Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2023 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2023 |
Document Fiscal Year Focus | 2023 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | ROYAL BANK OF CANADA |
Entity Central Index Key | 0001000275 |
Entity Accounting Standard | IFRS |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 1,402,372,572 |
Entity Interactive Data Current | Yes |
Trading Symbol | RY |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Shares |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity Incorporation, State or Country Code | Z4 |
Entity File Number | 001-13928 |
Entity Address, Address Line One | 200 Bay Street |
Entity Address, Address Line Two | Royal Bank Plaza |
Entity Address, Postal Zip Code | M5J 2J5 |
City Area Code | 416 |
Local Phone Number | 974-6715 |
Document Annual Report | true |
Annual Information Form | true |
Audited Annual Financial Statements | true |
Entity Address, City or Town | Toronto |
Document Registration Statement | false |
Contact Personnel Name | Karen E. McCarthy |
ICFR Auditor Attestation Flag | true |
Auditor Name | PricewaterhouseCoopers LLP |
Auditor Firm ID | 271 |
Auditor Location | Toronto, Canada |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, State or Province | NY |
Entity Address, Address Line One | Royal Bank of Canada |
Entity Address, Address Line Two | 200 Vesey Street |
Entity Address, Postal Zip Code | 10281 |
City Area Code | 212 |
Local Phone Number | 858-7116 |
Entity Address, City or Town | New York |
Contact Personnel Name | John Penn |
Consolidated Balance Sheets
Consolidated Balance Sheets - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Assets | |||
Cash and due from banks | [1] | $ 61,989 | $ 72,397 |
Interest-bearing deposits with banks | 71,086 | 108,011 | |
Securities (Note 4) | |||
Trading | 190,151 | 148,205 | |
Investment, net of applicable allowance | 219,579 | 170,018 | |
Securities | 409,730 | 318,223 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 | |
Loans (Note 5) | |||
Retail | 569,951 | 549,751 | |
Wholesale | 287,826 | 273,967 | |
Loans | 857,777 | 823,718 | |
Allowance for loan losses (Note 5) | (5,004) | (3,753) | |
Loans, net | 852,773 | 819,965 | |
Segregated fund net assets (Note 16) | 2,760 | 2,638 | |
Other | |||
Customers' liability under acceptances | 21,695 | 17,827 | |
Derivatives (Note 9) | 142,450 | 154,439 | |
Premises and equipment (Note 10) | 6,749 | 7,214 | |
Goodwill (Note 11) | 12,594 | 12,277 | |
Other intangibles (Note 11) | 5,907 | 6,083 | |
Other assets (Note 13) | 77,068 | 80,300 | |
Total other assets | 266,463 | 278,140 | |
Total assets | 2,004,992 | 1,917,219 | |
Deposits (Note 14) | |||
Personal | 441,946 | 404,932 | |
Business and government | 745,075 | 759,870 | |
Bank | 44,666 | 44,012 | |
Total deposits | 1,231,687 | 1,208,814 | |
Segregated fund net liabilities (Note 16) | 2,760 | 2,638 | |
Other | |||
Acceptances | 21,745 | 17,872 | |
Obligations related to securities sold short | 33,651 | 35,511 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 | |
Derivatives (Note 9) | 142,629 | 153,491 | |
Insurance claims and policy benefit liabilities (Note 15) | 11,966 | 11,511 | |
Other liabilities (Note 18) | 96,170 | 95,235 | |
Total other liabilities | 641,399 | 587,567 | |
Subordinated debentures (Note 19) | 11,386 | 10,025 | |
Total liabilities | 1,887,232 | 1,809,044 | |
Equity attributable to shareholders | |||
Retained earnings | 84,328 | 78,037 | |
Other components of equity | 6,852 | 5,725 | |
Total equity attributable to shareholders | 117,661 | 108,064 | |
Non-controlling interests | 99 | 111 | |
Total equity | 117,760 | 108,175 | |
Total liabilities and equity | 2,004,992 | 1,917,219 | |
Preferred shares and other equity instruments [member] | |||
Equity attributable to shareholders | |||
Issued capital (Note 20) | 7,314 | 7,318 | |
Common shares [member] | |||
Equity attributable to shareholders | |||
Issued capital (Note 20) | $ 19,167 | $ 16,984 | |
[1]We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities, and other counterparties. The total balances were $3 billion as at October 31, 2023 (October 31, 2022 – $2 billion; October 31, 2021 – $2 billion). |
Consolidated Statements of Inco
Consolidated Statements of Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Interest and dividend income (Note 3) | ||
Loans | $ 43,463 | $ 26,565 |
Securities | 14,512 | 7,062 |
Assets purchased under reverse repurchase agreements and securities borrowed | 22,164 | 5,447 |
Deposits and other | 6,852 | 1,697 |
Interest and dividend income | 86,991 | 40,771 |
Interest expense (Note 3) | ||
Deposits and other | 36,679 | 10,751 |
Other liabilities | 24,517 | 7,015 |
Subordinated debentures | 666 | 288 |
Interest expense | 61,862 | 18,054 |
Net interest income | 25,129 | 22,717 |
Non-interest income | ||
Insurance premiums, investment and fee income (Note 15) | 5,675 | 3,510 |
Trading revenue | 2,392 | 926 |
Investment management and custodial fees | 8,344 | 7,610 |
Mutual fund revenue | 4,063 | 4,289 |
Securities brokerage commissions | 1,463 | 1,481 |
Service charges | 2,099 | 1,976 |
Underwriting and other advisory fees | 2,005 | 2,058 |
Foreign exchange revenue, other than trading | 1,292 | 1,038 |
Card service revenue | 1,240 | 1,203 |
Credit fees | 1,489 | 1,512 |
Net gains on investment securities | 193 | 43 |
Income (loss) from joint ventures and associates (Note 12) | (219) | 110 |
Other | 964 | 512 |
Non-interest income | 31,000 | 26,268 |
Total revenue | 56,129 | 48,985 |
Provision for credit losses (Notes 4 and 5) | 2,468 | 484 |
Insurance policyholder benefits, claims and acquisition expense (Note 15) | 4,022 | 1,783 |
Non-interest expense | ||
Human resources (Notes 17 and 21) | 18,971 | 16,528 |
Equipment | 2,381 | 2,099 |
Occupancy | 1,634 | 1,554 |
Communications | 1,271 | 1,082 |
Professional fees | 2,223 | 1,511 |
Amortization of other intangibles (Note 11) | 1,487 | 1,369 |
Other | 3,206 | 2,466 |
Non-interest expense | 31,173 | 26,609 |
Income before income taxes | 18,466 | 20,109 |
Income taxes (Note 22) | 3,600 | 4,302 |
Net income | 14,866 | 15,807 |
Net income attributable to: | ||
Shareholders | 14,859 | 15,794 |
Non-controlling interests | 7 | 13 |
Net income | $ 14,866 | $ 15,807 |
Basic earnings per share (in dollars) (Note 23) | $ 10.51 | $ 11.08 |
Diluted earnings per share (in dollars) (Note 23) | 10.5 | 11.06 |
Dividends per common share (in dollars) | $ 5.34 | $ 4.96 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Statement of comprehensive income [abstract] | |||
Net income | $ 14,866 | $ 15,807 | |
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 | (14) | (2,241) | |
Provision for credit losses recognized in income | (14) | (16) | |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (131) | (12) | |
Net change in unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (159) | (2,269) | |
Foreign currency translation adjustments | |||
Unrealized foreign currency translation gains (losses) | 2,148 | 5,091 | |
Net foreign currency translation gains (losses) from hedging activities | (1,208) | (1,449) | |
Reclassification of losses (gains) on foreign currency translation to income | (160) | (18) | |
Reclassification of losses (gains) on net investment hedging activities to income | 146 | 17 | |
Foreign currency translation adjustments | 926 | 3,641 | |
Net change in cash flow hedges | |||
Net gains (losses) on derivatives designated as cash flow hedges | 216 | 1,634 | |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 146 | 194 | |
Net change in cash flow hedges | 362 | 1,828 | |
Items that will not be reclassified subsequently to income: | |||
Remeasurement gains (losses) on employee benefit plans (Note 17) | [1] | (344) | 821 |
Net gains (losses) from fair value changes due to credit risk on financial liabilities designated at fair value through profit or loss | (576) | 1,747 | |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 44 | 50 | |
Total items that will not be reclassified subsequently to income | (876) | 2,618 | |
Total other comprehensive income (loss), net of taxes | 253 | 5,818 | |
Total comprehensive income (loss) | 15,119 | 21,625 | |
Total comprehensive income attributable to: | |||
Shareholders | 15,110 | 21,604 | |
Non-controlling interests | 9 | 21 | |
Total comprehensive income (loss) | $ 15,119 | $ 21,625 | |
[1]Includes $(9) million that was reclassified from other comprehensive income to retained earnings. |
Consolidated Statements of Co_2
Consolidated Statements of Comprehensive Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Statement of comprehensive income [abstract] | ||
Reclassification adjustments from other comprehensive income to retained earnings | $ (9) | $ (9) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Equity - CAD ($) $ in Millions | Total | Issued capital [member] Preferred shares and other equity instruments [member] | Issued capital [member] Common shares [member] | Treasury instruments [member] Preferred shares and other equity instruments [member] | Treasury instruments [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, 2021 | $ 98,762 | $ 6,723 | $ 17,728 | $ (39) | $ (73) | $ 71,795 | $ 2,533 | $ 98,667 | $ 95 | $ (88) | $ 2,055 | $ 566 |
Changes in equity | ||||||||||||
Issues of share capital and other equity instruments | 848 | 750 | 99 | (1) | 848 | |||||||
Common shares purchased for cancellation | (5,426) | (509) | (4,917) | (5,426) | ||||||||
Redemption of preferred shares and other equity instruments | (155) | (150) | (5) | (155) | ||||||||
Sales of treasury shares and other equity instruments | 5,474 | 552 | 4,922 | 5,474 | ||||||||
Purchases of treasury shares and other equity instruments | (5,701) | (518) | (5,183) | (5,701) | ||||||||
Share-based compensation awards | 2 | 2 | 2 | |||||||||
Dividends on common shares | (6,946) | (6,946) | (6,946) | |||||||||
Dividends on preferred shares and distributions on other equity instruments | (252) | (247) | (247) | (5) | ||||||||
Other | (56) | (56) | (56) | |||||||||
Net income | 15,807 | 15,794 | 15,794 | 13 | ||||||||
Total other comprehensive income (loss), net of taxes | 5,818 | 2,618 | 3,192 | 5,810 | 8 | (2,269) | 3,633 | 1,828 | ||||
Balance at end of period at Oct. 31, 2022 | 108,175 | 7,323 | 17,318 | (5) | (334) | 78,037 | 5,725 | 108,064 | 111 | (2,357) | 5,688 | 2,394 |
Changes in equity | ||||||||||||
Issues of share capital and other equity instruments | 2,081 | 2,080 | 1 | 2,081 | ||||||||
Sales of treasury shares and other equity instruments | 4,174 | 515 | 3,659 | 4,174 | ||||||||
Purchases of treasury shares and other equity instruments | (4,075) | (519) | (3,556) | (4,075) | ||||||||
Share-based compensation awards | 4 | 4 | 4 | |||||||||
Dividends on common shares | (7,443) | (7,443) | (7,443) | |||||||||
Dividends on preferred shares and distributions on other equity instruments | (257) | (236) | (236) | (21) | ||||||||
Other | (18) | (18) | (18) | |||||||||
Net income | 14,866 | 14,859 | 14,859 | 7 | ||||||||
Total other comprehensive income (loss), net of taxes | 253 | (876) | 1,127 | 251 | 2 | (159) | 924 | 362 | ||||
Balance at end of period at Oct. 31, 2023 | $ 117,760 | $ 7,323 | $ 19,398 | $ (9) | $ (231) | $ 84,328 | $ 6,852 | $ 117,661 | $ 99 | $ (2,516) | $ 6,612 | $ 2,756 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Cash flows from operating activities | |||
Net income | $ 14,866 | $ 15,807 | |
Adjustments for non-cash items and others | |||
Provision for credit losses | 2,468 | 484 | |
Depreciation | 1,275 | 1,265 | |
Deferred income taxes | (995) | 569 | |
Amortization and impairment of other intangibles | 1,595 | 1,387 | |
Net changes in investments in joint ventures and associates | 221 | (108) | |
Losses (Gains) on investment securities | (193) | (43) | |
Losses (Gains) on disposition of business | (92) | (100) | |
Adjustments for net changes in operating assets and liabilities | |||
Insurance claims and policy benefit liabilities | 455 | (1,305) | |
Net change in accrued interest receivable and payable | 2,837 | 333 | |
Current income taxes | (986) | (3,336) | |
Derivative assets | 11,826 | (58,898) | |
Derivative liabilities | (10,452) | 62,052 | |
Trading securities | (41,946) | (8,931) | |
Loans, net of securitizations | (34,688) | (102,653) | |
Assets purchased under reverse repurchase agreements and securities borrowed | (22,346) | (9,942) | |
Obligations related to assets sold under repurchase agreements and securities loaned | 61,291 | 11,746 | |
Obligations related to securities sold short | (1,860) | (2,330) | |
Deposits, net of securitizations | 43,990 | 108,533 | |
Brokers and dealers receivable and payable | (2,444) | 4,612 | |
Other | 1,257 | 2,800 | |
Net cash from (used in) operating activities | 26,079 | 21,942 | |
Cash flows from investing activities | |||
Change in interest-bearing deposits with banks | 18,743 | (28,373) | |
Proceeds from sales and maturities of investment securities | 156,466 | 99,143 | |
Purchases of investment securities | (202,456) | (122,964) | |
Net acquisitions of premises and equipment and other intangibles | (2,730) | (2,500) | |
Net proceeds from (cash transferred for) dispositions | 1,712 | (313) | |
Cash used in acquisitions, net of cash acquired | (2,047) | ||
Net cash from (used in) investing activities | (28,265) | (57,054) | |
Cash flows from financing activities | |||
Issuance of subordinated debentures | 1,500 | 1,000 | |
Repayment of subordinated debentures | (170) | (192) | |
Issue of common shares, net of issuance costs | 65 | 51 | |
Common shares purchased for cancellation | (5,426) | ||
Issue of preferred shares and other equity instruments, net of issuance costs | 749 | ||
Redemption of preferred shares and other equity instruments | (155) | ||
Sales of treasury shares and other equity instruments | 4,174 | 5,474 | |
Purchases of treasury shares and other equity instruments | (4,075) | (5,701) | |
Dividends paid on shares and distributions paid on other equity instruments | (5,549) | (6,960) | |
Dividends/distributions paid to non-controlling interests | (21) | (5) | |
Change in short-term borrowings of subsidiaries | (5,102) | 9,609 | |
Repayment of lease liabilities | (655) | (629) | |
Net cash from (used in) financing activities | (9,833) | (2,185) | |
Effect of exchange rate changes on cash and due from banks | 1,611 | (4,152) | |
Net change in cash and due from banks | (10,408) | (41,449) | |
Cash and due from banks at beginning of period | [1] | 72,397 | 113,846 |
Cash and due from banks at end of period | [1] | 61,989 | 72,397 |
Cash flows from operating activities include: | |||
Amount of interest paid | 54,698 | 13,677 | |
Amount of interest received | 81,095 | 35,817 | |
Amount of dividends received | 3,362 | 3,144 | |
Amount of income taxes paid | $ 4,964 | $ 7,326 | |
[1]We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities, and other counterparties. The total balances were $3 billion as at October 31, 2023 (October 31, 2022 – $2 billion; October 31, 2021 – $2 billion). |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Statement of cash flows [abstract] | |||
Mandatory reserve deposits at central banks | $ 3 | $ 2 | $ 2 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
IFRS 7 Disclosure | The shaded text along with the tables specifically marked with an asterisk (*) in the following sections of the MD&A represent our disclosures on credit, market and liquidity and funding risks in accordance with IFRS 7 , Financial Instruments: Disclosures Transactional/positional risk drivers Credit risk Credit risk is the risk of loss associated with an obligor’s potential inability or unwillingness to fulfill its contractual obligations on a timely basis and may arise directly from the risk of default of a primary obligor (e.g., issuer, debtor, counterparty, borrower or policyholder), indirectly from a secondary obligor (e.g., guarantor or reinsurer), and/or through off-balance non-trading We balance our risk and return by setting the following objectives for the management of credit risk: • Ensuring credit quality is not compromised for growth; • Managing credit risks in transactions, relationships and portfolios; • Avoiding excessive concentrations in correlated credit risks; • Using our credit risk rating and scoring systems or other approved credit risk assessment or rating methodologies, policies and tools; • Pricing appropriately for the credit risk taken; • Detecting and preventing inappropriate credit risk through effective systems and controls; • Applying consistent credit risk exposure measurements; • Ongoing credit risk monitoring and administration; • Transferring credit risk to third parties where appropriate through approved credit risk mitigation techniques (e.g., sale, hedging, insurance, securitization); and • Avoiding activities that are inconsistent with our values, Code of Conduct or policies. The Enterprise Credit Risk Management Framework (ECRMF) provides an overview of our approach to the management of Credit Risk including principles, methodologies, systems, roles and responsibilities, reports and controls. Additional supporting policies exist that are designed to provide further clarification of roles and responsibilities, acceptable practices, limits and key controls within the enterprise. Credit risk measurement We quantify credit risk at both the individual obligor and portfolio levels to manage expected credit losses and minimize unexpected losses to limit earnings volatility and ensure we are adequately capitalized. We employ a variety of risk measurement methodologies to measure and quantify credit risk for our wholesale and retail credit portfolios. The wholesale portfolio is comprised of businesses, sovereigns, public sector entities, banks and other financial institutions, as well as certain HNW individuals. The retail portfolio is comprised of residential mortgages, personal loans, credit cards and small business loans. Our credit risk rating systems are designed to assess and quantify the risk inherent in credit activities in an accurate and consistent manner. The resulting ratings and scores are then used for both client- and transaction-level risk decision-making and as key inputs for our risk measurement and capital calculations. Measurement of economic and regulatory capital Economic capital, which is our internal quantification of risks, is used for limit setting. It is also used for internal capital adequacy and allocation of capital to the Insurance segment. Our methodology for allocating capital to our business segments, other than Insurance, is based on regulatory requirements. For further details, refer to the Capital management section. In measuring credit risk to determine regulatory capital, two principal approaches are available: the Internal Ratings Based (IRB) Approach and the Standardized Approach as per OSFI’s CAR guideline. The IRB Approach allows both a full modelled based approach referred to as the Advanced Internal Ratings Based (A-IRB) (F-IRB). The Standardized Approach applies primarily to Wealth Management, including , as well as our Caribbean banking operations, The A-IRB Approach, which applies to most of our retail and wholesale credit risk exposures (excluding F-IRB • Probability of default (PD): An estimated percentage that represents the likelihood of default within a given time period of an obligor for a specific rating grade or for a particular pool of exposure. • Exposure at default (EAD): An amount expected to be owed by an obligor at the time of default. • Loss given default (LGD): An estimated percentage of EAD that is not expected to be recovered during the collections and recovery process following a default. These parameters are determined based primarily on historical experience from internal credit risk rating systems in accordance with supervisory standards. EAD is estimated based on the current exposure to the obligor and the possible future changes in that exposure driven by factors such as Each credit facility is assigned an LGD rate that is largely driven by factors that impact the extent of losses anticipated in the event the obligor defaults. These factors mainly include seniority of debt, collateral and the industry sector in which the obligor operates. Estimated LGD rates draw primarily on internal loss experiences. Where we have limited internal loss data, we also refer to appropriate external data to supplement the estimation process. LGD rates are estimated to reflect conditions that might be expected to prevail in a period of an economic downturn, with additional conservatism added to reflect data limitations and statistical uncertainties identified in the estimation process. Estimates of PD, LGD and EAD are reviewed on an annual basis updates are The F-IRB F-IRB A-IRB Financial and regulatory measurement distinctions Expected loss models are used for both regulatory capital and accounting purposes. Under both models, expected losses are calculated as the product of PD, LGD and EAD. However, there are certain key differences under current Basel and IFRS reporting frameworks which could lead to significantly different expected loss estimates, including: • Basel PDs are based on long-run • Basel PDs consider the probability of default over the next 12 months. IFRS PDs consider the probability of default over the next 12 months only for instruments in stage 1. Expected credit losses for instruments in stage 2 are calculated using lifetime PDs. • Basel LGDs are based on severe but plausible downturn economic conditions. IFRS LGDs are based on current conditions, adjusted for estimates of future conditions that will impact LGD under probability-weighted macroeconomic scenarios. For further details, refer to the Critical accounting policies and estimates section. Gross credit risk exposure Gross credit risk is categorized as i) lending-related and other credit risk or ii) trading-related credit risk, and is calculated based on the Basel III framework. Under this method, EAD for all lending-related and other credit transactions and trading-related repo-style transactions is calculated before taking into account any collateral and is inclusive of an estimate of potential future changes to that credit exposure. EAD for derivatives is calculated inclusive of collateral in accordance with regulatory guidelines. Lending-related and other credit risk includes: • Loans and acceptances outstanding, undrawn commitments, and other exposures, including contingent liabilities such as letters of credit and guarantees, debt securities carried at FVOCI or amortized cost and deposits with financial institutions. Undrawn commitments represent an estimate of the contractual amount that may be drawn upon at the time of default of an obligor. Trading-related credit risk includes: • Repo-style transactions, which include repurchase and reverse repurchase agreements and securities lending and borrowing transactions. For repo-style transactions, gross exposure represents the amount at which securities were initially financed, before taking collateral into account. • Derivative amounts which represent the credit equivalent amount, as defined by OSFI as the replacement cost plus an add-on Credit risk assessment Wholesale credit risk The wholesale credit risk rating system is designed to measure the credit risk inherent in our wholesale credit activities. Each obligor is assigned a borrower risk rating (BRR), reflecting an assessment of the credit quality of the obligor. Each BRR has a PD calibrated against it. The BRR differentiates the riskiness of an obligor and represents our evaluation of the obligor’s ability and willingness to meet its contractual obligations on time over a three year time horizon. The assignment of BRRs is based on the evaluation of the obligor’s business risk and financial risk through fundamental credit analysis, as well as data-driven modelling. The determination of the PD associated with each BRR relies primarily on internal default history since 2006. PD estimates are designed to be a long-run Our rating system is designed to stratify obligors into 22 grades. The following table aligns the relative rankings of our 22-grade Internal ratings map* Table 42 PD Bands Ratings Business and Bank Sovereign BRR S&P Moody’s Description 1 0.0000% – 0.0500% 0.0000% – 0.0150% 1+ AAA Aaa Investment Grade 2 0.0000% – 0.0500% 0.0151% – 0.0250% 1H AA+ Aa1 3 0.0000% – 0.0500% 0.0251% – 0.0350% 1M AA Aa2 4 0.0000% – 0.0500% 0.0351% – 0.0450% 1L AA- Aa3 5 0.0000% – 0.0550% 0.0451% – 0.0550% 2+H A+ A1 6 0.0551% – 0.0650% 2+M A A2 7 0.0651% – 0.0750% 2+L A- A3 8 0.0751% – 0.0850% 2H BBB+ Baa1 9 0.0851% – 0.1030% 2M BBB Baa2 10 0.1031% – 0.1775% 2L BBB- Baa3 11 0.1776% – 0.3470% 2-H BB+ Ba1 Non-investment 12 0.3471% – 0.6460% 2-M BB Ba2 13 0.6461% – 1.0620% 2-L BB- Ba3 14 1.0621% – 1.5520% 3+H B+ B1 15 1.5521% – 2.2165% 3+M B B2 16 2.2166% – 4.5070% 3+L B- B3 17 4.5071% – 7.1660% 3H CCC+ Caa1 18 7.1661% – 13.1760% 3M CCC Caa2 19 13.1761% – 24.9670% 3L CCC- Caa3 20 24.9671% – 99.9990% 4 CC Ca 21 100% 5 D C Impaired 22 100% 6 D C * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. Retail credit risk Credit scoring is the primary risk rating system for assessing obligor and transaction risk for retail exposures. Scoring models use internal and external data to assess and score borrowers, predict future performance and manage limits for existing loans and collection activities. Credit scores are one of the factors employed in the acquisition of new clients and management of existing clients. The credit score of the borrower is used to assess credit risk for each independent acquisition or account management action, leading to an automated decision or guidance for an adjudicator. Credit scoring improves credit decision quality, adjudication timeframes and consistency in the credit decision process and facilitates risk-based pricing. We seek to continuously improve our credit scoring and analytic capabilities by exploring client behavioral data and advanced analytical techniques to make sound credit decisions. To arrive at a retail risk rating, borrower scores are categorized and associated with PDs for further grouping into risk rating categories. The following table maps PD bands to various summarized risk levels for retail exposures: Internal ratings map* Table 43 PD bands Description 0.050% – 3.965% Low risk 3.966% – 7.428% Medium risk 7.429% – 99.99% High risk 100% Impaired/Default * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. Credit risk mitigation We seek to reduce our exposure to credit risk through a variety of means, including the structuring of transactions and the use of collateral. Structuring of transactions Specific credit policies and procedures set out the requirements for structuring transactions. Risk mitigants include the use of guarantees, collateral, seniority, LTV requirements and covenants. Product-specific guidelines set out appropriate product structuring as well as client and guarantor criteria. Collateral When we advance credit, we often require obligors to pledge collateral as security. The extent of risk mitigation provided by collateral depends on the amount, type and quality of the collateral taken. Specific requirements relating to collateral valuation and management are set out in our credit risk management policies. The types of collateral we use • We employ a risk-based approach to property valuation. Property valuation methods include automated valuation models (AVM) and appraisals. An AVM is a tool that estimates the value of a property by reference to market data including sales of comparable properties and price trends specific to the Metropolitan Statistical Area in which the property being valued is located. Using a risk-based approach, we also employ appraisals which can include drive-by on-site • We continue to actively manage our mortgage portfolio and perform stress testing, based on a combination of increasing unemployment, rising interest rates and a downturn in real estate markets. • We seek to be in compliance There were no significant changes regarding our risk management policies on collateral or to the quality of the collateral held during the period. Credit risk approval The Board, GE, GRC and other senior management committees work together to ensure the ECRMF and supporting policies, processes and procedures exist to manage credit risk and approve related credit risk limits. Reports are provided to the Board, the GRC, and senior executives to keep them informed of our risk profile, including significant credit risk issues, shifts in exposures and trending information, to ensure appropriate and timely actions can be taken where necessary. Our enterprise-wide credit risk policies set out the minimum requirements for the management of credit risk in a variety of borrower, transactional and portfolio management contexts. Transaction approval Credit transactions are governed by our RBC Enterprise Policy on Risk Limits and Risk Approval Authorities that captures the authorities and risk limits delegated to management as well as the credit rules policy, which outlines the minimum standards for managing credit risk at the individual client relationship and/or transaction level. The credit rules policy is further supported by business and/or product-specific policies and guidelines as appropriate. Where a transaction will exceed senior management’s authorities, the approval of the Risk Committee of the Board is required. Product approval Proposals for credit products and services are comprehensively reviewed and approved under a risk assessment process and are subject to product and suitability risk approval authorities which increase as the level of risk increases. New and amended products must be reviewed relative to all risk drivers, including credit risk. All existing products must be reviewed on a regular basis following a risk-based assessment approach. Credit risk limits • The allocation of risk appetite and Board delegated authorities are supported by the establishment of risk limits which take both regulatory constraints and internal risk management judgment into account. Risk limits are established at the following levels: single name limits, regional, country and industrial sector limits (notional and economic capital), regulatory large exposure limits, product and portfolio limits, and underwriting and distribution risk limits. These limits apply across all businesses, portfolios, transactions and products. • We actively manage credit exposures and limits to ensure alignment with our risk appetite, to maintain our target business mix and to ensure that there is no undue concentration risk. • Concentration risk is defined as the risk arising from large exposures that are highly correlated such that their ability to meet contractual obligations could be similarly affected by changes in economic, political, or other risk drivers. • Credit concentration limits are reviewed on a regular basis after considering business, economic, financial, and regulatory environments. Market risk Market risk is defined to be the impact of market prices upon our financial condition. This includes potential gains or losses due to changes in market determined variables such as interest rates, credit spreads, equity prices, commodity prices, foreign exchange rates and implied volatilities. Market risk controls – FVTPL positions, including trading portfolios 1 As an element of the ERAF, the Board approves our overall market risk constraints. GRM creates and manages the control structure for FVTPL positions which are designed to ensure are designed to Value-at-Risk Value-at-Risk one-day non-trading VaR is a statistical estimate based on historical market data and should be interpreted with knowledge of its limitations, which include the following: • VaR will not be predictive of future losses if the realized market movements differ significantly from the historical periods used to compute it. • VaR projects potential losses over a one-day • VaR is measured using positions at close of business and does not include the impact of trading and hedging activity over the course of a day. We validate our VaR measures through a variety of means – including subjecting the models to vetting and validation by a group independent of the model developers and by back-testing the VaR against daily marked-to-market Stress tests marked-to-market. COVID-19 Market risk measures – FVTPL positions Market risk measures* Table 51 October 31, 2023 October 31, 2022 (1) For the year ended For the year ended (Millions of Canadian dollars) As at Average High Low As at Average High Low Equity $ 10 $ 11 $ 26 $ 6 $ 20 $ 18 $ 30 $ 10 Foreign exchange 4 3 25 2 3 4 7 1 Commodities 5 5 8 4 6 5 6 3 Interest rate (2) 38 32 49 20 31 29 65 13 Credit specific (3) 7 5 8 4 5 7 9 4 Diversification (4) (35 ) (31 ) n.m. n.m. (34 ) (33 ) n.m. n.m. Trading VaR $ 29 $ 25 $ 36 $ 16 $ 31 $ 30 $ 50 $ 19 Total VaR (5) $ 121 $ 51 $ 127 $ 27 $ 59 $ 53 $ 87 $ 34 * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) Amounts have been revised from those previously presented to align with a trading VaR view. (2) General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. (3) Credit specific risk captures issuer-specific credit spread volatility. (4) Trading VaR is less than the sum of the individual risk factor VaR results due to risk factor diversification. (5) The average total VaR for the year ended October 31, 2023 includes $14 million (October 31, 2022 – $11 million) related to loan underwriting commitments. n.m. not meaningful Market risk controls – Interest Rate Risk in the Banking Book (IRRBB) positions 2 IRRBB arises primarily from traditional customer-originated banking products such as deposits and loans, and includes related hedges and interest rate risk from securities held for liquidity management purposes. Factors contributing to IRRBB include mismatches between asset and liability repricing dates, relative changes in asset and liability rates in response to market rate scenarios, and other product features affecting the expected timing of cash flows, such as options to pre-pay The Board approves the risk appetite for IRRBB, and the Asset Liability Committee (ALCO) and GRM provide ongoing governance through IRRBB risk policies, limits, operating standards and other controls. IRRBB reports are reviewed regularly by GRM, ALCO, the GRC, the Risk Committee of the Board and the Board. IRRBB measurement To monitor and control IRRBB, we assess two primary metrics, Net Interest Income (NII) risk and Economic Value of Equity (EVE) risk, under a range of market shocks, scenarios, and time horizons. Market scenarios include currency-specific parallel and non-parallel In measuring NII risk, detailed banking book balance sheets and income statements are dynamically simulated to estimate the impact of market stress scenarios on projected NII. Assets, liabilities and off-balance Management of NII and EVE risk is complementary and supports our efforts to generate a sustainable high-quality NII stream. NII and EVE risks for specific units are measured daily, weekly or monthly depending on materiality, complexity and hedge strategy. A number of assumptions affecting cash flows, product re-pricing non-maturity Market risk measures – IRRBB Sensitivities The following table shows the potential before-tax 12-month off-balance Market risk – IRRBB measures* Table 52 October 31 2023 October 31 2022 EVE risk NII risk (Millions of Canadian dollars) Canadian dollar impact U.S. dollar impact Total Canadian dollar impact U.S. dollar impact Total EVE risk NII risk (1) Before-tax 100 bps increase in rates $ (1,445 ) $ (107 ) $ (1,552 ) $ 381 $ 270 $ 651 $ (1,900 ) $ 781 100 bps decrease in rates 1,430 (77 ) 1,353 (409 ) (342 ) (751 ) 1,709 (839 ) * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) Represents the 12-month Non-trading Foreign exchange rate risk is the potential adverse impact on earnings and economic value due to changes in foreign currency rates. Our revenue, expenses and income denominated in currencies other than the Canadian dollar are subject to fluctuations as a result of changes in the value of the average Canadian dollar relative to the average value of those currencies. Our most significant exposure is to the U.S. dollar, due to our operations in the U.S. and other activities conducted in U.S. dollars. Our other exposure is this currency and Liquidity and funding risk Liquidity and funding risk (liquidity risk) is the risk that we may be unable to generate sufficient cash or its equivalents in a timely and cost-effective manner to meet our commitments. Liquidity risk arises from mismatches in the timing and value of on-balance off-balance Governance of liquidity risk Our liquidity risk management activities are conducted in accordance with internal frameworks and policies, including the Enterprise Risk Management Framework (ERMF), the Enterprise Risk Appetite Framework (ERAF), the Enterprise Liquidity Risk Management Framework (LRMF), the Enterprise Liquidity Risk Policy, and the Enterprise Pledging Policy. Collectively, our frameworks and policies establish liquidity and funding management requirements appropriate for the execution of our strategy and ensuring liquidity risk remains within our risk appetite. Liquidity risk objectives, policies and risk appetite are reviewed regularly, and updated to reflect changes in industry practice and relevant regulatory guidance. Enterprise policies are supported by subsidiary, operational, desk and product-level policies and standards that specify risk control elements, such as parameters, methodologies, limits and authorities governing the measurement and management of liquidity. Management practices, parameters, models and methodologies are also subject to regular review, and are updated to reflect market conditions and business mix. Stress testing is employed to assess the robustness of the control framework and inform liquidity contingency plans. Responsibilities for liquidity risk oversight and management The Board, the Risk Committee of the Board, the Group Risk committee (GRC), the Asset Liability Committee (ALCO), and the Policy Review Committee (PRC) are accountable for the identification, assessment, control, monitoring and oversight of liquidity risk. The GRC, PRC and/or the ALCO review liquidity reporting and policies prior to review by the Board or its committees. • The Board, the Risk Committee of the Board, the GRC and the ALCO regularly review information on our consolidated liquidity position; • The PRC approves the Liquidity Risk Policy, which establishes minimum risk control elements in accordance with the Board-approved risk appetite and the LRMF, and the Pledging Policy, which outlines the requirements and authorities for the management of our pledging activities; • The ALCO annually approves the Enterprise Liquidity Contingency Plan (ELCP) and provides strategic direction and oversight to Corporate Treasury, other functions, and business segments on the management of liquidity and funding. In addition to our committee oversight framework, liquidity risk management activities are subject to the three lines of defence governance model. Corporate Treasury, the first line of defence for the management of liquidity risk, is subject to independent second line challenge and oversight by GRM. RBC Internal Audit is the third line of defence. The three lines of defence are independent of the business whose activities generate liquidity risks. Liquidity risk mitigation strategies and techniques Our liquidity management policies and practices are designed to ensure the soundness of our liquidity position. Our liquidity profile is structured to ensure that we have sufficient liquidity to satisfy current and prospective commitments in both normal and stressed conditions. For this purpose, we employ the following liquidity risk mitigation strategies and techniques: • Maintaining a sufficient buffer of cash, central bank reserves, and unencumbered marketable securities, supported by a demonstrated capacity to monetize these securities during stress; • Access to a broad range of funding sources, including a stable base of core client deposits and a diversified wholesale funding mix; • Access to central bank funding facilities in Canada and the U.S., and select other jurisdictions in which we operate; • Timely and granular risk measurement and reporting to control and monitor liquidity sources and uses, and inform liquidity risk management decisions; • A comprehensive program for liquidity stress testing and crisis management; • Governance of pledging activity through limits and designated liquid asset buffers to address potential increased pledging activity; • Achieving an appropriate balance between the level of exposure allowed under our risk appetite and the cost of risk mitigation; • Transparent liquidity transfer pricing and cost allocation mechanisms to align risk management with business strategies; and • A three-lines-of-defence Our dedicated liquid asset portfolios are managed and controlled in accordance with internal policies and are subject to minimum asset quality and other relevant requirements (e.g., term to maturity, diversification, and eligibility for central bank advances). These securities, along with other unencumbered liquid assets held for trading or other activities, contribute to our liquidity reserve, as reflected in the liquidity disclosures below. Risk tolerance Our liquidity risk appetite is reviewed at a minimum annually by ALCO, GRC, and the Risk Committee of the Board before it is recommended for approval to the Board. Risk appetite, a key element of our enterprise risk management framework, is defined as the amount and type of risk that RBC is able and willing to take in pursuit of its business objectives. Risk measurement and internal liquidity reporting We maintain robust liquidity risk measurement capabilities to support timely and frequent reporting of information for the management of our liquidity position and oversight of risk. This reporting, which includes internal and regulatory metrics, is used to monitor adherence with our risk appetite and limits, and position relative to regulatory minimums. Regulatory metrics used to manage and control liquidity risk include OSFI’s Liquidity Coverage Ratio (LCR), Net Stable Funding Ratio (NSFR) and Net Cumulative Cash Flow (NCCF). The specificity with which we measure and manage liquidity allows us to make ongoing informed assessments of the demands and mobility of liquidity, considering currency requirements, access to foreign exchange markets and commitments, and expectations under local regulations. Internal assessments of liquidity risk include application of scenario-specific assumptions against our assets and liabilities, and various off-balance To manage liquidity risk within our liquidity risk appetite, we set limits on various metrics over a range of time horizons, jurisdictions and currencies. We also consider various levels of stress conditions in our development of appropriate contingency, recovery and resolution plans. Our liquidity risk measurement and control activities cover multiple areas: Structural (longer-term) liquidity risk We use both internal and regulatory metrics to manage and control the structural alignment between long-term illiquid assets, the availability of core relationship deposits and longer-term funding. Conversely, we aim to align the use of shorter-term wholesale funding with assets of equivalent liquidity-generating potential. Tactical (shorter-term) liquidity risk To address potential immediate cash flow risks during periods of stress, we use short-term net cash flow limits to control risk at the material unit, subsidiary and currency levels. Net cash flow positions are determined by applying internally-derived risk assumptions and parameters to known and anticipated cash flows for all material unencumbered assets, liabilities and off-balance Stress testing Our comprehensive stress testing program informs internal assessments of the sufficiency of liquid assets, and whether they are adequately pre-positioned RBC-specific s Contingency liquidity risk management and funding plans Contingency liquidity risk planning assesses the impact of sudden stress on our liquidity risk position and identifies a range of potential mitigating actions and plans. Corporate Treasury maintains the Enterprise Liquidity Contingency Plan (ELCP) and regional liquidity contingency plans (LCPs) that identify potential sources of stress and guide our responses to liquidity crises. Potential sources of stress are calibrated based on relevant historical experience and resulting contingent funding needs, including those from draws on committed credit and liquidity lines, demands for increased collateral and deposit run-offs. Additionally, under the leadership of Corporate Treasury, enterprise and regional Liquidity Crisis Teams (LCTs) each meet regularly to assess our liquidity status, review, and approve the LCPs and during times of stress, provide linkages to the front line and other functions to support effective and coordinated crisis management and oversight. Enterprise and local LCTs incl Funding Funding strategy Maintaining a diversified funding base is a key strategy for managing our liquidity risk profile. Core funding, comprising capital, longer-term wholesale liabilities and a diversified pool of personal as well as the Wholesale funding activities are well-diversified by geography, investor segment, instrument, currency, structure, and maturity. We maintain an ongoing presence in different funding markets, which allows us to continuously monitor market developments and trends, identify opportunities and risks, and take appropriate and timely actions. We continuously evaluate opportunities to expand into new markets and untapped investor segments since diversification expands our wholesale funding flexibility, minimizes funding concentration and dependency, and generally reduces financing costs. We regularly assess our funding concentration and have implemented limits on certain funding sources to support diversification of our funding base. We use residential mortgage and credit card securitization programs as a source of funding and for liquidity and asset/liability management purposes. Our total secured long-term funding includes outstanding MBS sold, covered bonds that are collateralized with residential mortgages and securities backed by credit card receivables. Long-term funding sources* (1) Table 56 As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Unsecured long-term funding $ 139,882 $ 119,241 Secured long-term funding 74,720 68,953 Subordinated debentures 12,038 10,639 $ 226,640 $ 198,833 * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) Based on original term to maturity greater than 1 year. We also raise long-term funding using Canadian Senior Notes, Kangaroo Bonds (issued in the Australian domestic market by foreign firms) and Yankee Certificates of Deposit (issued in the U.S. domestic market by foreign firms). Contractual maturities of financial liabilities and off-balance sheet items – undiscounted basis The following tables provide remaining contractual maturity analysis of our financial liabilities and off-balance sheet items. Disclosed amounts are the Contractual maturities of financial liabilities and off-balance sheet items – undiscounted basis* Table 64 As at October 31, 2023 (Mill |
General information
General information | 12 Months Ended |
Oct. 31, 2023 | |
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General information | Note 1 General information Royal Bank of Canada and its subsidiaries (the Bank) provide diversified financial services including Personal & Commercial Banking, Wealth Management, Insurance and Capital Markets products and services on a global basis. Refer to Note 27 for further details on our business segments. The parent bank, Royal Bank of Canada, is a Schedule I Bank under the Bank Act These Consolidated Financial Statements are prepared in compliance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). Unless otherwise stated, monetary amounts are stated in Canadian dollars. Tabular information is stated in millions of dollars, except as noted. These Consolidated Financial Statements also comply with Subsection 308 of the Bank Act On November 29, 2023, the Board of Directors authorized the Consolidated Financial Statements for issue. |
Summary of significant accounti
Summary of significant accounting policies, estimates and judgments | 12 Months Ended |
Oct. 31, 2023 | |
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Summary of significant accounting policies, estimates and judgments | Note 2 Summary of significant accounting policies, estimates and judgments The significant accounting policies used in the preparation of these Consolidated Financial Statements, including the accounting requirements prescribed by OSFI, are summarized below. These accounting policies conform, in all material respects, to IFRS. The same accounting policies have been applied to all periods presented. General Use of estimates and assumptions In preparing our Consolidated Financial Statements, management is required to make subjective estimates and assumptions that affect the reported amount of assets, liabilities, net income and related disclosures. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key sources of estimation uncertainty include: determination of fair value of financial instruments, allowance for credit losses, insurance claims and policy benefit liabilities, pensions and other post-employment benefits, income taxes, goodwill and other intangible assets, and provisions. Accordingly, actual results may differ from these and other estimates thereby impacting our future Consolidated Financial Statements. Refer to the relevant accounting policies in this Note for details on our use of estimates and assumptions. Significant judgments In preparation of these Consolidated Financial Statements, management is required to make significant judgments that affect the carrying amounts of certain assets and liabilities, and the reported amounts of revenues and expenses recorded during the period. Significant judgments have been made in the following areas and discussed as noted in the Consolidated Financial Statements: Consolidation of structured entities Note 2 Note 8 Application of the effective interest method Note 2 Fair value of financial instruments Note 2 Note 3 Derecognition of financial assets Note 2 Note 7 Allowance for credit losses Note 2 Note 4 Note 5 Income taxes Note 2 Note 22 Employee benefits Note 2 Note 17 Provisions Note 2 Note 24 Note 25 Goodwill and other intangibles Note 2 Note 11 Basis of consolidation Our Consolidated Financial Statements include the assets and liabilities and results of operations of the parent company, Royal Bank of Canada, and its subsidiaries including certain structured entities, after elimination of intercompany transactions, balances, revenues and expenses. Consolidation Subsidiaries are those entities, including structured entities, over which we have control. We control an entity when we are exposed, or have rights, to variable returns from our involvement with the entity and have the ability to affect those returns through our power over the investee. We have power over an entity when we have existing rights that give us the current ability to direct the activities that most significantly affect the entity’s returns (relevant activities). Power may be determined on the basis of voting rights or, in the case of structured entities, other contractual arrangements. We are not deemed to control an entity when we exercise power over an entity as the agent of a third party or parties. In determining whether we are acting as an agent, we consider the overall relationship between us, the investee and other parties to the arrangement with respect to the following factors: (i) the scope of our decision-making power; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and (iv) our exposure to variability of returns. The determination of control is based on the current facts and circumstances and is continuously assessed. In some circumstances, different factors and conditions may indicate that various parties control an entity depending on whether those factors and conditions are assessed in isolation or in totality. Significant judgment is applied in determining whether we control an entity, specifically, assessing whether we have substantive decision-making rights over the relevant activities and whether we are exercising our power as a principal or an agent. We consolidate all subsidiaries from the date we obtain control and cease consolidation when an entity is no longer controlled by us. Our consolidation conclusions affect the classification and amount of assets, liabilities, revenues and expenses reported in our Consolidated Financial Statements. Non-controlling interests in subsidiaries that we consolidate are shown on our Consolidated Balance Sheets as a separate component of equity which is distinct from equity attributable to our shareholders. The net income attributable to non-controlling Investments in joint ventures and associates Our investments in associated corporations and limited partnerships over which we have significant influence are accounted for using the equity method. The equity method is also applied to our interests in joint ventures over which we have joint control. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of the investee’s net profit or loss, including our proportionate share of the investee’s Other comprehensive income (OCI), subsequent to the date of acquisition. Non-current assets held for sale and discontinued operations Non-current assets (and disposal groups) are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is satisfied when the asset is available for immediate sale in its present condition, management is committed to the sale, and it is highly probable to occur within one year. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell and if significant, are presented separately from other assets on our Consolidated Balance Sheets. A disposal group is classified as a discontinued operation if it meets the following conditions: (i) it is a component that can be distinguished operationally and financially from the rest of our operations and (ii) it represents either a separate major line of business or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Disposal groups classified as discontinued operations are presented separately from our continuing operations in our Consolidated Statements of Income. Financial Instruments Classification of financial assets Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect (HTC) as described below, and (b) the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell (HTC&S) as described below, and (b) the contractual terms of the instrument give rise, on specified dates, to cash flows that are SPPI. All other debt instruments are measured at FVTPL. Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument basis. Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of the MD&A, and the activities undertaken to manage those risks; • Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models fall into three categories, which are indicative of the key strategies used to generate returns: • HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent. • HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model. • Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading or managed on a fair value basis. SPPI assessment Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. Securities Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded in Non-interest income – Trading revenue or Non-interest income – Other. Dividends and interest income accruing on Trading securities are recorded in Interest and dividend income. Interest and dividends accrued on securities sold short are recorded in Interest expense. Investment securities include all securities classified as FVOCI and amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in Interest and dividend income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses (PCL). When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as Net gains on investment securities in Non-interest income. Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in PCL and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gains on investment securities in Non-interest income. Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest and dividend income. We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest income. Fair value option A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an accounting mismatch). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial host contract and the derivative is not closely related to the host contract. These instruments cannot be reclassified out of the FVTPL category while they are held or issued. Financial assets designated as FVTPL are recorded at fair value and any unrealized gain or loss arising due to changes in fair value is included in Non-interest income – Trading revenue or Non-interest income – Other, depending on our business purpose for holding the financial asset. Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI will not be reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Non-interest income – Trading revenue or Non-interest Determination of fair value The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine fair value by incorporating factors that market participants would consider in setting a price, including commonly accepted valuation approaches. The Board of Directors provides oversight on valuation of financial instruments, primarily through the Audit Committee and Risk Committee. The Audit Committee reviews the presentation and disclosure of financial instruments that are measured at fair value, while the Risk Committee assesses the adequacy of governance structures and control processes for the valuation of these instruments. We have established policies, procedures and controls for valuation methodologies and techniques to ensure that fair value is reasonably estimated. Major valuation processes and controls include, but are not limited to, profit and loss decomposition, independent price verification (IPV) and model validation standards. These control processes are managed by either Finance or Group Risk Management and are independent of the relevant businesses and their trading functions. Profit and loss decomposition is a process to explain the fair value changes of certain positions and is performed daily for trading portfolios. All fair value instruments are subject to IPV, a process whereby trading function valuations are verified against external market prices and other relevant market data. Market data sources include traded prices, brokers and price vendors. We give priority to those third-party pricing services and prices having the highest and most consistent accuracy. The level of accuracy is determined over time by comparing third-party price values to traders’ or system values, other pricing service values and, when available, actual trade data. Quoted prices for identical instruments from pricing services or brokers are generally not adjusted unless there are issues such as stale prices. If multiple quotes for identical instruments are received, fair value is based on an average of the prices received or the quote from the most reliable vendor, after the outlier prices that fall outside of the pricing range are removed. Other valuation techniques are used when a price or quote is not available. Some valuation processes use models to determine fair value. We have a systematic and consistent approach to control the use of models. Valuation models are approved for use within our model risk management framework. The framework addresses, among other things, model development standards, validation processes and procedures and approval authorities. Model validation ensures that a model is suitable for its intended use and sets parameters for its use. All models are revalidated regularly by qualified personnel who are independent of the model design and development. Annually, our model risk profile is reported to the Board of Directors. IFRS 13 Fair Value Measurement We record valuation adjustments to appropriately reflect counterparty credit quality of our derivative portfolio, differences between the actual counterparty collateral discount curve and standard overnight index swap (OIS) discounting for collateralized derivatives, funding valuation adjustments (FVA) for uncollateralized and under-collateralized over-the-counter (OTC) derivatives, unrealized gains or losses at inception of the transaction, bid-offer spreads, unobservable parameters and model limitations. These adjustments may be subjective as they require significant judgment in the input selection, such as implied probability of default (PD) and recovery rate, and are intended to arrive at a fair value that is determined based on assumptions that market participants would use in pricing the financial instrument. The ultimate realized price for a transaction may differ from its fair recorded value previously estimated using management judgment. Valuation adjustments are recorded for the credit risk of our derivative portfolios in order to arrive at their fair values. Credit valuation adjustments (CVA) take into account our counterparties’ creditworthiness, the current and potential future mark-to-market FVA is also calculated to incorporate the cost and benefit of funding in the valuation of uncollateralized and under-collateralized OTC derivatives. Future expected cash flows of these derivatives are discounted to reflect the cost and benefit of funding the derivatives by using a funding curve, implied volatilities and correlations as inputs. Where required, a valuation adjustment is made to reflect the unrealized gain or loss at inception of a financial instrument contract where the fair value of that financial instrument is not obtained from a quoted market price or cannot be evidenced by other observable market transactions based on a valuation technique incorporating observable market data. A bid-offer valuation adjustment is required when a financial instrument is valued at the mid-market price, instead of the bid or offer price for asset or liability positions, respectively. The valuation adjustment takes into account the spread from the mid-market Some valuation models require parameter calibration from such factors as market observable option prices. The calibration of parameters may be sensitive to factors such as the choice of instruments or optimization methodology. A valuation adjustment is also estimated to mitigate the uncertainties of parameter calibration and model limitations. In determining fair value, a hierarchy is used which prioritizes the inputs to valuation techniques. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Determination of fair value based on this hierarchy requires the use of observable market data whenever available. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model inputs that are either observable, or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs include one or more inputs that are unobservable and significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available at the measurement date. The availability of inputs for valuation may affect the selection of valuation techniques. The classification of a financial instrument in the fair value hierarchy for disclosure purposes is based upon the lowest level of input that is significant to the measurement of fair value. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. For more complex or illiquid instruments, significant judgment is required in the determination of the model used, the selection of model inputs, and in some cases, the application of valuation adjustments to the model value or quoted price for inactively traded financial instruments. The selection of model inputs may be subjective and the inputs may be unobservable. Unobservable inputs are inherently uncertain as there is little or no market data available from which to determine the level at which the transaction would occur under normal business circumstances. Appropriate parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation adjustments are assessed in all such instances. Loans Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses. Interest on loans is recognized in Interest income using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest income over the commitment or standby period. Future prepayment fees on mortgage loans are not included as part of the effective interest rate at origination. If prepayment fees are received on a renewal of a mortgage loan before maturity, the fee is included as part of the effective interest rate, and if not renewed, the prepayment fee is recognized in interest income at the prepayment date. For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below. Allowance for credit losses An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans measured at amortized cost is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets. Off-balance sheet items subject to impairment assessment include financial guarantees and undrawn loan commitments. ACL on off-balance sheet items is separately calculated and included in Other Liabilities – Provisions. We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model: • Performing financial assets • Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date. • Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. • Impaired financial assets • Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount. The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable. Increases or decreases in the required ACL attributable to model changes and new originations, sales or maturities, and changes in risk, parameters and exposures due to changes in loss expectations or stage transfers are recorded in PCL. Write-offs and recoveries of amounts previously written off are recorded against ACL. The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three stages and the application of forward-looking information. The underlying assumptions and estimates may result in changes to the provisions from period to period that significantly affect our results of operations. Measurement of expected credit losses Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information, including internal and external ratings, historical credit loss experience and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s PD, loss given default (LGD), and EAD discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument. An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modelled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward-looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses. For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature. Expected credit losses are discounted to the reporting period date using the effective interest rate. Expected life For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Judgment is required in determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices. Assessment of significant increase in credit risk The assessment of significant increase in credit risk requires significant judgment. Movements between Stage 1 and Stage 2 are based on whether an instrument’s credit risk as at the reporting date has increased significantly relative to the date it was initially recognized. For the purposes of this assessment, credit risk is based on an instrument’s lifetime PD, not the losses we expect to incur. The assessment is generally performed at the instrument level. Our assessment of significant increases in credit risk is performed at least quarterly based on three factors. If any of the following factors indicates that a significant increase in credit risk has occurred, the instrument is moved from Stage 1 to Stage 2: (1) We have established thresholds for significant increases in credit risk based on both a percentage and absolute change in lifetime PD relative to initial recognition. For our wholesale portfolio, a decrease in the borrower’s risk rating is also required to determine that credit risk has increased significantly. (2) Additional qualitative reviews may be performed, as necessary, to assess the staging results, which may lead to adjustments to better reflect the positions whose credit ris |
Fair value of financial instrum
Fair value of financial instruments | 12 Months Ended |
Oct. 31, 2023 | |
