening and closing allowance for debt securities at FVOCI and amortized cost by stage. Reconciling items include the following: • Transfers between stages, which are presumed to occur before any corresponding remeasurement of the allowance. • Purchases, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Sales and maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time. Allowance for credit losses – securities at FVOCI (1) For the three months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 6 $ – $ (9 ) $ (3 ) $ 6 $ – $ 3 $ 9 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 9 – – 9 1 – – 1 Sales and maturities (2 ) – – (2 ) – – – – Changes in risk, parameters and exposures 9 – 10 19 (2 ) – (7 ) (9 ) Exchange rate and other 1 – (1 ) – – – – – Balance at end of period $ 23 $ – $ – $ 23 $ 5 $ – $ (4 ) $ 1 For the six months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 4 $ – $ (7 ) $ (3 ) $ 4 $ 7 $ – $ 11 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 11 – – 11 3 – – 3 Sales and maturities (2 ) – – (2 ) (1 ) (7 ) – (8 ) Changes in risk, parameters and exposures 9 – 8 17 (1 ) – (4 ) (5 ) Exchange rate and other 1 – (1 ) – – – – – Balance at end of period $ 23 $ – $ – $ 23 $ 5 $ – $ (4 ) $ 1 (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. (2) Reflects changes in the allowance for purchased credit impaired securities. Allowance for credit losses – securities at amortized cost For the three months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ 17 $ – $ 22 $ 6 $ 30 $ – $ 36 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 3 – – 3 3 – – 3 Sales and maturities (1 ) – – (1 ) – – – – Changes in risk, parameters and exposures 2 2 – 4 (2 ) (8 ) – (10 ) Exchange rate and other – 1 – 1 – 1 – 1 Balance at end of period $ 9 $ 20 $ – $ 29 $ 7 $ 23 $ – $ 30 For the six months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ 19 $ – $ 24 $ 6 $ 32 $ – $ 38 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 5 – – 5 4 – – 4 Sales and maturities (1 ) – – (1 ) – – – – Changes in risk, parameters and exposures – 1 – 1 (3 ) (10 ) – (13 ) Exchange rate and other – – – – – 1 – 1 Balance at end of period $ 9 $ 20 $ – $ 29 $ 7 $ 23 $ – $ 30 Credit risk exposure by internal risk rating The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses, as at the reporting date as outlined in the internal ratings maps in the Credit risk section of our 2019 Annual Report. As at April 30, 2020 October 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 86,236 $ 33 $ – $ 86,269 $ 56,671 $ 1 $ – $ 56,672 Non-investment 1,998 1 – 1,999 400 1 – 401 Impaired – – 162 162 – – 150 150 $ 88,234 $ 34 $ 162 $ 88,430 $ 57,071 $ 2 $ 150 $ 57,223 Items not subject to impairment (2) 528 463 $ 88,958 $ 57,686 Securities at amortized cost Investment grade $ 44,102 $ 7 $ – $ 44,109 $ 43,681 $ 46 $ – $ 43,727 Non-investment 727 398 – 1,125 695 386 – 1,081 Impaired – – – – – – – – $ 44,829 $ 405 $ – $ 45,234 $ 44,376 $ 432 $ – $ 44,808 Allowance for credit losses 9 20 – 29 5 19 – 24 Amortized cost $ 44,820 $ 385 $ – $ 45,205 $ 44,371 $ 413 $ – $ 44,784 (1) Includes $162 million of purchased credit impaired securities (October 31, 2019 – $150 million). (2) Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Loans and allowance for credit
Loans and allowance for credit losses | 6 Months Ended |
Apr. 30, 2020 | |
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Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Allowance for credit losses For the three months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars) Balance at beginning of period Provision losses Net write-offs Exchange other Balance at period Balance at beginning Provision for credit losses Net write-offs Exchange other Balance at end of period Retail Residential mortgages $ 367 $ 126 $ (8 ) $ (1 ) $ 484 $ 409 $ (2 ) $ (16 ) $ 4 $ 395 Personal 940 437 (119 ) – 1,258 892 148 (117 ) (1 ) 922 Credit cards 868 393 (142 ) 2 1,121 780 135 (125 ) – 790 Small business 66 50 (9 ) – 107 51 7 (8 ) (1 ) 49 Wholesale 1,191 1,660 (67 ) 6 2,790 1,110 158 (155 ) (5 ) 1,108 Customers’ liability under acceptances 39 68 – (2 ) 105 31 (5 ) – – 26 $ 3,471 $ 2,734 $ (345 ) $ 5 $ 5,865 $ 3,273 $ 441 $ (421 ) $ (3 ) $ 3,290 Presented as: Allowance for loan losses $ 3,139 $ 5,230 $ 3,061 $ 3,093 Other liabilities – Provisions 292 529 180 171 Customers’ liability under acceptances 39 105 31 26 Other components of equity 1 1 1 – For the six months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars) Balance at Provision losses Net write-offs Exchange rate and other Balance at end of Balance at beginning Provision losses Net write-offs Exchange other Balance at end of period Retail Residential mortgages $ 402 $ 119 $ (16 ) $ (21 ) $ 484 $ 382 $ 31 $ (20 ) $ 2 $ 395 Personal 935 558 (230 ) (5 ) 1,258 895 271 (230 ) (14 ) 922 Credit cards 832 570 (281 ) – 1,121 760 275 (245 ) – 790 Small business 61 64 (17 ) (1 ) 107 51 13 (13 ) (2 ) 49 Wholesale 1,165 1,762 (108 ) (29 ) 2,790 979 362 (216 ) (17 ) 1,108 Customers’ liability under acceptances 24 82 – (1 ) 105 21 5 – – 26 $ 3,419 $ 3,155 $ (652 ) $ (57 ) $ 5,865 $ 3,088 $ 957 $ (724 ) $ (31 ) $ 3,290 Presented as: Allowance for loan losses $ 3,100 $ 5,230 $ 2,912 $ 3,093 Other liabilities – Provisions 295 529 154 171 Customers’ liability under acceptances 24 105 21 26 Other components of equity – 1 1 – The following table reconciles the opening and closing allowance for loans and commitments, by stage, for each major product category. Reconciling items include the following: • Transfers between stages, which are presumed to occur before any corresponding remeasurements of the allowance. • Originations, which reflect the allowance related to assets newly recognized during the period, including those assets that were derecognized following a modification of terms. • Maturities, which reflect the allowance related to assets derecognized during the period without a credit loss being incurred, including those assets that were derecognized following a modification of terms. • Changes in risk, parameters and exposures, which comprise the impact of changes in model inputs or assumptions, including changes in forward-looking macroeconomic conditions; partial repayments and additional draws on existing facilities; changes in the measurement following a transfer between stages; and unwinding of the time value discount due to the passage of time in stage 1 and stage 2. Allowance for credit losses – Retail and wholesale loans For the three months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 132 $ 80 $ 155 $ 367 $ 138 $ 79 $ 192 $ 409 Provision for credit losses Transfers to stage 1 33 (21 ) (12 ) – 35 (28 ) (7 ) – Transfers to stage 2 (22 ) 23 (1 ) – (2 ) 3 (1 ) – Transfers to stage 3 (1 ) (7 ) 8 – – (10 ) 10 – Originations 11 – – 11 10 – – 10 Maturities (3 ) (4 ) – (7 ) (3 ) (1 ) – (4 ) Changes in risk, parameters and exposures (39 ) 159 2 122 (39 ) 19 12 (8 ) Write-offs – – (10 ) (10 ) – – (17 ) (17 ) Recoveries – – 2 2 – – 1 1 Exchange rate and other 3 (7 ) 3 (1 ) 1 1 2 4 Balance at end of period $ 114 $ 223 $ 147 $ 484 $ 140 $ 63 $ 192 $ 395 Personal Balance at beginning of period $ 273 $ 517 $ 150 $ 940 $ 235 $ 519 $ 138 $ 892 Provision for credit losses Transfers to stage 1 110 (107 ) (3 ) – 142 (136 ) (6 ) – Transfers to stage 2 (37 ) 38 (1 ) – (23 ) 24 (1 ) – Transfers to stage 3 (1 ) (19 ) 20 – (1 ) (40 ) 41 – Originations 28 – – 28 23 1 – 24 Maturities (11 ) (24 ) – (35 ) (5 ) (27 ) – (32 ) Changes in risk, parameters and exposures (20 ) 352 112 444 (134 ) 214 76 156 Write-offs – – (148 ) (148 ) – – (148 ) (148 ) Recoveries – – 29 29 – – 31 31 Exchange rate and other 1 – (1 ) – 1 – (2 ) (1 ) Balance at end of period $ 343 $ 757 $ 158 $ 1,258 $ 238 $ 555 $ 129 $ 922 Credit cards Balance at beginning of period $ 174 $ 694 $ – $ 868 $ 168 $ 612 $ – $ 780 Provision for credit losses Transfers to stage 1 117 (117 ) – – 118 (118 ) – – Transfers to stage 2 (25 ) 25 – – (20 ) 20 – – Transfers to stage 3 (1 ) (94 ) 95 – (1 ) (83 ) 84 – Originations 3 – – 3 1 – – 1 Maturities (4 ) (6 ) – (10 ) (1 ) (5 ) – (6 ) Changes in risk, parameters and exposures (20 ) 373 47 400 (98 ) 197 41 140 Write-offs – – (173 ) (173 ) – – (158 ) (158 ) Recoveries – – 31 31 – – 33 33 Exchange rate and other 2 – – 2 (1 ) 1 – – Balance at end of period $ 246 $ 875 $ – $ 1,121 $ 166 $ 624 $ – $ 790 Small business Balance at beginning of period $ 29 $ 11 $ 26 $ 66 $ 16 $ 18 $ 17 $ 51 Provision for credit losses Transfers to stage 1 4 (4 ) – – 6 (6 ) – – Transfers to stage 2 (2 ) 2 – – (1 ) 1 – – Transfers to stage 3 – – – – – (2 ) 2 – Originations 5 – – 5 2 – – 2 Maturities (2 ) – – (2 ) (1 ) (2 ) – (3 ) Changes in risk, parameters and exposures 22 11 14 47 (7 ) 8 7 8 Write-offs – – (10 ) (10 ) – – (10 ) (10 ) Recoveries – – 1 1 – – 2 2 Exchange rate and other – 1 (1 ) – – – (1 ) (1 ) Balance at end of period $ 56 $ 21 $ 30 $ 107 $ 15 $ 17 $ 17 $ 49 Wholesale Balance at beginning of period $ 300 $ 407 $ 484 $ 1,191 $ 301 $ 361 $ 448 $ 1,110 Provision for credit losses Transfers to stage 1 39 (38 ) (1 ) – 54 (45 ) (9 ) – Transfers to stage 2 (37 ) 37 – – (8 ) 8 – – Transfers to stage 3 (1 ) (27 ) 28 – (2 ) (17 ) 19 – Originations 413 – – 413 59 17 – 76 Maturities (34 ) (42 ) – (76 ) (46 ) (36 ) – (82 ) Changes in risk, parameters and exposures 555 463 305 1,323 (68 ) 65 167 164 Write-offs – – (82 ) (82 ) – – (168 ) (168 ) Recoveries – – 15 15 – – 13 13 Exchange rate and other 11 7 (12 ) 6 3 5 (13 ) (5 ) Balance at end of period $ 1,246 $ 807 $ 737 $ 2,790 $ 293 $ 358 $ 457 $ 1,108 For the six months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 146 $ 77 $ 179 $ 402 $ 142 $ 64 $ 176 $ 382 Provision for credit losses Transfers to stage 1 60 (39 ) (21 ) – 43 (36 ) (7 ) – Transfers to stage 2 (26 ) 29 (3 ) – (5 ) 7 (2 ) – Transfers to stage 3 (2 ) (15 ) 17 – (1 ) (18 ) 19 – Originations 27 – – 27 23 – – 23 Maturities (7 ) (7 ) – (14 ) (6 ) (3 ) – (9 ) Changes in risk, parameters and exposures (84 ) 188 2 106 (57 ) 49 25 17 Write-offs – – (22 ) (22 ) – – (22 ) (22 ) Recoveries – – 6 6 – – 2 2 Exchange rate and other – (10 ) (11 ) (21 ) 1 – 1 2 Balance at end of period $ 114 $ 223 $ 147 $ 484 $ 140 $ 63 $ 192 $ 395 Personal Balance at beginning of period $ 272 $ 520 $ 143 $ 935 $ 242 $ 512 $ 141 $ 895 Provision for credit losses Transfers to stage 1 229 (226 ) (3 ) – 274 (268 ) (6 ) – Transfers to stage 2 (56 ) 57 (1 ) – (46 ) 47 (1 ) – Transfers to stage 3 (2 ) (39 ) 41 – (1 ) (84 ) 85 – Originations 53 – – 53 46 1 – 47 Maturities (23 ) (47 ) – (70 ) (12 ) (57 ) – (69 ) Changes in risk, parameters and exposures (131 ) 493 213 575 (266 ) 404 155 293 Write-offs – – (297 ) (297 ) – – (292 ) (292 ) Recoveries – – 67 67 – – 62 62 Exchange rate and other 1 (1 ) (5 ) (5 ) 1 – (15 ) (14 ) Balance at end of period $ 343 $ 757 $ 158 $ 1,258 $ 238 $ 555 $ 129 $ 922 Credit cards Balance at beginning of period $ 173 $ 659 $ – $ 832 $ 161 $ 599 $ – $ 760 Provision for credit losses Transfers to stage 1 235 (235 ) – – 228 (228 ) – – Transfers to stage 2 (47 ) 47 – – (39 ) 39 – – Transfers to stage 3 (1 ) (182 ) 183 – (1 ) (163 ) 164 – Originations 5 – – 5 2 – – 2 Maturities (5 ) (14 ) – (19 ) (2 ) (11 ) – (13 ) Changes in risk, parameters and exposures (114 ) 600 98 584 (182 ) 387 81 286 Write-offs – – (347 ) (347 ) – – (311 ) (311 ) Recoveries – – 66 66 – – 66 66 Exchange rate and other – – – – (1 ) 1 – – Balance at end of period $ 246 $ 875 $ – $ 1,121 $ 166 $ 624 $ – $ 790 Small business Balance at beginning of period $ 29 $ 10 $ 22 $ 61 $ 17 $ 16 $ 18 $ 51 Provision for credit losses Transfers to stage 1 5 (5 ) – – 11 (11 ) – – Transfers to stage 2 (3 ) 3 – – (2 ) 2 – – Transfers to stage 3 – (1 ) 1 – – (5 ) 5 – Originations 8 – – 8 5 – – 5 Maturities (3 ) (1 ) – (4 ) (2 ) (4 ) – (6 ) Changes in risk, parameters and exposures 20 15 25 60 (14 ) 19 9 14 Write-offs – – (20 ) (20 ) – – (17 ) (17 ) Recoveries – – 3 3 – – 4 4 Exchange rate and other – – (1 ) (1 ) – – (2 ) (2 ) Balance at end of period $ 56 $ 21 $ 30 $ 107 $ 15 $ 17 $ 17 $ 49 Wholesale Balance at beginning of period $ 281 $ 396 $ 488 $ 1,165 $ 274 $ 340 $ 365 $ 979 Provision for credit losses Transfers to stage 1 66 (64 ) (2 ) – 78 (69 ) (9 ) – Transfers to stage 2 (45 ) 46 (1 ) – (17 ) 19 (2 ) – Transfers to stage 3 (2 ) (45 ) 47 – (3 ) (33 ) 36 – Originations 479 – – 479 127 27 – 154 Maturities (77 ) (95 ) – (172 ) (89 ) (79 ) – (168 ) Changes in risk, parameters and exposures 538 562 355 1,455 (79 ) 149 306 376 Write-offs – – (136 ) (136 ) – – (236 ) (236 ) Recoveries – – 28 28 – – 20 20 Exchange rate and other 6 7 (42 ) (29 ) 2 4 (23 ) (17 ) Balance at end of period $ 1,246 $ 807 $ 737 $ 2,790 $ 293 $ 358 $ 457 $ 1,108 Key inputs and assumptions The following provides an update on the key inputs and assumptions used in the measurement of expected credit losses. For further details, refer to Note 2 of our Condensed Financial Statements, and Note 2 and Note 5 of our 2019 Annual Report. The COVID-19 global pandemic significantly impacted our economic outlook, which has a higher than usual degree of uncertainty given the rapidly evolving environment. Our allowance for credit losses reflects our economic outlook as at April 30, 2020. Subsequent changes to this forecast and related estimates will be reflected in our allowance for credit losses in future periods. Our base scenario reflects a sharp drop in economic activity in Q2 followed by a partial recovery in the second half of the year as containment measures unwind gradually. The recovery is expected to be gradual with the unemployment rate remaining above pre-shock lows at the end of calendar 2020. Downside scenarios reflect conditions deteriorating further for up to two years, followed by a recovery for the remainder of the period. These scenarios assume a monetary policy response that returns the economy to a long-run, sustainable growth rate within the forecast period. The upside scenario reflects stronger economic growth than the base scenario for the first two years, without further monetary policy response, followed by a return to a long-run sustainable growth rate within the forecast period. The following provides additional detail about our forecasts for certain key macroeconomic variables used in the models to estimate ACL: • Unemployment • Gross Domestic Product (GDP) swoosh-shaped • Oil price (West Texas Intermediate in US$) • Canadian housing price index As described above, our base case scenario reflects a stressed environment as at April 30, 2020, reflective of current market conditions. In determining our IFRS 9 allowance for credit losses, we reassessed our scenario weights to more heavily weight the base case scenario and applied expert credit judgement to the weighted modelled results. As we more heavily weighted the stressed base case scenario, further downside scenarios did not have a material impact on the allowance for credit losses. Credit risk exposure by internal risk rating The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of our 2019 Annual Report. As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Loans outstanding – Residential mortgages Low risk $ 234,742 $ 20,315 $ – $ 255,057 $ 238,377 $ 6,764 $ – $ 245,141 Medium risk 12,837 2,440 – 15,277 14,033 1,347 – 15,380 High risk 2,728 3,145 – 5,873 2,843 2,722 – 5,565 Not rated (1) 43,609 1,032 – 44,641 40,030 726 – 40,756 Impaired – – 671 671 – – 732 732 293,916 26,932 671 321,519 295,283 11,559 732 307,574 Items not subject to impairment (2) 405 517 Total 321,924 308,091 Loans outstanding – Personal Low risk $ 69,690 $ 2,922 $ – $ 72,612 $ 71,619 $ 1,944 $ – $ 73,563 Medium risk 4,228 3,710 – 7,938 5,254 3,011 – 8,265 High risk 701 1,930 – 2,631 843 1,874 – 2,717 Not rated (1) 7,049 155 – 7,204 7,293 105 – 7,398 Impaired – – 331 331 – – 307 307 Total 81,668 8,717 331 90,716 85,009 6,934 307 92,250 Loans outstanding – Credit cards Low risk $ 11,169 $ 150 $ – $ 11,319 $ 13,840 $ 103 $ – $ 13,943 Medium risk 1,833 1,770 – 3,603 2,250 1,827 – 4,077 High risk 99 1,435 – 1,534 137 1,432 – 1,569 Not rated (1) 537 51 – 588 677 45 – 722 Total 13,638 3,406 – 17,044 16,904 3,407 – 20,311 Loans outstanding – Small business Low risk $ 2,232 $ 175 $ – $ 2,407 $ 2,200 $ 107 $ – $ 2,307 Medium risk 1,996 810 – 2,806 2,163 563 – 2,726 High risk 170 254 – 424 138 196 – 334 Not rated (1) 15 – – 15 10 – – 10 Impaired – – 73 73 – – 57 57 Total 4,413 1,239 73 5,725 4,511 866 57 5,434 Undrawn loan commitments – Retail Low risk $ 208,731 $ 3,739 $ – $ 212,470 $ 196,743 $ 1,894 $ – $ 198,637 Medium risk 8,790 324 – 9,114 8,251 246 – 8,497 High risk 953 159 – 1,112 851 208 – 1,059 Not rated (1) 5,905 139 – 6,044 5,861 146 – 6,007 Total 224,379 4,361 – 228,740 211,706 2,494 – 214,200 Wholesale – Loans outstanding Investment grade $ 68,722 $ 664 $ – $ 69,386 $ 47,133 $ 97 $ – $ 47,230 Non-investment 122,134 31,537 – 153,671 119,778 11,940 – 131,718 Not rated (1) 7,270 408 – 7,678 5,862 320 – 6,182 Impaired – – 2,394 2,394 – – 1,829 1,829 198,126 32,609 2,394 233,129 172,773 12,357 1,829 186,959 Items not subject to impairment (2) 10,140 8,911 Total 243,269 195,870 Undrawn loan commitments – Wholesale Investment grade $ 231,701 $ 2,011 $ – $ 233,712 $ 222,819 $ 18 $ – $ 222,837 Non-investment 79,823 21,559 – 101,382 96,191 9,007 – 105,198 Not rated (1) 3,519 – – 3,519 3,986 – – 3,986 Total 315,043 23,570 – 338,613 322,996 9,025 – 332,021 (1) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. (2) Items not subject to impairment are loans held at FVTPL. Loans past due but not impaired (1) As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) 1 to 29 days 30 to 89 days 90 days Total 1 to 29 days 30 to 89 days 90 days Total Retail $ 2,539 $ 1,353 $ 218 $ 4,110 $ 3,173 $ 1,369 $ 186 $ 4,728 Wholesale 3,778 1,078 8 4,864 1,543 460 3 2,006 $ 6,317 $ 2,431 $ 226 $ 8,974 $ 4,716 $ 1,829 $ 189 $ 6,734 (1) Loans in our payment deferral programs established to help clients manage through the challenges of COVID-19 have been re-aged to current and will not be aged further during the deferral period. Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. Loan modifications We have established relief programs to help clients manage through challenges of COVID-19 through payment deferrals, interest rate reductions, covenant waivers, and refinancing or credit restructuring. In some cases, the original terms of the associated loans were renegotiated or otherwise modified, resulting in changes to the contractual terms of the loans that affect the contractual cash flows. During the three months ended April 30, 2020, the amortized cost of the loans whose contractual terms were modified while in Stage 2 or Stage 3 at the beginning of the period was $6,316 million, resulting in no material modification losses. The gross carrying amount of loans transferred to Stage 1 whose contractual terms were previously modified while in Stage 2 or Stage 3 was not material for the three months ended April 30, 2020 . |
Deposits
Deposits | 6 Months Ended |
Apr. 30, 2020 | |
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Deposits | Note 6 Deposits As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 165,695 $ 59,057 $ 103,634 $ 328,386 $ 143,958 $ 49,806 $ 100,968 $ 294,732 Business and government 292,896 13,081 326,748 632,725 253,113 13,867 298,502 565,482 Bank 11,065 1,211 36,060 48,336 8,363 920 16,508 25,791 $ 469,656 $ 73,349 $ 466,442 $ 1,009,447 $ 405,434 $ 64,593 $ 415,978 $ 886,005 Non-interest-bearing (4) Canada $ 105,013 $ 7,125 $ 116 $ 112,254 $ 93,163 $ 5,692 $ 137 $ 98,992 United States 42,706 – – 42,706 34,632 – – 34,632 Europe (5) 808 – – 808 760 – – 760 Other International 7,182 – – 7,182 5,225 5 – 5,230 Interest-bearing (4) Canada 263,288 18,217 345,867 627,372 228,386 15,306 333,118 576,810 United States 7,357 47,297 65,756 120,410 4,704 39,626 41,776 86,106 Europe (5) 35,965 710 39,121 75,796 33,073 825 30,090 63,988 Other International 7,337 – 15,582 22,919 5,491 3,139 10,857 19,487 $ 469,656 $ 73,349 $ 466,442 $ 1,009,447 $ 405,434 $ 64,593 $ 415,978 $ 886,005 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which includes both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at April 30, 2020, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $377 billion, $32 billion, $52 billion and $34 billion, respectively (October 31, 2019 – $321 billion, $23 billion, $45 billion and $31 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. Contractual maturities of term deposits As at (Millions of Canadian dollars) April 30 2020 October 31 2019 Within 1 year: less than 3 months $ 127,349 $ 94,585 3 to 6 months 77,433 62,814 6 to 12 months 97,889 92,507 1 to 2 years 39,519 50,055 2 to 3 years 26,858 31,852 3 to 4 years 34,895 31,373 4 to 5 years 25,659 21,130 Over 5 years 36,840 31,662 $ 466,442 $ 415,978 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 430,000 $ 379,000 |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 6 Months Ended |
Apr. 30, 2020 | |
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Employee benefits - Pension and other post-employment benefits | Note 7 Employee benefits – Pension and other post-employment benefits We offer a number of defined benefit and defined contribution plans which provide pension and post-employment benefits to eligible employees. The following tables present the composition of our pension and other post-employment benefit expense and the effects of remeasurements recorded in other comprehensive income. Pension and other post-employment benefit expense For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Current service costs $ 91 $ 74 $ 12 $ 9 Net interest expense (income) 5 (5 ) 15 17 Remeasurements of other long term benefits – – – 4 Administrative expense 5 4 – – Defined benefit pension expense $ 101 $ 73 $ 27 $ 30 Defined contribution pension expense 55 50 – – $ 156 $ 123 $ 27 $ 30 For the six months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Current service costs $ 183 $ 148 $ 23 $ 19 Net interest expense (income) 10 (10 ) 30 33 Remeasurements of other long term benefits – – 4 6 Administrative expense 9 8 – – Defined benefit pension expense $ 202 $ 146 $ 57 $ 58 Defined contribution pension expense 118 111 – – $ 320 $ 257 $ 57 $ 58 Pension and other post-employment benefit remeasurements (1) For the three months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Actuarial (gains) losses: Changes in financial assumptions (2) $ (1,009 ) $ 653 $ (95 ) $ 60 Experience adjustments – – (2 ) (2 ) Return on plan assets (excluding interest based on discount rate) 484 (574 ) – – $ (525 ) $ 79 $ (97 ) $ 58 For the six months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Actuarial (gains) losses: Changes in financial assumptions (2) $ 38 $ 1,260 $ 1 $ 117 Experience adjustments – – (2 ) (3 ) Return on plan assets (excluding interest based on discount rate) (23 ) (718 ) – – $ 15 $ 542 $ (1 ) $ 114 (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Significant capital and funding
Significant capital and funding transactions | 6 Months Ended |
Apr. 30, 2020 | |
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Significant capital and funding transactions | Note 8 Significant capital and funding transactions Preferred Shares On December 17, 2019, we purchased for cash 200,000 depositary shares, each representing a one-fortieth Non-Cumulative C-2 (C-2 C-2 C-2 Subordinated debentures On December 6, 2019, we redeemed all $2,000 million of our outstanding 2.99% subordinated debentures due on December 6, 2024 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. On December 23, 2019, we issued $1,500 million of NVCC subordinated debentures. The notes bear interest at a fixed rate of 2.88% per annum until December 23, 2024, and at the three-month Canadian Dollar Offered Rate plus 0.89% thereafter until their maturity on December 23, 2029. Common shares issued (1) For the three months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 314 $ 26 526 $ 38 Purchased for cancellation (3) (867 ) (11 ) (107 ) (1 ) (553 ) $ 15 419 $ 37 For the six months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 547 $ 44 685 $ 49 Purchased for cancellation (3) (7,860 ) (97 ) (3,791 ) (46 ) (7,313 ) $ (53 ) (3,106 ) $ 3 (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and six months ended April 30, 2020 and April 30, 2019, our DRIP’s requirements were satisfied through open market share purchases. (2) Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. (3) During the three months ended April 30, 2020, we purchased for cancellation common shares at a total fair value of $87 million (average cost of $100.34 per share), with a book value of $11 million (book value of $12.35 per share). During the six months ended April 30, 2020, we purchased for cancellation common shares at a total fair value of $814 million (average cost of $103.62 per share), with a book value of $97 million (book value of $12.34 per share). During the three months ended April 30, 2019, we purchased for cancellation common shares at a total fair value of $11 million (average cost of $101.41 per share), with a book value of $1 million (book value of $12.27 per share). During the six months ended April 30, 2019, we purchased for cancellation common shares at a total fair value of $359 million (average cost of $94.60 per share), with a book value of $46 million (book value of $12.26 per share). Covered bonds RBC Covered Bond Guarantor Limited Partnership (Guarantor LP) is a consolidated structured entity to which we periodically transfer mortgages to support funding activities and asset coverage requirements under our covered bond program. During the quarter, OSFI temporarily increased the limits on covered bond programs and the Bank of Canada temporarily expanded the eligible collateral for its term repo facility to include banks’ own covered bonds to provide further liquidity due to the COVID-19 pandemic. As at April 30, 2020, the total amount of mortgages transferred and outstanding in the Guarantor LP was $117.7 billion (October 31, 2019 – $53.9 billion), providing further liquidity capacity for the covered bond program and $45.3 billion of covered bonds were recorded as Deposits on our Consolidated Balance Sheets (October 31, 2019 – $39.8 billion). |
Earnings per share
Earnings per share | 6 Months Ended |
Apr. 30, 2020 | |
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Earnings per share | Note 9 Earnings per share For the three months ended For the six months ended (Millions of Canadian dollars, except share and per share amounts) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Basic earnings per share Net income $ 1,481 $ 3,230 $ 4,990 $ 6,402 Preferred share dividends (64 ) (65 ) (129 ) (139 ) Net income attributable to non-controlling 3 (4 ) (2 ) (6 ) Net income available to common shareholders 1,420 3,161 4,859 6,257 Weighted average number of common shares (in thousands) 1,422,754 1,435,091 1,425,203 1,436,099 Basic earnings per share (in dollars) $ 1.00 $ 2.20 $ 3.41 $ 4.36 Diluted earnings per share Net income available to common shareholders $ 1,420 $ 3,161 $ 4,859 $ 6,257 Dilutive impact of exchangeable shares 3 3 7 7 Net income available to common shareholders including dilutive impact of exchangeable shares 1,423 3,164 4,866 6,264 Weighted average number of common shares (in thousands) 1,422,754 1,435,091 1,425,203 1,436,099 Stock options (1) 906 2,224 1,280 2,125 Issuable under other share-based compensation plans 753 740 751 739 Exchangeable shares (2) 3,458 3,108 3,234 3,231 Average number of diluted common shares (in thousands) 1,427,871 1,441,163 1,430,468 1,442,194 Diluted earnings per share (in dollars) $ 1.00 $ 2.20 $ 3.40 $ 4.34 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2020, an average of 2,941,928 outstanding options with an average price of $101.06 were excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2019, no outstanding options were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2020, an average of 1,584,011 outstanding options with an average price of $103.55 were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2019, an average of 761,317 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. (2) Includes exchangeable preferred shares. |
Legal and regulatory matters
Legal and regulatory matters | 6 Months Ended |
Apr. 30, 2020 | |
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Legal and regulatory matters | Note 10 Legal and regulatory matters We are a large global institution that is subject to many different complex legal and regulatory requirements that continue to evolve. We are and have been subject to a variety of legal proceedings, including civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. Some of these matters may involve novel legal theories and interpretations and may be advanced under criminal as well as civil statutes, and some proceedings could result in the imposition of civil, regulatory enforcement or criminal penalties. We review the status of all proceedings on an ongoing basis and will exercise judgment in resolving them in such manner as we believe to be in our best interest. This is an area of significant judgment and uncertainty and the extent of our financial and other exposure to these proceedings after taking into account current accruals could be material to our results of operations in any particular period. Our significant legal proceeding and regulatory matters are described in Note 26 of our 2019 Annual Consolidated Financial Statements as updated below. London interbank offered rate (LIBOR) regulatory investigations and litigation On March 26, 2020, Royal Bank of Canada and RBC Capital Markets LLC were dismissed from the purported class action in New York alleging violations of the U.S. antitrust laws and common law principles of unjust enrichment in the setting of LIBOR after the Intercontinental Exchange took over administration of the benchmark interest rate from the British Bankers’ Association in 2014. On April 24, 2020, the plaintiffs filed a notice of appeal. Foreign exchange matters In May 2020, the US District Court dismissed Royal Bank of Canada from the November 2018 lawsuit brought by certain institutional plaintiffs who had previously opted-out of participating in the August 2018 settlement with class plaintiffs. The matter against RBC Capital Markets, LLC remains pending. |
Results by business segment
Results by business segment | 6 Months Ended |
Apr. 30, 2020 | |
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Results by business segment | Note 11 Results by business segment For the three months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,149 $ 737 $ – $ 74 $ 1,456 $ 49 $ 5,465 Non-interest 1,251 2,085 197 635 857 (157 ) 4,868 Total revenue 4,400 2,822 197 709 2,313 (108 ) 10,333 Provision for credit losses 1,706 91 1 14 1,017 1 2,830 Insurance policyholder benefits, claims and acquisition expense – – (177 ) – – – (177 ) Non-interest 1,947 2,169 148 392 1,291 (5 ) 5,942 Net income (loss) before income taxes 747 562 225 303 5 (104 ) 1,738 Income taxes (recoveries) 215 138 45 77 (100 ) (118 ) 257 Net income $ 532 $ 424 $ 180 $ 226 $ 105 $ 14 $ 1,481 Non-interest Depreciation and amortization $ 223 $ 223 $ 14 $ 54 $ 127 $ – $ 641 For the three months ended April 30, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2), (3) $ 3,060 $ 731 $ – $ (34 ) $ 993 $ 23 $ 4,773 Non-interest (3) 1,273 2,248 1,515 621 1,176 (107 ) 6,726 Total revenue 4,333 2,979 1,515 587 2,169 (84 ) 11,499 Provision for credit losses 372 30 – – 25 (1 ) 426 Insurance policyholder benefits, claims and acquisition expense – – 1,160 – – – 1,160 Non-interest 1,887 2,204 150 388 1,289 (2 ) 5,916 Net income (loss) before income taxes 2,074 745 205 199 855 (81 ) 3,997 Income taxes (recoveries) 525 160 51 48 79 (96 ) 767 Net income $ 1,549 $ 585 $ 154 $ 151 $ 776 $ 15 $ 3,230 Non-interest Depreciation and amortization $ 157 $ 152 $ 12 $ 35 $ 100 $ – $ 456 For the six months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 6,375 $ 1,475 $ – $ 132 $ 2,617 $ 87 $ 10,686 Non-interest 2,635 4,513 2,191 1,174 2,244 (274 ) 12,483 Total revenue 9,010 5,988 2,191 1,306 4,861 (187 ) 23,169 Provision for credit losses 2,048 89 1 14 1,096 1 3,249 Insurance policyholder benefits, claims and acquisition expense – – 1,437 – – – 1,437 Non-interest 3,931 4,539 301 794 2,726 29 12,320 Net income (loss) before income taxes 3,031 1,360 452 498 1,039 (217 ) 6,163 Income taxes (recoveries) 813 313 91 129 52 (225 ) 1,173 Net income $ 2,218 $ 1,047 $ 361 $ 369 $ 987 $ 8 $ 4,990 Non-interest Depreciation and amortization $ 457 $ 433 $ 29 $ 104 $ 254 $ – $ 1,277 For the six months ended April 30, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2), (3) $ 6,194 $ 1,475 $ – $ (65 ) $ 1,962 $ 54 $ 9,620 Non-interest (3) 2,557 4,452 3,094 1,283 2,305 (223 ) 13,468 Total revenue 8,751 5,927 3,094 1,218 4,267 (169 ) 23,088 Provision for credit losses 720 56 – – 165 (1 ) 940 Insurance policyholder benefits, claims and acquisition expense – – 2,385 – – – 2,385 Non-interest 3,802 4,368 304 806 2,519 29 11,828 Net income (loss) before income taxes 4,229 1,503 405 412 1,583 (197 ) 7,935 Income taxes (recoveries) 1,109 321 85 100 154 (236 ) 1,533 Net income $ 3,120 $ 1,182 $ 320 $ 312 $ 1,429 $ 39 $ 6,402 Non-interest Depreciation and amortization $ 310 $ 299 $ 23 $ 69 $ 195 $ – $ 896 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. (3) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. Total assets and total liabilities by business segment As at April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 493,257 $ 124,512 $ 20,052 $ 239,601 $ 753,869 $ 44,391 $ 1,675,682 Total liabilities $ 493,310 $ 124,464 $ 20,048 $ 239,797 $ 755,881 $ (42,858 ) $ 1,590,642 As at October 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 481,720 $ 106,579 $ 19,012 $ 144,406 $ 634,313 $ 42,905 $ 1,428,935 Total liabilities $ 481,745 $ 106,770 $ 19,038 $ 144,378 $ 634,126 $ (40,747 ) $ 1,345,310 |
Capital management
Capital management | 6 Months Ended |
Apr. 30, 2020 | |
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Capital management | Note 12 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage targets for deposit-taking institutions in Canada. During the second As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) April 30 2020 October 31 2019 Capital (1) CET1 capital $ 65,198 $ 62,184 Tier 1 capital 70,854 67,861 Total capital 81,469 77,888 Risk-weighted Assets (RWA) used in calculation of capital ratios (1) Credit risk $ 463,567 $ 417,835 Market risk 26,900 28,917 Operational risk 67,945 66,104 Total RWA $ 558,412 $ 512,856 Capital ratios and Leverage ratio (1) CET1 ratio 11.7% 12.1% Tier 1 capital ratio 12.7% 13.2% Total capital ratio 14.6% 15.2% Leverage ratio 4.5% 4.3% Leverage ratio exposure (billions) $ 1,578 $ 1,570 (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements guideline and the Leverage ratio is calculated using OSFI Leverage Requirements Guideline as updated in accordance with the Q2 2020 guidance issued by OSFI in response to the COVID-19 pandemic in Q2 2020. Both the CAR guideline and Leverage Requirements Guideline are based on the Basel III framework. |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 6 Months Ended |
Apr. 30, 2020 | |
Statement [Line Items] | |
Changes in accounting policies | Changes in accounting policies Leases During the first quarter, we adopted IFRS 16 Leases Leases As a result of the adoption of IFRS 16, we increased total assets by $5,084 million and total liabilities by $5,191 million, primarily representing leases of premises and equipment previously classified as operating leases, and reduced retained earnings by $107 million, net of taxes. The adoption of IFRS 16 reduced our CET1 capital ratio by 14 bps. |
Leasing | Leasing At inception of a contract, we assess whether a contract is or contains a lease. A contract is, or contains, a lease if the contract conveys the right to obtain substantially all of the economic benefits from, and direct the use of, an identified asset for a period of time in return for consideration. When we are the lessee in a lease arrangement, we initially record a right-of-use low-value Low-value non-infrastructure low-value Where we are reasonably certain to exercise extension and termination options, they are included in the lease term. The lease liability is initially measured at the present value of the lease payments that are not paid at the commencement date, discounted at our incremental borrowing rate. The lease liability is subsequently measured at amortized cost using the effective interest method, recorded in Interest expense. The right-of-use The right-of-use right-of-use Impairment of assets right-of-use Impact of adoption of IFRS 16 – Leases previously classified as operating leases At transition, lease liabilities were measured at the present value of the remaining lease payments, discounted at our incremental borrowing rate as at November 1, 2019. We applied a weighted-average incremental borrowing rate of 2.3%. Right-of-use right-of-use • Election to not separate lease and non-lease • Exemption from recognition for short-term and low value leases. The following table reconciles our operating lease commitments at October 31, 2019, as previously disclosed in our 2019 Annual Consolidated Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at November 1, 2019. (Millions of Canadian dollars) Lease commitments disclosed as at October 31, 2019 $ 6,175 Less: commitments related to non-recoverable (360 ) Less: commitments for contracts not yet commenced (240 ) Less: recognition exemption adopted for short-term and low-value (83 ) Plus: commitments for renewal options reasonably certain to be exercised 977 Other (26 ) Adjusted operating lease commitments as at October 31, 2019 6,443 Discounted as at November 1, 2019 5,557 Finance lease liabilities recognized as at October 31, 2019 49 Lease liability recognized as at November 1, 2019 $ 5,606 Impact of adoption of IFRS 16 – Leases previously classified as finance leases The carrying amount of the right-of-use Leases Interest Rate Benchmark Reform During the first quarter, we early adopted amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures We will cease to apply these Amendments as interbank offered rate (IBOR) based cash flows transition to new risk free rates or when the hedging relationships to which the relief is applied are discontinued. |
Financial instruments - Hedge accounting | Hedge Accounting Our accounting policies relating to hedge accounting are described in Note 2 and Note 8 of our 2019 Annual Report. We apply hedge accounting when designated hedging instruments are ‘highly effective’ in offsetting changes in the fair value or cash flows of the hedged items at inception and on an ongoing basis. We perform retrospective assessments to demonstrate that the relationship has been effective since designation of the hedge and prospective assessments to evaluate whether the hedge is expected to be effective over the remaining term of the hedge. While uncertainty due to IBOR reform exists, our prospective effectiveness testing is based on existing hedged cash flows or hedged risks. Any ineffectiveness arising from retrospective testing is recognized in net income. In addition to potential sources of ineffectiveness outlined in Note 8 of our 2019 Annual Report, the Reform may result in ineffectiveness as the transition of hedged items and related hedging instruments from IBORs to new risk free rates may occur at different times. This may result in different impacts on the valuation or cash flow variability of hedged items and related hedging instruments. Cash flow hedges We apply hedge accounting for cash flow hedges when the cash flows giving rise to the risk being hedged have a high probability of occurring. While uncertainty due to IBOR reform exists, we apply the relief provided by the Amendments that the IBOR benchmarks, on which the highly probable hedged cash flows are based, are not altered as a result of the Reform. In addition, associated cash flow hedge reserves are not recycled into net income solely due to changes related to the transition from IBOR to new risk free rates. Fair value hedges We apply hedge accounting to IBOR rates which may not be contractually specified when that rate is separately identifiable and reliably measurable at inception of the hedge relationship. Hedging relationships impacted by interest rate benchmark reform The following table presents the notional amount of our hedging instruments which reference IBOR that will expire after 2021 and will be affected by the Reform. The notional amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at November 1, 2019 (Millions of Canadian dollars) Notional/Principal amounts Interest rate contracts USD LIBOR $ 26,709 EURO Interbank Offered Rate 5,589 GBP LIBOR 618 Non-derivative USD LIBOR 888 GBP LIBOR 682 $ 34,486 (1) Excludes interest rate contracts and non-derivative IFRS Interpretations Committee Interpretation 23 Uncertainty over income tax treatments (IFRIC 23) During the first quarter, we adopted IFRIC 23 which provides guidance on the recognition and measurement of tax assets and liabilities under IAS 12 Income taxes Provisions, contingent liabilities and contingent assets IFRS 15 Revenue from Contracts with Customers (IFRS 15) On November 1, 2018, we adopted IFRS 15 and reduced our opening retained earnings. In the fourth quarter of 2019, we amended our opening reduction to retained earnings to $94 million on an after-tax |
Financial instruments - Allowance for credit losses | Allowance for credit losses Our estimation of expected credit losses in stage 1 and stage 2 continues to be a discounted probability-weighted estimate that considers five distinct macroeconomic scenarios. These include our base macroeconomic forecast, upside and downside scenarios based on reasonably possible alternative macroeconomic conditions, and additional and more severe downside scenarios designed to capture a broader range of potential credit losses in the energy and real estate sectors. Our process involves significant judgment to design and weigh macroeconomic scenarios, forecast macroeconomic variables, and assess for significant increases in credit risk. To reflect certain characteristics not already considered in our modelled, scenario-weighted ACL, including the impact of a pandemic scenario on particularly vulnerable sectors affected by COVID-19 Use of forward looking information The emergence of the COVID-19 global pandemic significantly impacted our economic outlook, which is reflected in the macroeconomic variables used to estimate our stage 1 and stage 2 credit loss allowances. The environment, including government support measures being introduced, is rapidly evolving and as a result, our macroeconomic outlook has a higher than usual degree of uncertainty and is inherently subject to change, which may materially change our estimate of stage 1 and stage 2 credit loss allowances. We are closely monitoring changes in conditions and their impact on our expected credit losses, and will continue to update our macroeconomic variables as the impact of COVID-19 progresses. Assessment of significant increase in credit risk To support our clients during this time, we have launched various hardship relief programs. Utilization of a payment deferral program does not, all else being equal, automatically trigger a significant increase in credit risk. Our assessment of significant increases in credit risk continues to be primarily based on quantitative lifetime probability of default (PD) thresholds and, for our wholesale portfolios, changes in the borrower’s risk rating. Additional qualitative reviews and a 30 days past due backstop are also applied. Risk ratings and the broader macroeconomic impacts of the pandemic are largely reflected in an instrument’s lifetime PD. To the extent the impacts of COVID-19 are not already reflected within the lifetime PD model, they are reflected through the qualitative review performed to assess the staging results and adjustments are made as necessary. |
RBC Client relief programs | RBC Client relief programs We have established relief programs to help personal and business banking clients manage the COVID-19 |