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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. For measurement purposes, they are carried at fair value when conditions requiring separation are met. As at October 31, 2023 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 60,856 $ – $ – $ 10,230 $ 10,230 $ 71,086 $ 71,086 Securities Trading 180,651 9,500 – – – – 190,151 190,151 Investment, net of applicable allowance – – 127,624 842 91,113 83,667 219,579 212,133 180,651 9,500 127,624 842 91,113 83,667 409,730 402,284 Assets purchased under reverse repurchase agreements and 285,869 – – – 54,322 54,322 340,191 340,191 Loans, net of applicable allowance Retail 114 362 280 – 566,376 542,480 567,132 543,236 Wholesale 5,629 3,619 597 – 275,796 268,843 285,641 278,688 5,743 3,981 877 – 842,172 811,323 852,773 821,924 Other Derivatives 142,450 – – – – – 142,450 142,450 Other assets (1) 4,819 5 – – 68,537 68,537 73,361 73,361 Financial liabilities Deposits Personal $ 109 $ 26,702 $ 415,135 $ 412,886 $ 441,946 $ 439,697 Business and government (2) 174 137,454 607,447 605,260 745,075 742,888 Bank (3) – 11,462 33,204 33,160 44,666 44,622 283 175,618 1,055,786 1,051,306 1,231,687 1,227,207 Other Obligations related to securities sold short 33,651 – – – 33,651 33,651 Obligations related to assets sold under repurchase agreements – 298,679 36,559 36,559 335,238 335,238 Derivatives 142,629 – – – 142,629 142,629 Other liabilities (4) (937 ) 11 92,500 92,402 91,574 91,476 Subordinated debentures – – 11,386 11,213 11,386 11,213 As at October 31, 2022 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 84,468 $ – $ – $ 23,543 $ 23,543 $ 108,011 $ 108,011 Securities Trading 138,507 9,698 – – – – 148,205 148,205 Investment, net of applicable allowance – – 92,063 828 77,127 70,073 170,018 162,964 138,507 9,698 92,063 828 77,127 70,073 318,223 311,169 Assets purchased under reverse repurchase agreements and securities borrowed 264,665 – – – 53,180 53,180 317,845 317,845 Loans, net of applicable allowance Retail 73 375 218 – 546,767 521,428 547,433 522,094 Wholesale 6,914 3,222 563 – 261,833 253,816 272,532 264,515 6,987 3,597 781 – 808,600 775,244 819,965 786,609 Other Derivatives 154,439 – – – – – 154,439 154,439 Other assets (1) 3,377 – – – 73,084 73,084 76,461 76,461 Financial liabilities Deposits Personal $ 298 $ 21,959 $ 382,675 $ 380,396 $ 404,932 $ 402,653 Business and government (2) 447 152,119 607,304 605,102 759,870 757,668 Bank (3) – 7,196 36,816 36,758 44,012 43,954 745 181,274 1,026,795 1,022,256 1,208,814 1,204,275 Other Obligations related to securities sold short 35,511 – – – 35,511 35,511 Obligations related to assets sold under repurchase agreements and securities loaned – 248,835 25,112 25,112 273,947 273,947 Derivatives 153,491 – – – 153,491 153,491 Other liabilities (4) (360 ) 69 90,348 90,160 90,057 89,869 Subordinated debentures – – 10,025 9,668 10,025 9,668 (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 year ended October 31, 2023, the change in fair value during the period attributable to changes in credit risk for positions still held was a gain of $360 million and the cumulative change in fair value attributable to changes in credit risk for positions still held was a loss of $102 million. For the year ended October 31, 2022, the change in fair value during the period attributable to changes in credit risk for positions still held was a loss of $662 million and the cumulative change in fair value attributable to changes in credit risk for positions still held was a loss of $490 million. As at October 31, 2023, the extent to which credit derivatives or similar instruments mitigate the maximum exposure to credit risk was $692 million (October 31, 2022 – $589 million). Financial liabilities designated as fair value through profit or loss For our financial liabilities designated as FVTPL, we take into account changes in our own credit spread and the expected duration of the instrument to measure the change in fair value attributable to changes in credit risk. As at or for the year ended October 31, 2023 Contractual Carrying value Difference Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative Term deposits Personal $ 27,131 $ 26,702 $ (429 ) $ 112 $ (57 ) Business and government (3) 147,844 137,454 (10,390 ) 683 (1,030 ) Bank (4) 11,485 11,462 (23 ) – – 186,460 175,618 (10,842 ) 795 (1,087 ) Obligations related to assets sold under repurchase agreements and securities loaned 298,734 298,679 (55 ) 3 4 Other liabilities 11 11 – – – $ 485,205 $ 474,308 $ (10,897 ) $ 798 $ (1,083 ) As at or for the year ended October 31, 2022 (1) Contractual Carrying value Difference Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative (2) Term deposits Personal $ 22,328 $ 21,959 $ (369 ) $ (238 ) $ (166 ) Business and government (3) 160,775 152,119 (8,656 ) (2,135 ) (1,718 ) Bank (4) 7,208 7,196 (12 ) – – 190,311 181,274 (9,037 ) (2,373 ) (1,884 ) Obligations related to assets sold under repurchase agreements and securities loaned 248,963 248,835 (128 ) 1 1 Other liabilities 69 69 – – – $ 439,343 $ 430,178 $ (9,165 ) $ (2,372 ) $ (1,883 ) (1) $29 million in changes in fair value attributable to changes in credit risk were recognized in income for the year ended October 31, 2023, and $17 million in cumulative changes in credit risk were included in income for positions still held life-to-date (2) The cumulative change is measured from the initial designation of the liabilities as FVTPL. For the year ended October 31, 2023, $2 million of fair value gains previously included in OCI relate to financial liabilities derecognized during the year (October 31, 2022 – $3 million of fair value gains). (3) Business and government term deposits include amounts from regulated deposit-taking institutions other than regulated banks. (4) Bank term deposits refer to amounts from regulated banks and central banks. Net gains (losses) from financial instruments classified and designated as fair value through profit or loss Financial instruments classified as FVTPL, which includes mainly trading securities, derivatives, trading liabilities, and financial assets and liabilities designated as FVTPL are measured at fair value with realized and unrealized gains and losses recognized in Non-interest For the year ended (Millions of Canadian dollars) October 31 October 31 Net gains (losses) (1) Classified as fair value through profit or loss (2) $ 1,998 $ (7,382 ) Designated as fair value through profit or loss (3) 1,499 8,543 $ 3,497 $ 1,161 By product line (1) Interest rate and credit (4) $ 3,515 $ 1,251 Equities (510 ) (843 ) Foreign exchange and commodities 492 753 $ 3,497 $ 1,161 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Net losses from financial instruments designated as FVTPL of $371 million (October 31, 2022 – losses of $2,805 million). (2) Excludes derivatives designated in a hedging relationship. Refer to Note 9 for net gains (losses) on these derivatives. (3) For the year ended October 31, 2023, $1,524 million of net fair value gains on financial liabilities designated as FVTPL, other than those attributable to changes in our own credit risk, were included in Non-interest (4) Includes gains (losses) recognized on cross currency interest rate swaps. 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 year ended (Millions of Canadian dollars) October 31 October 31 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 31,464 $ 10,999 Financial instruments measured at fair value through other comprehensive income 5,127 1,177 Financial instruments measured at amortized cost 50,400 28,595 86,991 40,771 Interest expense (1) Financial instruments measured at fair value through profit or loss $ 28,446 $ 8,336 Financial instruments measured at amortized cost 33,416 9,718 61,862 18,054 Net interest income $ 25,129 $ 22,717 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Interest income of $451 million (October 31, 2022 – $601 million), and Interest expense of $35 million (October 31, 2022 – $6 million). (2) Includes dividend income for the year ended October 31, 2023 of $3,215 million (October 31, 2022 – $2,954 million), which is presented in Interest and dividend income in the Consolidated Statements of Income. Fee income arising from financial instruments For the year ended October 31, 2023, we earned $6,112 million in fees from banking services (October 31, 2022 – $6,118 million). For the year ended October 31, 2023, we also earned $15,319 million in fees from investment management, trust, custodial, underwriting, brokerage and other similar fiduciary services to retail and institutional clients (October 31, 2022 – $ 14,932 Non-interest Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at October 31, 2023 October 31, 2022 Fair value Netting Fair value Fair value Netting 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 $ – $ 60,856 $ – $ $ 60,856 $ – $ 84,468 $ – $ $ 84,468 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 26,675 2,581 – 29,256 15,024 3,779 – 18,803 Provincial and municipal – 16,389 – 16,389 – 13,257 – 13,257 U.S. federal, state, municipal and agencies (1), (2) 2,249 50,439 – 52,688 1,254 35,570 4 36,828 Other OECD government (3) 2,055 2,577 – 4,632 1,325 3,452 – 4,777 Mortgage-backed securities (1) – 2 – 2 – 2 – 2 Asset-backed securities Non-CDO (4) – 1,245 – 1,245 – 1,308 2 1,310 Corporate debt and other debt – 22,615 – 22,615 – 21,162 7 21,169 Equities 58,826 2,232 2,266 63,324 46,592 3,593 1,874 52,059 89,805 98,080 2,266 190,151 64,195 82,123 1,887 148,205 Investment Debt issued or guaranteed by: Canadian government (1) Federal 2,731 3,528 – 6,259 1,226 2,555 – 3,781 Provincial and municipal – 2,748 – 2,748 – 2,124 – 2,124 U.S. federal, state, municipal and agencies (1) 275 73,020 – 73,295 440 43,918 – 44,358 Other OECD government – 6,192 – 6,192 – 5,144 – 5,144 Mortgage-backed securities (1) – 2,672 29 2,701 – 2,860 28 2,888 Asset-backed securities CDO – 8,265 – 8,265 – 7,524 – 7,524 Non-CDO – 441 – 441 – 524 – 524 Corporate debt and other debt – 27,574 149 27,723 – 25,569 151 25,720 Equities 38 338 466 842 36 395 397 828 3,044 124,778 644 128,466 1,702 90,613 576 92,891 Assets purchased under reverse repurchase agreements and securities borrowed – 285,869 – 285,869 – 264,665 – 264,665 Loans – 8,742 1,859 10,601 – 9,673 1,692 11,365 Other Derivatives Interest rate contracts – 39,243 290 39,533 – 39,804 263 40,067 Foreign exchange contracts – 89,644 4 89,648 – 99,424 13 99,437 Credit derivatives – 224 – 224 – 388 – 388 Other contracts 2,352 13,927 111 16,390 3,939 14,786 62 18,787 Valuation adjustments – (1,805 ) 4 (1,801 ) – (2,100 ) 45 (2,055 ) Total gross derivatives 2,352 141,233 409 143,994 3,939 152,302 383 156,624 Netting adjustments (1,544 ) (1,544 ) (2,185 ) (2,185 ) Total derivatives 142,450 154,439 Other assets 1,392 3,421 11 4,824 1,221 2,141 15 3,377 $ 96,593 $ 722,979 $ 5,189 $ (1,544 ) $ 823,217 $ 71,057 $ 685,985 $ 4,553 $ (2,185 ) $ 759,410 Financial liabilities Deposits Personal $ – $ 26,428 $ 383 $ $ 26,811 $ – $ 22,016 $ 241 $ $ 22,257 Business and government – 137,628 – 137,628 – 152,566 – 152,566 Bank – 11,462 – 11,462 – 7,196 – 7,196 Other Obligations related to securities sold short 14,391 19,260 – 33,651 16,383 19,128 – 35,511 Obligations related to assets sold under repurchase agreements and securities loaned – 298,679 – 298,679 – 248,835 – 248,835 Derivatives Interest rate contracts – 41,249 952 42,201 – 39,592 1,122 40,714 Foreign exchange contracts – 81,750 53 81,803 – 94,310 145 94,455 Credit derivatives – 176 – 176 – 125 – 125 Other contracts 3,119 17,306 549 20,974 3,847 16,663 847 21,357 Valuation adjustments – (982 ) 1 (981 ) – (967 ) (8 ) (975 ) Total gross derivatives 3,119 139,499 1,555 144,173 3,847 149,723 2,106 155,676 Netting adjustments (1,544 ) (1,544 ) (2,185 ) (2,185 ) Total derivatives 142,629 153,491 Other liabilities 370 (1,296 ) – (926 ) 341 (632 ) – (291 ) $ 17,880 $ 631,660 $ 1,938 $ (1,544 ) $ 649,934 $ 20,571 $ 598,832 $ 2,347 $ (2,185 ) $ 619,565 (1) As at October 31, 2023, residential and commercial mortgage respectively (2) United States (U.S.). (3) Organisation for Economic Co-operation (4) Collateralized debt obligations (CDO). Fair values of our significant assets and liabilities measured on a recurring basis are determined and classified in the fair value hierarchy table using the following valuation techniques and inputs. Interest-bearing deposits with banks The majority of our Interest-bearing deposits with banks are designated as FVTPL. These FVTPL deposits are composed of short-dated deposits placed with banks, and are included in Interest-bearing deposits with banks in the fair value hierarchy table. The fair values of these instruments are determined using the discounted cash flow method. The inputs to the valuation models include interest rate swap curves and credit spreads, where applicable. They are classified as Level 2 instruments in the hierarchy as the inputs are observable. Government bonds (Canadian, U.S. and other OECD governments) Government bonds are included in Canadian government debt, U.S. federal, state, municipal and agencies debt, Other OECD government debt and Obligations related to securities sold short in the fair value hierarchy table. The fair values of government issued or guaranteed debt securities in active markets are determined by reference to recent transaction prices, broker quotes, or third-party vendor prices and are classified as Level 1 in the hierarchy. The fair values of securities that are not traded in active markets are based on either security prices, or valuation techniques using implied yields and risk spreads derived from prices of actively traded and similar government securities. Securities with observable prices or rate inputs as compared to transaction prices, dealer quotes or vendor prices are classified as Level 2 in the hierarchy. Securities where inputs are unobservable are classified as Level 3 in the hierarchy. Corporate and U.S. municipal bonds The fair values of corporate and U.S. municipal bonds, which are included in Corporate debt and other debt, U.S. federal, state, municipal and agencies debt and Obligations related to securities sold short in the fair value hierarchy table, are determined using either recently executed transaction prices, broker quotes, pricing services, or in certain instances, the discounted cash flow method using rate inputs such as benchmark yields (CDOR, Secured Overnight Financing Rate (SOFR) and other similar reference rates) and risk spreads of comparable securities. Securities with observable prices or rate inputs are classified as Level 2 in the hierarchy. Securities where inputs are unobservable are classified as Level 3 in the hierarchy. Asset-backed securities and Mortgage-backed securities Asset-backed securities (ABS) and MBS are included in Asset-backed securities, Mortgage-backed securities, Canadian government debt, U.S. federal, state, municipal and agencies debt, and Obligations related to securities sold short in the fair value hierarchy table. Inputs for valuation of ABS and MBS are, when available, traded prices, dealer or lead manager quotes, broker quotes and vendor prices of the identical securities. When prices of the identical securities are not readily available, we use industry standard models with inputs such as discount margins, yields, default, prepayment and loss severity rates that are implied from transaction prices, dealer quotes or vendor prices of comparable instruments. Where security prices and inputs are observable, ABS and MBS are classified as Level 2 in the hierarchy. Otherwise, they are classified as Level 3 in the hierarchy. Equities Equities consist of listed and unlisted common shares, private equities, mutual funds and hedge funds with certain redemption restrictions and are included in equities and obligations for securities sold short. The fair values of common shares are based on quoted prices in active markets, where available, and are classified as Level 1 in the hierarchy. Where quoted prices in active markets are not readily available, fair value is determined based on quoted market prices for similar securities or through valuation techniques, such as multiples of earnings and the discounted cash flow method with forecasted cash flows and discount rate as inputs. Private equities are classified as Level 3 in the hierarchy as their inputs are not observable. Hedge funds are valued using Net Asset Values (NAV). If we can redeem a hedge fund at NAV prior to the next quarter end, the fund is classified as Level 2 in the hierarchy. Otherwise, it is classified as Level 3 in the hierarchy. Loans Loans include base metal loans, corporate loans, banker acceptances and asset-backed financing loans. Fair values are determined based on market prices, if available, or discounted cash flow method using the following inputs: market interest rates, base metal commodity prices, market based spreads of assets with similar credit ratings and terms to maturity, LGD, expected default frequency implied from credit derivative prices, if available, and relevant pricing information such as contractual rate, origination and maturity dates, redemption price, coupon payment frequency and day count convention. Loans with market prices or observable inputs are classified as Level 2 in the hierarchy and loans with unobservable inputs that have significant impacts on the fair values are classified as Level 3 in the hierarchy. Derivatives The fair values of exchange-traded derivatives, such as interest rate and equity options and futures, are based on quoted market prices and are typically classified as Level 1 in the hierarchy. OTC derivatives primarily consist of interest rate contracts, foreign exchange contracts, commodity derivatives, equity derivatives and credit derivatives. The exchange-traded or OTC interest rate, foreign exchange and commodity and equity derivatives are included in Interest rate contracts, Foreign exchange contracts and Other contracts, respectively, in the fair value hierarchy table. The fair values of OTC derivatives are determined using valuation models when quoted market prices or third-party consensus pricing information are not available. The valuation models, such as discounted cash flow method or Black-Scholes option model, incorporate observable or unobservable inputs for interest and foreign exchange rates, equity and commodity prices (including indices), credit spreads, corresponding market volatility levels, and other market-based pricing factors. Other adjustments to fair value include bid-offer, Securities borrowed or purchased under resale agreements and securities loaned or sold under repurchase agreements In the fair value hierarchy table, these instruments are included in Assets purchased under reverse repurchase agreements and securities borrowed, and Obligations related to assets sold under repurchase agreements and securities loaned. The fair values of these contracts are determined using valuation techniques such as the discounted cash flow method using interest rate curves as inputs. They are classified as Level 2 instruments in the hierarchy as the inputs are observable. Deposits A majority of our deposits are measured at amortized cost but certain deposits are designated as FVTPL. These FVTPL deposits include deposits taken from clients, issuances of certificates of deposits and promissory notes, and interest rate and equity linked notes. The fair values of these instruments are determined using the discounted cash flow method and derivative option valuation models. The inputs to the valuation models include benchmark yield curves, credit spreads, interest rates, equity and interest rate volatility, dividends and correlation, where applicable. They are classified as Level 2 or 3 instruments in the hierarchy, depending on the significance of the unobservable credit spreads, volatility, dividend and correlation rates. Quantitative information about fair value measurements using significant unobservable inputs (Level 3 Instruments) The following table presents fair values of our significant Level 3 financial instruments, valuation techniques used to determine their fair values, ranges and weighted averages of unobservable inputs. As at October 31, 2023 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Corporate debt and related derivatives Price-based Prices $ 9.88 $ 107.13 $ 87.66 Corporate debt and other debt $ – Discounted cash flows Credit spread 1.89% 9.96% 5.93% Loans 1,859 Credit enhancement 11.70% 15.60% 13.00% Derivative related liabilities $ 2 Government debt and municipal bonds Corporate debt and other debt 149 Discounted cash flows Yields 7.73% 10.38% 8.60% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 4.16X 14.90X 6.93X Equities 2,732 Price-based P/E multiples 6.60X 22.60X 8.60X Derivative related liabilities – Discounted cash flows EV/Rev multiples 1.00X 5.00X 3.00X Liquidity discounts (4) 10.00% 40.00% 16.91% Discount rate 8.50% 13.30% 10.70% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 2.39% 5.18% High Derivative related assets 293 Option pricing model CPI swap rates 1.84% 2.35% Even Derivative related liabilities 995 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured Discounted cash flows Dividend yields 0.14% 10.71% Lower Derivative related assets 111 Option pricing model Equity (EQ)-EQ 32.50% 96.49% Middle Deposits 383 EQ-FX (83.15)% 38.44% Middle Derivative related liabilities 485 EQ volatilities 6.70% 110.72% Lower Other (8) Asset-backed securities – Derivative related assets 5 Other assets 11 Mortgage-backed securities 29 U.S. state, municipal and agencies debt – Derivative related liabilities 73 Total $ 5,189 $ 1,938 As at October 31, 2022 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values (1), (2) Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Corporate debt and related derivatives Price-based Prices $ 1.00 $ 111.90 $ 85.64 Corporate debt and other debt $ 7 Discounted cash flows Credit spread 1.67% 10.73% 6.20% Loans 1,692 Credit enhancement 11.70% 15.60% 13.00% Derivative related liabilities $ 130 Government debt and municipal bonds Corporate debt and other debt 151 Discounted cash flows Yields 7.85% 10.72% 8.92% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 3.97X 14.31X 8.59X Equities 2,271 Price-based P/E multiples 8.47X 24.04X 12.46X Derivative related liabilities 2 Discounted cash flows EV/Rev multiples 0.35X 5.77X 3.88X Liquidity discounts (4) 10.00% 40.00% 17.35% Discount rate 10.80% 10.80% 10.80% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 1.88% 4.49% High Derivative related assets 270 Option pricing model CPI swap rates 1.98% 2.59% Even Derivative related liabilities 1,216 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured Discounted cash flows Dividend yields (0.63)% 8.28% Lower Derivative related assets 62 Option pricing model Equity (EQ)-EQ correlations 33.00% 94.90% Middle Deposits 241 EQ-FX (83.15)% 38.44% Middle Derivative related liabilities 655 EQ volatilities 7.00% 129.00% Upper Other (8) Asset-backed securities 2 Derivative related assets 51 Other assets 15 Mortgage-backed securities 28 U.S. state, municipal and agencies debt 4 Derivative related liabilities 103 Total $ 4,553 $ 2,347 (1) The low and high input values represent the actual highest and lowest level inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the different underlying instruments within the product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. Where provided, the weighted average of the input values is calculated based on the relative fair values of the instruments within the product category. The weighted averages for derivatives are not presented in the table as they would not provide a comparable metric; instead, distribution of significant unobservable inputs within the range for each product category is indicated in the table. (2) Price-based inputs are significant for certain debt securities and are based on external benchmarks, comparable proxy instruments or pre-quarter-end (3) The significant unobservable inputs include the following: (i) Enterprise Value (EV); (ii) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); (iii) Price / Earnings (P/E); (iv) Revenue (Rev); (v) Consumer Price Index (CPI); (vi) Interest Rate (IR); (vii) Foreign Exchange (FX); and (viii) Equity (EQ). (4) Fair value of securities with liquidity discount inputs totalled $483 million (October 31, 2022 – $373 million). (5) NAV of a hedge fund is total fair value of assets less liabilities divided by the number of fund units. Private equities are valued based on NAV or valuation techniques. The range for NAV per unit or price per share has not been disclosed for the hedge funds or private equities due to the dispersion of prices given the diverse nature of the investments. (6) The level of aggregation and diversity within each derivative instrument category may result in certain ranges of inputs being wide and inputs being unevenly distributed across the range. In the table, we indicated whether the majority of the inputs are concentrated toward the upper, middle, or lower end of the range, or evenly distributed throughout the range. (7) The structured notes contain embedded equity or interest rate derivatives with unobservable inputs that are similar to those of the equity or interest rate derivatives. (8) Other primarily includes certain insignificant instruments such as auction rate securities, commodity derivatives, foreign exchange derivatives, contingent considerations, bank-owned life insurance and retractable shares. n.a. not applicable Sensitivity to unobservable inputs and interrelationships between unobservable inputs Yield, credit spreads/discount margins A financial instrument’s yield is the interest rate used to discount future cash flows in a valuation model. An increase in the yield, in isolation, would result in a decrease in a fair value measurement and vice versa. A credit spread/discount margin is the difference between a debt instrument’s yield and a benchmark instrument’s yield. Benchmark instruments have high credit quality ratings, similar maturities and are often government bonds. The credit spread/discount margin therefore represents the discount rate used to determine the present value of future cash flows of an asset to reflect the market return required for uncertainty in the estimated cash flows. The credit spread/discount margin for an instrument forms part of the yield used in a discounted cash flow method. Funding spread Funding spreads are credit spreads specific to funding or deposit rates. A decrease in funding spreads, on its own, will increase the fair value of our liabilities, and vice versa. Default rates A default rate is the rate at which borrowers fail to make scheduled loan payments. A decrease in the default rate will typically increase the fair value of the loan, and vice versa. This effect will be significantly more pronounced for a non-government Prepayment rates A prepayment rate is the rate at which a loan will be repaid in advance of its expected amortization schedule. Prepayments change the future cash flows of a loan. An increase in the prepayment rate in isolation will result in an increase in fair value when the loan interest rate is lower than the current reinvestment rate, and a decrease in the prepayment rate in isolation will result in a decrease in fair value when the loan interest rate is lower than the current reinvestment rate. Prepayment rates are generally negatively correlated with interest rates. Recovery and loss severity rates A recovery rate is an estimation of the amount that can be collected in a loan default scenario. The recovery rate is the recovered amount divided by the loan balance due, expressed as a percentage. The inverse concept of recovery is loss severity. Loss severity rate is an estimation of the loan amount not collected when a loan defaults. The loss severity rate is the loss amount divided by the loan balance due, expressed as a percentage. Generally, an increase in the recovery rate or a decrease in the loss severity rate will increase the loan fair value, and vice versa. Volatility rates Volatility measures the potential variability of future prices and is often measured as the standard deviation of price movements. Volatility is an input to option pricing models used to value derivatives and issued structured notes. Volatility is used in valuing equity, interest rate, commodity and foreign exchange options. A higher volatility rate means that the underlying price or rate movements are more likely to occur. Higher volatility rates may increase or decrease an option’s fair value depending on the option’s terms. The determination of volatility rates is dependent on various factors, including but not limited to, the underlying’s market price, the strike price and maturity. Dividend yields A dividend yield is the underlying equity’s expected dividends expressed as an annual percentage of its price. Dividend yield is used as an input for forward equity price and option models. Higher dividend yields will decrease the forward price, and vice versa. A higher dividend yield will increase or decrease an option’s value, depending on the option’s terms. Correlation rates Correlation is the linear relationship between the movements in two different variables. Correlation is an input to the valuation of derivative contracts and issued structured notes when an instrument’s payout is determined by correlated variables. When variables are positively correlated, an increase in one variable will result in an increase in the other variable. When variables are negatively correlated, an increase in one variable will result i |
Securities
Securities | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Securities | Note 4 Securities Carrying value of securities As at October 31, 2023 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over 10 years With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 9,867 $ 17,244 $ 8,687 $ 2,932 $ 6,915 $ – $ 45,645 U.S. federal, state, municipal and agencies 15,507 8,136 15,864 4,375 8,806 – 52,688 Other OECD government 566 1,117 815 1,040 1,094 – 4,632 Mortgage-backed securities – – – – 2 – 2 Asset-backed securities 452 151 234 307 101 – 1,245 Corporate debt and other debt Bankers’ acceptances 143 – – – – – 143 Other (3) 1,207 2,219 6,681 3,656 8,709 – 22,472 Equities 63,324 63,324 27,742 28,867 32,281 12,310 25,627 63,324 190,151 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost 2,479 1,247 1,726 640 517 – 6,609 Fair value 2,479 1,242 1,707 515 316 – 6,259 Yield (4) 4.5% 3.2% 2.6% 1.2% 3.4% – 3.4% Provincial and municipal Amortized cost 469 8 1,159 52 1,708 – 3,396 Fair value 469 8 1,158 52 1,061 – 2,748 Yield (4) 4.9% 3.7% 2.8% 4.5% 4.4% – 3.8% U.S. federal, state, municipal and agencies Amortized cost 846 8,595 33,044 16,355 16,486 – 75,326 Fair value 856 8,572 33,050 16,193 14,624 – 73,295 Yield (4) 7.4% 2.1% 2.7% 4.0% 3.6% – 3.2% Other OECD government Amortized cost 160 1,009 5,030 1 – – 6,200 Fair value 160 1,009 5,022 1 – – 6,192 Yield (4) 6.3% 4.0% 3.0% 4.6% – – 3.3% Mortgage-backed securities Amortized cost – – 32 28 2,702 – 2,762 Fair value – – 31 25 2,645 – 2,701 Yield (4) – – 7.5% 6.7% 6.8% – 6.8% Asset-backed securities Amortized cost – – 16 7,542 1,194 – 8,752 Fair value – – 17 7,503 1,186 – 8,706 Yield (4) – – 6.4% 6.9% 7.0% – 6.9% Corporate debt and other debt Amortized cost 4,928 1,759 18,798 2,248 41 – 27,774 Fair value 4,928 1,755 18,761 2,243 36 – 27,723 Yield (4) 3.9% 4.2% 3.9% 5.4% 4.7% – 4.1% Equities Cost 493 493 Fair value (5) 842 842 Amortized cost 8,882 12,618 59,805 26,866 22,648 493 131,312 Fair value 8,892 12,586 59,746 26,532 19,868 842 128,466 Amortized cost (2) Debt issued or guaranteed by: Canadian government 997 1,931 17,448 6,468 – – 26,844 Yield (4) 2.8% 3.0% 2.1% 2.0% – – 2.2% U.S. federal, state, municipal and agencies 424 1,427 14,536 5,156 23,025 – 44,568 Yield (4) 5.0% 4.1% 3.3% 2.9% 2.5% – 2.9% Other OECD government 375 723 4,362 66 – – 5,526 Yield (4) 2.0% 0.8% 2.9% 1.1% – – 2.5% Asset-backed securities – – 424 – 1 – 425 Yield (4) – – 4.9% – 1.4% – 4.9% Corporate debt and other debt 838 1,443 11,256 190 23 – 13,750 Yield (4) 2.3% 2.9% 3.4% 3.1% 5.6% – 3.3% Amortized cost, net of allowance 2,634 5,524 48,026 11,880 23,049 – 91,113 Fair value 2,627 5,447 46,258 10,276 19,059 – 83,667 Total carrying value of securities $ 39,268 $ 46,977 $ 140,053 $ 50,722 $ 68,544 $ 64,166 $ 409,730 As at October 31, 2022 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over 10 years With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 2,255 $ 14,181 $ 6,907 $ 2,706 $ 6,011 $ – $ 32,060 U.S. federal, state, municipal and agencies 7,151 10,107 7,043 4,507 8,020 – 36,828 Other OECD government 1,343 233 606 241 2,354 – 4,777 Mortgage-backed securities – – – – 2 – 2 Asset-backed securities 779 49 67 207 208 – 1,310 Corporate debt and other debt Bankers’ acceptances 252 3 – – – – 255 Other (3) 3,055 1,837 4,813 3,037 8,172 – 20,914 Equities 52,059 52,059 14,835 26,410 19,436 10,698 24,767 52,059 148,205 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost 780 1,010 1,024 745 522 – 4,081 Fair value 778 1,009 1,012 635 347 – 3,781 Yield (4) 2.3% 2.3% 2.8% 1.6% 3.1% – 2.4% Provincial and municipal Amortized cost 237 215 616 56 1,561 – 2,685 Fair value 237 216 616 56 999 – 2,124 Yield (4) 2.0% 2.7% 2.0% 3.8% 4.1% – 3.0% U.S. federal, state, municipal and agencies Amortized cost 802 2,613 13,586 9,104 19,929 – 46,034 Fair value 802 2,615 13,554 9,061 18,326 – 44,358 Yield (4) 4.9% 0.4% 1.9% 3.4% 3.0% – 2.6% Other OECD government Amortized cost 1,105 642 3,406 1 – – 5,154 Fair value 1,105 642 3,396 1 – – 5,144 Yield (4) 2.4% 1.2% 1.7% 4.4% – – 1.8% Mortgage-backed securities Amortized cost – – – 41 2,944 – 2,985 Fair value – – – 37 2,851 – 2,888 Yield (4) – – – 4.5% 4.7% – 4.7% Asset-backed securities Amortized cost – – 46 6,331 1,911 – 8,288 Fair value – – 46 6,172 1,830 – 8,048 Yield (4) – – 4.6% 5.3% 5.4% – 5.3% Corporate debt and other debt Amortized cost 5,922 4,793 12,420 2,666 51 – 25,852 Fair value 5,919 4,792 12,307 2,656 46 – 25,720 Yield (4) 3.2% 2.8% 2.6% 3.1% 5.1% – 2.8% Equities Cost 551 551 Fair value (5) 828 828 Amortized cost 8,846 9,273 31,098 18,944 26,918 551 95,630 Fair value 8,841 9,274 30,931 18,618 24,399 828 92,891 Amortized cost (2) Debt issued or guaranteed by: Canadian government 929 1,734 16,655 6,101 – – 25,419 Yield (4) 2.4% 2.8% 2.0% 2.3% – – 2.1% U.S. federal, state, municipal and agencies 161 784 3,885 3,784 25,518 – 34,132 Yield (4) 4.4% 3.0% 1.7% 2.3% 2.4% – 2.3% Other OECD government 235 1,574 3,645 64 – – 5,518 Yield (4) 1.3% 1.3% 1.9% 1.3% – – 1.7% Asset-backed securities – – 573 135 3 – 711 Yield (4) – – 3.0% 3.5% 1.5% – 3.1% Corporate debt and other debt 574 2,434 7,574 741 24 – 11,347 Yield (4) 0.8% 1.7% 2.6% 2.4% 4.9% – 2.0% Amortized cost, net of allowance 1,899 6,526 32,332 10,825 25,545 – 77,127 Fair value 1,899 6,455 30,579 9,433 21,707 – 70,073 Total carrying value of securities $ 25,575 $ 42,210 $ 82,699 $ 40,141 $ 74,711 $ 52,887 $ 318,223 (1) Actual maturities may differ from contractual maturities shown above as borrowers may have the right to extend or prepay obligations with or without penalties. (2) Trading securities and FVOCI securities are recorded at fair value. Amortized cost securities, included in Investment securities, are recorded at amortized cost and presented net of allowance for credit losses. (3) Primarily composed of corporate debt, supra-national debt, and commercial paper. (4) The weighted average yield is derived using the contractual interest rate and the carrying value at the end of the year for the respective securities. (5) Certain equity securities that are not held-for-trading purposes are designated as FVOCI. Unrealized gains and losses on securities at FVOCI (1), (2) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair Debt issued or guaranteed by: Canadian government Federal $ 6,609 $ 1 $ (351 ) $ 6,259 $ 4,081 $ 1 $ (301 ) $ 3,781 Provincial and municipal 3,396 2 (650 ) 2,748 2,685 6 (567 ) 2,124 U.S. federal, state, municipal and agencies 75,326 343 (2,374 ) 73,295 46,034 343 (2,019 ) 44,358 Other OECD government 6,200 1 (9 ) 6,192 5,154 7 (17 ) 5,144 Mortgage-backed securities 2,762 – (61 ) 2,701 2,985 1 (98 ) 2,888 Asset-backed securities CDO 8,308 3 (46 ) 8,265 7,741 3 (220 ) 7,524 Non-CDO securities 444 2 (5 ) 441 547 – (23 ) 524 Corporate debt and other debt 27,774 44 (95 ) 27,723 25,852 51 (183 ) 25,720 Equities 493 357 (8 ) 842 551 284 (7 ) 828 $ 131,312 $ 753 $ (3,599 ) $ 128,466 $ 95,630 $ 696 $ (3,435 ) $ 92,891 (1) Excludes $91,113 million of held-to-collect securities as at October 31, 2023 that are carried at amortized cost, net of allowance for credit losses (October 31, 2022 – $77,127 million). (2) Gross unrealized gains and losses includes $(33) million of allowance for credit losses on debt securities at FVOCI as at October 31, 2023 (October 31, 2022 – $(19) million) recognized in income and Other components of equity. 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 year ended October 31, 2023 October 31, 2022 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 $ 3 $ 1 $ (23 ) $ (19 ) $ 2 $ 1 $ (12 ) $ (9 ) Provision for credit losses Transfers to stage 1 1 (1 ) – – 1 (1 ) – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 7 – – 7 3 – – 3 Sales and maturities (2 ) – – (2 ) (1 ) – – (1 ) Changes in risk, parameters and exposures (5 ) – (17 ) (22 ) (2 ) 1 (10 ) (11 ) Exchange rate and other – – 3 3 – – (1 ) (1 ) Balance at end of period $ 4 $ – $ (37 ) $ (33 ) $ 3 $ 1 $ (23 ) $ (19 ) (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the Consolidated Balance Sheets 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 year ended October 31, 2023 October 31, 2022 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 $ 8 $ 14 $ – $ 22 $ 5 $ 18 $ – $ 23 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 10 – – 10 11 – – 11 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures (9 ) – – (9 ) (7 ) (6 ) – (13 ) Exchange rate and other – 1 – 1 – 2 – 2 Balance at end of period $ 8 $ 15 $ – $ 23 $ 8 $ 14 $ – $ 22 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 Management’s Discussion and Analysis. As at October 31, 2023 October 31, 2022 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 $ 126,732 $ 1 $ – $ 126,733 $ 91,177 $ 56 $ – $ 91,233 Non-investment grade 742 – – 742 680 – – 680 Impaired – – 149 149 – – 150 150 127,474 1 149 127,624 91,857 56 150 92,063 Items not subject to impairment (2) 842 828 $ 128,466 $ 92,891 Securities at amortized cost Investment grade $ 89,947 $ – $ – $ 89,947 $ 76,035 $ – $ – $ 76,035 Non-investment grade 990 199 – 1,189 898 216 – 1,114 Impaired – – – – – – – – 90,937 199 – 91,136 76,933 216 – 77,149 Allowance for credit losses 8 15 – 23 8 14 – 22 $ 90,929 $ 184 $ – $ 91,113 $ 76,925 $ 202 $ – $ 77,127 (1) Reflects $149 million of purchased credit impaired securities (October 31, 2022 – $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 | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Loans and allowance for credit losses | Note 5 Loans and allowance for credit losses Loans by geography and portfolio net of allowance As at October 31, 2023 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 397,605 $ 33,683 $ 3,213 $ 434,501 $ (481 ) $ 434,020 Personal 79,705 15,751 3,278 98,734 (1,145 ) 97,589 Credit cards (3) 22,140 624 271 23,035 (1,013 ) 22,022 Small business (4) 13,681 – – 13,681 (180 ) 13,501 Wholesale (2), (5) 121,762 119,067 46,997 287,826 (2,185 ) 285,641 Total loans $ 634,893 $ 169,125 $ 53,759 $ 857,777 $ (5,004 ) $ 852,773 Undrawn loan commitments – Retail 277,863 5,054 3,173 286,090 (152 ) Undrawn loan commitments – Wholesale 128,967 247,881 84,633 461,481 (136 ) As at October 31, 2022 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 383,797 $ 31,956 $ 3,043 $ 418,796 $ (432 ) $ 418,364 Personal 79,422 14,888 3,399 97,709 (856 ) 96,853 Credit cards (3) 19,778 558 241 20,577 (849 ) 19,728 Small business (4) 12,669 – – 12,669 (181 ) 12,488 Wholesale (2), (5) 108,916 114,795 50,256 273,967 (1,435 ) 272,532 Total loans $ 604,582 $ 162,197 $ 56,939 $ 823,718 $ (3,753 ) $ 819,965 Undrawn loan commitments – Retail 258,115 4,630 2,212 264,957 (243 ) Undrawn loan commitments – Wholesale 118,928 225,113 81,194 425,235 (135 ) (1) Excludes allowance for loans measured at FVOCI of $6 million (October 31, 2022 – $5 million). (2) Geographic information is based on residence of the borrower. (3) The credit cards business is managed as a single portfolio and includes both consumer and business cards. (4) Includes small business exposure managed on a pooled basis. (5) Includes small business exposure managed on an individual client basis. Loans maturity and rate sensitivity As at October 31, 2023 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail $ 276,720 $ 249,210 $ 44,021 $ 569,951 $ 183,604 $ 378,656 $ 7,691 $ 569,951 Wholesale 236,126 39,358 12,342 287,826 53,655 232,024 2,147 287,826 Total loans $ 512,846 $ 288,568 $ 56,363 $ 857,777 $ 237,259 $ 610,680 $ 9,838 $ 857,777 Allowance for loan losses (5,004 ) (5,004 ) Total loans net of allowance for loan losses $ 852,773 $ 852,773 As at October 31, 2022 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under 1 (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail $ 277,302 $ 226,793 $ 45,656 $ 549,751 $ 199,414 $ 342,087 $ 8,250 $ 549,751 Wholesale 226,813 35,802 11,352 273,967 46,660 225,123 2,184 273,967 Total loans $ 504,115 $ 262,595 $ 57,008 $ 823,718 $ 246,074 $ 567,210 $ 10,434 $ 823,718 Allowance for loan losses (3,753 ) (3,753 ) Total loans net of allowance for loan losses $ 819,965 $ 819,965 (1) Generally, based on the earlier of contractual repricing or maturity date. (2) Includes variable rate loans that can be repriced at the clients’ discretion without penalty. Allowance for credit losses For the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance Balance at Provision Net write-offs (1) Exchange Balance Retail Residential mortgages $ 432 $ 74 $ (17 ) $ (8 ) $ 481 $ 416 $ 27 $ (24 ) $ 13 $ 432 Personal 1,043 593 (404 ) (4 ) 1,228 1,079 211 (248 ) 1 1,043 Credit cards 893 636 (460 ) – 1,069 875 348 (332 ) 2 893 Small business 194 43 (39 ) (4 ) 194 177 31 (23 ) 9 194 Wholesale 1,574 1,145 (293 ) (100 ) 2,326 1,797 (90 ) (136 ) 3 1,574 Customers’ liability under 45 5 – – 50 75 (30 ) – – 45 $ 4,181 $ 2,496 $ (1,213 ) $ (116 ) $ 5,348 $ 4,419 $ 497 $ (763 ) $ 28 $ 4,181 Presented as: Allowance for loan losses $ 3,753 $ 5,004 $ 4,089 $ 3,753 Other liabilities – Provisions 378 288 241 378 Customers’ liability under acceptances 45 50 75 45 Other components of equity 5 6 14 5 (1) Loans written-off are generally subject to continued collection efforts for a period of time following write-off. The contractual amount outstanding on loans written-off during the year ended October 31, 2023 that are no longer subject to enforcement activity was $139 million (October 31, 2022 – $53 million). The following table reconciles the opening and closing allowance for each major product of loans and commitments as determined by our modelled, scenario-weighted allowance and the application of expert credit judgment as applicable. Reconciling items include the following: • Model changes, which generally comprise the impact of significant changes to the quantitative models used to estimate expected credit losses and any staging impacts that may arise. • 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 year ended October 31, 2023 October 31, 2022 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 $ 235 $ 65 $ 132 $ 432 $ 186 $ 92 $ 138 $ 416 Provision for credit losses Model changes – – – – (21 ) 10 – (11 ) Transfers to stage 1 95 (95 ) – – 113 (98 ) (15 ) – Transfers to stage 2 (26 ) 38 (12 ) – (14 ) 23 (9 ) – Transfers to stage 3 (2 ) (13 ) 15 – (2 ) (25 ) 27 – Originations 89 – – 89 159 – – 159 Maturities (17 ) (9 ) – (26 ) (23 ) (9 ) – (32 ) Changes in risk, parameters and exposures (152 ) 103 60 11 (167 ) 68 10 (89 ) Write-offs – – (30 ) (30 ) – – (38 ) (38 ) Recoveries – – 13 13 – – 14 14 Exchange rate and other 1 1 (10 ) (8 ) 4 4 5 13 Balance at end of period $ 223 $ 90 $ 168 $ 481 $ 235 $ 65 $ 132 $ 432 Personal Balance at beginning of period $ 285 $ 661 $ 97 $ 1,043 $ 422 $ 569 $ 88 $ 1,079 Provision for credit losses Model changes – – – – (3 ) – – (3 ) Transfers to stage 1 696 (695 ) (1 ) – 609 (607 ) (2 ) – Transfers to stage 2 (88 ) 90 (2 ) – (120 ) 121 (1 ) – Transfers to stage 3 (1 ) (57 ) 58 – (2 ) (47 ) 49 – Originations 103 – – 103 106 – – 106 Maturities (45 ) (112 ) – (157 ) (70 ) (99 ) – (169 ) Changes in risk, parameters and exposures (671 ) 906 412 647 (660 ) 724 213 277 Write-offs – – (518 ) (518 ) – – (374 ) (374 ) Recoveries – – 114 114 – – 126 126 Exchange rate and other 1 – (5 ) (4 ) 3 – (2 ) 1 Balance at end of period $ 280 $ 793 $ 155 $ 1,228 $ 285 $ 661 $ 97 $ 1,043 Credit cards Balance at beginning of period $ 177 $ 716 $ – $ 893 $ 233 $ 642 $ – $ 875 Provision for credit losses Model changes – – – – (2 ) – – (2 ) Transfers to stage 1 539 (539 ) – – 495 (495 ) – – Transfers to stage 2 (101 ) 101 – – (95 ) 95 – – Transfers to stage 3 (2 ) (394 ) 396 – (2 ) (325 ) 327 – Originations 13 – – 13 10 – – 10 Maturities (6 ) (33 ) – (39 ) (5 ) (29 ) – (34 ) Changes in risk, parameters and exposures (417 ) 1,015 64 662 (458 ) 826 6 374 Write-offs – – (650 ) (650 ) – – (503 ) (503 ) Recoveries – – 190 190 – – 171 171 Exchange rate and other – – – – 1 2 (1 ) 2 Balance at end of period $ 203 $ 866 $ – $ 1,069 $ 177 $ 716 $ – $ 893 Small business Balance at beginning of period $ 73 $ 73 $ 48 $ 194 $ 88 $ 55 $ 34 $ 177 Provision for credit losses Model changes – – – – – – – – Transfers to stage 1 39 (39 ) – – 27 (27 ) – – Transfers to stage 2 (14 ) 14 – – (17 ) 17 – – Transfers to stage 3 (1 ) (10 ) 11 – (1 ) (4 ) 5 – Originations 36 – – 36 32 – – 32 Maturities (18 ) (21 ) – (39 ) (22 ) (24 ) – (46 ) Changes in risk, parameters and exposures (48 ) 44 50 46 (43 ) 50 38 45 Write-offs – – (50 ) (50 ) – – (32 ) (32 ) Recoveries – – 11 11 – – 9 9 Exchange rate and other 3 5 (12 ) (4 ) 9 6 (6 ) 9 Balance at end of period $ 70 $ 66 $ 58 $ 194 $ 73 $ 73 $ 48 $ 194 Wholesale Balance at beginning of period $ 597 $ 585 $ 392 $ 1,574 $ 566 $ 794 $ 437 $ 1,797 Provision for credit losses Model changes – – – – (14 ) (3 ) – (17 ) Transfers to stage 1 216 (215 ) (1 ) – 415 (411 ) (4 ) – Transfers to stage 2 (87 ) 89 (2 ) – (78 ) 80 (2 ) – Transfers to stage 3 (10 ) (60 ) 70 – (3 ) (62 ) 65 – Originations 651 – – 651 641 – – 641 Maturities (448 ) (270 ) – (718 ) (439 ) (345 ) – (784 ) Changes in risk, parameters and exposures (153 ) 647 718 1,212 (504 ) 503 71 70 Write-offs – – (324 ) (324 ) – – (202 ) (202 ) Recoveries – – 31 31 – – 66 66 Exchange rate and other 8 9 (117 ) (100 ) 13 29 (39 ) 3 Balance at end of period $ 774 $ 785 $ 767 $ 2,326 $ 597 $ 585 $ 392 $ 1,574 Key inputs and assumptions The measurement of expected credit losses is a complex calculation that involves a significant number of interrelated inputs and assumptions and the allowance is not sensitive to any one single factor. The key drivers of changes in expected credit losses include the following: • Changes in the credit quality of the borrower or instrument, primarily reflected in changes in internal risk ratings; • Changes in forward-looking macroeconomic conditions, specifically the macroeconomic variables to which our models are calibrated, which are those most closely correlated with credit losses in the relevant portfolio; • Changes in scenario design and the weight assigned to each scenario; and • Transfers between stages, which can be triggered by changes to any of the above inputs. To reflect relevant risk factors not captured in our modelled results, we applied expert credit judgment in determining the measurement of our weighted allowance for credit losses. The measurement of expected credit losses, including scenario design and weightings, determining significant increases in credit risk since origination and application of expert credit judgment, is overseen by a senior management committee that includes representation from Finance, Group Risk Management and Economics. Internal risk ratings Internal risk ratings are assigned according to the risk management framework outlined under the headings Wholesale credit risk and Retail credit risk of the Credit risk section of Management’s Discussion and Analysis. Changes in internal risk ratings are primarily reflected in the PD parameters, which are estimated based on our historical loss experience at the relevant risk segment or risk rating level, adjusted for forward-looking information. Scenario design and weightings Our estimation of expected credit losses in Stage 1 and Stage 2 considers five distinct future macroeconomic scenarios. Scenarios are designed to capture a wide range of possible outcomes and are weighted according to our expectation of the relative likelihood of the range of outcomes that each scenario represents at the reporting date. We weight each scenario to take into account historical frequency, current trends, and forward-looking conditions which will change over time. Scenario weightings take into consideration the extent to which the base case scenario includes both favourable and unfavourable economic expectations, and upside and downside risks to the base scenario materializing in the future. The base case scenario is based on forecasts of the expected rate, value or yield for each relevant macroeconomic variable. The upside and downside scenarios are set by adjusting our base projections to construct reasonably possible scenarios and weightings that are more optimistic and pessimistic, respectively, than the base case. Two additional downside scenarios capture the non-linear nature of potential credit losses across our portfolios. When the economy is at or near equilibrium, the severity of the downside scenario generally reflects an adverse event typical for a business cycle and both the non-linear downside scenarios reflect an outcome that is materially more adverse than the downside scenario. The impact of each of our five scenarios varies across our portfolios given the portfolios have different sensitivities to movements in each macroeconomic variable. Our scenario weights are unchanged relative to October 31, 2022 to reflect continued uncertainty and downside risks that may drive recession outcomes that are more severe than contemplated in our base scenario. The impact of weighting these multiple scenarios increased our ACL on performing loans, relative to our base scenario, by $868 million at October 31, 2023 (October 31, 2022 – $738 million). Forward looking macroeconomic variables The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five year horizon, reverting to long-run averages generally within the 2 to 5 year period. Depending on their usage in the models, macroeconomic variables are projected at a country, province/state or more granular level. These include one or more of the variables described below, which differ by portfolio and region. Our allowance for credit losses reflects our economic outlook as at October 31, 2023. Subsequent changes to this forecast and related estimates will be reflected in our allowance for credit losses in future periods. Our base scenario reflects rising unemployment rates, high central bank policy interest rates and elevated but declining inflation, which result in mild recessions in Canada in the second half of calendar 2023 and the U.S. in the first half of calendar 2024. Expectations are that there will be no further increases in central bank interest rates in Canada and the U.S. Our base scenario also reflects commercial real estate price declines in the near term. Downside scenarios, including two additional and more severe downside scenarios designed for the energy and real estate sectors, reflect the possibility of a more severe macroeconomic shock beginning in calendar Q1 2024 relative to our base scenario. In these scenarios, conditions are expected to deteriorate from calendar Q4 2023 levels for up to 18 months, followed by a recovery for the remainder of the period. These scenarios assume monetary policy responses that return the economy to a long-run, sustainable growth rate within the forecast period. The possibility of a deeper recession and a more prolonged recovery as compared to our base scenario, including further monetary policy responses to elevated inflation rates which may increase credit risk, is reflected in our general downside scenario. The upside scenario reflects slightly stronger economic growth than the base scenario, without prompting a further offsetting monetary policy response as compared to our base scenario, followed by a return to a long-run sustainable growth rate within the forecast period. Note 5 Loans and allowance for credit losses (continued) The following provides additional detail about our calendar quarter forecasts for certain key macroeconomic variables used in the models to estimate ACL: • Gross Domestic Product (GDP) • Oil price (West Texas Intermediate in US$) • Canadian housing price index The primary variables driving credit losses in our retail portfolios are Canadian unemployment rates, Canadian housing price index and Canadian GDP. The Canadian overnight interest rate also impacts our retail portfolios. Our wholesale portfolios are affected by all of the variables discussed above; however, the specific variables differ by sector. Other variables also impact our wholesale portfolios including, but not limited to, Canadian and U.S. 10 year BBB corporate bond credit spreads, Canadian and U.S. 10 year government bond yields, U.S. 10 year BBB corporate bond yield, Canadian consumer confidence index, Canadian and U.S. commercial real estate price indices, U.S. housing price index, and natural gas prices (Henry Hub). Increases in the following macroeconomic variables will generally correlate with higher expected credit losses: Canadian and U.S. unemployment rates, Canadian overnight interest rates, Canadian and U.S. 10 year BBB corporate bond credit spreads, Canadian and U.S. 10 year government bond yields, and U.S. 10 year BBB corporate bond yield. Increases in the following macroeconomic variables will generally correlate with lower expected credit losses: Canadian and U.S. housing price indices, Canadian and U.S. GDP, Canadian consumer confidence index, Canadian and U.S. commercial real estate price indices, and oil and natural gas prices. Transfers between stages Transfers between Stage 1 and Stage 2 are based on the assessment of significant increases in credit risk relative to initial recognition, as described in Note 2. The impact of moving from 12 months expected credit losses to lifetime expected credit losses, or vice versa, varies by product and is dependent on the expected remaining life at the date of the transfer. Stage transfers may result in significant fluctuations in expected credit losses. The following table illustrates the impact of staging on our ACL by comparing our allowance if all performing loans were in Stage 1 to the actual ACL recorded on these assets. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) ACL – All performing Impact of Stage 1 and 2 ACL – All performing Impact of Stage 1 and 2 Performing loans (1) $ 2,893 $ 1,257 $ 4,150 $ 2,373 $ 1,094 $ 3,467 (1) Represents loans and commitments in Stage 1 and Stage 2. 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 Management’s Discussion and Analysis. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Retail Loans outstanding – Residential mortgages Low risk $ 349,001 $ 1,630 $ – $ 350,631 $ 340,716 $ 2,573 $ – $ 343,289 Medium risk 19,126 1,610 – 20,736 15,035 1,932 – 16,967 High risk 1,582 4,927 – 6,509 1,188 3,125 – 4,313 Not rated (2) 54,247 1,220 – 55,467 51,915 1,304 – 53,219 Impaired – – 682 682 – – 560 560 423,956 9,387 682 434,025 408,854 8,934 560 418,348 Items not subject to impairment (3) 476 448 Total $ 434,501 $ 418,796 Loans outstanding – Personal Low risk $ 75,572 $ 1,676 $ – $ 77,248 $ 73,339 $ 2,575 $ – $ 75,914 Medium risk 5,587 2,915 – 8,502 5,482 3,780 – 9,262 High risk 477 2,088 – 2,565 836 1,660 – 2,496 Not rated (2) 9,982 157 – 10,139 9,733 104 – 9,837 Impaired – – 280 280 – – 200 200 Total $ 91,618 $ 6,836 $ 280 $ 98,734 $ 89,390 $ 8,119 $ 200 $ 97,709 Loans outstanding – Credit cards Low risk $ 16,331 $ 135 $ – $ 16,466 $ 15,088 $ 83 $ – $ 15,171 Medium risk 1,771 2,132 – 3,903 1,418 1,911 – 3,329 High risk 41 1,734 – 1,775 39 1,255 – 1,294 Not rated (2) 856 35 – 891 751 32 – 783 Total $ 18,999 $ 4,036 $ – $ 23,035 $ 17,296 $ 3,281 $ – $ 20,577 Loans outstanding – Small business Low risk $ 8,641 $ 920 $ – $ 9,561 $ 8,571 $ 838 $ – $ 9,409 Medium risk 2,238 936 – 3,174 1,512 1,130 – 2,642 High risk 99 592 – 691 102 375 – 477 Not rated (2) 11 – – 11 3 – – 3 Impaired – – 244 244 – – 138 138 Total $ 10,989 $ 2,448 $ 244 $ 13,681 $ 10,188 $ 2,343 $ 138 $ 12,669 Undrawn loan commitments – Retail Low risk $ 266,209 $ 610 $ – $ 266,819 $ 247,620 $ 1,041 $ – $ 248,661 Medium risk 10,759 298 – 11,057 9,021 246 – 9,267 High risk 956 434 – 1,390 876 367 – 1,243 Not rated (2) 6,686 138 – 6,824 5,668 118 – 5,786 Total $ 284,610 $ 1,480 $ – $ 286,090 $ 263,185 $ 1,772 $ – $ 264,957 Wholesale – Loans outstanding Investment grade $ 89,037 $ 416 $ – $ 89,453 $ 88,513 $ 202 $ – $ 88,715 Non-investment grade 156,211 19,210 – 175,421 145,908 15,758 – 161,666 Not rated (2) 10,968 238 – 11,206 11,789 360 – 12,149 Impaired – – 2,498 2,498 – – 1,301 1,301 Items not subject to impairment (3) 9,248 10,136 Total $ 287,826 $ 273,967 Undrawn loan commitments –Wholesale Investment grade $ 312,178 $ 186 $ – $ 312,364 $ 284,481 $ 179 $ – $ 284,660 Non-investment grade 130,994 13,947 – 144,941 126,225 10,657 – 136,882 Not rated (2) 4,176 – – 4,176 3,692 1 – 3,693 Total $ 447,348 $ 14,133 $ – $ 461,481 $ 414,398 $ 10,837 $ – $ 425,235 (1) As at October 31, 2023, 88% of credit-impaired loans were either fully or partially collateralized (October 31, 2022 – 88%). For details on the types of collateral held against credit-impaired assets and our policies on collateral, refer to the Credit risk mitigation section of Management’s Discussion and Analysis. (2) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessments or rating methodologies, policies and tools to manage our credit risk. (3) Items not subject to impairment are loans held at FVTPL. Loans past due but not impaired (1), (2) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,840 $ 208 $ 2,048 $ 1,328 $ 168 $ 1,496 Wholesale 1,823 49 1,872 1,279 2 1,281 $ 3,663 $ 257 $ 3,920 $ 2,607 $ 170 $ 2,777 (1) Excludes loans less than 30 days past due as they are not generally representative of the borrowers’ ability to meet their payment obligations. (2) 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. |
Significant acquisitions and di
Significant acquisitions and disposition | 12 Months Ended |
Oct. 31, 2023 | |
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Significant acquisitions and disposition | Note 6 Significant acquisitions and disposition Acquisitions HSBC Bank Canada On November 29, 2022, we entered into an agreement to acquire 100% of the common shares of HSBC Bank Canada (HSBC Canada) for an all-cash purchase price of $13.5 billion. HSBC Canada is a premier Canadian personal and commercial bank focused on globally connected clients. We will also purchase all of the existing preferred shares and subordinated debt of HSBC Canada held directly or indirectly by HSBC Holdings plc at par value ($2.1 billion as of September 30, 2023). The agreement includes a locked box mechanism under which HSBC Canada’s earnings from June 30, 2022 to the closing date accrue to RBC and will be reflected in the acquired net assets on closing. Relatedly, we will pay an additional amount that accrues from August 30, 2023 to the closing date, which is calculated based on the all-cash purchase price for the common shares of HSBC Canada and the Canadian Overnight Repo Rate Average. The transaction is expected to close in the first calendar quarter of 2024 and is subject to the satisfaction of customary closing conditions, including regulatory approvals. The results of the acquired business will be consolidated from the date of close. Wealth Management On September 27, 2022, we completed the acquisition of 100% of the issued share capital of Brewin Dolphin Holdings PLC (RBC Brewin Dolphin) via our subsidiary, RBC Wealth Management (Jersey) Holdings Limited. RBC Brewin Dolphin provides discretionary wealth management services in the U.K., Ireland and the Channel Islands. RBC Brewin Dolphin’s business gives us a platform to significantly transform our wealth management business in the U.K., Ireland and the Channel Islands, and provides us with the opportunity to position the combined businesses as a premier integrated wealth management provider to private and institutional clients. Total consideration of £1,591 million ($2,341 million) as of the date of close consisted of £1,564 million ($2,302 million) in cash, as well as amounts related to share based compensation. Our purchase price allocation assigned $3,279 million to assets and $938 million to liabilities, including customer relationship intangible assets of $1,292 million and goodwill of $913 million, which is allocated to our International Wealth Management and Global Asset Management CGUs and is not deductible for tax purposes. Goodwill reflects the expected synergies from the combined businesses and the expected growth of the Wealth Management segment. The results of the acquisition have been consolidated from the date of close and included in our Wealth Management segment. Disposition Wealth Management On July 3, 2023, we completed the previously announced sale of the European asset servicing activities of RBC Investor Services ® |
Derecognition of financial asse
Derecognition of financial assets | 12 Months Ended |
Oct. 31, 2023 | |
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Derecognition of financial assets | Note 7 Derecognition of financial assets We enter into transactions in which we transfer financial assets such as loans or securities to structured entities or other third parties. The majority of assets transferred under repurchase agreements, securities lending agreements, and in our Canadian residential mortgage securitization transactions do not qualify for derecognition as we continue to be exposed to substantially all of the risks and rewards of the transferred assets, such as prepayment, credit, price, interest rate and foreign exchange risks. Transferred financial assets not derecognized Securitization of Canadian residential mortgage loans We periodically securitize insured Canadian residential mortgage loans through the creation of MBS pools under the National Housing Act MBS (NHA MBS) program. All loans securitized under the NHA MBS program are required to be insured by the Canadian Mortgage and Housing Corporation (CMHC) or a third-party insurer. We require the borrower to pay for mortgage insurance when the loan amount is greater than 80% of the original appraised value of the property (LTV ratio). For residential mortgage loans securitized under this program with LTV ratios less than 80%, we are required to insure the mortgages at our own expense. Under the NHA MBS program, we are responsible for making all payments due on our issued MBS, regardless of whether we collect the necessary funds from the mortgagor or the insurer. When a borrower defaults on a mortgage, we submit a claim to the insurer if the amount recovered from the collection or foreclosure process is lower than the sum of the principal balance, accrued interest and collection costs on the outstanding loan. The insurance claim process is managed by the insurance provider in accordance with the insurer’s policies and covers the entire unpaid loan balance plus generally up to 12 months of interest, selling costs and other eligible expenses. If an insurance claim is denied, a loss is recognized in Provision for credit losses in our Consolidated Statements of Income. The amount recorded as a loss is not significant to our Consolidated Financial Statements and no significant losses were incurred due to legal action arising from mortgage defaults during 2023 and 2022. We sell the NHA MBS pools primarily to Canada Housing Trust, a government-sponsored structured entity under the Canada Mortgage Bond (CMB) program. The entity periodically issues CMBs, which are guaranteed by the government, and sells them to third-party investors. Proceeds of the CMB issuances are used by the entity to purchase the NHA MBS pools from eligible NHA MBS issuers who participate in the issuance of a particular CMB series. Our continuing involvement includes servicing the underlying residential mortgage loans we have securitized, either ourselves or through a third-party servicer. We also act as counterparty in interest rate swap agreements where we pay the entity the interest due to CMB investors and receive the interest on the underlying MBS and reinvested assets. As part of the swaps, we are also required to maintain a principal reinvestment account for principal payments received on the underlying mortgage loans to meet the repayment obligation upon maturity of the CMB. We reinvest the collected principal payments in permitted investments as outlined in the swap agreements. We have determined that certain of the NHA MBS program loans transferred to the entity do not qualify for derecognition as we have not transferred substantially all of the risks and rewards of ownership. As a result, these transferred MBS continue to be classified as residential mortgage loans and recognized on our Consolidated Balance Sheets. The cash received for these transferred MBS is treated as a secured borrowing and a corresponding liability is recorded in Deposits – Business and government on our Consolidated Balance Sheets. Securities sold under repurchase agreements and securities loaned We also enter into transactions such as repurchase agreements and securities lending agreements where we transfer assets under agreements to repurchase them at a future date and retain substantially all of the risks and rewards associated with the assets. These transferred assets remain on our Consolidated Balance Sheets and are accounted for as collateralized borrowing transactions. The following table provides information on the carrying amount and fair value of the transferred assets that did not qualify for derecognition, and their associated liabilities. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Canadian (1), (2) Securities (3) Securities (3) Total Canadian (1), (2) Securities (3) Securities (3) Total Carrying amount of transferred assets that do not qualify for derecognition $ 28,312 $ 313,558 $ 21,680 $ 363,550 $ 32,812 $ 258,615 $ 15,332 $ 306,759 Carrying amount of associated liabilities 28,007 313,558 21,680 363,245 32,177 258,615 15,332 306,124 Fair value of transferred assets $ 26,472 $ 313,558 $ 21,680 $ 361,710 $ 31,174 $ 258,615 $ 15,332 $ 305,121 Fair value of associated liabilities 26,780 313,558 21,680 362,018 30,900 258,615 15,332 304,847 Fair value of net position $ (308 ) $ – $ – $ (308 ) $ 274 $ – $ – $ 274 (1) Includes Canadian residential mortgage loans transferred primarily to Canada Housing Trust at the initial securitization and other permitted investments used for funding requirements after the initial securitization. (2) CMB investors have legal recourse only to the transferred assets, and do not have recourse to our general assets. (3) Does not include over-collateralization of assets pledged. |
Structured entities
Structured entities | 12 Months Ended |
Oct. 31, 2023 | |
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Structured entities | Note 8 Structured entities In the normal course of business, we engage in a variety of financial transactions with structured entities to support our financing and investing needs as well as those of our clients. A structured entity is an entity in which voting or similar rights are not the dominant factor in deciding control. Structured entities are generally created to achieve a narrow and well defined objective with restrictions around their ongoing activities. We consolidate a structured entity when we control the entity in accordance with our accounting policy as described in Note 2. In other cases, we may sponsor or have an interest in such an entity but may not consolidate it. Consolidated structured entities We consolidate the following structured entities, whose assets and liabilities are recorded on our Consolidated Balance Sheets. Third-party investors in these structured entities generally have recourse only to the assets of the related entity and do not have recourse to our general assets unless we breach our contractual obligations to those entities. In the ordinary course of business, the assets of each consolidated structured entity can generally only be used to settle the obligations of that entity. Multi-seller conduits We generally do not maintain ownership in the multi-seller conduits that we administer and generally do not have rights to, or control of, their assets. However, we issue asset-backed commercial paper (ABCP) through a multi-seller conduit that does not have an expected loss investor with substantive power to direct the significant operating activities of the conduit. This conduit is consolidated because we have exposure to variability ere Consolidated Credit card securitization vehicle We securitize a portion of our credit card receivables through a structured entity on a revolving basis. The entity purchases co-ownership We continue to service the credit card receivables and perform an administrative role for the entity. We also retain risk in the underlying pool of credit card receivables through our retained interest in the transferred assets, the cash reserve balance we fund from time to time, and also through certain subordinated notes which we retain. Additionally, we may own some senior notes as investments or for market-making activities and we act as counterparty to interest rate and cross currency swap agreements which hedge the entity’s interest rate and currency risk exposure. We consolidate the structured entity because we have decision-making power over the timing and size of future issuances and other relevant activities which were predetermined by us at inception. We also obtain significant funding benefits and are exposed to variability from the performance of the underlying credit card receivables through our retained interest. As at October 31, 2023, $7 billion of notes issued by our credit card securitization vehicle were included in Deposits on our Consolidated Balance Sheets (October 31, 2022 – $6 billion). Collateralized commercial paper vehicle We established a funding vehicle that provides loans to us and finances those loans by issuing commercial paper to third-party investors. The structured entity’s commercial paper carries an equivalent credit rating to RBC because we are obligated to advance funds to the entity in the event there are insufficient funds from other sources to settle maturing commercial paper. We pledge collateral to secure the loans and are exposed to the market and credit risks of the pledged securities. We consolidate the structured entity because we have decision-making power over the relevant activities, are the sole borrower from the structure, and are exposed to a majority of the residual ownership risks through the credit support provided. As at October 31, 2023, $17 billion of commercial paper issued by the vehicle was included in Deposits on our Consolidated Balance Sheets (October 31, 2022 – $14 billion). Covered bonds We periodically transfer mortgages to RBC Covered Bond Guarantor Limited Partnership (the Guarantor LP) to support funding activities and asset coverage requirements under our covered bonds program. The Guarantor LP was created to guarantee interest and principal payments under the covered bond program. The covered bonds guaranteed by the Guarantor LP are direct, unsecured and unconditional obligations of RBC; therefore, investors have a claim against the Bank which will continue if the covered bonds are not paid by the Bank and the mortgage assets in the Guarantor LP are insufficient to satisfy the obligations owing on the covered bonds. We act as general partner, limited partner, swap counterparty, lender and liquidity provider to the Guarantor LP, servicer for the underlying mortgages as well as the registered issuer of the covered bonds. We consolidate the Guarantor LP as we have the decision-making power over the relevant activities through our role as general partner and are exposed to variability from the performance of the underlying mortgages. As at October 31, 2023, the total amount of mortgages transferred and outstanding was $100 billion (October 31, 2022 – $121 billion) and $50 billion of covered bonds were recorded as Deposits on our Consolidated Balance Sheets (October 31, 2022 – $43 billion). Structured finance We sell taxable and tax-exempt municipal bonds into Tender Option Bond (TOB) structures, which consist of a bond that is credit enhanced by us and purchased by a TOB trust. The TOB trust finances the purchase from us by issuing floating-rate certificates to short-term investors and a residual certificate that is purchased by us. We are the remarketing agent for the floating-rate certificates and provide a liquidity facility to the short-term investors which requires us to purchase any certificates tendered but not successfully remarketed. We credit enhance the bond purchased by the TOB trust with a letter of credit under which we are required to extend funding if there are any losses on the underlying bonds. We earn interest on the residual certificate and receive market-based fees for acting as remarketing agent and providing the liquidity facility and letter of credit. We consolidate the TOB trust when we are the holder of the residual certificate as we have decision-making power over the relevant activities, including the selection of the underlying municipal bonds and the ability to terminate the structure, and are exposed to variability from the performance of the underlying municipal bonds. As at October 31, 2023, $5 billion of municipal bonds were included in Securities related to consolidated TOB structures (October 31, 2022 – $6 billion) and a corresponding $5 billion of floating-rate certificates were included in Deposits on our Consolidated Balance Sheets (October 31, 2022 – $7 billion). We establish structured entities to acquire loans for the purposes of issuing term collateralized loan obligation (CLO) transactions and act as collateral manager. During the warehouse phase, we provide subordinated financing and, for certain term CLO transactions, act as the arranger and placement agent, and may provide senior warehouse financing. Proceeds from the sale of the term CLO are used to repay our warehouse financing. During the term CLO phase, we continue to provide subordinated financing, which serves as the first loss tranche that absorbs losses prior to the senior tranches, and may also directly invest in the other tranches. We consolidate these CLO structures as we have decision-making power over the relevant activities of the entity, which include the initial selection and subsequent management of the underlying debt portfolio, and when our interests, including direct investment plus collateral management fees, indicate that we are acting as a principal. As at October 31, 2023 , $493 million of Cash and due from banks and $ million of Loans related 108 million and $ 1,410 million, respectively) and $ 1,706 million of Deposits representing the subordinated and senior tranches held by third parties (October 31, 2022 – $1,314 million) were recorded on our Consolidated Balance Sheets. RBC managed investment funds We are sponsors and investment managers of mutual and pooled funds, which give us the ability to direct the investment decisions of the funds. We consolidate those mutual and pooled funds in which our interests, which include direct investment in seed capital plus management or performance fees, indicate that we are acting as a principal. As at October 31, 2023, $400 million of Trading securities held in the consolidated funds (October 31, 2022 – $524 million) and $331 million of Other liabilities representing the fund units held by third parties (October 31, 2022 – $363 million) were recorded on our Consolidated Balance Sheets. Unconsolidated structured entities We have interests in certain structured entities that we do not consolidate but have recorded assets and liabilities on our Consolidated Balance Sheets related to our transactions and involvement with these entities. The following table presents the assets and liabilities recorded on our Consolidated Balance Sheets and our maximum exposure to loss related to our interests in unconsolidated structured entities. It also presents the size of each class of unconsolidated structured entity, as measured by the total assets of the entities in which we have an interest. As at October 31, 2023 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance sheet assets Securities $ 4 $ – $ 2,411 $ – $ 743 $ 3,158 Loans – 5,790 – 8,451 2,403 16,644 Derivatives 2 – 26 – 91 119 Other assets – – – – 365 365 $ 6 $ 5,790 $ 2,437 $ 8,451 $ 3,602 $ 20,286 On-balance sheet liabilities Deposits $ – $ – $ – $ – $ 166 $ 166 Derivatives 245 – 1 – – 246 Other liabilities – – – – 7 7 $ 245 $ – $ 1 $ – $ 173 $ 419 Maximum exposure to loss (2) $ 54,715 $ 10,580 $ 3,068 $ 14,863 $ 5,595 $ 88,821 Total assets of unconsolidated structured entities $ 53,641 $ 31,037 $ 440,924 $ 81,028 $ 461,919 $ 1,068,549 As at October 31, 2022 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance sheet assets Securities $ 255 $ – $ 3,089 $ – $ 595 $ 3,939 Loans – 5,334 – 8,494 2,487 16,315 Derivatives 25 – – – 100 125 Other assets – 6 – – 568 574 $ 280 $ 5,340 $ 3,089 $ 8,494 $ 3,750 $ 20,953 On-balance sheet liabilities Deposits $ – $ – $ – $ – $ – $ – Derivatives 171 – – – – 171 Other liabilities – – – – – – $ 171 $ – $ – $ – $ – $ 171 Maximum exposure to loss (2) $ 48,260 $ 8,658 $ 3,758 $ 14,339 $ 5,523 $ 80,538 Total assets of unconsolidated structured entities $ 47,289 $ 26,543 $ 548,320 $ 64,361 $ 554,573 $ 1,241,086 (1) Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $37 billion as at October 31, 2023 (October 31, 2022 – $32 billion). (2) The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance sheet assets primarily because of the notional amounts of the backstop liquidity and credit enhancement facilities. Refer to Note 24 for further details. Below is a description of our involvement with each significant class of unconsolidated structured entity. Multi-seller conduits We administer multi-seller ABCP conduit programs. Multi-seller conduits primarily purchase financial assets from clients and finance those purchases by issuing ABCP. In certain multi-seller conduit arrangements, we do not maintain any ownership of the multi-seller conduits that we administer and have no rights to, or control of, its assets. As the administrative agent, we earn a residual fee for providing services such as coordinating funding activities, transaction structuring, documentation, execution and monitoring. The ABCP issued by each multi-seller conduit is in the conduit’s own name with recourse to the financial assets owned by the multi-seller conduit, and is non-recourse to us except through our participation in liquidity and/or credit enhancement facilities. We provide transaction-specific and program-wide liquidity facilities to the multi-seller conduits. In addition, we provide program-wide credit enhancement to the multi-seller conduits which obligate us to purchase assets or advance funds in the event the multi-seller conduit does not otherwise have funds from other sources, such as from the liquidity facilities, to settle maturing ABCP. In some cases, we or another third party may provide transaction-specific credit enhancement which can take various forms. We receive market-based fees for providing these liquidity and credit facilities. For certain transactions, we act as counterparty to various hedging contracts to facilitate our clients’ securitization of fixed rate and/or foreign currency denominated assets through the conduits. These may take the form of forward contracts, interest rate swaps or cross currency swaps. These derivatives expose us to foreign exchange and interest rate risks that are centrally managed by our foreign exchange trading and swap desks, respectively, and credit risk on the underlying assets that is mitigated by the credit enhancement described below. Each transaction is structured with transaction-specific first loss protection provided by the third-party seller. This enhancement can take various forms, including but not limited to overcollateralization, excess spread, subordinated classes of financial assets, guarantees or letters of credit. The amount of this enhancement varies but is generally designed to cover a multiple of historical losses. An unrelated third party (expected loss investor) absorbs losses, up to a maximum contractual amount, that may occur in the future on the assets in the multi-seller conduits before the multi-seller conduits’ debt holders and us. In return for assuming this multi-seller conduit first-loss position, each multi-seller conduit pays the expected loss investor a return commensurate with its risk position. The expected loss investor has substantive power to direct the majority of the activities which significantly impact the conduit’s economic performance, including initial selection and approval of the asset purchase commitments and liquidity facilities, approval of renewal and amendment of these transactions and facilities, sale or transfer of assets, ongoing monitoring of asset performance, mitigation of losses, and management of the ABCP liabilities. We do not consolidate these multi-seller conduits as we do not control the conduits as noted above. Structured finance We participate in certain municipal bond TOB structures that we do not consolidate. These structures are similar to those consolidated municipal bond TOB structures described above; however, the residual certificates are held by third parties. We provide liquidity facilities for the benefit of floating-rate certificate holders which may be drawn if certificates are tendered but not able to be remarketed. For a portion of these trusts, we also provide a letter of credit for the underlying bonds held in the trust. We do not have decision-making power over the relevant activities of the structures; therefore, we do not consolidate these structures. We provide senior warehouse financing to unaffiliated structured entities that are established by third parties to acquire loans for the purposes of issuing a term CLO transaction. Subordinated financing is provided during the warehouse phase by either the collateral manager or third-party investors. Subordinated financing serves as the first loss tranche which absorbs losses prior to ourselves as the senior lender. We act as the arranger and placement agent for the term CLO transaction. Proceeds from the sale of the term CLO are used to repay our senior warehouse financing, at which point we have no further involvement with the transaction. We do not consolidate these CLO structures as we do not have decision-making power over the relevant activities of the entity, which include the initial selection and subsequent management of the underlying debt portfolio. We provide senior financing to unaffiliated structured entities that are established by third parties to acquire loans. Subordinated financing is provided by either the collateral manager or third-party investors. Subordinated financing serves as the first loss tranche which absorbs losses prior to ourselves as the senior lender. These facilities tend to be longer in term than the CLO warehouse facilities and benefit from credit enhancement generally designed to cover a multiple of historical losses. We do not consolidate these structures as we do not have decision-making Non-RBC managed investment funds We enter into fee-based equity derivative transactions with third parties including mutual funds, unit investment trusts and other investment funds. These transactions provide their investors with the desired exposure to reference funds, and we economically hedge our exposure to these derivatives by investing in those reference funds. We also act as custodian for several funds. We do not consolidate those reference funds that are managed by third parties as we do not have power to direct their investing activities. We provide liquidity facilities to certain third-party investment funds. The funds issue unsecured variable-rate preferred shares and invest in portfolios of tax-exempt municipal bonds. Undrawn liquidity commitments expose us to the liquidity risk of the preferred shares and drawn commitments expose us to the credit risk of the underlying municipal bonds. We do not consolidate these third-party managed funds as we do not have power to direct their investing activities. Third-party securitization vehicles We hold interests in securitization vehicles that provide funding to certain third parties on whose behalf the entities were created. The activities of these entities are limited to the purchase and sale of specified financial assets from the sponsor. We, as well as other financial institutions, are obligated to provide funding up to our maximum commitment level and are exposed to credit losses on the underlying assets after various credit enhancements. Enhancements can take various forms, including but not limited to overcollateralization, excess spread, subordinated classes of financial assets, guarantees or letters of credit. The amount of this enhancement varies but is generally designed to cover a multiple of historical losses. We do not consolidate these entities as we do not have decision-making power over the relevant activities, including the entities’ investing and financing activities. Other Other unconsolidated structured entities include managed investment funds, arrangements to pass credit risk to third parties, credit investment products and tax credit funds. We are sponsors and investment managers of mutual and pooled funds, which gives us the ability to direct the investment decisions of the funds. We do not consolidate those mutual and pooled funds if we exercise our decision-making power as an agent on behalf of other unit holders. We use structured entities to generally transform credit derivatives into cash instruments, to distribute credit risk and to create customized credit products to meet investors’ specific requirements. We enter into derivative contracts, including credit derivatives, to purchase protection from these entities (credit protection) and convert various risk factors such as yield, currency or credit risk of underlying assets to meet the needs of the investors. We act as sole arranger and swap provider for certain entities and, in some cases, fulfill other administrative functions for the entities. We do not consolidate these credit investment product entities as we do not have decision-making power over the relevant activities, which include selection of the collateral and reference portfolio, and are not exposed to a majority of the benefits or risks of the entities. We created certain funds to pass through tax credits received from underlying low-income housing, historic rehabilitation real estate projects to third parties, new market tax credits or renewable energy tax credits to third parties (tax credit funds). We are sponsors of the tax credit funds as a result of our responsibility to manage the funds, arrange the financing, and perform the administrative duties of these tax credit funds. We do not consolidate the tax credit funds as the third-party investors in these funds have the decision-making power to select the underlying investments and are exposed to the majority of the residual ownership and tax risks of the funds. We also purchase passive interests in renewable energy tax credit entities created and controlled by third parties. We do not consolidate these third-party funds as we do not have decision-making power over the relevant activities and our investments are managed as part of larger portfolios which are held for trading purposes. Other interests in unconsolidated structured entities In the normal course of business, we buy and sell passive interests in certain third-party structured entities, including mutual funds, exchange traded funds, and government-sponsored ABS vehicles. Our investments in these entities are managed as part of larger portfolios which are held for trading, liquidity or hedging purposes. We did not create or sponsor these entities and do not have any decision-making power over their ongoing activities. Our maximum exposure to loss is limited to our on-balance sheet investments in these entities, which are not included in the table above. As at October 31, 2023 and 2022, our investments in these entities were included in Trading and Investment securities on our Consolidated Balance Sheets. Refer to Note 3 and Note 4 for further details on our Trading and Investment securities. Sponsored entities We are a sponsor of certain structured entities in which we have interests but do not consolidate. In determining whether we are a sponsor of a structured entity, we consider both qualitative and quantitative factors, including the purpose and nature of the entity, our initial and continuing involvement and whether we hold subordinated interests in the entity. We are considered to be the sponsor of certain credit investment products, tax credit entities, RBC managed mutual funds and a commercial mortgage securitization vehicle. During the year ended October 31, 2023, we did not transfer any commercial mortgages (October 31, 2022 – $450 million) to a sponsored securitization vehicle in which we did not have any interests as at the end of the reporting period. Financial support provided to structured entities During the years ended October 31, 2023 and 2022, we have not provided any financial or non-financial support to any consolidated or unconsolidated structured entities when we were not contractually obligated to do so. Furthermore, we have no intention to provide such support in the future. |