Government programs | Government programs To support our clients through unprecedented times, we are participating in government relief programs in Canada and in the U.S. For these programs, we have assessed whether we transferred substantially all the risks and rewards associated with the financial assets, relinquished control, or retained the rights to receive the cash flows of the financial assets but assumed an obligation to pay the cash flows to a third party subject to certain pass-through requirements. Under the Canadian Emergency Business Account program, we have provided interest-free loans to existing eligible small business clients funded by the Export Development Bank of Canada (EDC). As we do not retain substantially all of the risks and rewards of the financial assets, and all cash flows are passed through to the EDC, these loans are not recognized on our Consolidated Balance Sheets. We have also provided loans to support certain U.S. based clients, guaranteed by the United States Federal Government, as part of the Paycheck Protection Program (PPP) CARES Act. Although these loans are guaranteed by the United States Federal Government, we retain substantially all of the other risk and rewards of the loans. Accordingly, loans provided under this program have been presented in Wholesale loans at amortized cost. |
Goodwill | Goodwill Due to the COVID-19 impacts on the cash flow outlook for our businesses, we completed sensitivity analysis on certain cash-generating units (CGUs) more significantly impacted by the pandemic. This included updating certain key assumptions and judgments used in estimating the recoverable amount of certain CGUs through completing sensitivity testing on our discount rates and forecast future cash flows to determine whether the CGUs’ recoverable amounts continue to exceed their carrying amounts. We determined that no impairment existed. As determined through our sensitivity analysis, the recoverable amount of our Caribbean Banking CGU has been updated to 111% of its carrying amount (October 31, 2019 – 126%). If the post-tax discount rate was increased by 0.7% (October 31, 2019 – 1.8%), or the terminal growth rate was decreased by 0.9% (October 31, 2019 – 2.4%), or we reduced future cash flows by 10% (October 31, 2019 – 21%), holding other individual factors constant, the CGU’s carrying amount would approximate its recoverable amount. We will continue to monitor the impact of COVID-19 and update our key assumptions and judgments as information emerges over future quarters. |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
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Reconciliation of Amounts of Lease Liability on Initial Application of IFRS 16 | The following table reconciles our operating lease commitments at October 31, 2019, as previously disclosed in our 2019 Annual Consolidated Financial Statements, to the lease obligations recognized on initial application of IFRS 16 at November 1, 2019. (Millions of Canadian dollars) Lease commitments disclosed as at October 31, 2019 $ 6,175 Less: commitments related to non-recoverable (360 ) Less: commitments for contracts not yet commenced (240 ) Less: recognition exemption adopted for short-term and low-value (83 ) Plus: commitments for renewal options reasonably certain to be exercised 977 Other (26 ) Adjusted operating lease commitments as at October 31, 2019 6,443 Discounted as at November 1, 2019 5,557 Finance lease liabilities recognized as at October 31, 2019 49 Lease liability recognized as at November 1, 2019 $ 5,606 |
Disclosure of detailed information about hedging instruments | Hedging relationships impacted by interest rate benchmark reform The following table presents the notional amount of our hedging instruments which reference IBOR that will expire after 2021 and will be affected by the Reform. The notional amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at November 1, 2019 (Millions of Canadian dollars) Notional/Principal amounts Interest rate contracts USD LIBOR $ 26,709 EURO Interbank Offered Rate 5,589 GBP LIBOR 618 Non-derivative USD LIBOR 888 GBP LIBOR 682 $ 34,486 (1) Excludes interest rate contracts and non-derivative |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
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Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument | The following tables provide a comparison of the carrying and fair values for each classification of financial instruments. Embedded derivatives are presented on a combined basis with the host contracts. Refer to Note 2 and Note 3 of our audited 2019 Annual Consolidated Financial Statements for a description of the valuation techniques and inputs used in the fair value measurement of our financial instruments. There have been no significant changes to our determination of fair value during the quarter. As at April 30, 2020 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits $ – $ 33,783 $ – $ – $ 14,615 $ 14,615 $ 48,398 $ 48,398 Securities Trading 126,051 9,727 – – – – 135,778 135,778 Investment, net of applicable allowance – – 88,430 528 45,205 46,372 134,163 135,330 126,051 9,727 88,430 528 45,205 46,372 269,941 271,108 Assets purchased under reverse repurchase agreements and securities borrowed 271,679 – – – 53,855 53,860 325,534 325,539 Loans, net of applicable allowance Retail 162 243 90 – 432,256 435,701 432,751 436,196 Wholesale 8,121 2,019 424 – 230,133 230,598 240,697 241,162 8,283 2,262 514 – 662,389 666,299 673,448 677,358 Other Derivatives 140,807 – – – – – 140,807 140,807 Other assets (1) 2,998 – – – 71,456 71,455 74,454 74,453 Financial liabilities Deposits Personal $ 50 $ 16,963 $ 311,373 $ 310,738 $ 328,386 $ 327,751 Business and government (2) 96 136,805 495,824 496,816 632,725 633,717 Bank (3) – 13,482 34,854 34,889 48,336 48,371 146 167,250 842,051 842,443 1,009,447 1,009,839 Other Obligations related to securities sold short 40,347 – – – 40,347 40,347 Obligations related to assets – 265,708 12,897 12,897 278,605 278,605 Derivatives 144,710 – – – 144,710 144,710 Other liabilities (4) (111 ) 84 73,457 73,467 73,430 73,440 Subordinated debentures – – 9,774 9,628 9,774 9,628 As at October 31, 2019 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total carrying Total fair value Financial assets Interest-bearing deposits with banks $ – $ 22,283 $ – $ – $ 16,062 $ 16,062 $ 38,345 $ 38,345 Securities Trading 137,600 8,934 – – – – 146,534 146,534 Investment, net of – – 57,223 463 44,784 45,104 102,470 102,790 137,600 8,934 57,223 463 44,784 45,104 249,004 249,324 Assets purchased under reverse repurchase agreements and securities borrowed 246,068 – – – 60,893 60,894 306,961 306,962 Loans, net of applicable allowance Retail 275 242 95 – 423,469 424,416 424,081 425,028 Wholesale 7,055 1,856 451 – 185,413 184,645 194,775 194,007 7,330 2,098 546 – 608,882 609,061 618,856 619,035 Other Derivatives 101,560 – – – – – 101,560 101,560 Other assets (1) 3,156 – – – 50,375 50,375 53,531 53,531 Financial liabilities Deposits Personal $ 140 $ 17,394 $ 277,198 $ 277,353 $ 294,732 $ 294,887 Business and government (2) 151 111,389 453,942 452,536 565,482 564,076 Bank (3) – 3,032 22,759 22,773 25,791 25,805 291 131,815 753,899 752,662 886,005 884,768 Other Obligations related to securities sold short 35,069 – – – 35,069 35,069 Obligations related to assets – 218,612 7,974 7,974 226,586 226,586 Derivatives 98,543 – – – 98,543 98,543 Other liabilities (4) (1,209 ) 91 61,039 61,024 59,921 59,906 Subordinated debentures – – 9,815 9,930 9,815 9,930 (1) Includes Customers’ liability under acceptances and financial instruments recognized in Other assets. (2) Business and government deposits include deposits from regulated deposit-taking institutions other than banks. (3) Bank deposits refer to deposits from regulated banks and central banks. (4) Includes Acceptances and financial instruments recognized in Other liabilities. |
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy | As at April 30, 2020 October 31, 2019 Fair value measurements using Netting adjustments Fair value Fair value measurements using Netting adjustments Fair value (Millions of Canadian dollars) Level 1 Level 2 Level 3 Level 1 Level 2 Level 3 Financial assets Interest-bearing deposits with banks $ – $ 33,783 $ – $ $ 33,783 $ – $ 22,283 $ – $ $ 22,283 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 18,982 5,957 – 24,939 14,655 5,474 – 20,129 Provincial and municipal – 13,786 – 13,786 – 11,282 – 11,282 U.S. state, municipal and agencies (1) 606 30,689 54 31,349 2,050 39,584 58 41,692 Other OECD government (2) 3,930 2,360 – 6,290 2,786 3,710 – 6,496 Mortgage-backed securities (1) – 136 – 136 – 482 – 482 Asset-backed securities Non-CDO (3) – 744 2 746 – 1,333 2 1,335 Corporate debt and other debt – 24,366 19 24,385 1 23,643 21 23,665 Equities 30,614 2,277 1,256 34,147 38,309 1,925 1,219 41,453 54,132 80,315 1,331 135,778 57,801 87,433 1,300 146,534 Investment Debt issued or guaranteed by: Canadian government (1) Federal – 1,131 – 1,131 – 657 – 657 Provincial and municipal – 5,148 – 5,148 – 2,898 – 2,898 U.S. state, municipal and agencies (1) 487 40,747 – 41,234 210 20,666 – 20,876 Other OECD government 909 5,877 – 6,786 – 4,251 – 4,251 Mortgage-backed securities (1) – 2,927 28 2,955 – 2,675 27 2,702 Asset-backed securities CDO – 7,489 – 7,489 – 7,300 – 7,300 Non-CDO – 963 – 963 – 849 – 849 Corporate debt and other debt – 22,560 165 22,725 – 17,537 153 17,690 Equities 40 154 333 527 42 127 294 463 1,436 86,996 526 88,958 252 56,960 474 57,686 Assets purchased under reverse repurchase agreements and securities borrowed – 271,679 – 271,679 – 246,068 – 246,068 Loans – 10,065 994 11,059 – 9,294 680 9,974 Other Derivatives Interest rate contracts – 64,200 564 64,764 1 46,095 349 46,445 Foreign exchange contracts – 55,119 103 55,222 – 40,768 48 40,816 Credit derivatives – 748 – 748 – 169 – 169 Other contracts 4,463 18,521 28 23,012 2,852 12,674 11 15,537 Valuation adjustments – (1,644 ) 3 (1,641 ) – (712 ) 15 (697 ) Total gross derivatives 4,463 136,944 698 142,105 2,853 98,994 423 102,270 Netting adjustments (1,298 ) (1,298 ) (710 ) (710 ) Total derivatives 140,807 101,560 Other assets 1,251 1,698 49 2,998 1,119 1,960 77 3,156 $ 61,282 $ 621,480 $ 3,598 $ (1,298 ) $ 685,062 $ 62,025 $ 522,992 $ 2,954 $ (710) $ 587,261 Financial Liabilities Deposits Personal $ – $ 16,850 $ 163 $ $ 17,013 $ – $ 17,378 $ 156 $ $ 17,534 Business and government – 136,901 – 136,901 – 111,540 – 111,540 Bank – 13,482 – 13,482 – 3,032 – 3,032 Other Obligations related to securities sold short 22,293 18,054 – 40,347 20,512 14,557 – 35,069 Obligations related to assets sold under repurchase agreements and securities loaned – 265,708 – 265,708 – 218,612 – 218,612 Derivatives Interest rate contracts – 57,282 1,160 58,442 – 39,165 934 40,099 Foreign exchange contracts – 59,987 37 60,024 – 40,183 27 40,210 Credit derivatives – 747 – 747 – 282 – 282 Other contracts 5,729 21,267 354 27,350 2,675 15,776 206 18,657 Valuation adjustments – (548 ) (7 ) (555 ) – 12 (7 ) 5 Total gross derivatives 5,729 138,735 1,544 146,008 2,675 95,418 1,160 99,253 Netting adjustments (1,298 ) (1,298 ) (710 ) (710 ) Total derivatives 144,710 98,543 Other liabilities 45 (108 ) 36 (27 ) 102 (1,280 ) 60 (1,118 ) $ 28,067 $ 589,622 $ 1,743 $ (1,298 ) $ 618,134 $ 23,289 $ 459,257 $ 1,376 $ (710 ) $ 483,212 (1) As at April 30, 2020, residential and commercial mortgage-backed securities (MBS) included in all fair value levels of trading securities were $20,361 million and $nil (October 31, 2019 – $22,365 million and $nil), respectively, and in all fair value levels of Investment securities were $10,618 million and $2,200 million (October 31, 2019 – $6,474 million and $2,046 million), respectively. (2) OECD stands for Organisation for Economic Co-operation (3) CDO stands for collateralized debt obligations. |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | For the three months ended April 30, 2020 (Millions of Canadian dollars) Fair value Gains (losses) included Gains (losses) included in Purchases (issuances) Settlement (sales) and other Transfers into Level 3 Transfers out of Level 3 Fair value at end of period Gains (losses) included in earnings for positions still held Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 55 $ – $ 4 $ – $ (5 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 19 – – – – – – 19 – Equities 1,236 (51 ) 43 47 (19 ) – – 1,256 (37 ) 1,312 (51 ) 47 47 (24 ) – – 1,331 (37 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 158 – 6 1 – – – 165 n.a. Equities 293 – 36 4 – – – 333 n.a. 478 – 43 5 – – – 526 n.a. Loans 995 (7 ) – 172 (490 ) 332 (8 ) 994 16 Other Net derivative balances (3) Interest rate contracts (610 ) (114 ) (2 ) (3 ) 7 34 92 (596 ) (55 ) Foreign exchange contracts 25 39 1 5 – – (4 ) 66 33 Other contracts (155 ) (79 ) (8 ) (72 ) (1 ) (23 ) 12 (326 ) (60 ) Valuation adjustments 16 – – – (6 ) – – 10 – Other assets 80 (26 ) 4 – (9 ) – – 49 (27 ) $ 2,141 $ (238 ) $ 85 $ 154 $ (523 ) $ 343 $ 92 $ 2,054 $ (130 ) Liabilities Deposits Personal $ (268 ) $ 87 $ (4 ) $ (39 ) $ 8 $ (66 ) $ 119 $ (163 ) $ 96 Business and government – – – – – – – – – Other Other liabilities (59 ) 16 (3 ) 1 9 – – (36 ) 16 $ (327 ) $ 103 $ (7 ) $ (38 ) $ 17 $ (66 ) $ 119 $ (199 ) $ 112 For the three months ended April 30, 2019 (Millions of Canadian dollars) Fair value of period Gains (losses) included Gains (losses) included in Purchases (issuances) Settlement (sales) and other (2) Transfers into Level 3 Transfers out of Level 3 Fair value at end of period Gains (losses) included in earnings for positions still held Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 65 $ – $ 2 $ – $ – $ – $ – $ 67 $ – Asset-backed securities Non-CDO 9 – – – (5 ) – – 4 1 Corporate debt and other debt 22 – – – (1 ) – – 21 – Equities 1,076 (29 ) 16 70 (35 ) 9 – 1,107 (12 ) 1,172 (29 ) 18 70 (41 ) 9 – 1,199 (11 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 135 – 11 – – – – 146 n.a. Equities 247 – 10 – 39 – – 296 n.a. 409 – 22 – 39 – – 470 n.a. Loans 826 12 1 48 (2 ) 53 (179 ) 759 5 Other Net derivative balances (3) Interest rate contracts (550 ) (27 ) – (193 ) 184 1 – (585 ) (31 ) Foreign exchange contracts 12 1 3 (1 ) – – 2 17 1 Other contracts (102 ) 35 (3 ) (6 ) 13 (22 ) (105 ) (190 ) 14 Valuation adjustments 13 – – – (7 ) – – 6 – Other assets 61 10 1 – (6 ) – – 66 10 $ 1,841 $ 2 $ 42 $ (82 ) $ 180 $ 41 $ (282 ) $ 1,742 $ (12 ) Liabilities Deposits Personal $ (91 ) $ (4 ) $ – $ (24 ) $ 6 $ (107 ) $ 28 $ (192 ) $ (7 ) Business and government – – – – – – – – – Other Other liabilities (52 ) (5 ) (2 ) 1 2 – – (56 ) (4 ) $ (143 ) $ (9 ) $ (2 ) $ (23 ) $ 8 $ (107 ) $ 28 $ (248 ) $ (11 ) For the six months ended April 30, 2020 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains (losses) included Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 58 $ – $ 4 $ – $ (8 ) $ – $ – $ 54 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 21 (1 ) – – (1 ) – – 19 – Equities 1,219 (78 ) 47 118 (47 ) – (3 ) 1,256 (49 ) 1,300 (79 ) 51 118 (56 ) – (3 ) 1,331 (49 ) Investment Mortgage-backed securities 27 – 1 – – – – 28 n.a. Corporate debt and other debt 153 – 11 1 – – – 165 n.a. Equities 294 – 36 4 (1 ) – – 333 n.a. 474 – 48 5 (1 ) – – 526 n.a. Loans 680 19 – 490 (499 ) 340 (36 ) 994 17 Other Net derivative balances (3) Interest rate contracts (585 ) (110 ) (2 ) (39 ) 8 34 98 (596 ) (56 ) Foreign exchange contracts 21 40 1 16 – (5 ) (7 ) 66 31 Other contracts (195 ) (94 ) (7 ) (74 ) 7 (33 ) 70 (326 ) (72 ) Valuation adjustments 22 – – – (12 ) – – 10 – Other assets 77 (19 ) 4 – (13 ) – – 49 (20 ) $ 1,794 $ (243 ) $ 95 $ 516 $ (566 ) $ 336 $ 122 $ 2,054 $ (149 ) Liabilities Deposits Personal $ (156 ) $ 86 $ (4 ) $ (213 ) $ 18 $ (82 ) $ 188 $ (163 ) $ 94 Business and government – – – – – – – – – Other Other liabilities (60 ) 12 (3 ) 4 11 – – (36 ) 12 $ (216 ) $ 98 $ (7 ) $ (209 ) $ 29 $ (82 ) $ 188 $ (199 ) $ 106 For the six months ended April 30, 2019 (Millions of Canadian dollars) Fair value Gains (losses) Gains (losses) Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 66 $ (1 ) $ 2 $ – $ – $ – $ – $ 67 $ – Asset-backed securities Non-CDO 110 15 – – (121 ) – – 4 2 Corporate debt and other debt 21 1 – – (1 ) – – 21 – Equities 1,148 (47 ) 16 150 (178 ) 18 – 1,107 (17 ) 1,345 (32 ) 18 150 (300 ) 18 – 1,199 (15 ) Investment Mortgage-backed securities – – 1 27 – – – 28 n.a. Corporate debt and other debt 192 (3 ) 13 – (56 ) – – 146 n.a. Equities 237 – 20 – 39 – – 296 n.a. 429 (3 ) 34 27 (17 ) – – 470 n.a. Loans 551 29 2 312 (4 ) 53 (184 ) 759 21 Other Net derivative balances (3) Interest rate contracts (504 ) (95 ) – (193 ) 224 3 (20 ) (585 ) (37 ) Foreign exchange contracts 21 (6 ) 9 1 – (1 ) (7 ) 17 – Other contracts (84 ) 80 (3 ) (15 ) (10 ) (39 ) (119 ) (190 ) 74 Valuation adjustments 1 – – – 5 – – 6 – Other assets 65 10 1 – (10 ) – – 66 10 $ 1,824 $ (17 ) $ 61 $ 282 $ (112 ) $ 34 $ (330 ) $ 1,742 $ 53 Liabilities Deposits Personal $ (390 ) $ (34 ) $ (1 ) $ (33 ) $ 11 $ (125 ) $ 380 $ (192 ) $ (5 ) Business and government 5 – – – – – (5 ) – – Other Other liabilities (68 ) (5 ) (2 ) 1 18 – – (56 ) (3 ) $ (453 ) $ (39 ) $ (3 ) $ (32 ) $ 29 $ (125 ) $ 375 $ (248 ) $ (8 ) (1) These amounts include the foreign currency translation gains or losses arising on consolidation of foreign subsidiaries relating to the Level 3 instruments, where applicable. The unrealized gains on Investment securities recognized in OCI were $25 million for the three months ended April 30, 2020 (April 30, 2019 – gains of $18 million) and gains of $29 million for the six months ended April 30, 2020 (April 30, 2019 – gains of $29 million), excluding the translation gains or losses arising on consolidation. (2) Other includes amortization of premiums or discounts recognized in net income. (3) Net derivatives as at April 30, 2020 included derivative assets of $698 million (April 30, 2019 – $344 million) and derivative liabilities of $1,544 million (April 30, 2019 – $1,096 million). n.a. not applicable |
Summary of Net Interest Income From Financial Instruments | For the three months ended For the six months ended (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 2,436 $ 2,900 $ 5,421 $ 5,787 Financial instruments measured at fair value through other comprehensive income 305 288 614 560 Financial instruments measured at amortized cost 6,485 6,944 13,429 13,934 9,226 10,132 19,464 20,281 Interest expense (1) Financial instruments measured at fair value through profit or loss (3) $ 1,635 $ 2,543 $ 3,995 $ 5,098 Financial instruments measured at amortized cost (4) 2,126 2,816 4,783 5,563 3,761 5,359 8,778 10,661 Net interest income (3) $ 5,465 $ 4,773 $ 10,686 $ 9,620 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Interim Consolidated Statements of Income. For the three months ended April 30, 2020, Interest income of $123 million (April 30, 2019 – $114 million), and Interest expense of $1 million (April 30, 2019 – $1 million). For the six months ended April 30, 2020, Interest income of $255 million (April 30, 2019 – $243 million), and Interest expense of $3 million (April 30, 2019 – $2 million). (2) Includes dividend income for the three months ended April 30, 2020 of $614 million (April 30, 2019 – $456 million) and for the six months ended April 30, 2020 of $1,222 million (April 30, 2019 – $893 million), which is presented in Interest and dividend income in the Interim Consolidated Statements of Income. (3) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at fair value through profit or loss (FVTPL) previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. (4) Includes interest expense on lease liabilities for the three months ended April 30, 2020 of $32 million and for the six months ended April 30, 2020 of $63 million, due to the adoption of IFRS 16. |
Securities (Tables)
Securities (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
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Unrealized gains and losses on securities at fair value through other comprehensive income | Unrealized gains and losses on securities at FVOCI (1), (2) As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair value Debt issued or guaranteed by: Canadian government Federal (3) $ 1,132 $ 1 $ (2 ) $ 1,131 $ 655 $ 3 $ (1 ) $ 657 Provincial and municipal 5,092 82 (26 ) 5,148 2,878 43 (23 ) 2,898 U.S. state, municipal and agencies (3) 41,582 245 (593 ) 41,234 20,787 215 (126 ) 20,876 Other OECD government 6,800 4 (18 ) 6,786 4,254 2 (5 ) 4,251 Mortgage-backed securities (3) 3,109 3 (157 ) 2,955 2,709 1 (8 ) 2,702 Asset-backed securities CDO 7,858 6 (375 ) 7,489 7,334 1 (35 ) 7,300 Non-CDO 1,007 – (44 ) 963 847 4 (2 ) 849 Corporate debt and other debt 22,729 60 (64 ) 22,725 17,655 45 (10 ) 17,690 Equities 281 251 (5 ) 527 248 218 (3 ) 463 $ 89,590 $ 652 $ (1,284 ) $ 88,958 $ 57,367 $ 532 $ (213 ) $ 57,686 (1) Excludes $45,205 million of held-to-collect (2) Gross unrealized gains and losses includes $23 million of allowance for credit losses on debt securities at FVOCI as at April 30, 2020 (October 31, 2019 – $(3) million) recognized in income and Other components of equity. (3) The majority of the MBS are residential. Cost/Amortized cost, Gross unrealized gains, Gross unrealized losses and Fair value related to commercial MBS are $2,344 million, $nil, $144 million and $2,200 million, respectively as at April 30, 2020 (October 31, 2019 – $2,051 million, $1 million, $6 million and $2,046 million, respectively). |
Summary of Allowance for credit losses - Securities at Amortized Cost | Allowance for credit losses – securities at FVOCI (1) For the three months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 6 $ – $ (9 ) $ (3 ) $ 6 $ – $ 3 $ 9 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 9 – – 9 1 – – 1 Sales and maturities (2 ) – – (2 ) – – – – Changes in risk, parameters and exposures 9 – 10 19 (2 ) – (7 ) (9 ) Exchange rate and other 1 – (1 ) – – – – – Balance at end of period $ 23 $ – $ – $ 23 $ 5 $ – $ (4 ) $ 1 For the six months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (2) Total Balance at beginning of period $ 4 $ – $ (7 ) $ (3 ) $ 4 $ 7 $ – $ 11 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 11 – – 11 3 – – 3 Sales and maturities (2 ) – – (2 ) (1 ) (7 ) – (8 ) Changes in risk, parameters and exposures 9 – 8 17 (1 ) – (4 ) (5 ) Exchange rate and other 1 – (1 ) – – – – – Balance at end of period $ 23 $ – $ – $ 23 $ 5 $ – $ (4 ) $ 1 (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the balance sheet as the related securities are recorded at fair value. The cumulative amount of credit losses recognized in income is presented in Other components of equity. (2) Reflects changes in the allowance for purchased credit impaired securities. Allowance for credit losses – securities at amortized cost For the three months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ 17 $ – $ 22 $ 6 $ 30 $ – $ 36 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 3 – – 3 3 – – 3 Sales and maturities (1 ) – – (1 ) – – – – Changes in risk, parameters and exposures 2 2 – 4 (2 ) (8 ) – (10 ) Exchange rate and other – 1 – 1 – 1 – 1 Balance at end of period $ 9 $ 20 $ – $ 29 $ 7 $ 23 $ – $ 30 For the six months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Balance at beginning of period $ 5 $ 19 $ – $ 24 $ 6 $ 32 $ – $ 38 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 5 – – 5 4 – – 4 Sales and maturities (1 ) – – (1 ) – – – – Changes in risk, parameters and exposures – 1 – 1 (3 ) (10 ) – (13 ) Exchange rate and other – – – – – 1 – 1 Balance at end of period $ 9 $ 20 $ – $ 29 $ 7 $ 23 $ – $ 30 |
Summary of Credit risk exposure on Investment Securities by internal risk rating | Credit risk exposure by internal risk rating The following table presents the fair value of debt securities at FVOCI and gross carrying amount of securities at amortized cost. Risk ratings are based on internal ratings used in the measurement of expected credit losses, as at the reporting date as outlined in the internal ratings maps in the Credit risk section of our 2019 Annual Report. As at April 30, 2020 October 31, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Investment securities Securities at FVOCI Investment grade $ 86,236 $ 33 $ – $ 86,269 $ 56,671 $ 1 $ – $ 56,672 Non-investment 1,998 1 – 1,999 400 1 – 401 Impaired – – 162 162 – – 150 150 $ 88,234 $ 34 $ 162 $ 88,430 $ 57,071 $ 2 $ 150 $ 57,223 Items not subject to impairment (2) 528 463 $ 88,958 $ 57,686 Securities at amortized cost Investment grade $ 44,102 $ 7 $ – $ 44,109 $ 43,681 $ 46 $ – $ 43,727 Non-investment 727 398 – 1,125 695 386 – 1,081 Impaired – – – – – – – – $ 44,829 $ 405 $ – $ 45,234 $ 44,376 $ 432 $ – $ 44,808 Allowance for credit losses 9 20 – 29 5 19 – 24 Amortized cost $ 44,820 $ 385 $ – $ 45,205 $ 44,371 $ 413 $ – $ 44,784 (1) Includes $162 million of purchased credit impaired securities (October 31, 2019 – $150 million). (2) Investment securities at FVOCI not subject to impairment represent equity securities designated as FVOCI. |
Loans and allowance for credi_2
Loans and allowance for credit losses (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
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Disclosure of Allowance for Credit Losses | Allowance for credit losses For the three months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars) Balance at beginning of period Provision losses Net write-offs Exchange other Balance at period Balance at beginning Provision for credit losses Net write-offs Exchange other Balance at end of period Retail Residential mortgages $ 367 $ 126 $ (8 ) $ (1 ) $ 484 $ 409 $ (2 ) $ (16 ) $ 4 $ 395 Personal 940 437 (119 ) – 1,258 892 148 (117 ) (1 ) 922 Credit cards 868 393 (142 ) 2 1,121 780 135 (125 ) – 790 Small business 66 50 (9 ) – 107 51 7 (8 ) (1 ) 49 Wholesale 1,191 1,660 (67 ) 6 2,790 1,110 158 (155 ) (5 ) 1,108 Customers’ liability under acceptances 39 68 – (2 ) 105 31 (5 ) – – 26 $ 3,471 $ 2,734 $ (345 ) $ 5 $ 5,865 $ 3,273 $ 441 $ (421 ) $ (3 ) $ 3,290 Presented as: Allowance for loan losses $ 3,139 $ 5,230 $ 3,061 $ 3,093 Other liabilities – Provisions 292 529 180 171 Customers’ liability under acceptances 39 105 31 26 Other components of equity 1 1 1 – For the six months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars) Balance at Provision losses Net write-offs Exchange rate and other Balance at end of Balance at beginning Provision losses Net write-offs Exchange other Balance at end of period Retail Residential mortgages $ 402 $ 119 $ (16 ) $ (21 ) $ 484 $ 382 $ 31 $ (20 ) $ 2 $ 395 Personal 935 558 (230 ) (5 ) 1,258 895 271 (230 ) (14 ) 922 Credit cards 832 570 (281 ) – 1,121 760 275 (245 ) – 790 Small business 61 64 (17 ) (1 ) 107 51 13 (13 ) (2 ) 49 Wholesale 1,165 1,762 (108 ) (29 ) 2,790 979 362 (216 ) (17 ) 1,108 Customers’ liability under acceptances 24 82 – (1 ) 105 21 5 – – 26 $ 3,419 $ 3,155 $ (652 ) $ (57 ) $ 5,865 $ 3,088 $ 957 $ (724 ) $ (31 ) $ 3,290 Presented as: Allowance for loan losses $ 3,100 $ 5,230 $ 2,912 $ 3,093 Other liabilities – Provisions 295 529 154 171 Customers’ liability under acceptances 24 105 21 26 Other components of equity – 1 1 – |
Summary of Allowance for Credit Losses by Stage, for Each Major Product Category | Allowance for credit losses – Retail and wholesale loans For the three months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 132 $ 80 $ 155 $ 367 $ 138 $ 79 $ 192 $ 409 Provision for credit losses Transfers to stage 1 33 (21 ) (12 ) – 35 (28 ) (7 ) – Transfers to stage 2 (22 ) 23 (1 ) – (2 ) 3 (1 ) – Transfers to stage 3 (1 ) (7 ) 8 – – (10 ) 10 – Originations 11 – – 11 10 – – 10 Maturities (3 ) (4 ) – (7 ) (3 ) (1 ) – (4 ) Changes in risk, parameters and exposures (39 ) 159 2 122 (39 ) 19 12 (8 ) Write-offs – – (10 ) (10 ) – – (17 ) (17 ) Recoveries – – 2 2 – – 1 1 Exchange rate and other 3 (7 ) 3 (1 ) 1 1 2 4 Balance at end of period $ 114 $ 223 $ 147 $ 484 $ 140 $ 63 $ 192 $ 395 Personal Balance at beginning of period $ 273 $ 517 $ 150 $ 940 $ 235 $ 519 $ 138 $ 892 Provision for credit losses Transfers to stage 1 110 (107 ) (3 ) – 142 (136 ) (6 ) – Transfers to stage 2 (37 ) 38 (1 ) – (23 ) 24 (1 ) – Transfers to stage 3 (1 ) (19 ) 20 – (1 ) (40 ) 41 – Originations 28 – – 28 23 1 – 24 Maturities (11 ) (24 ) – (35 ) (5 ) (27 ) – (32 ) Changes in risk, parameters and exposures (20 ) 352 112 444 (134 ) 214 76 156 Write-offs – – (148 ) (148 ) – – (148 ) (148 ) Recoveries – – 29 29 – – 31 31 Exchange rate and other 1 – (1 ) – 1 – (2 ) (1 ) Balance at end of period $ 343 $ 757 $ 158 $ 1,258 $ 238 $ 555 $ 129 $ 922 Credit cards Balance at beginning of period $ 174 $ 694 $ – $ 868 $ 168 $ 612 $ – $ 780 Provision for credit losses Transfers to stage 1 117 (117 ) – – 118 (118 ) – – Transfers to stage 2 (25 ) 25 – – (20 ) 20 – – Transfers to stage 3 (1 ) (94 ) 95 – (1 ) (83 ) 84 – Originations 3 – – 3 1 – – 1 Maturities (4 ) (6 ) – (10 ) (1 ) (5 ) – (6 ) Changes in risk, parameters and exposures (20 ) 373 47 400 (98 ) 197 41 140 Write-offs – – (173 ) (173 ) – – (158 ) (158 ) Recoveries – – 31 31 – – 33 33 Exchange rate and other 2 – – 2 (1 ) 1 – – Balance at end of period $ 246 $ 875 $ – $ 1,121 $ 166 $ 624 $ – $ 790 Small business Balance at beginning of period $ 29 $ 11 $ 26 $ 66 $ 16 $ 18 $ 17 $ 51 Provision for credit losses Transfers to stage 1 4 (4 ) – – 6 (6 ) – – Transfers to stage 2 (2 ) 2 – – (1 ) 1 – – Transfers to stage 3 – – – – – (2 ) 2 – Originations 5 – – 5 2 – – 2 Maturities (2 ) – – (2 ) (1 ) (2 ) – (3 ) Changes in risk, parameters and exposures 22 11 14 47 (7 ) 8 7 8 Write-offs – – (10 ) (10 ) – – (10 ) (10 ) Recoveries – – 1 1 – – 2 2 Exchange rate and other – 1 (1 ) – – – (1 ) (1 ) Balance at end of period $ 56 $ 21 $ 30 $ 107 $ 15 $ 17 $ 17 $ 49 Wholesale Balance at beginning of period $ 300 $ 407 $ 484 $ 1,191 $ 301 $ 361 $ 448 $ 1,110 Provision for credit losses Transfers to stage 1 39 (38 ) (1 ) – 54 (45 ) (9 ) – Transfers to stage 2 (37 ) 37 – – (8 ) 8 – – Transfers to stage 3 (1 ) (27 ) 28 – (2 ) (17 ) 19 – Originations 413 – – 413 59 17 – 76 Maturities (34 ) (42 ) – (76 ) (46 ) (36 ) – (82 ) Changes in risk, parameters and exposures 555 463 305 1,323 (68 ) 65 167 164 Write-offs – – (82 ) (82 ) – – (168 ) (168 ) Recoveries – – 15 15 – – 13 13 Exchange rate and other 11 7 (12 ) 6 3 5 (13 ) (5 ) Balance at end of period $ 1,246 $ 807 $ 737 $ 2,790 $ 293 $ 358 $ 457 $ 1,108 For the six months ended April 30, 2020 April 30, 2019 Performing Impaired Performing Impaired (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages Balance at beginning of period $ 146 $ 77 $ 179 $ 402 $ 142 $ 64 $ 176 $ 382 Provision for credit losses Transfers to stage 1 60 (39 ) (21 ) – 43 (36 ) (7 ) – Transfers to stage 2 (26 ) 29 (3 ) – (5 ) 7 (2 ) – Transfers to stage 3 (2 ) (15 ) 17 – (1 ) (18 ) 19 – Originations 27 – – 27 23 – – 23 Maturities (7 ) (7 ) – (14 ) (6 ) (3 ) – (9 ) Changes in risk, parameters and exposures (84 ) 188 2 106 (57 ) 49 25 17 Write-offs – – (22 ) (22 ) – – (22 ) (22 ) Recoveries – – 6 6 – – 2 2 Exchange rate and other – (10 ) (11 ) (21 ) 1 – 1 2 Balance at end of period $ 114 $ 223 $ 147 $ 484 $ 140 $ 63 $ 192 $ 395 Personal Balance at beginning of period $ 272 $ 520 $ 143 $ 935 $ 242 $ 512 $ 141 $ 895 Provision for credit losses Transfers to stage 1 229 (226 ) (3 ) – 274 (268 ) (6 ) – Transfers to stage 2 (56 ) 57 (1 ) – (46 ) 47 (1 ) – Transfers to stage 3 (2 ) (39 ) 41 – (1 ) (84 ) 85 – Originations 53 – – 53 46 1 – 47 Maturities (23 ) (47 ) – (70 ) (12 ) (57 ) – (69 ) Changes in risk, parameters and exposures (131 ) 493 213 575 (266 ) 404 155 293 Write-offs – – (297 ) (297 ) – – (292 ) (292 ) Recoveries – – 67 67 – – 62 62 Exchange rate and other 1 (1 ) (5 ) (5 ) 1 – (15 ) (14 ) Balance at end of period $ 343 $ 757 $ 158 $ 1,258 $ 238 $ 555 $ 129 $ 922 Credit cards Balance at beginning of period $ 173 $ 659 $ – $ 832 $ 161 $ 599 $ – $ 760 Provision for credit losses Transfers to stage 1 235 (235 ) – – 228 (228 ) – – Transfers to stage 2 (47 ) 47 – – (39 ) 39 – – Transfers to stage 3 (1 ) (182 ) 183 – (1 ) (163 ) 164 – Originations 5 – – 5 2 – – 2 Maturities (5 ) (14 ) – (19 ) (2 ) (11 ) – (13 ) Changes in risk, parameters and exposures (114 ) 600 98 584 (182 ) 387 81 286 Write-offs – – (347 ) (347 ) – – (311 ) (311 ) Recoveries – – 66 66 – – 66 66 Exchange rate and other – – – – (1 ) 1 – – Balance at end of period $ 246 $ 875 $ – $ 1,121 $ 166 $ 624 $ – $ 790 Small business Balance at beginning of period $ 29 $ 10 $ 22 $ 61 $ 17 $ 16 $ 18 $ 51 Provision for credit losses Transfers to stage 1 5 (5 ) – – 11 (11 ) – – Transfers to stage 2 (3 ) 3 – – (2 ) 2 – – Transfers to stage 3 – (1 ) 1 – – (5 ) 5 – Originations 8 – – 8 5 – – 5 Maturities (3 ) (1 ) – (4 ) (2 ) (4 ) – (6 ) Changes in risk, parameters and exposures 20 15 25 60 (14 ) 19 9 14 Write-offs – – (20 ) (20 ) – – (17 ) (17 ) Recoveries – – 3 3 – – 4 4 Exchange rate and other – – (1 ) (1 ) – – (2 ) (2 ) Balance at end of period $ 56 $ 21 $ 30 $ 107 $ 15 $ 17 $ 17 $ 49 Wholesale Balance at beginning of period $ 281 $ 396 $ 488 $ 1,165 $ 274 $ 340 $ 365 $ 979 Provision for credit losses Transfers to stage 1 66 (64 ) (2 ) – 78 (69 ) (9 ) – Transfers to stage 2 (45 ) 46 (1 ) – (17 ) 19 (2 ) – Transfers to stage 3 (2 ) (45 ) 47 – (3 ) (33 ) 36 – Originations 479 – – 479 127 27 – 154 Maturities (77 ) (95 ) – (172 ) (89 ) (79 ) – (168 ) Changes in risk, parameters and exposures 538 562 355 1,455 (79 ) 149 306 376 Write-offs – – (136 ) (136 ) – – (236 ) (236 ) Recoveries – – 28 28 – – 20 20 Exchange rate and other 6 7 (42 ) (29 ) 2 4 (23 ) (17 ) Balance at end of period $ 1,246 $ 807 $ 737 $ 2,790 $ 293 $ 358 $ 457 $ 1,108 |
Credit Risk Exposure by Internal Risk Rating | The following table presents the gross carrying amount of loans measured at amortized cost, and the full contractual amount of undrawn loan commitments subject to the impairment requirements of IFRS 9. Risk ratings are based on internal ratings used in the measurement of expected credit losses as at the reporting date, as outlined in the internal ratings maps for Wholesale and Retail facilities in the Credit risk section of our 2019 Annual Report. As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Loans outstanding – Residential mortgages Low risk $ 234,742 $ 20,315 $ – $ 255,057 $ 238,377 $ 6,764 $ – $ 245,141 Medium risk 12,837 2,440 – 15,277 14,033 1,347 – 15,380 High risk 2,728 3,145 – 5,873 2,843 2,722 – 5,565 Not rated (1) 43,609 1,032 – 44,641 40,030 726 – 40,756 Impaired – – 671 671 – – 732 732 293,916 26,932 671 321,519 295,283 11,559 732 307,574 Items not subject to impairment (2) 405 517 Total 321,924 308,091 Loans outstanding – Personal Low risk $ 69,690 $ 2,922 $ – $ 72,612 $ 71,619 $ 1,944 $ – $ 73,563 Medium risk 4,228 3,710 – 7,938 5,254 3,011 – 8,265 High risk 701 1,930 – 2,631 843 1,874 – 2,717 Not rated (1) 7,049 155 – 7,204 7,293 105 – 7,398 Impaired – – 331 331 – – 307 307 Total 81,668 8,717 331 90,716 85,009 6,934 307 92,250 Loans outstanding – Credit cards Low risk $ 11,169 $ 150 $ – $ 11,319 $ 13,840 $ 103 $ – $ 13,943 Medium risk 1,833 1,770 – 3,603 2,250 1,827 – 4,077 High risk 99 1,435 – 1,534 137 1,432 – 1,569 Not rated (1) 537 51 – 588 677 45 – 722 Total 13,638 3,406 – 17,044 16,904 3,407 – 20,311 Loans outstanding – Small business Low risk $ 2,232 $ 175 $ – $ 2,407 $ 2,200 $ 107 $ – $ 2,307 Medium risk 1,996 810 – 2,806 2,163 563 – 2,726 High risk 170 254 – 424 138 196 – 334 Not rated (1) 15 – – 15 10 – – 10 Impaired – – 73 73 – – 57 57 Total 4,413 1,239 73 5,725 4,511 866 57 5,434 Undrawn loan commitments – Retail Low risk $ 208,731 $ 3,739 $ – $ 212,470 $ 196,743 $ 1,894 $ – $ 198,637 Medium risk 8,790 324 – 9,114 8,251 246 – 8,497 High risk 953 159 – 1,112 851 208 – 1,059 Not rated (1) 5,905 139 – 6,044 5,861 146 – 6,007 Total 224,379 4,361 – 228,740 211,706 2,494 – 214,200 Wholesale – Loans outstanding Investment grade $ 68,722 $ 664 $ – $ 69,386 $ 47,133 $ 97 $ – $ 47,230 Non-investment 122,134 31,537 – 153,671 119,778 11,940 – 131,718 Not rated (1) 7,270 408 – 7,678 5,862 320 – 6,182 Impaired – – 2,394 2,394 – – 1,829 1,829 198,126 32,609 2,394 233,129 172,773 12,357 1,829 186,959 Items not subject to impairment (2) 10,140 8,911 Total 243,269 195,870 Undrawn loan commitments – Wholesale Investment grade $ 231,701 $ 2,011 $ – $ 233,712 $ 222,819 $ 18 $ – $ 222,837 Non-investment 79,823 21,559 – 101,382 96,191 9,007 – 105,198 Not rated (1) 3,519 – – 3,519 3,986 – – 3,986 Total 315,043 23,570 – 338,613 322,996 9,025 – 332,021 (1) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessment or rating methodologies, policies and tools to manage our credit risk. (2) Items not subject to impairment are loans held at FVTPL. |
Disclosure of Loans Past Due But Not Impaired | Loans past due but not impaired (1) As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) 1 to 29 days 30 to 89 days 90 days Total 1 to 29 days 30 to 89 days 90 days Total Retail $ 2,539 $ 1,353 $ 218 $ 4,110 $ 3,173 $ 1,369 $ 186 $ 4,728 Wholesale 3,778 1,078 8 4,864 1,543 460 3 2,006 $ 6,317 $ 2,431 $ 226 $ 8,974 $ 4,716 $ 1,829 $ 189 $ 6,734 (1) Loans in our payment deferral programs established to help clients manage through the challenges of COVID-19 have been re-aged to current and will not be aged further during the deferral period. Amounts presented may include loans past due as a result of administrative processes, such as mortgage loans on which payments are restrained pending payout due to sale or refinancing. Past due loans arising from administrative processes are not representative of the borrowers’ ability to meet their payment obligations. |
Deposits (Tables)
Deposits (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Summary of Deposit Liabilities | As at April 30, 2020 October 31, 2019 (Millions of Canadian dollars) Demand Notice Term Total Demand (1) Notice (2) Term (3) Total Personal $ 165,695 $ 59,057 $ 103,634 $ 328,386 $ 143,958 $ 49,806 $ 100,968 $ 294,732 Business and government 292,896 13,081 326,748 632,725 253,113 13,867 298,502 565,482 Bank 11,065 1,211 36,060 48,336 8,363 920 16,508 25,791 $ 469,656 $ 73,349 $ 466,442 $ 1,009,447 $ 405,434 $ 64,593 $ 415,978 $ 886,005 Non-interest-bearing (4) Canada $ 105,013 $ 7,125 $ 116 $ 112,254 $ 93,163 $ 5,692 $ 137 $ 98,992 United States 42,706 – – 42,706 34,632 – – 34,632 Europe (5) 808 – – 808 760 – – 760 Other International 7,182 – – 7,182 5,225 5 – 5,230 Interest-bearing (4) Canada 263,288 18,217 345,867 627,372 228,386 15,306 333,118 576,810 United States 7,357 47,297 65,756 120,410 4,704 39,626 41,776 86,106 Europe (5) 35,965 710 39,121 75,796 33,073 825 30,090 63,988 Other International 7,337 – 15,582 22,919 5,491 3,139 10,857 19,487 $ 469,656 $ 73,349 $ 466,442 $ 1,009,447 $ 405,434 $ 64,593 $ 415,978 $ 886,005 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which includes both savings and chequing accounts. (2) Notice deposits are deposits for which we can legally require notice of withdrawal. These deposits are primarily savings accounts. (3) Term deposits are deposits payable on a fixed date, and include term deposits, guaranteed investment certificates and similar instruments. (4) The geographical splits of the deposits are based on the point of origin of the deposits and where the revenue is recognized. As at April 30, 2020, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $377 billion, $32 billion, $52 billion and $34 billion, respectively (October 31, 2019 – $321 billion, $23 billion, $45 billion and $31 billion, respectively). (5) Europe includes the United Kingdom, Luxembourg, the Channel Islands, France and Italy. |
Summary of Contractual Maturities of Term Deposit Liabilities | Contractual maturities of term deposits As at (Millions of Canadian dollars) April 30 2020 October 31 2019 Within 1 year: less than 3 months $ 127,349 $ 94,585 3 to 6 months 77,433 62,814 6 to 12 months 97,889 92,507 1 to 2 years 39,519 50,055 2 to 3 years 26,858 31,852 3 to 4 years 34,895 31,373 4 to 5 years 25,659 21,130 Over 5 years 36,840 31,662 $ 466,442 $ 415,978 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 430,000 $ 379,000 |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Summary of Composition of Pension and Other Post-Employment Benefit Expense | Pension and other post-employment benefit expense For the three months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Current service costs $ 91 $ 74 $ 12 $ 9 Net interest expense (income) 5 (5 ) 15 17 Remeasurements of other long term benefits – – – 4 Administrative expense 5 4 – – Defined benefit pension expense $ 101 $ 73 $ 27 $ 30 Defined contribution pension expense 55 50 – – $ 156 $ 123 $ 27 $ 30 For the six months ended Pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Current service costs $ 183 $ 148 $ 23 $ 19 Net interest expense (income) 10 (10 ) 30 33 Remeasurements of other long term benefits – – 4 6 Administrative expense 9 8 – – Defined benefit pension expense $ 202 $ 146 $ 57 $ 58 Defined contribution pension expense 118 111 – – $ 320 $ 257 $ 57 $ 58 |
Summary of Composition of Remeasurements Recorded in OCI related to pension and other post employment benefit plans | Pension and other post-employment benefit remeasurements (1) For the three months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Actuarial (gains) losses: Changes in financial assumptions (2) $ (1,009 ) $ 653 $ (95 ) $ 60 Experience adjustments – – (2 ) (2 ) Return on plan assets (excluding interest based on discount rate) 484 (574 ) – – $ (525 ) $ 79 $ (97 ) $ 58 For the six months ended Defined benefit pension plans Other post-employment benefit plans (Millions of Canadian dollars) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Actuarial (gains) losses: Changes in financial assumptions (2) $ 38 $ 1,260 $ 1 $ 117 Experience adjustments – – (2 ) (3 ) Return on plan assets (excluding interest based on discount rate) (23 ) (718 ) – – $ 15 $ 542 $ (1 ) $ 114 (1) Market based assumptions, including Changes in financial assumptions and Return on plan assets, are reviewed on a quarterly basis. All other assumptions are updated during our annual review of plan assumptions. (2) Changes in financial assumptions in our defined benefit pension plans primarily relate to changes in discount rates. |
Significant capital and fundi_2
Significant capital and funding transactions (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Summary of Common Shares Issued | Common shares issued (1) For the three months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 314 $ 26 526 $ 38 Purchased for cancellation (3) (867 ) (11 ) (107 ) (1 ) (553 ) $ 15 419 $ 37 For the six months ended April 30, 2020 April 30, 2019 (Millions of Canadian dollars, except number of shares) Number of Amount Number of Amount Issued in connection with share-based compensation plans (2) 547 $ 44 685 $ 49 Purchased for cancellation (3) (7,860 ) (97 ) (3,791 ) (46 ) (7,313 ) $ (53 ) (3,106 ) $ 3 (1) The requirements of our dividend reinvestment plan (DRIP) are satisfied through either open market share purchases or shares issued from treasury. During the three and six months ended April 30, 2020 and April 30, 2019, our DRIP’s requirements were satisfied through open market share purchases. (2) Amounts include cash received for stock options exercised during the period and the fair value adjustment to stock options. (3) During the three months ended April 30, 2020, we purchased for cancellation common shares at a total fair value of $87 million (average cost of $100.34 per share), with a book value of $11 million (book value of $12.35 per share). During the six months ended April 30, 2020, we purchased for cancellation common shares at a total fair value of $814 million (average cost of $103.62 per share), with a book value of $97 million (book value of $12.34 per share). During the three months ended April 30, 2019, we purchased for cancellation common shares at a total fair value of $11 million (average cost of $101.41 per share), with a book value of $1 million (book value of $12.27 per share). During the six months ended April 30, 2019, we purchased for cancellation common shares at a total fair value of $359 million (average cost of $94.60 per share), with a book value of $46 million (book value of $12.26 per share). |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Summary of Earnings Per Share | For the three months ended For the six months ended (Millions of Canadian dollars, except share and per share amounts) April 30 2020 April 30 2019 April 30 2020 April 30 2019 Basic earnings per share Net income $ 1,481 $ 3,230 $ 4,990 $ 6,402 Preferred share dividends (64 ) (65 ) (129 ) (139 ) Net income attributable to non-controlling 3 (4 ) (2 ) (6 ) Net income available to common shareholders 1,420 3,161 4,859 6,257 Weighted average number of common shares (in thousands) 1,422,754 1,435,091 1,425,203 1,436,099 Basic earnings per share (in dollars) $ 1.00 $ 2.20 $ 3.41 $ 4.36 Diluted earnings per share Net income available to common shareholders $ 1,420 $ 3,161 $ 4,859 $ 6,257 Dilutive impact of exchangeable shares 3 3 7 7 Net income available to common shareholders including dilutive impact of exchangeable shares 1,423 3,164 4,866 6,264 Weighted average number of common shares (in thousands) 1,422,754 1,435,091 1,425,203 1,436,099 Stock options (1) 906 2,224 1,280 2,125 Issuable under other share-based compensation plans 753 740 751 739 Exchangeable shares (2) 3,458 3,108 3,234 3,231 Average number of diluted common shares (in thousands) 1,427,871 1,441,163 1,430,468 1,442,194 Diluted earnings per share (in dollars) $ 1.00 $ 2.20 $ 3.40 $ 4.34 (1) The dilutive effect of stock options was calculated using the treasury stock method. When the exercise price of options outstanding is greater than the average market price of our common shares, the options are excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2020, an average of 2,941,928 outstanding options with an average price of $101.06 were excluded from the calculation of diluted earnings per share. For the three months ended April 30, 2019, no outstanding options were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2020, an average of 1,584,011 outstanding options with an average price of $103.55 were excluded from the calculation of diluted earnings per share. For the six months ended April 30, 2019, an average of 761,317 outstanding options with an average exercise price of $102.33 were excluded from the calculation of diluted earnings per share. (2) Includes exchangeable preferred shares. |