Derivative financial instrument
Derivative financial instruments and hedging activities | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Derivative financial instruments and hedging activities | Note 9 Derivative financial instruments and hedging activities Derivative instruments are categorized as either financial or non-financial derivatives. Financial derivatives are financial contracts whose value is derived from an underlying interest rate, foreign exchange rate, credit risk, and equity or equity index. Non-financial derivatives are contracts whose value is derived from a precious metal, commodity instrument or index. The notional amount of derivatives represents the contract amount used as a reference point to calculate payments. Notional amounts are generally not exchanged by counterparties, and do not reflect our EAD. Financial derivatives Forwards and futures Forward contracts are non-standardized agreements that are transacted between counterparties in the OTC market, whereas futures are standardized contracts with respect to amounts and settlement dates, and are traded on regular futures exchanges. Examples of forwards and futures are described below. Interest rate forwards (forward rate agreements) and futures are contractual obligations to buy or sell an interest-rate sensitive financial instrument on a predetermined future date at a specified price. Foreign exchange forwards and futures are contractual obligations to exchange one currency for another at a specified price for settlement at a predetermined future date. Equity forwards and futures are contractual obligations to buy or sell at a fixed value (the specified price) of an equity index, a basket of stocks or a single stock at a predetermined future date. Swaps Swaps are OTC contracts in which two counterparties exchange a series of cash flows based on agreed upon rates applied to a notional amount. Examples of swap agreements are described below. Interest rate swaps are agreements where two counterparties exchange a series of payments based on different interest rates applied to a notional amount in a single currency. Certain interest rate swaps are transacted and settled through clearing houses which act as central counterparties. Cross currency swaps involve the exchange of fixed payments in one currency for the receipt of fixed payments in another currency. Cross currency interest rate swaps involve the exchange of both interest and notional amounts in two different currencies. Equity swaps are contracts in which one counterparty agrees to pay or receive from the other cash flows based on changes in the value of an equity index, a basket of stocks or a single stock. Options Options are contractual agreements under which the seller (writer) grants the purchaser the right, but not the obligation, either to buy (call option) or sell (put option) a security, exchange rate, interest rate, or other financial instrument or commodity at a specified price, at or by a predetermined future date. The seller (writer) of an option can also settle the contract by paying the cash settlement value of the purchaser’s right. The seller (writer) receives a premium from the purchaser for this right. The various option agreements that we enter into include but are not limited to interest rate options, foreign currency options, equity options and index options. Credit derivatives Credit derivatives are OTC contracts that transfer credit risk related to an underlying financial instrument (referenced asset) from one counterparty to another. Credit derivatives include credit default swaps, credit default baskets and total return swaps. Credit default swaps provide protection against the decline in the value of the referenced asset as a result of specified credit events such as default or bankruptcy. They are similar in structure to an option, whereby the purchaser pays a premium to the seller of the credit default swap in return for payment contingent on a credit event affecting the referenced asset. Credit default baskets are similar to credit default swaps except that the underlying referenced financial instrument is a group of assets instead of a single asset. Total return swaps are contracts where one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a referenced asset or group of assets, including any returns such as interest earned on these assets, in exchange for amounts that are based on prevailing market funding rates. Other derivative products Other contracts are stable value and equity derivative contracts. Non-financial derivatives Other contracts also include non-financial derivative products such as precious metal and commodity derivative contracts in both the OTC and exchange markets. Derivatives issued for trading purposes Most of our derivative transactions relate to client-driven sales and trading activities, and associated market risk hedging. Sales activities include the structuring and marketing of derivative products to clients, enabling them to modify or reduce risks. Trading involves market-making, positioning and arbitrage activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenue based on spread and volume. Positioning involves the active management of derivative transactions with the expectation of profiting from favourable movements in prices, rates, or indices. Arbitrage activities involve identifying and profiting from price differentials between markets and product types. Any realized and unrealized gains or losses on derivatives used for trading purposes are recognized immediately in Non-interest income – Trading revenue. Derivatives issued for other-than-trading purposes We also use derivatives for purposes other than trading, primarily for hedging, in conjunction with the management of interest rate, credit, equity and foreign exchange risk related to our funding, lending, investment activities and asset/liability management. Interest rate swaps are used to manage our exposure to interest rate risk by modifying the repricing or maturity characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. Purchased options are used to hedge redeemable deposits and other options embedded in consumer products. We manage our exposure to foreign currency risk with cross currency swaps and foreign exchange forward contracts. We predominantly use credit derivatives to manage our credit exposures. We mitigate industry sector concentrations and single-name exposures related to our credit portfolio by purchasing credit derivatives to transfer credit risk to third parties. Certain derivatives and cash instruments are specifically designated and qualify for hedge accounting. We also enter into derivative transactions to economically hedge certain exposures that do not otherwise qualify for hedge accounting, or where hedge accounting is not considered economically feasible to implement. In such circumstances, changes in fair value are reflected in Non-interest income – Other income. Notional amount of derivatives by term to maturity (absolute amounts) (1) As at October 31, 2023 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter contracts Interest rate contracts Forward rate agreements $ 1,008,978 $ 691,397 $ 358 $ 1,700,733 $ 1,700,733 $ – Swaps 4,220,675 6,651,849 4,418,165 15,290,689 14,169,938 1,120,751 Options purchased 162,845 420,341 166,275 749,461 749,257 204 Options written 144,138 412,239 179,532 735,909 735,562 347 Foreign exchange contracts Forward contracts 2,336,565 106,069 4,082 2,446,716 2,363,796 82,920 Cross currency swaps 30,098 88,625 74,538 193,261 189,100 4,161 Cross currency interest rate swaps 972,658 2,055,058 1,141,295 4,169,011 4,107,125 61,886 Options purchased 244,721 73,407 2,663 320,791 320,791 – Options written 254,534 71,039 2,305 327,878 327,878 – Credit derivatives (2) 11,709 108,637 114,463 234,809 234,066 743 Other contracts (3) 261,528 140,225 13,088 414,841 401,373 13,468 Exchange-traded contracts Interest rate contracts Futures – long positions 103,195 24,283 1 127,479 126,879 600 Futures – short positions 99,792 54,817 1 154,610 154,445 165 Options purchased 12,801 3 – 12,804 12,804 – Options written 11,206 1,468 – 12,674 12,674 – Foreign exchange contracts Futures – long positions 124 – – 124 124 – Other contracts 571,970 154,677 4,586 731,233 731,233 – $ 10,447,537 $ 11,054,134 $ 6,121,352 $ 27,623,023 $ 26,337,778 $ 1,285,245 As at October 31, 2022 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter contracts Interest rate contracts Forward rate agreements $ 763,398 $ 44,188 $ 353 $ 807,939 $ 806,576 $ 1,363 Swaps 4,994,006 6,934,996 4,781,148 16,710,150 16,001,414 708,736 Options purchased 100,504 577,780 151,084 829,368 829,368 – Options written 108,770 556,652 182,841 848,263 848,263 – Foreign exchange contracts Forward contracts 2,187,124 86,136 2,648 2,275,908 2,230,901 45,007 Cross currency swaps 87,942 67,345 82,659 237,946 233,617 4,329 Cross currency interest rate swaps 518,244 1,572,490 879,541 2,970,275 2,918,063 52,212 Options purchased 58,075 18,061 3,199 79,335 79,335 – Options written 62,266 16,623 3,274 82,163 82,163 – Credit derivatives (2) 1,143 35,621 6,751 43,515 42,785 730 Other contracts (3) 228,709 93,431 19,392 341,532 327,860 13,672 Exchange-traded contracts Interest rate contracts Futures – long positions 148,032 50,869 – 198,901 197,251 1,650 Futures – short positions 233,941 98,763 65 332,769 332,320 449 Options purchased 56,353 12,173 – 68,526 68,526 – Options written 16,394 6,168 – 22,562 22,562 – Foreign exchange contracts Futures – long positions 164 – – 164 164 – Other contracts 539,103 89,147 2,094 630,344 630,344 – $ 10,104,168 $ 10,260,443 $ 6,115,049 $ 26,479,660 $ 25,651,512 $ 828,148 (1) The derivative notional amounts are determined using the standardized approach for measuring counterparty credit risk (SA-CCR) in accordance with the Capital Adequacy Requirements (CAR). (2) Credit derivatives with a notional value of $1 billion (October 31, 2022 – $1 billion) are economic hedges. Trading credit derivatives comprise protection purchased of $119 billion (October 31, 2022 – $26 billion) and protection sold of $115 billion (October 31, 2022 – $17 billion). (3) Other contracts exclude loan underwriting commitments of $2 billion (October 31, 2022 – $6 billion), which are not classified as derivatives under CAR guidelines. Fair value of derivative instruments (1) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Positive Negative Positive Negative Held or issued for trading purposes Interest rate contracts Forward rate agreements $ 76 $ 24 $ 77 $ 25 Swaps 26,320 22,965 25,690 21,608 Options purchased 11,230 – 12,056 – Options written – 11,776 – 12,201 37,626 34,765 37,823 33,834 Foreign exchange contracts Forward contracts 22,972 22,655 37,734 37,631 Cross currency swaps 7,370 5,815 8,680 9,087 Cross currency interest rate swaps 55,268 46,550 49,758 38,230 Options purchased 2,623 – 2,623 – Options written – 1,790 – 2,571 88,233 76,810 98,795 87,519 Credit derivatives 175 176 388 125 Other contracts 16,319 20,865 18,474 21,084 142,353 132,616 155,480 142,562 Held or issued for other-than-trading purposes Interest rate contracts Swaps 1,907 7,436 2,244 6,880 1,907 7,436 2,244 6,880 Foreign exchange contracts Forward contracts 860 509 268 237 Cross currency swaps – – – 22 Cross currency interest rate swaps 555 4,484 374 6,677 1,415 4,993 642 6,936 Credit derivatives 49 – – – Other contracts 71 109 313 273 3,442 12,538 3,199 14,089 Total gross fair values before: 145,795 145,154 158,679 156,651 Valuation adjustments determined on a pooled basis (1,801 ) (981 ) (2,055 ) (975 ) Impact of netting agreements that qualify for balance sheet offset (1,544 ) (1,544 ) (2,185 ) (2,185 ) $ 142,450 $ 142,629 $ 154,439 $ 153,491 (1) The fair value reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. Fair value of derivative instruments by term to maturity (1) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Less than 1 through Over Total Less than 1 through Over Total Derivative assets $ 46,148 52,165 44,137 $ 142,450 $ 56,050 56,792 41,597 $ 154,439 Derivative liabilities 47,707 51,690 43,232 142,629 58,504 54,361 40,626 153,491 (1) The fair value reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. Interest rate benchmark reform (1) We use interest rate contracts in fair value hedges and cash flow hedges to manage our exposure to interest rate risk from our existing and/or forecast assets and liabilities. We also use foreign denominated deposit liabilities in net investment hedges to manage the foreign exchange risk arising from our investments in foreign operations. The hedging instruments designated to manage these risks reference IBORs in multiple jurisdictions and will be affected by the Reform as the markets transition to ABRs as discussed in Note 2. The following table presents the notional or principal amount of our hedging instruments which reference IBORs and are affected by the Reform as discussed in Note 2. The notional or principal amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Notional/Principal Notional/Principal Interest rate contracts USD LIBOR $ – $ 40,208 CDOR 115,048 114,159 Total Return Swaps CDOR 736 801 Non-derivative instruments USD LIBOR – 237 $ 115,784 $ 155,405 (1) Excludes interest rate contracts and non-derivative instruments which reference rates in multi-rate jurisdictions, including EURO Interbank Offered Rate and Australian Bank Bill Swap Rate (BBSW). Derivative-related credit risk Credit risk from derivative transactions is generated by the potential for the counterparty to default on its contractual obligations when one or more transactions have a positive market value to us. Therefore, derivative-related credit risk is represented by the positive fair value of the instrument and is normally a small fraction of the contract’s notional amount. We subject our derivative transactions to the same credit approval, limit and monitoring standards that we use for managing other transactions that create credit exposure. This includes evaluating the creditworthiness of counterparties, and managing the size, diversification and maturity structure of the portfolio. Credit utilization for all products is compared with established limits on a continual basis and is subject to a standard exception reporting process. We use a single internal rating system for all credit risk exposure, as outlined in the internal ratings maps in the Credit risk section of Management’s Discussion and Analysis. Offsetting is a technique that can reduce credit exposure from derivatives and is generally facilitated through the use of master netting agreements and achieved when specific criteria are met in accordance with our accounting policy in Note 2. A master netting agreement provides for a single net settlement of all financial instruments covered by the agreement in the event of default. However, credit risk is reduced only to the extent that our financial obligations to the same counterparty can be set off against obligations of the counterparty to us. We maximize the use of master netting agreements to reduce derivative-related credit exposure. Our overall exposure to credit risk that is reduced through master netting agreements may change substantially following the reporting date as the exposure is affected by each transaction subject to the agreement as well as by changes in underlying market rates. Measurement of our credit exposure arising out of derivative transactions is reduced to reflect the effects of netting in cases where the enforceability of that netting is supported by appropriate legal analysis as documented in our trading credit risk policies. The use of collateral is another significant credit mitigation technique for managing derivative-related counterparty credit risk. Mark-to-market provisions in our agreements with some counterparties, typically in the form of a Credit Support Annex, provide us with the right to request that the counterparty pay down or collateralize the current market value of its derivatives positions when the value exceeds a specified threshold amount. Replacement cost and credit equivalent amounts are determined in accordance with OSFI’s non-modelled regulatory SA-CCR under the CAR guidelines. The replacement cost represents the total fair value of all outstanding contracts in a gain position after factoring in the master netting agreements and applicable margins. The credit equivalent amount is defined as the replacement cost plus an additional amount for potential future credit exposure, scaled by a regulatory factor. The risk-weighted equivalent is determined by applying appropriate risk-weights to the credit equivalent amount, including those risk weights reflective of model approval under the internal ratings based approach. Derivative-related credit risk (1) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Replacement Credit Risk-weighted (2) Replacement Credit Risk-weighted (2) Over-the-counter contracts Interest rate contracts Forward rate agreements $ 58 $ 94 $ 6 $ 46 $ 76 $ 5 Swaps 9,613 24,448 3,721 9,699 21,698 5,187 Options purchased 610 1,547 353 108 426 119 Options written 123 564 152 15 543 164 Foreign exchange contracts Forward contracts 5,655 27,862 5,611 8,772 29,565 5,940 Swaps 4,261 21,483 4,274 6,072 22,188 4,556 Options purchased 841 1,742 383 536 1,111 340 Options written 95 441 109 28 313 86 Credit derivatives 356 1,834 219 299 766 114 Other contracts 1,933 16,002 4,929 5,196 20,457 7,520 Exchange-traded contracts 7,186 16,191 324 11,098 19,870 397 $ 30,731 $ 112,208 $ 20,081 $ 41,869 $ 117,013 $ 24,428 (1) The amounts presented are net of master netting agreements in accordance with CAR guidelines. (2) The risk-weighted balances are calculated in accordance with CAR guidelines and exclude CVA of $13 billion (October 31, 2022 – $16 billion). Replacement cost of derivative instruments by risk rating and by counterparty type As at October 31, 2023 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 36,224 $ 70,010 $ 28,956 $ 10,605 $ 145,795 $ 69,841 $ 20,268 $ 55,686 $ 145,795 Impact of master netting agreements and applicable margins 24,025 60,556 22,765 7,718 115,064 68,151 20,237 26,676 115,064 Replacement cost (after netting agreements) $ 12,199 $ 9,454 $ 6,191 $ 2,887 $ 30,731 $ 1,690 $ 31 $ 29,010 $ 30,731 As at October 31, 2022 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 39,001 $ 72,983 $ 29,690 $ 17,005 $ 158,679 $ 73,616 $ 22,727 $ 62,336 $ 158,679 Impact of master netting agreements and applicable margins 21,552 62,614 21,818 10,826 116,810 71,582 22,597 22,631 116,810 Replacement cost (after netting agreements) $ 17,449 $ 10,369 $ 7,872 $ 6,179 $ 41,869 $ 2,034 $ 130 $ 39,705 $ 41,869 (1) Our internal risk ratings of AAA, AA, A and BBB represent investment grade ratings and ratings of BB or lower represent non-investment grade ratings, as outlined in the internal ratings maps in the Credit risk section of Management’s Discussion and Analysis. (2) Counterparty type is defined in accordance with CAR guidelines. Derivatives in hedging relationships We apply hedge accounting to minimize volatility in earnings and capital caused by changes in interest rates or foreign exchange rates. Interest rate and currency fluctuations will either cause assets and liabilities to appreciate or depreciate in market value or cause variability in forecasted cash flows. When a hedging relationship is effective, gains, losses, revenue and expenses of the hedging instrument will offset the gains, losses, revenue and expenses of the hedged item. Derivatives used in hedging relationships are recorded in Other Assets – Derivatives or Other Liabilities – Derivatives on our Consolidated Balance Sheets. Foreign currency-denominated liabilities used in net investment hedging relationships are recorded in Deposits – Business and Government and Subordinated debentures on our Consolidated Balance Sheets. Gains and losses relating to hedging ineffectiveness are recorded in Non-Interest income and amounts reclassified from hedge reserves in OCI to income are recorded in Net-interest income for cash flow hedges and Non-interest income for net investment hedges. We assess and measure the effectiveness of a hedging relationship based on the change in the fair value or cash flows of the derivative hedging instrument relative to the change in the fair value or cash flows of the hedged item attributable to the hedged risk. When cash instruments are designated as hedges of foreign exchange risks, only changes in their value due to foreign exchange risk are included in the assessment and measurement of hedge effectiveness. Potential sources of ineffectiveness can be attributed to differences between hedging instruments and hedged items: • Mismatches in the terms of hedged items and hedging instruments, for example the frequency and timing of when interest rates are reset and frequency of payment. • Difference in the discounting factors between the hedged item and the hedging instrument, taking into consideration the different reset frequency of the hedged item and hedging instrument. • Hedging derivatives with a non-zero fair value at inception date of the hedging relationship, resulting in mismatch in terms with the hedged item. Below is a description of our risk management strategy for each risk exposure that we decide to hedge: Interest rate risk We use interest rate contracts to manage our exposure to interest rate risk by modifying the repricing characteristics of existing and/or forecasted assets and liabilities, including funding and investment activities. The swaps are designated in either a fair value hedge or a cash flow hedge and predominantly reference IBORs across multiple jurisdictions. Certain swaps will be affected by the Reform as the market transitions to ABRs. For fair value hedges, we use interest rate contracts to manage the fair value movements of our fixed rate instruments due to changes in benchmark interest. The interest rate swaps are entered into on a one-to-one basis to manage the benchmark interest rate risk, and its terms are critically matched to the specified fixed rate instruments. We also use interest rate swaps in fair value hedges to manage interest rate risk from residential mortgage assets and funding liabilities. Our exposure from this portfolio changes with the origination of new loans, repayments of existing loans and sale of securitized mortgages. Accordingly, we have adopted dynamic hedging for that portfolio, in which the hedge relationship is rebalanced on a more frequent basis, such as on a bi-weekly or on a monthly basis. For cash flow hedges, we use interest rate contracts to manage the exposure to cash flow variability of our variable rate instruments as a result of changes in benchmark interest rates. The variable rate instruments and forecast transactions which reference certain IBORs and will be affected by the Reform. Whilst some of the interest rate swaps are entered into on a one-to-one basis to manage a specific exposure, other interest rate swaps may be entered into for managing interest rate risks of a portfolio of assets and liabilities. Foreign exchange risk We manage our exposure to foreign currency risk with cross currency swaps in a cash flow hedge, and foreign exchange forward contracts in a net investment hedge. Certain cash instruments may also be designated in a net investment hedge, where applicable. For cash flow hedges, we use cross currency swaps and forward contracts to manage the cash flow variability arising from fluctuations in foreign exchange rates on our issued foreign denominated fixed rate liabilities and highly probable forecasted transactions. The maturity profile and repayment terms of these swaps are matched to those of our foreign denominated exposures to limit our cash flow volatility from changes in foreign exchange rates. For net investment hedges, we use a combination of foreign exchange forwards and cash instruments, such as foreign denominated deposit liabilities, to manage our foreign exchange risk arising from our investments in foreign operations. Our most significant exposures include USD, GBP and Euro. When hedging net investments in foreign operations using foreign exchange forwards, only the undiscounted spot element of the foreign exchange forward is designated as the hedging instrument. Accordingly, changes in the fair value of the hedging instrument as a result of changes in forward rates and the effects of discounting are not included in the hedging effectiveness assessment. Foreign operations are only hedged to the extent of the principal of the foreign denominated deposit liabilities or notional amount of the derivative; we generally do not expect to incur significant ineffectiveness on hedges of net investments in foreign operations. Equity price risk We use total return swaps in cash flow hedges to mitigate the cash flow variability of the expected payment associated with our cash settled share-based compensation plan for certain key employees by exchanging interest payments for indexed RBC share price change and dividend returns. Credit risk We predominantly use credit derivatives to economically hedge our credit exposures. We mitigate industry sector concentrations and single-name exposures related to our credit portfolio by purchasing credit derivatives to transfer credit risk to third parties. Derivative instruments designated in hedging relationships (1) The following table presents the fair values of the derivative instruments and the principal amounts of the non-derivative liabilities, categorized by their hedging relationships, as well as derivatives that are not designated in hedging relationships. As at October 31, 2023 October 31, 2022 Designated as hedging instruments Not designated in a hedging relationship Designated as hedging instruments Not designated in a hedging relationship (Millions of Canadian dollars) Fair value Cash flow Net investment Fair value Cash flow Net investment Assets Derivative instruments $ 156 $ 19 $ 13 $ 142,262 $ 247 $ 57 $ 36 $ 154,099 Liabilities Derivative instruments 50 100 409 142,070 27 – 126 153,338 Non-derivative instruments – – 25,427 n.a. – – 25,798 n.a. (1) The fair value reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. n.a. not applicable The following tables provide the remaining term to maturity analysis of the notional amounts and the weighted average rates of the hedging instruments and their carrying amounts by types of hedging relationships: Fair value hedges As at October 31, 2023 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 8,853 $ 62,948 $ 21,702 $ 93,503 $ 156 $ – Hedge of fixed rate liabilities 23,592 75,130 10,236 108,958 – 50 Weighted average fixed interest rate Hedge of fixed rate assets 4.3% 3.6% 3.2% 3.6% Hedge of fixed rate liabilities 2.1% 2.4% 2.6% 2.3% As at October 31, 2022 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 9,083 $ 32,173 $ 15,516 $ 56,772 $ 247 $ 3 Hedge of fixed rate liabilities 13,231 69,419 10,094 92,744 – 24 Weighted average fixed interest rate Hedge of fixed rate assets 1.1% 2.5% 2.8% 2.3% Hedge of fixed rate liabilities 1.9% 1.8% 2.0% 1.9% (1) The carrying amount reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. Cash flow hedges As at October 31, 2023 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 63,927 $ 68,470 $ 1,097 $ 133,494 $ – $ – Hedge of variable rate liabilities 16,696 63,527 32,802 113,025 – – Weighted average fixed interest rate Hedge of variable rate assets 4.5% 3.4% 3.7% 4.0% Hedge of variable rate liabilities 4.9% 3.8% 2.8% 3.7% Foreign exchange risk Cross currency swaps $ 63 $ 916 $ – $ 979 $ 19 $ 14 Weighted average CAD-EUR exchange rate 1.48 1.44 n.a. 1.45 Weighted average CAD-USD exchange rate n.a. 1.34 n.a. 1.34 As at October 31, 2022 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 50,436 $ 74,726 $ 1,023 $ 126,185 $ – $ – Hedge of variable rate liabilities 6,221 42,830 24,024 73,075 – – Weighted average fixed interest rate Hedge of variable rate assets 3.3% 2.8% 2.5% 3.0% Hedge of variable rate liabilities 2.0% 1.5% 2.0% 1.7% Foreign exchange risk Cross currency swaps $ – $ 314 $ – $ 314 $ 32 $ – Weighted average CAD-EUR exchange rate n.a. 1.44 n.a. 1.44 Weighted average CAD-USD exchange rate n.a. n.a. n.a. n.a. (1) The carrying amount reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. n.a. not applicable Net investment hedges As at October 31, 2023 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 6,061 $ 14,653 $ 6,413 $ 27,127 n.a. $ 25,427 Weighted average CAD-USD exchange rate 1.28 1.29 1.33 1.30 Weighted average CAD-EUR exchange rate n.a. n.a. n.a. n.a. Weighted average CAD-GBP exchange rate – 1.71 – 1.71 Forward contracts $ 18,920 $ – $ – $ 18,920 $ 13 $ 409 Weighted average CAD-USD exchange rate 1.36 n.a. n.a. 1.36 Weighted average CAD-EUR exchange rate 1.45 n.a. n.a. 1.45 Weighted average CAD-GBP exchange rate 1.68 n.a. n.a. 1.68 As at October 31, 2022 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 5,462 $ 20,851 $ 1,025 $ 27,338 n.a. $ 25,798 Weighted average CAD-USD exchange rate 1.31 1.28 1.28 1.29 Weighted average CAD-EUR exchange rate – 1.51 1.48 1.51 Weighted average CAD-GBP exchange rate – 1.71 – 1.71 Forward contracts $ 6,089 $ – $ – $ 6,089 $ 36 $ 126 Weighted average CAD-USD exchange rate 1.34 n.a. n.a. 1.34 Weighted average CAD-EUR exchange rate 1.36 n.a. n.a. 1.36 Weighted average CAD-GBP exchange rate 1.55 n.a. n.a. 1.55 n.a. not applicable The following tables present the details of the hedged items categorized by their hedging relationships: Fair value hedges – Assets and liabilities designated as hedged items As at and for the year ended October 31, 2023 Carrying amount Accumulated amount of fair (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Consolidated Balance Sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 86,734 $ – $ (3,911 ) $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ (1,445 ) Fixed rate liabilities (1) – 102,535 – (6,340 ) Deposits Deposits – Bank 276 As at and for the year ended October 31, 2022 Carrying amount Accumulated amount of fair value adjustments on the hedged item included in the (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Consolidated Balance Sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 52,216 $ – $ (3,285 ) $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ (3,695 ) Fixed rate liabilities (1) – 86,738 – (5,924 ) Deposits Deposits – Bank 5,742 (1) As at |
Premises and equipment
Premises and equipment | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Premises and equipment | Note 10 Premises and equipment For the year ended October 31, 2023 Owned by the Bank (1) Right-of-use lease assets (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Buildings Equipment Total Cost Balance at beginning of period $ 141 $ 1,261 $ 1,169 $ 836 $ 2,845 $ 120 $ 5,748 $ 299 $ 12,419 Additions – – 32 12 29 511 385 80 1,049 Acquisition through business combination – – – – – – – – – Transfers from work in process – 19 246 62 187 (514 ) – – – Disposals – (53 ) (216 ) (96 ) (78 ) (2 ) (331 ) (31 ) (807 ) Foreign exchange translation 1 6 22 9 32 1 103 – 174 Other (2 ) 18 30 12 (8 ) (8 ) (12 ) (31 ) (1 ) Balance at end of period $ 140 $ 1,251 $ 1,283 $ 835 $ 3,007 $ 108 $ 5,893 $ 317 $ 12,834 Accumulated depreciation Balance at beginning of period $ – $ 627 $ 640 $ 525 $ 1,656 $ – $ 1,643 $ 114 $ 5,205 Depreciation – 51 247 91 235 – 559 92 1,275 Disposals – (50 ) (216 ) (88 ) (70 ) – (112 ) (31 ) (567 ) Foreign exchange translation – 3 16 6 16 – 31 – 72 Other – 15 36 16 26 – 28 (21 ) 100 Balance at end of period $ – $ 646 $ 723 $ 550 $ 1,863 $ – $ 2,149 $ 154 $ 6,085 Net carrying amount at end of period $ 140 $ 605 $ 560 $ 285 $ 1,144 $ 108 $ 3,744 $ 163 $ 6,749 For the year ended October 31, 2022 Owned by the Bank (1) Right-of-use lease assets (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Buildings Equipment Total Cost Balance at beginning of period $ 145 $ 1,308 $ 1,126 $ 773 $ 2,754 $ 170 $ 5,394 $ 308 $ 11,978 Additions – – 24 3 28 397 270 138 860 Acquisition through business combination – – 4 1 6 1 55 – 67 Transfers from work in process – 15 195 49 206 (465 ) – – – Disposals (10 ) (83 ) (195 ) (5 ) (205 ) (1 ) (153 ) (146 ) (798 ) Foreign exchange translation 7 24 17 15 67 6 58 (1 ) 193 Other (1 ) (3 ) (2 ) – (11 ) 12 124 – 119 Balance at end of period $ 141 $ 1,261 $ 1,169 $ 836 $ 2,845 $ 120 $ 5,748 $ 299 $ 12,419 Accumulated depreciation Balance at beginning of period $ – $ 664 $ 584 $ 427 $ 1,589 $ – $ 1,133 $ 157 $ 4,554 Depreciation – 48 234 94 233 – 569 87 1,265 Disposals – (80 ) (192 ) (4 ) (204 ) – (106 ) (146 ) (732 ) Foreign exchange translation – 11 12 6 38 – 2 (1 ) 68 Other – (16 ) 2 2 – – 45 17 50 Balance at end of period $ – $ 627 $ 640 $ 525 $ 1,656 $ – $ 1,643 $ 114 $ 5,205 Net carrying amount at end of period $ 141 $ 634 $ 529 $ 311 $ 1,189 $ 120 $ 4,105 $ 185 $ 7,214 (1) As at October 31, 2023, we had total contractual commitments of $120 million to purchase premises and equipment (October 31, 2022 – $185 million). Lease payments Total lease payments for the year ended October 31, 2023 were $1,326 million, of which $655 million or 49% relates to variable payments and $671 million or 51% relates to fixed payments. Total lease payments for the year ended October 31, 2022 were $1,213 million, of which $578 million or 48% relates to variable payments and $635 million or 52% relates to fixed payments. Total variable lease payments not included in the measurement of lease liabilities were $647 million for the year ended October 31, 2023 (October 31, 2022 – $571 million). |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Goodwill and other intangible assets | Note 11 Goodwill and other intangible assets Goodwill For the year ended October 31, 2023 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Investor Insurance Capital Total Balance at beginning of period $ 2,574 $ 1,759 $ 589 $ 1,928 $ 3,027 $ 1,042 $ 59 $ 112 $ 1,187 $ 12,277 Acquisitions 70 – – – – – – – – 70 Dispositions – – – – – – (30 ) – – (30 ) Currency translations – 32 4 88 53 82 – – 18 277 Balance at end of period $ 2,644 $ 1,791 $ 593 $ 2,016 $ 3,080 $ 1,124 $ 29 $ 112 $ 1,205 $ 12,594 For the year ended October 31, 2022 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Investor (1) Insurance Capital (1) Total Balance at beginning of period $ 2,557 $ 1,600 $ 577 $ 1,964 $ 2,768 $ 115 $ 60 $ 112 $ 1,101 $ 10,854 Acquisitions 17 – – 33 – 880 – – – 930 Dispositions – – – – (19 ) – – – – (19 ) Currency translations – 159 12 (69 ) 278 47 (1 ) – 86 512 Balance at end of period $ 2,574 $ 1,759 $ 589 $ 1,928 $ 3,027 $ 1,042 $ 59 $ 112 $ 1,187 $ 12,277 (1) Amounts have been revised from those previously presented to conform to our new basis of segment presentation. Refer to Note 27 for further details of our business segments. We perform our annual impairment test by comparing the carrying amount of each CGU to its recoverable amount. The recoverable amount of a CGU is represented by its VIU, except in circumstances where the carrying amount of a CGU exceeds its VIU. In such cases, the greater of the CGU’s FVLCD and its VIU is the recoverable amount. Our annual impairment test is performed as at August 1. In our 2023 annual impairment tests, the recoverable amount of our Caribbean Banking CGU was based on its FVLCD and the recoverable amounts of all other CGUs tested were based on their VIU. In our 2022 annual impairment tests, the recoverable amounts of the Caribbean Banking CGU and International Wealth Management CGU were based on their FVLCD and the recoverable amounts of all other CGUs tested were based on their VIU. Value in use We calculate VIU using a five-year discounted cash flow method, with the exception of our International Wealth Management CGU where cash flow projections covering a seven-year period were used, which more closely aligns with the strategic growth plan resulting from the acquisition of RBC Brewin Dolphin. Future cash flows are based on financial plans agreed by management, estimated based on forecast results, business initiatives, capital required to support future cash flows and returns to shareholders. Key drivers of future cash flows include net interest margins and average interest-earning assets. The values assigned to these drivers over the forecast period are based on past experience, external and internal economic forecasts, and management’s expectations of the impact of economic conditions on our financial results. Beyond the initial cash flow projection period, cash flows are assumed to increase at a constant rate using a nominal long-term growth rate (terminal growth rate). Terminal growth rates are based on the long-term steady state growth expectations in the countries within which the CGU operates. The discount rates used to determine the present value of each CGU’s projected future cash flows are based on the bank-wide cost of capital, adjusted for the risks to which each CGU is exposed. CGU-specific The estimation of VIU involves significant judgment in the determination of inputs to the discounted cash flow model and is most sensitive to changes in future cash flows, discount rates and terminal growth rates applied to cash flows beyond the forecast period. The sensitivity of the VIU to key inputs and assumptions used was tested by recalculating the recoverable amount using reasonably possible changes to those parameters. As at August 1, 2023, no reasonably possible change in an individual key input or assumption, as described, would result in a CGU’s carrying amount exceeding its recoverable amount based on VIU. The terminal growth rates and pre-tax As at August 1, 2023 August 1, 2022 Discount (1) Terminal Discount (1) Terminal Group of cash generating units Canadian Banking 11.7% 3.0% 11.0% 3.0% Caribbean Banking 12.9 3.5 12.6 3.5 Canadian Wealth Management 12.5 3.0 11.8 3.0 Global Asset Management 12.5 3.0 11.8 3.0 U.S. Wealth Management (including City National) 12.5 3.0 12.8 3.0 International Wealth Management (2) 12.5 3.0 n.m. n.m. Investor Services 12.4 3.0 11.8 3.0 Insurance 12.4 3.0 11.6 3.0 Capital Markets 12.7 3.0 12.4 3.0 (1) Pre-tax post-tax (2) The recoverable amount for our International Wealth Management CGU was determined using a multiples-based approach in 2022. n.m. not meaningful Fair value less costs of disposal – Caribbean Banking As at August 1, 2023, the recoverable amount of our Caribbean Banking CGU, based on FVLCD, was 109% of its carrying amount (August 1, 2022 – 109%). We calculated FVLCD using a discounted cash flow method that projects future cash flows over a 5-year 5-year pre-tax We considered reasonably possible alternative scenarios, including market comparable transactions, which yielded valuations ranging from an immaterial deficit to an immaterial surplus. The sensitivity of the FVLCD to key inputs and assumptions was tested by recalculating the recoverable amount using reasonably possible changes to those parameters. A 50 bps change in the terminal growth rate would increase and decrease the recoverable amount by $235 million and $209 million, respectively. A 50 bps increase in the discount rate would decrease the recoverable amount by $278 million. A reduction in the forecasted cash flows of 10% per annum would reduce the recoverable amount by $485 million. If future cash flows were reduced by 8%, the recoverable amount would approximate the carrying amount. Changes in these assumptions have been applied holding other individual factors constant. However, changes in one factor may be magnified or offset by related changes in other assumptions as impacts to the recoverable amount are highly interdependent and changes in assumptions may not have a linear effect on the recoverable amount of the CGU. In aggregate, the range of reasonably possible outcomes would not materially affect the recoverable amount of the CGU. Other intangible assets For the year ended October 31, 2023 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 5,076 $ 908 $ 1,630 $ 2,472 $ 1,535 $ 11,621 Additions 81 179 – – 1,134 1,394 Acquisition through business combination – 31 – – – 31 Transfers 1,067 78 – – (1,145 ) – Dispositions (509 ) (145 ) – (160 ) 8 (806 ) Impairment losses (73 ) – – (9 ) (5 ) (87 ) Currency translations 68 17 28 144 38 295 Other changes (115 ) 29 – 9 (33 ) (110 ) Balance at end of period $ 5,595 $ 1,097 $ 1,658 $ 2,456 $ 1,532 $ 12,338 Accumulated amortization Balance at beginning of period $ (3,031 ) $ (612 ) $ (1,146 ) $ (749 ) $ – $ (5,538 ) Amortization charge for the year (1,009 ) (146 ) (160 ) (172 ) – (1,487 ) Dispositions 506 157 – 114 – 777 Impairment losses (19 ) – – – – (19 ) Currency translations (37 ) (13 ) (24 ) (33 ) – (107 ) Other changes (7 ) (44 ) – (6 ) – (57 ) Balance at end of period $ (3,597 ) $ (658 ) $ (1,330 ) $ (846 ) $ – $ (6,431 ) Net balance at end of period $ 1,998 $ 439 $ 328 $ 1,610 $ 1,532 $ 5,907 For the year ended October 31, 2022 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 4,886 $ 894 $ 1,474 $ 1,414 $ 1,236 $ 9,904 Additions 25 16 – – 1,256 1,297 Acquisition through business combination – 14 – 1,292 148 1,454 Transfers 1,121 76 – – (1,197 ) – Dispositions (960 ) (111 ) – (329 ) (5 ) (1,405 ) Impairment losses (16 ) – – – (11 ) (27 ) Currency translations 71 48 149 113 30 411 Other changes (51 ) (29 ) 7 (18 ) 78 (13 ) Balance at end of period $ 5,076 $ 908 $ 1,630 $ 2,472 $ 1,535 $ 11,621 Accumulated amortization Balance at beginning of period $ (2,979 ) $ (572 ) $ (885 ) $ (997 ) $ – $ (5,433 ) Amortization charge for the year (976 ) (137 ) (153 ) (103 ) – (1,369 ) Dispositions 959 109 – 315 – 1,383 Impairment losses 9 – – – – 9 Currency translations (36 ) (31 ) (98 ) 13 – (152 ) Other changes (8 ) 19 (10 ) 23 – 24 Balance at end of period $ (3,031 ) $ (612 ) $ (1,146 ) $ (749 ) $ – $ (5,538 ) Net balance at end of period $ 2,045 $ 296 $ 484 $ 1,723 $ 1,535 $ 6,083 |
Joint ventures and associated c
Joint ventures and associated companies | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Joint ventures and associated companies | Note 12 Joint ventures and associated companies We do not have any joint ventures or associated companies that are individually material to our financial results. The following table summarizes the carrying value of our interests in joint ventures and associated companies accounted for under the equity method as well as our share of the income of those entities. Joint ventures Associated companies As at and for the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 October 31 2023 October 31 2022 Carrying amount $ 215 $ 248 $ 286 $ 463 Share of: Net income (1) $ 18 $ 103 $ 5 $ 7 (1) Excludes impairment losses recognized on our interests in joint ventures and associated companies. During the year ended October 31, 2023, we recognized impairment losses of $242 million in Non-interest income – Income (loss) from joint ventures and associates with respect to our interest in an associated company in our Wealth Management segment (October 31, 2022 – $nil). |
Other assets
Other assets | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Other assets | Note 13 Other assets As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Accounts receivable and prepaids $ 4,373 $ 4,250 Accrued interest receivable 7,775 4,703 Cash collateral 20,104 25,634 Commodity trading receivables 5,979 7,054 Deferred income tax asset 2,446 1,472 Employee benefit assets 2,826 3,331 Held-for-sale assets 2,562 11 Insurance-related assets Collateral loans 528 524 Policy loans 87 85 Reinsurance assets 1,127 1,084 Other 13 12 Investments in joint ventures and associates 501 711 Margin deposits 8,849 14,684 Precious metals 2,753 1,772 Receivable from brokers, dealers and clients 2,834 3,299 Taxes receivable 8,908 6,933 Other 5,403 4,741 $ 77,068 $ 80,300 |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Deposits | Note 14 Deposits As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 186,530 $ 57,614 $ 197,802 $ 441,946 $ 203,645 $ 64,743 $ 136,544 $ 404,932 Business and government 316,200 19,056 409,819 745,075 348,004 17,855 394,011 759,870 Bank 7,996 769 35,901 44,666 10,458 490 33,064 44,012 $ 510,726 $ 77,439 $ 643,522 $ 1,231,687 $ 562,107 $ 83,088 $ 563,619 $ 1,208,814 Non-interest-bearing (4) Canada $ 132,994 $ 6,107 $ 168 $ 139,269 $ 149,737 $ 7,797 $ 466 $ 158,000 United States 40,646 – – 40,646 52,702 – – 52,702 Europe (5) 17 – – 17 620 – – 620 Other International 7,265 – – 7,265 7,840 – – 7,840 Interest-bearing (4) Canada 302,746 14,641 493,347 810,734 305,779 17,982 409,586 733,347 United States 16,210 55,895 78,837 150,942 11,410 57,055 85,111 153,576 Europe (5) 5,353 726 51,812 57,891 28,276 254 52,144 80,674 Other International 5,495 70 19,358 24,923 5,743 – 16,312 22,055 $ 510,726 $ 77,439 $ 643,522 $ 1,231,687 $ 562,107 $ 83,088 $ 563,619 $ 1,208,814 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which include 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 October 31, 2023, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $445 billion, $34 billion, $49 billion and $32 billion, respectively (October 31, 2022 – $465 billion, $35 billion, $50 billion and $30 billion, respectively). (5) Europe includes the United Kingdom, the Channel Islands, France and Luxembourg. Contractual maturities of term deposits As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Within 1 year: less than 3 months $ 182,373 $ 159,602 3 to 6 months 69,868 61,996 6 to 12 months 151,079 156,531 1 to 2 years 76,232 49,225 2 to 3 years 49,965 42,809 3 to 4 years 36,774 27,609 4 to 5 years 36,506 33,835 Over 5 years 40,725 32,012 $ 643,522 $ 563,619 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 586,000 $ 521,000 Average deposit balances and average rates of interest For the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars, except for percentage amounts) Average Average Average Average Canada $ 913,669 3.02 % $ 847,052 1.02% United States 196,490 2.74 207,436 0.50 Europe 70,426 4.22 81,824 1.03 Other International 31,035 2.26 28,613 0.72 $ 1,211,620 3.03 % $ 1,164,925 0.92% |
Insurance
Insurance | 12 Months Ended |
Oct. 31, 2023 | |
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Insurance | Note 15 Insurance Risk management Insurance risk is the risk of fluctuations in the timing, frequency or severity of insured events, relative to our expectations at the time of underwriting. We do not have a high degree of concentration risk due to our geographic diversity and business mix. Concentration risk is not a major concern for the life insurance business as it does not have a material level of region-specific characteristics. Reinsurance is also used for a majority of our Canadian insurance business to lower our risk profile and limit the liability on a single claim. We manage underwriting and pricing risk through the use of underwriting guidelines which detail the class, nature and type of business that may be accepted, pricing policies by product line and controls over policy wordings. The risk that claims are handled or paid inappropriately is mitigated by using a range of information technology (IT) system controls and manual processes conducted by experienced staff. These, together with a range of detailed policies and procedures, ensure that all claims are handled in a timely, appropriate and accurate manner. Reinsurance ceded In the ordinary course of business, our insurance operations reinsure risks to other insurance and reinsurance companies in order to lower our risk profile, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries from our direct obligations to the insured parties. We evaluate the financial condition of the reinsurers and monitor our concentrations of credit risks to minimize our exposure to losses from reinsurer insolvency. Reinsurance amounts (ceded premiums) included in Non-interest Net premiums and claims For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Gross premiums $ 5,428 $ 4,913 Premiums ceded to reinsurers (297 ) (260 ) Net premiums $ 5,131 $ 4,653 Gross claims and benefits (1) $ 3,960 $ 1,741 Reinsurers’ share of claims and benefits (261 ) (273 ) Net claims $ 3,699 $ 1,468 (1) Includes the change in fair value of investments backing our policyholder liabilities. Insurance claims and policy benefit liabilities All actuarial assumptions are set in conjunction with Canadian Institute of Actuaries Standards of Practice and OSFI requirements. The assumptions that have the greatest effect on the measurement of insurance liabilities, the processes used to determine them and the assumptions used as at October 31, 2023 are as follows: Mortality and morbidity – Mortality estimates are based on standard industry insured mortality tables, adjusted where appropriate to reflect our own experience. Morbidity assumptions are made with respect to the rates of claim incidence and claim termination for health insurance policies and are based on a combination of industry and our own experience. Future investment yield – Assumptions are based on the current yield rate, a reinvestment assumption and an allowance for future credit losses for each line of business, and are developed using interest rate scenario testing, including prescribed scenarios for determination of minimum liabilities as set out in the actuarial standards. Policyholder behaviour non-payment Significant insurance assumptions As at October 31 2023 October 31 2022 Life Insurance Canadian Insurance Mortality rates (1) 0.11 % 0.11 % Morbidity rates (2) 1.79 1.81 Future reinvestment yield (3) 3.73 3.75 Lapse rates (4) 0.50 0.50 International Insurance Mortality rates (1) 0.83 0.80 Future reinvestment yield (3) 2.90 2.90 (1) Average annual death rate for the largest portfolio of insured policies. (2) Average net termination rate for the individual and group disability insurance portfolio. (3) Ultimate reinvestment rate of the insurance operations. (4) Ultimate policy termination rate (lapse rate) for the largest permanent life insurance portfolio that relies on a higher termination rate to maintain its profitability (lapse-supported Insurance claims and policy benefit liabilities The following table summarizes our gross and reinsurers’ share of insurance liabilities at the end of the year. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Life insurance policyholder liabilities Life, health and annuity $ 11,934 $ 968 $ 10,966 $ 11,481 $ 902 $ 10,579 Investment contracts (1) 38 – 38 41 – 41 $ 11,972 $ 968 $ 11,004 $ 11,522 $ 902 $ 10,620 Non-life Unearned premium provision (1) $ 9 $ – $ 9 $ 7 $ – $ 7 Unpaid claims provision 32 1 31 30 1 29 $ 41 $ 1 $ 40 $ 37 $ 1 $ 36 $ 12,013 $ 969 $ 11,044 $ 11,559 $ 903 $ 10,656 (1) Liabilities for investment contracts and unearned premium provision are reported in Other liabilities on the Consolidated Balance Sheets. Reconciliation of life insurance policyholder liabilities For the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Balances at beginning of period $ 11,522 $ 902 $ 10,620 $ 12,817 $ 861 $ 11,956 New and in-force (1) 552 30 522 (1,288 ) (130 ) (1,158 ) Changes in assumption and methodology (99 ) 36 (135 ) (6 ) 171 (177 ) Net change in investment contracts (3 ) – (3 ) (1 ) – (1 ) Balances at end of period $ 11,972 $ 968 $ 11,004 $ 11,522 $ 902 $ 10,620 (1) Includes the change in fair value of investments backing our policyholder liabilities. The net increase in life insurance policyholder liabilities over the prior year was primarily attributable to business growth partially offset by asset and liability matching activities and market movements on assets backing life insurance policyholder liabilities. During the year, we reviewed all key actuarial methods and assumptions which are used in determining the life insurance policyholder liabilities resulting in a million net decrease to such liabilities. This is primarily comprised of a decrease of million arising from insurance risk related assumption updates largely due to mortality assumptions, partially offset by increases of million due to changes to valuation models and related data and million due to an increase in the crediting rate on universal life insurance policies. Sensitivity analysis The following table presents the Net income impact (Millions of Canadian dollars, except for percentage amounts) Change in October 31 2023 October 31 2022 Increase in market interest rates (1) 1% $ 1 $ (10 ) Decrease in market interest rates (1) 1 7 5 Increase in equity market values (2) 10 2 6 Decrease in equity market values (2) 10 (8 ) (10 ) Increase in maintenance expenses (3) 5 (32 ) (33 ) Life Insurance (3) Adverse change in annuitant mortality rates 2 (177 ) (166 ) Adverse change in assurance mortality rates 2 (54 ) (59 ) Adverse change in morbidity rates 5 (177 ) (181 ) Adverse change in lapse rates 10 (192 ) (199 ) (1) Sensitivities for market interest rates include the expected current period earnings impact of a 100 basis points shift in the yield curve by increasing the current reinvestment rates while holding the assumed ultimate rates constant. The sensitivity consists of both the impact on assumed reinvestment rates in the actuarial liabilities and any changes in fair value of assets and liabilities from the yield curve shift. (2) Sensitivities to changes in equity market values are composed of the expected current period earnings impact from differences in the changes in fair value of the equity asset holdings and the partially offsetting impact on the actuarial liabilities. (3) Sensitivities to changes in maintenance expenses and life insurance actuarial assumptions include the expected current period earnings impact from recognition of increased liabilities due to an adverse change in the given assumption over the lifetime of all in-force |
Segregated funds
Segregated funds | 12 Months Ended |
Oct. 31, 2023 | |
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Segregated funds | Note 16 Segregated funds We offer certain individual variable insurance contracts that allow policyholders to invest in segregated funds. The investment returns on these funds are passed directly to the policyholders. Amounts invested are at the policyholders’ risk, except where the policyholders have selected options providing maturity and death benefit guarantees. A liability for the guarantees is recorded in Insurance claims and policy benefit liabilities. Segregated fund net assets are recorded at fair value. All of our segregated fund net assets are categorized as Level 1 in the fair value hierarchy. The fair value of the segregated fund liabilities is equal to the fair value of the segregated fund net assets. Segregated fund net assets and segregated fund liabilities are presented on separate lines on the Consolidated Balance Sheets. The following tables present the composition of net assets and the changes in net assets for the year. Segregated fund net assets As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Cash $ 40 $ 39 Investment in mutual funds 2,719 2,598 Other assets (liabilities), net 1 1 $ 2,760 $ 2,638 Changes in net assets For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Net assets at beginning of period $ 2,638 $ 2,666 Additions (deductions): Deposits from policyholders 734 859 Net realized and unrealized gains (losses) 52 (301 ) Interest and dividends 76 56 Payment to policyholders (668 ) (573 ) Management and administrative fees (72 ) (69 ) Net assets at end of period $ 2,760 $ 2,638 |
Employee benefits - Pension and
Employee benefits - Pension and other post-employment benefits | 12 Months Ended |
Oct. 31, 2023 | |
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Employee benefits - Pension and other post-employment benefits | Note 17 Employee benefits – Pension and other post-employment benefits Plan characteristics We sponsor a number of programs that provide pension and post-employment benefits to eligible employees. The majority of beneficiaries of the pension plans are located in Canada and other beneficiaries of the pension plans are primarily located in the U.S., the U.K. and the Caribbean. The pension arrangements including investment, plan benefits and funding decisions are governed by local pension committees or trustees, who are legally segregated from the Bank, or management. Significant plan changes require the approval of the Board of Directors. Our defined benefit pension plans provide pension benefits based on years of service, contributions and average earnings at retirement. Our primary defined benefit pension plans are closed to new members. New employees are generally eligible to join defined contribution pension plans. The specific features of these plans vary by location. We also provide supplemental non-registered (non-qualified) Our defined contribution pension plans provide pension benefits based on accumulated employee and Bank contributions. The Bank contributions are based on a percentage of an employee’s annual earnings and a portion of the Bank contribution may be dependent on the amount being contributed by the employee and their years of service. Our primary other post-employment benefit plans provide health, dental, disability and life insurance coverage and cover a number of current and retired employees who are mainly located in Canada. These plans are unfunded unless required by legislation. We measure our benefit obligations and pension assets as at October 31 each year. All plans are valued using the projected unit-credit method. We fund our registered defined benefit pension plans in accordance with actuarially determined amounts required to satisfy employee benefit obligations under current pension regulations. For our principal pension plan, the most recent funding actuarial valuation was completed on January 1, 2023, and the next valuation is required no later than January 1, 2026. For the year ended October 31, 2023, total contributions to our pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans were $346 million and $80 million (October 31, 2022 – $427 million and $79 million), respectively. For 2024, total contributions to our pension plans and other post-employment benefit plans are expected to be $408 million and $86 million, respectively. Risks By their design, the defined benefit pension and other post-employment benefit plans expose the Bank to various risks such as investment performance, reductions in discount rates used to value the obligations, increased longevity of plan members, future inflation levels impacting future salary increases as well as future increases in healthcare costs. These risks will reduce over time due to the membership closure of our primary defined benefit pension plans and migration to defined contribution pension plans. The following table presents the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Defined benefit Other post- Defined benefit Other post- Canada Fair value of plan assets $ 13,704 $ – $ 14,310 $ – Present value of defined benefit obligation 11,142 1,348 11,271 1,387 Net surplus (deficit) $ 2,562 $ (1,348 ) $ 3,039 $ (1,387 ) International Fair value of plan assets $ 664 $ – $ 716 $ – Present value of defined benefit obligation 585 69 622 75 Net surplus (deficit) $ 79 $ (69 ) $ 94 $ (75 ) Total Fair value of plan assets $ 14,368 $ – $ 15,026 $ – Present value of defined benefit obligation 11,727 1,417 11,893 1,462 Total net surplus (deficit) $ 2,641 $ (1,417 ) $ 3,133 $ (1,462 ) Effect of asset ceiling (9 ) – (8 ) – Total net surplus (deficit), net of effect of asset ceiling $ 2,632 $ (1,417 ) $ 3,125 $ (1,462 ) Amounts recognized in our Consolidated Balance Sheets Employee benefit assets $ 2,826 $ – $ 3,331 $ – Employee benefit liabilities (194 ) (1,417 ) (206 ) (1,462 ) Total net surplus (deficit), net of effect of asset ceiling $ 2,632 $ (1,417 ) $ 3,125 $ (1,462 ) The following table presents an analysis of the movement in the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at or for the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Defined benefit (1) Other post- Defined benefit (1) Other post- Fair value of plan assets at beginning of period $ 15,026 $ – $ 17,703 $ – Interest income 786 – 580 – Remeasurements Return on plan assets (excluding interest income) (895 ) – (2,931 ) – Change in foreign currency exchange rate 55 – (62 ) – Contributions – Employer 23 80 177 79 Contributions – Plan participant 44 22 45 20 Payments (645 ) (102 ) (610 ) (99 ) Payments – amount paid in respect of settlements – – 3 – Business combinations/Disposals (17 ) – 135 – Other (9 ) – (14 ) – Fair value of plan assets at end of period $ 14,368 $ – $ 15,026 $ – Benefit obligation at beginning of period $ 11,893 $ 1,462 $ 15,315 $ 1,780 Current service costs 195 33 308 42 Past service costs – (2 ) (1 ) 2 Gains and losses on settlements – – (3 ) – Interest expense 624 77 496 63 Remeasurements Actuarial losses (gains) from demographic assumptions (2 ) (24 ) (2 ) (1 ) Actuarial losses (gains) from financial assumptions (480 ) (46 ) (3,797 ) (341 ) Actuarial losses (gains) from experience adjustments 70 (1 ) 83 (9 ) Change in foreign currency exchange rate 45 1 (47 ) 6 Contributions – Plan participant 44 22 45 20 Payments (645 ) (102 ) (610 ) (99 ) Payments – amount paid in respect of settlements – – 3 – Business combinations/Disposals (17 ) (3 ) 103 (1 ) Benefit obligation at end of period $ 11,727 $ 1,417 $ 11,893 $ 1,462 Unfunded obligation $ 18 $ 1,417 $ 23 $ 1,462 Wholly or partly funded obligation 11,709 – 11,870 – Total benefit obligation $ 11,727 $ 1,417 $ 11,893 $ 1,462 (1) For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2023 were $300 million and $106 million, respectively (October 31, 2022 – $323 million and $117 million, respectively). Pension and other post-employment benefit expense The following table presents the composition of our pension and other post-employment benefit expense related to our material pension and other post-employment benefit plans worldwide. For the year ended Pension plans Other post-employment (Millions of Canadian dollars) October 31 2023 October 31 2022 October 31 2023 October 31 2022 Current service costs $ 195 $ 308 $ 33 $ 42 Past service costs – (1 ) (2 ) 2 Gains and losses on settlements – (3 ) – – Net interest expense (income) (162 ) (84 ) 77 63 Remeasurements of other long term benefits – – (1 ) (26 ) Administrative expense 9 14 – – Defined benefit pension expense $ 42 $ 234 $ 107 $ 81 Defined contribution pension expense 323 250 – – $ 365 $ 484 $ 107 $ 81 Service costs for the year ended October 31, 2023 totalled $193 million (October 31, 2022 – $305 million) for pension plans in Canada and $2 million (October 31, 2022 – $2 million) for International plans. Net interest expense (income) for the year ended October 31, 2023 totalled $(157) million (October 31, 2022 – $(83) million) for pension plans in Canada and $(5) million (October 31, 2022 – $(1) million) for International plans. Pension and other post-employment benefit remeasurements The following table presents the composition of our remeasurements recorded in OCI related to For the year ended Defined benefit pension Other post-employment (Millions of Canadian dollars) October 31 2023 October 31 2022 October 31 2023 October 31 2022 Actuarial (gains) losses: Changes in demographic assumptions $ (2 ) $ (2 ) $ (27 ) $ (1 ) Changes in financial assumptions (480 ) (3,797 ) (45 ) (319 ) Experience adjustments 70 83 2 (5 ) Return on plan assets (excluding interest based on discount rate) 895 2,931 – – Change in asset ceiling (excluding interest income) 1 2 – – $ 484 $ (783 ) $ (70 ) $ (325 ) Remeasurements recorded in OCI for the year ended October 31, 2023 were losses of $440 million ( October Investment policy and strategies Defined benefit pension plan assets are invested prudently in order to meet our longer-term pension obligations. The pension plans’ investment strategy is to hold a diversified mix of investments by asset class and geographic location in order to reduce investment-specific risk to the funded status while maximizing the expected returns to meet pension obligations. Investment of the plan’s assets follows an asset/liability framework as investment is conducted with careful consideration of the pension obligation’s sensitivity to interest rates and credit spreads which are key risk factors impacting the obligation’s value. Factors taken into consideration in developing our asset mix include but are not limited to the following: • the nature of the underlying benefit obligations, including the duration and term profile of the liabilities; • the member demographics, including expectations for normal retirements, terminations, and deaths; • the financial position of the pension plans; • the diversification benefits obtained by the inclusion of multiple asset classes; and • expected asset returns, including asset and liability correlations, along with liquidity requirements of the plan. To implement our asset mix policy, we may invest in debt securities, equity securities, and alternative investments. Our holdings in certain investments, including common shares, debt securities rated lower than BBB and residential and commercial mortgages, cannot exceed a defined percentage of the market value of our defined benefit pension plan assets. We may use derivative instruments as either a synthetic investment to more efficiently replicate the performance of an underlying security, or as a hedge against financial risks within the plan. To manage our credit risk exposure, where derivative instruments are not centrally cleared, counterparties are required to meet minimum credit ratings and enter into collateral agreements. Our defined benefit pension plan assets are primarily comprised of debt and equity securities and alternative investments. Our equity securities generally have unadjusted quoted market prices in an active market (Level 1) and our debt securities generally have quoted market prices for similar assets in an active market (Level 2). Alternative investments and other includes cash, hedge funds, and private fund investments including infrastructure equity, real estate, private debt and private equity. In the case of private fund investments, no quoted market prices are usually available (Level 2 or Level 3). These fund assets are either valued by an independent valuator or priced using observable market inputs. During the year ended October 31, 2023, the management of defined benefit pension investments focused on increased allocation to risk reducing investments and strategies, improving diversification, while striving to maintain expected investment return. Over time, an increasing allocation to debt securities is being used to reduce asset/liability duration mismatch and hence variability of the plan’s funded status due to interest rate movement. Longer maturity debt securities, given their price sensitivity to movements in interest rates, are considered to be a good economic hedge to risk associated with the plan’s liabilities, which are discounted using predominantly long maturity bond interest rates as inputs. Asset allocation of defined benefit pension plans (1), (2) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars, except percentages) Fair value Percentage Quoted (3) Fair value Percentage Quoted (3) Equity securities Domestic $ 723 5 % 100 % $ 1,469 10 % 100 % Foreign 1,726 12 100 2,799 19 100 Debt securities Domestic government bonds (4) 4,343 30 – 3,489 23 – Foreign government bonds 128 1 – 114 1 – Corporate and other bonds 3,296 23 – 3,171 21 – Alternative investments and other 4,152 29 6 3,984 26 8 $ 14,368 100 % 19 % $ 15,026 100 % 30 % (1) The asset allocation is based on the underlying investments held directly and indirectly through the funds as this is how we manage our investment policy and strategies. (2) Represents the total plan assets held in our Canadian and International pension plans. (3) If our assessment of whether or not an asset was quoted in an active market was based on direct investments, 22% of our total plan assets would be classified as quoted in an active market (October 31, 2022 – 34%). (4) Amounts are net of securities sold under repurchase agreements. As at October 31, 2023, the plan assets include 0.3 million (October 31, 2022 – 0.7 million) of our common shares with a fair value of $37 million (October 31, 2022 – $89 million) and $62 million (October 31, 2022 – $48 million) of our debt securities. For the year ended October 31, 2023, dividends received on our common shares held in the plan assets were $3 million (October 31, 2022 – $4 million). Maturity profile The following table presents the maturity profile of our defined benefit pension plan obligation. (Millions of Canadian dollars, except participants and years) As at October 31, 2023 Canada International Total Number of plan participants 65,890 5,963 71,853 Actual benefit payments 2023 $ 604 $ 41 $ 645 Benefits expected to be paid 2024 670 44 714 Benefits expected to be paid 2025 694 40 734 Benefits expected to be paid 2026 717 42 759 Benefits expected to be paid 2027 738 42 780 Benefits expected to be paid 2028 757 42 799 Benefits expected to be paid 2029-2033 4,013 226 4,239 Weighted average duration of defined benefit payments 12.2 years 15.1 years 12.3 years Significant assumptions Our methodologies to determine significant assumptions used in calculating the defined benefit pension and other post-employment benefit expense are as follows: Discount rate For the Canadian pension and other post-employment benefit plans, all future expected benefit payments at each measurement date are discounted at spot rates from a derived Canadian AA corporate bond yield curve. The derived curve is based on actual short and mid-maturity 30-year Rate of increase in future compensation The assumptions for increases in future compensation are developed separately for each plan, where relevant. Each assumption is set based on the price inflation assumption and compensation policies in each market, as well as relevant local statutory and plan-specific requirements. Healthcare cost trend rates Healthcare cost calculations are based on both short and long term trend assumptions established using the plan’s recent experience as well as market expectations. Weighted average assumptions to determine benefit obligation As at Defined benefit pension Other post-employment October 31 2023 October 31 2022 October 31 2023 October 31 2022 Discount rate 5.7% 5.4% 5.8% 5.5% Rate of increase in future compensation 3.0% 3.0% n.a. n.a. Healthcare cost trend rates (1) – Medical n.a. n.a. 3.4% 3.5% – Dental n.a. n.a. 3.1% 3.1% (1) For our other post-employment benefit plans, the assumed trend rates used to measure the expected benefit costs of the defined benefit obligations are also the ultimate trend rates. n.a. not applicable Mortality assumptions Mortality assumptions are significant in measuring our obligations under the defined benefit pension plans. These assumptions have been set based on country specific statistics. Future longevity improvements have been considered and included where appropriate. The following table summarizes the mortality assumptions used for material plans. As at October 31, 2023 October 31, 2022 Life expectancy at 65 for a member currently at Life expectancy at 65 for a member currently at Age 65 Age 45 Age 65 Age 45 (In years) Male Female Male Female Male Female Male Female Country Canada 23.9 24.3 24.8 25.2 23.9 24.2 24.8 25.1 United Kingdom 23.5 25.4 24.7 26.8 23.4 25.4 24.7 26.8 Sensitivity analysis Assumptions adopted can have a significant effect on the value of the obligations for defined benefit pension and other post-employment benefit plans and are based on historical experience and market inputs. The increase (decrease) in obligation in the following table has been determined for key assumptions assuming all other assumptions are held constant. In practice, this is unlikely to occur, as changes in some of the assumptions may be correlated. The following table presents the sensitivity analysis of key assumptions for 2023. Increase (decrease) in obligation (Millions of Canadian dollars) Defined benefit Other post- Discount rate Impact of 10 0 $ (1,228 ) $ (149 ) Impact of 10 0 1,536 184 Rate of increase in future compensation Impact of 5 0 23 – Impact of 5 0 (25 ) – Mortality rate Impact of an increase in longevity by one 289 18 Healthcare cost trend rate Impact of 10 n.a. 50 Impact of 10 n.a. (42 ) n.a. not applicable |