Results by business segment (Ta
Results by business segment (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Disclosure of operating segments | For the three months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 3,149 $ 737 $ – $ 74 $ 1,456 $ 49 $ 5,465 Non-interest 1,251 2,085 197 635 857 (157 ) 4,868 Total revenue 4,400 2,822 197 709 2,313 (108 ) 10,333 Provision for credit losses 1,706 91 1 14 1,017 1 2,830 Insurance policyholder benefits, claims and acquisition expense – – (177 ) – – – (177 ) Non-interest 1,947 2,169 148 392 1,291 (5 ) 5,942 Net income (loss) before income taxes 747 562 225 303 5 (104 ) 1,738 Income taxes (recoveries) 215 138 45 77 (100 ) (118 ) 257 Net income $ 532 $ 424 $ 180 $ 226 $ 105 $ 14 $ 1,481 Non-interest Depreciation and amortization $ 223 $ 223 $ 14 $ 54 $ 127 $ – $ 641 For the three months ended April 30, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2), (3) $ 3,060 $ 731 $ – $ (34 ) $ 993 $ 23 $ 4,773 Non-interest (3) 1,273 2,248 1,515 621 1,176 (107 ) 6,726 Total revenue 4,333 2,979 1,515 587 2,169 (84 ) 11,499 Provision for credit losses 372 30 – – 25 (1 ) 426 Insurance policyholder benefits, claims and acquisition expense – – 1,160 – – – 1,160 Non-interest 1,887 2,204 150 388 1,289 (2 ) 5,916 Net income (loss) before income taxes 2,074 745 205 199 855 (81 ) 3,997 Income taxes (recoveries) 525 160 51 48 79 (96 ) 767 Net income $ 1,549 $ 585 $ 154 $ 151 $ 776 $ 15 $ 3,230 Non-interest Depreciation and amortization $ 157 $ 152 $ 12 $ 35 $ 100 $ – $ 456 For the six months ended April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2) $ 6,375 $ 1,475 $ – $ 132 $ 2,617 $ 87 $ 10,686 Non-interest 2,635 4,513 2,191 1,174 2,244 (274 ) 12,483 Total revenue 9,010 5,988 2,191 1,306 4,861 (187 ) 23,169 Provision for credit losses 2,048 89 1 14 1,096 1 3,249 Insurance policyholder benefits, claims and acquisition expense – – 1,437 – – – 1,437 Non-interest 3,931 4,539 301 794 2,726 29 12,320 Net income (loss) before income taxes 3,031 1,360 452 498 1,039 (217 ) 6,163 Income taxes (recoveries) 813 313 91 129 52 (225 ) 1,173 Net income $ 2,218 $ 1,047 $ 361 $ 369 $ 987 $ 8 $ 4,990 Non-interest Depreciation and amortization $ 457 $ 433 $ 29 $ 104 $ 254 $ – $ 1,277 For the six months ended April 30, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Net interest income (2), (3) $ 6,194 $ 1,475 $ – $ (65 ) $ 1,962 $ 54 $ 9,620 Non-interest (3) 2,557 4,452 3,094 1,283 2,305 (223 ) 13,468 Total revenue 8,751 5,927 3,094 1,218 4,267 (169 ) 23,088 Provision for credit losses 720 56 – – 165 (1 ) 940 Insurance policyholder benefits, claims and acquisition expense – – 2,385 – – – 2,385 Non-interest 3,802 4,368 304 806 2,519 29 11,828 Net income (loss) before income taxes 4,229 1,503 405 412 1,583 (197 ) 7,935 Income taxes (recoveries) 1,109 321 85 100 154 (236 ) 1,533 Net income $ 3,120 $ 1,182 $ 320 $ 312 $ 1,429 $ 39 $ 6,402 Non-interest Depreciation and amortization $ 310 $ 299 $ 23 $ 69 $ 195 $ – $ 896 (1) Taxable equivalent basis. (2) Interest revenue is reported net of interest expense as we rely primarily on net interest income as a performance measure. (3) Commencing Q4 2019, the interest component of the valuation of certain deposits carried at FVTPL previously presented in trading revenue is presented in net interest income. Comparative amounts have been reclassified to conform with this presentation. Total assets and total liabilities by business segment As at April 30, 2020 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 493,257 $ 124,512 $ 20,052 $ 239,601 $ 753,869 $ 44,391 $ 1,675,682 Total liabilities $ 493,310 $ 124,464 $ 20,048 $ 239,797 $ 755,881 $ (42,858 ) $ 1,590,642 As at October 31, 2019 (Millions of Canadian dollars) Personal & Wealth Insurance Investor & Capital Corporate Total Total assets $ 481,720 $ 106,579 $ 19,012 $ 144,406 $ 634,313 $ 42,905 $ 1,428,935 Total liabilities $ 481,745 $ 106,770 $ 19,038 $ 144,378 $ 634,126 $ (40,747 ) $ 1,345,310 |
Capital management (Tables)
Capital management (Tables) | 6 Months Ended |
Apr. 30, 2020 | |
Text block [abstract] | |
Summary of Regulatory Capital and Capital Ratios | During the second As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) April 30 2020 October 31 2019 Capital (1) CET1 capital $ 65,198 $ 62,184 Tier 1 capital 70,854 67,861 Total capital 81,469 77,888 Risk-weighted Assets (RWA) used in calculation of capital ratios (1) Credit risk $ 463,567 $ 417,835 Market risk 26,900 28,917 Operational risk 67,945 66,104 Total RWA $ 558,412 $ 512,856 Capital ratios and Leverage ratio (1) CET1 ratio 11.7% 12.1% Tier 1 capital ratio 12.7% 13.2% Total capital ratio 14.6% 15.2% Leverage ratio 4.5% 4.3% Leverage ratio exposure (billions) $ 1,578 $ 1,570 (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements guideline and the Leverage ratio is calculated using OSFI Leverage Requirements Guideline as updated in accordance with the Q2 2020 guidance issued by OSFI in response to the COVID-19 pandemic in Q2 2020. Both the CAR guideline and Leverage Requirements Guideline are based on the Basel III framework. |
Summary of significant accoun_4
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2019 | Apr. 30, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Disclosure of property, plant and equipment and intangibles [line items] | ||||||
Equity | $ 85,040 | $ 83,625 | $ 81,921 | $ 80,626 | $ 79,861 | |
Caribbean Banking [member] | ||||||
Disclosure of property, plant and equipment and intangibles [line items] | ||||||
Percentage of unit's recoverable amount exceeds its carrying amount | 111.00% | 126.00% | ||||
Percentage of value assigned to key assumption must change in order for unit's recoverable amount to be equal to carrying amount | 0.70% | 1.80% | ||||
Decrease in terminal growth rates to determine sensitivity of current estimate of fair value less costs of disposal | 0.90% | 2.40% | ||||
Reduction in future cash flows to determine sensitivity of current estimate of fair value less costs of disposal | 10.00% | 21.00% | ||||
Increase (decrease) due to changes in accounting policy required by IFRSs [member] | ||||||
Disclosure of property, plant and equipment and intangibles [line items] | ||||||
Equity | $ (94) | $ (107) | ||||
Adoption of IFRS 16 [member] | ||||||
Disclosure of property, plant and equipment and intangibles [line items] | ||||||
Increase in total assets due to IFRS 16 | 5,084 | |||||
Increase (decrease) in retained earnings | $ (107) | |||||
Decrease in CET1 ratio | 0.14% | |||||
Weighted average incremental borrowing rate | 2.30% | |||||
Increase in total liabilities due to IFRS 16 | $ 5,191 |
Summary of significant accoun_5
Summary of significant accounting policies, estimates and judgments - Disclosure of operating lease commitments (Detail) - Adoption of IFRS 16 [member] $ in Millions | Nov. 01, 2019CAD ($) |
Disclosure of quantitative information about right-of-use assets [line items] | |
Lease commitments disclosed as at October 31, 2019 | $ 6,175 |
Less: commitments related to non-recoverable tax | (360) |
Less: commitments for contracts not yet commenced | (240) |
Less: recognition exemption adopted for short-term and low-value leases | (83) |
Plus: commitments for renewal options reasonably certain to be exercised | 977 |
Other | (26) |
Adjusted operating lease commitments as at October 31, 2019 | 6,443 |
Discounted as at November 1, 2019 | 5,557 |
Finance lease liabilities recognized as at October 31, 2019 | 49 |
Lease liability recognized as at November 1, 2019 | $ 5,606 |
Summary of significant accoun_6
Summary of significant accounting policies, estimates and judgments - Disclosure of detailed information about hedging instruments (Detail) $ in Millions | Nov. 01, 2019CAD ($) |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | $ 34,486 |
Interest rate contracts [member] | USD LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 26,709 |
Interest rate contracts [member] | EURO Interbank Offered Rate [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 5,589 |
Interest rate contracts [member] | GBP LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 618 |
Non-derivative instruments [member] | USD LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | 888 |
Non-derivative instruments [member] | GBP LIBOR [member] | |
Disclosure of detailed information about hedging instruments [line items] | |
Notional/Principal amount | $ 682 |
Fair value of financial instr_3
Fair value of financial instruments - Summary of Comparison of Carrying and Fair Values for Each Classification of Financial Instrument (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Financial assets | ||
Interest-bearing deposits with banks | $ 48,398 | $ 38,345 |
Securities | ||
Trading | 135,778 | 146,534 |
Investment, net of applicable allowance | 134,163 | 102,470 |
Securities | 269,941 | 249,004 |
Assets purchased under reverse repurchase agreements and securities borrowed | 325,534 | 306,961 |
Loans, net of applicable allowance | ||
Loans, net | 673,448 | 618,856 |
Other | ||
Derivatives | 140,807 | 101,560 |
Deposits | ||
Personal | 328,386 | 294,732 |
Business and government | 632,725 | 565,482 |
Bank | 48,336 | 25,791 |
Deposits | 1,009,447 | 886,005 |
Other | ||
Obligations related to securities sold short | 40,347 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 278,605 | 226,586 |
Derivatives | 144,710 | 98,543 |
Subordinated debentures | 9,774 | 9,815 |
Financial assets classified as at FVTPL [member] | ||
Securities | ||
Trading | 126,051 | 137,600 |
Securities | 126,051 | 137,600 |
Assets purchased under reverse repurchase agreements and securities borrowed | 271,679 | 246,068 |
Loans, net of applicable allowance | ||
Retail | 162 | 275 |
Wholesale | 8,121 | 7,055 |
Loans, net | 8,283 | 7,330 |
Other | ||
Derivatives | 140,807 | 101,560 |
Other assets | 2,998 | 3,156 |
Financial assets designated as at FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 33,783 | 22,283 |
Securities | ||
Trading | 9,727 | 8,934 |
Securities | 9,727 | 8,934 |
Loans, net of applicable allowance | ||
Retail | 243 | 242 |
Wholesale | 2,019 | 1,856 |
Loans, net | 2,262 | 2,098 |
Financial assets classified as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 88,430 | 57,223 |
Securities | 88,430 | 57,223 |
Loans, net of applicable allowance | ||
Retail | 90 | 95 |
Wholesale | 424 | 451 |
Loans, net | 514 | 546 |
Financial assets designated as at FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 528 | 463 |
Securities | 528 | 463 |
Financial liabilities classified as at FVTPL [member] | ||
Deposits | ||
Personal | 50 | 140 |
Business and government | 96 | 151 |
Deposits | 146 | 291 |
Other | ||
Obligations related to securities sold short | 40,347 | 35,069 |
Derivatives | 144,710 | 98,543 |
Other liabilities | (111) | (1,209) |
Financial liabilities designated as at FVTPL [member] | ||
Deposits | ||
Personal | 16,963 | 17,394 |
Business and government | 136,805 | 111,389 |
Bank | 13,482 | 3,032 |
Deposits | 167,250 | 131,815 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 265,708 | 218,612 |
Other liabilities | 84 | 91 |
Fair value of financial instruments not measured at fair value [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 14,615 | 16,062 |
Securities | ||
Investment, net of applicable allowance | 46,372 | 45,104 |
Securities | 46,372 | 45,104 |
Assets purchased under reverse repurchase agreements and securities borrowed | 53,860 | 60,894 |
Loans, net of applicable allowance | ||
Retail | 435,701 | 424,416 |
Wholesale | 230,598 | 184,645 |
Loans, net | 666,299 | 609,061 |
Other | ||
Other assets | 71,455 | 50,375 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 310,738 | 277,353 |
Business and government | 496,816 | 452,536 |
Bank | 34,889 | 22,773 |
Deposits | 842,443 | 752,662 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 12,897 | 7,974 |
Other liabilities | 73,467 | 61,024 |
Subordinated debentures | 9,628 | 9,930 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 48,398 | 38,345 |
Securities | ||
Trading | 135,778 | 146,534 |
Investment, net of applicable allowance | 134,163 | 102,470 |
Securities | 269,941 | 249,004 |
Assets purchased under reverse repurchase agreements and securities borrowed | 325,534 | 306,961 |
Loans, net of applicable allowance | ||
Retail | 432,751 | 424,081 |
Wholesale | 240,697 | 194,775 |
Loans, net | 673,448 | 618,856 |
Other | ||
Derivatives | 140,807 | 101,560 |
Other assets | 74,454 | 53,531 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 14,615 | 16,062 |
Securities | ||
Investment, net of applicable allowance | 45,205 | 44,784 |
Securities | 45,205 | 44,784 |
Assets purchased under reverse repurchase agreements and securities borrowed | 53,855 | 60,893 |
Loans, net of applicable allowance | ||
Retail | 432,256 | 423,469 |
Wholesale | 230,133 | 185,413 |
Loans, net | 662,389 | 608,882 |
Other | ||
Other assets | 71,456 | 50,375 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 48,398 | 38,345 |
Securities | ||
Trading | 135,778 | 146,534 |
Investment, net of applicable allowance | 135,330 | 102,790 |
Securities | 271,108 | 249,324 |
Assets purchased under reverse repurchase agreements and securities borrowed | 325,539 | 306,962 |
Loans, net of applicable allowance | ||
Retail | 436,196 | 425,028 |
Wholesale | 241,162 | 194,007 |
Loans, net | 677,358 | 619,035 |
Other | ||
Derivatives | 140,807 | 101,560 |
Other assets | 74,453 | 53,531 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 328,386 | 294,732 |
Business and government | 632,725 | 565,482 |
Bank | 48,336 | 25,791 |
Deposits | 1,009,447 | 886,005 |
Other | ||
Obligations related to securities sold short | 40,347 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 278,605 | 226,586 |
Derivatives | 144,710 | 98,543 |
Other liabilities | 73,430 | 59,921 |
Subordinated debentures | 9,774 | 9,815 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 311,373 | 277,198 |
Business and government | 495,824 | 453,942 |
Bank | 34,854 | 22,759 |
Deposits | 842,051 | 753,899 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 12,897 | 7,974 |
Other liabilities | 73,457 | 61,039 |
Subordinated debentures | 9,774 | 9,815 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 327,751 | 294,887 |
Business and government | 633,717 | 564,076 |
Bank | 48,371 | 25,805 |
Deposits | 1,009,839 | 884,768 |
Other | ||
Obligations related to securities sold short | 40,347 | 35,069 |
Obligations related to assets sold under repurchase agreements and securities loaned | 278,605 | 226,586 |
Derivatives | 144,710 | 98,543 |
Other liabilities | 73,440 | 59,906 |
Subordinated debentures | $ 9,628 | $ 9,930 |
Fair value of financial instr_4
Fair value of financial instrument - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Apr. 30, 2020 | Apr. 30, 2020 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Changes in the fair value of the financial assets designated as at FVTPL attributable to changes in credit risk | $ 971 | |
Interest rate contracts [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | $ 92 | |
Derivative liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 282 | |
Personal deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 119 | |
Derivative assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 3 to Level 2 | 190 | |
Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 2 to Level 3 | 332 | |
Obligations related to securities sold short [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 256 | |
Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | $ 403 |
Fair value of financial instr_5
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Jan. 31, 2020 | Oct. 31, 2019 | Apr. 30, 2019 | Jan. 31, 2019 | Oct. 31, 2018 |
Financial assets | ||||||
Interest-bearing deposits with banks | $ 48,398 | $ 38,345 | ||||
Trading | ||||||
Trading securities | 135,778 | 146,534 | ||||
Investment | ||||||
Assets purchased under reverse repurchase agreements and securities borrowed | 325,534 | 306,961 | ||||
Loans | 673,448 | 618,856 | ||||
Derivatives | ||||||
Derivatives | 140,807 | 101,560 | ||||
Deposits | ||||||
Personal | 328,386 | 294,732 | ||||
Business and government | 632,725 | 565,482 | ||||
Bank | 48,336 | 25,791 | ||||
Other | ||||||
Obligations related to securities sold short | 40,347 | 35,069 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 278,605 | 226,586 | ||||
Derivatives | ||||||
Total derivatives | 144,710 | 98,543 | ||||
Netting adjustments [member] | ||||||
Derivatives | ||||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (1,298) | (710) | ||||
Financial assets | (1,298) | (710) | ||||
Derivatives | ||||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (1,298) | (710) | ||||
Financial liabilities | (1,298) | (710) | ||||
Total gross fair value [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 54,132 | 57,801 | ||||
Investment | ||||||
Investment securities | 1,436 | 252 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 4,463 | 2,853 | ||||
Other assets | 1,251 | 1,119 | ||||
Financial assets | 61,282 | 62,025 | ||||
Other | ||||||
Obligations related to securities sold short | 22,293 | 20,512 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 5,729 | 2,675 | ||||
Other liabilities | 45 | 102 | ||||
Financial liabilities | 28,067 | 23,289 | ||||
Total gross fair value [member] | Level 2 [member] | ||||||
Financial assets | ||||||
Interest-bearing deposits with banks | 33,783 | 22,283 | ||||
Trading | ||||||
Trading securities | 80,315 | 87,433 | ||||
Investment | ||||||
Investment securities | 86,996 | 56,960 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 271,679 | 246,068 | ||||
Loans | 10,065 | 9,294 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 136,944 | 98,994 | ||||
Other assets | 1,698 | 1,960 | ||||
Financial assets | 621,480 | 522,992 | ||||
Deposits | ||||||
Personal | 16,850 | 17,378 | ||||
Business and government | 136,901 | 111,540 | ||||
Bank | 13,482 | 3,032 | ||||
Other | ||||||
Obligations related to securities sold short | 18,054 | 14,557 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 265,708 | 218,612 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 138,735 | 95,418 | ||||
Other liabilities | (108) | (1,280) | ||||
Financial liabilities | 589,622 | 459,257 | ||||
Total gross fair value [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 1,331 | 1,300 | ||||
Investment | ||||||
Investment securities | 526 | 474 | ||||
Loans | 994 | 680 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 698 | 423 | ||||
Other assets | 49 | 77 | ||||
Financial assets | 3,598 | 2,954 | ||||
Deposits | ||||||
Personal | 163 | 156 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 1,544 | 1,160 | ||||
Other liabilities | 36 | 60 | ||||
Financial liabilities | 1,743 | 1,376 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 18,982 | 14,655 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 5,957 | 5,474 | ||||
Investment | ||||||
Investment securities | 1,131 | 657 | ||||
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 13,786 | 11,282 | ||||
Investment | ||||||
Investment securities | 5,148 | 2,898 | ||||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 606 | 2,050 | ||||
Investment | ||||||
Investment securities | 487 | 210 | ||||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 30,689 | 39,584 | ||||
Investment | ||||||
Investment securities | 40,747 | 20,666 | ||||
Total gross fair value [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 54 | 58 | ||||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 3,930 | 2,786 | ||||
Investment | ||||||
Investment securities | 909 | |||||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 2,360 | 3,710 | ||||
Investment | ||||||
Investment securities | 5,877 | 4,251 | ||||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 136 | 482 | ||||
Investment | ||||||
Investment securities | 2,927 | 2,675 | ||||
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | ||||||
Investment | ||||||
Investment securities | 28 | 27 | ||||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 744 | 1,333 | ||||
Investment | ||||||
Investment securities | 963 | 849 | ||||
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 2 | 2 | ||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 1 | |||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 24,366 | 23,643 | ||||
Investment | ||||||
Investment securities | 22,560 | 17,537 | ||||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 19 | 21 | ||||
Investment | ||||||
Investment securities | 165 | 153 | ||||
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | ||||||
Trading | ||||||
Trading securities | 30,614 | 38,309 | ||||
Investment | ||||||
Investment securities | 40 | 42 | ||||
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | ||||||
Trading | ||||||
Trading securities | 2,277 | 1,925 | ||||
Investment | ||||||
Investment securities | 154 | 127 | ||||
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | ||||||
Trading | ||||||
Trading securities | 1,256 | 1,219 | ||||
Investment | ||||||
Investment securities | 333 | 294 | ||||
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | ||||||
Investment | ||||||
Investment securities | 7,489 | 7,300 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 1 | |||||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 64,200 | 46,095 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 564 | 349 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 55,119 | 40,768 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 103 | 48 | ||||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 748 | 169 | ||||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 4,463 | 2,852 | ||||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 18,521 | 12,674 | ||||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 28 | 11 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | (1,644) | (712) | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 3 | 15 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 57,282 | 39,165 | ||||
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 1,160 | 934 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 59,987 | 40,183 | ||||
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 37 | 27 | ||||
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 747 | 282 | ||||
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 5,729 | 2,675 | ||||
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 21,267 | 15,776 | ||||
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 354 | 206 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | (548) | 12 | ||||
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | (7) | (7) | ||||
Recurring [member] | ||||||
Financial assets | ||||||
Interest-bearing deposits with banks | 33,783 | 22,283 | ||||
Trading | ||||||
Trading securities | 135,778 | 146,534 | ||||
Investment | ||||||
Investment securities | 88,958 | 57,686 | ||||
Assets purchased under reverse repurchase agreements and securities borrowed | 271,679 | 246,068 | ||||
Loans | 11,059 | 9,974 | ||||
Derivatives | ||||||
Total gross derivatives, assets | 142,105 | 102,270 | ||||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (1,298) | (710) | ||||
Derivatives | 140,807 | 101,560 | ||||
Other assets | 2,998 | 3,156 | ||||
Financial assets | 685,062 | 587,261 | ||||
Deposits | ||||||
Personal | 17,013 | 17,534 | ||||
Business and government | 136,901 | 111,540 | ||||
Bank | 13,482 | 3,032 | ||||
Other | ||||||
Obligations related to securities sold short | 40,347 | 35,069 | ||||
Obligations related to assets sold under repurchase agreements and securities loaned | 265,708 | 218,612 | ||||
Derivatives | ||||||
Total gross derivatives, liabilities | 146,008 | 99,253 | ||||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (1,298) | (710) | ||||
Total derivatives | 144,710 | 98,543 | ||||
Other liabilities | (27) | (1,118) | ||||
Financial liabilities | 618,134 | 483,212 | ||||
Recurring [member] | Level 3 [member] | ||||||
Derivatives | ||||||
Financial assets | 2,054 | $ 2,141 | 1,794 | $ 1,742 | $ 1,841 | $ 1,824 |
Derivatives | ||||||
Financial liabilities | (199) | $ (327) | (216) | $ (248) | $ (143) | $ (453) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | ||||||
Trading | ||||||
Trading securities | 24,939 | 20,129 | ||||
Investment | ||||||
Investment securities | 1,131 | 657 | ||||
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||||||
Trading | ||||||
Trading securities | 13,786 | 11,282 | ||||
Investment | ||||||
Investment securities | 5,148 | 2,898 | ||||
Recurring [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||||||
Trading | ||||||
Trading securities | 31,349 | 41,692 | ||||
Investment | ||||||
Investment securities | 41,234 | 20,876 | ||||
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | ||||||
Trading | ||||||
Trading securities | 6,290 | 6,496 | ||||
Investment | ||||||
Investment securities | 6,786 | 4,251 | ||||
Recurring [member] | Mortgage-backed securities [member] | ||||||
Trading | ||||||
Trading securities | 136 | 482 | ||||
Investment | ||||||
Investment securities | 2,955 | 2,702 | ||||
Recurring [member] | Asset- backed securities, Non-CDO [member] | ||||||
Trading | ||||||
Trading securities | 746 | 1,335 | ||||
Investment | ||||||
Investment securities | 963 | 849 | ||||
Recurring [member] | Corporate debt and other debt [member] | ||||||
Trading | ||||||
Trading securities | 24,385 | 23,665 | ||||
Investment | ||||||
Investment securities | 22,725 | 17,690 | ||||
Recurring [member] | Equity securities [member] | ||||||
Trading | ||||||
Trading securities | 34,147 | 41,453 | ||||
Investment | ||||||
Investment securities | 527 | 463 | ||||
Recurring [member] | Asset-backed securities, CDO [member] | ||||||
Investment | ||||||
Investment securities | 7,489 | 7,300 | ||||
Recurring [member] | Interest rate contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 64,764 | 46,445 | ||||
Recurring [member] | Foreign exchange contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 55,222 | 40,816 | ||||
Recurring [member] | Credit derivatives [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 748 | 169 | ||||
Recurring [member] | Other contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | 23,012 | 15,537 | ||||
Recurring [member] | Valuation adjustments [member] | ||||||
Derivatives | ||||||
Total gross derivatives, assets | (1,641) | (697) | ||||
Recurring [member] | Interest rate contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 58,442 | 40,099 | ||||
Recurring [member] | Foreign exchange contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 60,024 | 40,210 | ||||
Recurring [member] | Credit derivatives [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 747 | 282 | ||||
Recurring [member] | Other contracts [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | 27,350 | 18,657 | ||||
Recurring [member] | Valuation adjustments [member] | ||||||
Derivatives | ||||||
Total gross derivatives, liabilities | $ (555) | $ 5 |
Fair value of financial instr_6
Fair value of financial instrument - Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 135,778 | $ 146,534 |
Investment securities | 134,163 | 102,470 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 20,361 | 22,365 |
Investment securities | 10,618 | 6,474 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 2,200 | $ 2,046 |
Fair value of financial instr_7
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Detail) - Recurring [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | $ 587,261 | |||
Fair value assets, ending balance | $ 685,062 | 685,062 | ||
Fair value liabilities, beginning balance | 483,212 | |||
Fair value liabilities, ending balance | 618,134 | 618,134 | ||
Level 3 [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 2,141 | $ 1,841 | 1,794 | $ 1,824 |
Gains (losses) included in earnings | (238) | 2 | (243) | (17) |
Gains (losses) included in OCI | 85 | 42 | 95 | 61 |
Purchases (issuances) | 154 | 516 | 282 | |
Settlement (sales) and other | (523) | (566) | (112) | |
Transfers into Level 3 | 41 | 34 | ||
Transfers out of Level 3 | (282) | (330) | ||
Fair value assets, ending balance | 2,054 | 1,742 | 2,054 | 1,742 |
Gains (losses) included in earnings for positions still held | (130) | (12) | (149) | 53 |
Purchases (issuances) | (82) | |||
Settlement (sales) and other | 180 | |||
Transfers into Level 3 | 343 | 336 | ||
Transfers out of Level 3 | 92 | 122 | ||
Fair value liabilities, beginning balance | (327) | (143) | (216) | (453) |
Gains (losses) included in earnings | 103 | (9) | 98 | (39) |
Gains (losses) included in OCI | (7) | (2) | (7) | (3) |
Purchases (issuances) | (38) | (23) | (209) | (32) |
Settlement (sales) and other | 17 | 8 | 29 | 29 |
Transfers into Level 3 | (66) | (107) | (82) | (125) |
Transfers out of Level 3 | 119 | 28 | 188 | 375 |
Fair value liabilities, ending balance | (199) | (248) | (199) | (248) |
Gains (losses) included in earnings for positions still held | 112 | (11) | 106 | (8) |
Level 3 [member] | Investment [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 478 | 409 | 474 | 429 |
Gains (losses) included in earnings | (3) | |||
Gains (losses) included in OCI | 43 | 22 | 48 | 34 |
Purchases (issuances) | 5 | 5 | 27 | |
Settlement (sales) and other | (1) | (17) | ||
Fair value assets, ending balance | 526 | 470 | 526 | 470 |
Settlement (sales) and other | 39 | |||
Level 3 [member] | Interest rate contracts [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value net derivative, beginning balance | (610) | (550) | (585) | (504) |
Gains (losses) included in earnings | (114) | (27) | (110) | (95) |
Gains (losses) included in OCI | (2) | (2) | ||
Purchases (issuances) | (3) | (193) | (39) | (193) |
Settlement (sales) and other | 7 | 184 | 8 | 224 |
Transfers into Level 3 | 34 | 1 | 34 | 3 |
Transfers out of Level 3 | 92 | 98 | (20) | |
Fair value net derivative, ending balance | (596) | (585) | (596) | (585) |
Gains (losses) included in earnings for positions still held | (55) | (31) | (56) | (37) |
Level 3 [member] | Foreign exchange contracts [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value net derivative, beginning balance | 25 | 12 | 21 | 21 |
Gains (losses) included in earnings | 39 | 1 | 40 | (6) |
Gains (losses) included in OCI | 1 | 3 | 1 | 9 |
Purchases (issuances) | 5 | (1) | 16 | 1 |
Transfers into Level 3 | 0 | (5) | (1) | |
Transfers out of Level 3 | (4) | 2 | (7) | (7) |
Fair value net derivative, ending balance | 66 | 17 | 66 | 17 |
Gains (losses) included in earnings for positions still held | 33 | 1 | 31 | |
Level 3 [member] | Other contracts [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value net derivative, beginning balance | (155) | (102) | (195) | (84) |
Gains (losses) included in earnings | (79) | 35 | (94) | 80 |
Gains (losses) included in OCI | (8) | (3) | (7) | (3) |
Purchases (issuances) | (72) | (6) | (74) | (15) |
Settlement (sales) and other | (1) | 13 | 7 | (10) |
Transfers into Level 3 | (23) | (22) | (33) | (39) |
Transfers out of Level 3 | 12 | (105) | 70 | (119) |
Fair value net derivative, ending balance | (326) | (190) | (326) | (190) |
Gains (losses) included in earnings for positions still held | (60) | 14 | (72) | 74 |
Level 3 [member] | Valuation adjustments [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value net derivative, beginning balance | 16 | 13 | 22 | 1 |
Settlement (sales) and other | (6) | (7) | (12) | 5 |
Fair value net derivative, ending balance | 10 | 6 | 10 | 6 |
Level 3 [member] | Other assets [member] | Net derivative balances, category [Member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value net derivative, beginning balance | 80 | 61 | 77 | 65 |
Gains (losses) included in earnings | (26) | 10 | (19) | 10 |
Gains (losses) included in OCI | 4 | 1 | 4 | 1 |
Settlement (sales) and other | (9) | (6) | (13) | (10) |
Fair value net derivative, ending balance | 49 | 66 | 49 | 66 |
Gains (losses) included in earnings for positions still held | (27) | 10 | (20) | 10 |
Level 3 [member] | Corporate debt and other debt [member] | Investment [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 158 | 135 | 153 | 192 |
Gains (losses) included in earnings | (3) | |||
Gains (losses) included in OCI | 6 | 11 | 11 | 13 |
Purchases (issuances) | 1 | 1 | ||
Settlement (sales) and other | (56) | |||
Fair value assets, ending balance | 165 | 146 | 165 | 146 |
Level 3 [member] | Equities [member] | Investment [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 293 | 247 | 294 | 237 |
Gains (losses) included in OCI | 36 | 10 | 36 | 20 |
Purchases (issuances) | 4 | 4 | ||
Settlement (sales) and other | 39 | (1) | 39 | |
Fair value assets, ending balance | 333 | 296 | 333 | 296 |
Level 3 [member] | Loans [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 995 | 826 | 680 | 551 |
Gains (losses) included in earnings | (7) | 12 | 19 | 29 |
Gains (losses) included in OCI | 1 | 2 | ||
Purchases (issuances) | 172 | 48 | 490 | 312 |
Settlement (sales) and other | (490) | (2) | (499) | (4) |
Transfers into Level 3 | 332 | 53 | 340 | 53 |
Transfers out of Level 3 | (8) | (179) | (36) | (184) |
Fair value assets, ending balance | 994 | 759 | 994 | 759 |
Gains (losses) included in earnings for positions still held | 16 | 5 | 17 | 21 |
Level 3 [member] | Mortgage-backed securities [member] | Investment [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 27 | 27 | 27 | |
Gains (losses) included in OCI | 1 | 1 | 1 | 1 |
Purchases (issuances) | 27 | |||
Fair value assets, ending balance | 28 | 28 | 28 | 28 |
Level 3 [member] | Trading Securities [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 1,312 | 1,172 | 1,300 | 1,345 |
Gains (losses) included in earnings | (51) | (29) | (79) | (32) |
Gains (losses) included in OCI | 47 | 18 | 51 | 18 |
Purchases (issuances) | 47 | 70 | 118 | 150 |
Settlement (sales) and other | (24) | (41) | (56) | (300) |
Transfers into Level 3 | 9 | 18 | ||
Transfers out of Level 3 | (3) | |||
Fair value assets, ending balance | 1,331 | 1,199 | 1,331 | 1,199 |
Gains (losses) included in earnings for positions still held | (37) | (11) | (49) | (15) |
Level 3 [member] | Trading Securities [member] | U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 55 | 65 | 58 | 66 |
Gains (losses) included in earnings | (1) | |||
Gains (losses) included in OCI | 4 | 2 | 4 | 2 |
Settlement (sales) and other | (5) | (8) | ||
Fair value assets, ending balance | 54 | 67 | 54 | 67 |
Level 3 [member] | Trading Securities [member] | Asset-backed securities, Non-CDO securities [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 2 | 9 | 2 | 110 |
Gains (losses) included in earnings | 15 | |||
Settlement (sales) and other | (5) | (121) | ||
Fair value assets, ending balance | 2 | 4 | 2 | 4 |
Gains (losses) included in earnings for positions still held | 1 | 2 | ||
Level 3 [member] | Trading Securities [member] | Corporate debt and other debt [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 19 | 22 | 21 | 21 |
Gains (losses) included in earnings | (1) | 1 | ||
Settlement (sales) and other | (1) | (1) | (1) | |
Fair value assets, ending balance | 19 | 21 | 19 | 21 |
Level 3 [member] | Trading Securities [member] | Equities [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value assets, beginning balance | 1,236 | 1,076 | 1,219 | 1,148 |
Gains (losses) included in earnings | (51) | (29) | (78) | (47) |
Gains (losses) included in OCI | 43 | 16 | 47 | 16 |
Purchases (issuances) | 47 | 70 | 118 | 150 |
Settlement (sales) and other | (19) | (35) | (47) | (178) |
Transfers into Level 3 | 9 | 18 | ||
Transfers out of Level 3 | (3) | |||
Fair value assets, ending balance | 1,256 | 1,107 | 1,256 | 1,107 |
Gains (losses) included in earnings for positions still held | (37) | (12) | (49) | (17) |
Level 3 [member] | Deposits - Personal [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value liabilities, beginning balance | (268) | (91) | (156) | (390) |
Gains (losses) included in earnings | 87 | (4) | 86 | (34) |
Gains (losses) included in OCI | (4) | (4) | (1) | |
Purchases (issuances) | (39) | (24) | (213) | (33) |
Settlement (sales) and other | 8 | 6 | 18 | 11 |
Transfers into Level 3 | (66) | (107) | (82) | (125) |
Transfers out of Level 3 | 119 | 28 | 188 | 380 |
Fair value liabilities, ending balance | (163) | (192) | (163) | (192) |
Gains (losses) included in earnings for positions still held | 96 | (7) | 94 | (5) |
Level 3 [member] | Deposits - Business and government [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Fair value liabilities, beginning balance | 5 | |||
Transfers out of Level 3 | (5) | |||
Level 3 [member] | Other liabilities [member] | ||||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||||
Purchases (issuances) | 1 | 1 | 4 | 1 |
Fair value liabilities, beginning balance | (59) | (52) | (60) | (68) |
Gains (losses) included in earnings | 16 | (5) | 12 | (5) |
Gains (losses) included in OCI | (3) | (2) | (3) | (2) |
Settlement (sales) and other | 9 | 2 | 11 | 18 |
Fair value liabilities, ending balance | (36) | (56) | (36) | (56) |
Gains (losses) included in earnings for positions still held | $ 16 | $ (4) | $ 12 | $ (3) |
Fair value of financial instr_8
Fair value of financial instrument - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Oct. 31, 2019 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Derivative assets | $ 140,807 | $ 140,807 | $ 101,560 | ||
Derivative liabilities | 144,710 | 144,710 | 98,543 | ||
Recurring [member] | |||||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Derivative assets | 140,807 | 140,807 | 101,560 | ||
Derivative liabilities | 144,710 | 144,710 | $ 98,543 | ||
Investment [member] | Level 3 [member] | Recurring [member] | |||||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Unrealized gains excluding foreign currency translation, recognized in OCI | 25 | $ 18 | 29 | $ 29 | |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | |||||
Disclosure of fair value measurement of assets and liabilities [line Items] | |||||
Derivative assets | 698 | 344 | 698 | 344 | |
Derivative liabilities | $ 1,544 | $ 1,096 | $ 1,544 | $ 1,096 |
Fair value of financial instr_9
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | $ 9,226 | $ 10,132 | $ 19,464 | $ 20,281 |
Interest expense | 3,761 | 5,359 | 8,778 | 10,661 |
Net interest income | 5,465 | 4,773 | 10,686 | 9,620 |
Interest and dividend income [member] | Financial assets measured at fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 2,436 | 2,900 | 5,421 | 5,787 |
Interest and dividend income [member] | Financial assets measured at fair value through other comprehensive income [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 305 | 288 | 614 | 560 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 6,485 | 6,944 | 13,429 | 13,934 |
Interest expense [member] | Financial liabilities measured at fair value through profit or loss [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest expense | 1,635 | 2,543 | 3,995 | 5,098 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest expense | $ 2,126 | $ 2,816 | $ 4,783 | $ 5,563 |
Fair value of financial inst_10
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | $ 197 | $ 1,515 | $ 2,191 | $ 3,094 |
Dividend income | 614 | 456 | 1,222 | 893 |
Interest expenses on lease liabilitites | 32 | 63 | ||
Interest income [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | 123 | 114 | 255 | 243 |
Interest expense [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Insurance premiums, investment and fee income | $ 1 | $ 1 | $ 3 | $ 2 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 89,590 | $ 57,367 |
Gross unrealized gains | 652 | 532 |
Gross unrealized losses | (1,284) | (213) |
Fair value | 88,958 | 57,686 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,132 | 655 |
Gross unrealized gains | 1 | 3 |
Gross unrealized losses | (2) | (1) |
Fair value | 1,131 | 657 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 5,092 | 2,878 |
Gross unrealized gains | 82 | 43 |
Gross unrealized losses | (26) | (23) |
Fair value | 5,148 | 2,898 |
U.S. state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 41,582 | 20,787 |
Gross unrealized gains | 245 | 215 |
Gross unrealized losses | (593) | (126) |
Fair value | 41,234 | 20,876 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,800 | 4,254 |
Gross unrealized gains | 4 | 2 |
Gross unrealized losses | (18) | (5) |
Fair value | 6,786 | 4,251 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,109 | 2,709 |
Gross unrealized gains | 3 | 1 |
Gross unrealized losses | (157) | (8) |
Fair value | 2,955 | 2,702 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 7,858 | 7,334 |
Gross unrealized gains | 6 | 1 |
Gross unrealized losses | (375) | (35) |
Fair value | 7,489 | 7,300 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 1,007 | 847 |
Gross unrealized gains | 4 | |
Gross unrealized losses | (44) | (2) |
Fair value | 963 | 849 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 22,729 | 17,655 |
Gross unrealized gains | 60 | 45 |
Gross unrealized losses | (64) | (10) |
Fair value | 22,725 | 17,690 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 281 | 248 |
Gross unrealized gains | 251 | 218 |
Gross unrealized losses | (5) | (3) |
Fair value | $ 527 | $ 463 |
Securities - Summary of Unrea_2
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 89,590 | $ 57,367 |
Allowance for credit losses on debt securities at FVOCI | 23 | (3) |
Gross unrealized gains on securities measured at FVOCI | 652 | 532 |
Gross unrealized losses on securities measured at FVOCI | 1,284 | 213 |
Securities measured at fair value through other comprehensive income [member] | Commercial mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | 2,344 | 2,051 |
Gross unrealized gains on securities measured at FVOCI | 0 | 1 |
Gross unrealized losses on securities measured at FVOCI | 144 | 6 |
Fair value | 2,200 | 2,046 |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 45,205 | $ 44,784 |
Securities - Summary of Allowan
Securities - Summary of Allowance for Credit Losses - Securities at FVOCI (Detail) - Debt securities at fair value through other comprehensive income [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | $ (3) | $ 9 | $ (3) | $ 11 |
Provision for credit losses | ||||
Purchases | 9 | 1 | 11 | 3 |
Sales and maturities | (2) | (2) | (8) | |
Changes in risk, parameters and exposures | 19 | (9) | 17 | (5) |
Balance at end of period | 23 | 1 | 23 | 1 |
Performing Stage one [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | 6 | 6 | 4 | 4 |
Provision for credit losses | ||||
Purchases | 9 | 1 | 11 | 3 |
Sales and maturities | (2) | (2) | (1) | |
Changes in risk, parameters and exposures | 9 | (2) | 9 | (1) |
Exchange rate and other | 1 | 1 | ||
Balance at end of period | 23 | 5 | 23 | 5 |
Performing Stage two [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | 7 | |||
Provision for credit losses | ||||
Sales and maturities | (7) | |||
Impaired Stage three [member] | ||||
Disclosure of financial assets [line items] | ||||