Other liabilities
Other liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Other liabilities | Note 18 Other liabilities As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Accounts payable and accrued expenses $ 1,599 $ 1,292 Accrued interest payable 10,936 5,019 Cash collateral 23,365 26,143 Commodity liabilities 11,716 10,038 Deferred income 3,830 3,660 Deferred income taxes 426 439 Dividends payable 1,975 1,856 Employee benefit liabilities 1,611 1,668 Held-for-sale liabilities 2,560 – Insurance related liabilities 342 324 Lease liabilities 4,764 5,110 Negotiable instruments 1,684 1,715 Payable to brokers, dealers and clients 8,065 10,974 Payroll and related compensation 9,088 8,991 Precious metals certificates 775 557 Provisions 644 627 Short-term borrowings of subsidiaries 4,507 9,609 Taxes payable 2,959 2,136 Other 5,324 5,077 $ 96,170 $ 95,235 |
Subordinated debentures
Subordinated debentures | 12 Months Ended |
Oct. 31, 2023 | |
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Subordinated debentures | Note 19 Subordinated debentures The debentures are unsecured obligations and are subordinated in right of payment to the claims of depositors and certain other creditors. The amounts presented below are net of our own holdings in these debentures, and include the impact of fair value hedges used for managing interest rate risk. (Millions of Canadian dollars, except percentage and foreign currency) Interest Denominated in foreign currency As at Maturity Earliest par value October 31 2023 October 31 2022 June 8, 2023 (1) 9.30% $ – $ 110 January 27, 2026 (2) 4.65% US$1,500 1,939 1,884 November 1, 2027 (3) November 1, 2022 4.75% TT$300 – 60 July 25, 2029 (2) July 25, 2024 2.74% (4) 1,459 1,415 December 23, 2029 (2) December 23, 2024 2.88% (5) 1,442 1,412 February 1, 2033 (2) February 1, 2028 5.01% (6) 1,418 – June 30, 2030 (2) June 30, 2025 2.09% (7) 1,249 1,250 November 3, 2031 (2) November 3, 2026 2.14% (8) 1,637 1,637 May 3, 2032 (2) May 3, 2027 2.94% (9) 919 932 January 28, 2033 (2) January 28, 2028 1.67% (10) 868 875 October 1, 2083 Any interest payment date (11) 224 224 June 29, 2085 Any interest payment date (12) US$174 241 237 $ 11,396 $ 10,036 Deferred financing costs (10 ) (11 ) $ 11,386 $ 10,025 (1) On June 8, 2023, all $110 million of outstanding 9.30% subordinated debentures matured. The principal plus accrued interest were paid to noteholders on the maturity date. (2) The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable (3) On November 1, 2022, we redeemed all TT$300 million of outstanding 4.75% subordinated debentures due on November 1, 2027 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (4) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month (5) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.89% above the 3-month (6) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 2.12% above the Daily Compounded CORRA. (7) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.31% above the 3-month (8) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.61% above the 3-month (9) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.76% above the 3-month (10) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.55% above the 3-month (11) Interest at a rate of 0.40% above the 30-day (12) Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN) under a synthetic methodology. In the event All redemptions, cancellations and exchanges of subordinated debentures are subject to the consent and approval of OSFI. Maturity schedule The aggregate maturities of subordinated debentures, based on the maturity dates under the terms of issue, are as follows: As at (Millions of Canadian dollars) October 31 2023 Within 1 year $ – 1 to 5 years 1,939 5 to 10 years 8,992 Thereafter 465 $ 11,396 |
Equity
Equity | 12 Months Ended |
Oct. 31, 2023 | |
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Equity | Note 20 Equity Share capital Authorized share capital Preferred – An unlimited number of First Preferred Shares and Second Preferred Shares without n o issuable in series; provided that the maximum aggregate consideration for all First Preferred Shares outstanding at any time may not exceed , and for all Second Preferred Shares that may be issued may not exceed $ . Common – no . Outstanding share capital The following table details our common and preferred shares and other equity instruments outstanding. As at and for the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars, except the number Number of Amount Dividends Number of Amount Dividends Common shares issued Balance at beginning of period 1,385,591 $ 17,318 1,425,187 $ 17,728 Issued in connection with share-based compensation plans (1) 740 68 1,270 99 Issued in connection with dividend reinvestment plan 16,042 2,012 – – Purchased for cancellation (2) – – (40,866 ) (509 ) Balance at end of period 1,402,373 $ 19,398 $ 5.34 1,385,591 $ 17,318 $ 4.96 Treasury – common shares Balance at beginning of period (3) (2,680 ) $ (334 ) (662 ) $ (73 ) Purchases (30,195 ) (3,556 ) (48,437 ) (5,183 ) Sales 31,013 3,659 46,419 4,922 Balance at end of period (3) (1,862 ) $ (231 ) (2,680 ) $ (334 ) Common shares outstanding 1,400,511 $ 19,167 1,382,911 $ 16,984 Preferred shares and other equity instruments issued First preferred (4) Non-cumulative, Series BH 6,000 $ 150 $ 1.23 6,000 $ 150 $ 1.23 Series BI 6,000 150 1.23 6,000 150 1.23 Non-cumulative, 5-Year Series AZ 20,000 500 0.93 20,000 500 0.93 Series BB 20,000 500 0.91 20,000 500 0.91 Series BD 24,000 600 0.80 24,000 600 0.80 Series BF 12,000 300 0.75 12,000 300 0.75 Series BO 14,000 350 1.20 14,000 350 1.20 Series BT 750 750 4.20% 750 750 4.20% Non-cumulative, Series C-2 (5) 15 23 US$ 67.50 15 23 US$ 67.50 Other equity instruments Limited recourse capital notes (LRCNs) (6) Series 1 (7) 1,750 1,750 4.50% 1,750 1,750 4.50% Series 2 (7) 1,250 1,250 4.00% 1,250 1,250 4.00% Series 3 (7) 1,000 1,000 3.65% 1,000 1,000 3.65% 106,765 $ 7,323 106,765 $ 7,323 Treasury – preferred shares and other equity instruments Balance at beginning of period (3) (12 ) $ (5 ) (164 ) $ (39 ) Purchases (1,924 ) (519 ) (2,811 ) (518 ) Sales 1,927 515 2,963 552 Balance at end of period (3) (9 ) $ (9 ) (12 ) $ (5 ) Preferred shares and other equity instruments outstanding 106,756 $ 7,314 106,753 $ 7,318 (1) Includes fair value adjustments to stock options of $6 million (October 31, 2022 – $6 million). (2) During the year ended October 31, 2023, we did not purchase for cancellation any common shares. During the year ended October 31, 2022, we purchased for cancellation common shares at a total fair value of $5,426 million (average cost of $132.80 per share), with a book value of $509 million (book value of $12.47 per share). (3) Positive amounts represent a short position and negative amounts represent a long position. (4) First Preferred Shares were issued at $25 per share with the exception of Non-Cumulative 5-Year Non-Cumulative C-2 C-2) (5) On November 7, 2023, we redeemed all of our issued and outstanding Non-Cumulative Fixed Rate/Floating Rate First Preferred Shares Series C-2 for cash at a redemption price of US$1,000 per share (equivalent to US$25 per depositary share). (6) Each series of LRCNs (LRCN Series) were issued at a $1,000 per note. The number of shares represent the number of notes issued and the dividends declared per share represent the annual interest rate percentage applicable to the notes issued as at the reporting date. (7) In connection with the issuance of LRCN Series 1, we issued $1,750 million of Non-Cumulative 5-Year Non-Cumulative 5-Year Non-Cumulative 5-Year Significant terms and conditions of preferred shares and other equity instruments As at October 31, 2023 Current Premium Current Earliest Issue date Redemption Preferred shares First preferred Non-cumulative, fixed rate Series BH (4) 4.90% $ .306250 November 24, 2020 June 5, 2015 $ 26.00 Series BI (4) 4.90% .306250 November 24, 2020 July 22, 2015 26.00 Non-cumulative, 5-Year Rate Reset (5) Series AZ (4) 3.70% 2.21% .231250 May 24, 2019 January 30, 2014 25.00 Series BB (4) 3.65% 2.26% .228125 August 24, 2019 June 3, 2014 25.00 Series BD (4) 3.20% 2.74% .200000 May 24, 2020 January 30, 2015 25.00 Series BF (4) 3.00% 2.62% .187500 November 24, 2020 March 13, 2015 25.00 Series BO (4) 4.80% 2.38% .300000 February 24, 2024 November 2, 2018 25.00 Series BT (4) 4.20% 2.71% 21.000000 February 24, 2027 November 5, 2021 1,000.00 Non-cumulative, fixed rate/floating rate Series C-2 (6) 6.75% 4.052% US$ 16.875000 November 7, 2023 November 2, 2015 US$ 1,000.00 Other equity instruments Limited recourse capital (7) Series 1 (8) 4.50% 4.137% n.a. October 24, 2025 July 28, 2020 $ 1,000.00 Series 2 (9) 4.00% 3.617% n.a. January 24, 2026 November 2, 2020 1,000.00 Series 3 (10) 3.65% 2.665% n.a. October 24, 2026 June 8, 2021 1,000.00 (1) With the exception of Series BT, non-cumulative preferential dividends of each Series are payable quarterly, as and when declared by the Board of Directors, on or about the 24th day (7th day for Series C-2) of February, May, August and November. In the case of Series BT, non-cumulative preferential dividends are payable semi-annually, as and when declared by the Board of Directors. (2) Subject to the consent of OSFI and the requirements of the Bank Act (3) Subject to the consent of OSFI and the requirements of the Bank Act (4) The preferred shares include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each preferred share is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1 and with a conversion price based on the greater of: (i) a floor price of $5 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the preferred share value by the conversion price. (5) The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Government of Canada bond yield plus the premium indicated. The holders have the option to convert their shares into non-cumulative floating rate First Preferred Shares subject to certain conditions on the earliest redemption date and every fifth year thereafter at a rate equal to the three-month Government of Canada Treasury Bill rate plus the premium indicated. (6) The dividend rate will change on the earliest redemption date at a rate equal to the 3-month LIBOR plus the premium indicated. Series C-2 do not qualify as Tier 1 regulatory capital. On November 7, 2023, we redeemed all of our issued and outstanding Non-Cumulative Fixed Rate/Floating Rate First Preferred Shares Series C-2 for cash at a redemption price of US$1,000 per share (equivalent to US$25 per depositary share). (7) The current annual yield on each LRCN Series represents the annual interest rate applicable to the notes issued as at the reporting date. The payments of interest and principal in cash on the LRCN Series are made at our discretion, and non-payment of interest and principal in cash does not constitute an event of default. In the event of (i) non-payment of interest on any interest payment date, (ii) non-payment of the redemption price in case of a redemption of a LRCN Series, (iii) non-payment of principal at the maturity of a LRCN Series, or (iv) an event of default on a LRCN Series, holders of such LRCN Series will have recourse only to the assets (Trust Assets) held by a third-party trustee in a consolidated trust in respect of such LRCN Series and each such noteholder will be entitled to receive its pro rata share of the Trust Assets. In such an event, the delivery of the Trust Assets for each LRCN Series will represent the full and complete extinguishment of our obligations under the related LRCN Series. The LRCNs include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is automatically redeemed and the redemption price will be satisfied by the delivery of Trust Assets, which will consist of common shares pursuant to an automatic conversion of the series of preferred shares that were issued concurrently with the related LRCN Series. Each series of preferred shares include an automatic conversion formula with a conversion price based on the greater of: (i) a floor price of $5 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of common shares issued in respect of each series of preferred shares will be determined by dividing the preferred share value ($1,000 plus declared and unpaid dividends) by the conversion price. The number of common shares delivered to each noteholder will be based on such noteholder’s pro rata interest in the Trust Assets. Subject to the consent of OSFI, we may purchase LRCNs for cancellation at such price or prices and upon such terms and conditions as we in our absolute discretion may determine, subject to any applicable law restricting the purchase of notes. (8) LRCN Series 1 bear interest at a fixed rate of 4.5% per annum until November 24, 2025, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 4.137% until maturity on November 24, 2080. The interest is paid semi-annually on or about the 24 th Bank Act (9) LRCN Series 2 bear interest at a fixed rate of 4.0% per annum until February 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 3.617% until maturity on February 24, 2081. The interest is paid semi-annually on or about the 24th day of February and August. LRCN Series 2 is redeemable during the period from January 24 to and including February 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BR pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (10) LRCN Series 3 bear interest at a fixed rate of 3.65% per annum until November 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 2.665% until maturity on November 24, 2081. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 3 is redeemable during the period from October 24 to and including November 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BS pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act n.a. not applicable Restrictions on the payment of dividends We are prohibited by the Bank Act Currently, these limitations do not restrict the payment of dividends on our preferred or common shares. Dividend reinvestment plan Our dividend reinvestment plan (DRIP) provides common and preferred shareholders with a means to receive additional common shares rather than cash dividends. The plan is only open to shareholders residing in Canada or the U.S. The requirements of our DRIP are satisfied through either open market share purchases or shares issued from treasury. During the second, third and fourth quarters of 2023, the requirements of our DRIP were satisfied through shares issued from treasury. During the first quarter of 2023 and the year ended October 31, 2022, the requirements of our DRIP were satisfied through open market share purchases. Shares available for future issuances As at October 31, 2023, 26.9 million common shares are available for future issue relating to our DRIP and potential exercise of stock options and awards outstanding. In addition, we may issue up to 38.9 million common shares from treasury under the RBC Umbrella Savings and Securities Purchase Plan that was approved by shareholders on February 26, 2009. |
Share-based compensation
Share-based compensation | 12 Months Ended |
Oct. 31, 2023 | |
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Share-based compensation | Note 21 Share-based compensation Stock option plans We have stock option plans for certain key employees. Under the plans, options are periodically granted to purchase common shares. The exercise price for the majority of the grants is determined as the higher of the volume-weighted average of the trading prices per board lot (100 shares) of our common shares on the Toronto Stock Exchange (i) on the day preceding the day of grant; and (ii) the five consecutive trading days immediately preceding the day of grant. The exercise price for the remaining grants is the closing market share price of our common shares on the New York Stock Exchange on the date of grant. All options vest over a four-year period, and are exercisable for a period not exceeding 10 years from the grant date. The compensation expense recorded for the year ended October 31, 2023, in respect of the stock option plans was $11 million (October 31, 2022 – $8 million). The compensation expense related to non-vested options was $5 million at October 31, 2023 (October 31, 2022 – $4 million), to be recognized over the weighted average period of 1.9 years (October 31, 2022 – 2.0 years). Analysis of the movement in the number and weighted average exercise price of options is set out below: A summary of our stock option activity and related information For the year ended October 31, 2023 October 31, 2022 (Canadian dollars per share except share amounts) Number of Weighted (1) Number of Weighted (1) Outstanding at beginning of period 7,509 $ 100.07 7,055 $ 92.27 Granted 1,088 131.64 1,184 129.99 Exercised (2), (3) (740 ) 84.76 (684 ) 73.98 Forfeited in the period (90 ) 113.55 (46 ) 104.28 Outstanding at end of period 7,767 $ 106.01 7,509 $ 100.07 Exercisable at end of period 3,830 $ 91.84 3,502 $ 87.15 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rates as of October 31, 2023 and October 31, 2022. For foreign currency-denominated options exercised during the year, the weighted average exercise prices are translated using exchange rates as at the settlement date. (2) Cash received for options exercised during the year was $63 million (October 31, 2022 – $51 million) and the weighted average share price at the date of exercise was $130.94 (October 31, 2022 – $134.10). (3) New shares were issued for all stock options exercised in 2023 and 2022. Options outstanding as at October 31, 2023 by range of exercise price Options outstanding Options exercisable (Canadian dollars per share except Number Weighted (1) Weighted Number Weighted (1) $64.73 – $79.65 936 $ 74.96 1.58 936 $ 74.96 $90.23 – $96.55 1,779 93.48 3.82 1,779 93.48 $102.33 – $104.70 1,633 103.81 5.22 1,115 103.39 $106.00 – $106.00 1,202 106.00 7.12 – – $129.99 – $131.64 2,217 130.78 8.60 – – 7,767 $ 106.01 5.72 3,830 $ 91.84 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rate as of October 31, 2023. The weighted average fair value of options granted during the year ended October 31, 2023 was estimated at $11.51 (October 31, 2022 – $7.80). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering the historic average share price volatility over a historical period corresponding to the expected option life. The following assumptions were used to of Weighted average assumptions For the year ended (Canadian dollars per share except percentages and years) October 31 2023 October 31 2022 Share price at grant date $ 130.16 $ 128.48 Risk-free interest rate 2.89% 1.25% Expected dividend yield 3.79% 3.66% Expected share price volatility 14% 13% Expected life of option 6 Years 6 Years Employee savings and share ownership plans We offer many employees an opportunity to own our common shares through savings and share ownership plans. Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. For the RBC Dominion Securities Savings Plan, our maximum annual contribution is $4,500 per employee. For the RBC U.K. Share Incentive Plan, our maximum annual contribution is £1,500 per employee. For the year ended October 31, 2023, we contributed $139 million (October 31, 2022 – $128 million), under the terms of these plans, towards the purchase of our common shares. As at October 31, 2023, an aggregate of 36 million common shares were held under these plans (October 31, 2022 – 36 million common shares). Deferred share and other plans We offer deferred share unit plans to executives, certain key employees and non-employee directors of the Bank. Under these plans, participants may choose to receive all or a percentage of their annual variable short-term incentive bonus, commission, or directors’ fee in the form of deferred share units (DSUs). The participants must elect to participate in the plan prior to the beginning of the year. DSUs earn dividend equivalents in the form of additional DSUs at the same rate as dividends on common shares. The participant is not allowed to convert the DSUs until retirement or termination of employment/directorship. The cash value of the DSUs is equivalent to the market value of common shares when conversion takes place. We also offer unit awards for certain key employees within Capital Markets. The bonus is invested as RBC share units and a specified percentage vests on a specified number of anniversary dates each year. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends, valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. We maintain non-qualified deferred compensation plans for certain key employees in the U.S. These plans allow eligible employees to defer a portion of their annual income and a variety of productivity and recruitment bonuses and allocate the deferrals among specified fund choices, including a RBC Share Account fund that tracks the value of our common shares. The following table presents the units granted under the deferred share and other plans for the year. Units granted under deferred share and other plans For the year ended October 31, 2023 October 31, 2022 (Units and per unit amounts) Units Weighted Units Weighted Deferred share unit plans 466 $ 130.61 469 $ 131.49 Capital Markets compensation plan unit awards 4,231 110.32 3,794 125.22 Performance deferred share award plans 2,362 131.41 2,220 129.65 Deferred compensation plans 103 126.81 92 135.44 Other share-based plans 1,506 130.12 1,083 128.50 8,668 $ 120.79 7,658 $ 127.48 Our liabilities for the awards granted under the deferred share and other plans are measured at fair value, determined based on the quoted market price of our common shares and specified fund choices as applicable. Annually, our obligation is increased by additional units earned by plan participants, and is reduced by forfeitures, cancellations, and the settlement of vested units. In addition, our obligation is impacted by fluctuations in the market price of our common shares and specified fund units. For performance deferred share award plans, the estimated outcome of meeting the performance conditions also impacts our obligation. The following tables present the units that have been earned by the participants, our obligations for these earned units under the deferred share and other plans, and the related compensation expenses (recoveries) recognized for the year. Obligations under deferred share and other plans As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars except units) Units Carrying Units Carrying Deferred share unit plans 5,786 $ 641 5,429 $ 684 Capital Markets compensation plan unit awards 9,934 1,098 9,398 1,182 Performance deferred share award plans 5,808 643 6,006 757 Deferred compensation plans (1) 2,654 294 2,537 319 Other share-based plans 2,135 234 1,772 218 26,317 $ 2,910 25,142 $ 3,160 (1) Excludes obligations not determined based on the quoted market price of our common shares. Compensation expenses recognized under deferred share and other plans For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Deferred share unit plans $ (51 ) $ 20 Capital Markets compensation plan unit awards 126 210 Performance deferred share award plans 216 273 Deferred compensation plans 213 (261 ) Other share-based plans 104 91 $ 608 $ 333 |
Income taxes
Income taxes | 12 Months Ended |
Oct. 31, 2023 | |
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Income taxes | Note 22 Income taxes Components of tax expense For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Income taxes (recoveries) in Consolidated Statements of Income Current tax Tax expense for current year $ 4,081 $ 4,151 Adjustments for prior years 851 (230 ) Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (100 ) – 4,832 3,921 Deferred tax Origination and reversal of temporary difference (1,286 ) 232 Effects of changes in tax rates (47 ) 4 Adjustments for prior years 125 231 Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net (24 ) (86 ) (1,232 ) 381 3,600 4,302 Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity Other comprehensive income Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income (10 ) (633 ) Provision for credit losses recognized in income – (2 ) Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income (39 ) 2 Unrealized foreign currency translation gains (losses) 20 2 Net foreign currency translation gains (losses) from hedging activities (306 ) (478 ) Reclassification of losses (gains) on net investment hedging activities to income 45 6 Net gains (losses) on derivatives designated as cash flow hedges 190 628 Reclassification of losses (gains) on derivatives designated as cash flow hedges to income 59 70 Remeasurement gains(losses) on employee benefit plans (68 ) 287 Net gains(losses) from fair value change due to credit risk on financial liabilities designated at fair value through profit or loss (222 ) 622 Net gains (losses) on equity securities designated at fair value through other comprehensive income 24 (3 ) Share-based compensation awards 2 10 Distributions on other equity instruments and issuance costs (59 ) (45 ) (364 ) 466 Total income taxes $ 3,236 $ 4,768 The following is an analysis of the differences between the income tax expense reflected in the Consolidated Statements of Income and the amounts calculated at the Canadian statutory tax rate. Reconciliation to statutory tax rate For the year ended (Millions of Canadian dollars, except for percentage amounts) October 31, 2023 October 31, 2022 Income taxes at Canadian statutory tax rate $ 5,115 27.7 % $ 5,269 26.2 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries (2,130 ) (11.5 ) (428 ) (2.1 ) Tax-exempt income from securities (337 ) (1.8 ) (437 ) (2.2 ) Tax rate change 1,050 5.7 4 – Other (98 ) (0.6 ) (106 ) (0.5 ) Income taxes in Consolidated Statements of Income / effective tax rate $ 3,600 19.5 % $ 4,302 21.4 % The effective income tax rate of 19.5% decreased 190 bps, primarily due to lower average tax rate applicable to subsidiaries. This factor was partially offset by the impact of the Canada Recovery Dividend (CRD) and the 1.5% increase in the Canadian corporate tax rate in the current year. Deferred tax assets and liabilities result from tax loss and tax credit carryforwards and temporary differences between the tax basis of assets and liabilities and their carrying amounts on our Consolidated Balance Sheets. Significant components of deferred tax assets and liabilities As at and for the year ended October 31, 2023 (Millions of Canadian dollars) Net asset Change through equity Change through profit or loss Exchange rate differences Acquisitions/ Other Net asset end of period Net deferred tax asset/(liability) Allowance for credit losses $ 987 $ – $ 185 $ 2 $ – $ – $ 1,174 Deferred compensation 1,504 (2 ) (2 ) 22 – – 1,522 Business realignment charges 12 – 11 – – – 23 Tax loss and tax credit carryforwards 322 – (57 ) 1 (5 ) – 261 Deferred (income) expense 6 (3 ) 661 (11 ) (2 ) – 651 Financial instruments measured at fair value through other comprehensive income (16 ) (330 ) – 25 – – (321 ) Premises and equipment and intangibles (1,234 ) – 302 (27 ) (8 ) – (967 ) Pension and post-employment related (435 ) 68 37 1 (4 ) – (333 ) Other (113 ) 4 95 24 – – 10 $ 1,033 $ (263 ) $ 1,232 $ 37 $ (19 ) $ – $ 2,020 Comprising Deferred tax assets $ 1,472 $ 2,446 Deferred tax liabilities (439 ) (426 ) $ 1,033 $ 2,020 As at and for the year ended October 31, 2022 (Millions of Canadian dollars) Net asset Change equity Change Exchange rate differences Acquisitions/ Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 974 $ – $ 2 $ 11 $ – $ – $ 987 Deferred compensation 1,614 (10 ) (211 ) 101 10 – 1,504 Business realignment charges 11 – 1 – – – 12 Tax loss and tax credit carryforwards 242 – 67 2 8 3 322 Deferred (income) expense 110 (1 ) (126 ) 23 – – 6 Financial instruments measured at fair value through other comprehensive income (19 ) (2 ) – 5 – – (16 ) Premises and equipment and intangibles (836 ) – 4 (57 ) (345 ) – (1,234 ) Pension and post-employment related (163 ) (287 ) 19 4 (8 ) – (435 ) Other 4 22 (137 ) (6 ) 4 – (113 ) $ 1,937 $ (278 ) $ (381 ) $ 83 $ (331 ) $ 3 $ 1,033 Comprising Deferred tax assets $ 2,011 $ 1,472 Deferred tax liabilities (74 ) (439 ) $ 1,937 $ 1,033 The in As at October 31, 2023, unused tax losses and tax credits of $417 million and $18 million (October 31, 2022 – $429 million and $130 million) available to be offset against potential tax adjustments or future taxable income were not recognized as deferred tax assets. There are no unused tax losses that will expire within one year (October 31, 2022 – $nil), or in two to four years (October 31, 2022 – $nil) and there are $417 million of unused tax losses that will expire after four years (October 31, 2022 – $429 million). There are no tax credits that will expire in one year (October 31, 2022 – $nil), or in two to four years (October 31, 2022 – $93 million) and there are $18 million that will expire after four years (October 31, 2022 – $37 million). The amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities have not been recognized in the parent bank is $22 billion as at October 31, 2023 (October 31, 2022 – $26 billion). Government of Canada Budget 2022 On December 15, 2022, Bill C-32, Fall Economic Statement Implementation Act, 2022 (the Bill), tabled by the Government of Canada, received royal assent. The Bill amends the Income Tax Act (Canada) to implement a CRD and a permanent increase in the Canadian corporate tax rate on banks and life insurer groups. The CRD is a one-time 15% tax for 2022 determined based on the average taxable income above $1 billion for taxation years 2020 and 2021 and payable in equal installments over five years. The CRD resulted in an increase in income taxes of $1.2 billion for the year ended October 31, 2023, of which $1 billion was recognized in net income and $0.2 billion was recognized in other comprehensive income. The permanent increase in the Canadian corporate tax rate is 1.5% on taxable income above $100 million and applies to taxation years that end after April 7, 2022, resulting in an increase in the Canadian statutory tax rate from 26.2% to 27.7% for the year ended October 31, 2023. Tax examinations and assessments During the year, we received proposal letters (the Proposals) from the Canada Revenue Agency (CRA) in respect of the 2018 taxation year, which suggested On November 28, 2023, we received a reassessment in respect of the 2018 taxation year, consistent with the . The reassessment received is Legislative amendments introduced in the 2015 Canadian Federal Budget resulted in disallowed deduction of dividends from transactions with Taxable Canadian Corporations including those hedged with Tax Indifferent Investors, namely pension funds and non-resident entities with prospective application effective May 1, 2017. The dividends to which the reassessments relate include both dividends in transactions similar to those which are the target of the 2015 legislative amendments and dividends which are unrelated to the legislative amendments. It is possible that the CRA will reassess us for significant additional income tax for subsequent years on the same basis. In all cases, we are confident that our tax filing position was appropriate and intend to defend ourselves vigorously. |
Earnings per share
Earnings per share | 12 Months Ended |
Oct. 31, 2023 | |
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Earnings per share | Note 23 Earnings per share For the year ended (Millions of Canadian dollars, except share and per share amounts) October 31 2023 October 31 2022 Basic earnings per share Net income $ 14,866 $ 15,807 Dividends on preferred shares and distributions on other equity instruments (236 ) (247 ) Net income attributable to non-controlling interests (7 ) (13 ) Net income available to common shareholders $ 14,623 $ 15,547 Weighted average number of common shares (in thousands) 1,391,020 1,403,654 Basic earnings per share (in dollars) $ 10.51 $ 11.08 Diluted earnings per share Net income available to common shareholders $ 14,623 $ 15,547 Weighted average number of common shares (in thousands) 1,391,020 1,403,654 Stock options (1) 1,483 1,918 Issuable under other share-based compensation plans 26 462 Average number of diluted common shares (in thousands) 1,392,529 1,406,034 Diluted earnings per share (in dollars) $ 10.50 $ 11.06 (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 year ended October 31, 2023, an average of 2,119,045 outstanding options with an average exercise price of $130.73 were excluded from the calculation of diluted earnings per share. For the year ended October 31, 2022, no outstanding options were excluded from the calculation of diluted earnings per share. |
Guarantees, commitments, pledge
Guarantees, commitments, pledged assets and contingencies | 12 Months Ended |
Oct. 31, 2023 | |
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Guarantees, commitments, pledged assets and contingencies | Note 24 Guarantees, commitments, pledged assets and contingencies Guarantees and commitments We use guarantees and other off-balance sheet credit instruments to meet the financing needs of our clients. The table below summarizes our maximum exposure to credit losses related to our guarantees and commitments provided to third parties. The maximum exposure to credit risk relating to a guarantee is the maximum risk of loss if there was a total default by the guaranteed parties, without consideration of possible recoveries under recourse provisions, insurance policies or from collateral held or pledged. The maximum exposure to credit risk relating to a commitment to extend credit is the full amount of the commitment. In both cases, the maximum risk exposure is significantly greater than the amount recognized as a liability in our Consolidated Balance Sheets. Maximum exposure As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Financial guarantees Financial standby letters of credit $ 23,314 $ 20,291 Commitments to extend credit Backstop liquidity facilities 51,544 45,336 Credit enhancements 3,226 2,960 Documentary and commercial letters of credit 291 318 Other commitments to extend credit 301,132 284,602 Other credit-related commitments Securities lending indemnifications 95,055 90,693 Performance guarantees 7,503 7,333 Sponsored member guarantees 14,043 1,241 Other 203 360 Our credit review process, our policy for requiring collateral security, and the types of collateral security held are generally the same for guarantees and commitments as for loans. Our clients generally have the right to request settlement of, or draw on, our guarantees and commitments within one year. However, certain guarantees can only be drawn if specified conditions are met. These conditions, along with collateral requirements, are described below. We believe that it is highly unlikely that all or substantially all of the guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. Financial guarantees Financial standby letters of credit Financial standby letters of credit represent irrevocable assurances that we will make payments in the event that a client cannot meet its payment obligations to the third party. For certain guarantees, the guaranteed party can request payment from us even though the client has not defaulted on its obligations. These guarantees generally have a term of five Our policy for requiring collateral security with respect to these instruments and the types of collateral security held is generally the same as for loans. When collateral security is taken, it is determined on an account-by-account basis according to the risk of the borrower and the specifics of the transaction. Collateral security may include cash, securities and other assets pledged. Commitments to extend credit Backstop liquidity facilities Backstop liquidity facilities are provided to ABCP conduit programs administered by us and third parties as an alternative source of financing in the event that such programs are unable to access commercial paper markets, or in limited circumstances, when predetermined performance measures of the financial assets acquired or financed by these programs are not met. We also provide backstop liquidity facilities to certain third-party commercial mortgage securitization vehicles. The average remaining term of these liquidity facilities is approximately four years. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of bankruptcy or insolvency and generally do not require us to purchase non-performing or defaulted assets. Credit enhancements We provide partial credit enhancement to multi-seller ABCP programs administered by us to protect commercial paper investors in the event that the collections on the underlying assets together with the transaction-specific credit enhancements or the liquidity facilities prove to be insufficient to pay for maturing commercial paper. Each of the asset pools is structured to achieve a high investment grade credit profile through credit enhancements required to be provided by the third-party sellers related to each transaction. The average remaining term of these credit facilities is approximately three years. Documentary and commercial letters of credit Documentary and commercial letters of credit, which are written undertakings by us on behalf of a client authorizing a third party to draw drafts on us up to a stipulated amount under specific terms and conditions, where some are collateralized based on the underlying agreement with the client and others are collateralized by cash deposits or other assets of the client. Other commitments to extend credit Commitments to extend credit represent unused portions of authorizations to extend credit in the form of loans, reverse repurchase agreements, bankers’ acceptances or letters of credit where we do not have the ability to unilaterally withdraw the credit extended to the borrower. Other credit-related commitments Securities lending indemnifications In securities lending transactions, we act as an agent for the owner of a security, who agrees to lend the security to a borrower fo Performance guarantees Performance guarantees represent irrevocable assurances that we will make payments to third-party beneficiaries in the event that a client fails to perform under a specified non-financial contractual obligation. Such obligations typically include works and service contracts, performance bonds, and warranties related to international trade. The term of these guarantees can range up to three Our policy for requiring collateral security with respect to these instruments and the types of collateral security held is generally the same as for loans. When collateral security is taken, it is determined on an account-by-account basis according to the risk of the borrower and the specifics of the transaction. Collateral security may include cash, securities and other assets pledged. Sponsored member guarantees For certain overnight repurchase and reverse repurchase transactions, we act as a sponsoring member to eligible clients to clear transactions through the Fixed Income Clearing Corporation (FICC). We also provide a guarantee to FICC for the prompt and full payment and performance of our sponsored member clients’ respective obligations under the FICC rules. The guarantees are fully collateralized by cash and securities issued or guaranteed by the U.S. government. Indemnifications In the normal course of our operations, we provide indemnifications which are often standard contractual terms to counterparties in transactions such as purchase and sale contracts, fiduciary, agency, licensing, custodial and service agreements, clearing system arrangements, participation as a member of exchanges, director/officer contracts and leasing transactions. These indemnification agreements may require us to compensate the counterparties for costs incurred as a result of changes in laws and regulations (including tax legislation) or as a result of litigation claims or statutory sanctions that may be suffered by the counterparty as a consequence of the transaction. The terms of these indemnification agreements vary based on the contract. The nature of the indemnification agreements prevents us from making a reasonable estimate of the maximum potential amount we could be required to pay to counterparties. Historically, we have not made any significant payments under such indemnifications. Uncommitted amounts Uncommitted amounts represent undrawn credit facilities for which we have the ability to unilaterally withdraw the credit extended to the borrower at any time. These include both retail and commercial commitments. As at October 31, 2023, the total balance of uncommitted amounts was $398 billion (October 31, 2022 – $363 billion). Other commitments We invest in private companies, directly or through third-party investment funds, including venture capital funds, private equity funds, Small Business Investment Companies, real estate funds and Low Income Housing Tax Credit funds. These funds are generally structured as closed-end limited partnerships wherein we hold a limited partner interest. For the year ended October 31, 2023, we have unfunded commitments of $1,832 million (October 31, 2022 – $1,421 million) representing the aggregate amount of cash we are obligated to contribute as capital to these partnerships under the terms of the relevant contracts. Pledged assets and collateral In the ordinary course of business, we pledge assets and enter into collateral agreements with terms and conditions that are usual and customary to our regular lending, borrowing and trading activities recorded on our Consolidated Balance Sheets. The following are examples of our general terms and conditions on pledged assets and collateral: • The risks and rewards of the pledged assets reside with the pledgor. • The pledged asset is returned to the pledgor when the necessary conditions have been satisfied. • The right of the pledgee to sell or re-pledge the asset is dependent on the specific agreement under which the collateral is pledged. • If there is no default, the pledgee must return the comparable asset to the pledgor upon satisfaction of the obligation. We are also required to provide intraday pledges to the Bank of Canada when we use a real-time electronic wire transfer system that continuously Assets pledged against liabilities and collateral assets held or re-pledged As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Sources of pledged assets and collateral Bank assets Loans $ 102,944 $ 97,178 Securities 107,122 70,334 Other assets 28,953 40,318 239,019 207,830 Client assets (1) Collateral received and available for sale or re-pledging 502,109 465,484 Less: not sold or re-pledged (6,876 ) (9,192 ) 495,233 456,292 $ 734,252 $ 664,122 Uses of pledged assets and collateral Securities borrowing and lending $ 168,681 $ 158,748 Obligations related to securities sold short 46,260 45,288 Obligations related to securities lent or sold under repurchase agreements 331,784 274,392 Securitization 38,686 40,438 Covered bonds 69,802 62,905 Derivative transactions 40,352 49,556 Foreign governments and central banks 9,111 9,503 Clearing systems, payment systems and depositories 10,709 8,263 Other 18,867 15,029 $ 734,252 $ 664,122 (1) Primarily relates to Obligations related to securities lent or sold under repurchase agreements, Securities lent and Derivative transactions. |
Legal and regulatory matters
Legal and regulatory matters | 12 Months Ended |
Oct. 31, 2023 | |
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Legal and regulatory matters | Note 25 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. In many proceedings, it is inherently difficult to determine whether any loss is probable or to reliably estimate the amount of any loss. 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 provisions could be material to our results of operations in any particular period though we do not believe that the ultimate resolution of any such matter will have a material effect on our consolidated financial condition. The following is a description of our significant legal proceedings. Based on the facts currently known, except as may otherwise be noted, it is not possible at this time for us to predict the ultimate outcome of these proceedings or the timing of their resolution. London interbank offered rate (LIBOR) litigation Royal Bank of Canada and other U.S. dollar panel banks have been named as defendants in private lawsuits filed in the U.S. with respect to the setting of U.S. dollar LIBOR including a number of class action lawsuits which have been consolidated before the U.S. District Court for the Southern District of New York. The complaints in those private lawsuits assert claims against us and other panel banks under various U.S. laws, including U.S. antitrust laws, the U.S. Commodity Exchange Act, and state law. On December 30, 2021, the U.S. Court of Appeals for the Second Circuit issued an opinion affirming in part and reversing in part certain district court rulings that had dismissed a substantial portion of the consolidated class action on jurisdictional grounds and lack of standing. The Second Circuit remanded the matter to the district court for further proceedings consistent with its decision. On July 21, 2023, Royal Bank of Canada and several other defendants executed a settlement agreement resolving one of the LIBOR class actions brought on behalf of certain plaintiffs that purchased U.S. dollar LIBOR-based instruments. The settlement was preliminarily approved on August 1, 2023 and remains subject to final court approval. Royal Bank of Canada Trust Company (Bahamas) Limited proceedings On April 13, 2015, a French investigating judge notified Royal Bank of Canada Trust Company (Bahamas) Limited (RBC Bahamas) of the issuance of an ordonnance de renvoi tribunal correctionnel On October 28, 2016, Royal Bank of Canada was granted an exemption by the U.S. Department of Labor that allows Royal Bank of Canada and its current and future affiliates to continue to qualify for the Qualified Professional Asset Manager (QPAM) exemption under the Employee Retirement Income Security Act despite any potential conviction of RBC Bahamas in the French proceeding for a temporary one year period from the date of conviction. We expect the Department of Labor to publish a technical correction to the prior one-year exemption in advance of the Court of Appeals decision. The anticipated technical correction will reflect the fact that the decision will be rendered by an appellate court, and not the district court. In addition, the Department of Labor has proposed amendments to the QPAM exemption. If the amendments are finalized as proposed, it is unclear how they would affect Royal Bank of Canada’s ability to obtain relief beyond the one-year temporary exemption period. RBC Bahamas continues to review the trustee’s and the trust’s legal obligations, including liabilities and potential liabilities under applicable tax and other laws. Foreign exchange matters Beginning in 2015, putative class actions were brought against Royal Bank of Canada and/or RBC Capital Markets, LLC in the U.S., Canada, the United Kingdom and Brazil. These actions were each brought against multiple foreign exchange dealers and alleged, among other things, collusive behaviour in global foreign exchange trading. By May 2023 all of the U.S., Canadian and U.K. actions were settled or dismissed, and while the Brazilian actions have not been resolved, our exposure to these actions is de minimis to Royal Bank of Canada. U.S. communications recordkeeping inquiry In October 2022, our subsidiary RBC Capital Markets, LLC received a request for information and documents from the Securities and Exchange Commission (SEC) concerning compliance with records preservation requirements relating to business communications exchanged on electronic channels that have not been approved by RBC Capital Markets, LLC. RBC Capital Markets, LLC is cooperating with the SEC’s inquiry. As has been publicly reported, the SEC is conducting similar inquiries into recordkeeping practices at multiple other financial institutions. U.K. Competition and Markets Authority investigation In November 2018, the U.K. Competition and Markets Authority (CMA) started an investigation of Royal Bank of Canada and RBC Europe Limited relating to alleged anti-competitive conduct between 2009 and 2013, involving U.K. government bonds and related derivatives. In May 2023, the CMA issued a statement of objections to Royal Bank of Canada and RBC Europe Limited, and certain other financial institutions. Royal Bank of Canada and RBC Europe Limited are contesting the CMA’s case. In June 2023, RBC Europe Limited and RBC Capital Markets, LLC, among other financial institutions, were named as defendants in a putative class action filed in the U.S. by plaintiffs alleging anti-competitive conduct in the U.K. government bonds market. In September 2023, the defendants filed a motion to dismiss the complaint. Vacation pay class action On December 29, 2022, the Ontario Superior Court of Justice certified a class in an action against RBC Dominion Securities Limited and RBC Dominion Securities Inc. (together, RBC DS). The action commenced in July 2020, asserting claims relating to statutory vacation pay and public holiday pay for investment advisors, associates and assistants in our Canadian Wealth Management business, with the exception of those employed in Alberta and British Columbia. Other matters We are a defendant in a number of other actions alleging that certain of our practices and actions were improper. The lawsuits involve a variety of complex issues and the timing of their resolution is varied and uncertain. Management believes that we will ultimately be successful in resolving these lawsuits, to the extent that we are able to assess them, without material financial impact to the Bank. This is, however, an area of significant judgment and the potential liability resulting from these lawsuits could be material to our results of operations in any particular period. Various other legal proceedings are pending that challenge certain of our other practices or actions. While this is an area of significant judgment and some matters are currently inestimable, we consider that the aggregate liability, to the extent that we are able to assess it, resulting from these other proceedings will not be material to our consolidated financial position or results of operations. |
Related party transactions
Related party transactions | 12 Months Ended |
Oct. 31, 2023 | |
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Related party transactions | Note 26 Related party transactions Related parties Related parties include associated companies over which we have direct or indirect control or have significant influence and post-employment benefit plans for the benefit of our employees. Related parties also include key management personnel (KMP), the Board of Directors (Directors), close family members of KMP and Directors, and entities which are, directly or indirectly, controlled by or jointly controlled by KMP, Directors or their close family members. Key management personnel and Directors KMP are defined as those persons having authority and responsibility for planning, directing and controlling our activities, directly or indirectly. They include the senior members of our organization called the Group Executive (GE). The GE is comprised of the President and Chief Executive Officer, and the Chief Officers and Group Heads, who report directly to him. The Directors do not plan, direct, or control the activities of the entity; they oversee the management of the business and provide stewardship. Compensation of Key management personnel and Directors For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 (1) Salaries and other short-term employee benefits (2) $ 23 $ 27 Post-employment benefits (3) 2 2 Share-based payments 39 40 $ 64 $ 69 (1) During the year ended October 31, 2022 certain executives, who were members of the Bank’s GE as at October 31, 2021, left the Bank and therefore were no longer part of KMP. Compensation for the year ended October 31, 2022 attributable to the former executives, including benefits and share-based payments relating to awards granted in prior years was $14 million. (2) Includes the portion of the annual variable short-term incentive bonus that certain executives elected to receive in the form of DSUs. Refer to Note 21 for further details. Directors receive retainers but do not receive salaries and other short-term employee benefits. (3) Directors do not receive post-employment benefits. Stock options, share-based As at October 31, 2023 October 31, 2022 (2) (Millions of Canadian dollars, except number of units) No. of Value No. of Value Stock options (3) 2,805,471 $ 26 2,409,294 $ 59 Other non-option share-based awards (3) 991,909 110 914,496 115 RBC common and preferred shares 181,648 20 170,312 22 3,979,028 $ 156 3,494,102 $ 196 (1) During the year ended October 31, 2023, certain directors, who were members of the Board of Directors as at October 31, 2022, retired. Total shareholdings held upon their retirement was 32,958 units with a value of $4 million. (2) During the year ended October 31, 2022 certain executives, who were members of the Bank’s GE as at October 31, 2021, left the Bank and therefore were no longer KMP. Total shareholdings and options held upon their departure was 569,470 units with a value of $34 million. (3) Directors do not receive stock options or any other non-option share-based awards. Transactions, arrangements and agreements involving Key management personnel, Directors and their close family members In the normal course of business, we provide certain banking services to KMP, Directors, and their close family members. These transactions were made on substantially the same terms, including interest rates and security, as for comparable transactions with persons of a similar standing and did not involve more than the normal risk of repayment or present other unfavourable features. As at October 31, 2023, total loans to KMP, Directors and their close family members were $18 million (October 31, 2022 – $14 million). We have no Stage 3 allowance or provision for credit losses relating to these loans as at and for the years ended October 31, 2023 and October 31, 2022. No guarantees, pledges or commitments have been given to KMP, Directors or their close family members. Joint ventures and associates In the normal course of business, we provide certain banking and financial services to our joint ventures and associates, including loans, interest and non-interest bearing deposits. These transactions meet the definition of related party transactions and were made on substantially the same terms as for comparable transactions with third parties. As at October 31, 2023, loans to joint ventures and associates were $217 million (October 31, 2022 – $251 million) and deposits from joint ventures and associates were $77 million (October 31, 2022 – $20 million). We have no stage 3 allowance or provision for credit losses relating to loans to joint ventures and associates as at and for the years ended October 31, 2023 and October 31, 2022. $1 million of guarantees have been given to joint ventures and associates for the year ended October 31, 2023 (October 31, 2022 – $1 million). Other transactions, arrangements or agreements involving joint ventures and associates As at or for the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Commitments and other contingencies $ 1,089 $ 829 Other fees received for services rendered 55 50 Other fees paid for services received 108 107 |
Results by business segment
Results by business segment | 12 Months Ended |
Oct. 31, 2023 | |
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Results by business segment | Note 27 Results by business segment Composition of business segments For management purposes, based on the products and services offered, we are organized into four business segments: Personal & Commercial Banking, Wealth Management, Insurance, and Capital Markets. Effective the first quarter of 2023, we simplified our reporting structure by eliminating the Investor & Treasury Services segment and moving its former businesses to existing segments. We moved our Investor Services business to our Wealth Management segment, and our Treasury Services and Transaction Banking businesses to our Capital Markets segment. Effective the fourth quarter of 2023, we moved the Investor Services lending business from our Wealth Management segment to our Capital Markets segment. From a reporting perspective, there were no changes to our Personal & Commercial Banking and Insurance segments. Comparative results have been revised to conform to our new basis of segment presentation. Personal & Commercial Banking provides a broad suite of financial products and services to individual and business clients for their day-to-day banking, investing and financing needs through two businesses: Canadian Banking and Caribbean & U.S. Banking. In Canada, we provide a broad suite of financial products and services through our large branch network, ATMs, and mobile sales network. In the Caribbean and the U.S., we offer a broad range of financial products and services in targeted markets. Non-interest income in Personal & Commercial Banking mainly comprises Service charges, Mutual fund revenue and Card service revenue. Wealth Management serves high net worth and ultra-high net worth individual and institutional clients with a comprehensive suite of advice-based solutions and strategies as well as personalized banking relationships through our lines of businesses in Canada, the U.S., the U.K., Europe and Asia, including Canadian Wealth Management, U.S. Wealth Management (including City National), Global Asset Management, International Wealth Management, and Investor Services. Non-interest income in Wealth Management mainly comprises Investment management and custodial fees, Mutual fund revenue and Securities brokerage commissions. Insurance has operations in Canada and globally, operating under two business lines: Canadian Insurance and International Insurance, providing a wide range of advice and solutions for individual and business clients including life, health, wealth, property & casualty, travel, group benefits, annuities, and reinsurance. In Canada, we offer our products and services through a wide variety of channels, comprised of mobile advisors, advice centres, RBC Insurance ® Capital Markets provides expertise in advisory & origination, sales & trading, lending & financing and transaction banking to corporations, institutional clients, asset managers, private equity firms and governments globally in our two main business lines: Corporate & Investment Banking and Global Markets. In North America, we offer a full suite of products and services which include equity and debt origination and distribution, advisory services, and sales & trading. Outside North America, we have a targeted strategic presence in the U.K. & Europe, Australia, Asia & other markets aligned to our global expertise. In the U.K. & Europe, we offer a diversified set of capabilities in key industry sectors of focus. In Australia and Asia, we compete with global and regional investment banks in targeted areas aligned to our global expertise, including fixed income distribution and currencies trading, secured financing, as well as corporate and investment banking. Non-interest income in Capital Markets mainly includes Trading revenue, Underwriting and other advisory fees and Credit fees. All other enterprise level activities that are not allocated to these four business segments, such as certain treasury and liquidity management activities, including amounts associated with unattributed capital, and consolidation adjustments, including the elimination of the Taxable equivalent basis (Teb) gross-up amounts, are included in Corporate Support. Teb adjustments gross up income from certain tax-advantaged sources from Canadian taxable corporate dividends and U.S. tax credit investments recorded in Capital Markets to their effective tax equivalent value with the corresponding offset recorded in the provision for income taxes. Management believes that these Teb adjustments are necessary for Capital Markets to reflect how it is managed and enhances the comparability of revenue across our taxable and tax-advantaged sources. Our use of Teb adjustments may not be comparable to similarly adjusted amounts at other financial institutions. The Teb adjustment for the year ended October 31, 2023 was $559 million (October 31, 2022 – $572 million). Gains (losses) on economic hedges of our U.S. Wealth Management (including City National) share-based compensation plans, which are reflected in revenue, and related variability in share-based compensation expense driven by changes in the fair value of liabilities relating to these plans are also included in Corporate Support as this presentation more closely aligns with how we view business performance and manage the underlying risks. Geographic segments For geographic reporting, our segments are grouped into Canada, the U.S. and Other International. Transactions are primarily recorded in the location that best reflects the risk due to negative changes in economic conditions and prospects for growth due to positive economic changes. This location frequently corresponds with the location of the legal entity through which the business is conducted and the location of our clients. Transactions are recorded in the local currency and are subject to foreign exchange rate fluctuations with respect to the movement in the Canadian dollar. Management reporting framework Our management reporting framework is intended to measure the performance of each business segment as if it were a stand-alone business and reflects the way that the business segment is managed. This approach is intended to ensure that our business segments’ results include all applicable revenue and expenses associated with the conduct of their business and depicts how management views those results. We regularly monitor these segment results for the purpose of making decisions about resource allocation and performance assessment. These items do not impact our consolidated results. The expenses in each business segment may include costs or services directly incurred or provided on their behalf at the enterprise level. For other costs not directly attributable to one of our business segments, we use a management reporting framework that uses assumptions and methodologies for allocating overhead costs and indirect expenses to our business segments and that assists in the attribution of capital and the transfer pricing of funds to our business segments in a manner that consistently measures and aligns the economic costs with the underlying benefits and risks of that specific business segment. Activities and business conducted between our business segments are generally at market rates. All other enterprise level activities that are not allocated to our four business segments are reported under Corporate Support. Our assumptions and methodologies used in our management reporting framework are periodically reviewed by us to ensure that they remain valid. The capital attribution methodologies involve a number of assumptions that are revised periodically. For the year ended October 31, 2023 (Millions of Canadian dollars) Personal & Banking Wealth Insurance Capital Corporate Total Canada United Other Net interest income (2) $ 16,074 $ 4,495 $ – $ 3,379 $ 1,181 $ 25,129 $ 18,752 $ 5,065 $ 1,312 Non-interest income 6,046 13,049 5,675 7,672 (1,442 ) 31,000 14,851 8,563 7,586 Total revenue 22,120 17,544 5,675 11,051 (261 ) 56,129 33,603 13,628 8,898 Provision for credit losses 1,579 328 – 561 – 2,468 1,648 784 36 Insurance policyholder benefits, claims and acquisition expense – – 4,022 – – 4,022 2,161 – 1,861 Non-interest expense 9,215 14,128 653 6,509 668 31,173 15,319 11,177 4,677 Net income (loss) before income taxes 11,326 3,088 1,000 3,981 (929 ) 18,466 14,475 1,667 2,324 Income taxes (recoveries) 3,060 661 197 (158 ) (160 ) 3,600 4,770 (1,103 ) (67 ) Net income $ 8,266 $ 2,427 $ 803 $ 4,139 $ (769 ) $ 14,866 $ 9,705 $ 2,770 $ 2,391 Non-interest expense includes: Depreciation and amortization $ 961 $ 1,234 $ 58 $ 509 $ – $ 2,762 $ 1,570 $ 836 $ 356 Impairment of other intangibles 13 81 1 2 11 108 28 65 15 Total assets $ 636,046 $ 179,227 $ 22,591 $ 1,100,172 $ 66,956 $ 2,004,992 $ 1,042,663 $ 639,296 $ 323,033 Total assets include: Additions to premises and equipment and intangibles $ 463 $ 1,008 $ 53 $ 311 $ 639 $ 2,474 $ 1,334 $ 700 $ 440 Total liabilities $ 635,952 $ 177,389 $ 23,355 $ 1,099,893 $ (49,357 ) $ 1,887,232 For the year ended October 31, 2022 (Millions of Canadian dollars) Personal & Wealth Insurance Capital Corporate Total Canada United States Other Net interest income (2) $ 14,019 $ 3,886 $ – $ 4,944 $ (132 ) $ 22,717 $ 15,761 $ 5,423 $ 1,533 Non-interest income 6,124 12,357 3,510 5,005 (728 ) 26,268 13,508 6,364 6,396 Total revenue 20,143 16,243 3,510 9,949 (860 ) 48,985 29,269 11,787 7,929 Provision for credit losses 463 33 – (13 ) 1 484 600 60 (176 ) Insurance policyholder benefits, claims and acquisition expense – – 1,783 – – 1,783 (466 ) – 2,249 Non-interest expense 8,437 12,015 588 5,816 (247 ) 26,609 13,648 9,006 3,955 Net income (loss) before income taxes 11,243 4,195 1,139 4,146 (614 ) 20,109 15,487 2,721 1,901 Income taxes (recoveries) 2,873 985 282 778 (616 ) 4,302 3,615 452 235 Net income $ 8,370 $ 3,210 $ 857 $ 3,368 $ 2 $ 15,807 $ 11,872 $ 2,269 $ 1,666 Non-interest expense includes: Depreciation and amortization $ 942 $ 1,109 $ 57 $ 514 $ 12 $ 2,634 $ 1,617 $ 776 $ 241 Impairment of other intangibles 11 2 2 3 – 18 11 5 2 Total assets $ 602,824 $ 198,380 $ 21,918 $ 1,033,978 $ 60,119 $ 1,917,219 $ 992,485 $ 570,255 $ 354,479 Total assets include: Additions to premises and equipment and intangibles $ 394 $ 2,347 $ 49 $ 258 $ 630 $ 3,678 $ 1,263 $ 666 $ 1,749 Total liabilities $ 602,741 $ 198,329 $ 22,588 $ 1,033,689 $ (48,303 ) $ 1,809,044 (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) Amounts have been revised from those previously presented to conform to our new basis of segment presentation. |
Nature and extent of risks aris
Nature and extent of risks arising from financial instruments | 12 Months Ended |
Oct. 31, 2023 | |
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Nature and extent of risks arising from financial instruments | Note 28 Nature and extent of risks arising from financial instruments We are exposed to credit, market and liquidity and funding risks as a result of holding financial instruments. Our risk measurement and objectives, policies and methodologies for managing these risks are disclosed in the shaded text along with those tables specifically marked with an asterisk (*) in the Credit risk section of Management’s Discussion and Analysis. These shaded text and tables are an integral part of these Consolidated Financial Statements. Concentrations of credit risk exist if a number of our counterparties are engaged in similar activities, are located in the same geographic region or have comparable economic characteristics such that their ability to meet contractual obligations would be similarly affected by changes in economic, political or other conditions. Concentrations of credit risk indicate the relative sensitivity of our performance to developments affecting a particular industry or geographic location. The amounts of credit exposure associated with certain of our on- and off-balance sheet financial instruments are summarized in the following tables. As at October 31, 2023 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance sheet assets other than derivatives (1) $ 798,259 66% $ 294,670 24% $ 76,637 6% $ 50,147 4% $ 1,219,713 Derivatives before master netting agreements (2), (3) 27,221 19% 36,698 25% 67,406 46% 14,470 10% 145,795 $ 825,480 60% $ 331,368 24% $ 144,043 11% $ 64,617 5% $ 1,365,508 Off-balance sheet credit instruments (4) Committed and uncommitted (5) $ 427,849 56% $ 252,071 33% $ 51,393 8% $ 23,183 3% $ 754,496 Other 85,222 61% 30,737 22% 21,428 15% 2,731 2% 140,118 $ 513,071 57% $ 282,808 32% $ 72,821 8% $ 25,914 3% $ 894,614 As at October 31, 2022 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance sheet assets other than derivatives (1) $ 759,037 65% $ 263,736 23% $ 87,671 8% $ 48,991 4% $ 1,159,435 Derivatives before master netting agreements (2), (3) 32,434 20% 35,921 23% 72,885 46% 17,439 11% 158,679 $ 791,471 60% $ 299,657 23% $ 160,556 12% $ 66,430 5% $ 1,318,114 Off-balance sheet credit instruments (4) Committed and uncommitted (5) $ 398,719 57% $ 223,624 32% $ 52,669 8% $ 20,857 3% $ 695,869 Other 79,110 66% 13,847 12% 24,476 20% 2,485 2% 119,918 $ 477,829 59% $ 237,471 29% $ 77,145 9% $ 23,342 3% $ 815,787 (1) Includes Assets purchased under reverse repurchase agreements and securities borrowed, Loans and Customers’ liability under acceptances. The largest concentrations in Canada are Ontario at 57% (October 31, 2022 – 56%), the Prairies at 15% (October 31, 2022 – 15%), British Columbia and the territories at 14% (October 31, 2022 – 15%) and Quebec at 10% (October 31, 2022 – 10%). No industry accounts for more than 20% (October 31, 2022 – 20%) of total on-balance sheet credit instruments, with the exception of Banking, which accounted for 25% (October 31, 2022 – 26%), and Government, which accounted for 28% (October 31, 2022 – 32%). The classification of our sectors aligns with our view of credit risk by industry. (2) A further breakdown of our derivative exposures by risk rating and counterparty type is provided in Note 9. (3) Excludes valuation adjustments determined on a pooled basis. (4) Balances presented are contractual amounts representing our maximum exposure to credit risk. (5) Represents our maximum exposure to credit risk. Retail and wholesale commitments respectively comprise 44% and 56% of our total commitments (October 31, 2022 – 45% and 55%). The largest concentrations in the wholesale portfolio relate to Financial s Real estate related Other services Investmen ts |