Balance at beginning of period | (9) | 3 | (7) | |
Provision for credit losses | ||||
Changes in risk, parameters and exposures | 10 | (7) | 8 | (4) |
Exchange rate and other | $ (1) | $ (1) | ||
Balance at end of period | $ (4) | $ (4) |
Securities - Summary of Allow_2
Securities - Summary of Allowance for Credit Losses - Securities at Amortized Cost (Detail) - Debt securities at amortized cost [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 22 | $ 36 | $ 24 | $ 38 |
Provision for credit losses | ||||
Purchases | 3 | 3 | 5 | 4 |
Sales and maturities | (1) | (1) | ||
Changes in risk, parameters and exposures | 4 | (10) | 1 | (13) |
Exchange rate and other | 1 | 1 | 1 | |
Balance at end of period | 29 | 30 | 29 | 30 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 5 | 6 | 5 | 6 |
Provision for credit losses | ||||
Purchases | 3 | 3 | 5 | 4 |
Sales and maturities | (1) | (1) | ||
Changes in risk, parameters and exposures | 2 | (2) | (3) | |
Balance at end of period | 9 | 7 | 9 | 7 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 17 | 30 | 19 | 32 |
Provision for credit losses | ||||
Changes in risk, parameters and exposures | 2 | (8) | 1 | (10) |
Exchange rate and other | 1 | 1 | 1 | |
Balance at end of period | $ 20 | $ 23 | $ 20 | $ 23 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Apr. 30, 2020 | Oct. 31, 2019 | |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 89,590 | $ 57,367 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 86,269 | 56,672 |
Non-investment grade | 1,999 | 401 |
Impaired | 162 | 150 |
Carrying amount of securities measured at FVOCI subject to impairment | 88,430 | 57,223 |
Items not subject to impairment | 528 | 463 |
Carrying amount of securities measured at FVOCI | 88,958 | 57,686 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 44,109 | 43,727 |
Non-investment grade | 1,125 | 1,081 |
Amount before allowance for credit losses | 45,234 | 44,808 |
Allowance for credit losses | 29 | 24 |
Amortized cost | 45,205 | 44,784 |
Performing Stage one [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 86,236 | 56,671 |
Non-investment grade | 1,998 | 400 |
Carrying amount of securities measured at FVOCI subject to impairment | 88,234 | 57,071 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 44,102 | 43,681 |
Non-investment grade | 727 | 695 |
Amount before allowance for credit losses | 44,829 | 44,376 |
Allowance for credit losses | 9 | 5 |
Amortized cost | 44,820 | 44,371 |
Performing Stage two [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 33 | 1 |
Non-investment grade | 1 | 1 |
Carrying amount of securities measured at FVOCI subject to impairment | 34 | 2 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 7 | 46 |
Non-investment grade | 398 | 386 |
Amount before allowance for credit losses | 405 | 432 |
Allowance for credit losses | 20 | 19 |
Amortized cost | 385 | 413 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 162 | 150 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 162 | $ 150 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 162 | $ 150 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Customers' liability under acceptances [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 39 | $ 31 | $ 24 | $ 21 |
Provision for credit losses | 68 | (5) | 82 | 5 |
Exchange rate changes/other | (2) | (1) | ||
Balance at end of period | 105 | 26 | 105 | 26 |
Allowance for credit losses [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 3,471 | 3,273 | 3,419 | 3,088 |
Provision for credit losses | 2,734 | 441 | 3,155 | 957 |
Net write-offs | (345) | (421) | (652) | (724) |
Exchange rate changes/other | 5 | (3) | (57) | (31) |
Balance at end of period | 5,865 | 3,290 | 5,865 | 3,290 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 3,139 | 3,061 | 3,100 | 2,912 |
Balance at end of period | 5,230 | 3,093 | 5,230 | 3,093 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 292 | 180 | 295 | 154 |
Balance at end of period | 529 | 171 | 529 | 171 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 39 | 31 | 24 | 21 |
Balance at end of period | 105 | 26 | 105 | 26 |
Allowance for credit losses [member] | Other components of equity [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1 | 1 | 1 | |
Balance at end of period | 1 | 1 | ||
Retail [member] | Residential mortgages [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 367 | 409 | 402 | 382 |
Provision for credit losses | 126 | (2) | 119 | 31 |
Net write-offs | (8) | (16) | (16) | (20) |
Exchange rate changes/other | (1) | 4 | (21) | 2 |
Balance at end of period | 484 | 395 | 484 | 395 |
Retail [member] | Personal [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 940 | 892 | 935 | 895 |
Provision for credit losses | 437 | 148 | 558 | 271 |
Net write-offs | (119) | (117) | (230) | (230) |
Exchange rate changes/other | (1) | (5) | (14) | |
Balance at end of period | 1,258 | 922 | 1,258 | 922 |
Retail [member] | Credit cards [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 868 | 780 | 832 | 760 |
Provision for credit losses | 393 | 135 | 570 | 275 |
Net write-offs | (142) | (125) | (281) | (245) |
Exchange rate changes/other | 2 | |||
Balance at end of period | 1,121 | 790 | 1,121 | 790 |
Retail [member] | Small business [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 66 | 51 | 61 | 51 |
Provision for credit losses | 50 | 7 | 64 | 13 |
Net write-offs | (9) | (8) | (17) | (13) |
Exchange rate changes/other | (1) | (1) | (2) | |
Balance at end of period | 107 | 49 | 107 | 49 |
Wholesale [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 1,191 | 1,110 | 1,165 | 979 |
Provision for credit losses | 1,660 | 158 | 1,762 | 362 |
Net write-offs | (67) | (155) | (108) | (216) |
Exchange rate changes/other | 6 | (5) | (29) | (17) |
Balance at end of period | $ 2,790 | $ 1,108 | $ 2,790 | $ 1,108 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Residential Mortgages (Detail) - Retail [member] - Residential mortgages [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 367 | $ 409 | $ 402 | $ 382 |
Provision for credit losses | ||||
Originations | 11 | 10 | 27 | 23 |
Maturities | (7) | (4) | (14) | (9) |
Changes in risk, parameters and exposures | 122 | (8) | 106 | 17 |
Write-offs | (10) | (17) | (22) | (22) |
Recoveries | 2 | 1 | 6 | 2 |
Exchange rate and other | (1) | 4 | (21) | 2 |
Balance at end of period | 484 | 395 | 484 | 395 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 132 | 138 | 146 | 142 |
Provision for credit losses | ||||
Transfers to Stage 1 | 33 | 35 | 60 | 43 |
Transfers to Stage 2 | (22) | (2) | (26) | (5) |
Transfers to Stage 3 | (1) | (2) | (1) | |
Originations | 11 | 10 | 27 | 23 |
Maturities | (3) | (3) | (7) | (6) |
Changes in risk, parameters and exposures | (39) | (39) | (84) | (57) |
Exchange rate and other | 3 | 1 | 1 | |
Balance at end of period | 114 | 140 | 114 | 140 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 80 | 79 | 77 | 64 |
Provision for credit losses | ||||
Transfers to Stage 1 | (21) | (28) | (39) | (36) |
Transfers to Stage 2 | 23 | 3 | 29 | 7 |
Transfers to Stage 3 | (7) | (10) | (15) | (18) |
Maturities | (4) | (1) | (7) | (3) |
Changes in risk, parameters and exposures | 159 | 19 | 188 | 49 |
Exchange rate and other | (7) | 1 | (10) | |
Balance at end of period | 223 | 63 | 223 | 63 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 155 | 192 | 179 | 176 |
Provision for credit losses | ||||
Transfers to Stage 1 | (12) | (7) | (21) | (7) |
Transfers to Stage 2 | (1) | (1) | (3) | (2) |
Transfers to Stage 3 | 8 | 10 | 17 | 19 |
Changes in risk, parameters and exposures | 2 | 12 | 2 | 25 |
Write-offs | (10) | (17) | (22) | (22) |
Recoveries | 2 | 1 | 6 | 2 |
Exchange rate and other | 3 | 2 | (11) | 1 |
Balance at end of period | $ 147 | $ 192 | $ 147 | $ 192 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Personal (Detail) - Retail [member] - Personal [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 940 | $ 892 | $ 935 | $ 895 |
Provision for credit losses | ||||
Originations | 28 | 24 | 53 | 47 |
Maturities | (35) | (32) | (70) | (69) |
Changes in risk, parameters and exposures | 444 | 156 | 575 | 293 |
Write-offs | (148) | (148) | (297) | (292) |
Recoveries | 29 | 31 | 67 | 62 |
Exchange rate and other | (1) | (5) | (14) | |
Balance at end of period | 1,258 | 922 | 1,258 | 922 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 273 | 235 | 272 | 242 |
Provision for credit losses | ||||
Transfers to Stage 1 | 110 | 142 | 229 | 274 |
Transfers to Stage 2 | (37) | (23) | (56) | (46) |
Transfers to Stage 3 | (1) | (1) | (2) | (1) |
Originations | 28 | 23 | 53 | 46 |
Maturities | (11) | (5) | (23) | (12) |
Changes in risk, parameters and exposures | (20) | (134) | (131) | (266) |
Exchange rate and other | 1 | 1 | 1 | 1 |
Balance at end of period | 343 | 238 | 343 | 238 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 517 | 519 | 520 | 512 |
Provision for credit losses | ||||
Transfers to Stage 1 | (107) | (136) | (226) | (268) |
Transfers to Stage 2 | 38 | 24 | 57 | 47 |
Transfers to Stage 3 | (19) | (40) | (39) | (84) |
Originations | 1 | 1 | ||
Maturities | (24) | (27) | (47) | (57) |
Changes in risk, parameters and exposures | 352 | 214 | 493 | 404 |
Exchange rate and other | (1) | |||
Balance at end of period | 757 | 555 | 757 | 555 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 150 | 138 | 143 | 141 |
Provision for credit losses | ||||
Transfers to Stage 1 | (3) | (6) | (3) | (6) |
Transfers to Stage 2 | (1) | (1) | (1) | (1) |
Transfers to Stage 3 | 20 | 41 | 41 | 85 |
Changes in risk, parameters and exposures | 112 | 76 | 213 | 155 |
Write-offs | (148) | (148) | (297) | (292) |
Recoveries | 29 | 31 | 67 | 62 |
Exchange rate and other | (1) | (2) | (5) | (15) |
Balance at end of period | $ 158 | $ 129 | $ 158 | $ 129 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Credit Cards (Detail) - Retail [member] - Credit cards [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 868 | $ 780 | $ 832 | $ 760 |
Provision for credit losses | ||||
Originations | 3 | 1 | 5 | 2 |
Maturities | (10) | (6) | (19) | (13) |
Changes in risk, parameters and exposures | 400 | 140 | 584 | 286 |
Write-offs | (173) | (158) | (347) | (311) |
Recoveries | 31 | 33 | 66 | 66 |
Exchange rate and other | 2 | |||
Balance at end of period | 1,121 | 790 | 1,121 | 790 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 174 | 168 | 173 | 161 |
Provision for credit losses | ||||
Transfers to Stage 1 | 117 | 118 | 235 | 228 |
Transfers to Stage 2 | (25) | (20) | (47) | (39) |
Transfers to Stage 3 | (1) | (1) | (1) | (1) |
Originations | 3 | 1 | 5 | 2 |
Maturities | (4) | (1) | (5) | (2) |
Changes in risk, parameters and exposures | (20) | (98) | (114) | (182) |
Exchange rate and other | 2 | (1) | (1) | |
Balance at end of period | 246 | 166 | 246 | 166 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 694 | 612 | 659 | 599 |
Provision for credit losses | ||||
Transfers to Stage 1 | (117) | (118) | (235) | (228) |
Transfers to Stage 2 | 25 | 20 | 47 | 39 |
Transfers to Stage 3 | (94) | (83) | (182) | (163) |
Maturities | (6) | (5) | (14) | (11) |
Changes in risk, parameters and exposures | 373 | 197 | 600 | 387 |
Exchange rate and other | 1 | 1 | ||
Balance at end of period | 875 | 624 | 875 | 624 |
Impaired Stage three [member] | ||||
Provision for credit losses | ||||
Transfers to Stage 3 | 95 | 84 | 183 | 164 |
Changes in risk, parameters and exposures | 47 | 41 | 98 | 81 |
Write-offs | (173) | (158) | (347) | (311) |
Recoveries | $ 31 | $ 33 | $ 66 | $ 66 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Small Business (Detail) - Retail [member] - Small business [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 66 | $ 51 | $ 61 | $ 51 |
Provision for credit losses | ||||
Originations | 5 | 2 | 8 | 5 |
Maturities | (2) | (3) | (4) | (6) |
Changes in risk, parameters and exposures | 47 | 8 | 60 | 14 |
Write-offs | (10) | (10) | (20) | (17) |
Recoveries | 1 | 2 | 3 | 4 |
Exchange rate and other | (1) | (1) | (2) | |
Balance at end of period | 107 | 49 | 107 | 49 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 29 | 16 | 29 | 17 |
Provision for credit losses | ||||
Transfers to Stage 1 | 4 | 6 | 5 | 11 |
Transfers to Stage 2 | (2) | (1) | (3) | (2) |
Originations | 5 | 2 | 8 | 5 |
Maturities | (2) | (1) | (3) | (2) |
Changes in risk, parameters and exposures | 22 | (7) | 20 | (14) |
Balance at end of period | 56 | 15 | 56 | 15 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 11 | 18 | 10 | 16 |
Provision for credit losses | ||||
Transfers to Stage 1 | (4) | (6) | (5) | (11) |
Transfers to Stage 2 | 2 | 1 | 3 | 2 |
Transfers to Stage 3 | (2) | (1) | (5) | |
Maturities | (2) | (1) | (4) | |
Changes in risk, parameters and exposures | 11 | 8 | 15 | 19 |
Exchange rate and other | 1 | |||
Balance at end of period | 21 | 17 | 21 | 17 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 26 | 17 | 22 | 18 |
Provision for credit losses | ||||
Transfers to Stage 3 | 2 | 1 | 5 | |
Changes in risk, parameters and exposures | 14 | 7 | 25 | 9 |
Write-offs | (10) | (10) | (20) | (17) |
Recoveries | 1 | 2 | 3 | 4 |
Exchange rate and other | (1) | (1) | (1) | (2) |
Balance at end of period | $ 30 | $ 17 | $ 30 | $ 17 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Wholesale (Detail) - Wholesale [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | $ 1,191 | $ 1,110 | $ 1,165 | $ 979 |
Provision for credit losses | ||||
Originations | 413 | 76 | 479 | 154 |
Maturities | (76) | (82) | (172) | (168) |
Changes in risk, parameters and exposures | 1,323 | 164 | 1,455 | 376 |
Write-offs | (82) | (168) | (136) | (236) |
Recoveries | 15 | 13 | 28 | 20 |
Exchange rate and other | 6 | (5) | (29) | (17) |
Balance at end of period | 2,790 | 1,108 | 2,790 | 1,108 |
Performing Stage one [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 300 | 301 | 281 | 274 |
Provision for credit losses | ||||
Transfers to Stage 1 | 39 | 54 | 66 | 78 |
Transfers to Stage 2 | (37) | (8) | (45) | (17) |
Transfers to Stage 3 | (1) | (2) | (2) | (3) |
Originations | 413 | 59 | 479 | 127 |
Maturities | (34) | (46) | (77) | (89) |
Changes in risk, parameters and exposures | 555 | (68) | 538 | (79) |
Exchange rate and other | 11 | 3 | 6 | 2 |
Balance at end of period | 1,246 | 293 | 1,246 | 293 |
Performing Stage two [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 407 | 361 | 396 | 340 |
Provision for credit losses | ||||
Transfers to Stage 1 | (38) | (45) | (64) | (69) |
Transfers to Stage 2 | 37 | 8 | 46 | 19 |
Transfers to Stage 3 | (27) | (17) | (45) | (33) |
Originations | 17 | 27 | ||
Maturities | (42) | (36) | (95) | (79) |
Changes in risk, parameters and exposures | 463 | 65 | 562 | 149 |
Exchange rate and other | 7 | 5 | 7 | 4 |
Balance at end of period | 807 | 358 | 807 | 358 |
Impaired Stage three [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Balance at beginning of period | 484 | 448 | 488 | 365 |
Provision for credit losses | ||||
Transfers to Stage 1 | (1) | (9) | (2) | (9) |
Transfers to Stage 2 | (1) | (2) | ||
Transfers to Stage 3 | 28 | 19 | 47 | 36 |
Changes in risk, parameters and exposures | 305 | 167 | 355 | 306 |
Write-offs | (82) | (168) | (136) | (236) |
Recoveries | 15 | 13 | 28 | 20 |
Exchange rate and other | (12) | (13) | (42) | (23) |
Balance at end of period | $ 737 | $ 457 | $ 737 | $ 457 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses, Key Inputs and Assumptions - Additional Information (Detail) - $ / Perbarrel | 3 Months Ended | 6 Months Ended | 12 Months Ended | |
Oct. 31, 2020 | Apr. 30, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | |
Oil price (West Texas Intermediate) average price [member] | Downside Scenario [member] | Next Twelve Months [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 21 | |||
Oil price (West Texas Intermediate) average price [member] | Downside Scenario [member] | Next Two To Five Years [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 37 | |||
Oil price (West Texas Intermediate) average price [member] | Base Scenario [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 19 | |||
Oil price (West Texas Intermediate) average price [member] | Base Scenario [member] | Next Twelve Months [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 30 | 59 | ||
Oil price (West Texas Intermediate) average price [member] | Base Scenario [member] | Next Two To Five Years [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 46 | 68 | ||
Oil price (West Texas Intermediate) average price [member] | Upside Scenario [member] | Next Twelve Months [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 28 | |||
Oil price (West Texas Intermediate) average price [member] | Upside Scenario [member] | Next Two To Five Years [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers oil price per barrel | 46 | |||
Housing Price Index [Member] | Downside Scenario [member] | Next Twelve Months [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | (30.10%) | |||
Housing Price Index [Member] | Downside Scenario [member] | Next Two To Five Years [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 2.80% | |||
Housing Price Index [Member] | Base Scenario [member] | Next Twelve Months [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 3.50% | 4.50% | ||
Housing Price Index [Member] | Base Scenario [member] | Next Two To Five Years [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 5.20% | 4.70% | ||
Housing Price Index [Member] | Upside Scenario [member] | Next Twelve Months [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 5.30% | |||
Housing Price Index [Member] | Upside Scenario [member] | Next Two To Five Years [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 10.80% | |||
Canadian unemployment rate [member] | Next Twelve Months Credit Losses [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 14.60% | |||
US unemployment rate [member] | Next Twelve Months Credit Losses [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 13.30% | |||
USGDP Growth Rate [Member] | Next Twelve Months Credit Losses [member] | Forecast [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 4.50% | |||
Canada GDP growth rate [member] | Next Twelve Months Credit Losses [member] | Forecast [member] | ||||
Statement [Line Items] | ||||
Average value macroeconomic drivers percentage | 5.60% |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Residential Mortgage (Detail) - Residential mortgages [member] - Retail loans [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 321,519 | $ 307,574 |
Items not subject to impairment | 405 | 517 |
Gross carrying amount of financial assets | 321,924 | 308,091 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 255,057 | 245,141 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15,277 | 15,380 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,873 | 5,565 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 44,641 | 40,756 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 671 | 732 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 293,916 | 295,283 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 234,742 | 238,377 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 12,837 | 14,033 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,728 | 2,843 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 43,609 | 40,030 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 26,932 | 11,559 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 20,315 | 6,764 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,440 | 1,347 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,145 | 2,722 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,032 | 726 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 671 | 732 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 671 | $ 732 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Personal (Detail) - Personal [member] - Retail loans [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 90,716 | $ 92,250 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 72,612 | 73,563 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,938 | 8,265 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,631 | 2,717 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,204 | 7,398 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 331 | 307 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 81,668 | 85,009 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 69,690 | 71,619 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,228 | 5,254 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 701 | 843 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,049 | 7,293 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,717 | 6,934 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,922 | 1,944 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,710 | 3,011 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,930 | 1,874 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 155 | 105 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 331 | 307 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 331 | $ 307 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Credit Cards (Detail) - Credit cards [member] - Retail loans [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 17,044 | $ 20,311 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,319 | 13,943 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,603 | 4,077 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,534 | 1,569 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 588 | 722 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 13,638 | 16,904 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,169 | 13,840 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,833 | 2,250 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 99 | 137 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 537 | 677 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,406 | 3,407 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 150 | 103 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,770 | 1,827 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,435 | 1,432 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 51 | $ 45 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Small Business (Detail) - Small business [member] - Retail loans [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 5,725 | $ 5,434 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,407 | 2,307 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,806 | 2,726 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 424 | 334 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15 | 10 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 73 | 57 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,413 | 4,511 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,232 | 2,200 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,996 | 2,163 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 170 | 138 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 15 | 10 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,239 | 866 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 175 | 107 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 810 | 563 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 254 | 196 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 73 | 57 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 73 | $ 57 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Retail (Detail) - Undrawn loan commitments - retail [member] - Retail loans [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 228,740 | $ 214,200 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 212,470 | 198,637 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,114 | 8,497 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,112 | 1,059 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,044 | 6,007 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 224,379 | 211,706 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 208,731 | 196,743 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,790 | 8,251 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 953 | 851 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,905 | 5,861 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,361 | 2,494 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,739 | 1,894 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 324 | 246 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 159 | 208 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 139 | $ 146 |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Wholesale (Detail) - Wholesale [member] - Loans outstanding [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 233,129 | $ 186,959 |
Items not subject to impairment | 10,140 | 8,911 |
Gross carrying amount of financial assets | 243,269 | 195,870 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 69,386 | 47,230 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 153,671 | 131,718 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,678 | 6,182 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,394 | 1,829 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 198,126 | 172,773 |
Stage one loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 68,722 | 47,133 |
Stage one loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 122,134 | 119,778 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 7,270 | 5,862 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 32,609 | 12,357 |
Stage two loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 664 | 97 |
Stage two loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 31,537 | 11,940 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 408 | 320 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,394 | 1,829 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 2,394 | $ 1,829 |
Loans and Allowance for Cred_16
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost - Undrawn Loan Commitments Wholesale (Detail) - Wholesale [member] - Undrawn loan commitments [member] - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 338,613 | $ 332,021 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 233,712 | 222,837 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 101,382 | 105,198 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,519 | 3,986 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 315,043 | 322,996 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 231,701 | 222,819 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 79,823 | 96,191 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,519 | 3,986 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 23,570 | 9,025 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,011 | 18 |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 21,559 | $ 9,007 |
Loans and Allowance for Cred_17
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 8,974 | $ 6,734 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 4,110 | 4,728 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 4,864 | 2,006 |
1 to 29 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 6,317 | 4,716 |
1 to 29 days [member] | Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 2,539 | 3,173 |
1 to 29 days [member] | Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 3,778 | 1,543 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 2,431 | 1,829 |
30 to 89 days [member] | Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,353 | 1,369 |
30 to 89 days [member] | Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,078 | 460 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 226 | 189 |
90 Days and Greater [member] | Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 218 | 186 |
90 Days and Greater [member] | Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 8 | $ 3 |
Loans and Allowance for Cred_18
Loans and Allowance for Credit Losses, Loan modifications - Additional Information (Detail) $ in Millions | 3 Months Ended |
Apr. 30, 2020CAD ($) | |
Disclosure of credit risk exposure [line items] | |
Modified loans, in Stage 2 or Stage 3, Premodification | $ 6,316 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of deposits [line items] | ||
Term | $ 466,442 | $ 415,978 |
Total deposits | 1,009,447 | 886,005 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 165,695 | 143,958 |
Notice | 59,057 | 49,806 |
Term | 103,634 | 100,968 |
Total deposits | 328,386 | 294,732 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 292,896 | 253,113 |
Notice | 13,081 | 13,867 |
Term | 326,748 | 298,502 |
Total deposits | 632,725 | 565,482 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 11,065 | 8,363 |
Notice | 1,211 | 920 |
Term | 36,060 | 16,508 |
Total deposits | 48,336 | 25,791 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 469,656 | 405,434 |
Notice | 73,349 | 64,593 |
Term | 466,442 | 415,978 |
Total deposits | 1,009,447 | 886,005 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 105,013 | 93,163 |
Notice | 7,125 | 5,692 |
Term | 116 | 137 |
Total deposits | 112,254 | 98,992 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 263,288 | 228,386 |
Notice | 18,217 | 15,306 |
Term | 345,867 | 333,118 |
Total deposits | 627,372 | 576,810 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 42,706 | 34,632 |
Total deposits | 42,706 | 34,632 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,357 | 4,704 |
Notice | 47,297 | 39,626 |
Term | 65,756 | 41,776 |
Total deposits | 120,410 | 86,106 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 808 | 760 |
Total deposits | 808 | 760 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 35,965 | 33,073 |
Notice | 710 | 825 |
Term | 39,121 | 30,090 |
Total deposits | 75,796 | 63,988 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,182 | 5,225 |
Notice | 5 | |
Total deposits | 7,182 | 5,230 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,337 | 5,491 |
Notice | 3,139 | |
Term | 15,582 | 10,857 |
Total deposits | $ 22,919 | $ 19,487 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of deposits [line items] | ||
Total deposits | $ 1,009,447 | $ 886,005 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 377,000 | 321,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 32,000 | 23,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 52,000 | 45,000 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 34,000 | $ 31,000 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 466,442 | $ 415,978 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 430,000 | 379,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 127,349 | 94,585 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 77,433 | 62,814 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 97,889 | 92,507 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 39,519 | 50,055 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 26,858 | 31,852 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 34,895 | 31,373 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 25,659 | 21,130 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 36,840 | $ 31,662 |
Employee benefits - Pension a_3
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Pension and Other Post-employment Benefit Expense (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of pension and other post employment plan [Line Items] | ||||
Total pension and other post-employment benefit expense | $ 3,573 | $ 3,622 | $ 7,633 | $ 7,265 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||||
Disclosure of pension and other post employment plan [Line Items] | ||||
Current service costs | 91 | 74 | 183 | 148 |
Net interest expense (income) | 5 | (5) | 10 | (10) |
Remeasurements of other long term benefits | 0 | 0 | 0 | 0 |
Administrative expense | 5 | 4 | 9 | 8 |
Defined benefit pension expense | 101 | 73 | 202 | 146 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||||
Disclosure of pension and other post employment plan [Line Items] | ||||
Defined contribution pension expense | 55 | 50 | 118 | 111 |
Defined benefit and contribution pension plans [member] | Pension Expense [Member] | ||||
Disclosure of pension and other post employment plan [Line Items] | ||||
Total pension and other post-employment benefit expense | 156 | 123 | 320 | 257 |
Other post employment benefit [member] | Other post employment benefit expense [Member] | ||||
Disclosure of pension and other post employment plan [Line Items] | ||||
Current service costs | 12 | 9 | 23 | 19 |
Net interest expense (income) | 15 | 17 | 30 | 33 |
Remeasurements of other long term benefits | 0 | 4 | 4 | 6 |
Administrative expense | 0 | 0 | 0 | 0 |
Defined benefit pension expense | 27 | 30 | 57 | 58 |
Defined contribution pension expense | 0 | 0 | 0 | 0 |
Total pension and other post-employment benefit expense | $ 27 | $ 30 | $ 57 | $ 58 |
Employee benefits - Pension a_4
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Remeasurements Recorded in OCI (Detail) - Remeasurements of Employee Benefit Plans to OCI [member] - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Defined benefit pension plans [member] | ||||
Actuarial (gains) losses: | ||||
Changes in financial assumptions | $ (1,009) | $ 653 | $ 38 | $ 1,260 |
Experience adjustments | 0 | 0 | 0 | 0 |
Return on plan assets (excluding interest based on discount rate) | 484 | (574) | (23) | (718) |
Total remeasurements of employee benefit plans | (525) | 79 | 15 | 542 |
Other post employment benefit [member] | ||||
Actuarial (gains) losses: | ||||
Changes in financial assumptions | 96 | 60 | 1 | 117 |
Experience adjustments | (2) | (2) | (2) | (3) |
Return on plan assets (excluding interest based on discount rate) | 0 | 0 | 0 | 0 |
Total remeasurements of employee benefit plans | $ (97) | $ 58 | $ (1) | $ 114 |
Significant capital and fundi_3
Significant capital and funding transactions - Additional Information (Detail) $ in Millions, $ in Millions | Dec. 23, 2019CAD ($) | Dec. 17, 2019USD ($)shares | Apr. 30, 2020CAD ($) | Oct. 31, 2019CAD ($) |
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Deposits | $ 1,009,447 | $ 886,005 | ||
Covered bond guarantor limited partnership [member] | Deposits [Member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Deposits | 45,300 | 39,800 | ||
Covered bonds [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Mortgages transferred and outstanding | 117,700 | $ 53,900 | ||
Preference shares [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Number of depositary shares purchased | shares | 200,000 | |||
Total consideration, including accrued dividends | $ 6 | |||
Subordinated debentures [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Dated subordinated liabilities | $ 2,000 | |||
Interest rate | 2.88% | 2.99% | ||
Maturity | December 23, 2029 | December 6, 2024 | ||
Redemption date | Dec. 6, 2019 | |||
Percentage of principal amount | 100.00% | |||
Dated subordinated issued | $ 1,500 | |||
Borrowings adjustment to interest rate | 0.89% | |||
Borrowings, interest rate basis | December 23, 2024 |
Significant capital and fundi_4
Significant capital and funding transactions - Summary of Common Shares Issued (Detail) - CAD ($) shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of classes of share capital [line items] | ||||
Issued in connection with share-based compensation plans | $ (2) | $ (8) | $ 0 | $ (6) |
Purchased for cancellation | $ (87) | $ (11) | $ (814) | $ (359) |
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Issued in connection with share-based compensation plans, shares | 314 | 526 | 547 | 685 |
Purchased for cancellation, shares | (867) | (107) | (7,860) | (3,791) |
Increase (decrease) in number of ordinary shares issued, shares | (553) | 419 | (7,313) | (3,106) |
Issued in connection with share-based compensation plans | $ 26 | $ 38 | $ 44 | $ 49 |
Purchased for cancellation | (11) | (1) | (97) | (46) |
Increase (decrease) in equity | $ 15 | $ 37 | $ (53) | $ 3 |
Significant capital and fundi_5
Significant capital and funding transactions - Summary of Common Shares Issued (Parenthetical) (Detail) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Disclosure of classes of share capital [line items] | ||||
Book value of shares purchased for cancellation | $ 87 | $ 11 | $ 814 | $ 359 |
Common shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Fair value of shares purchased for cancellation | $ 87 | $ 11 | $ 814 | $ 359 |
Average cost of shares purchased for cancellation | $ 100.34 | $ 101.41 | $ 103.62 | $ 94.60 |
Book value of shares purchased for cancellation | $ 11 | $ 1 | $ 97 | $ 46 |
Average book value of shares purchased for cancellation | $ 12.35 | $ 12.27 | $ 12.34 | $ 12.26 |
Earnings per share - Summary of
Earnings per share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Basic earnings per share | ||||
Net income | $ 1,481 | $ 3,230 | $ 4,990 | $ 6,402 |
Net income attributable to non-controlling interests | 3 | (4) | (2) | (6) |
Net income available to common shareholders | $ 1,420 | $ 3,161 | $ 4,859 | $ 6,257 |
Weighted average number of common shares (in thousands) | 1,422,754 | 1,435,091 | 1,425,203 | 1,436,099 |
Basic earnings per share (in dollars) | $ 1 | $ 2.20 | $ 3.41 | $ 4.36 |
Diluted earnings per share | ||||
Net income available to common shareholders | $ 1,420 | $ 3,161 | $ 4,859 | $ 6,257 |
Dilutive impact of exchangeable shares | 3 | 3 | 7 | 7 |
Net income available to common shareholders including dilutive impact of exchangeable shares | $ 1,423 | $ 3,164 | $ 4,866 | $ 6,264 |
Weighted average number of common shares (in thousands) | 1,422,754 | 1,435,091 | 1,425,203 | 1,436,099 |
Stock options | 906 | 2,224 | 1,280 | 2,125 |
Issuable under other share-based compensation plans | 753 | 740 | 751 | 739 |
Exchangeable shares | 3,458 | 3,108 | 3,234 | 3,231 |
Average number of diluted common shares (in thousands) | 1,427,871 | 1,441,163 | 1,430,468 | 1,442,194 |
Diluted earnings per share (in dollars) | $ 1 | $ 2.20 | $ 3.40 | $ 4.34 |
Equity attributable to shareholders [member] | ||||
Basic earnings per share | ||||
Net income | $ 1,484 | $ 3,226 | $ 4,988 | $ 6,396 |
Preferred share dividends | $ (64) | $ (65) | $ (129) | $ (139) |
Earnings per share - Summary _2
Earnings per share - Summary of Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [Member] - $ / shares | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | |
Earnings per share [line items] | ||||
Outstanding options excluded from calculation of diluted earnings per share | 2,941,928 | 0 | 1,584,011 | 761,317 |
Average exercise price | $ 101.06 | $ 103.55 | $ 102.33 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Apr. 30, 2020 | Apr. 30, 2019 | Apr. 30, 2020 | Apr. 30, 2019 | Oct. 31, 2019 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 5,465 | $ 4,773 | $ 10,686 | $ 9,620 | |
Non-interest income | 4,868 | 6,726 | 12,483 | 13,468 | |
Total revenue | 10,333 | 11,499 | 23,169 | 23,088 | |
Provision for credit losses | 2,830 | 426 | 3,249 | 940 | |
Insurance policyholder benefits, claims and acquisition expense | (177) | 1,160 | 1,437 | 2,385 | |
Non-interest expense | 5,942 | 5,916 | 12,320 | 11,828 | |
Net income (loss) before income taxes | 1,738 | 3,997 | 6,163 | 7,935 | |
Income taxes (recoveries) | 257 | 767 | 1,173 | 1,533 | |
Net income | 1,481 | 3,230 | 4,990 | 6,402 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 641 | 456 | 1,277 | 896 | |
Total assets | 1,675,682 | 1,675,682 | $ 1,428,935 | ||
Total liabilities | 1,590,642 | 1,590,642 | 1,345,310 | ||
Operating segments [member] | Personal & Commercial Banking [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 3,149 | 3,060 | 6,375 | 6,194 | |
Non-interest income | 1,251 | 1,273 | 2,635 | 2,557 | |
Total revenue | 4,400 | 4,333 | 9,010 | 8,751 | |
Provision for credit losses | 1,706 | 372 | 2,048 | 720 | |
Insurance policyholder benefits, claims and acquisition expense | 0 | 0 | |||
Non-interest expense | 1,947 | 1,887 | 3,931 | 3,802 | |
Net income (loss) before income taxes | 747 | 2,074 | 3,031 | 4,229 | |
Income taxes (recoveries) | 215 | 525 | 813 | 1,109 | |
Net income | 532 | 1,549 | 2,218 | 3,120 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 223 | 157 | 457 | 310 | |
Total assets | 493,257 | 493,257 | 481,720 | ||
Total liabilities | 493,310 | 493,310 | 481,745 | ||
Operating segments [member] | Wealth Management [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 737 | 731 | 1,475 | 1,475 | |
Non-interest income | 2,085 | 2,248 | 4,513 | 4,452 | |
Total revenue | 2,822 | 2,979 | 5,988 | 5,927 | |
Provision for credit losses | 91 | 30 | 89 | 56 | |
Insurance policyholder benefits, claims and acquisition expense | 0 | 0 | |||
Non-interest expense | 2,169 | 2,204 | 4,539 | 4,368 | |
Net income (loss) before income taxes | 562 | 745 | 1,360 | 1,503 | |
Income taxes (recoveries) | 138 | 160 | 313 | 321 | |
Net income | 424 | 585 | 1,047 | 1,182 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 223 | 152 | 433 | 299 | |
Total assets | 124,512 | 124,512 | 106,579 | ||
Total liabilities | 124,464 | 124,464 | 106,770 | ||
Operating segments [member] | Insurance [member] | |||||
Disclosure of operating segments [line items] | |||||
Non-interest income | 197 | 1,515 | 2,191 | 3,094 | |
Total revenue | 197 | 1,515 | 2,191 | 3,094 | |
Provision for credit losses | 1 | 1 | |||
Insurance policyholder benefits, claims and acquisition expense | (177) | 1,160 | 1,437 | 2,385 | |
Non-interest expense | 148 | 150 | 301 | 304 | |
Net income (loss) before income taxes | 225 | 205 | 452 | 405 | |
Income taxes (recoveries) | 45 | 51 | 91 | 85 | |
Net income | 180 | 154 | 361 | 320 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 14 | 12 | 29 | 23 | |
Total assets | 20,052 | 20,052 | 19,012 | ||
Total liabilities | 20,048 | 20,048 | 19,038 | ||
Operating segments [member] | Investor & Treasury Services [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 74 | (34) | 132 | (65) | |
Non-interest income | 635 | 621 | 1,174 | 1,283 | |
Total revenue | 709 | 587 | 1,306 | 1,218 | |
Provision for credit losses | 14 | 14 | |||
Insurance policyholder benefits, claims and acquisition expense | 0 | 0 | |||
Non-interest expense | 392 | 388 | 794 | 806 | |
Net income (loss) before income taxes | 303 | 199 | 498 | 412 | |
Income taxes (recoveries) | 77 | 48 | 129 | 100 | |
Net income | 226 | 151 | 369 | 312 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 54 | 35 | 104 | 69 | |
Total assets | 239,601 | 239,601 | 144,406 | ||
Total liabilities | 239,797 | 239,797 | 144,378 | ||
Operating segments [member] | Capital Markets [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,456 | 993 | 2,617 | 1,962 | |
Non-interest income | 857 | 1,176 | 2,244 | 2,305 | |
Total revenue | 2,313 | 2,169 | 4,861 | 4,267 | |
Provision for credit losses | 1,017 | 25 | 1,096 | 165 | |
Insurance policyholder benefits, claims and acquisition expense | 0 | 0 | |||
Non-interest expense | 1,291 | 1,289 | 2,726 | 2,519 | |
Net income (loss) before income taxes | 5 | 855 | 1,039 | 1,583 | |
Income taxes (recoveries) | (100) | 79 | 52 | 154 | |
Net income | 105 | 776 | 987 | 1,429 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 127 | 100 | 254 | 195 | |
Total assets | 753,869 | 753,869 | 634,313 | ||
Total liabilities | 755,881 | 755,881 | 634,126 | ||
Unallocated amounts [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 49 | 23 | 87 | 54 | |
Non-interest income | (157) | (107) | (274) | (223) | |
Total revenue | (108) | (84) | (187) | (169) | |
Provision for credit losses | 1 | (1) | 1 | (1) | |
Insurance policyholder benefits, claims and acquisition expense | 0 | 0 | |||
Non-interest expense | (5) | (2) | 29 | 29 | |
Net income (loss) before income taxes | (104) | (81) | (217) | (197) | |
Income taxes (recoveries) | (118) | (96) | (225) | (236) | |
Net income | 14 | $ 15 | 8 | $ 39 | |
Non-interest expense includes: | |||||
Depreciation and amortization | 0 | 0 | |||
Total assets | 44,391 | 44,391 | 42,905 | ||
Total liabilities | $ (42,858) | $ (42,858) | $ (40,747) |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Apr. 30, 2020 | Oct. 31, 2019 |
Capital | ||
CET1 capital | $ 65,198 | $ 62,184 |
Tier 1 capital | 70,854 | 67,861 |
Total capital | 81,469 | 77,888 |
Risk-weighted Assets (RWA) used in calculation of capital ratios | ||
Credit risk | 463,567 | 417,835 |
Market risk | 26,900 | 28,917 |
Operational risk | 67,945 | 66,104 |
Total RWA | $ 558,412 | $ 512,856 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 11.70% | 12.10% |
Tier 1 capital ratio | 12.70% | 13.20% |
Total capital ratio | 14.60% | 15.20% |
Leverage ratio | 4.50% | 4.30% |
Leverage ratio exposure (billions) | $ 1,578,000 | $ 1,570,000 |