Capital management
Capital management | 12 Months Ended |
Oct. 31, 2023 | |
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Capital management | Note 29 Capital management Regulatory capital and capital ratios OSFI formally establishes risk-based capital and leverage minimums and Total Loss Absorbing Capacity (TLAC) ratios for deposit-taking institutions in Canada. We are required to calculate our capital ratios using the Basel III framework. Under Basel III, regulatory capital includes Common Equity Tier 1 (CET1), Tier 1 and Tier 2 capital. CET1 capital mainly consists of common shares, retained earnings and other components of equity. Regulatory adjustments under Basel III include deductions of goodwill and other intangibles, certain deferred tax assets, defined benefit pension fund assets, investments in banking, financial and insurance entities, the shortfall of provisions to expected losses, prudential valuation adjustments, prepaid portfolio insurance assets, non payment and non delivery of trades and equity investment in funds subject to the fall-back approach. Tier 1 capital comprises predominantly CET1 and Additional Tier 1 items including non-cumulative preferred shares and LRCNs that meet certain criteria. Tier 2 capital includes subordinated debentures that meet certain criteria, certain loan loss allowances and non-controlling interests in subsidiaries’ Tier 2 instruments. Total capital is the sum of Tier 1 and Tier 2 capital. External TLAC instruments comprise predominantly senior bail-in debt, which includes eligible senior unsecured debt with an original term to maturity of greater than 400 days and remaining term to maturity of greater than 365 days. TLAC available is defined as the sum of Total capital and external TLAC instruments. Regulatory capital ratios are calculated by dividing CET1, Tier 1, Total capital and TLAC available by risk-weighted assets. The leverage ratio is calculated by dividing Tier 1 capital by an exposure measure. The exposure measure consists of total assets (excluding items deducted from Tier 1 capital) and certain off-balance sheet items converted into credit exposure equivalents. Adjustments are also made to derivatives and secured financing transactions to reflect credit and other risks. The TLAC leverage ratio is calculated by dividing TLAC available by the leverage ratio exposure. During 2023 and 2022, we complied with all applicable capital, leverage and TLAC requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) October 31 2023 October 31 2022 Capital (1) CET1 capital $ 86,611 $ 76,945 Tier 1 capital 93,904 84,242 Total capital 104,952 93,850 Risk-weighted assets (RWA) used in calculation of capital ratios (1) Credit risk $ 475,842 $ 496,898 Market risk 40,498 35,342 Operational risk 79,883 77,639 Total RWA $ 596,223 $ 609,879 Capital ratios and Leverage ratio (1) CET1 ratio 14.5% 12.6% Tier 1 capital ratio 15.7% 13.8% Total capital ratio 17.6% 15.4% Leverage ratio 4.3% 4.4% Leverage ratio exposure (billions) $ 2,180 $ 1,898 TLAC available and ratios (2) TLAC available $ 184,916 $ 160,961 TLAC ratio 31.0% 26.4% TLAC leverage ratio 8.5% 8.5% (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI’s Leverage Requirements (LR) guideline. Both the CAR guideline and LR guideline are based on the Basel III framework. The results for the year ended October 31, 2023 reflect our adoption of the revised CAR and LR guidelines that came into effect in Q2 2023 as part of OSFI’s implementation of the Basel III reforms. (2) TLAC available and TLAC ratios are calculated using OSFI’s TLAC guideline. The TLAC standard is applied at the resolution entity level which for us is deemed to be Royal Bank of Canada and its subsidiaries. A resolution entity and its subsidiaries are collectively called a resolution group. Both the TLAC ratio and TLAC leverage ratio are calculated using the TLAC available as percentage of total RWA and leverage exposure, respectively. |
Offsetting financial assets and
Offsetting financial assets and financial liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Offsetting financial assets and financial liabilities | Note 30 Offsetting financial assets and financial liabilities Offsetting within our Consolidated Balance Sheets may be achieved where financial assets and liabilities are subject to master netting arrangements that provide the currently enforceable right of offset and where there is an intention to settle on a net basis, or realize the assets and settle the liabilities simultaneously. For derivative contracts and repurchase and reverse repurchase arrangements, this is generally achieved when there is a market mechanism for settlement (e.g., central counterparty exchange or clearing house) which provides daily net settlement of cash flows arising from these contracts. Margin receivables and margin payables are generally offset as they settle simultaneously through a market settlement mechanism. Amounts that do not qualify for offsetting include master netting arrangements that only permit outstanding transactions with the same counterparty to be offset in an event of default or occurrence of other predetermined events. Such master netting arrangements include the International Swaps and Derivatives Association Master Agreement or certain derivative exchange or clearing counterparty agreements for derivative contracts, global master repurchase agreement and global master securities lending agreements for repurchase, reverse repurchase and other similar secured lending and borrowing arrangements. The amount of financial collateral received or pledged subject to master netting arrangements or similar agreements that The following tables provide the financial instrument amounts that have been offset on the Consolidated Balance Sheets and the amounts that do not qualify for offsetting but are subject to enforceable master netting arrangements or similar agreements. The amounts presented are not intended to represent our actual exposure to credit risk. Financial instruments subject to enforceable master netting arrangements or similar agreements As at October 31, 2023 Amounts subject to enforceable netting arrangements Related amounts not offset on the Consolidated (Millions of Canadian dollars) Gross amounts Gross amounts Net amounts Impact of Financial Net amounts Amounts not Net amounts Financial assets Assets purchased under reverse repurchase agreements and securities borrowed $ 436,617 $ 96,676 $ 339,941 $ 201 $ 336,112 $ 3,628 $ 250 $ 340,191 Derivative assets 138,318 1,544 136,774 89,889 22,310 24,575 5,676 142,450 Other financial assets 3,306 443 2,863 19 421 2,423 – 2,863 $ 578,241 $ 98,663 $ 479,578 $ 90,109 $ 358,843 $ 30,626 $ 5,926 $ 485,504 Financial liabilities Obligations related to assets sold under repurchase agreements and securities loaned $ 427,330 $ 96,676 $ 330,654 $ 201 $ 325,674 $ 4,779 $ 4,584 $ 335,238 Derivative liabilities 132,770 1,544 131,226 89,889 17,340 23,997 11,403 142,629 Other financial liabilities 1,475 443 1,032 19 – 1,013 – 1,032 $ 561,575 $ 98,663 $ 462,912 $ 90,109 $ 343,014 $ 29,789 $ 15,987 $ 478,899 (Millions of Canadian dollars) As at October 31, 2022 Amounts subject to enforceable netting arrangements Related amounts not Gross amounts Gross amounts Net amounts Impact of Financial Net amounts Amounts not Net amounts Financial assets Assets purchased under reverse repurchase agreements and securities borrowed $ 411,937 $ 94,203 $ 317,734 $ 293 $ 314,602 $ 2,839 $ 111 $ 317,845 Derivative assets 146,479 2,185 144,294 98,610 21,412 24,272 10,145 154,439 Other financial assets 1,638 304 1,334 11 83 1,240 – 1,334 $ 560,054 $ 96,692 $ 463,362 $ 98,914 $ 336,097 $ 28,351 $ 10,256 $ 473,618 Financial liabilities Obligations related to assets sold under repurchase agreements and securities loaned $ 360,722 $ 94,203 $ 266,519 $ 293 $ 265,822 $ 404 $ 7,428 $ 273,947 Derivative liabilities 141,137 2,185 138,952 98,610 19,758 20,584 14,539 153,491 Other financial liabilities 825 304 521 11 – 510 – 521 $ 502,684 $ 96,692 $ 405,992 $ 98,914 $ 285,580 $ 21,498 $ 21,967 $ 427,959 (1) Financial collateral is reflected at fair value. The financial instrument amounts and financial collateral disclosed are limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $17 billion (October 31, 2022 – $20 billion) and non-cash collateral of $342 billion (October 31, 2022 – $316 billion) received for financial assets and cash collateral of $15 billion (October 31, 2022 – $19 billion) and non-cash collateral of $328 billion (October 31, 2022 – $267 billion) pledged for financial liabilities. |
Recovery and settlement of on-b
Recovery and settlement of on-balance sheet assets and liabilities | 12 Months Ended |
Oct. 31, 2023 | |
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Recovery and settlement of on-balance sheet assets and liabilities | Note 31 Recovery and settlement of on-balance sheet assets and liabilities The table below presents an analysis of assets and liabilities recorded on our Consolidated Balance Sheets by amounts to be recovered or settled within one year and after one year, as at the balance sheet date, based on contractual maturities and certain other assumptions outlined in the footnotes below. As warranted, we manage the liquidity risk of various products based on historical behavioural patterns that are often not aligned with contractual maturities. Amounts to be recovered or settled within one year, as presented below, may not be reflective of our long-term view of the liquidity profile of certain balance sheet categories. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Within one year After one year Total Within one year After one year Total Assets Cash and due from banks (1) $ 59,793 $ 2,196 $ 61,989 $ 71,081 $ 1,316 $ 72,397 Interest-bearing deposits with banks 71,086 – 71,086 108,011 – 108,011 Securities Trading (2) 180,929 9,222 190,151 139,810 8,395 148,205 Investment, net of applicable allowance 33,363 186,216 219,579 26,540 143,478 170,018 Assets purchased under reverse repurchase agreements and 336,437 3,754 340,191 316,714 1,131 317,845 Loans Retail 120,247 449,704 569,951 113,965 435,786 549,751 Wholesale 76,249 211,577 287,826 70,374 203,593 273,967 Allowance for loan losses (5,004 ) (3,753 ) Segregated fund net assets – 2,760 2,760 – 2,638 2,638 Other Customers’ liability under acceptances 21,690 5 21,695 17,827 – 17,827 Derivatives (2) 140,261 2,189 142,450 151,928 2,511 154,439 Premises and equipment 65 6,684 6,749 59 7,155 7,214 Goodwill – 12,594 12,594 – 12,277 12,277 Other intangibles – 5,907 5,907 – 6,083 6,083 Other assets 62,555 14,513 77,068 66,071 14,229 80,300 $ 1,102,675 $ 907,321 $ 2,004,992 $ 1,082,380 $ 838,592 $ 1,917,219 Liabilities Deposits (3) $ 991,484 $ 240,203 $ 1,231,687 $ 1,023,324 $ 185,490 $ 1,208,814 Segregated fund net liabilities – 2,760 2,760 – 2,638 2,638 Other Acceptances 21,740 5 21,745 17,872 – 17,872 Obligations related to securities sold short 32,602 1,049 33,651 34,105 1,406 35,511 Obligations related to assets sold under repurchase 334,959 279 335,238 273,001 946 273,947 Derivatives (2) 131,352 11,277 142,629 140,808 12,683 153,491 Insurance claims and policy benefit liabilities 1,898 10,068 11,966 1,904 9,607 11,511 Other liabilities 69,187 26,983 96,170 71,689 23,546 95,235 Subordinated debentures – 11,386 11,386 110 9,915 10,025 $ 1,583,222 $ 304,010 $ 1,887,232 $ 1,562,813 $ 246,231 $ 1,809,044 (1) Cash and due from banks are assumed to be recovered within one year, except for cash balances not available for use by the Bank. (2) Trading securities classified as FVTPL and trading derivatives are presented as within one year as this best represents in most instances the short-term nature of our trading activities. Trading securities designated as FVTPL are generally presented based on contractual maturity. Non-trading derivatives are presented according to the recovery or settlement of the hedging transaction. (3) Demand deposits of $511 billion (October 31, 2022 – $562 billion) are presented as within one year due to their being repayable on demand or at short notice on a contractual basis. In practice, these deposits relate to a broad range of individuals and customer-types which form a stable base for our operations and liquidity needs. |
Parent company information
Parent company information | 12 Months Ended |
Oct. 31, 2023 | |
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Parent company information | Note 32 Parent company information The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis. Condensed Balance Sheets As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Assets Cash and due from banks $ 41,770 $ 48,062 Interest-bearing deposits with banks 61,256 84,680 Securities 217,490 174,615 Investments in bank subsidiaries and associated companies (1) 55,082 49,841 Investments in other subsidiaries and associated companies 105,070 88,260 Assets purchased under reverse repurchase agreements and securities borrowed 150,207 132,829 Loans, net of allowance for loan losses 709,635 679,580 Net balances due from bank subsidiaries (1) – 7,172 Other assets 214,145 227,767 $ 1,554,655 $ 1,492,806 Liabilities and shareholders’ equity Deposits $ 1,006,284 $ 955,978 Net balances due to bank subsidiaries (1) 10,132 – Net balances due to other subsidiaries 6,866 36,701 Other liabilities 402,326 382,099 1,425,608 1,374,778 Subordinated debentures 11,386 9,964 Shareholders’ equity 117,661 108,064 $ 1,554,655 $ 1,492,806 (1) Bank refers primarily to regulated deposit-taking institutions and securities firms. Condensed Statements of Income and Comprehensive Income For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Interest and dividend income (1) $ 56,495 $ 27,791 Interest expense 44,174 12,846 Net interest income 12,321 14,945 Non-interest income (2) 5,390 5,425 Total revenue 17,711 20,370 Provision for credit losses 2,002 579 Non-interest expense 11,780 10,175 Income before income taxes 3,929 9,616 Income taxes 1,874 2,276 Net income before equity in undistributed income of subsidiaries 2,055 7,340 Equity in undistributed income of subsidiaries 12,804 8,454 Net income $ 14,859 $ 15,794 Other comprehensive income (loss), net of taxes 251 5,810 Total comprehensive income $ 15,110 $ 21,604 (1) Includes dividend income from investments in subsidiaries and associated c ompanies (2) Includes a nominal share of income ompanies Condensed Statements of Cash Flows For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Cash flows from operating activities Net income $ 14,859 $ 15,794 Adjustments to determine net cash from operating activities: Change in undistributed earnings of subsidiaries (12,804 ) (8,454 ) Change in deposits, net of securitizations 50,306 101,145 Change in loans, net of securitizations (30,055 ) (78,288 ) Change in trading securities (12,832 ) (10,348 ) Change in obligations related to assets sold under repurchase agreements and securities loaned 21,954 24,133 Change in assets purchased under reverse repurchase agreements and securities borrowed (17,378 ) (7,239 ) Change in obligations related to securities sold short (819 ) 3,024 Other operating activities, net 5,000 2,385 Net cash from (used in) operating activities 18,231 42,152 Cash flows from investing activities Change in interest-bearing deposits with banks 23,424 (27,784 ) Proceeds from sales and maturities of investment securities 127,965 59,304 Purchases of investment securities (153,099 ) (71,509 ) Net acquisitions of premises and equipment and other intangibles (2,075 ) (1,180 ) Change in cash invested in subsidiaries (3,802 ) (2,514 ) Change in net funding provided to subsidiaries (12,531 ) (36,981 ) Net cash from (used in) investing activities (20,118 ) (80,664 ) Cash flows from financing activities Issuance of subordinated debentures 1,500 1,000 Repayment of subordinated debentures (110 ) – Issue of common shares, net of issuance costs 65 51 Common shares purchased for cancellation – (5,426 ) Issue of preferred shares and other equity instruments, net of issuance costs – 749 Redemption of preferred shares and other equity instruments – (155 ) Dividends paid on shares and distributions paid on other equity instruments (5,549 ) (6,960 ) Repayment of lease liabilities (311 ) (302 ) Net cash from (used in) financing activities (4,405 ) (11,043 ) Net change in cash and due from banks (6,292 ) (49,555 ) Cash and due from banks at beginning of year 48,062 97,617 Cash and due from banks at end of year $ 41,770 $ 48,062 Supplemental disclosure of cash flow information Amount of interest paid $ 35,104 $ 7,801 Amount of interest received 49,098 21,332 Amount of dividends received 2,628 2,618 Amount of income taxes paid 2,604 4,641 |
Principal subsidiaries
Principal subsidiaries | 12 Months Ended |
Oct. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Principal subsidiaries | Note 33 Principal subsidiaries (Millions of Canadian dollars) As at October 31, 2023 Principal subsidiaries (1) Principal office address (2) Carrying value of (3) Royal Bank Holding Inc. Toronto, Ontario, Canada $ 85,823 RBC Direct Investing Inc. Toronto, Ontario, Canada RBC Insurance Holdings Inc. Mississauga, Ontario, Canada RBC Life Insurance Company Mississauga, Ontario, Canada Investment Holdings (Cayman) Limited George Town, Grand Cayman, Cayman Islands RBC (Barbados) Funding Ltd. St. James, Barbados Capital Funding Alberta Limited Calgary, Alberta, Canada RBC Global Asset Management Inc. Toronto, Ontario, Canada RBC Investor Services Trust Toronto, Ontario, Canada RBC (Barbados) Trading Bank Corporation St. James, Barbados RBC US Group Holdings LLC (2) Toronto, Ontario, Canada 32,278 RBC USA Holdco Corporation (2) New York, New York, U.S. RBC Capital Markets, LLC (2) New York, New York, U.S. City National Bank (2) Los Angeles, California, U.S. RBC Dominion Securities Limited Toronto, Ontario, Canada 15,290 RBC Dominion Securities Inc. Toronto, Ontario, Canada Royal Bank Mortgage Corporation Toronto, Ontario, Canada 6,277 RBC Europe Limited London, England 2,977 The Royal Trust Company Montreal, Quebec, Canada 1,367 Royal Trust Corporation of Canada Toronto, Ontario, Canada 553 (1) The Bank directly or indirectly controls each subsidiary. (2) Each subsidiary is incorporated or organized under the laws of the state, province or country in which the principal office is situated, except for RBC US Group Holdings LLC and RBC USA Holdco Corporation which are incorporated under the laws of the State of Delaware, U.S., RBC Capital Markets, LLC, which is organized under the laws of the State of Minnesota, U.S., and City National Bank which is a national bank, chartered under the laws of the United States of America. (3) The carrying value of voting shares is stated as the Bank’s equity in such investments. Certain of our subsidiaries, joint ventures and associates are subject to regulatory requirements of the jurisdictions in which they operate. When these subsidiaries, joint ventures and associates are subject to such requirements, they may be restricted from transferring to us our share of their assets in the form of cash dividends, loans or advances. As at October 31, 2023, restricted net assets of these subsidiaries, joint ventures and associates were $50 billion (October 31, 2022 – $44 billion). |
Summary of significant accoun_2
Summary of significant accounting policies, estimates and judgments (Policies) | 12 Months Ended |
Oct. 31, 2023 | |
Statement [Line Items] | |
Basis of presentation | The significant accounting policies used in the preparation of these Consolidated Financial Statements, including the accounting requirements prescribed by OSFI, are summarized below. These accounting policies conform, in all material respects, to IFRS. The same accounting policies have been applied to all periods presented. |
General | General Use of estimates and assumptions In preparing our Consolidated Financial Statements, management is required to make subjective estimates and assumptions that affect the reported amount of assets, liabilities, net income and related disclosures. Estimates made by management are based on historical experience and other assumptions that are believed to be reasonable. Key sources of estimation uncertainty include: determination of fair value of financial instruments, allowance for credit losses, insurance claims and policy benefit liabilities, pensions and other post-employment benefits, income taxes, goodwill and other intangible assets, and provisions. Accordingly, actual results may differ from these and other estimates thereby impacting our future Consolidated Financial Statements. Refer to the relevant accounting policies in this Note for details on our use of estimates and assumptions. Significant judgments In preparation of these Consolidated Financial Statements, management is required to make significant judgments that affect the carrying amounts of certain assets and liabilities, and the reported amounts of revenues and expenses recorded during the period. Significant judgments have been made in the following areas and discussed as noted in the Consolidated Financial Statements: Consolidation of structured entities Note 2 Note 8 Application of the effective interest method Note 2 Fair value of financial instruments Note 2 Note 3 Derecognition of financial assets Note 2 Note 7 Allowance for credit losses Note 2 Note 4 Note 5 Income taxes Note 2 Note 22 Employee benefits Note 2 Note 17 Provisions Note 2 Note 24 Note 25 Goodwill and other intangibles Note 2 Note 11 |
Basis of consolidation | Basis of consolidation Our Consolidated Financial Statements include the assets and liabilities and results of operations of the parent company, Royal Bank of Canada, and its subsidiaries including certain structured entities, after elimination of intercompany transactions, balances, revenues and expenses. Consolidation Subsidiaries are those entities, including structured entities, over which we have control. We control an entity when we are exposed, or have rights, to variable returns from our involvement with the entity and have the ability to affect those returns through our power over the investee. We have power over an entity when we have existing rights that give us the current ability to direct the activities that most significantly affect the entity’s returns (relevant activities). Power may be determined on the basis of voting rights or, in the case of structured entities, other contractual arrangements. We are not deemed to control an entity when we exercise power over an entity as the agent of a third party or parties. In determining whether we are acting as an agent, we consider the overall relationship between us, the investee and other parties to the arrangement with respect to the following factors: (i) the scope of our decision-making power; (ii) the rights held by other parties; (iii) the remuneration to which we are entitled; and (iv) our exposure to variability of returns. The determination of control is based on the current facts and circumstances and is continuously assessed. In some circumstances, different factors and conditions may indicate that various parties control an entity depending on whether those factors and conditions are assessed in isolation or in totality. Significant judgment is applied in determining whether we control an entity, specifically, assessing whether we have substantive decision-making rights over the relevant activities and whether we are exercising our power as a principal or an agent. We consolidate all subsidiaries from the date we obtain control and cease consolidation when an entity is no longer controlled by us. Our consolidation conclusions affect the classification and amount of assets, liabilities, revenues and expenses reported in our Consolidated Financial Statements. Non-controlling interests in subsidiaries that we consolidate are shown on our Consolidated Balance Sheets as a separate component of equity which is distinct from equity attributable to our shareholders. The net income attributable to non-controlling Investments in joint ventures and associates Our investments in associated corporations and limited partnerships over which we have significant influence are accounted for using the equity method. The equity method is also applied to our interests in joint ventures over which we have joint control. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of the investee’s net profit or loss, including our proportionate share of the investee’s Other comprehensive income (OCI), subsequent to the date of acquisition. Non-current assets held for sale and discontinued operations Non-current assets (and disposal groups) are classified as held for sale if their carrying amounts will be recovered principally through a sale transaction rather than through continuing use. This condition is satisfied when the asset is available for immediate sale in its present condition, management is committed to the sale, and it is highly probable to occur within one year. Non-current assets (and disposal groups) classified as held for sale are measured at the lower of their previous carrying amount and fair value less costs to sell and if significant, are presented separately from other assets on our Consolidated Balance Sheets. A disposal group is classified as a discontinued operation if it meets the following conditions: (i) it is a component that can be distinguished operationally and financially from the rest of our operations and (ii) it represents either a separate major line of business or is part of a single coordinated plan to dispose of a separate major line of business or geographical area of operations. Disposal groups classified as discontinued operations are presented separately from our continuing operations in our Consolidated Statements of Income. |
Financial instruments - Classification of financial assets | Financial Instruments Classification of financial assets Financial assets are measured at initial recognition at fair value, and are classified and subsequently measured at fair value through profit or loss (FVTPL), fair value through other comprehensive income (FVOCI) or amortized cost based on our business model for managing the financial instruments and the contractual cash flow characteristics of the instrument. Debt instruments are measured at amortized cost if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect (HTC) as described below, and (b) the contractual terms of the instrument give rise to cash flows that are solely payments of principal and interest on the principal amount outstanding (SPPI). Debt instruments are measured at FVOCI if both of the following conditions are met and the asset is not designated as FVTPL: (a) the asset is held within a business model that is Held-to-Collect-and-Sell (HTC&S) as described below, and (b) the contractual terms of the instrument give rise, on specified dates, to cash flows that are SPPI. All other debt instruments are measured at FVTPL. Equity instruments are measured at FVTPL, unless the asset is not held for trading purposes and we make an irrevocable election to designate the asset as FVOCI. This election is made on an instrument-by-instrument basis. Business model assessment We determine our business models at the level that best reflects how we manage portfolios of financial assets to achieve our business objectives. Judgment is used in determining our business models, which is supported by relevant, objective evidence including: • How the economic activities of our businesses generate benefits, for example through trading revenue, enhancing yields or hedging funding or other costs and how such economic activities are evaluated and reported to key management personnel; • The significant risks affecting the performance of our businesses, for example, market risk, credit risk, or other risks as described in the Risk Management section of the MD&A, and the activities undertaken to manage those risks; • Historical and future expectations of sales of the loans or securities portfolios managed as part of a business model; and • The compensation structures for managers of our businesses, to the extent that these are directly linked to the economic performance of the business model. Our business models fall into three categories, which are indicative of the key strategies used to generate returns: • HTC: The objective of this business model is to hold loans and securities to collect contractual principal and interest cash flows. Sales are incidental to this objective and are expected to be insignificant or infrequent. • HTC&S: Both collecting contractual cash flows and sales are integral to achieving the objective of the business model. • Other fair value business models: These business models are neither HTC nor HTC&S, and primarily represent business models where assets are held-for-trading or managed on a fair value basis. SPPI assessment Instruments held within a HTC or HTC&S business model are assessed to evaluate if their contractual cash flows are comprised of solely payments of principal and interest. SPPI payments are those which would typically be expected from basic lending arrangements. Principal amounts include par repayments from lending and financing arrangements, and interest primarily relates to basic lending returns, including compensation for credit risk and the time value of money associated with the principal amount outstanding over a period of time. Interest can also include other basic lending risks and costs (for example, liquidity risk, servicing or administrative costs) associated with holding the financial asset for a period of time, and a profit margin. Where the contractual terms introduce exposure to risk or variability of cash flows that are inconsistent with a basic lending arrangement, the related financial asset is classified and measured at FVTPL. |
Financial instruments - Securities | Securities Trading securities include all securities that are classified as FVTPL by nature and securities designated as FVTPL. Obligations to deliver trading securities sold but not yet purchased are recorded as liabilities and carried at fair value. Realized and unrealized gains and losses on these securities are generally recorded in Non-interest income – Trading revenue or Non-interest income – Other. Dividends and interest income accruing on Trading securities are recorded in Interest and dividend income. Interest and dividends accrued on securities sold short are recorded in Interest expense. Investment securities include all securities classified as FVOCI and amortized cost. All investment securities are initially recorded at fair value and subsequently measured according to the respective classification. Investment securities carried at amortized cost are measured using the effective interest method, and are presented net of any allowance for credit losses, calculated in accordance with our policy for Allowance for credit losses, as described below. Interest income, including the amortization of premiums and discounts on securities measured at amortized cost are recorded in Interest and dividend income. Impairment gains or losses recognized on amortized cost securities are recorded in Provision for credit losses (PCL). When a debt instrument measured at amortized cost is sold, the difference between the sale proceeds and the amortized cost of the security at the time of the sale is recorded as Net gains on investment securities in Non-interest income. Debt securities carried at FVOCI are measured at fair value with unrealized gains and losses arising from changes in fair value included in Other components of equity. Impairment gains and losses are included in PCL and correspondingly reduce the accumulated changes in fair value included in Other components of equity. When a debt instrument measured at FVOCI is sold, the cumulative gain or loss is reclassified from Other components of equity to Net gains on investment securities in Non-interest income. Equity securities carried at FVOCI are measured at fair value. Unrealized gains and losses arising from changes in fair value are recorded in Other components of equity and not subsequently reclassified to profit or loss when realized. Dividends from FVOCI equity securities are recognized in Interest and dividend income. We account for all of our securities using settlement date accounting and changes in fair value between the trade date and settlement date are reflected in income for securities measured at FVTPL, and changes in the fair value of securities measured at FVOCI between the trade and settlement dates are recorded in OCI except for changes in foreign exchange rates on debt securities, which are recorded in Non-interest income. |
Financial instruments - Fair value option | Fair value option A financial instrument with a reliably measurable fair value can be designated as FVTPL (the fair value option) on its initial recognition even if the financial instrument was not acquired or incurred principally for the purpose of selling or repurchasing. The fair value option can be used for financial assets if it eliminates or significantly reduces a measurement or recognition inconsistency that would otherwise arise from measuring assets or liabilities, or recognizing related gains and losses on a different basis (an accounting mismatch). The fair value option can be elected for financial liabilities if: (i) the election eliminates an accounting mismatch; (ii) the financial liability is part of a portfolio that is managed on a fair value basis, in accordance with a documented risk management or investment strategy; or (iii) there is an embedded derivative in the financial or non-financial host contract and the derivative is not closely related to the host contract. These instruments cannot be reclassified out of the FVTPL category while they are held or issued. Financial assets designated as FVTPL are recorded at fair value and any unrealized gain or loss arising due to changes in fair value is included in Non-interest income – Trading revenue or Non-interest income – Other, depending on our business purpose for holding the financial asset. Financial liabilities designated as FVTPL are recorded at fair value and fair value changes attributable to changes in our own credit risk are recorded in OCI. Own credit risk amounts recognized in OCI will not be reclassified subsequently to net income. The remaining fair value changes not attributable to changes in our own credit risk are recorded in Non-interest income – Trading revenue or Non-interest |
Financial instruments - Determination of fair value | Determination of fair value The fair value of a financial instrument is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. We determine fair value by incorporating factors that market participants would consider in setting a price, including commonly accepted valuation approaches. The Board of Directors provides oversight on valuation of financial instruments, primarily through the Audit Committee and Risk Committee. The Audit Committee reviews the presentation and disclosure of financial instruments that are measured at fair value, while the Risk Committee assesses the adequacy of governance structures and control processes for the valuation of these instruments. We have established policies, procedures and controls for valuation methodologies and techniques to ensure that fair value is reasonably estimated. Major valuation processes and controls include, but are not limited to, profit and loss decomposition, independent price verification (IPV) and model validation standards. These control processes are managed by either Finance or Group Risk Management and are independent of the relevant businesses and their trading functions. Profit and loss decomposition is a process to explain the fair value changes of certain positions and is performed daily for trading portfolios. All fair value instruments are subject to IPV, a process whereby trading function valuations are verified against external market prices and other relevant market data. Market data sources include traded prices, brokers and price vendors. We give priority to those third-party pricing services and prices having the highest and most consistent accuracy. The level of accuracy is determined over time by comparing third-party price values to traders’ or system values, other pricing service values and, when available, actual trade data. Quoted prices for identical instruments from pricing services or brokers are generally not adjusted unless there are issues such as stale prices. If multiple quotes for identical instruments are received, fair value is based on an average of the prices received or the quote from the most reliable vendor, after the outlier prices that fall outside of the pricing range are removed. Other valuation techniques are used when a price or quote is not available. Some valuation processes use models to determine fair value. We have a systematic and consistent approach to control the use of models. Valuation models are approved for use within our model risk management framework. The framework addresses, among other things, model development standards, validation processes and procedures and approval authorities. Model validation ensures that a model is suitable for its intended use and sets parameters for its use. All models are revalidated regularly by qualified personnel who are independent of the model design and development. Annually, our model risk profile is reported to the Board of Directors. IFRS 13 Fair Value Measurement We record valuation adjustments to appropriately reflect counterparty credit quality of our derivative portfolio, differences between the actual counterparty collateral discount curve and standard overnight index swap (OIS) discounting for collateralized derivatives, funding valuation adjustments (FVA) for uncollateralized and under-collateralized over-the-counter (OTC) derivatives, unrealized gains or losses at inception of the transaction, bid-offer spreads, unobservable parameters and model limitations. These adjustments may be subjective as they require significant judgment in the input selection, such as implied probability of default (PD) and recovery rate, and are intended to arrive at a fair value that is determined based on assumptions that market participants would use in pricing the financial instrument. The ultimate realized price for a transaction may differ from its fair recorded value previously estimated using management judgment. Valuation adjustments are recorded for the credit risk of our derivative portfolios in order to arrive at their fair values. Credit valuation adjustments (CVA) take into account our counterparties’ creditworthiness, the current and potential future mark-to-market FVA is also calculated to incorporate the cost and benefit of funding in the valuation of uncollateralized and under-collateralized OTC derivatives. Future expected cash flows of these derivatives are discounted to reflect the cost and benefit of funding the derivatives by using a funding curve, implied volatilities and correlations as inputs. Where required, a valuation adjustment is made to reflect the unrealized gain or loss at inception of a financial instrument contract where the fair value of that financial instrument is not obtained from a quoted market price or cannot be evidenced by other observable market transactions based on a valuation technique incorporating observable market data. A bid-offer valuation adjustment is required when a financial instrument is valued at the mid-market price, instead of the bid or offer price for asset or liability positions, respectively. The valuation adjustment takes into account the spread from the mid-market Some valuation models require parameter calibration from such factors as market observable option prices. The calibration of parameters may be sensitive to factors such as the choice of instruments or optimization methodology. A valuation adjustment is also estimated to mitigate the uncertainties of parameter calibration and model limitations. In determining fair value, a hierarchy is used which prioritizes the inputs to valuation techniques. The fair value hierarchy gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). Determination of fair value based on this hierarchy requires the use of observable market data whenever available. Level 1 inputs are unadjusted quoted prices in active markets for identical assets or liabilities that we have the ability to access at the measurement date. Level 2 inputs include quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, and model inputs that are either observable, or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3 inputs include one or more inputs that are unobservable and significant to the fair value of the asset or liability. Unobservable inputs are used to measure fair value to the extent that observable inputs are not available at the measurement date. The availability of inputs for valuation may affect the selection of valuation techniques. The classification of a financial instrument in the fair value hierarchy for disclosure purposes is based upon the lowest level of input that is significant to the measurement of fair value. Where observable prices or inputs are not available, management judgment is required to determine fair values by assessing other relevant sources of information such as historical data, proxy information from similar transactions, and through extrapolation and interpolation techniques. For more complex or illiquid instruments, significant judgment is required in the determination of the model used, the selection of model inputs, and in some cases, the application of valuation adjustments to the model value or quoted price for inactively traded financial instruments. The selection of model inputs may be subjective and the inputs may be unobservable. Unobservable inputs are inherently uncertain as there is little or no market data available from which to determine the level at which the transaction would occur under normal business circumstances. Appropriate parameter uncertainty and market risk valuation adjustments for such inputs and other model risk valuation adjustments are assessed in all such instances. |
Financial instruments - Loans | Loans Loans are debt instruments recognized initially at fair value and are subsequently measured in accordance with the Classification of financial assets policy provided above. The majority of our loans are carried at amortized cost using the effective interest method, which represents the gross carrying amount less allowance for credit losses. Interest on loans is recognized in Interest income using the effective interest method. The estimated future cash flows used in this calculation include those determined by the contractual term of the asset and all fees that are considered to be integral to the effective interest rate. Also included in this amount are transaction costs and all other premiums or discounts. Fees that relate to activities such as originating, restructuring or renegotiating loans are deferred and recognized as Interest income over the expected term of such loans using the effective interest method. Where there is a reasonable expectation that a loan will be originated, commitment and standby fees are also recognized as interest income over the expected term of the resulting loans using the effective interest method. Otherwise, such fees are recorded as other liabilities and amortized into Non-interest income over the commitment or standby period. Future prepayment fees on mortgage loans are not included as part of the effective interest rate at origination. If prepayment fees are received on a renewal of a mortgage loan before maturity, the fee is included as part of the effective interest rate, and if not renewed, the prepayment fee is recognized in interest income at the prepayment date. For loans carried at amortized cost or FVOCI, impairment losses are recognized at each balance sheet date in accordance with the three-stage impairment model outlined below. |
Financial instruments - Allowance for credit losses | Allowance for credit losses An allowance for credit losses (ACL) is established for all financial assets, except for financial assets classified or designated as FVTPL and equity securities designated as FVOCI, which are not subject to impairment assessment. Assets subject to impairment assessment include loans, debt securities, interest-bearing deposits with banks, customers’ liability under acceptances, accounts and accrued interest receivable, and finance and operating lease receivables. ACL on loans measured at amortized cost is presented in Allowance for loan losses. ACL on debt securities measured at FVOCI is presented in Other components of equity. Other financial assets carried at amortized cost are presented net of ACL on our Consolidated Balance Sheets. Off-balance sheet items subject to impairment assessment include financial guarantees and undrawn loan commitments. ACL on off-balance sheet items is separately calculated and included in Other Liabilities – Provisions. We measure the ACL on each balance sheet date according to a three-stage expected credit loss impairment model: • Performing financial assets • Stage 1 – From initial recognition of a financial asset to the date on which the asset has experienced a significant increase in credit risk relative to its initial recognition, a loss allowance is recognized equal to the credit losses expected to result from defaults occurring over the 12 months following the reporting date. • Stage 2 – Following a significant increase in credit risk relative to the initial recognition of the financial asset, a loss allowance is recognized equal to the credit losses expected over the remaining lifetime of the asset. • Impaired financial assets • Stage 3 – When a financial asset is considered to be credit-impaired, a loss allowance is recognized equal to credit losses expected over the remaining lifetime of the asset. Interest income is calculated based on the carrying amount of the asset, net of the loss allowance, rather than on its gross carrying amount. The ACL is a discounted probability-weighted estimate of the cash shortfalls expected to result from defaults over the relevant time horizon. For loan commitments, credit loss estimates consider the portion of the commitment that is expected to be drawn over the relevant time period. For financial guarantees, credit loss estimates are based on the expected payments required under the guarantee contract. For finance lease receivables, credit loss estimates are based on cash flows consistent with the cash flows used in measuring the lease receivable. Increases or decreases in the required ACL attributable to model changes and new originations, sales or maturities, and changes in risk, parameters and exposures due to changes in loss expectations or stage transfers are recorded in PCL. Write-offs and recoveries of amounts previously written off are recorded against ACL. The ACL represents an unbiased estimate of expected credit losses on our financial assets as at the balance sheet date. Judgment is required in making assumptions and estimations when calculating the ACL, including movements between the three stages and the application of forward-looking information. The underlying assumptions and estimates may result in changes to the provisions from period to period that significantly affect our results of operations. Measurement of expected credit losses Expected credit losses are based on a range of possible outcomes and consider all available reasonable and supportable information, including internal and external ratings, historical credit loss experience and expectations about future cash flows. The measurement of expected credit losses is based primarily on the product of the instrument’s PD, loss given default (LGD), and EAD discounted to the reporting date. The main difference between Stage 1 and Stage 2 expected credit losses for performing financial assets is the respective calculation horizon. Stage 1 estimates project PD, LGD and EAD over a maximum period of 12 months while Stage 2 estimates project PD, LGD and EAD over the remaining lifetime of the instrument. An expected credit loss estimate is produced for each individual exposure. Relevant parameters are modelled on a collective basis using portfolio segmentation that allows for appropriate incorporation of forward-looking information. To reflect other characteristics that are not already considered through modelling, expert credit judgment is exercised in determining the final expected credit losses. For a small percentage of our portfolios which lack detailed historical information and/or loss experience, we apply simplified measurement approaches that may differ from what is described above. These approaches have been designed to maximize the available information that is reliable and supportable for each portfolio and may be collective in nature. Expected credit losses are discounted to the reporting period date using the effective interest rate. Expected life For instruments in Stage 2 or Stage 3, loss allowances reflect expected credit losses over the expected remaining lifetime of the instrument. For most instruments, the expected life is limited to the remaining contractual life. An exemption is provided for certain instruments with the following characteristics: (a) the instrument includes both a loan and undrawn commitment component; (b) we have the contractual ability to demand repayment and cancel the undrawn commitment; and (c) our exposure to credit losses is not limited to the contractual notice period. For products in scope of this exemption, the expected life may exceed the remaining contractual life and is the period over which our exposure to credit losses is not mitigated by our normal credit risk management actions. This period varies by product and risk category and is estimated based on our historical experience with similar exposures and consideration of credit risk management actions taken as part of our regular credit review cycle. Products in scope of this exemption include credit cards, overdraft balances and certain revolving lines of credit. Judgment is required in determining the instruments in scope for this exemption and estimating the appropriate remaining life based on our historical experience and credit risk mitigation practices. Assessment of significant increase in credit risk The assessment of significant increase in credit risk requires significant judgment. Movements between Stage 1 and Stage 2 are based on whether an instrument’s credit risk as at the reporting date has increased significantly relative to the date it was initially recognized. For the purposes of this assessment, credit risk is based on an instrument’s lifetime PD, not the losses we expect to incur. The assessment is generally performed at the instrument level. Our assessment of significant increases in credit risk is performed at least quarterly based on three factors. If any of the following factors indicates that a significant increase in credit risk has occurred, the instrument is moved from Stage 1 to Stage 2: (1) We have established thresholds for significant increases in credit risk based on both a percentage and absolute change in lifetime PD relative to initial recognition. For our wholesale portfolio, a decrease in the borrower’s risk rating is also required to determine that credit risk has increased significantly. (2) Additional qualitative reviews may be performed, as necessary, to assess the staging results, which may lead to adjustments to better reflect the positions whose credit risk has increased significantly. These reviews are completed at both the individual borrower levels and the portfolio level and may result in an instrument, a portfolio or a portion of a portfolio moving from Stage 1 to Stage 2. (3) Instruments which are 30 days past due are generally considered to have experienced a significant increase in credit risk, even if our other metrics do not indicate that a significant increase in credit risk has occurred. The thresholds for movement between Stage 1 and Stage 2 are symmetrical. After a financial asset has transferred to Stage 2, if its credit risk is no longer considered to have significantly increased relative to its initial recognition, the financial asset will move back to Stage 1. For certain instruments with low credit risk as at the reporting date, it is presumed that credit risk has not increased significantly relative to initial recognition. Credit risk is considered to be low if the instrument has a low risk of default, and the borrower has the ability to fulfill their contractual obligations both in the near term and in the longer term, including periods of adverse changes in the economic or business environment. Certain interest-bearing deposits with banks, assets purchased under reverse repurchase agreements, insurance policy loans, and liquidity facilities extended to our multi-seller conduits have been identified as having low credit risk. Use of forward-looking information The measurement of expected credit losses for each stage and the assessment of significant increase in credit risk considers information about past events and current conditions as well as reasonable and supportable projections of future events and economic conditions. The estimation and application of forward-looking information requires significant judgment. The PD, LGD and EAD inputs used to estimate Stage 1 and Stage 2 credit loss allowances are modelled based on the macroeconomic variables (or changes in macroeconomic variables) that are most closely correlated with credit losses in the relevant portfolio. Each macroeconomic scenario used in our expected credit loss calculation includes a projection of all relevant macroeconomic variables used in our models for a five-year period, subsequently reverting to long-run averages. Macroeconomic variables used in our expected credit loss models include, but are not limited to, unemployment rates, gross domestic product growth rates, equity return indices, commodity prices, and Canadian housing prices. Depending on their usage in the models, macroeconomic variables may be projected at a country, province/state or more granular level. Our estimation of expected credit losses in Stage 1 and Stage 2 is a discounted probability-weighted estimate that considers a minimum of three future macroeconomic scenarios. Our base case scenario is based on macroeconomic forecasts published by our internal economics group. The published forecasts are developed from models based on historical macroeconomic data, derived from public sources and financial markets. Upside and downside scenarios vary relative to our base case scenario based on reasonably possible alternative macroeconomic conditions. Additional and more severe downside scenarios are designed to capture a broader range of potential credit losses in certain sectors. Scenario design, including the identification of additional downside scenarios, occurs at least on an annual basis and more frequently if conditions warrant. Scenarios are designed to capture a wide range of possible outcomes and weighted according to our best estimate of the relative likelihood of the range of outcomes that each scenario represents. Scenario weights take into account historical frequency, current trends, and forward-looking conditions and are updated on a quarterly basis. All scenarios considered are applied to all portfolios subject to expected credit losses with the same probabilities. Our assessment of significant increases in credit risk is based on changes in probability-weighted forward-looking lifetime PDs as at the reporting date, using the same macroeconomic scenarios as the calculation of expected credit losses. Definition of default The definition of default used in the measurement of expected credit losses is consistent with the definition of default used for our internal credit risk management purposes. Our definition of default may differ across products and consider both quantitative and qualitative factors, such as the terms of financial covenants and days past due. For retail and wholesale borrowers, except as detailed below, default occurs when the borrower is more than 90 days past due on any material obligation to us, and/or we consider the borrower unlikely to make their payments in full without recourse action on our part, such as taking formal possession of any collateral held. For certain credit card balances, default occurs when payments are 180 days past due. For these balances, the use of a period in excess of 90 days past due is reasonable and supported by observable data on write-off and recovery rates experienced on historical credit card portfolios. The definition of default used is applied consistently from period to period and to all financial instruments unless it can be demonstrated that circumstances have changed such that another definition of default is more appropriate. Credit-impaired financial assets (Stage 3) Financial assets are assessed for credit-impairment at each balance sheet date and more frequently when circumstances warrant further assessment. Evidence of credit-impairment may include indications that the borrower is experiencing significant financial difficulty, probability of bankruptcy or other financial reorganization, as well as a measurable decrease in the estimated future cash flows evidenced by the adverse changes in the payments status of the borrower or economic conditions that correlate with defaults. An asset that is in Stage 3 will move back to Stage 2 when, as at the reporting date, it is no longer considered to be credit-impaired. The asset will transfer back to Stage 1 when its credit risk at the reporting date is no longer considered to have increased significantly from initial recognition, which could occur during the same reporting period as the transfer from Stage 3 to Stage 2. When a financial asset has been identified as credit-impaired, expected credit losses are measured as the difference between the asset’s gross carrying amount and the present value of estimated future cash flows discounted at the instrument’s original effective interest rate. For impaired financial assets with drawn and undrawn components, expected credit losses also reflect any credit losses related to the portion of the loan commitment that is expected to be drawn down over the remaining life of the instrument. When a financial asset is credit-impaired, interest ceases to be recognized on the regular accrual basis, which accrues income based on the gross carrying amount of the asset. Rather, interest income is calculated by applying the original effective interest rate to the amortized cost of the asset, which is the gross carrying amount less the related ACL. ACL for credit-impaired loans in Stage 3 are established at the borrower level, where losses related to impaired loans are identified on individually significant loans, or collectively assessed and determined through the use of portfolio-based rates, without reference to particular loans. Individually assessed loans (Stage 3) When individually significant loans are identified as impaired, we reduce the carrying value of the loans to their estimated realizable value by recording an individually assessed ACL to cover identified credit losses. The individually assessed ACL reflects the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and the impact of time delays in collecting principal and/or interest (time value of money). The estimated realizable value for each individually significant loan is the present value of expected future cash flows discounted using the original effective interest rate for each loan. When the amounts and timing of future cash flows cannot be estimated with reasonable reliability, the estimated realizable amount may be determined using observable market prices for comparable loans, the fair value of collateral underlying the loans, and other reasonable and supported methods based on management judgment. Individually-assessed allowances are established in consideration of a range of possible outcomes, which may include macroeconomic or non-macroeconomic scenarios, to the extent relevant to the circumstances of the specific borrower being assessed. Assumptions used in estimating expected future cash flows reflect current and expected future economic conditions and are generally consistent with those used in Stage 1 and Stage 2 measurement. Significant judgment is required in assessing evidence of credit-impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on PCL and may result in a change in the ACL. Collectively assessed loans (Stage 3) Loans that are collectively assessed are grouped on the basis of similar risk characteristics, taking into account loan type, industry, geographic location, collateral type, past due status and other relevant factors. The collectively-assessed ACL reflects: (i) the expected amount of principal and interest calculated under the terms of the original loan agreement that will not be recovered, and (ii) the impact of time delays in collecting principal and/or interest (time value of money). The expected principal and interest collection is estimated on a portfolio basis and references historical loss experience of comparable portfolios with similar credit risk characteristics, adjusted for the current environment and expected future conditions. A portfolio specific coverage ratio is applied against the impaired loan balance in determining the collectively-assessed ACL. The time value of money component is calculated by using the discount factors applied to groups of loans sharing common characteristics. The discount factors represent the expected recovery pattern of the comparable group of loans, and reflect the historical experience of these groups adjusted for current and expected future economic conditions and/or industry factors. Significant judgment is required in assessing evidence of impairment and estimation of the amount and timing of future cash flows when determining expected credit losses. Changes in the amount expected to be recovered would have a direct impact on PCL and may result in a change in the ACL. Write-off of loans Loans and the related ACL are written off, either partially or in full, when there is no realistic prospect of recovery. Where loans are secured, they are generally written off after receipt of any proceeds from the realization of collateral. In circumstances where the net realizable value of any collateral has been determined and there is no reasonable expectation of further recovery, write off may be earlier. For credit cards, the balances and related ACL are generally written off when payment is 180 days past due. Personal loans are generally written off at 150 days past due. Modifications The original terms of a financial asset may be renegotiated or otherwise modified, resulting in changes to the contractual terms of the financial asset that affect the contractual cash flows. The treatment of such modifications is primarily based on the process undertaken to execute the renegotiation and the nature and extent of the expected changes. In the normal course of business, modifications which are performed for credit reasons, primarily related to troubled debt restructurings, are generally treated as modifications of the original financial asset. Modifications which are performed for other than credit reasons are generally considered to be an expiry of the original cash flows; accordingly, such renegotiations are treated as a derecognition of the original financial asset and recognition of a new financial asset. If a modification of terms does not result in derecognition of the financial asset, the carrying amount of the financial asset is recalculated as the present value of the renegotiated or modified contractual cash flows, discounted at the original effective interest rate and a gain or loss is recognized. The financial asset continues to be subject to the same assessments for significant increase in credit risk relative to initial recognition and credit-impairment, as described above. A modified financial asset will transfer out of Stage 3 if the conditions that led to it being identified as credit-impaired are no longer present and relate objectively to an event occurring after the original credit-impairment was recognized. A modified financial asset will transfer out of Stage 2 when it no longer satisfies the relative thresholds set to identify significant increases in credit risk, which are based on changes in its lifetime PD, days past due and other qualitative considerations. The financial asset continues to be monitored for significant increases in credit risk and credit-impairment. If a modification of terms results in derecognition of the original financial asset and recognition of the new financial asset, the new financial asset will generally be recorded in Stage 1, unless it is determined to be credit-impaired at the time of the renegotiation. For the purposes of assessing for significant increases in credit risk, the date of initial recognition for the new financial asset is the date of the modification. |
Financial instruments - Derivatives | Derivatives When derivatives are embedded in other financial instruments or host contracts, such combinations are known as hybrid instruments. Some of the cash flows of a hybrid instrument vary in a way similar to a stand-alone derivative. If the host contract is a financial asset within the scope of IFRS 9 Financial Instruments Derivatives are primarily used in trading activities. Derivatives are also used to manage our exposure to interest, currency, credit and other market risks. The most frequently used derivative products are interest rate and foreign exchange swaps, options, futures and forward rate agreements, equity swaps and credit derivatives. All derivative instruments are recorded on our Consolidated Balance Sheets at fair value. When derivatives are used in trading activities, the realized and unrealized gains and losses on these derivatives are recognized in Trading revenue in Non-interest income. Derivatives with positive fair values are reported as Derivative assets and derivatives with negative fair values are reported as Derivative liabilities. In accordance with our policy for offsetting financial assets and financial liabilities, the net fair value of certain derivative assets and liabilities are reported as an asset or liability, as appropriate. Valuation adjustments are included in the fair value of Derivative assets and Derivative liabilities. Premiums paid and premiums received are shown in Derivative assets and Derivative liabilities, respectively. When derivatives are used to manage our own exposures, we determine for each derivative whether hedge accounting can be applied, as discussed in the Hedge accounting section below. |
Financial instruments - Recognition and measurement - Derecognition of financial assets and liabilities | Derecognition of financial assets Financial assets are derecognized from our Consolidated Balance Sheets when our contractual rights to the cash flows from the assets have expired, when we retain the rights to receive the cash flows of the assets but assume an obligation to pay those cash flows to a third party subject to certain pass-through requirements or when we transfer our contractual rights to receive the cash flows and substantially all of the risks and rewards of the assets have been transferred. When we retain substantially all of the risks and rewards of the transferred assets, the transferred assets are not derecognized from our Consolidated Balance Sheets and are accounted for as secured financing transactions. When we neither retain nor transfer substantially all risks and rewards of ownership of the assets, we derecognize the assets if control over the assets is relinquished. If we retain control over the transferred assets, we continue to recognize the transferred assets to the extent of our continuing involvement. Management judgment is applied in determining whether the contractual rights to the cash flows from the transferred assets have expired or whether we retain the rights to receive cash flows on the assets but assume an obligation to pay for those cash flows. We derecognize transferred financial assets if we transfer substantially all the risks and rewards of the ownership in the assets. When assessing whether we have transferred substantially all of the risk and rewards of the transferred assets, management considers the Bank’s exposure before and after the transfer with the variability in the amount and timing of the net cash flows of the transferred assets. In transfers in which we retain the servicing rights, management has applied judgment in assessing the benefits of servicing against market expectations. When the benefits of servicing are greater than fair value, a servicing asset is recognized in Other assets in our Consolidated Balance Sheets. When the benefits of servicing are less than fair value, a servicing liability is recognized in Other liabilities in our Consolidated Balance Sheets. Derecognition of financial liabilities We derecognize a financial liability from our Consolidated Balance Sheets when our obligation specified in the contract expires, or is discharged or cancelled. We recognize the difference between the carrying amount of a financial liability transferred and the consideration paid in our Consolidated Statements of Income. |
Financial instruments - Recognition and measurement - Interest | Interest Interest is recognized in Interest income and Interest expense in the Consolidated Statements of Income for all interest-bearing financial instruments. The effective interest rate is the rate that discounts estimated future cash flows over the expected life of the financial asset or liability to the net carrying amount upon initial recognition. Significant judgment is applied in determining the effective interest rate due to uncertainty in the timing and amounts of future cash flows. |
Financial instruments - Dividend income | Dividend income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend date for listed equity securities, and usually the date when shareholders have approved the dividend for unlisted equity securities. |
Financial instruments - Transaction costs | Transaction costs Transaction costs are expensed as incurred for financial instruments classified or designated as FVTPL. For other financial instruments, transaction costs are capitalized on initial recognition. For financial assets and financial liabilities measured at amortized cost and debt financial assets measured at FVOCI, capitalized transaction costs are amortized through net income over the estimated life of the instrument using the effective interest method. |
Financial instruments - Recognition and measurement - Offsetting financial assets and financial liabilities | Offsetting financial assets and financial liabilities Financial assets and financial liabilities are offset on the Consolidated Balance Sheets when there exists both a legally enforceable right to offset the recognized amounts and an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Financial instruments - Recognition and measurement - Assets purchased under reverse repurchase agreements and sold under repurchase agreements | Assets purchased under reverse repurchase agreements and sold under repurchase agreements We purchase securities under agreements to resell (reverse repurchase agreements) and take possession of these securities. We monitor the market value of the securities purchased and additional collateral is obtained when appropriate. We have the right to liquidate the collateral held in the event of counterparty default. Reverse repurchase agreements are treated as collateralized lending transactions. We also sell securities under agreements to repurchase (repurchase agreements), which are treated as collateralized borrowing transactions. The securities received under reverse repurchase agreements and securities delivered under repurchase agreements are not recognized on, or derecognized from, our Consolidated Balance Sheets, respectively, unless the risks and rewards of ownership are obtained or relinquished. Reverse repurchase agreements and repurchase agreements are carried on our Consolidated Balance Sheets at the amounts at which the securities were initially acquired or sold, except when they are classified or designated as FVTPL and are recorded at fair value. Interest earned on reverse repurchase agreements is included in Interest income, and interest incurred on repurchase agreements is included in Interest expense in our Consolidated Statements of Income. Changes in fair value for reverse repurchase agreements and repurchase agreements classified or designated as FVTPL are included in Trading revenue or Other in Non-interest income. |
Financial instruments - Hedge accounting | Hedge accounting We have elected to continue to apply the hedge accounting principles under IAS 39 instead of those under IFRS 9. We use derivatives and non-derivatives in our hedging strategies to manage our exposure to interest rate, currency, credit and other market risks. Where hedge accounting can be applied, a hedge relationship is designated and documented at inception to detail the particular risk management objective and strategy for undertaking the hedge transaction. The documentation identifies the specific asset, liability or anticipated cash flows being hedged, the risk that is being hedged, the type of hedging instrument used and how effectiveness will be assessed. We assess, both at the inception of the hedge and on an ongoing basis, whether the hedging instruments are ‘highly effective’ in offsetting changes in the fair value or cash flows of the hedged items. A hedge is regarded as highly effective only if the following criteria are met: (i) at inception of the hedge and throughout its life, the hedge is expected to be highly effective in achieving offsetting changes in fair value or cash flows attributable to the hedged risk, and (ii) actual results of the hedge are within a pre-determined range. We perform effectiveness testing to demonstrate that the relationship has been and is expected to be effective over the remaining term of the hedge. In the case of hedging a forecast transaction, the transaction must have a high probability of occurring and must present an exposure to variations in cash flows that could ultimately affect the reported net profit or loss. Hedge accounting is discontinued when it is determined that the hedging instrument is no longer effective as a hedge, the hedging instrument or hedged item is terminated or sold, or the forecast transaction is no longer deemed highly probable. Refer to Note 9 for the fair value of derivatives and non-derivative instruments categorized by their hedging relationships, as well as derivatives that are not designated in hedging relationships. Until the hedging relationships impacted by the Interest rate benchmark reform (the Reform) fully transition to alternative benchmark rates (ABRs), our prospective effectiveness testing is based on existing hedged cash flows or hedged risks and any ineffectiveness arising from retrospective testing does not result in a discontinuation of the hedge. Additionally, effectiveness testing is applied separately to hedged items referencing ABRs and hedged items referencing interbank offered rates (IBORs), which include USD London Interbank Offered Rate (USD LIBOR) and Canadian Dollar Offered Rate (CDOR), in accordance with the Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance contracts Leases Fair value hedges In a fair value hedging relationship, the carrying value of the hedged item is adjusted for changes in fair value attributable to the hedged risk and recognized in Non-interest income. Changes in fair value of the hedged item, to the extent that the hedging relationship is effective, are offset by changes in the fair value of the hedging derivative, which are also recognized in Non-interest We predominantly use interest rate swaps to hedge our exposure to changes in a fixed interest rate instrument’s fair value caused by changes in interest rates. Until the hedging relationships impacted by the Reform fully transition to ABRs, 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. Cash flow hedges In a cash flow hedging relationship, the effective portion of the change in the fair value of the hedging derivative, net of taxes, is recognized in OCI and reclassified to profit or loss as the associated hedged forecast transaction occurs, while the ineffective portion is recognized in Non-interest income. When hedge accounting is discontinued, the cumulative amounts previously recognized in OCI are reclassified to Net interest income during the periods when the variability in the cash flows of the hedged item affects Net interest income. Unrealized gains and losses on derivatives are reclassified immediately to Net income when the hedged item is sold or terminated early, or when the forecast transaction is no longer expected to occur. We predominantly use interest rate swaps to hedge the variability in cash flows related to a variable-rate asset or liability. Until the hedging relationships impacted by the Reform fully transition to ABRs, we treat the highly probable hedged IBORs based cash flows of groups of similar assets or liabilities with similar risk characteristics as unchanged 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 IBORs to ABRs. Subsequently, when some items in the group transition to ABRs before other items, the individual hedged items are allocated to subgroups based on the benchmark interest rate being hedged. We test hedge effectiveness based on the defined subgroups, in accordance with the Amendments, if eligibility requirements are met. If a subgroup fails the eligibility requirements, we would discontinue hedge accounting prospectively for the hedging relationship in its entirety. Net investment hedges In hedging our foreign currency exposure to a net investment in a foreign operation, the effective portion of foreign exchange gains and losses on the hedging instruments, net of applicable taxes, is recognized in OCI and the ineffective portion is recognized in Non-interest income. The amounts, or a portion thereof, previously recognized in Other components of equity are recognized in Net income on the disposal, or partial disposal, of the foreign operation. We use foreign exchange contracts and foreign currency-denominated liabilities to manage our foreign currency exposures to net investments in foreign operations having a functional currency other than the Canadian dollar. |
Financial instruments - Recognition and measurement - Guarantees | Guarantees Financial guarantee contracts are contracts that contingently require us to make specified payments (in cash, other assets, our own shares or provision of services) to reimburse the holder for a loss it incurs because a specified debtor fails to make payment when due in accordance with the original or modified terms of a debt instrument. Liabilities are recognized on our Consolidated Balance Sheets at the inception of a guarantee for the fair value of the obligation undertaken in issuing the guarantee. Financial guarantees are subsequently remeasured at the higher of (i) the amount of expected credit losses and (ii) the amount initially recognized less, when appropriate, the cumulative amount of income recognized. If the financial guarantee contract meets the definition of a derivative, it is measured at fair value at each balance sheet date and reported under Derivatives on our Consolidated Balance Sheets. |
Insurance and segregated funds | Insurance and segregated funds Premiums from long-duration contracts, primarily life, health and annuity insurance (life insurance), are recognized when due in Non-interest income – Insurance premiums, investment and fee income. Premiums from short-duration contracts, primarily property and casualty, and fees for administrative services are recognized in Insurance premiums, investment and fee income over the related contract period. Unearned premiums of the short-duration contracts, representing the unexpired portion of premiums, are reported in Other liabilities. Investments made by our insurance operations are classified as FVOCI instruments and amortized cost instruments, except for investments supporting the policy benefit liabilities on life insurance contracts and a portion of property and casualty contracts. These are designated as FVTPL with changes in fair value reported in Insurance premiums, investment and fee income. Insurance claims and policy benefit liabilities represent current claims and estimates for future insurance policy benefits. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method (CALM), which incorporates assumptions for mortality, morbidity, policy lapses and surrenders, investment yields, policy dividends, operating and policy maintenance expenses and provisions for adverse deviation. These assumptions are reviewed at least annually and updated in response to actual experience and market conditions. Liabilities for property and casualty insurance represent estimated provisions for reported and unreported claims. Liabilities for life and property and casualty insurance are included in Insurance claims and policy benefit liabilities. Changes in Insurance claims and policy benefit liabilities are included in the Insurance policyholder benefits, claims and acquisition expense in our Consolidated Statements of Income in the period in which the estimates change. Premiums ceded for reinsurance and reinsurance recoveries on policyholder benefits and claims incurred are reported in income and expense as appropriate. Reinsurance recoverables, which relate to paid benefits and unpaid claims, are included in Other assets. Acquisition costs for new insurance contracts consist of commissions, premium taxes, certain underwriting costs and other costs that vary with the acquisition of new contracts. Deferred acquisition costs for life insurance products are implicitly recognized in Insurance claims and policy benefit liabilities by CALM. For property and casualty insurance, these costs are classified as Other assets and amortized over the policy term. Segregated funds are lines of business in which we issue an insurance contract where the benefit amount is directly linked to the market value of the investments held in the underlying fund. The contractual arrangement is such that the underlying segregated fund assets are registered in our name but the segregated fund policyholders bear the risks and rewards of the funds’ investment performance. Liabilities for these contracts are calculated based on contractual obligations using actuarial assumptions and are at least equivalent to the surrender or transfer value calculated by reference to the value of the relevant underlying funds or indices. Segregated funds’ assets and liabilities are separately presented on our Consolidated Balance Sheets. As the segregated fund policyholders bear the risks and rewards of the funds’ performance, investment income earned by the segregated funds and expenses incurred by the segregated funds are offset and are not separately presented in our Consolidated Statements of Income. Fee income we earn from segregated funds includes management fees, mortality, policy administration and surrender charges, and these fees are recorded in Non-interest income – Insurance premiums, investment and fee income. We provide minimum death benefit and maturity value guarantees on segregated funds. The liability associated with these minimum guarantees is recorded in Insurance claims and policy benefit liabilities. Liability adequacy tests are performed for all insurance contract portfolios at each balance sheet date to ensure the adequacy of insurance contract liabilities. Current best estimates of future contractual cash flows, claims handling and administration costs, and investment returns from the assets backing the liabilities are taken into account in the tests. When the test results indicate that there is a deficiency in liabilities, the deficiency is charged immediately to our Consolidated Statements of Income by writing down the deferred acquisition costs in Other assets and/or increasing Insurance claims and policy benefit liabilities. |
Employee benefits - Pensions and other post-employment benefits | Employee benefits – Pensions and other post-employment benefits Our defined benefit pension expense, which is included in Non-interest expense – Human resources, consists of the cost of employee pension benefits for the current year’s service, net interest on the net defined benefit liability (asset), past service cost and gains or losses on settlement. Remeasurements of the net defined benefit obligation, which comprise actuarial gains and losses and return on plan assets (excluding amounts included in net interest on the net defined benefit liability), are recognized immediately in OCI in the period in which they occur. Actuarial gains and losses comprise experience adjustments (the effects of differences between the previous actuarial assumptions and what has actually occurred), as well as the effects of changes in actuarial assumptions. Amounts recognized in OCI will not be reclassified subsequently to net income. Past service cost is the change in the present value of the defined benefit obligation resulting from a plan amendment or curtailment and is charged immediately to income. For each defined benefit pension plan, we recognize the present value of our defined benefit obligations less the fair value of the plan assets as a defined benefit liability reported in Other liabilities – Employee benefit liabilities on our Consolidated Balance Sheets. For plans where there is a net defined benefit asset, the amount is reported as an asset in Other assets – Employee benefit assets on our Consolidated Balance sheets. The calculation of defined benefit expenses and obligations requires significant judgment as the recognition is dependent on discount rates and various actuarial assumptions such as healthcare cost trend rates, projected salary increases, retirement age and mortality and termination rates. Due to the long-term nature of these plans, such estimates and assumptions are subject to inherent risks and uncertainties. For our pension and other post-employment benefit plans, the discount rate is determined by reference to market yields on high quality corporate bonds. Since the discount rate is based on currently available yields, and involves management’s assessment of market liquidity, it is only a proxy for future yields. Actuarial assumptions, set in accordance with current practices in the respective countries of our plans, may differ from actual experience as country specific statistics are only estimates of future employee behaviour. These assumptions are determined by management and are reviewed by actuaries at least annually. Changes to any of the above assumptions may affect the amounts of benefits obligations, expenses and remeasurements that we recognize. Our contributions to defined contribution pension plans are expensed when employees have rendered services in exchange for such contributions. Defined contribution pension expense is included in Non-interest expense – Human resources. |
Share-based compensation | Share-based compensation We offer share-based compensation plans to certain key employees and to our non-employee directors. To account for stock options granted to employees, compensation expense is recognized over the applicable vesting period with a corresponding increase in equity. Fair value is determined by using option valuation models, which take into account the exercise price of the option, the current share price, the risk free interest rate, the expected volatility of the share price over the life of the option and other relevant factors. When the options are exercised, the exercise price proceeds together with the amount initially recorded in equity are credited to common shares. Our other share-based compensation plans include performance deferred share plans and deferred share unit plans for key employees (the Plans). The obligations for the Plans are accrued over their vesting periods. The Plans are settled in cash. For cash-settled awards, our accrued obligations are adjusted to their fair value at each balance sheet date. For share-settled awards, our expected obligations recognized in equity are based on the fair value of our common shares at the date of grant. Changes in our obligations, net of related hedges, are recorded as Non-interest expense – Human resources in our Consolidated Statements of Income with a corresponding increase in Other liabilities for cash-settled awards and in Retained earnings for share-settled awards. Compensation expense is recognized in the year the awards are earned by plan participants based on the vesting schedule of the relevant plans, net of estimated forfeitures. The compensation cost attributable to options and awards granted to employees who are eligible to retire or will become eligible to retire during the vesting period, is recognized immediately if the employee is eligible to retire on the grant date or over the period between the grant date and the date the employee becomes eligible to retire. Our contributions to the employee savings and share ownership plans are expensed as incurred. |
Income taxes | Income taxes Income tax comprises current tax and deferred tax and is recognized in our Consolidated Statements of Income except to the extent that it relates to items recognized directly in equity, in which case it is recognized in equity. Current income tax payable on profits is recognized as an expense based on the applicable tax laws in each jurisdiction in the period in which profits arise, calculated using tax rates enacted or substantively enacted by the balance sheet date. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. A deferred income tax asset or liability is determined for each temporary difference, except for earnings related to our subsidiaries, branches, associates and interests in joint ventures where the temporary differences will not reverse in the foreseeable future and we have the ability to control the timing of reversal. Deferred tax assets and liabilities are determined based on the tax rates that are expected to be in effect in the period that the asset is realized or the liability is settled, based on tax rates and tax laws that have been enacted or substantively enacted at the balance sheet date. Current tax assets and liabilities are offset when they are levied by the same taxation authority on either the same taxable entity or different taxable entities within the same tax reporting group (which intends to settle on a net basis), and when there is a legal right to offset. Deferred tax assets and liabilities are offset when the same conditions are satisfied. Our Consolidated Statements of Income include items that are non-taxable or non-deductible for income tax purposes and, accordingly, this causes the income tax provision to be different from what it would be if based on statutory rates. Deferred income taxes accumulated as a result of temporary differences and tax loss carryforwards are included in Other assets and Other liabilities. On a quarterly basis, we review our deferred income tax assets to determine whether it is probable that the benefits associated with these assets will be realized; this review involves evaluating both positive and negative evidence. We are subject to income tax laws in various jurisdictions where we operate, and the complex tax laws are potentially subject to different interpretations by us and the relevant taxation authorities. Significant judgment is required in the interpretation of the relevant tax laws and in assessing the probability of acceptance of our tax positions to determine our tax provision, which includes our best estimate of uncertain tax positions that are under audit or appeal by the relevant tax authorities. We perform a review on a quarterly basis to incorporate our best assessment based on information available, but additional liability and income tax expense could result based on the acceptance of our tax positions by the relevant tax authorities. The determination of our deferred tax asset or liability also requires significant management judgment as the recognition is dependent on our projection of future taxable profits and tax rates that are expected to be in effect in the period the asset is realized or the liability is settled. Any changes in our projection will result in changes in deferred tax assets or liabilities on our Consolidated Balance Sheets, and also deferred tax expense on our Consolidated Statements of Income. The IASB issued amendments to IAS 12 Income Taxes (IAS 12) Pillar Two Model Rules International Tax Reform |
Business combinations | Business combinations, goodwill and other intangibles All business combinations are accounted for using the acquisition method. Non-controlling interests, if any, are recognized at their proportionate share of the fair value of identifiable assets and liabilities, unless otherwise indicated. Identifiable intangible assets are recognized separately from goodwill and included in Other intangibles. Goodwill represents the excess of the price paid for the business acquired over the fair value of the net identifiable assets acquired on the date of acquisition. |
Goodwill | Goodwill Goodwill is allocated to cash-generating units or groups of cash-generating units for the purpose of impairment testing, which is undertaken at the lowest level at which goodwill is monitored for internal management purposes. Impairment testing is performed annually as at August 1, or more frequently if there are objective indicators of impairment, by comparing the recoverable amount of a cash-generating unit (CGU) with its carrying amount. The recoverable amount of a CGU is the higher of its value in use (VIU) and its fair value less costs of disposal (FVLCD). VIU is the present value of the expected future cash flows from a CGU. FVLCD is the amount obtainable from the sale of a CGU in an orderly transaction between market participants, less disposal costs. The fair value of a CGU is estimated using valuation techniques such as a discounted cash flow method, adjusted to reflect the considerations of a prospective third-party buyer. External evidence such as binding sale agreements or recent transactions for similar businesses within the same industry is considered to the extent that it is available. Significant judgment is involved in estimating the model inputs used to determine the recoverable amount of our CGUs, in particular future cash flows, discount rates and terminal growth rates, due to the uncertainty in the timing and amount of cash flows and the forward-looking nature of these inputs. Future cash flows are based on financial plans agreed by management which are estimated based on forecast results, business initiatives, planned capital investments and returns to shareholders. Discount rates are based on the bank-wide cost of capital, adjusted for CGU-specific risks and currency exposure as reflected by differences in expected inflation. Bank-wide cost of capital is based on the Capital Asset Pricing Model, the Dividend Growth Model and peer analysis. CGU-specific risks include country risk, business/operational risk, geographic risk (including political risk, devaluation risk and government regulation), currency risk and price risk (including product pricing risk and inflation). Terminal growth rates are based on the long-term steady state growth expectations in the countries within which the CGU operates. If the future cash flows and other assumptions in future periods deviate significantly from the current amounts used in our impairment testing, the value of our goodwill could become impaired, with any such impairment loss recognized in Non-interest The carrying amount of a CGU includes the carrying amount of assets, liabilities and goodwill allocated to the CGU. If the recoverable amount is less than the carrying value, the impairment loss is allocated first to reduce the carrying amount of any goodwill allocated to the CGU and then to the other non-financial assets of the CGU proportionately based on the carrying amount of each asset. Any impairment loss is charged to income in the period in which the impairment is identified. Goodwill is stated at cost less accumulated impairment losses. Subsequent reversals of goodwill impairment are prohibited. Upon disposal of a portion of a CGU, the carrying amount of goodwill related to the portion of the CGU sold is included in the determination of gains or losses on disposal. The carrying amount is determined based on the relative fair value of the disposed portion to the total CGU. |
Other intangibles | Other intangibles Intangible assets represent identifiable non-monetary assets and are acquired either separately or through a business combination, or generated internally. Intangible assets acquired through a business combination are recognized separately from goodwill when they are separable or arise from contractual or other legal rights, and their fair value can be measured reliably. The cost of a separately acquired intangible asset includes its purchase price and directly attributable costs of preparing the asset for its intended use. In respect of internally generated intangible assets, cost includes all directly attributable costs necessary to create, produce and prepare the asset to be capable of operating in the manner intended by management. Research and development costs that are not eligible for capitalization are expensed. After initial recognition, an intangible asset is carried at its cost less any accumulated amortization and accumulated impairment losses, if any. Intangible assets with a finite-life are amortized on a straight-line basis over their estimated useful lives as follows: computer software ; and customer list and relationships . We do not have any intangible assets with indefinite lives. Intangible assets are assessed for indicators of impairment at each reporting period. If there is an indication that an intangible asset may be impaired, an impairment test is performed by comparing the carrying amount of the intangible asset to its recoverable amount. Where it is not possible to estimate the recoverable amount of an individual asset, we estimate the recoverable amount of the CGU to which the asset belongs. If the recoverable amount of the asset (or CGU) is less than its carrying amount, the carrying amount of the intangible asset is written down to its recoverable amount as an impairment loss. An impairment loss recognized previously is reversed if there is a change in the estimates used to determine the recoverable amount of the asset (or CGU) since the last impairment loss was recognized. If an impairment loss is subsequently reversed, the carrying amount of the asset (or CGU) is revised to the lower of its recoverable amount and the carrying amount that would have been determined (net of amortization) had there been no prior impairment. Due to the subjective nature of these estimates, significant judgment is required in determining the useful lives and recoverable amounts of our intangible assets, and assessing whether certain events or circumstances constitute objective evidence of impairment. Estimates of the recoverable amounts of our intangible assets rely on certain key inputs, including future cash flows and discount rates. Future cash flows are based on sales projections and allocated costs which are estimated based on forecast results and business initiatives. Discount rates are based on the bank-wide cost of capital, adjusted for asset-specific risks. Changes in these assumptions may impact the amount of impairment loss recognized in Non-interest expense. |
Translation of foreign currencies | Other Translation of foreign currencies Monetary assets and liabilities denominated in foreign currencies are translated into Canadian dollars at rates prevailing at the balance sheet date. Foreign exchange gains and losses resulting from the translation and settlement of these items are recognized in Non-interest income in the Consolidated Statements of Income. Non-monetary assets and liabilities that are measured at historical cost are translated into Canadian dollars at historical rates. Assets and liabilities of our foreign operations with functional currencies other than Canadian dollars are translated into Canadian dollars at rates prevailing at the balance sheet date, and income and expenses of these foreign operations are translated at average rates of exchange for the reporting period. Unrealized gains or losses arising as a result of the translation of our foreign operations along with the effective portion of related hedges are reported in Other components of equity on an after-tax basis. Upon disposal or partial disposal of a foreign operation, an appropriate portion of the accumulated net translation gains or losses is included in Non-interest income. |
Premises and equipment | Premises and equipment Premises and equipment includes land, buildings, leasehold improvements, computer equipment, furniture, fixtures and other equipment, and are stated at cost less accumulated depreciation, except for land which is not depreciated, and accumulated impairment losses. Cost comprises the purchase price, any costs directly attributable to bringing the asset to the location and condition necessary for its intended use, and the initial estimate of any disposal costs. Depreciation is recorded principally on a straight–line basis over the estimated useful lives of the assets, which are 25 to 50 years for buildings, 3 to 10 years for computer equipment, and 5 to 10 years for furniture, fixtures and other equipment. The amortization period for leasehold improvements is the lesser of the useful life of the leasehold improvements or the lease term plus the first renewal period, if reasonably assured of renewal. Depreciation methods, useful lives, and residual values are reassessed at each reporting period and adjusted as appropriate. Gains and losses on disposal are recorded in Non–interest income. Premises and equipment are assessed for indicators of impairment at each reporting period. If there is an indication that an asset may be impaired, an impairment test is performed by comparing the asset’s carrying amount to its recoverable amount. After the recognition of impairment, the depreciation charge is adjusted in future periods to reflect the asset’s revised carrying amount. If an impairment is later reversed, the carrying amount of the asset is revised to the lower of the asset’s recoverable amount and the carrying amount that would have been determined (net of depreciation) had there been no prior impairment loss. The depreciation charge in future periods is adjusted to reflect the revised carrying amount. Right-of-use assets are also included in premises and equipment. |
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 asset and corresponding lease liability, except for short-term leases and leases of low-value assets. Short-term leases are leases with a lease term of 12 months or less. Low-value assets are unspecialized, common, technologically unsophisticated, widely available and widely used non-infrastructure 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 asset is initially measured based on the initial amount of the lease liability, adjusted for lease payments made on or before the commencement date, initial direct costs incurred, and an estimate of costs to dismantle, remove, or restore the asset, less any lease incentives received. Costs related to dismantling and removing leasehold improvements are capitalized as part of the leasehold improvement asset (rather than the right-of-use asset of the lease) when the leasehold improvements are separately capitalized. The right-of-use asset is depreciated to the earlier of the lease term and the useful life, unless ownership will transfer to RBC or we are reasonably certain to exercise a purchase option, in which case the useful life of the right-of-use asset is used. We apply IAS 36 Impairment of assets |
Provisions | Provisions Provisions are liabilities of uncertain timing or amount and are recognized when we have a present legal or constructive obligation as a result of a past event, it is probable that an outflow of resources will be required to settle the obligation, and a reliable estimate can be made of the amount of the obligation. Provisions are measured as the best estimate of the consideration required to settle the present obligation at the reporting date. Significant judgment is required in determining whether a present obligation exists and in estimating the probability, timing and amount of any outflows. We record provisions related to litigation, asset retirement obligations and other items. We are required to estimate the results of ongoing legal proceedings, and expenses to be incurred to dispose of capital assets. The forward-looking nature of these estimates requires us to use a significant amount of judgment in projecting the timing and amount of future cash flows. We record our provisions on the basis of all available information at the end of the reporting period and make adjustments on a quarterly basis to reflect current expectations. It may not be possible to predict the resolution of these matters or the timing of their ultimate resolution. Should actual results differ from our expectations, we may incur expenses in excess of the provisions recognized. Where appropriate, we apply judgment in limiting the extent of our provisions-related disclosures as not to prejudice our positions in matters of dispute. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, such as an insurer, a separate asset is recognized if it is virtually certain that reimbursement will be received. |
Commissions and fees | Commissions and fees Commissions and fees primarily relate to Investment management and custodial fees, Mutual fund revenue, Securities brokerage commissions, Services charges, Underwriting and other advisory fees, Card service revenue and Credit fees, and are recognized based on the applicable service contracts with clients. Investment management and custodial fees and Mutual fund revenue are generally calculated as a percentage of daily or period-end net asset values (NAV) based on the terms of the contract with clients and are received monthly, quarterly, semiannually or annually, depending on the terms of the contract. Investment management and custodial fees are generally derived from assets under management (AUM) when our clients solicit the investment capabilities of an investment manager or from assets under administration (AUA) where the investment strategy is directed by the client or a designated third-party manager. Mutual fund revenue is generally derived from the daily NAV of the mutual funds. Investment management and custodial fees and Mutual fund revenue are recognized over time when the service is provided to the client, provided that it is highly probable that a significant reversal in the amount of revenue recognized will not occur. Commissions earned on Securities brokerage services and Service charges that are related to the provision of specific transaction-type services are recognized when the service is fulfilled. Where services are provided over time, revenue is recognized as the services are provided. Underwriting and other advisory fees primarily relate to underwriting of new issuances of debt or equity and various advisory services. Underwriting fees are generally expressed as a percentage of the funds raised through issuance and are recognized when the service has been completed. Advisory fees vary depending on the scope and type of engagement and can be fixed in nature or contingent on a future event. Advisory fees are recognized over the period in which the service is provided and are recognized only to the extent that it is highly probable that a significant reversal in the amount of revenue will not occur. Card service revenue primarily includes interchange revenue and annual card fees. Interchange revenue is calculated as a fixed percentage of the transaction amount and recognized when the card transaction is settled. Annual card fees are fixed fees and are recognized over a 12 month period. Credit fees are primarily earned for arranging syndicated loans and making credit available on undrawn facilities. The timing of the recognition of credit fees varies based on the nature of the services provided. When service fees and other costs are incurred in relation to commissions and fees earned, we record these costs on a gross basis in either Non-interest expense – Other or Non-interest expense – Human resources based on our assessment of whether we have primary responsibility to fulfill the contract with the client and have discretion in establishing the price for the commissions and fees earned, which may require judgment. |
Earnings per share | Earnings per share Earnings per share is computed by dividing Net income available to common shareholders by the weighted average number of common shares outstanding for the period. Net income available to common shareholders is determined after deducting dividend entitlements of preferred shareholders and distributions on other equity instruments, any gains (losses) on redemption of preferred shares and other equity instruments net of related income taxes and the net income attributable to non-controlling interests. Diluted earnings per share reflects the potential dilution that could occur if additional common shares are assumed to be issued under securities or contracts that entitle their holders to obtain common shares in the future, to the extent such entitlement is not subject to unresolved contingencies. For contracts that may be settled in cash or in common shares at our option, diluted earnings per share is calculated based on the assumption that such contracts will be settled in shares. Income and expenses associated with these types of contracts are excluded from the Net income available to common shareholders, and the additional number of shares that would be issued is included in the diluted earnings per share calculation. For stock options whose exercise price is less than the average market price of our common shares, using the treasury stock method, they are assumed to be exercised and the proceeds are used to repurchase common shares at the average market price for the period. The incremental number of common shares issued under stock options and repurchased from proceeds is included in the calculation of diluted earnings per share. |
Share capital | Share capital and other equity instruments We classify a financial instrument that we issue as a financial asset, financial liability or an equity instrument in accordance with the substance of the contractual arrangement. Our common shares held by us are classified as treasury shares in equity and accounted for at weighted average cost. Upon the sale of treasury shares, the difference between the sale proceeds and the cost of the shares is recognized in Retained earnings. Financial instruments issued by us are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Incremental costs directly attributable to the issue of equity instruments are included in equity as a deduction from the proceeds, net of tax. Financial instruments that will be settled by a variable number of our common shares upon their conversion by the holders as well as the related accrued distributions are classified as liabilities on our Consolidated Balance Sheets. Dividends and yield distributions on these instruments are classified as Interest expense in our Consolidated Statements of Income. For compound instruments comprised of both liability and equity components, the liability component is initially measured at fair value with any residual amount assigned to the equity component. |
Future changes in accounting policy and disclosure | Future changes in accounting policy and disclosure IFRS 17 Insurance Contracts (IFRS 17) In May 2017, the IASB issued IFRS 17 to establish a comprehensive insurance standard which provides guidance on the recognition, measurement, presentation and disclosure of insurance contracts issued and reinsurance contracts held and will replace the existing IFRS 4 Insurance Contracts Under IFRS 17, insurance contracts are contracts under which we accept significant insurance risk from a policyholder by agreeing to compensate the policyholder if a specified uncertain future event adversely affects the policyholder. Embedded derivatives, investment components and promises to provide non-insurance services, provided specific criteria are met, are separated from the measurement of insurance and reinsurance contracts. Insurance and reinsurance contracts are aggregated into portfolios that are subject to similar risks and are managed together, and then divided into groups based on the period of issuance and expected profitability. Groups are separately recognized and measured using one of three measurement models depending on the characteristics of the contracts: • For insurance contracts with direct participating features, the contracts are measured using the variable fee approach (VFA). • For insurance contracts and reinsurance contracts held with a short duration of one year or less, the premium allocation approach (PAA) is elected. • The general measurement method (GMM) is applied to all remaining contracts. Under the GMM and VFA, the liabilities for remaining coverage and incurred claims for groups of contracts are measured as the sum of the fulfilment cash flows and the contractual service margin (CSM), which are recalculated at the end of each reporting period. The fulfilment cash flows consist of the present value of future cash flows and a risk adjustment for non-financial The following are key differences between IFRS 17 and IFRS 4: • New business profits are deferred and measured as the CSM of the insurance contract liabilities and amortized into income as insurance contract services are provided, while losses are recognized into income immediately. Under IFRS 4, gains and losses are recognized in income immediately. On July 18, 2023, OSFI released regulatory guidance to allow the inclusion of the CSM in calculating CET1 capital and related ratios, therefore, there will be no impact on the capital metrics from such reduction in retained earnings resulting from the CSM. • Discount rates used in calculating the present value of insurance contract liabilities are based on the characteristics of the insurance contracts unlike IFRS 4 which is based on the assets supporting the liabilities. • Presentation and disclosure changes are expected due to the new requirements. While IFRS 17 impacts the timing of profit recognition of insurance contracts, it will have no impact on total profit recognized over the lifetime of these contracts. Impact of IFRS 17 transition excluding the impact of reclassifications of financial assets Upon the adoption of IFRS 17, we will apply IFRS 17 retrospectively by adjusting our Consolidated Balance Sheets as at November 1, 2022 and restating comparative information. The full retrospective approach will be applied for all insurance and reinsurance contracts unless it is impracticable to do so. The full retrospective approach is applied to all contracts measured using the PAA and all new contracts issued on and after November 1, 2022 measured using the GMM and VFA as if IFRS 17 had always been applied. Due to data availability and the inability to use hindsight, the fair value approach is applied to contracts issued before November 1, 2022 that are measured under the GMM and VFA. Under the fair value approach, the CSM of the liability for remaining coverage is calculated as the difference between the fair value of a group of contracts and the fulfillment cash flows measured at the date of transition. Based on current estimates, the adoption of IFRS 17 is expected to result in a reduction in retained earnings of approximately $ 2.4 Impact of reclassifications of financial assets As permitted by IFRS 17, we will change the classification and measurement of certain eligible financial assets held in respect of an activity that relates to insurance contracts upon the adoption of IFRS 17. We will apply these changes retrospectively by adjusting our Consolidated Balance Sheets as at November 1, 2023 with no restatement of comparative information. We expect to reclassify financial assets between fair value classification categories, which is not expected to have a net impact to total equity nor the carrying amounts of those assets. This is subject to change as we finalize the quantitative impacts of these changes and the quantitative impacts of adopting IFRS 17 in the first quarter of 2024. Updates related to interest rate benchmark reform Progress in and risks arising from the transition to ABRs To manage our transition to ABRs, we have implemented a comprehensive enterprise-wide program and governance structure that addresses the key areas of impact including contract remediation, funding and liquidity planning, risk management, financial reporting and valuation, systems, processes and client education and communication. Transition activities are focused on two broad streams of work: (i) developing new ABR linked products, and (ii) conversion of existing CDOR based contracts to ABRs. Our program timelines are ultimately dependent on broader market acceptance of products that reference the new ABRs and our clients’ readiness and ability to adopt the replacement products. Significant matters that we continue to evaluate include client product offerings, short and long-term funding strategies, and our hedging programs. We continue to work towards the recommended target date for the cessation of CDOR based products provided by our regulators and are on track with our transition activities to move to ABRs. The following tables show the Bank’s significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to ABRs. As at October 31, 2023, this represents our financial instruments referencing CDOR and maturing after June 28, 2024. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Non-derivative (1) Non-derivative (2) Derivative Non-derivative (1) Non-derivative (2) Derivative (3) CDOR (4) $ 29,496 $ 24,735 $ 2,154,345 $ 18,493 $ 18,572 $ 2,226,700 (1) Non-derivative assets represent the drawn outstanding balance of Loans and Customers’ liability under acceptances and the fair value of Securities. (2) Non-derivative liabilities represent Subordinated debentures, Deposits and Acceptances. (3) Amounts have been updated from those previously presented to reflect the cessation of USD LIBOR. (4) Includes our exposure to financial instruments referencing interest rates substantially similar to CDOR. The following table presents the undrawn balances of loan commitments referencing benchmark interest rates subject to the Reform. As at (Millions of Canadian dollars) October 31, 2023 October 31, 2022 Authorized and committed undrawn commitments CDOR (1), (2) $ 40,010 $ 26,913 (1) Includes our exposure to financial instruments referencing interest rates substantially similar to CDOR. (2) Undrawn commitments exclude amounts related to drawn outstanding balances, which in certain cases may exclude extension options. As part of the interest rate benchmark reform, the publication of all remaining USD LIBOR settings ceased on June 30, 2023 and consistent with our transition plan, our exposure to non-derivative financial assets, non-derivative financial liabilities, derivative notional and undrawn balances of loan commitments referencing USD LIBOR interest rates is no longer material to our financial statements (October 31, 2022 – $57.5 billion, $1.5 billion, $5,772.4 billion and $59.3 billion, respectively). We continue to manage significant exposures to benchmarks that have no announced plans for cessation or further reform, including the EURO Interbank Offered Rate (EURIBOR) and Australian Bank Bill Swap Rate (BBSW), which are excluded from the tables above. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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Wholesale Rankings of 22 Grade Internal Risk Ratings with Ratings Used by S&P and Moody's | The following table aligns the relative rankings of our 22-grade Internal ratings map* Table 42 PD Bands Ratings Business and Bank Sovereign BRR S&P Moody’s Description 1 0.0000% – 0.0500% 0.0000% – 0.0150% 1+ AAA Aaa Investment Grade 2 0.0000% – 0.0500% 0.0151% – 0.0250% 1H AA+ Aa1 3 0.0000% – 0.0500% 0.0251% – 0.0350% 1M AA Aa2 4 0.0000% – 0.0500% 0.0351% – 0.0450% 1L AA- Aa3 5 0.0000% – 0.0550% 0.0451% – 0.0550% 2+H A+ A1 6 0.0551% – 0.0650% 2+M A A2 7 0.0651% – 0.0750% 2+L A- A3 8 0.0751% – 0.0850% 2H BBB+ Baa1 9 0.0851% – 0.1030% 2M BBB Baa2 10 0.1031% – 0.1775% 2L BBB- Baa3 11 0.1776% – 0.3470% 2-H BB+ Ba1 Non-investment 12 0.3471% – 0.6460% 2-M BB Ba2 13 0.6461% – 1.0620% 2-L BB- Ba3 14 1.0621% – 1.5520% 3+H B+ B1 15 1.5521% – 2.2165% 3+M B B2 16 2.2166% – 4.5070% 3+L B- B3 17 4.5071% – 7.1660% 3H CCC+ Caa1 18 7.1661% – 13.1760% 3M CCC Caa2 19 13.1761% – 24.9670% 3L CCC- Caa3 20 24.9671% – 99.9990% 4 CC Ca 21 100% 5 D C Impaired 22 100% 6 D C * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. |
Summary of Retail PD Bands to Various Risk Levels | The following table maps PD bands to various summarized risk levels for retail exposures: Internal ratings map* Table 43 PD bands Description 0.050% – 3.965% Low risk 3.966% – 7.428% Medium risk 7.429% – 99.99% High risk 100% Impaired/Default * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. |
Summary of Market Risk VaR and Market Risk SVaR | Market risk measures – FVTPL positions Market risk measures* Table 51 October 31, 2023 October 31, 2022 (1) For the year ended For the year ended (Millions of Canadian dollars) As at Average High Low As at Average High Low Equity $ 10 $ 11 $ 26 $ 6 $ 20 $ 18 $ 30 $ 10 Foreign exchange 4 3 25 2 3 4 7 1 Commodities 5 5 8 4 6 5 6 3 Interest rate (2) 38 32 49 20 31 29 65 13 Credit specific (3) 7 5 8 4 5 7 9 4 Diversification (4) (35 ) (31 ) n.m. n.m. (34 ) (33 ) n.m. n.m. Trading VaR $ 29 $ 25 $ 36 $ 16 $ 31 $ 30 $ 50 $ 19 Total VaR (5) $ 121 $ 51 $ 127 $ 27 $ 59 $ 53 $ 87 $ 34 * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) Amounts have been revised from those previously presented to align with a trading VaR view. (2) General credit spread risk and funding spread risk associated with uncollateralized derivatives are included under interest rate VaR. (3) Credit specific risk captures issuer-specific credit spread volatility. (4) Trading VaR is less than the sum of the individual risk factor VaR results due to risk factor diversification. (5) The average total VaR for the year ended October 31, 2023 includes $14 million (October 31, 2022 – $11 million) related to loan underwriting commitments. n.m. not meaningful |
Summary of Market Risk Structural Interest Rate Sensitivities Measures | Market risk controls – Interest Rate Risk in the Banking Book (IRRBB) positions 2 IRRBB arises primarily from traditional customer-originated banking products such as deposits and loans, and includes related hedges and interest rate risk from securities held for liquidity management purposes. Factors contributing to IRRBB include mismatches between asset and liability repricing dates, relative changes in asset and liability rates in response to market rate scenarios, and other product features affecting the expected timing of cash flows, such as options to pre-pay The Board approves the risk appetite for IRRBB, and the Asset Liability Committee (ALCO) and GRM provide ongoing governance through IRRBB risk policies, limits, operating standards and other controls. IRRBB reports are reviewed regularly by GRM, ALCO, the GRC, the Risk Committee of the Board and the Board. IRRBB measurement To monitor and control IRRBB, we assess two primary metrics, Net Interest Income (NII) risk and Economic Value of Equity (EVE) risk, under a range of market shocks, scenarios, and time horizons. Market scenarios include currency-specific parallel and non-parallel In measuring NII risk, detailed banking book balance sheets and income statements are dynamically simulated to estimate the impact of market stress scenarios on projected NII. Assets, liabilities and off-balance Management of NII and EVE risk is complementary and supports our efforts to generate a sustainable high-quality NII stream. NII and EVE risks for specific units are measured daily, weekly or monthly depending on materiality, complexity and hedge strategy. A number of assumptions affecting cash flows, product re-pricing non-maturity Market risk measures – IRRBB Sensitivities The following table shows the potential before-tax 12-month off-balance Market risk – IRRBB measures* Table 52 October 31 2023 October 31 2022 EVE risk NII risk (Millions of Canadian dollars) Canadian dollar impact U.S. dollar impact Total Canadian dollar impact U.S. dollar impact Total EVE risk NII risk (1) Before-tax 100 bps increase in rates $ (1,445 ) $ (107 ) $ (1,552 ) $ 381 $ 270 $ 651 $ (1,900 ) $ 781 100 bps decrease in rates 1,430 (77 ) 1,353 (409 ) (342 ) (751 ) 1,709 (839 ) * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) Represents the 12-month |
Summary of Long-Term Funding Sources | Long-term funding sources* (1) Table 56 As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Unsecured long-term funding $ 139,882 $ 119,241 Secured long-term funding 74,720 68,953 Subordinated debentures 12,038 10,639 $ 226,640 $ 198,833 * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) Based on original term to maturity greater than 1 year. |
Summary of Contractual Maturities of Financial Liabilities and Off-Balance Sheet Items - Undiscounted Basis | Contractual maturities of financial liabilities and off-balance sheet items – undiscounted basis* Table 64 As at October 31, 2023 (Millions of Canadian dollars) On Within 1 year 2 years 5 years Total Financial liabilities Deposits (1) $ 510,868 $ 482,738 $ 74,465 $ 124,906 $ 42,920 $ 1,235,897 Other Acceptances – 21,740 – 5 – 21,745 Obligations related to securities sold short – 33,741 – – – 33,741 Obligations related to assets sold under repurchase agreements and securities 23,381 311,154 279 – – 334,814 Other liabilities 608 54,844 284 657 12,463 68,856 Lease liabilities – 653 621 1,519 1,971 4,764 Subordinated debentures – – – 1,939 9,457 11,396 534,857 904,870 75,649 129,026 66,811 1,711,213 Off-balance sheet items Financial guarantees (2) $ 23,308 $ 2 $ 4 $ – $ – $ 23,314 Other commitments (3) – 61 55 128 178 422 Commitments to extend credit (2) 5,617 114,495 48,848 178,048 9,185 356,193 28,925 114,558 48,907 178,176 9,363 379,929 Total financial liabilities and off-balance sheet items $ 563,782 $ 1,019,428 $ 124,556 $ 307,202 $ 76,174 $ 2,091,142 As at October 31, 2022 (Millions of Canadian dollars) On Within 1 1 year 2 years 5 years Total Financial liabilities Deposits (1) $ 562,288 $ 463,711 $ 50,169 $ 106,568 $ 37,260 $ 1,219,996 Other Acceptances – 17,872 – – – 17,872 Obligations related to securities sold short – 35,395 – – – 35,395 Obligations related to assets sold under repurchase agreements and securities 16,367 256,756 948 – – 274,071 Other liabilities 508 61,420 220 709 9,191 72,048 Lease liabilities – 654 630 1,609 2,217 5,110 Subordinated debentures – 110 – 1,884 8,042 10,036 579,163 835,918 51,967 110,770 56,710 1,634,528 Off-balance sheet items Financial guarantees (2) $ 20,289 $ 2 $ – $ – $ – $ 20,291 Other commitments (3) – 73 60 136 187 456 Commitments to extend credit (2) 284,606 48,573 1 36 – 333,216 304,895 48,648 61 172 187 353,963 Total financial liabilities and off-balance sheet items $ 884,058 $ 884,566 $ 52,028 $ 110,942 $ 56,897 $ 1,988,491 * This table represents an integral part of our 2023 Annual Consolidated Financial Statements. (1) A major portion of relationship-based deposits are repayable on demand or at short notice on a contractual basis while, in practice, these customer balances form a core base for our operations and liquidity needs, as explained in the preceding Deposit and funding profile. (2) We believe that it is highly unlikely that all or substantially all of these guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. The management of the liquidity risk associated with potential extensions of funds is outlined in the preceding Risk measurement and internal liquidity reporting section. (3) Includes commitments related to short-term and low-dollar value leases, leases not yet commenced, and lease payments related to non-recoverable tax. |
Summary of significant accoun_3
Summary of significant accounting policies, estimates and judgments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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Summary of Bank's Significant Exposures to Financial Instruments | The following tables show the Bank’s significant exposures to financial instruments referencing benchmark interest rates subject to the Reform that have yet to transition to ABRs. As at October 31, 2023, this represents our financial instruments referencing CDOR and maturing after June 28, 2024. In the normal course of business, our derivative notional amounts may fluctuate with minimal impact to our IBOR conversion plans. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Non-derivative (1) Non-derivative (2) Derivative Non-derivative (1) Non-derivative (2) Derivative (3) CDOR (4) $ 29,496 $ 24,735 $ 2,154,345 $ 18,493 $ 18,572 $ 2,226,700 (1) Non-derivative assets represent the drawn outstanding balance of Loans and Customers’ liability under acceptances and the fair value of Securities. (2) Non-derivative liabilities represent Subordinated debentures, Deposits and Acceptances. (3) Amounts have been updated from those previously presented to reflect the cessation of USD LIBOR. (4) Includes our exposure to financial instruments referencing interest rates substantially similar to CDOR. |
Summary of Undrawn Balances of Loan Commitments | The following table presents the undrawn balances of loan commitments referencing benchmark interest rates subject to the Reform. As at (Millions of Canadian dollars) October 31, 2023 October 31, 2022 Authorized and committed undrawn commitments CDOR (1), (2) $ 40,010 $ 26,913 (1) Includes our exposure to financial instruments referencing interest rates substantially similar to CDOR. (2) Undrawn commitments exclude amounts related to drawn outstanding balances, which in certain cases may exclude extension options. |
Fair value of financial instr_2
Fair value of financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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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. For measurement purposes, they are carried at fair value when conditions requiring separation are met. As at October 31, 2023 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 60,856 $ – $ – $ 10,230 $ 10,230 $ 71,086 $ 71,086 Securities Trading 180,651 9,500 – – – – 190,151 190,151 Investment, net of applicable allowance – – 127,624 842 91,113 83,667 219,579 212,133 180,651 9,500 127,624 842 91,113 83,667 409,730 402,284 Assets purchased under reverse repurchase agreements and 285,869 – – – 54,322 54,322 340,191 340,191 Loans, net of applicable allowance Retail 114 362 280 – 566,376 542,480 567,132 543,236 Wholesale 5,629 3,619 597 – 275,796 268,843 285,641 278,688 5,743 3,981 877 – 842,172 811,323 852,773 821,924 Other Derivatives 142,450 – – – – – 142,450 142,450 Other assets (1) 4,819 5 – – 68,537 68,537 73,361 73,361 Financial liabilities Deposits Personal $ 109 $ 26,702 $ 415,135 $ 412,886 $ 441,946 $ 439,697 Business and government (2) 174 137,454 607,447 605,260 745,075 742,888 Bank (3) – 11,462 33,204 33,160 44,666 44,622 283 175,618 1,055,786 1,051,306 1,231,687 1,227,207 Other Obligations related to securities sold short 33,651 – – – 33,651 33,651 Obligations related to assets sold under repurchase agreements – 298,679 36,559 36,559 335,238 335,238 Derivatives 142,629 – – – 142,629 142,629 Other liabilities (4) (937 ) 11 92,500 92,402 91,574 91,476 Subordinated debentures – – 11,386 11,213 11,386 11,213 As at October 31, 2022 Carrying value and fair value Carrying value Fair value (Millions of Canadian dollars) Financial Financial Financial Financial Financial Financial Total Total Financial assets Interest-bearing deposits with banks $ – $ 84,468 $ – $ – $ 23,543 $ 23,543 $ 108,011 $ 108,011 Securities Trading 138,507 9,698 – – – – 148,205 148,205 Investment, net of applicable allowance – – 92,063 828 77,127 70,073 170,018 162,964 138,507 9,698 92,063 828 77,127 70,073 318,223 311,169 Assets purchased under reverse repurchase agreements and securities borrowed 264,665 – – – 53,180 53,180 317,845 317,845 Loans, net of applicable allowance Retail 73 375 218 – 546,767 521,428 547,433 522,094 Wholesale 6,914 3,222 563 – 261,833 253,816 272,532 264,515 6,987 3,597 781 – 808,600 775,244 819,965 786,609 Other Derivatives 154,439 – – – – – 154,439 154,439 Other assets (1) 3,377 – – – 73,084 73,084 76,461 76,461 Financial liabilities Deposits Personal $ 298 $ 21,959 $ 382,675 $ 380,396 $ 404,932 $ 402,653 Business and government (2) 447 152,119 607,304 605,102 759,870 757,668 Bank (3) – 7,196 36,816 36,758 44,012 43,954 745 181,274 1,026,795 1,022,256 1,208,814 1,204,275 Other Obligations related to securities sold short 35,511 – – – 35,511 35,511 Obligations related to assets sold under repurchase agreements and securities loaned – 248,835 25,112 25,112 273,947 273,947 Derivatives 153,491 – – – 153,491 153,491 Other liabilities (4) (360 ) 69 90,348 90,160 90,057 89,869 Subordinated debentures – – 10,025 9,668 10,025 9,668 (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 Liabilities Designated as at Fair Value through Profit or Loss | Financial liabilities designated as fair value through profit or loss For our financial liabilities designated as FVTPL, we take into account changes in our own credit spread and the expected duration of the instrument to measure the change in fair value attributable to changes in credit risk. As at or for the year ended October 31, 2023 Contractual Carrying value Difference Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative Term deposits Personal $ 27,131 $ 26,702 $ (429 ) $ 112 $ (57 ) Business and government (3) 147,844 137,454 (10,390 ) 683 (1,030 ) Bank (4) 11,485 11,462 (23 ) – – 186,460 175,618 (10,842 ) 795 (1,087 ) Obligations related to assets sold under repurchase agreements and securities loaned 298,734 298,679 (55 ) 3 4 Other liabilities 11 11 – – – $ 485,205 $ 474,308 $ (10,897 ) $ 798 $ (1,083 ) As at or for the year ended October 31, 2022 (1) Contractual Carrying value Difference Changes in fair value attributable (Millions of Canadian dollars) During the period Cumulative (2) Term deposits Personal $ 22,328 $ 21,959 $ (369 ) $ (238 ) $ (166 ) Business and government (3) 160,775 152,119 (8,656 ) (2,135 ) (1,718 ) Bank (4) 7,208 7,196 (12 ) – – 190,311 181,274 (9,037 ) (2,373 ) (1,884 ) Obligations related to assets sold under repurchase agreements and securities loaned 248,963 248,835 (128 ) 1 1 Other liabilities 69 69 – – – $ 439,343 $ 430,178 $ (9,165 ) $ (2,372 ) $ (1,883 ) (1) $29 million in changes in fair value attributable to changes in credit risk were recognized in income for the year ended October 31, 2023, and $17 million in cumulative changes in credit risk were included in income for positions still held life-to-date (2) The cumulative change is measured from the initial designation of the liabilities as FVTPL. For the year ended October 31, 2023, $2 million of fair value gains previously included in OCI relate to financial liabilities derecognized during the year (October 31, 2022 – $3 million of fair value gains). (3) Business and government term deposits include amounts from regulated deposit-taking institutions other than regulated banks. (4) Bank term deposits refer to amounts from regulated banks and central banks. |
Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss | Financial instruments classified as FVTPL, which includes mainly trading securities, derivatives, trading liabilities, and financial assets and liabilities designated as FVTPL are measured at fair value with realized and unrealized gains and losses recognized in Non-interest For the year ended (Millions of Canadian dollars) October 31 October 31 Net gains (losses) (1) Classified as fair value through profit or loss (2) $ 1,998 $ (7,382 ) Designated as fair value through profit or loss (3) 1,499 8,543 $ 3,497 $ 1,161 By product line (1) Interest rate and credit (4) $ 3,515 $ 1,251 Equities (510 ) (843 ) Foreign exchange and commodities 492 753 $ 3,497 $ 1,161 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Net losses from financial instruments designated as FVTPL of $371 million (October 31, 2022 – losses of $2,805 million). (2) Excludes derivatives designated in a hedging relationship. Refer to Note 9 for net gains (losses) on these derivatives. (3) For the year ended October 31, 2023, $1,524 million of net fair value gains on financial liabilities designated as FVTPL, other than those attributable to changes in our own credit risk, were included in Non-interest (4) Includes gains (losses) recognized on cross currency interest rate swaps. |
Summary of 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 year ended (Millions of Canadian dollars) October 31 October 31 Interest and dividend income (1), (2) Financial instruments measured at fair value through profit or loss $ 31,464 $ 10,999 Financial instruments measured at fair value through other comprehensive income 5,127 1,177 Financial instruments measured at amortized cost 50,400 28,595 86,991 40,771 Interest expense (1) Financial instruments measured at fair value through profit or loss $ 28,446 $ 8,336 Financial instruments measured at amortized cost 33,416 9,718 61,862 18,054 Net interest income $ 25,129 $ 22,717 (1) Excludes the following amounts related to our insurance operations and included in Insurance premiums, investment and fee income in the Consolidated Statements of Income: Interest income of $451 million (October 31, 2022 – $601 million), and Interest expense of $35 million (October 31, 2022 – $6 million). (2) Includes dividend income for the year ended October 31, 2023 of $3,215 million (October 31, 2022 – $2,954 million), which is presented in Interest and dividend income in the Consolidated Statements of Income. |
Summary of Fair Value of Assets and Liabilities Measured at Fair Value on a Recurring Basis and Classified Using Fair Value Hierarchy | Fair value of assets and liabilities measured at fair value on a recurring basis and classified using the fair value hierarchy As at October 31, 2023 October 31, 2022 Fair value Netting Fair value Fair value Netting 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 $ – $ 60,856 $ – $ $ 60,856 $ – $ 84,468 $ – $ $ 84,468 Securities Trading Debt issued or guaranteed by: Canadian government (1) Federal 26,675 2,581 – 29,256 15,024 3,779 – 18,803 Provincial and municipal – 16,389 – 16,389 – 13,257 – 13,257 U.S. federal, state, municipal and agencies (1), (2) 2,249 50,439 – 52,688 1,254 35,570 4 36,828 Other OECD government (3) 2,055 2,577 – 4,632 1,325 3,452 – 4,777 Mortgage-backed securities (1) – 2 – 2 – 2 – 2 Asset-backed securities Non-CDO (4) – 1,245 – 1,245 – 1,308 2 1,310 Corporate debt and other debt – 22,615 – 22,615 – 21,162 7 21,169 Equities 58,826 2,232 2,266 63,324 46,592 3,593 1,874 52,059 89,805 98,080 2,266 190,151 64,195 82,123 1,887 148,205 Investment Debt issued or guaranteed by: Canadian government (1) Federal 2,731 3,528 – 6,259 1,226 2,555 – 3,781 Provincial and municipal – 2,748 – 2,748 – 2,124 – 2,124 U.S. federal, state, municipal and agencies (1) 275 73,020 – 73,295 440 43,918 – 44,358 Other OECD government – 6,192 – 6,192 – 5,144 – 5,144 Mortgage-backed securities (1) – 2,672 29 2,701 – 2,860 28 2,888 Asset-backed securities CDO – 8,265 – 8,265 – 7,524 – 7,524 Non-CDO – 441 – 441 – 524 – 524 Corporate debt and other debt – 27,574 149 27,723 – 25,569 151 25,720 Equities 38 338 466 842 36 395 397 828 3,044 124,778 644 128,466 1,702 90,613 576 92,891 Assets purchased under reverse repurchase agreements and securities borrowed – 285,869 – 285,869 – 264,665 – 264,665 Loans – 8,742 1,859 10,601 – 9,673 1,692 11,365 Other Derivatives Interest rate contracts – 39,243 290 39,533 – 39,804 263 40,067 Foreign exchange contracts – 89,644 4 89,648 – 99,424 13 99,437 Credit derivatives – 224 – 224 – 388 – 388 Other contracts 2,352 13,927 111 16,390 3,939 14,786 62 18,787 Valuation adjustments – (1,805 ) 4 (1,801 ) – (2,100 ) 45 (2,055 ) Total gross derivatives 2,352 141,233 409 143,994 3,939 152,302 383 156,624 Netting adjustments (1,544 ) (1,544 ) (2,185 ) (2,185 ) Total derivatives 142,450 154,439 Other assets 1,392 3,421 11 4,824 1,221 2,141 15 3,377 $ 96,593 $ 722,979 $ 5,189 $ (1,544 ) $ 823,217 $ 71,057 $ 685,985 $ 4,553 $ (2,185 ) $ 759,410 Financial liabilities Deposits Personal $ – $ 26,428 $ 383 $ $ 26,811 $ – $ 22,016 $ 241 $ $ 22,257 Business and government – 137,628 – 137,628 – 152,566 – 152,566 Bank – 11,462 – 11,462 – 7,196 – 7,196 Other Obligations related to securities sold short 14,391 19,260 – 33,651 16,383 19,128 – 35,511 Obligations related to assets sold under repurchase agreements and securities loaned – 298,679 – 298,679 – 248,835 – 248,835 Derivatives Interest rate contracts – 41,249 952 42,201 – 39,592 1,122 40,714 Foreign exchange contracts – 81,750 53 81,803 – 94,310 145 94,455 Credit derivatives – 176 – 176 – 125 – 125 Other contracts 3,119 17,306 549 20,974 3,847 16,663 847 21,357 Valuation adjustments – (982 ) 1 (981 ) – (967 ) (8 ) (975 ) Total gross derivatives 3,119 139,499 1,555 144,173 3,847 149,723 2,106 155,676 Netting adjustments (1,544 ) (1,544 ) (2,185 ) (2,185 ) Total derivatives 142,629 153,491 Other liabilities 370 (1,296 ) – (926 ) 341 (632 ) – (291 ) $ 17,880 $ 631,660 $ 1,938 $ (1,544 ) $ 649,934 $ 20,571 $ 598,832 $ 2,347 $ (2,185 ) $ 619,565 (1) As at October 31, 2023, residential and commercial mortgage respectively (2) United States (U.S.). (3) Organisation for Economic Co-operation (4) Collateralized debt obligations (CDO). |
Summary of Quantitative Information about Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) | The following table presents fair values of our significant Level 3 financial instruments, valuation techniques used to determine their fair values, ranges and weighted averages of unobservable inputs. As at October 31, 2023 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Corporate debt and related derivatives Price-based Prices $ 9.88 $ 107.13 $ 87.66 Corporate debt and other debt $ – Discounted cash flows Credit spread 1.89% 9.96% 5.93% Loans 1,859 Credit enhancement 11.70% 15.60% 13.00% Derivative related liabilities $ 2 Government debt and municipal bonds Corporate debt and other debt 149 Discounted cash flows Yields 7.73% 10.38% 8.60% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 4.16X 14.90X 6.93X Equities 2,732 Price-based P/E multiples 6.60X 22.60X 8.60X Derivative related liabilities – Discounted cash flows EV/Rev multiples 1.00X 5.00X 3.00X Liquidity discounts (4) 10.00% 40.00% 16.91% Discount rate 8.50% 13.30% 10.70% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 2.39% 5.18% High Derivative related assets 293 Option pricing model CPI swap rates 1.84% 2.35% Even Derivative related liabilities 995 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured Discounted cash flows Dividend yields 0.14% 10.71% Lower Derivative related assets 111 Option pricing model Equity (EQ)-EQ 32.50% 96.49% Middle Deposits 383 EQ-FX (83.15)% 38.44% Middle Derivative related liabilities 485 EQ volatilities 6.70% 110.72% Lower Other (8) Asset-backed securities – Derivative related assets 5 Other assets 11 Mortgage-backed securities 29 U.S. state, municipal and agencies debt – Derivative related liabilities 73 Total $ 5,189 $ 1,938 As at October 31, 2022 (Millions of Canadian dollars, except for prices, percentages and ratios) Fair value Range of input values (1), (2) Products Reporting line in the fair value Assets Liabilities Valuation Significant Low High Weighted Corporate debt and related derivatives Price-based Prices $ 1.00 $ 111.90 $ 85.64 Corporate debt and other debt $ 7 Discounted cash flows Credit spread 1.67% 10.73% 6.20% Loans 1,692 Credit enhancement 11.70% 15.60% 13.00% Derivative related liabilities $ 130 Government debt and municipal bonds Corporate debt and other debt 151 Discounted cash flows Yields 7.85% 10.72% 8.92% Private equities, hedge fund investments and related equity derivatives Market comparable EV/EBITDA multiples 3.97X 14.31X 8.59X Equities 2,271 Price-based P/E multiples 8.47X 24.04X 12.46X Derivative related liabilities 2 Discounted cash flows EV/Rev multiples 0.35X 5.77X 3.88X Liquidity discounts (4) 10.00% 40.00% 17.35% Discount rate 10.80% 10.80% 10.80% NAV / prices (5) n.a. n.a. n.a. Interest rate derivatives and interest-rate-linked structured notes (6), (7) Discounted cash flows Interest rates 1.88% 4.49% High Derivative related assets 270 Option pricing model CPI swap rates 1.98% 2.59% Even Derivative related liabilities 1,216 IR-IR 19.00% 67.00% Even FX-IR 29.00% 56.00% Even FX-FX 68.00% 68.00% Even Equity derivatives and equity-linked structured Discounted cash flows Dividend yields (0.63)% 8.28% Lower Derivative related assets 62 Option pricing model Equity (EQ)-EQ correlations 33.00% 94.90% Middle Deposits 241 EQ-FX (83.15)% 38.44% Middle Derivative related liabilities 655 EQ volatilities 7.00% 129.00% Upper Other (8) Asset-backed securities 2 Derivative related assets 51 Other assets 15 Mortgage-backed securities 28 U.S. state, municipal and agencies debt 4 Derivative related liabilities 103 Total $ 4,553 $ 2,347 (1) The low and high input values represent the actual highest and lowest level inputs used to value a group of financial instruments in a particular product category. These input ranges do not reflect the level of input uncertainty, but are affected by the different underlying instruments within the product category. The input ranges will therefore vary from period to period based on the characteristics of the underlying instruments held at each balance sheet date. Where provided, the weighted average of the input values is calculated based on the relative fair values of the instruments within the product category. The weighted averages for derivatives are not presented in the table as they would not provide a comparable metric; instead, distribution of significant unobservable inputs within the range for each product category is indicated in the table. (2) Price-based inputs are significant for certain debt securities and are based on external benchmarks, comparable proxy instruments or pre-quarter-end (3) The significant unobservable inputs include the following: (i) Enterprise Value (EV); (ii) Earnings Before Interest, Taxes, Depreciation and Amortization (EBITDA); (iii) Price / Earnings (P/E); (iv) Revenue (Rev); (v) Consumer Price Index (CPI); (vi) Interest Rate (IR); (vii) Foreign Exchange (FX); and (viii) Equity (EQ). (4) Fair value of securities with liquidity discount inputs totalled $483 million (October 31, 2022 – $373 million). (5) NAV of a hedge fund is total fair value of assets less liabilities divided by the number of fund units. Private equities are valued based on NAV or valuation techniques. The range for NAV per unit or price per share has not been disclosed for the hedge funds or private equities due to the dispersion of prices given the diverse nature of the investments. (6) The level of aggregation and diversity within each derivative instrument category may result in certain ranges of inputs being wide and inputs being unevenly distributed across the range. In the table, we indicated whether the majority of the inputs are concentrated toward the upper, middle, or lower end of the range, or evenly distributed throughout the range. (7) The structured notes contain embedded equity or interest rate derivatives with unobservable inputs that are similar to those of the equity or interest rate derivatives. (8) Other primarily includes certain insignificant instruments such as auction rate securities, commodity derivatives, foreign exchange derivatives, contingent considerations, bank-owned life insurance and retractable shares. n.a. not applicable |
Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 | Changes in fair value measurement for instruments measured on a recurring basis and categorized For the year ended October 31, 2023 (Millions of Canadian dollars) Fair value Gains Gains Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 4 $ – $ – $ – $ (4 ) $ – $ – $ – $ – Asset-backed securities Non-CDO 2 – – – (2 ) – – – – Corporate debt and other debt 7 – – 2 (16 ) 17 (10 ) – – Equities 1,874 (196 ) 21 586 (67 ) 48 – 2,266 (154 ) 1,887 (196 ) 21 588 (89 ) 65 (10 ) 2,266 (154 ) Investment Mortgage-backed securities 28 – – 1 – – – 29 n.a. Corporate debt and other debt 151 – 9 – (11 ) – – 149 n.a. Equities 397 – 70 1 (2 ) – – 466 n.a. 576 – 79 2 (13 ) – – 644 n.a. Loans 1,692 (95 ) 33 1,443 (868 ) 30 (376 ) 1,859 (44 ) Other Net derivative balances (3) Interest rate contracts (859 ) (63 ) 5 (48 ) 235 42 26 (662 ) (43 ) Foreign exchange contracts (132 ) 10 10 (14 ) 44 – 33 (49 ) 8 Other contracts (785 ) 83 4 (143 ) 78 (159 ) 484 (438 ) 152 Valuation adjustments 53 – – – (50 ) – – 3 – Other assets 15 – 1 – (5 ) – – 11 – $ 2,447 $ (261 ) $ 153 $ 1,828 $ (668 ) $ (22 ) $ 157 $ 3,634 $ (81 ) Liabilities Deposits $ (241 ) $ 5 $ – $ (260 ) $ 23 $ (134 ) $ 224 $ (383 ) $ 24 Other Other liabilities – – – – – – – – – $ (241 ) $ 5 $ – $ (260 ) $ 23 $ (134 ) $ 224 $ (383 ) $ 24 For the year ended October 31, 2022 (Millions of Canadian dollars) Fair value Gains Gains Purchases Settlement Transfers Transfers Fair value Gains Assets Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ 25 $ – $ 2 $ – $ (23 ) $ – $ – $ 4 $ – Asset-backed securities Non-CDO 2 – – – – – – 2 – Corporate debt and other debt 25 (3 ) – – (6 ) 9 (18 ) 7 – Equities 1,530 14 100 314 (82 ) 1 (3 ) 1,874 43 1,582 11 102 314 (111 ) 10 (21 ) 1,887 43 Investment Mortgage-backed securities 20 – 8 – – – – 28 n.a. Corporate debt and other debt 152 – 2 – – – (3 ) 151 n.a. Equities 334 – 51 11 (1 ) 37 (35 ) 397 n.a. 506 – 61 11 (1 ) 37 (38 ) 576 n.a. Loans 1,077 (25 ) (37 ) 407 (466 ) 802 (66 ) 1,692 (78 ) Other Net derivative balances (3) Interest rate contracts (635 ) (187 ) (5 ) 17 64 (13 ) (100 ) (859 ) (16 ) Foreign exchange contracts 47 (103 ) (2 ) (22 ) 3 5 (60 ) (132 ) (90 ) Other contracts (393 ) 165 (34 ) (245 ) 70 (406 ) 58 (785 ) 271 Valuation adjustments 20 – – 25 (11 ) 19 – 53 – Other assets – – 1 15 (1 ) – – 15 – $ 2,204 $ (139 ) $ 86 $ 522 $ (453 ) $ 454 $ (227 ) $ 2,447 $ 130 Liabilities Deposits $ (151 ) $ 2 $ (3 ) $ (120 ) $ 26 $ (143 ) $ 148 $ (241 ) $ 19 Other Other liabilities (7 ) (1 ) – – 8 – – – – $ (158 ) $ 1 $ (3 ) $ (120 ) $ 34 $ (143 ) $ 148 $ (241 ) $ 19 (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 $65 million for the year ended October 31, 2023 (October 31, 2022 – gains of $50 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 October 31, 2023 included derivative assets of $409 million (October 31, 2022 – $383 million) and derivative liabilities of $1,555 million (October 31, 2022 – $2,106 million). n.a. not applicable |
Summary of Positive and Negative Fair Value Movement of Level 3 Financial Instruments from Using Reasonably Possible Alternative Assumptions | The following table summarizes the impacts to fair values of Level 3 financial instruments using reasonably possible alternative assumptions. This sensitivity disclosure is intended to illustrate the potential impact of the relative uncertainty in the fair value of Level 3 financial instruments. In reporting the sensitivities below, we offset balances in instances where: (i) the move in valuation factors cause an offsetting positive and negative fair value movement, (ii) both offsetting instruments are in Level 3, and (iii) exposures are managed and reported on a net basis. With respect to overall sensitivity, it is unlikely in practice that all reasonably possible alternative assumptions would simultaneously be realized. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Level 3 Positive fair value Negative fair value Level 3 Positive fair value Negative fair value Securities Trading Debt issued or guaranteed by: U.S. state, municipal and agencies $ – $ – $ – $ 4 $ – $ – Asset-backed securities – – – 2 – – Corporate debt and other debt – – – 7 – – Equities 2,266 50 (43 ) 1,874 27 (23 ) Investment Mortgage-backed securities 29 4 (4 ) 28 4 (4 ) Corporate debt and other debt 149 11 (10 ) 151 12 (10 ) Equities 466 48 (47 ) 397 38 (39 ) Loans 1,859 33 (37 ) 1,692 60 (62 ) Derivatives 409 10 (7 ) 383 5 (3 ) Other assets 11 – – 15 – – $ 5,189 $ 156 $ (148 ) $ 4,553 $ 146 $ (141 ) Deposits $ (383 ) $ 26 $ (26 ) $ (241 ) $ 9 $ (9 ) Derivatives (1,555 ) 59 (66 ) (2,106 ) 55 (57 ) Other Other liabilities – – – – – – $ (1,938 ) $ 85 $ (92 ) $ (2,347 ) $ 64 $ (66 ) |
Summary of Fair Value for Financial Instruments Carried at Amortized Cost and Classified Using the Fair Value Hierarchy | Fair value for financial instruments that are carried at amortized cost and classified using the fair value hierarchy As at October 31, 2023 Fair value (1) Fair value may not approximate carrying value Fair value measurements using Total Total (Millions of Canadian dollars) Level 1 Level 2 Level 3 Interest-bearing deposits with banks $ 10,230 $ – $ – $ – $ – $ 10,230 Amortized cost securities (2) – 34 83,633 – 83,667 83,667 Assets purchased under reverse repurchase agreements and securities borrowed 39,528 – 14,794 – 14,794 54,322 Loans Retail 70,606 – 466,962 4,912 471,874 542,480 Wholesale 8,231 – 254,342 6,270 260,612 268,843 78,837 – 721,304 11,182 732,486 811,323 Other assets 67,400 – 914 223 1,137 68,537 195,995 34 820,645 11,405 832,084 1,028,079 Deposits Personal 252,779 – 159,669 438 160,107 412,886 Business and government 385,727 – 218,761 772 219,533 605,260 Bank 16,902 – 16,251 7 16,258 33,160 655,408 – 394,681 1,217 395,898 1,051,306 Obligations related to assets sold under repurchase agreements and securities loaned 36,559 – – – – 36,559 Other liabilities 76,982 – 1,856 13,564 15,420 92,402 Subordinated debentures – – 11,213 – 11,213 11,213 $ 768,949 $ – $ 407,750 $ 14,781 $ 422,531 $ 1,191,480 As at October 31, 2022 Fair value (1) Fair value may not approximate carrying value Fair value measurements using Total Total (Millions of Canadian dollars) Level 1 Level 2 Level 3 Interest-bearing deposits with banks $ 23,543 $ – $ – $ – $ – $ 23,543 Amortized cost securities (2) – – 70,073 – 70,073 70,073 Assets purchased under reverse repurchase agreements and securities borrowed 42,224 – 10,956 – 10,956 53,180 Loans Retail 70,162 – 446,809 4,457 451,266 521,428 Wholesale 17,943 – 230,880 4,993 235,873 253,816 88,105 – 677,689 9,450 687,139 775,244 Other assets 72,198 – 716 170 886 73,084 226,070 – 759,434 9,620 769,054 995,124 Deposits Personal 271,414 – 108,549 433 108,982 380,396 Business and government 406,045 – 198,265 792 199,057 605,102 Bank 22,638 – 14,120 – 14,120 36,758 700,097 – 320,934 1,225 322,159 1,022,256 Obligations related to assets sold under repurchase agreements and securities loaned 25,112 – – – – 25,112 Other liabilities 77,801 – 1,554 10,805 12,359 90,160 Subordinated debentures – – 9,608 60 9,668 9,668 $ 803,010 $ – $ 332,096 $ 12,090 $ 344,186 $ 1,147,196 (1) Certain financial instruments have not been assigned to a level as the carrying amount approximates their fair values. (2) Included in Securities – Investment, net of applicable allowance on the Consolidated Balance Sheets. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Carrying value of securities and term to maturity | Carrying value of securities As at October 31, 2023 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over 10 years With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 9,867 $ 17,244 $ 8,687 $ 2,932 $ 6,915 $ – $ 45,645 U.S. federal, state, municipal and agencies 15,507 8,136 15,864 4,375 8,806 – 52,688 Other OECD government 566 1,117 815 1,040 1,094 – 4,632 Mortgage-backed securities – – – – 2 – 2 Asset-backed securities 452 151 234 307 101 – 1,245 Corporate debt and other debt Bankers’ acceptances 143 – – – – – 143 Other (3) 1,207 2,219 6,681 3,656 8,709 – 22,472 Equities 63,324 63,324 27,742 28,867 32,281 12,310 25,627 63,324 190,151 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost 2,479 1,247 1,726 640 517 – 6,609 Fair value 2,479 1,242 1,707 515 316 – 6,259 Yield (4) 4.5% 3.2% 2.6% 1.2% 3.4% – 3.4% Provincial and municipal Amortized cost 469 8 1,159 52 1,708 – 3,396 Fair value 469 8 1,158 52 1,061 – 2,748 Yield (4) 4.9% 3.7% 2.8% 4.5% 4.4% – 3.8% U.S. federal, state, municipal and agencies Amortized cost 846 8,595 33,044 16,355 16,486 – 75,326 Fair value 856 8,572 33,050 16,193 14,624 – 73,295 Yield (4) 7.4% 2.1% 2.7% 4.0% 3.6% – 3.2% Other OECD government Amortized cost 160 1,009 5,030 1 – – 6,200 Fair value 160 1,009 5,022 1 – – 6,192 Yield (4) 6.3% 4.0% 3.0% 4.6% – – 3.3% Mortgage-backed securities Amortized cost – – 32 28 2,702 – 2,762 Fair value – – 31 25 2,645 – 2,701 Yield (4) – – 7.5% 6.7% 6.8% – 6.8% Asset-backed securities Amortized cost – – 16 7,542 1,194 – 8,752 Fair value – – 17 7,503 1,186 – 8,706 Yield (4) – – 6.4% 6.9% 7.0% – 6.9% Corporate debt and other debt Amortized cost 4,928 1,759 18,798 2,248 41 – 27,774 Fair value 4,928 1,755 18,761 2,243 36 – 27,723 Yield (4) 3.9% 4.2% 3.9% 5.4% 4.7% – 4.1% Equities Cost 493 493 Fair value (5) 842 842 Amortized cost 8,882 12,618 59,805 26,866 22,648 493 131,312 Fair value 8,892 12,586 59,746 26,532 19,868 842 128,466 Amortized cost (2) Debt issued or guaranteed by: Canadian government 997 1,931 17,448 6,468 – – 26,844 Yield (4) 2.8% 3.0% 2.1% 2.0% – – 2.2% U.S. federal, state, municipal and agencies 424 1,427 14,536 5,156 23,025 – 44,568 Yield (4) 5.0% 4.1% 3.3% 2.9% 2.5% – 2.9% Other OECD government 375 723 4,362 66 – – 5,526 Yield (4) 2.0% 0.8% 2.9% 1.1% – – 2.5% Asset-backed securities – – 424 – 1 – 425 Yield (4) – – 4.9% – 1.4% – 4.9% Corporate debt and other debt 838 1,443 11,256 190 23 – 13,750 Yield (4) 2.3% 2.9% 3.4% 3.1% 5.6% – 3.3% Amortized cost, net of allowance 2,634 5,524 48,026 11,880 23,049 – 91,113 Fair value 2,627 5,447 46,258 10,276 19,059 – 83,667 Total carrying value of securities $ 39,268 $ 46,977 $ 140,053 $ 50,722 $ 68,544 $ 64,166 $ 409,730 As at October 31, 2022 Term to maturity (1) (Millions of Canadian dollars) Within 3 months 1 year to 5 years to Over 10 years With no Total Trading (2) Debt issued or guaranteed by: Canadian government $ 2,255 $ 14,181 $ 6,907 $ 2,706 $ 6,011 $ – $ 32,060 U.S. federal, state, municipal and agencies 7,151 10,107 7,043 4,507 8,020 – 36,828 Other OECD government 1,343 233 606 241 2,354 – 4,777 Mortgage-backed securities – – – – 2 – 2 Asset-backed securities 779 49 67 207 208 – 1,310 Corporate debt and other debt Bankers’ acceptances 252 3 – – – – 255 Other (3) 3,055 1,837 4,813 3,037 8,172 – 20,914 Equities 52,059 52,059 14,835 26,410 19,436 10,698 24,767 52,059 148,205 Fair value through other comprehensive income (2) Debt issued or guaranteed by: Canadian government Federal Amortized cost 780 1,010 1,024 745 522 – 4,081 Fair value 778 1,009 1,012 635 347 – 3,781 Yield (4) 2.3% 2.3% 2.8% 1.6% 3.1% – 2.4% Provincial and municipal Amortized cost 237 215 616 56 1,561 – 2,685 Fair value 237 216 616 56 999 – 2,124 Yield (4) 2.0% 2.7% 2.0% 3.8% 4.1% – 3.0% U.S. federal, state, municipal and agencies Amortized cost 802 2,613 13,586 9,104 19,929 – 46,034 Fair value 802 2,615 13,554 9,061 18,326 – 44,358 Yield (4) 4.9% 0.4% 1.9% 3.4% 3.0% – 2.6% Other OECD government Amortized cost 1,105 642 3,406 1 – – 5,154 Fair value 1,105 642 3,396 1 – – 5,144 Yield (4) 2.4% 1.2% 1.7% 4.4% – – 1.8% Mortgage-backed securities Amortized cost – – – 41 2,944 – 2,985 Fair value – – – 37 2,851 – 2,888 Yield (4) – – – 4.5% 4.7% – 4.7% Asset-backed securities Amortized cost – – 46 6,331 1,911 – 8,288 Fair value – – 46 6,172 1,830 – 8,048 Yield (4) – – 4.6% 5.3% 5.4% – 5.3% Corporate debt and other debt Amortized cost 5,922 4,793 12,420 2,666 51 – 25,852 Fair value 5,919 4,792 12,307 2,656 46 – 25,720 Yield (4) 3.2% 2.8% 2.6% 3.1% 5.1% – 2.8% Equities Cost 551 551 Fair value (5) 828 828 Amortized cost 8,846 9,273 31,098 18,944 26,918 551 95,630 Fair value 8,841 9,274 30,931 18,618 24,399 828 92,891 Amortized cost (2) Debt issued or guaranteed by: Canadian government 929 1,734 16,655 6,101 – – 25,419 Yield (4) 2.4% 2.8% 2.0% 2.3% – – 2.1% U.S. federal, state, municipal and agencies 161 784 3,885 3,784 25,518 – 34,132 Yield (4) 4.4% 3.0% 1.7% 2.3% 2.4% – 2.3% Other OECD government 235 1,574 3,645 64 – – 5,518 Yield (4) 1.3% 1.3% 1.9% 1.3% – – 1.7% Asset-backed securities – – 573 135 3 – 711 Yield (4) – – 3.0% 3.5% 1.5% – 3.1% Corporate debt and other debt 574 2,434 7,574 741 24 – 11,347 Yield (4) 0.8% 1.7% 2.6% 2.4% 4.9% – 2.0% Amortized cost, net of allowance 1,899 6,526 32,332 10,825 25,545 – 77,127 Fair value 1,899 6,455 30,579 9,433 21,707 – 70,073 Total carrying value of securities $ 25,575 $ 42,210 $ 82,699 $ 40,141 $ 74,711 $ 52,887 $ 318,223 (1) Actual maturities may differ from contractual maturities shown above as borrowers may have the right to extend or prepay obligations with or without penalties. (2) Trading securities and FVOCI securities are recorded at fair value. Amortized cost securities, included in Investment securities, are recorded at amortized cost and presented net of allowance for credit losses. (3) Primarily composed of corporate debt, supra-national debt, and commercial paper. (4) The weighted average yield is derived using the contractual interest rate and the carrying value at the end of the year for the respective securities. (5) Certain equity securities that are not held-for-trading purposes are designated as FVOCI. |
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 October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Cost/ Gross Gross Fair value Cost/ Gross Gross Fair Debt issued or guaranteed by: Canadian government Federal $ 6,609 $ 1 $ (351 ) $ 6,259 $ 4,081 $ 1 $ (301 ) $ 3,781 Provincial and municipal 3,396 2 (650 ) 2,748 2,685 6 (567 ) 2,124 U.S. federal, state, municipal and agencies 75,326 343 (2,374 ) 73,295 46,034 343 (2,019 ) 44,358 Other OECD government 6,200 1 (9 ) 6,192 5,154 7 (17 ) 5,144 Mortgage-backed securities 2,762 – (61 ) 2,701 2,985 1 (98 ) 2,888 Asset-backed securities CDO 8,308 3 (46 ) 8,265 7,741 3 (220 ) 7,524 Non-CDO securities 444 2 (5 ) 441 547 – (23 ) 524 Corporate debt and other debt 27,774 44 (95 ) 27,723 25,852 51 (183 ) 25,720 Equities 493 357 (8 ) 842 551 284 (7 ) 828 $ 131,312 $ 753 $ (3,599 ) $ 128,466 $ 95,630 $ 696 $ (3,435 ) $ 92,891 (1) Excludes $91,113 million of held-to-collect securities as at October 31, 2023 that are carried at amortized cost, net of allowance for credit losses (October 31, 2022 – $77,127 million). (2) Gross unrealized gains and losses includes $(33) million of allowance for credit losses on debt securities at FVOCI as at October 31, 2023 (October 31, 2022 – $(19) million) recognized in income and Other components of equity. |
Summary of Allowance for credit losses - Securities at Amortized Cost | Allowance for credit losses – securities at FVOCI (1) For the year ended October 31, 2023 October 31, 2022 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 $ 3 $ 1 $ (23 ) $ (19 ) $ 2 $ 1 $ (12 ) $ (9 ) Provision for credit losses Transfers to stage 1 1 (1 ) – – 1 (1 ) – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 7 – – 7 3 – – 3 Sales and maturities (2 ) – – (2 ) (1 ) – – (1 ) Changes in risk, parameters and exposures (5 ) – (17 ) (22 ) (2 ) 1 (10 ) (11 ) Exchange rate and other – – 3 3 – – (1 ) (1 ) Balance at end of period $ 4 $ – $ (37 ) $ (33 ) $ 3 $ 1 $ (23 ) $ (19 ) (1) Expected credit losses on debt securities at FVOCI are not separately recognized on the Consolidated Balance Sheets 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 year ended October 31, 2023 October 31, 2022 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 $ 8 $ 14 $ – $ 22 $ 5 $ 18 $ – $ 23 Provision for credit losses Transfers to stage 1 – – – – – – – – Transfers to stage 2 – – – – – – – – Transfers to stage 3 – – – – – – – – Purchases 10 – – 10 11 – – 11 Sales and maturities (1 ) – – (1 ) (1 ) – – (1 ) Changes in risk, parameters and exposures (9 ) – – (9 ) (7 ) (6 ) – (13 ) Exchange rate and other – 1 – 1 – 2 – 2 Balance at end of period $ 8 $ 15 $ – $ 23 $ 8 $ 14 $ – $ 22 |
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 Management’s Discussion and Analysis. As at October 31, 2023 October 31, 2022 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 $ 126,732 $ 1 $ – $ 126,733 $ 91,177 $ 56 $ – $ 91,233 Non-investment grade 742 – – 742 680 – – 680 Impaired – – 149 149 – – 150 150 127,474 1 149 127,624 91,857 56 150 92,063 Items not subject to impairment (2) 842 828 $ 128,466 $ 92,891 Securities at amortized cost Investment grade $ 89,947 $ – $ – $ 89,947 $ 76,035 $ – $ – $ 76,035 Non-investment grade 990 199 – 1,189 898 216 – 1,114 Impaired – – – – – – – – 90,937 199 – 91,136 76,933 216 – 77,149 Allowance for credit losses 8 15 – 23 8 14 – 22 $ 90,929 $ 184 $ – $ 91,113 $ 76,925 $ 202 $ – $ 77,127 (1) Reflects $149 million of purchased credit impaired securities (October 31, 2022 – $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) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Loans by geography and portfolio net of allowance | Loans by geography and portfolio net of allowance As at October 31, 2023 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 397,605 $ 33,683 $ 3,213 $ 434,501 $ (481 ) $ 434,020 Personal 79,705 15,751 3,278 98,734 (1,145 ) 97,589 Credit cards (3) 22,140 624 271 23,035 (1,013 ) 22,022 Small business (4) 13,681 – – 13,681 (180 ) 13,501 Wholesale (2), (5) 121,762 119,067 46,997 287,826 (2,185 ) 285,641 Total loans $ 634,893 $ 169,125 $ 53,759 $ 857,777 $ (5,004 ) $ 852,773 Undrawn loan commitments – Retail 277,863 5,054 3,173 286,090 (152 ) Undrawn loan commitments – Wholesale 128,967 247,881 84,633 461,481 (136 ) As at October 31, 2022 (Millions of Canadian dollars) Canada United Other Total Allowance for (1) Total net Retail (2) Residential mortgages $ 383,797 $ 31,956 $ 3,043 $ 418,796 $ (432 ) $ 418,364 Personal 79,422 14,888 3,399 97,709 (856 ) 96,853 Credit cards (3) 19,778 558 241 20,577 (849 ) 19,728 Small business (4) 12,669 – – 12,669 (181 ) 12,488 Wholesale (2), (5) 108,916 114,795 50,256 273,967 (1,435 ) 272,532 Total loans $ 604,582 $ 162,197 $ 56,939 $ 823,718 $ (3,753 ) $ 819,965 Undrawn loan commitments – Retail 258,115 4,630 2,212 264,957 (243 ) Undrawn loan commitments – Wholesale 118,928 225,113 81,194 425,235 (135 ) (1) Excludes allowance for loans measured at FVOCI of $6 million (October 31, 2022 – $5 million). (2) Geographic information is based on residence of the borrower. (3) The credit cards business is managed as a single portfolio and includes both consumer and business cards. (4) Includes small business exposure managed on a pooled basis. (5) Includes small business exposure managed on an individual client basis. |
Loans maturity and rate sensitivity | Loans maturity and rate sensitivity As at October 31, 2023 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail $ 276,720 $ 249,210 $ 44,021 $ 569,951 $ 183,604 $ 378,656 $ 7,691 $ 569,951 Wholesale 236,126 39,358 12,342 287,826 53,655 232,024 2,147 287,826 Total loans $ 512,846 $ 288,568 $ 56,363 $ 857,777 $ 237,259 $ 610,680 $ 9,838 $ 857,777 Allowance for loan losses (5,004 ) (5,004 ) Total loans net of allowance for loan losses $ 852,773 $ 852,773 As at October 31, 2022 Maturity term (1) Rate sensitivity (Millions of Canadian dollars) Under 1 (2) 1 to 5 Over 5 Total Floating Fixed Non-rate- Total Retail $ 277,302 $ 226,793 $ 45,656 $ 549,751 $ 199,414 $ 342,087 $ 8,250 $ 549,751 Wholesale 226,813 35,802 11,352 273,967 46,660 225,123 2,184 273,967 Total loans $ 504,115 $ 262,595 $ 57,008 $ 823,718 $ 246,074 $ 567,210 $ 10,434 $ 823,718 Allowance for loan losses (3,753 ) (3,753 ) Total loans net of allowance for loan losses $ 819,965 $ 819,965 (1) Generally, based on the earlier of contractual repricing or maturity date. (2) Includes variable rate loans that can be repriced at the clients’ discretion without penalty. |
Disclosure of Allowance for Credit Losses | Allowance for credit losses For the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Balance at Provision Net write-offs Exchange Balance Balance at Provision Net write-offs (1) Exchange Balance Retail Residential mortgages $ 432 $ 74 $ (17 ) $ (8 ) $ 481 $ 416 $ 27 $ (24 ) $ 13 $ 432 Personal 1,043 593 (404 ) (4 ) 1,228 1,079 211 (248 ) 1 1,043 Credit cards 893 636 (460 ) – 1,069 875 348 (332 ) 2 893 Small business 194 43 (39 ) (4 ) 194 177 31 (23 ) 9 194 Wholesale 1,574 1,145 (293 ) (100 ) 2,326 1,797 (90 ) (136 ) 3 1,574 Customers’ liability under 45 5 – – 50 75 (30 ) – – 45 $ 4,181 $ 2,496 $ (1,213 ) $ (116 ) $ 5,348 $ 4,419 $ 497 $ (763 ) $ 28 $ 4,181 Presented as: Allowance for loan losses $ 3,753 $ 5,004 $ 4,089 $ 3,753 Other liabilities – Provisions 378 288 241 378 Customers’ liability under acceptances 45 50 75 45 Other components of equity 5 6 14 5 (1) Loans written-off are generally subject to continued collection efforts for a period of time following write-off. The contractual amount outstanding on loans written-off during the year ended October 31, 2023 that are no longer subject to enforcement activity was $139 million (October 31, 2022 – $53 million). |
Summary of Allowance for Credit Losses by Stage, for Each Major Product Category | Allowance for credit losses – Retail and wholesale loans For the year ended October 31, 2023 October 31, 2022 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 $ 235 $ 65 $ 132 $ 432 $ 186 $ 92 $ 138 $ 416 Provision for credit losses Model changes – – – – (21 ) 10 – (11 ) Transfers to stage 1 95 (95 ) – – 113 (98 ) (15 ) – Transfers to stage 2 (26 ) 38 (12 ) – (14 ) 23 (9 ) – Transfers to stage 3 (2 ) (13 ) 15 – (2 ) (25 ) 27 – Originations 89 – – 89 159 – – 159 Maturities (17 ) (9 ) – (26 ) (23 ) (9 ) – (32 ) Changes in risk, parameters and exposures (152 ) 103 60 11 (167 ) 68 10 (89 ) Write-offs – – (30 ) (30 ) – – (38 ) (38 ) Recoveries – – 13 13 – – 14 14 Exchange rate and other 1 1 (10 ) (8 ) 4 4 5 13 Balance at end of period $ 223 $ 90 $ 168 $ 481 $ 235 $ 65 $ 132 $ 432 Personal Balance at beginning of period $ 285 $ 661 $ 97 $ 1,043 $ 422 $ 569 $ 88 $ 1,079 Provision for credit losses Model changes – – – – (3 ) – – (3 ) Transfers to stage 1 696 (695 ) (1 ) – 609 (607 ) (2 ) – Transfers to stage 2 (88 ) 90 (2 ) – (120 ) 121 (1 ) – Transfers to stage 3 (1 ) (57 ) 58 – (2 ) (47 ) 49 – Originations 103 – – 103 106 – – 106 Maturities (45 ) (112 ) – (157 ) (70 ) (99 ) – (169 ) Changes in risk, parameters and exposures (671 ) 906 412 647 (660 ) 724 213 277 Write-offs – – (518 ) (518 ) – – (374 ) (374 ) Recoveries – – 114 114 – – 126 126 Exchange rate and other 1 – (5 ) (4 ) 3 – (2 ) 1 Balance at end of period $ 280 $ 793 $ 155 $ 1,228 $ 285 $ 661 $ 97 $ 1,043 Credit cards Balance at beginning of period $ 177 $ 716 $ – $ 893 $ 233 $ 642 $ – $ 875 Provision for credit losses Model changes – – – – (2 ) – – (2 ) Transfers to stage 1 539 (539 ) – – 495 (495 ) – – Transfers to stage 2 (101 ) 101 – – (95 ) 95 – – Transfers to stage 3 (2 ) (394 ) 396 – (2 ) (325 ) 327 – Originations 13 – – 13 10 – – 10 Maturities (6 ) (33 ) – (39 ) (5 ) (29 ) – (34 ) Changes in risk, parameters and exposures (417 ) 1,015 64 662 (458 ) 826 6 374 Write-offs – – (650 ) (650 ) – – (503 ) (503 ) Recoveries – – 190 190 – – 171 171 Exchange rate and other – – – – 1 2 (1 ) 2 Balance at end of period $ 203 $ 866 $ – $ 1,069 $ 177 $ 716 $ – $ 893 Small business Balance at beginning of period $ 73 $ 73 $ 48 $ 194 $ 88 $ 55 $ 34 $ 177 Provision for credit losses Model changes – – – – – – – – Transfers to stage 1 39 (39 ) – – 27 (27 ) – – Transfers to stage 2 (14 ) 14 – – (17 ) 17 – – Transfers to stage 3 (1 ) (10 ) 11 – (1 ) (4 ) 5 – Originations 36 – – 36 32 – – 32 Maturities (18 ) (21 ) – (39 ) (22 ) (24 ) – (46 ) Changes in risk, parameters and exposures (48 ) 44 50 46 (43 ) 50 38 45 Write-offs – – (50 ) (50 ) – – (32 ) (32 ) Recoveries – – 11 11 – – 9 9 Exchange rate and other 3 5 (12 ) (4 ) 9 6 (6 ) 9 Balance at end of period $ 70 $ 66 $ 58 $ 194 $ 73 $ 73 $ 48 $ 194 Wholesale Balance at beginning of period $ 597 $ 585 $ 392 $ 1,574 $ 566 $ 794 $ 437 $ 1,797 Provision for credit losses Model changes – – – – (14 ) (3 ) – (17 ) Transfers to stage 1 216 (215 ) (1 ) – 415 (411 ) (4 ) – Transfers to stage 2 (87 ) 89 (2 ) – (78 ) 80 (2 ) – Transfers to stage 3 (10 ) (60 ) 70 – (3 ) (62 ) 65 – Originations 651 – – 651 641 – – 641 Maturities (448 ) (270 ) – (718 ) (439 ) (345 ) – (784 ) Changes in risk, parameters and exposures (153 ) 647 718 1,212 (504 ) 503 71 70 Write-offs – – (324 ) (324 ) – – (202 ) (202 ) Recoveries – – 31 31 – – 66 66 Exchange rate and other 8 9 (117 ) (100 ) 13 29 (39 ) 3 Balance at end of period $ 774 $ 785 $ 767 $ 2,326 $ 597 $ 585 $ 392 $ 1,574 |
Impact of Staging on ACL | The following table illustrates the impact of staging on our ACL by comparing our allowance if all performing loans were in Stage 1 to the actual ACL recorded on these assets. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) ACL – All performing Impact of Stage 1 and 2 ACL – All performing Impact of Stage 1 and 2 Performing loans (1) $ 2,893 $ 1,257 $ 4,150 $ 2,373 $ 1,094 $ 3,467 (1) Represents loans and commitments in Stage 1 and Stage 2. |
Credit Risk Exposure by Internal Risk Rating | 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 Management’s Discussion and Analysis. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (1) Total Retail Loans outstanding – Residential mortgages Low risk $ 349,001 $ 1,630 $ – $ 350,631 $ 340,716 $ 2,573 $ – $ 343,289 Medium risk 19,126 1,610 – 20,736 15,035 1,932 – 16,967 High risk 1,582 4,927 – 6,509 1,188 3,125 – 4,313 Not rated (2) 54,247 1,220 – 55,467 51,915 1,304 – 53,219 Impaired – – 682 682 – – 560 560 423,956 9,387 682 434,025 408,854 8,934 560 418,348 Items not subject to impairment (3) 476 448 Total $ 434,501 $ 418,796 Loans outstanding – Personal Low risk $ 75,572 $ 1,676 $ – $ 77,248 $ 73,339 $ 2,575 $ – $ 75,914 Medium risk 5,587 2,915 – 8,502 5,482 3,780 – 9,262 High risk 477 2,088 – 2,565 836 1,660 – 2,496 Not rated (2) 9,982 157 – 10,139 9,733 104 – 9,837 Impaired – – 280 280 – – 200 200 Total $ 91,618 $ 6,836 $ 280 $ 98,734 $ 89,390 $ 8,119 $ 200 $ 97,709 Loans outstanding – Credit cards Low risk $ 16,331 $ 135 $ – $ 16,466 $ 15,088 $ 83 $ – $ 15,171 Medium risk 1,771 2,132 – 3,903 1,418 1,911 – 3,329 High risk 41 1,734 – 1,775 39 1,255 – 1,294 Not rated (2) 856 35 – 891 751 32 – 783 Total $ 18,999 $ 4,036 $ – $ 23,035 $ 17,296 $ 3,281 $ – $ 20,577 Loans outstanding – Small business Low risk $ 8,641 $ 920 $ – $ 9,561 $ 8,571 $ 838 $ – $ 9,409 Medium risk 2,238 936 – 3,174 1,512 1,130 – 2,642 High risk 99 592 – 691 102 375 – 477 Not rated (2) 11 – – 11 3 – – 3 Impaired – – 244 244 – – 138 138 Total $ 10,989 $ 2,448 $ 244 $ 13,681 $ 10,188 $ 2,343 $ 138 $ 12,669 Undrawn loan commitments – Retail Low risk $ 266,209 $ 610 $ – $ 266,819 $ 247,620 $ 1,041 $ – $ 248,661 Medium risk 10,759 298 – 11,057 9,021 246 – 9,267 High risk 956 434 – 1,390 876 367 – 1,243 Not rated (2) 6,686 138 – 6,824 5,668 118 – 5,786 Total $ 284,610 $ 1,480 $ – $ 286,090 $ 263,185 $ 1,772 $ – $ 264,957 Wholesale – Loans outstanding Investment grade $ 89,037 $ 416 $ – $ 89,453 $ 88,513 $ 202 $ – $ 88,715 Non-investment grade 156,211 19,210 – 175,421 145,908 15,758 – 161,666 Not rated (2) 10,968 238 – 11,206 11,789 360 – 12,149 Impaired – – 2,498 2,498 – – 1,301 1,301 Items not subject to impairment (3) 9,248 10,136 Total $ 287,826 $ 273,967 Undrawn loan commitments –Wholesale Investment grade $ 312,178 $ 186 $ – $ 312,364 $ 284,481 $ 179 $ – $ 284,660 Non-investment grade 130,994 13,947 – 144,941 126,225 10,657 – 136,882 Not rated (2) 4,176 – – 4,176 3,692 1 – 3,693 Total $ 447,348 $ 14,133 $ – $ 461,481 $ 414,398 $ 10,837 $ – $ 425,235 (1) As at October 31, 2023, 88% of credit-impaired loans were either fully or partially collateralized (October 31, 2022 – 88%). For details on the types of collateral held against credit-impaired assets and our policies on collateral, refer to the Credit risk mitigation section of Management’s Discussion and Analysis. (2) In certain cases where an internal risk rating is not assigned, we use other approved credit risk assessments or rating methodologies, policies and tools to manage our credit risk. (3) 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), (2) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) 30 to 89 days 90 days Total 30 to 89 days 90 days Total Retail $ 1,840 $ 208 $ 2,048 $ 1,328 $ 168 $ 1,496 Wholesale 1,823 49 1,872 1,279 2 1,281 $ 3,663 $ 257 $ 3,920 $ 2,607 $ 170 $ 2,777 (1) Excludes loans less than 30 days past due as they are not generally representative of the borrowers’ ability to meet their payment obligations. (2) 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. |
Derecognition of financial as_2
Derecognition of financial assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Carrying Amount and Fair Value of Transferred Assets Did Not Qualify for Derecognition | The following table provides information on the carrying amount and fair value of the transferred assets that did not qualify for derecognition, and their associated liabilities. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Canadian (1), (2) Securities (3) Securities (3) Total Canadian (1), (2) Securities (3) Securities (3) Total Carrying amount of transferred assets that do not qualify for derecognition $ 28,312 $ 313,558 $ 21,680 $ 363,550 $ 32,812 $ 258,615 $ 15,332 $ 306,759 Carrying amount of associated liabilities 28,007 313,558 21,680 363,245 32,177 258,615 15,332 306,124 Fair value of transferred assets $ 26,472 $ 313,558 $ 21,680 $ 361,710 $ 31,174 $ 258,615 $ 15,332 $ 305,121 Fair value of associated liabilities 26,780 313,558 21,680 362,018 30,900 258,615 15,332 304,847 Fair value of net position $ (308 ) $ – $ – $ (308 ) $ 274 $ – $ – $ 274 (1) Includes Canadian residential mortgage loans transferred primarily to Canada Housing Trust at the initial securitization and other permitted investments used for funding requirements after the initial securitization. (2) CMB investors have legal recourse only to the transferred assets, and do not have recourse to our general assets. (3) Does not include over-collateralization of assets pledged. |
Structured entities (Tables)
Structured entities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities | The following table presents the assets and liabilities recorded on our Consolidated Balance Sheets and our maximum exposure to loss related to our interests in unconsolidated structured entities. It also presents the size of each class of unconsolidated structured entity, as measured by the total assets of the entities in which we have an interest. As at October 31, 2023 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance sheet assets Securities $ 4 $ – $ 2,411 $ – $ 743 $ 3,158 Loans – 5,790 – 8,451 2,403 16,644 Derivatives 2 – 26 – 91 119 Other assets – – – – 365 365 $ 6 $ 5,790 $ 2,437 $ 8,451 $ 3,602 $ 20,286 On-balance sheet liabilities Deposits $ – $ – $ – $ – $ 166 $ 166 Derivatives 245 – 1 – – 246 Other liabilities – – – – 7 7 $ 245 $ – $ 1 $ – $ 173 $ 419 Maximum exposure to loss (2) $ 54,715 $ 10,580 $ 3,068 $ 14,863 $ 5,595 $ 88,821 Total assets of unconsolidated structured entities $ 53,641 $ 31,037 $ 440,924 $ 81,028 $ 461,919 $ 1,068,549 As at October 31, 2022 (Millions of Canadian dollars) Multi-seller (1) Structured Non-RBC Third-party Other Total On-balance sheet assets Securities $ 255 $ – $ 3,089 $ – $ 595 $ 3,939 Loans – 5,334 – 8,494 2,487 16,315 Derivatives 25 – – – 100 125 Other assets – 6 – – 568 574 $ 280 $ 5,340 $ 3,089 $ 8,494 $ 3,750 $ 20,953 On-balance sheet liabilities Deposits $ – $ – $ – $ – $ – $ – Derivatives 171 – – – – 171 Other liabilities – – – – – – $ 171 $ – $ – $ – $ – $ 171 Maximum exposure to loss (2) $ 48,260 $ 8,658 $ 3,758 $ 14,339 $ 5,523 $ 80,538 Total assets of unconsolidated structured entities $ 47,289 $ 26,543 $ 548,320 $ 64,361 $ 554,573 $ 1,241,086 (1) Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $37 billion as at October 31, 2023 (October 31, 2022 – $32 billion). (2) The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance sheet assets primarily because of the notional amounts of the backstop liquidity and credit enhancement facilities. Refer to Note 24 for further details. |
Derivative financial instrume_2
Derivative financial instruments and hedging activities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) | Notional amount of derivatives by term to maturity (absolute amounts) (1) As at October 31, 2023 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter contracts Interest rate contracts Forward rate agreements $ 1,008,978 $ 691,397 $ 358 $ 1,700,733 $ 1,700,733 $ – Swaps 4,220,675 6,651,849 4,418,165 15,290,689 14,169,938 1,120,751 Options purchased 162,845 420,341 166,275 749,461 749,257 204 Options written 144,138 412,239 179,532 735,909 735,562 347 Foreign exchange contracts Forward contracts 2,336,565 106,069 4,082 2,446,716 2,363,796 82,920 Cross currency swaps 30,098 88,625 74,538 193,261 189,100 4,161 Cross currency interest rate swaps 972,658 2,055,058 1,141,295 4,169,011 4,107,125 61,886 Options purchased 244,721 73,407 2,663 320,791 320,791 – Options written 254,534 71,039 2,305 327,878 327,878 – Credit derivatives (2) 11,709 108,637 114,463 234,809 234,066 743 Other contracts (3) 261,528 140,225 13,088 414,841 401,373 13,468 Exchange-traded contracts Interest rate contracts Futures – long positions 103,195 24,283 1 127,479 126,879 600 Futures – short positions 99,792 54,817 1 154,610 154,445 165 Options purchased 12,801 3 – 12,804 12,804 – Options written 11,206 1,468 – 12,674 12,674 – Foreign exchange contracts Futures – long positions 124 – – 124 124 – Other contracts 571,970 154,677 4,586 731,233 731,233 – $ 10,447,537 $ 11,054,134 $ 6,121,352 $ 27,623,023 $ 26,337,778 $ 1,285,245 As at October 31, 2022 Term to maturity (Millions of Canadian dollars) Within 1 through Over Total Trading Other than Over-the-counter contracts Interest rate contracts Forward rate agreements $ 763,398 $ 44,188 $ 353 $ 807,939 $ 806,576 $ 1,363 Swaps 4,994,006 6,934,996 4,781,148 16,710,150 16,001,414 708,736 Options purchased 100,504 577,780 151,084 829,368 829,368 – Options written 108,770 556,652 182,841 848,263 848,263 – Foreign exchange contracts Forward contracts 2,187,124 86,136 2,648 2,275,908 2,230,901 45,007 Cross currency swaps 87,942 67,345 82,659 237,946 233,617 4,329 Cross currency interest rate swaps 518,244 1,572,490 879,541 2,970,275 2,918,063 52,212 Options purchased 58,075 18,061 3,199 79,335 79,335 – Options written 62,266 16,623 3,274 82,163 82,163 – Credit derivatives (2) 1,143 35,621 6,751 43,515 42,785 730 Other contracts (3) 228,709 93,431 19,392 341,532 327,860 13,672 Exchange-traded contracts Interest rate contracts Futures – long positions 148,032 50,869 – 198,901 197,251 1,650 Futures – short positions 233,941 98,763 65 332,769 332,320 449 Options purchased 56,353 12,173 – 68,526 68,526 – Options written 16,394 6,168 – 22,562 22,562 – Foreign exchange contracts Futures – long positions 164 – – 164 164 – Other contracts 539,103 89,147 2,094 630,344 630,344 – $ 10,104,168 $ 10,260,443 $ 6,115,049 $ 26,479,660 $ 25,651,512 $ 828,148 (1) The derivative notional amounts are determined using the standardized approach for measuring counterparty credit risk (SA-CCR) in accordance with the Capital Adequacy Requirements (CAR). (2) Credit derivatives with a notional value of $1 billion (October 31, 2022 – $1 billion) are economic hedges. Trading credit derivatives comprise protection purchased of $119 billion (October 31, 2022 – $26 billion) and protection sold of $115 billion (October 31, 2022 – $17 billion). (3) Other contracts exclude loan underwriting commitments of $2 billion (October 31, 2022 – $6 billion), which are not classified as derivatives under CAR guidelines. |
Summary of Fair Value of Derivative Instruments | Fair value of derivative instruments (1) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Positive Negative Positive Negative Held or issued for trading purposes Interest rate contracts Forward rate agreements $ 76 $ 24 $ 77 $ 25 Swaps 26,320 22,965 25,690 21,608 Options purchased 11,230 – 12,056 – Options written – 11,776 – 12,201 37,626 34,765 37,823 33,834 Foreign exchange contracts Forward contracts 22,972 22,655 37,734 37,631 Cross currency swaps 7,370 5,815 8,680 9,087 Cross currency interest rate swaps 55,268 46,550 49,758 38,230 Options purchased 2,623 – 2,623 – Options written – 1,790 – 2,571 88,233 76,810 98,795 87,519 Credit derivatives 175 176 388 125 Other contracts 16,319 20,865 18,474 21,084 142,353 132,616 155,480 142,562 Held or issued for other-than-trading purposes Interest rate contracts Swaps 1,907 7,436 2,244 6,880 1,907 7,436 2,244 6,880 Foreign exchange contracts Forward contracts 860 509 268 237 Cross currency swaps – – – 22 Cross currency interest rate swaps 555 4,484 374 6,677 1,415 4,993 642 6,936 Credit derivatives 49 – – – Other contracts 71 109 313 273 3,442 12,538 3,199 14,089 Total gross fair values before: 145,795 145,154 158,679 156,651 Valuation adjustments determined on a pooled basis (1,801 ) (981 ) (2,055 ) (975 ) Impact of netting agreements that qualify for balance sheet offset (1,544 ) (1,544 ) (2,185 ) (2,185 ) $ 142,450 $ 142,629 $ 154,439 $ 153,491 (1) The fair value reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Fair Value of Derivative Instruments by Term to Maturity | Fair value of derivative instruments by term to maturity (1) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Less than 1 through Over Total Less than 1 through Over Total Derivative assets $ 46,148 52,165 44,137 $ 142,450 $ 56,050 56,792 41,597 $ 154,439 Derivative liabilities 47,707 51,690 43,232 142,629 58,504 54,361 40,626 153,491 (1) The fair value reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Disclosure of detailed information about hedging items | Interest rate benchmark reform (1) We use interest rate contracts in fair value hedges and cash flow hedges to manage our exposure to interest rate risk from our existing and/or forecast assets and liabilities. We also use foreign denominated deposit liabilities in net investment hedges to manage the foreign exchange risk arising from our investments in foreign operations. The hedging instruments designated to manage these risks reference IBORs in multiple jurisdictions and will be affected by the Reform as the markets transition to ABRs as discussed in Note 2. The following table presents the notional or principal amount of our hedging instruments which reference IBORs and are affected by the Reform as discussed in Note 2. The notional or principal amounts of our hedging instruments also approximates the extent of the risk exposure we manage through hedging relationships: As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Notional/Principal Notional/Principal Interest rate contracts USD LIBOR $ – $ 40,208 CDOR 115,048 114,159 Total Return Swaps CDOR 736 801 Non-derivative instruments USD LIBOR – 237 $ 115,784 $ 155,405 (1) Excludes interest rate contracts and non-derivative instruments which reference rates in multi-rate jurisdictions, including EURO Interbank Offered Rate and Australian Bank Bill Swap Rate (BBSW). |
Summary of Derivative-related Credit Risk | Derivative-related credit risk (1) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Replacement Credit Risk-weighted (2) Replacement Credit Risk-weighted (2) Over-the-counter contracts Interest rate contracts Forward rate agreements $ 58 $ 94 $ 6 $ 46 $ 76 $ 5 Swaps 9,613 24,448 3,721 9,699 21,698 5,187 Options purchased 610 1,547 353 108 426 119 Options written 123 564 152 15 543 164 Foreign exchange contracts Forward contracts 5,655 27,862 5,611 8,772 29,565 5,940 Swaps 4,261 21,483 4,274 6,072 22,188 4,556 Options purchased 841 1,742 383 536 1,111 340 Options written 95 441 109 28 313 86 Credit derivatives 356 1,834 219 299 766 114 Other contracts 1,933 16,002 4,929 5,196 20,457 7,520 Exchange-traded contracts 7,186 16,191 324 11,098 19,870 397 $ 30,731 $ 112,208 $ 20,081 $ 41,869 $ 117,013 $ 24,428 (1) The amounts presented are net of master netting agreements in accordance with CAR guidelines. (2) The risk-weighted balances are calculated in accordance with CAR guidelines and exclude CVA of $13 billion (October 31, 2022 – $16 billion). |
Summary of Replacement Cost of Derivative Instruments by Risk Rating and by Counterparty Type | Replacement cost of derivative instruments by risk rating and by counterparty type As at October 31, 2023 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 36,224 $ 70,010 $ 28,956 $ 10,605 $ 145,795 $ 69,841 $ 20,268 $ 55,686 $ 145,795 Impact of master netting agreements and applicable margins 24,025 60,556 22,765 7,718 115,064 68,151 20,237 26,676 115,064 Replacement cost (after netting agreements) $ 12,199 $ 9,454 $ 6,191 $ 2,887 $ 30,731 $ 1,690 $ 31 $ 29,010 $ 30,731 As at October 31, 2022 Risk rating (1) Counterparty type (2) (Millions of Canadian dollars) AAA, AA A BBB BB or lower Total Banks OECD Other Total Gross positive fair values $ 39,001 $ 72,983 $ 29,690 $ 17,005 $ 158,679 $ 73,616 $ 22,727 $ 62,336 $ 158,679 Impact of master netting agreements and applicable margins 21,552 62,614 21,818 10,826 116,810 71,582 22,597 22,631 116,810 Replacement cost (after netting agreements) $ 17,449 $ 10,369 $ 7,872 $ 6,179 $ 41,869 $ 2,034 $ 130 $ 39,705 $ 41,869 (1) Our internal risk ratings of AAA, AA, A and BBB represent investment grade ratings and ratings of BB or lower represent non-investment grade ratings, as outlined in the internal ratings maps in the Credit risk section of Management’s Discussion and Analysis. (2) Counterparty type is defined in accordance with CAR guidelines. |
Summary of Fair Values of Derivative and Non-derivative Instruments Categorized by Hedging Relationships | As at October 31, 2023 October 31, 2022 Designated as hedging instruments Not designated in a hedging relationship Designated as hedging instruments Not designated in a hedging relationship (Millions of Canadian dollars) Fair value Cash flow Net investment Fair value Cash flow Net investment Assets Derivative instruments $ 156 $ 19 $ 13 $ 142,262 $ 247 $ 57 $ 36 $ 154,099 Liabilities Derivative instruments 50 100 409 142,070 27 – 126 153,338 Non-derivative instruments – – 25,427 n.a. – – 25,798 n.a. (1) The fair value reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. n.a. not applicable |
Summary of Items Designated as Hedging Instruments | The following tables present the details of the hedged items categorized by their hedging relationships: Fair value hedges – Assets and liabilities designated as hedged items As at and for the year ended October 31, 2023 Carrying amount Accumulated amount of fair (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Consolidated Balance Sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 86,734 $ – $ (3,911 ) $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ (1,445 ) Fixed rate liabilities (1) – 102,535 – (6,340 ) Deposits Deposits – Bank 276 As at and for the year ended October 31, 2022 Carrying amount Accumulated amount of fair value adjustments on the hedged item included in the (Millions of Canadian dollars) Assets Liabilities Assets Liabilities Consolidated Balance Sheet items: Changes in fair Interest rate risk Fixed rate assets (1) $ 52,216 $ – $ (3,285 ) $ – Securities applicable allowance; Loans – Retail; Loans – Wholesale $ (3,695 ) Fixed rate liabilities (1) – 86,738 – (5,924 ) Deposits Deposits – Bank 5,742 (1) As at October 31, 2023, the accumulated amount of fair value hedge adjustments remaining on our Consolidated Balance Sheets for hedged items that have ceased to be adjusted for hedging gains and losses is a of loss of $539 million for fixed rate as s Cash flow and net investment hedges – Assets and as As at and for the year ended October 31, 2023 Changes in fair Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Consolidated Balance Sheet items: Continuing hedges Discontinued hedges Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail; $ 2,248 $ (2,115 ) $ (3,126 ) Interest bearing deposits with banks; Assets purchased under reverse repurchase agreements and securities borrowed Variable rate liabilities Deposits – Business and government; (2,558 ) 3,535 5,607 Obligations related to assets sold under repurchase agreements and securities loaned Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance 50 – – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. 1,513 (7,297 ) (382 ) As at and for the year ended October 31, 2022 Consolidated Balance Sheet items: Changes in fair values used for Cash flow hedge/foreign currency translation reserve (Millions of Canadian dollars) Continuing hedges Discontinued Cash flow hedges Interest rate risk Variable rate assets Securities – Investment, net of applicable allowance; Loans – Retail; $ 4,720 $ (1,777 ) $ (2,668 ) Interest bearing deposits with banks; Assets purchased under reverse repurchase agreements and securities borrowed Variable rate liabilities Deposits (6,895 ) 5,471 2,231 Deposits – Personal; Obligations related to assets sold under repurchase agreements and securities loaned Foreign exchange risk Fixed rate assets Securities – Investment, net of applicable allowance (17 ) 7 – Net investment hedges Foreign exchange risk Foreign subsidiaries n.a. 1,927 (5,936 ) (421 ) n.a. not applicable Effectiveness of designated hedging relationships For the year ended October 31, 2023 (Millions of Canadian dollars) Change in fair value Hedge (1) Changes in the value of Amount reclassified Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ 1,385 $ (60 ) n.a. n.a. Interest rate contracts – fixed rate liabilities (205 ) 71 n.a. n.a. Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets (2,232 ) 7 $ (3,930 ) $ (3,121 ) Interest rate contracts – variable rate liabilities 2,416 (11 ) 4,498 3,045 Foreign exchange risk Cross currency swap – fixed rate assets (50 ) – (44 ) (37 ) Net investment hedges Foreign exchange risk Foreign currency liabilities (684 ) – (684 ) – Forward contracts (828 ) – (828 ) (191 ) For the year ended October 31, 2022 (Millions of Canadian dollars) Change in fair value of hedging instrument Hedge ineffectiveness recognized in income (1) Changes in the value of the hedging instrument recognized in OCI Amount reclassified from hedge reserves to income Fair value hedges Interest rate risk Interest rate contracts – fixed rate assets $ 3,650 $ (45 ) n.a. n.a. Interest rate contracts – fixed rate liabilities (5,713 ) 29 n.a. n.a. Cash flow hedges Interest rate risk Interest rate contracts – variable rate assets (4,698 ) (36 ) $ (4,432 ) $ (185 ) Interest rate contracts – variable rate liabilities 6,713 37 6,673 (118 ) Foreign exchange risk Cross currency swap – fixed rate assets 17 – 23 17 Net investment hedges Foreign exchange risk Foreign currency liabilities (1,771 ) (3 ) (1,768 ) – Forward contracts (159 ) – (159 ) (23 ) (1) Hedge ineffectiveness recognized in income included gains of $3 million that are excluded from the assessment of hedge effectiveness and are offset by economic hedges (October 31, 2022 – losses of $19 million). n.a. not applicable |
Reconciliation of Components of Equity by Hedging Designation | Reconciliation of components of equity The following table provides a reconciliation by risk category of For the year ended October 31, 2023 For the year ended October 31, 2022 (Millions of Canadian dollars) Cash flow hedge Foreign currency Cash flow hedge reserve Foreign currency translation reserve Balance at the beginning of the year $ 2,394 $ 5,688 $ 566 $ 2,055 Cash flow hedges Effective portion of changes in fair value: Interest rate risk 568 2,241 Foreign exchange risk (44 ) 23 Equity price risk (119 ) (1 ) Net amount reclassified to profit or loss: Ongoing hedges: Interest rate risk (377 ) (227 ) Foreign exchange risk 37 (17 ) Equity price risk 93 (23 ) De-designated hedges: Interest rate risk 453 530 Hedges of net investment in foreign operations Foreign exchange denominated debt (684 ) (1,768 ) Forward foreign exchange contracts (828 ) (159 ) Foreign currency translation differences for foreign operations 2,164 5,085 Reclassification of losses (gains) on foreign currency translation to income (160 ) (18 ) Reclassification of losses (gains) on net investment hedging activities to income 191 23 Tax on movements on reserves during the period (249 ) 241 (698 ) 470 Balance at the end of the year $ 2,756 $ 6,612 $ 2,394 $ 5,688 |
Fair value hedges [member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Fair value hedges As at October 31, 2023 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 8,853 $ 62,948 $ 21,702 $ 93,503 $ 156 $ – Hedge of fixed rate liabilities 23,592 75,130 10,236 108,958 – 50 Weighted average fixed interest rate Hedge of fixed rate assets 4.3% 3.6% 3.2% 3.6% Hedge of fixed rate liabilities 2.1% 2.4% 2.6% 2.3% As at October 31, 2022 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of fixed rate assets $ 9,083 $ 32,173 $ 15,516 $ 56,772 $ 247 $ 3 Hedge of fixed rate liabilities 13,231 69,419 10,094 92,744 – 24 Weighted average fixed interest rate Hedge of fixed rate assets 1.1% 2.5% 2.8% 2.3% Hedge of fixed rate liabilities 1.9% 1.8% 2.0% 1.9% (1) The carrying amount reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. |
Cash flow hedges [member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Cash flow hedges As at October 31, 2023 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 63,927 $ 68,470 $ 1,097 $ 133,494 $ – $ – Hedge of variable rate liabilities 16,696 63,527 32,802 113,025 – – Weighted average fixed interest rate Hedge of variable rate assets 4.5% 3.4% 3.7% 4.0% Hedge of variable rate liabilities 4.9% 3.8% 2.8% 3.7% Foreign exchange risk Cross currency swaps $ 63 $ 916 $ – $ 979 $ 19 $ 14 Weighted average CAD-EUR exchange rate 1.48 1.44 n.a. 1.45 Weighted average CAD-USD exchange rate n.a. 1.34 n.a. 1.34 As at October 31, 2022 Notional amounts Carrying amount (1) (Millions of Canadian dollars, except average rates) Within 1 year 1 through 5 years Over 5 years Total Assets Liabilities Interest rate risk Interest rate contracts Hedge of variable rate assets $ 50,436 $ 74,726 $ 1,023 $ 126,185 $ – $ – Hedge of variable rate liabilities 6,221 42,830 24,024 73,075 – – Weighted average fixed interest rate Hedge of variable rate assets 3.3% 2.8% 2.5% 3.0% Hedge of variable rate liabilities 2.0% 1.5% 2.0% 1.7% Foreign exchange risk Cross currency swaps $ – $ 314 $ – $ 314 $ 32 $ – Weighted average CAD-EUR exchange rate n.a. 1.44 n.a. 1.44 Weighted average CAD-USD exchange rate n.a. n.a. n.a. n.a. (1) The carrying amount reflects the impact of characterizing the daily variation margin as settlement of the related derivative fair values as permitted by certain central counterparties. n.a. not applicable |
Net Investment Hedges [Member] | |
Statement [Line Items] | |
Notional Amount of Derivatives by Term to Maturity and Hedging Instrument Rates | Net investment hedges As at October 31, 2023 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 6,061 $ 14,653 $ 6,413 $ 27,127 n.a. $ 25,427 Weighted average CAD-USD exchange rate 1.28 1.29 1.33 1.30 Weighted average CAD-EUR exchange rate n.a. n.a. n.a. n.a. Weighted average CAD-GBP exchange rate – 1.71 – 1.71 Forward contracts $ 18,920 $ – $ – $ 18,920 $ 13 $ 409 Weighted average CAD-USD exchange rate 1.36 n.a. n.a. 1.36 Weighted average CAD-EUR exchange rate 1.45 n.a. n.a. 1.45 Weighted average CAD-GBP exchange rate 1.68 n.a. n.a. 1.68 As at October 31, 2022 Notional/Principal Carrying amount (Millions of Canadian dollars, except average rates) Within 1 year 1 through Over 5 years Total Assets Liabilities Foreign exchange risk Foreign currency liabilities $ 5,462 $ 20,851 $ 1,025 $ 27,338 n.a. $ 25,798 Weighted average CAD-USD exchange rate 1.31 1.28 1.28 1.29 Weighted average CAD-EUR exchange rate – 1.51 1.48 1.51 Weighted average CAD-GBP exchange rate – 1.71 – 1.71 Forward contracts $ 6,089 $ – $ – $ 6,089 $ 36 $ 126 Weighted average CAD-USD exchange rate 1.34 n.a. n.a. 1.34 Weighted average CAD-EUR exchange rate 1.36 n.a. n.a. 1.36 Weighted average CAD-GBP exchange rate 1.55 n.a. n.a. 1.55 n.a. not applicable |
Premises and equipment (Tables)
Premises and equipment (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Premises and Equipment | For the year ended October 31, 2023 Owned by the Bank (1) Right-of-use lease assets (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Buildings Equipment Total Cost Balance at beginning of period $ 141 $ 1,261 $ 1,169 $ 836 $ 2,845 $ 120 $ 5,748 $ 299 $ 12,419 Additions – – 32 12 29 511 385 80 1,049 Acquisition through business combination – – – – – – – – – Transfers from work in process – 19 246 62 187 (514 ) – – – Disposals – (53 ) (216 ) (96 ) (78 ) (2 ) (331 ) (31 ) (807 ) Foreign exchange translation 1 6 22 9 32 1 103 – 174 Other (2 ) 18 30 12 (8 ) (8 ) (12 ) (31 ) (1 ) Balance at end of period $ 140 $ 1,251 $ 1,283 $ 835 $ 3,007 $ 108 $ 5,893 $ 317 $ 12,834 Accumulated depreciation Balance at beginning of period $ – $ 627 $ 640 $ 525 $ 1,656 $ – $ 1,643 $ 114 $ 5,205 Depreciation – 51 247 91 235 – 559 92 1,275 Disposals – (50 ) (216 ) (88 ) (70 ) – (112 ) (31 ) (567 ) Foreign exchange translation – 3 16 6 16 – 31 – 72 Other – 15 36 16 26 – 28 (21 ) 100 Balance at end of period $ – $ 646 $ 723 $ 550 $ 1,863 $ – $ 2,149 $ 154 $ 6,085 Net carrying amount at end of period $ 140 $ 605 $ 560 $ 285 $ 1,144 $ 108 $ 3,744 $ 163 $ 6,749 For the year ended October 31, 2022 Owned by the Bank (1) Right-of-use lease assets (Millions of Canadian dollars) Land Buildings Computer Furniture, Leasehold Work in Buildings Equipment Total Cost Balance at beginning of period $ 145 $ 1,308 $ 1,126 $ 773 $ 2,754 $ 170 $ 5,394 $ 308 $ 11,978 Additions – – 24 3 28 397 270 138 860 Acquisition through business combination – – 4 1 6 1 55 – 67 Transfers from work in process – 15 195 49 206 (465 ) – – – Disposals (10 ) (83 ) (195 ) (5 ) (205 ) (1 ) (153 ) (146 ) (798 ) Foreign exchange translation 7 24 17 15 67 6 58 (1 ) 193 Other (1 ) (3 ) (2 ) – (11 ) 12 124 – 119 Balance at end of period $ 141 $ 1,261 $ 1,169 $ 836 $ 2,845 $ 120 $ 5,748 $ 299 $ 12,419 Accumulated depreciation Balance at beginning of period $ – $ 664 $ 584 $ 427 $ 1,589 $ – $ 1,133 $ 157 $ 4,554 Depreciation – 48 234 94 233 – 569 87 1,265 Disposals – (80 ) (192 ) (4 ) (204 ) – (106 ) (146 ) (732 ) Foreign exchange translation – 11 12 6 38 – 2 (1 ) 68 Other – (16 ) 2 2 – – 45 17 50 Balance at end of period $ – $ 627 $ 640 $ 525 $ 1,656 $ – $ 1,643 $ 114 $ 5,205 Net carrying amount at end of period $ 141 $ 634 $ 529 $ 311 $ 1,189 $ 120 $ 4,105 $ 185 $ 7,214 (1) As at October 31, 2023, we had total contractual commitments of $120 million to purchase premises and equipment (October 31, 2022 – $185 million). |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units | For the year ended October 31, 2023 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Investor Insurance Capital Total Balance at beginning of period $ 2,574 $ 1,759 $ 589 $ 1,928 $ 3,027 $ 1,042 $ 59 $ 112 $ 1,187 $ 12,277 Acquisitions 70 – – – – – – – – 70 Dispositions – – – – – – (30 ) – – (30 ) Currency translations – 32 4 88 53 82 – – 18 277 Balance at end of period $ 2,644 $ 1,791 $ 593 $ 2,016 $ 3,080 $ 1,124 $ 29 $ 112 $ 1,205 $ 12,594 For the year ended October 31, 2022 (Millions of Canadian Caribbean Canadian Global Asset U.S. Wealth International Investor (1) Insurance Capital (1) Total Balance at beginning of period $ 2,557 $ 1,600 $ 577 $ 1,964 $ 2,768 $ 115 $ 60 $ 112 $ 1,101 $ 10,854 Acquisitions 17 – – 33 – 880 – – – 930 Dispositions – – – – (19 ) – – – – (19 ) Currency translations – 159 12 (69 ) 278 47 (1 ) – 86 512 Balance at end of period $ 2,574 $ 1,759 $ 589 $ 1,928 $ 3,027 $ 1,042 $ 59 $ 112 $ 1,187 $ 12,277 (1) Amounts have been revised from those previously presented to conform to our new basis of segment presentation. Refer to Note 27 for further details of our business segments. |
Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models | The terminal growth rates and pre-tax As at August 1, 2023 August 1, 2022 Discount (1) Terminal Discount (1) Terminal Group of cash generating units Canadian Banking 11.7% 3.0% 11.0% 3.0% Caribbean Banking 12.9 3.5 12.6 3.5 Canadian Wealth Management 12.5 3.0 11.8 3.0 Global Asset Management 12.5 3.0 11.8 3.0 U.S. Wealth Management (including City National) 12.5 3.0 12.8 3.0 International Wealth Management (2) 12.5 3.0 n.m. n.m. Investor Services 12.4 3.0 11.8 3.0 Insurance 12.4 3.0 11.6 3.0 Capital Markets 12.7 3.0 12.4 3.0 (1) Pre-tax post-tax (2) The recoverable amount for our International Wealth Management CGU was determined using a multiples-based approach in 2022. n.m. not meaningful |
Summary of Carrying Amount of Other Intangible Assets | Other intangible assets For the year ended October 31, 2023 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 5,076 $ 908 $ 1,630 $ 2,472 $ 1,535 $ 11,621 Additions 81 179 – – 1,134 1,394 Acquisition through business combination – 31 – – – 31 Transfers 1,067 78 – – (1,145 ) – Dispositions (509 ) (145 ) – (160 ) 8 (806 ) Impairment losses (73 ) – – (9 ) (5 ) (87 ) Currency translations 68 17 28 144 38 295 Other changes (115 ) 29 – 9 (33 ) (110 ) Balance at end of period $ 5,595 $ 1,097 $ 1,658 $ 2,456 $ 1,532 $ 12,338 Accumulated amortization Balance at beginning of period $ (3,031 ) $ (612 ) $ (1,146 ) $ (749 ) $ – $ (5,538 ) Amortization charge for the year (1,009 ) (146 ) (160 ) (172 ) – (1,487 ) Dispositions 506 157 – 114 – 777 Impairment losses (19 ) – – – – (19 ) Currency translations (37 ) (13 ) (24 ) (33 ) – (107 ) Other changes (7 ) (44 ) – (6 ) – (57 ) Balance at end of period $ (3,597 ) $ (658 ) $ (1,330 ) $ (846 ) $ – $ (6,431 ) Net balance at end of period $ 1,998 $ 439 $ 328 $ 1,610 $ 1,532 $ 5,907 For the year ended October 31, 2022 (Millions of Canadian dollars) Internally Other Core Customer In process Total Gross carrying amount Balance at beginning of period $ 4,886 $ 894 $ 1,474 $ 1,414 $ 1,236 $ 9,904 Additions 25 16 – – 1,256 1,297 Acquisition through business combination – 14 – 1,292 148 1,454 Transfers 1,121 76 – – (1,197 ) – Dispositions (960 ) (111 ) – (329 ) (5 ) (1,405 ) Impairment losses (16 ) – – – (11 ) (27 ) Currency translations 71 48 149 113 30 411 Other changes (51 ) (29 ) 7 (18 ) 78 (13 ) Balance at end of period $ 5,076 $ 908 $ 1,630 $ 2,472 $ 1,535 $ 11,621 Accumulated amortization Balance at beginning of period $ (2,979 ) $ (572 ) $ (885 ) $ (997 ) $ – $ (5,433 ) Amortization charge for the year (976 ) (137 ) (153 ) (103 ) – (1,369 ) Dispositions 959 109 – 315 – 1,383 Impairment losses 9 – – – – 9 Currency translations (36 ) (31 ) (98 ) 13 – (152 ) Other changes (8 ) 19 (10 ) 23 – 24 Balance at end of period $ (3,031 ) $ (612 ) $ (1,146 ) $ (749 ) $ – $ (5,538 ) Net balance at end of period $ 2,045 $ 296 $ 484 $ 1,723 $ 1,535 $ 6,083 |
Joint ventures and associated_2
Joint ventures and associated companies (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method | The following table summarizes the carrying value of our interests in joint ventures and associated companies accounted for under the equity method as well as our share of the income of those entities. Joint ventures Associated companies As at and for the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 October 31 2023 October 31 2022 Carrying amount $ 215 $ 248 $ 286 $ 463 Share of: Net income (1) $ 18 $ 103 $ 5 $ 7 (1) Excludes impairment losses recognized on our interests in joint ventures and associated companies. During the year ended October 31, 2023, we recognized impairment losses of $242 million in Non-interest income – Income (loss) from joint ventures and associates with respect to our interest in an associated company in our Wealth Management segment (October 31, 2022 – $nil). |
Other assets (Tables)
Other assets (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Other Assets | As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Accounts receivable and prepaids $ 4,373 $ 4,250 Accrued interest receivable 7,775 4,703 Cash collateral 20,104 25,634 Commodity trading receivables 5,979 7,054 Deferred income tax asset 2,446 1,472 Employee benefit assets 2,826 3,331 Held-for-sale assets 2,562 11 Insurance-related assets Collateral loans 528 524 Policy loans 87 85 Reinsurance assets 1,127 1,084 Other 13 12 Investments in joint ventures and associates 501 711 Margin deposits 8,849 14,684 Precious metals 2,753 1,772 Receivable from brokers, dealers and clients 2,834 3,299 Taxes receivable 8,908 6,933 Other 5,403 4,741 $ 77,068 $ 80,300 |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Deposit Liabilities | As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Demand (1) Notice (2) Term (3) Total Demand (1) Notice (2) Term (3) Total Personal $ 186,530 $ 57,614 $ 197,802 $ 441,946 $ 203,645 $ 64,743 $ 136,544 $ 404,932 Business and government 316,200 19,056 409,819 745,075 348,004 17,855 394,011 759,870 Bank 7,996 769 35,901 44,666 10,458 490 33,064 44,012 $ 510,726 $ 77,439 $ 643,522 $ 1,231,687 $ 562,107 $ 83,088 $ 563,619 $ 1,208,814 Non-interest-bearing (4) Canada $ 132,994 $ 6,107 $ 168 $ 139,269 $ 149,737 $ 7,797 $ 466 $ 158,000 United States 40,646 – – 40,646 52,702 – – 52,702 Europe (5) 17 – – 17 620 – – 620 Other International 7,265 – – 7,265 7,840 – – 7,840 Interest-bearing (4) Canada 302,746 14,641 493,347 810,734 305,779 17,982 409,586 733,347 United States 16,210 55,895 78,837 150,942 11,410 57,055 85,111 153,576 Europe (5) 5,353 726 51,812 57,891 28,276 254 52,144 80,674 Other International 5,495 70 19,358 24,923 5,743 – 16,312 22,055 $ 510,726 $ 77,439 $ 643,522 $ 1,231,687 $ 562,107 $ 83,088 $ 563,619 $ 1,208,814 (1) Demand deposits are deposits for which we do not have the right to require notice of withdrawal, which include 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 October 31, 2023, deposits denominated in U.S. dollars, British pounds, Euro and other foreign currencies were $445 billion, $34 billion, $49 billion and $32 billion, respectively (October 31, 2022 – $465 billion, $35 billion, $50 billion and $30 billion, respectively). (5) Europe includes the United Kingdom, the Channel Islands, France and Luxembourg. |
Summary of Contractual Maturities of Term Deposit Liabilities | Contractual maturities of term deposits As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Within 1 year: less than 3 months $ 182,373 $ 159,602 3 to 6 months 69,868 61,996 6 to 12 months 151,079 156,531 1 to 2 years 76,232 49,225 2 to 3 years 49,965 42,809 3 to 4 years 36,774 27,609 4 to 5 years 36,506 33,835 Over 5 years 40,725 32,012 $ 643,522 $ 563,619 Aggregate amount of term deposits in denominations of one hundred thousand dollars or more $ 586,000 $ 521,000 |
Summary of Average Deposit Balances and Average Rates of Interest | Average deposit balances and average rates of interest For the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars, except for percentage amounts) Average Average Average Average Canada $ 913,669 3.02 % $ 847,052 1.02% United States 196,490 2.74 207,436 0.50 Europe 70,426 4.22 81,824 1.03 Other International 31,035 2.26 28,613 0.72 $ 1,211,620 3.03 % $ 1,164,925 0.92% |
Insurance (Tables)
Insurance (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Statement [Line Items] | |
Summary of Net Premiums and Claims | Net premiums and claims For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Gross premiums $ 5,428 $ 4,913 Premiums ceded to reinsurers (297 ) (260 ) Net premiums $ 5,131 $ 4,653 Gross claims and benefits (1) $ 3,960 $ 1,741 Reinsurers’ share of claims and benefits (261 ) (273 ) Net claims $ 3,699 $ 1,468 (1) Includes the change in fair value of investments backing our policyholder liabilities. |
Significant Insurance Assumptions | Significant insurance assumptions As at October 31 2023 October 31 2022 Life Insurance Canadian Insurance Mortality rates (1) 0.11 % 0.11 % Morbidity rates (2) 1.79 1.81 Future reinvestment yield (3) 3.73 3.75 Lapse rates (4) 0.50 0.50 International Insurance Mortality rates (1) 0.83 0.80 Future reinvestment yield (3) 2.90 2.90 (1) Average annual death rate for the largest portfolio of insured policies. (2) Average net termination rate for the individual and group disability insurance portfolio. (3) Ultimate reinvestment rate of the insurance operations. (4) Ultimate policy termination rate (lapse rate) for the largest permanent life insurance portfolio that relies on a higher termination rate to maintain its profitability (lapse-supported |
Summary of Gross and Reinsurers' Share of Insurance Liabilities | Insurance claims and policy benefit liabilities The following table summarizes our gross and reinsurers’ share of insurance liabilities at the end of the year. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Life insurance policyholder liabilities Life, health and annuity $ 11,934 $ 968 $ 10,966 $ 11,481 $ 902 $ 10,579 Investment contracts (1) 38 – 38 41 – 41 $ 11,972 $ 968 $ 11,004 $ 11,522 $ 902 $ 10,620 Non-life Unearned premium provision (1) $ 9 $ – $ 9 $ 7 $ – $ 7 Unpaid claims provision 32 1 31 30 1 29 $ 41 $ 1 $ 40 $ 37 $ 1 $ 36 $ 12,013 $ 969 $ 11,044 $ 11,559 $ 903 $ 10,656 (1) Liabilities for investment contracts and unearned premium provision are reported in Other liabilities on the Consolidated Balance Sheets. |
Reconciliation of Life Insurance Policyholder Liabilities | Reconciliation of life insurance policyholder liabilities For the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Gross Ceded Net Gross Ceded Net Balances at beginning of period $ 11,522 $ 902 $ 10,620 $ 12,817 $ 861 $ 11,956 New and in-force (1) 552 30 522 (1,288 ) (130 ) (1,158 ) Changes in assumption and methodology (99 ) 36 (135 ) (6 ) 171 (177 ) Net change in investment contracts (3 ) – (3 ) (1 ) – (1 ) Balances at end of period $ 11,972 $ 968 $ 11,004 $ 11,522 $ 902 $ 10,620 (1) Includes the change in fair value of investments backing our policyholder liabilities. |
Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions | The analyses are performed where a single assumption is changed while holding other assumptions constant, which is unlikely to occur in practice. Net income impact (Millions of Canadian dollars, except for percentage amounts) Change in October 31 2023 October 31 2022 Increase in market interest rates (1) 1% $ 1 $ (10 ) Decrease in market interest rates (1) 1 7 5 Increase in equity market values (2) 10 2 6 Decrease in equity market values (2) 10 (8 ) (10 ) Increase in maintenance expenses (3) 5 (32 ) (33 ) Life Insurance (3) Adverse change in annuitant mortality rates 2 (177 ) (166 ) Adverse change in assurance mortality rates 2 (54 ) (59 ) Adverse change in morbidity rates 5 (177 ) (181 ) Adverse change in lapse rates 10 (192 ) (199 ) (1) Sensitivities for market interest rates include the expected current period earnings impact of a 100 basis points shift in the yield curve by increasing the current reinvestment rates while holding the assumed ultimate rates constant. The sensitivity consists of both the impact on assumed reinvestment rates in the actuarial liabilities and any changes in fair value of assets and liabilities from the yield curve shift. (2) Sensitivities to changes in equity market values are composed of the expected current period earnings impact from differences in the changes in fair value of the equity asset holdings and the partially offsetting impact on the actuarial liabilities. (3) Sensitivities to changes in maintenance expenses and life insurance actuarial assumptions include the expected current period earnings impact from recognition of increased liabilities due to an adverse change in the given assumption over the lifetime of all in-force |
Segregated funds (Tables)
Segregated funds (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Segregated Funds Net Assets | Segregated fund net assets As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Cash $ 40 $ 39 Investment in mutual funds 2,719 2,598 Other assets (liabilities), net 1 1 $ 2,760 $ 2,638 |
Changes in Segregated Funds Net Assets | Changes in net assets For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Net assets at beginning of period $ 2,638 $ 2,666 Additions (deductions): Deposits from policyholders 734 859 Net realized and unrealized gains (losses) 52 (301 ) Interest and dividends 76 56 Payment to policyholders (668 ) (573 ) Management and administrative fees (72 ) (69 ) Net assets at end of period $ 2,760 $ 2,638 |
Employee benefits - Pension a_2
Employee benefits - Pension and other post-employment benefits (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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Analysis of Financial Position Related to Pension and Other Post-Employment Benefit Plans | The following table presents the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Defined benefit Other post- Defined benefit Other post- Canada Fair value of plan assets $ 13,704 $ – $ 14,310 $ – Present value of defined benefit obligation 11,142 1,348 11,271 1,387 Net surplus (deficit) $ 2,562 $ (1,348 ) $ 3,039 $ (1,387 ) International Fair value of plan assets $ 664 $ – $ 716 $ – Present value of defined benefit obligation 585 69 622 75 Net surplus (deficit) $ 79 $ (69 ) $ 94 $ (75 ) Total Fair value of plan assets $ 14,368 $ – $ 15,026 $ – Present value of defined benefit obligation 11,727 1,417 11,893 1,462 Total net surplus (deficit) $ 2,641 $ (1,417 ) $ 3,133 $ (1,462 ) Effect of asset ceiling (9 ) – (8 ) – Total net surplus (deficit), net of effect of asset ceiling $ 2,632 $ (1,417 ) $ 3,125 $ (1,462 ) Amounts recognized in our Consolidated Balance Sheets Employee benefit assets $ 2,826 $ – $ 3,331 $ – Employee benefit liabilities (194 ) (1,417 ) (206 ) (1,462 ) Total net surplus (deficit), net of effect of asset ceiling $ 2,632 $ (1,417 ) $ 3,125 $ (1,462 ) |
Analysis of Movement in Financial Position Related to Pension and Other Post-Employment Benefit Plans | The following table presents an analysis of the movement in the financial position related to all of our material pension and other post-employment benefit plans worldwide, including executive retirement arrangements. As at or for the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Defined benefit (1) Other post- Defined benefit (1) Other post- Fair value of plan assets at beginning of period $ 15,026 $ – $ 17,703 $ – Interest income 786 – 580 – Remeasurements Return on plan assets (excluding interest income) (895 ) – (2,931 ) – Change in foreign currency exchange rate 55 – (62 ) – Contributions – Employer 23 80 177 79 Contributions – Plan participant 44 22 45 20 Payments (645 ) (102 ) (610 ) (99 ) Payments – amount paid in respect of settlements – – 3 – Business combinations/Disposals (17 ) – 135 – Other (9 ) – (14 ) – Fair value of plan assets at end of period $ 14,368 $ – $ 15,026 $ – Benefit obligation at beginning of period $ 11,893 $ 1,462 $ 15,315 $ 1,780 Current service costs 195 33 308 42 Past service costs – (2 ) (1 ) 2 Gains and losses on settlements – – (3 ) – Interest expense 624 77 496 63 Remeasurements Actuarial losses (gains) from demographic assumptions (2 ) (24 ) (2 ) (1 ) Actuarial losses (gains) from financial assumptions (480 ) (46 ) (3,797 ) (341 ) Actuarial losses (gains) from experience adjustments 70 (1 ) 83 (9 ) Change in foreign currency exchange rate 45 1 (47 ) 6 Contributions – Plan participant 44 22 45 20 Payments (645 ) (102 ) (610 ) (99 ) Payments – amount paid in respect of settlements – – 3 – Business combinations/Disposals (17 ) (3 ) 103 (1 ) Benefit obligation at end of period $ 11,727 $ 1,417 $ 11,893 $ 1,462 Unfunded obligation $ 18 $ 1,417 $ 23 $ 1,462 Wholly or partly funded obligation 11,709 – 11,870 – Total benefit obligation $ 11,727 $ 1,417 $ 11,893 $ 1,462 (1) For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2023 were $300 million and $106 million, respectively (October 31, 2022 – $323 million and $117 million, respectively). |
Summary of Composition of Pension and Other Post-Employment Benefit Expense | The following table presents the composition of our pension and other post-employment benefit expense related to our material pension and other post-employment benefit plans worldwide. For the year ended Pension plans Other post-employment (Millions of Canadian dollars) October 31 2023 October 31 2022 October 31 2023 October 31 2022 Current service costs $ 195 $ 308 $ 33 $ 42 Past service costs – (1 ) (2 ) 2 Gains and losses on settlements – (3 ) – – Net interest expense (income) (162 ) (84 ) 77 63 Remeasurements of other long term benefits – – (1 ) (26 ) Administrative expense 9 14 – – Defined benefit pension expense $ 42 $ 234 $ 107 $ 81 Defined contribution pension expense 323 250 – – $ 365 $ 484 $ 107 $ 81 |
Summary of Composition of Remeasurements Recorded in OCI related to pension and other post employment benefit plans | Pension and other post-employment benefit remeasurements The following table presents the composition of our remeasurements recorded in OCI related to For the year ended Defined benefit pension Other post-employment (Millions of Canadian dollars) October 31 2023 October 31 2022 October 31 2023 October 31 2022 Actuarial (gains) losses: Changes in demographic assumptions $ (2 ) $ (2 ) $ (27 ) $ (1 ) Changes in financial assumptions (480 ) (3,797 ) (45 ) (319 ) Experience adjustments 70 83 2 (5 ) Return on plan assets (excluding interest based on discount rate) 895 2,931 – – Change in asset ceiling (excluding interest income) 1 2 – – $ 484 $ (783 ) $ (70 ) $ (325 ) |
Asset Allocation of Defined Benefit Pension Plans | Asset allocation of defined benefit pension plans (1), (2) As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars, except percentages) Fair value Percentage Quoted (3) Fair value Percentage Quoted (3) Equity securities Domestic $ 723 5 % 100 % $ 1,469 10 % 100 % Foreign 1,726 12 100 2,799 19 100 Debt securities Domestic government bonds (4) 4,343 30 – 3,489 23 – Foreign government bonds 128 1 – 114 1 – Corporate and other bonds 3,296 23 – 3,171 21 – Alternative investments and other 4,152 29 6 3,984 26 8 $ 14,368 100 % 19 % $ 15,026 100 % 30 % (1) The asset allocation is based on the underlying investments held directly and indirectly through the funds as this is how we manage our investment policy and strategies. (2) Represents the total plan assets held in our Canadian and International pension plans. (3) If our assessment of whether or not an asset was quoted in an active market was based on direct investments, 22% of our total plan assets would be classified as quoted in an active market (October 31, 2022 – 34%). (4) Amounts are net of securities sold under repurchase agreements. |
Maturity Profile of Defined Benefit Pension Plan Obligation | Maturity profile The following table presents the maturity profile of our defined benefit pension plan obligation. (Millions of Canadian dollars, except participants and years) As at October 31, 2023 Canada International Total Number of plan participants 65,890 5,963 71,853 Actual benefit payments 2023 $ 604 $ 41 $ 645 Benefits expected to be paid 2024 670 44 714 Benefits expected to be paid 2025 694 40 734 Benefits expected to be paid 2026 717 42 759 Benefits expected to be paid 2027 738 42 780 Benefits expected to be paid 2028 757 42 799 Benefits expected to be paid 2029-2033 4,013 226 4,239 Weighted average duration of defined benefit payments 12.2 years 15.1 years 12.3 years |
Pension and Other Post-Employment Benefits -Weighted Average Assumptions to Determine Benefit Obligation | Weighted average assumptions to determine benefit obligation As at Defined benefit pension Other post-employment October 31 2023 October 31 2022 October 31 2023 October 31 2022 Discount rate 5.7% 5.4% 5.8% 5.5% Rate of increase in future compensation 3.0% 3.0% n.a. n.a. Healthcare cost trend rates (1) – Medical n.a. n.a. 3.4% 3.5% – Dental n.a. n.a. 3.1% 3.1% (1) For our other post-employment benefit plans, the assumed trend rates used to measure the expected benefit costs of the defined benefit obligations are also the ultimate trend rates. n.a. not applicable |
Mortality Assumptions to Determine Defined Benefit Pension Plan Obligation | The following table summarizes the mortality assumptions used for material plans. As at October 31, 2023 October 31, 2022 Life expectancy at 65 for a member currently at Life expectancy at 65 for a member currently at Age 65 Age 45 Age 65 Age 45 (In years) Male Female Male Female Male Female Male Female Country Canada 23.9 24.3 24.8 25.2 23.9 24.2 24.8 25.1 United Kingdom 23.5 25.4 24.7 26.8 23.4 25.4 24.7 26.8 |
Sensitivity Analysis of Key Assumptions | The following table presents the sensitivity analysis of key assumptions for 2023. Increase (decrease) in obligation (Millions of Canadian dollars) Defined benefit Other post- Discount rate Impact of 10 0 $ (1,228 ) $ (149 ) Impact of 10 0 1,536 184 Rate of increase in future compensation Impact of 5 0 23 – Impact of 5 0 (25 ) – Mortality rate Impact of an increase in longevity by one 289 18 Healthcare cost trend rate Impact of 10 n.a. 50 Impact of 10 n.a. (42 ) n.a. not applicable |
Other liabilities (Tables)
Other liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Other Liabilities | As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Accounts payable and accrued expenses $ 1,599 $ 1,292 Accrued interest payable 10,936 5,019 Cash collateral 23,365 26,143 Commodity liabilities 11,716 10,038 Deferred income 3,830 3,660 Deferred income taxes 426 439 Dividends payable 1,975 1,856 Employee benefit liabilities 1,611 1,668 Held-for-sale liabilities 2,560 – Insurance related liabilities 342 324 Lease liabilities 4,764 5,110 Negotiable instruments 1,684 1,715 Payable to brokers, dealers and clients 8,065 10,974 Payroll and related compensation 9,088 8,991 Precious metals certificates 775 557 Provisions 644 627 Short-term borrowings of subsidiaries 4,507 9,609 Taxes payable 2,959 2,136 Other 5,324 5,077 $ 96,170 $ 95,235 |
Subordinated debentures (Tables
Subordinated debentures (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
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Summary of Net of Holdings in Debentures | The amounts presented below are net of our own holdings in these debentures, and include the impact of fair value hedges used for managing interest rate risk. (Millions of Canadian dollars, except percentage and foreign currency) Interest Denominated in foreign currency As at Maturity Earliest par value October 31 2023 October 31 2022 June 8, 2023 (1) 9.30% $ – $ 110 January 27, 2026 (2) 4.65% US$1,500 1,939 1,884 November 1, 2027 (3) November 1, 2022 4.75% TT$300 – 60 July 25, 2029 (2) July 25, 2024 2.74% (4) 1,459 1,415 December 23, 2029 (2) December 23, 2024 2.88% (5) 1,442 1,412 February 1, 2033 (2) February 1, 2028 5.01% (6) 1,418 – June 30, 2030 (2) June 30, 2025 2.09% (7) 1,249 1,250 November 3, 2031 (2) November 3, 2026 2.14% (8) 1,637 1,637 May 3, 2032 (2) May 3, 2027 2.94% (9) 919 932 January 28, 2033 (2) January 28, 2028 1.67% (10) 868 875 October 1, 2083 Any interest payment date (11) 224 224 June 29, 2085 Any interest payment date (12) US$174 241 237 $ 11,396 $ 10,036 Deferred financing costs (10 ) (11 ) $ 11,386 $ 10,025 (1) On June 8, 2023, all $110 million of outstanding 9.30% subordinated debentures matured. The principal plus accrued interest were paid to noteholders on the maturity date. (2) The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable (3) On November 1, 2022, we redeemed all TT$300 million of outstanding 4.75% subordinated debentures due on November 1, 2027 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date. (4) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month (5) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.89% above the 3-month (6) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 2.12% above the Daily Compounded CORRA. (7) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.31% above the 3-month (8) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.61% above the 3-month (9) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.76% above the 3-month (10) Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.55% above the 3-month (11) Interest at a rate of 0.40% above the 30-day (12) Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN) under a synthetic methodology. In the event |
Maturities of Subordinated Debentures | The aggregate maturities of subordinated debentures, based on the maturity dates under the terms of issue, are as follows: As at (Millions of Canadian dollars) October 31 2023 Within 1 year $ – 1 to 5 years 1,939 5 to 10 years 8,992 Thereafter 465 $ 11,396 |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Common and Preferred Shares and Other Equity Instruments Outstanding | The following table details our common and preferred shares and other equity instruments outstanding. As at and for the year ended October 31, 2023 October 31, 2022 (Millions of Canadian dollars, except the number Number of Amount Dividends Number of Amount Dividends Common shares issued Balance at beginning of period 1,385,591 $ 17,318 1,425,187 $ 17,728 Issued in connection with share-based compensation plans (1) 740 68 1,270 99 Issued in connection with dividend reinvestment plan 16,042 2,012 – – Purchased for cancellation (2) – – (40,866 ) (509 ) Balance at end of period 1,402,373 $ 19,398 $ 5.34 1,385,591 $ 17,318 $ 4.96 Treasury – common shares Balance at beginning of period (3) (2,680 ) $ (334 ) (662 ) $ (73 ) Purchases (30,195 ) (3,556 ) (48,437 ) (5,183 ) Sales 31,013 3,659 46,419 4,922 Balance at end of period (3) (1,862 ) $ (231 ) (2,680 ) $ (334 ) Common shares outstanding 1,400,511 $ 19,167 1,382,911 $ 16,984 Preferred shares and other equity instruments issued First preferred (4) Non-cumulative, Series BH 6,000 $ 150 $ 1.23 6,000 $ 150 $ 1.23 Series BI 6,000 150 1.23 6,000 150 1.23 Non-cumulative, 5-Year Series AZ 20,000 500 0.93 20,000 500 0.93 Series BB 20,000 500 0.91 20,000 500 0.91 Series BD 24,000 600 0.80 24,000 600 0.80 Series BF 12,000 300 0.75 12,000 300 0.75 Series BO 14,000 350 1.20 14,000 350 1.20 Series BT 750 750 4.20% 750 750 4.20% Non-cumulative, Series C-2 (5) 15 23 US$ 67.50 15 23 US$ 67.50 Other equity instruments Limited recourse capital notes (LRCNs) (6) Series 1 (7) 1,750 1,750 4.50% 1,750 1,750 4.50% Series 2 (7) 1,250 1,250 4.00% 1,250 1,250 4.00% Series 3 (7) 1,000 1,000 3.65% 1,000 1,000 3.65% 106,765 $ 7,323 106,765 $ 7,323 Treasury – preferred shares and other equity instruments Balance at beginning of period (3) (12 ) $ (5 ) (164 ) $ (39 ) Purchases (1,924 ) (519 ) (2,811 ) (518 ) Sales 1,927 515 2,963 552 Balance at end of period (3) (9 ) $ (9 ) (12 ) $ (5 ) Preferred shares and other equity instruments outstanding 106,756 $ 7,314 106,753 $ 7,318 (1) Includes fair value adjustments to stock options of $6 million (October 31, 2022 – $6 million). (2) During the year ended October 31, 2023, we did not purchase for cancellation any common shares. During the year ended October 31, 2022, we purchased for cancellation common shares at a total fair value of $5,426 million (average cost of $132.80 per share), with a book value of $509 million (book value of $12.47 per share). (3) Positive amounts represent a short position and negative amounts represent a long position. (4) First Preferred Shares were issued at $25 per share with the exception of Non-Cumulative 5-Year Non-Cumulative C-2 C-2) (5) On November 7, 2023, we redeemed all of our issued and outstanding Non-Cumulative Fixed Rate/Floating Rate First Preferred Shares Series C-2 for cash at a redemption price of US$1,000 per share (equivalent to US$25 per depositary share). (6) Each series of LRCNs (LRCN Series) were issued at a $1,000 per note. The number of shares represent the number of notes issued and the dividends declared per share represent the annual interest rate percentage applicable to the notes issued as at the reporting date. (7) In connection with the issuance of LRCN Series 1, we issued $1,750 million of Non-Cumulative 5-Year Non-Cumulative 5-Year Non-Cumulative 5-Year |
Summary of Significant Terms and Conditions of Preferred Shares and Other Equity Instruments | Significant terms and conditions of preferred shares and other equity instruments As at October 31, 2023 Current Premium Current Earliest Issue date Redemption Preferred shares First preferred Non-cumulative, fixed rate Series BH (4) 4.90% $ .306250 November 24, 2020 June 5, 2015 $ 26.00 Series BI (4) 4.90% .306250 November 24, 2020 July 22, 2015 26.00 Non-cumulative, 5-Year Rate Reset (5) Series AZ (4) 3.70% 2.21% .231250 May 24, 2019 January 30, 2014 25.00 Series BB (4) 3.65% 2.26% .228125 August 24, 2019 June 3, 2014 25.00 Series BD (4) 3.20% 2.74% .200000 May 24, 2020 January 30, 2015 25.00 Series BF (4) 3.00% 2.62% .187500 November 24, 2020 March 13, 2015 25.00 Series BO (4) 4.80% 2.38% .300000 February 24, 2024 November 2, 2018 25.00 Series BT (4) 4.20% 2.71% 21.000000 February 24, 2027 November 5, 2021 1,000.00 Non-cumulative, fixed rate/floating rate Series C-2 (6) 6.75% 4.052% US$ 16.875000 November 7, 2023 November 2, 2015 US$ 1,000.00 Other equity instruments Limited recourse capital (7) Series 1 (8) 4.50% 4.137% n.a. October 24, 2025 July 28, 2020 $ 1,000.00 Series 2 (9) 4.00% 3.617% n.a. January 24, 2026 November 2, 2020 1,000.00 Series 3 (10) 3.65% 2.665% n.a. October 24, 2026 June 8, 2021 1,000.00 (1) With the exception of Series BT, non-cumulative preferential dividends of each Series are payable quarterly, as and when declared by the Board of Directors, on or about the 24th day (7th day for Series C-2) of February, May, August and November. In the case of Series BT, non-cumulative preferential dividends are payable semi-annually, as and when declared by the Board of Directors. (2) Subject to the consent of OSFI and the requirements of the Bank Act (3) Subject to the consent of OSFI and the requirements of the Bank Act (4) The preferred shares include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each preferred share is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1 and with a conversion price based on the greater of: (i) a floor price of $5 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the preferred share value by the conversion price. (5) The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Government of Canada bond yield plus the premium indicated. The holders have the option to convert their shares into non-cumulative floating rate First Preferred Shares subject to certain conditions on the earliest redemption date and every fifth year thereafter at a rate equal to the three-month Government of Canada Treasury Bill rate plus the premium indicated. (6) The dividend rate will change on the earliest redemption date at a rate equal to the 3-month LIBOR plus the premium indicated. Series C-2 do not qualify as Tier 1 regulatory capital. On November 7, 2023, we redeemed all of our issued and outstanding Non-Cumulative Fixed Rate/Floating Rate First Preferred Shares Series C-2 for cash at a redemption price of US$1,000 per share (equivalent to US$25 per depositary share). (7) The current annual yield on each LRCN Series represents the annual interest rate applicable to the notes issued as at the reporting date. The payments of interest and principal in cash on the LRCN Series are made at our discretion, and non-payment of interest and principal in cash does not constitute an event of default. In the event of (i) non-payment of interest on any interest payment date, (ii) non-payment of the redemption price in case of a redemption of a LRCN Series, (iii) non-payment of principal at the maturity of a LRCN Series, or (iv) an event of default on a LRCN Series, holders of such LRCN Series will have recourse only to the assets (Trust Assets) held by a third-party trustee in a consolidated trust in respect of such LRCN Series and each such noteholder will be entitled to receive its pro rata share of the Trust Assets. In such an event, the delivery of the Trust Assets for each LRCN Series will represent the full and complete extinguishment of our obligations under the related LRCN Series. The LRCNs include NVCC provisions, necessary for the shares to qualify as Tier 1 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is automatically redeemed and the redemption price will be satisfied by the delivery of Trust Assets, which will consist of common shares pursuant to an automatic conversion of the series of preferred shares that were issued concurrently with the related LRCN Series. Each series of preferred shares include an automatic conversion formula with a conversion price based on the greater of: (i) a floor price of $5 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of common shares issued in respect of each series of preferred shares will be determined by dividing the preferred share value ($1,000 plus declared and unpaid dividends) by the conversion price. The number of common shares delivered to each noteholder will be based on such noteholder’s pro rata interest in the Trust Assets. Subject to the consent of OSFI, we may purchase LRCNs for cancellation at such price or prices and upon such terms and conditions as we in our absolute discretion may determine, subject to any applicable law restricting the purchase of notes. (8) LRCN Series 1 bear interest at a fixed rate of 4.5% per annum until November 24, 2025, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 4.137% until maturity on November 24, 2080. The interest is paid semi-annually on or about the 24 th Bank Act (9) LRCN Series 2 bear interest at a fixed rate of 4.0% per annum until February 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 3.617% until maturity on February 24, 2081. The interest is paid semi-annually on or about the 24th day of February and August. LRCN Series 2 is redeemable during the period from January 24 to and including February 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BR pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (10) LRCN Series 3 bear interest at a fixed rate of 3.65% per annum until November 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 2.665% until maturity on November 24, 2081. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 3 is redeemable during the period from October 24 to and including November 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BS pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act n.a. not applicable |
Share-based compensation (Table
Share-based compensation (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Stock Option Activity and Related Information | A summary of our stock option activity and related information For the year ended October 31, 2023 October 31, 2022 (Canadian dollars per share except share amounts) Number of Weighted (1) Number of Weighted (1) Outstanding at beginning of period 7,509 $ 100.07 7,055 $ 92.27 Granted 1,088 131.64 1,184 129.99 Exercised (2), (3) (740 ) 84.76 (684 ) 73.98 Forfeited in the period (90 ) 113.55 (46 ) 104.28 Outstanding at end of period 7,767 $ 106.01 7,509 $ 100.07 Exercisable at end of period 3,830 $ 91.84 3,502 $ 87.15 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rates as of October 31, 2023 and October 31, 2022. For foreign currency-denominated options exercised during the year, the weighted average exercise prices are translated using exchange rates as at the settlement date. (2) Cash received for options exercised during the year was $63 million (October 31, 2022 – $51 million) and the weighted average share price at the date of exercise was $130.94 (October 31, 2022 – $134.10). (3) New shares were issued for all stock options exercised in 2023 and 2022. |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding as at October 31, 2023 by range of exercise price Options outstanding Options exercisable (Canadian dollars per share except Number Weighted (1) Weighted Number Weighted (1) $64.73 – $79.65 936 $ 74.96 1.58 936 $ 74.96 $90.23 – $96.55 1,779 93.48 3.82 1,779 93.48 $102.33 – $104.70 1,633 103.81 5.22 1,115 103.39 $106.00 – $106.00 1,202 106.00 7.12 – – $129.99 – $131.64 2,217 130.78 8.60 – – 7,767 $ 106.01 5.72 3,830 $ 91.84 (1) The weighted average exercise prices reflect the conversion of foreign currency-denominated options at the exchange rate as of October 31, 2023. |
Weighted Average Assumptions | Weighted average assumptions For the year ended (Canadian dollars per share except percentages and years) October 31 2023 October 31 2022 Share price at grant date $ 130.16 $ 128.48 Risk-free interest rate 2.89% 1.25% Expected dividend yield 3.79% 3.66% Expected share price volatility 14% 13% Expected life of option 6 Years 6 Years |
Summary of Units Granted Under Deferred Share and Other Plans | Units granted under deferred share and other plans For the year ended October 31, 2023 October 31, 2022 (Units and per unit amounts) Units Weighted Units Weighted Deferred share unit plans 466 $ 130.61 469 $ 131.49 Capital Markets compensation plan unit awards 4,231 110.32 3,794 125.22 Performance deferred share award plans 2,362 131.41 2,220 129.65 Deferred compensation plans 103 126.81 92 135.44 Other share-based plans 1,506 130.12 1,083 128.50 8,668 $ 120.79 7,658 $ 127.48 |
Summary of Obligation Under Deferred Share and Other Plans | The following tables present the units that have been earned by the participants, our obligations for these earned units under the deferred share and other plans, and the related compensation expenses (recoveries) recognized for the year. Obligations under deferred share and other plans As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars except units) Units Carrying Units Carrying Deferred share unit plans 5,786 $ 641 5,429 $ 684 Capital Markets compensation plan unit awards 9,934 1,098 9,398 1,182 Performance deferred share award plans 5,808 643 6,006 757 Deferred compensation plans (1) 2,654 294 2,537 319 Other share-based plans 2,135 234 1,772 218 26,317 $ 2,910 25,142 $ 3,160 (1) Excludes obligations not determined based on the quoted market price of our common shares. |
Summary of Compensation Expenses Recognized Under Deferred Share and Other Plans | Compensation expenses recognized under deferred share and other plans For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Deferred share unit plans $ (51 ) $ 20 Capital Markets compensation plan unit awards 126 210 Performance deferred share award plans 216 273 Deferred compensation plans 213 (261 ) Other share-based plans 104 91 $ 608 $ 333 |
Income taxes (Tables)
Income taxes (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Components of Tax Expenses | Components of tax expense For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Income taxes (recoveries) in Consolidated Statements of Income Current tax Tax expense for current year $ 4,081 $ 4,151 Adjustments for prior years 851 (230 ) Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period (100 ) – 4,832 3,921 Deferred tax Origination and reversal of temporary difference (1,286 ) 232 Effects of changes in tax rates (47 ) 4 Adjustments for prior years 125 231 Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net (24 ) (86 ) (1,232 ) 381 3,600 4,302 Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity Other comprehensive income Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income (10 ) (633 ) Provision for credit losses recognized in income – (2 ) Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income (39 ) 2 Unrealized foreign currency translation gains (losses) 20 2 Net foreign currency translation gains (losses) from hedging activities (306 ) (478 ) Reclassification of losses (gains) on net investment hedging activities to income 45 6 Net gains (losses) on derivatives designated as cash flow hedges 190 628 Reclassification of losses (gains) on derivatives designated as cash flow hedges to income 59 70 Remeasurement gains(losses) on employee benefit plans (68 ) 287 Net gains(losses) from fair value change due to credit risk on financial liabilities designated at fair value through profit or loss (222 ) 622 Net gains (losses) on equity securities designated at fair value through other comprehensive income 24 (3 ) Share-based compensation awards 2 10 Distributions on other equity instruments and issuance costs (59 ) (45 ) (364 ) 466 Total income taxes $ 3,236 $ 4,768 |
Reconciliation to Statutory Tax Rate | Reconciliation to statutory tax rate For the year ended (Millions of Canadian dollars, except for percentage amounts) October 31, 2023 October 31, 2022 Income taxes at Canadian statutory tax rate $ 5,115 27.7 % $ 5,269 26.2 % Increase (decrease) in income taxes resulting from: Lower average tax rate applicable to subsidiaries (2,130 ) (11.5 ) (428 ) (2.1 ) Tax-exempt income from securities (337 ) (1.8 ) (437 ) (2.2 ) Tax rate change 1,050 5.7 4 – Other (98 ) (0.6 ) (106 ) (0.5 ) Income taxes in Consolidated Statements of Income / effective tax rate $ 3,600 19.5 % $ 4,302 21.4 % |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of deferred tax assets and liabilities As at and for the year ended October 31, 2023 (Millions of Canadian dollars) Net asset Change through equity Change through profit or loss Exchange rate differences Acquisitions/ Other Net asset end of period Net deferred tax asset/(liability) Allowance for credit losses $ 987 $ – $ 185 $ 2 $ – $ – $ 1,174 Deferred compensation 1,504 (2 ) (2 ) 22 – – 1,522 Business realignment charges 12 – 11 – – – 23 Tax loss and tax credit carryforwards 322 – (57 ) 1 (5 ) – 261 Deferred (income) expense 6 (3 ) 661 (11 ) (2 ) – 651 Financial instruments measured at fair value through other comprehensive income (16 ) (330 ) – 25 – – (321 ) Premises and equipment and intangibles (1,234 ) – 302 (27 ) (8 ) – (967 ) Pension and post-employment related (435 ) 68 37 1 (4 ) – (333 ) Other (113 ) 4 95 24 – – 10 $ 1,033 $ (263 ) $ 1,232 $ 37 $ (19 ) $ – $ 2,020 Comprising Deferred tax assets $ 1,472 $ 2,446 Deferred tax liabilities (439 ) (426 ) $ 1,033 $ 2,020 As at and for the year ended October 31, 2022 (Millions of Canadian dollars) Net asset Change equity Change Exchange rate differences Acquisitions/ Other Net asset Net deferred tax asset/(liability) Allowance for credit losses $ 974 $ – $ 2 $ 11 $ – $ – $ 987 Deferred compensation 1,614 (10 ) (211 ) 101 10 – 1,504 Business realignment charges 11 – 1 – – – 12 Tax loss and tax credit carryforwards 242 – 67 2 8 3 322 Deferred (income) expense 110 (1 ) (126 ) 23 – – 6 Financial instruments measured at fair value through other comprehensive income (19 ) (2 ) – 5 – – (16 ) Premises and equipment and intangibles (836 ) – 4 (57 ) (345 ) – (1,234 ) Pension and post-employment related (163 ) (287 ) 19 4 (8 ) – (435 ) Other 4 22 (137 ) (6 ) 4 – (113 ) $ 1,937 $ (278 ) $ (381 ) $ 83 $ (331 ) $ 3 $ 1,033 Comprising Deferred tax assets $ 2,011 $ 1,472 Deferred tax liabilities (74 ) (439 ) $ 1,937 $ 1,033 |
Earnings per share (Tables)
Earnings per share (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Earnings Per Share | For the year ended (Millions of Canadian dollars, except share and per share amounts) October 31 2023 October 31 2022 Basic earnings per share Net income $ 14,866 $ 15,807 Dividends on preferred shares and distributions on other equity instruments (236 ) (247 ) Net income attributable to non-controlling interests (7 ) (13 ) Net income available to common shareholders $ 14,623 $ 15,547 Weighted average number of common shares (in thousands) 1,391,020 1,403,654 Basic earnings per share (in dollars) $ 10.51 $ 11.08 Diluted earnings per share Net income available to common shareholders $ 14,623 $ 15,547 Weighted average number of common shares (in thousands) 1,391,020 1,403,654 Stock options (1) 1,483 1,918 Issuable under other share-based compensation plans 26 462 Average number of diluted common shares (in thousands) 1,392,529 1,406,034 Diluted earnings per share (in dollars) $ 10.50 $ 11.06 (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 year ended October 31, 2023, an average of 2,119,045 outstanding options with an average exercise price of $130.73 were excluded from the calculation of diluted earnings per share. For the year ended October 31, 2022, no outstanding options were excluded from the calculation of diluted earnings per share. |
Guarantees, commitments, pled_2
Guarantees, commitments, pledged assets and contingencies (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties | The maximum exposure to credit risk relating to a commitment to extend credit is the full amount of the commitment. In both cases, the maximum risk exposure is significantly greater than the amount recognized as a liability in our Consolidated Balance Sheets. Maximum exposure As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Financial guarantees Financial standby letters of credit $ 23,314 $ 20,291 Commitments to extend credit Backstop liquidity facilities 51,544 45,336 Credit enhancements 3,226 2,960 Documentary and commercial letters of credit 291 318 Other commitments to extend credit 301,132 284,602 Other credit-related commitments Securities lending indemnifications 95,055 90,693 Performance guarantees 7,503 7,333 Sponsored member guarantees 14,043 1,241 Other 203 360 |
Details of Assets Pledged Against Liabilities and Collateral Assets Held or Re-pledged | Assets pledged against liabilities and collateral assets held or re-pledged As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Sources of pledged assets and collateral Bank assets Loans $ 102,944 $ 97,178 Securities 107,122 70,334 Other assets 28,953 40,318 239,019 207,830 Client assets (1) Collateral received and available for sale or re-pledging 502,109 465,484 Less: not sold or re-pledged (6,876 ) (9,192 ) 495,233 456,292 $ 734,252 $ 664,122 Uses of pledged assets and collateral Securities borrowing and lending $ 168,681 $ 158,748 Obligations related to securities sold short 46,260 45,288 Obligations related to securities lent or sold under repurchase agreements 331,784 274,392 Securitization 38,686 40,438 Covered bonds 69,802 62,905 Derivative transactions 40,352 49,556 Foreign governments and central banks 9,111 9,503 Clearing systems, payment systems and depositories 10,709 8,263 Other 18,867 15,029 $ 734,252 $ 664,122 (1) Primarily relates to Obligations related to securities lent or sold under repurchase agreements, Securities lent and Derivative transactions. |
Related party transactions (Tab
Related party transactions (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel and Directors | Compensation of Key management personnel and Directors For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 (1) Salaries and other short-term employee benefits (2) $ 23 $ 27 Post-employment benefits (3) 2 2 Share-based payments 39 40 $ 64 $ 69 (1) During the year ended October 31, 2022 certain executives, who were members of the Bank’s GE as at October 31, 2021, left the Bank and therefore were no longer part of KMP. Compensation for the year ended October 31, 2022 attributable to the former executives, including benefits and share-based payments relating to awards granted in prior years was $14 million. (2) Includes the portion of the annual variable short-term incentive bonus that certain executives elected to receive in the form of DSUs. Refer to Note 21 for further details. Directors receive retainers but do not receive salaries and other short-term employee benefits. (3) Directors do not receive post-employment benefits. |
Summary of Stock Options, Share-based Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members | Stock options, share-based As at October 31, 2023 October 31, 2022 (2) (Millions of Canadian dollars, except number of units) No. of Value No. of Value Stock options (3) 2,805,471 $ 26 2,409,294 $ 59 Other non-option share-based awards (3) 991,909 110 914,496 115 RBC common and preferred shares 181,648 20 170,312 22 3,979,028 $ 156 3,494,102 $ 196 (1) During the year ended October 31, 2023, certain directors, who were members of the Board of Directors as at October 31, 2022, retired. Total shareholdings held upon their retirement was 32,958 units with a value of $4 million. (2) During the year ended October 31, 2022 certain executives, who were members of the Bank’s GE as at October 31, 2021, left the Bank and therefore were no longer KMP. Total shareholdings and options held upon their departure was 569,470 units with a value of $34 million. (3) Directors do not receive stock options or any other non-option share-based awards. |
Summary of Other Transactions, Arrangements or Agreements Involving Joint Ventures and Associates | Other transactions, arrangements or agreements involving joint ventures and associates As at or for the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Commitments and other contingencies $ 1,089 $ 829 Other fees received for services rendered 55 50 Other fees paid for services received 108 107 |
Results by business segment (Ta
Results by business segment (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Disclosure of operating segments | For the year ended October 31, 2023 (Millions of Canadian dollars) Personal & Banking Wealth Insurance Capital Corporate Total Canada United Other Net interest income (2) $ 16,074 $ 4,495 $ – $ 3,379 $ 1,181 $ 25,129 $ 18,752 $ 5,065 $ 1,312 Non-interest income 6,046 13,049 5,675 7,672 (1,442 ) 31,000 14,851 8,563 7,586 Total revenue 22,120 17,544 5,675 11,051 (261 ) 56,129 33,603 13,628 8,898 Provision for credit losses 1,579 328 – 561 – 2,468 1,648 784 36 Insurance policyholder benefits, claims and acquisition expense – – 4,022 – – 4,022 2,161 – 1,861 Non-interest expense 9,215 14,128 653 6,509 668 31,173 15,319 11,177 4,677 Net income (loss) before income taxes 11,326 3,088 1,000 3,981 (929 ) 18,466 14,475 1,667 2,324 Income taxes (recoveries) 3,060 661 197 (158 ) (160 ) 3,600 4,770 (1,103 ) (67 ) Net income $ 8,266 $ 2,427 $ 803 $ 4,139 $ (769 ) $ 14,866 $ 9,705 $ 2,770 $ 2,391 Non-interest expense includes: Depreciation and amortization $ 961 $ 1,234 $ 58 $ 509 $ – $ 2,762 $ 1,570 $ 836 $ 356 Impairment of other intangibles 13 81 1 2 11 108 28 65 15 Total assets $ 636,046 $ 179,227 $ 22,591 $ 1,100,172 $ 66,956 $ 2,004,992 $ 1,042,663 $ 639,296 $ 323,033 Total assets include: Additions to premises and equipment and intangibles $ 463 $ 1,008 $ 53 $ 311 $ 639 $ 2,474 $ 1,334 $ 700 $ 440 Total liabilities $ 635,952 $ 177,389 $ 23,355 $ 1,099,893 $ (49,357 ) $ 1,887,232 For the year ended October 31, 2022 (Millions of Canadian dollars) Personal & Wealth Insurance Capital Corporate Total Canada United States Other Net interest income (2) $ 14,019 $ 3,886 $ – $ 4,944 $ (132 ) $ 22,717 $ 15,761 $ 5,423 $ 1,533 Non-interest income 6,124 12,357 3,510 5,005 (728 ) 26,268 13,508 6,364 6,396 Total revenue 20,143 16,243 3,510 9,949 (860 ) 48,985 29,269 11,787 7,929 Provision for credit losses 463 33 – (13 ) 1 484 600 60 (176 ) Insurance policyholder benefits, claims and acquisition expense – – 1,783 – – 1,783 (466 ) – 2,249 Non-interest expense 8,437 12,015 588 5,816 (247 ) 26,609 13,648 9,006 3,955 Net income (loss) before income taxes 11,243 4,195 1,139 4,146 (614 ) 20,109 15,487 2,721 1,901 Income taxes (recoveries) 2,873 985 282 778 (616 ) 4,302 3,615 452 235 Net income $ 8,370 $ 3,210 $ 857 $ 3,368 $ 2 $ 15,807 $ 11,872 $ 2,269 $ 1,666 Non-interest expense includes: Depreciation and amortization $ 942 $ 1,109 $ 57 $ 514 $ 12 $ 2,634 $ 1,617 $ 776 $ 241 Impairment of other intangibles 11 2 2 3 – 18 11 5 2 Total assets $ 602,824 $ 198,380 $ 21,918 $ 1,033,978 $ 60,119 $ 1,917,219 $ 992,485 $ 570,255 $ 354,479 Total assets include: Additions to premises and equipment and intangibles $ 394 $ 2,347 $ 49 $ 258 $ 630 $ 3,678 $ 1,263 $ 666 $ 1,749 Total liabilities $ 602,741 $ 198,329 $ 22,588 $ 1,033,689 $ (48,303 ) $ 1,809,044 (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) Amounts have been revised from those previously presented to conform to our new basis of segment presentation. |
Nature and extent of risks ar_2
Nature and extent of risks arising from financial instruments (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Credit Exposure Associated with On-and Off-Balance Sheet Financial Instruments | Concentrations of credit risk indicate the relative sensitivity of our performance to developments affecting a particular industry or geographic location. The amounts of credit exposure associated with certain of our on- and off-balance sheet financial instruments are summarized in the following tables. As at October 31, 2023 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance sheet assets other than derivatives (1) $ 798,259 66% $ 294,670 24% $ 76,637 6% $ 50,147 4% $ 1,219,713 Derivatives before master netting agreements (2), (3) 27,221 19% 36,698 25% 67,406 46% 14,470 10% 145,795 $ 825,480 60% $ 331,368 24% $ 144,043 11% $ 64,617 5% $ 1,365,508 Off-balance sheet credit instruments (4) Committed and uncommitted (5) $ 427,849 56% $ 252,071 33% $ 51,393 8% $ 23,183 3% $ 754,496 Other 85,222 61% 30,737 22% 21,428 15% 2,731 2% 140,118 $ 513,071 57% $ 282,808 32% $ 72,821 8% $ 25,914 3% $ 894,614 As at October 31, 2022 (Millions of Canadian dollars, Canada % United % Europe % Other % Total On-balance sheet assets other than derivatives (1) $ 759,037 65% $ 263,736 23% $ 87,671 8% $ 48,991 4% $ 1,159,435 Derivatives before master netting agreements (2), (3) 32,434 20% 35,921 23% 72,885 46% 17,439 11% 158,679 $ 791,471 60% $ 299,657 23% $ 160,556 12% $ 66,430 5% $ 1,318,114 Off-balance sheet credit instruments (4) Committed and uncommitted (5) $ 398,719 57% $ 223,624 32% $ 52,669 8% $ 20,857 3% $ 695,869 Other 79,110 66% 13,847 12% 24,476 20% 2,485 2% 119,918 $ 477,829 59% $ 237,471 29% $ 77,145 9% $ 23,342 3% $ 815,787 (1) Includes Assets purchased under reverse repurchase agreements and securities borrowed, Loans and Customers’ liability under acceptances. The largest concentrations in Canada are Ontario at 57% (October 31, 2022 – 56%), the Prairies at 15% (October 31, 2022 – 15%), British Columbia and the territories at 14% (October 31, 2022 – 15%) and Quebec at 10% (October 31, 2022 – 10%). No industry accounts for more than 20% (October 31, 2022 – 20%) of total on-balance sheet credit instruments, with the exception of Banking, which accounted for 25% (October 31, 2022 – 26%), and Government, which accounted for 28% (October 31, 2022 – 32%). The classification of our sectors aligns with our view of credit risk by industry. (2) A further breakdown of our derivative exposures by risk rating and counterparty type is provided in Note 9. (3) Excludes valuation adjustments determined on a pooled basis. (4) Balances presented are contractual amounts representing our maximum exposure to credit risk. (5) Represents our maximum exposure to credit risk. Retail and wholesale commitments respectively comprise 44% and 56% of our total commitments (October 31, 2022 – 45% and 55%). The largest concentrations in the wholesale portfolio relate to Financial s Real estate related Other services Investmen ts |
Capital management (Tables)
Capital management (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Summary of Regulatory Capital and Capital Ratios | During 2023 and 2022, we complied with all applicable capital, leverage and TLAC requirements, including the domestic stability buffer, imposed by OSFI. As at (Millions of Canadian dollars, except percentage amounts and as otherwise noted) October 31 2023 October 31 2022 Capital (1) CET1 capital $ 86,611 $ 76,945 Tier 1 capital 93,904 84,242 Total capital 104,952 93,850 Risk-weighted assets (RWA) used in calculation of capital ratios (1) Credit risk $ 475,842 $ 496,898 Market risk 40,498 35,342 Operational risk 79,883 77,639 Total RWA $ 596,223 $ 609,879 Capital ratios and Leverage ratio (1) CET1 ratio 14.5% 12.6% Tier 1 capital ratio 15.7% 13.8% Total capital ratio 17.6% 15.4% Leverage ratio 4.3% 4.4% Leverage ratio exposure (billions) $ 2,180 $ 1,898 TLAC available and ratios (2) TLAC available $ 184,916 $ 160,961 TLAC ratio 31.0% 26.4% TLAC leverage ratio 8.5% 8.5% (1) Capital, RWA, and capital ratios are calculated using OSFI’s Capital Adequacy Requirements (CAR) guideline and the Leverage ratio is calculated using OSFI’s Leverage Requirements (LR) guideline. Both the CAR guideline and LR guideline are based on the Basel III framework. The results for the year ended October 31, 2023 reflect our adoption of the revised CAR and LR guidelines that came into effect in Q2 2023 as part of OSFI’s implementation of the Basel III reforms. (2) TLAC available and TLAC ratios are calculated using OSFI’s TLAC guideline. The TLAC standard is applied at the resolution entity level which for us is deemed to be Royal Bank of Canada and its subsidiaries. A resolution entity and its subsidiaries are collectively called a resolution group. Both the TLAC ratio and TLAC leverage ratio are calculated using the TLAC available as percentage of total RWA and leverage exposure, respectively. |
Offsetting financial assets a_2
Offsetting financial assets and financial liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | Financial instruments subject to enforceable master netting arrangements or similar agreements As at October 31, 2023 Amounts subject to enforceable netting arrangements Related amounts not offset on the Consolidated (Millions of Canadian dollars) Gross amounts Gross amounts Net amounts Impact of Financial Net amounts Amounts not Net amounts Financial assets Assets purchased under reverse repurchase agreements and securities borrowed $ 436,617 $ 96,676 $ 339,941 $ 201 $ 336,112 $ 3,628 $ 250 $ 340,191 Derivative assets 138,318 1,544 136,774 89,889 22,310 24,575 5,676 142,450 Other financial assets 3,306 443 2,863 19 421 2,423 – 2,863 $ 578,241 $ 98,663 $ 479,578 $ 90,109 $ 358,843 $ 30,626 $ 5,926 $ 485,504 Financial liabilities Obligations related to assets sold under repurchase agreements and securities loaned $ 427,330 $ 96,676 $ 330,654 $ 201 $ 325,674 $ 4,779 $ 4,584 $ 335,238 Derivative liabilities 132,770 1,544 131,226 89,889 17,340 23,997 11,403 142,629 Other financial liabilities 1,475 443 1,032 19 – 1,013 – 1,032 $ 561,575 $ 98,663 $ 462,912 $ 90,109 $ 343,014 $ 29,789 $ 15,987 $ 478,899 (Millions of Canadian dollars) As at October 31, 2022 Amounts subject to enforceable netting arrangements Related amounts not Gross amounts Gross amounts Net amounts Impact of Financial Net amounts Amounts not Net amounts Financial assets Assets purchased under reverse repurchase agreements and securities borrowed $ 411,937 $ 94,203 $ 317,734 $ 293 $ 314,602 $ 2,839 $ 111 $ 317,845 Derivative assets 146,479 2,185 144,294 98,610 21,412 24,272 10,145 154,439 Other financial assets 1,638 304 1,334 11 83 1,240 – 1,334 $ 560,054 $ 96,692 $ 463,362 $ 98,914 $ 336,097 $ 28,351 $ 10,256 $ 473,618 Financial liabilities Obligations related to assets sold under repurchase agreements and securities loaned $ 360,722 $ 94,203 $ 266,519 $ 293 $ 265,822 $ 404 $ 7,428 $ 273,947 Derivative liabilities 141,137 2,185 138,952 98,610 19,758 20,584 14,539 153,491 Other financial liabilities 825 304 521 11 – 510 – 521 $ 502,684 $ 96,692 $ 405,992 $ 98,914 $ 285,580 $ 21,498 $ 21,967 $ 427,959 (1) Financial collateral is reflected at fair value. The financial instrument amounts and financial collateral disclosed are limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $17 billion (October 31, 2022 – $20 billion) and non-cash collateral of $342 billion (October 31, 2022 – $316 billion) received for financial assets and cash collateral of $15 billion (October 31, 2022 – $19 billion) and non-cash collateral of $328 billion (October 31, 2022 – $267 billion) pledged for financial liabilities. |
Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements | Financial instruments subject to enforceable master netting arrangements or similar agreements As at October 31, 2023 Amounts subject to enforceable netting arrangements Related amounts not offset on the Consolidated (Millions of Canadian dollars) Gross amounts Gross amounts Net amounts Impact of Financial Net amounts Amounts not Net amounts Financial assets Assets purchased under reverse repurchase agreements and securities borrowed $ 436,617 $ 96,676 $ 339,941 $ 201 $ 336,112 $ 3,628 $ 250 $ 340,191 Derivative assets 138,318 1,544 136,774 89,889 22,310 24,575 5,676 142,450 Other financial assets 3,306 443 2,863 19 421 2,423 – 2,863 $ 578,241 $ 98,663 $ 479,578 $ 90,109 $ 358,843 $ 30,626 $ 5,926 $ 485,504 Financial liabilities Obligations related to assets sold under repurchase agreements and securities loaned $ 427,330 $ 96,676 $ 330,654 $ 201 $ 325,674 $ 4,779 $ 4,584 $ 335,238 Derivative liabilities 132,770 1,544 131,226 89,889 17,340 23,997 11,403 142,629 Other financial liabilities 1,475 443 1,032 19 – 1,013 – 1,032 $ 561,575 $ 98,663 $ 462,912 $ 90,109 $ 343,014 $ 29,789 $ 15,987 $ 478,899 (Millions of Canadian dollars) As at October 31, 2022 Amounts subject to enforceable netting arrangements Related amounts not Gross amounts Gross amounts Net amounts Impact of Financial Net amounts Amounts not Net amounts Financial assets Assets purchased under reverse repurchase agreements and securities borrowed $ 411,937 $ 94,203 $ 317,734 $ 293 $ 314,602 $ 2,839 $ 111 $ 317,845 Derivative assets 146,479 2,185 144,294 98,610 21,412 24,272 10,145 154,439 Other financial assets 1,638 304 1,334 11 83 1,240 – 1,334 $ 560,054 $ 96,692 $ 463,362 $ 98,914 $ 336,097 $ 28,351 $ 10,256 $ 473,618 Financial liabilities Obligations related to assets sold under repurchase agreements and securities loaned $ 360,722 $ 94,203 $ 266,519 $ 293 $ 265,822 $ 404 $ 7,428 $ 273,947 Derivative liabilities 141,137 2,185 138,952 98,610 19,758 20,584 14,539 153,491 Other financial liabilities 825 304 521 11 – 510 – 521 $ 502,684 $ 96,692 $ 405,992 $ 98,914 $ 285,580 $ 21,498 $ 21,967 $ 427,959 (1) Financial collateral is reflected at fair value. The financial instrument amounts and financial collateral disclosed are limited to the net balance sheet exposure, and any over-collateralization is excluded from the table. (2) Includes cash collateral of $17 billion (October 31, 2022 – $20 billion) and non-cash collateral of $342 billion (October 31, 2022 – $316 billion) received for financial assets and cash collateral of $15 billion (October 31, 2022 – $19 billion) and non-cash collateral of $328 billion (October 31, 2022 – $267 billion) pledged for financial liabilities. |
Recovery and settlement of on_2
Recovery and settlement of on-balance sheet assets and liabilities (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Text Block [Abstract] | |
Recovery and settlement of on-balance sheet assets and liabilities | As at October 31, 2023 October 31, 2022 (Millions of Canadian dollars) Within one year After one year Total Within one year After one year Total Assets Cash and due from banks (1) $ 59,793 $ 2,196 $ 61,989 $ 71,081 $ 1,316 $ 72,397 Interest-bearing deposits with banks 71,086 – 71,086 108,011 – 108,011 Securities Trading (2) 180,929 9,222 190,151 139,810 8,395 148,205 Investment, net of applicable allowance 33,363 186,216 219,579 26,540 143,478 170,018 Assets purchased under reverse repurchase agreements and 336,437 3,754 340,191 316,714 1,131 317,845 Loans Retail 120,247 449,704 569,951 113,965 435,786 549,751 Wholesale 76,249 211,577 287,826 70,374 203,593 273,967 Allowance for loan losses (5,004 ) (3,753 ) Segregated fund net assets – 2,760 2,760 – 2,638 2,638 Other Customers’ liability under acceptances 21,690 5 21,695 17,827 – 17,827 Derivatives (2) 140,261 2,189 142,450 151,928 2,511 154,439 Premises and equipment 65 6,684 6,749 59 7,155 7,214 Goodwill – 12,594 12,594 – 12,277 12,277 Other intangibles – 5,907 5,907 – 6,083 6,083 Other assets 62,555 14,513 77,068 66,071 14,229 80,300 $ 1,102,675 $ 907,321 $ 2,004,992 $ 1,082,380 $ 838,592 $ 1,917,219 Liabilities Deposits (3) $ 991,484 $ 240,203 $ 1,231,687 $ 1,023,324 $ 185,490 $ 1,208,814 Segregated fund net liabilities – 2,760 2,760 – 2,638 2,638 Other Acceptances 21,740 5 21,745 17,872 – 17,872 Obligations related to securities sold short 32,602 1,049 33,651 34,105 1,406 35,511 Obligations related to assets sold under repurchase 334,959 279 335,238 273,001 946 273,947 Derivatives (2) 131,352 11,277 142,629 140,808 12,683 153,491 Insurance claims and policy benefit liabilities 1,898 10,068 11,966 1,904 9,607 11,511 Other liabilities 69,187 26,983 96,170 71,689 23,546 95,235 Subordinated debentures – 11,386 11,386 110 9,915 10,025 $ 1,583,222 $ 304,010 $ 1,887,232 $ 1,562,813 $ 246,231 $ 1,809,044 (1) Cash and due from banks are assumed to be recovered within one year, except for cash balances not available for use by the Bank. (2) Trading securities classified as FVTPL and trading derivatives are presented as within one year as this best represents in most instances the short-term nature of our trading activities. Trading securities designated as FVTPL are generally presented based on contractual maturity. Non-trading derivatives are presented according to the recovery or settlement of the hedging transaction. (3) Demand deposits of $511 billion (October 31, 2022 – $562 billion) are presented as within one year due to their being repayable on demand or at short notice on a contractual basis. In practice, these deposits relate to a broad range of individuals and customer-types which form a stable base for our operations and liquidity needs. |
Parent company information (Tab
Parent company information (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Parent [member] | |
Statement [Line Items] | |
Summary of Parent Company Information | The following table presents information regarding the legal entity of Royal Bank of Canada with its subsidiaries presented on an equity accounted basis. Condensed Balance Sheets As at (Millions of Canadian dollars) October 31 2023 October 31 2022 Assets Cash and due from banks $ 41,770 $ 48,062 Interest-bearing deposits with banks 61,256 84,680 Securities 217,490 174,615 Investments in bank subsidiaries and associated companies (1) 55,082 49,841 Investments in other subsidiaries and associated companies 105,070 88,260 Assets purchased under reverse repurchase agreements and securities borrowed 150,207 132,829 Loans, net of allowance for loan losses 709,635 679,580 Net balances due from bank subsidiaries (1) – 7,172 Other assets 214,145 227,767 $ 1,554,655 $ 1,492,806 Liabilities and shareholders’ equity Deposits $ 1,006,284 $ 955,978 Net balances due to bank subsidiaries (1) 10,132 – Net balances due to other subsidiaries 6,866 36,701 Other liabilities 402,326 382,099 1,425,608 1,374,778 Subordinated debentures 11,386 9,964 Shareholders’ equity 117,661 108,064 $ 1,554,655 $ 1,492,806 (1) Bank refers primarily to regulated deposit-taking institutions and securities firms. Condensed Statements of Income and Comprehensive Income For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Interest and dividend income (1) $ 56,495 $ 27,791 Interest expense 44,174 12,846 Net interest income 12,321 14,945 Non-interest income (2) 5,390 5,425 Total revenue 17,711 20,370 Provision for credit losses 2,002 579 Non-interest expense 11,780 10,175 Income before income taxes 3,929 9,616 Income taxes 1,874 2,276 Net income before equity in undistributed income of subsidiaries 2,055 7,340 Equity in undistributed income of subsidiaries 12,804 8,454 Net income $ 14,859 $ 15,794 Other comprehensive income (loss), net of taxes 251 5,810 Total comprehensive income $ 15,110 $ 21,604 (1) Includes dividend income from investments in subsidiaries and associated c ompanies (2) Includes a nominal share of income ompanies Condensed Statements of Cash Flows For the year ended (Millions of Canadian dollars) October 31 2023 October 31 2022 Cash flows from operating activities Net income $ 14,859 $ 15,794 Adjustments to determine net cash from operating activities: Change in undistributed earnings of subsidiaries (12,804 ) (8,454 ) Change in deposits, net of securitizations 50,306 101,145 Change in loans, net of securitizations (30,055 ) (78,288 ) Change in trading securities (12,832 ) (10,348 ) Change in obligations related to assets sold under repurchase agreements and securities loaned 21,954 24,133 Change in assets purchased under reverse repurchase agreements and securities borrowed (17,378 ) (7,239 ) Change in obligations related to securities sold short (819 ) 3,024 Other operating activities, net 5,000 2,385 Net cash from (used in) operating activities 18,231 42,152 Cash flows from investing activities Change in interest-bearing deposits with banks 23,424 (27,784 ) Proceeds from sales and maturities of investment securities 127,965 59,304 Purchases of investment securities (153,099 ) (71,509 ) Net acquisitions of premises and equipment and other intangibles (2,075 ) (1,180 ) Change in cash invested in subsidiaries (3,802 ) (2,514 ) Change in net funding provided to subsidiaries (12,531 ) (36,981 ) Net cash from (used in) investing activities (20,118 ) (80,664 ) Cash flows from financing activities Issuance of subordinated debentures 1,500 1,000 Repayment of subordinated debentures (110 ) – Issue of common shares, net of issuance costs 65 51 Common shares purchased for cancellation – (5,426 ) Issue of preferred shares and other equity instruments, net of issuance costs – 749 Redemption of preferred shares and other equity instruments – (155 ) Dividends paid on shares and distributions paid on other equity instruments (5,549 ) (6,960 ) Repayment of lease liabilities (311 ) (302 ) Net cash from (used in) financing activities (4,405 ) (11,043 ) Net change in cash and due from banks (6,292 ) (49,555 ) Cash and due from banks at beginning of year 48,062 97,617 Cash and due from banks at end of year $ 41,770 $ 48,062 Supplemental disclosure of cash flow information Amount of interest paid $ 35,104 $ 7,801 Amount of interest received 49,098 21,332 Amount of dividends received 2,628 2,618 Amount of income taxes paid 2,604 4,641 |
Principal subsidiaries (Tables)
Principal subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2023 | |
Disclosure of subsidiaries [abstract] | |
Summary of Principal subsidiaries | (Millions of Canadian dollars) As at October 31, 2023 Principal subsidiaries (1) Principal office address (2) Carrying value of (3) Royal Bank Holding Inc. Toronto, Ontario, Canada $ 85,823 RBC Direct Investing Inc. Toronto, Ontario, Canada RBC Insurance Holdings Inc. Mississauga, Ontario, Canada RBC Life Insurance Company Mississauga, Ontario, Canada Investment Holdings (Cayman) Limited George Town, Grand Cayman, Cayman Islands RBC (Barbados) Funding Ltd. St. James, Barbados Capital Funding Alberta Limited Calgary, Alberta, Canada RBC Global Asset Management Inc. Toronto, Ontario, Canada RBC Investor Services Trust Toronto, Ontario, Canada RBC (Barbados) Trading Bank Corporation St. James, Barbados RBC US Group Holdings LLC (2) Toronto, Ontario, Canada 32,278 RBC USA Holdco Corporation (2) New York, New York, U.S. RBC Capital Markets, LLC (2) New York, New York, U.S. City National Bank (2) Los Angeles, California, U.S. RBC Dominion Securities Limited Toronto, Ontario, Canada 15,290 RBC Dominion Securities Inc. Toronto, Ontario, Canada Royal Bank Mortgage Corporation Toronto, Ontario, Canada 6,277 RBC Europe Limited London, England 2,977 The Royal Trust Company Montreal, Quebec, Canada 1,367 Royal Trust Corporation of Canada Toronto, Ontario, Canada 553 (1) The Bank directly or indirectly controls each subsidiary. (2) Each subsidiary is incorporated or organized under the laws of the state, province or country in which the principal office is situated, except for RBC US Group Holdings LLC and RBC USA Holdco Corporation which are incorporated under the laws of the State of Delaware, U.S., RBC Capital Markets, LLC, which is organized under the laws of the State of Minnesota, U.S., and City National Bank which is a national bank, chartered under the laws of the United States of America. (3) The carrying value of voting shares is stated as the Bank’s equity in such investments. |
IFRS 7 Disclosure - Wholesale C
IFRS 7 Disclosure - Wholesale Credit Risk - Rankings of 22 Grade Internal Risk Ratings with Ratings Used by S&P and Moody's (Detail) - Credit risk [member] | 12 Months Ended |
Oct. 31, 2023 | |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.05% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0% |
Internal credit grade one [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.015% |
Internal credit grade one [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1+ |
Internal credit grade one [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AAA |
Internal credit grade one [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aaa |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.05% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0151% |
Internal credit grade two [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.025% |
Internal credit grade two [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1H |
Internal credit grade two [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA+ |
Internal credit grade two [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa1 |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.05% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0251% |
Internal credit grade three [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.035% |
Internal credit grade three [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1M |
Internal credit grade three [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA |
Internal credit grade three [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa2 |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0% |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.05% |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0351% |
Internal credit grade four [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.045% |
Internal credit grade four [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 1L |
Internal credit grade four [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | AA- |
Internal credit grade four [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Aa3 |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Business and bank [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0% |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Business and bank [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.055% |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Sovereign [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0451% |
Internal credit grade five [member] | Wholesale Investment Grade [member] | Sovereign [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.055% |
Internal credit grade five [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+H |
Internal credit grade five [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A+ |
Internal credit grade five [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A1 |
Internal credit grade six [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0551% |
Internal credit grade six [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.065% |
Internal credit grade six [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+M |
Internal credit grade six [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A |
Internal credit grade six [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A2 |
Internal credit grade seven [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0651% |
Internal credit grade seven [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.075% |
Internal credit grade seven [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2+L |
Internal credit grade seven [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A- |
Internal credit grade seven [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | A3 |
Internal credit grade eight [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0751% |
Internal credit grade eight [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.085% |
Internal credit grade eight [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2H |
Internal credit grade eight [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB+ |
Internal credit grade eight [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa1 |
Internal credit grade nine [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.0851% |
Internal credit grade nine [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.103% |
Internal credit grade nine [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2M |
Internal credit grade nine [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB |
Internal credit grade nine [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa2 |
Internal credit grade ten [member] | Wholesale Investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1031% |
Internal credit grade ten [member] | Wholesale Investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1775% |
Internal credit grade ten [member] | Internal BRR Rate [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2L |
Internal credit grade ten [member] | S&P [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BBB- |
Internal credit grade ten [member] | Moody's [member] | Wholesale Investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Baa3 |
Internal credit grade eleven [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.1776% |
Internal credit grade eleven [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.347% |
Internal credit grade eleven [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-H |
Internal credit grade eleven [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB+ |
Internal credit grade eleven [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba1 |
Internal credit grade twelve [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.3471% |
Internal credit grade twelve [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.646% |
Internal credit grade twelve [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-M |
Internal credit grade twelve [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB |
Internal credit grade twelve [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba2 |
Internal credit grade thirteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.6461% |
Internal credit grade thirteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.062% |
Internal credit grade thirteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 2-L |
Internal credit grade thirteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | BB- |
Internal credit grade thirteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ba3 |
Internal credit grade fourteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.0621% |
Internal credit grade fourteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.552% |
Internal credit grade fourteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+H |
Internal credit grade fourteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B+ |
Internal credit grade fourteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B1 |
Internal credit grade fifteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 1.5521% |
Internal credit grade fifteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 2.2165% |
Internal credit grade fifteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+M |
Internal credit grade fifteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B |
Internal credit grade fifteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B2 |
Internal credit grade sixteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 2.2166% |
Internal credit grade sixteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 4.507% |
Internal credit grade sixteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3+L |
Internal credit grade sixteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B- |
Internal credit grade sixteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | B3 |
Internal credit grade seventeen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 4.5071% |
Internal credit grade seventeen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.166% |
Internal credit grade seventeen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3H |
Internal credit grade seventeen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC+ |
Internal credit grade seventeen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa1 |
Internal credit grade eighteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.1661% |
Internal credit grade eighteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 13.176% |
Internal credit grade eighteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3M |
Internal credit grade eighteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC |
Internal credit grade eighteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa2 |
Internal credit grade nineteen [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 13.1761% |
Internal credit grade nineteen [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 24.967% |
Internal credit grade nineteen [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 3L |
Internal credit grade nineteen [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CCC- |
Internal credit grade nineteen [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Caa3 |
Internal credit grade twenty [member] | Wholesale Non-investment Grade [member] | Bottom of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 24.9671% |
Internal credit grade twenty [member] | Wholesale Non-investment Grade [member] | Top of range [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 99.999% |
Internal credit grade twenty [member] | Internal BRR Rate [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 4 |
Internal credit grade twenty [member] | S&P [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | CC |
Internal credit grade twenty [member] | Moody's [member] | Wholesale Non-investment Grade [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | Ca |
Internal credit grade twenty one [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100% |
Internal credit grade twenty one [member] | Internal BRR Rate [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 5 |
Internal credit grade twenty one [member] | S&P [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | D |
Internal credit grade twenty one [member] | Moody's [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
Internal credit grade twenty two [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100% |
Internal credit grade twenty two [member] | Internal BRR Rate [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
Internal BRR Rate | 6 |
Internal credit grade twenty two [member] | S&P [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | D |
Internal credit grade twenty two [member] | Moody's [member] | Impaired Wholesale [member] | |
Disclosure of credit risk exposure [line items] | |
External Credit Grades | C |
IFRS 7 Disclosure - Retail Cred
IFRS 7 Disclosure - Retail Credit Risk - Summary of PD Bands to Various Risk Levels (Detail) - Retail [member] - Credit risk [member] | 12 Months Ended |
Oct. 31, 2023 | |
Impaired/Default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 100% |
Bottom of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 0.05% |
Bottom of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 3.966% |
Bottom of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.429% |
Top of range [member] | Low probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 3.965% |
Top of range [member] | Medium probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 7.428% |
Top of range [member] | High probability of default [member] | |
Disclosure of credit risk exposure [line items] | |
Probability of default | 99.99% |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Summary of Market Risk VaR and Market Risk SVaR (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Equity [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | $ 10 | $ 20 |
Foreign exchange [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 4 | 3 |
Commodities [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 5 | 6 |
Interest rate [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 38 | 31 |
Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 7 | 5 |
Diversification [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | (35) | (34) |
Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 29 | 31 |
Market risk Stressed VaR | 121 | 59 |
Weighted average [member] | Equity [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 11 | 18 |
Weighted average [member] | Foreign exchange [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 3 | 4 |
Weighted average [member] | Commodities [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 5 | 5 |
Weighted average [member] | Interest rate [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 32 | 29 |
Weighted average [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 5 | 7 |
Weighted average [member] | Diversification [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | (31) | (33) |
Weighted average [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 25 | 30 |
Market risk Stressed VaR | 51 | 53 |
Top of range [member] | Equity [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 26 | 30 |
Top of range [member] | Foreign exchange [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 25 | 7 |
Top of range [member] | Commodities [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 8 | 6 |
Top of range [member] | Interest rate [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 49 | 65 |
Top of range [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 8 | 9 |
Top of range [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 36 | 50 |
Market risk Stressed VaR | 127 | 87 |
Bottom of range [member] | Equity [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 6 | 10 |
Bottom of range [member] | Foreign exchange [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 2 | 1 |
Bottom of range [member] | Commodities [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 4 | 3 |
Bottom of range [member] | Interest rate [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 20 | 13 |
Bottom of range [member] | Credit specific [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 4 | 4 |
Bottom of range [member] | Market Risk [Member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Trading VaR | 16 | 19 |
Market risk Stressed VaR | $ 27 | $ 34 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary of Market Risk VaR and Market Risk SVaR (Parenthetical) (Detail) - Market Risk [Member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | $ 29 | $ 31 |
Weighted average [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | 25 | 30 |
Weighted average [member] | Loan underwriting commitments risk [member] | ||
Disclosure of Market Risk VAR [Line Items] | ||
Market risk VaR | $ 14 | $ 11 |
IFRS 7 Disclosure - Market Ri_3
IFRS 7 Disclosure - Market Risk - Summary of Market Risk Structural Interest Rate Sensitivities Measures (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | $ (1,552) | $ (1,900) |
100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 651 | 781 |
100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 1,353 | 1,709 |
100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (751) | $ (839) |
Canadian dollar [member] | 100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (1,445) | |
Canadian dollar [member] | 100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 381 | |
Canadian dollar [member] | 100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 1,430 | |
Canadian dollar [member] | 100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (409) | |
U.S. dollars [member] | 100 bps increase in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (107) | |
U.S. dollars [member] | 100 bps increase in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | 270 | |
U.S. dollars [member] | 100 bps decrease in rates [member] | EVE risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | (77) | |
U.S. dollars [member] | 100 bps decrease in rates [member] | NII risk [member] | ||
Disclosure of Structural Interest Rate Sensitivity on NII and EVE [line items] | ||
Increase (decrease) in rates before tax impact | $ (342) |
IFRS 7 Disclosure - Liquidity a
IFRS 7 Disclosure - Liquidity and Funding Risk - Long-Term Funding Sources (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | $ 226,640 | $ 198,833 |
Unsecured long-term funding [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | 139,882 | 119,241 |
Secured long-term funding [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | 74,720 | 68,953 |
Subordinated debentures [member] | ||
Disclosure of sources of Long-term Funding [line items] | ||
Long-term funding sources | $ 12,038 | $ 10,639 |
IFRS 7 Disclosure - Liquidity_2
IFRS 7 Disclosure - Liquidity and Funding Risk - Summary of Contractual Maturities of Financial Liabilities and Off-Balance Sheet Items - Undiscounted Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | $ 1,231,687 | $ 1,208,814 |
Acceptances | 21,745 | 17,872 |
Obligations related to securities sold short | 33,651 | 35,511 |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 |
Other liabilities | 96,170 | 95,235 |
Lease liabilities | 4,764 | 5,110 |
Subordinated debentures | 11,386 | 10,025 |
Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 1,235,897 | 1,219,996 |
Acceptances | 21,745 | 17,872 |
Obligations related to securities sold short | 33,741 | 35,395 |
Obligations related to assets sold under repurchase agreements and securities loaned | 334,814 | 274,071 |
Other liabilities | 68,856 | 72,048 |
Lease liabilities | 4,764 | 5,110 |
Subordinated debentures | 11,396 | 10,036 |
Financial liabilities | 1,711,213 | 1,634,528 |
Off-balance sheet items | 379,929 | 353,963 |
Total financial liabilities and off-balance sheet items | 2,091,142 | 1,988,491 |
Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 23,314 | 20,291 |
Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 422 | 456 |
Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 356,193 | 333,216 |
On demand [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 510,868 | 562,288 |
Acceptances | 0 | 0 |
Obligations related to securities sold short | 0 | 0 |
Obligations related to assets sold under repurchase agreements and securities loaned | 23,381 | 16,367 |
Other liabilities | 608 | 508 |
Lease liabilities | 0 | 0 |
Subordinated debentures | 0 | 0 |
Financial liabilities | 534,857 | 579,163 |
Off-balance sheet items | 28,925 | 304,895 |
Total financial liabilities and off-balance sheet items | 563,782 | 884,058 |
On demand [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 23,308 | 20,289 |
On demand [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 0 | 0 |
On demand [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 5,617 | 284,606 |
Under 1 year [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 991,484 | 1,023,324 |
Acceptances | 21,740 | 17,872 |
Obligations related to securities sold short | 32,602 | 34,105 |
Obligations related to assets sold under repurchase agreements and securities loaned | 334,959 | 273,001 |
Other liabilities | 69,187 | 71,689 |
Subordinated debentures | 110 | |
Under 1 year [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 482,738 | 463,711 |
Acceptances | 21,740 | 17,872 |
Obligations related to securities sold short | 33,741 | 35,395 |
Obligations related to assets sold under repurchase agreements and securities loaned | 311,154 | 256,756 |
Other liabilities | 54,844 | 61,420 |
Lease liabilities | 653 | 654 |
Subordinated debentures | 0 | 110 |
Financial liabilities | 904,870 | 835,918 |
Off-balance sheet items | 114,558 | 48,648 |
Total financial liabilities and off-balance sheet items | 1,019,428 | 884,566 |
Under 1 year [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 2 | 2 |
Under 1 year [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 61 | 73 |
Under 1 year [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 114,495 | 48,573 |
1 to 2 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 74,465 | 50,169 |
Acceptances | 0 | 0 |
Obligations related to securities sold short | 0 | 0 |
Obligations related to assets sold under repurchase agreements and securities loaned | 279 | 948 |
Other liabilities | 284 | 220 |
Lease liabilities | 621 | 630 |
Subordinated debentures | 0 | 0 |
Financial liabilities | 75,649 | 51,967 |
Off-balance sheet items | 48,907 | 61 |
Total financial liabilities and off-balance sheet items | 124,556 | 52,028 |
1 to 2 years [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 4 | 0 |
1 to 2 years [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 55 | 60 |
1 to 2 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 48,848 | 1 |
2 years to 5 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 124,906 | 106,568 |
Acceptances | 5 | 0 |
Obligations related to securities sold short | 0 | 0 |
Obligations related to assets sold under repurchase agreements and securities loaned | 0 | 0 |
Other liabilities | 657 | 709 |
Lease liabilities | 1,519 | 1,609 |
Subordinated debentures | 1,939 | 1,884 |
Financial liabilities | 129,026 | 110,770 |
Off-balance sheet items | 178,176 | 172 |
Total financial liabilities and off-balance sheet items | 307,202 | 110,942 |
2 years to 5 years [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 0 | 0 |
2 years to 5 years [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 128 | 136 |
2 years to 5 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 178,048 | 36 |
Over 5 years [member] | Undiscounted basis [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Deposits | 42,920 | 37,260 |
Acceptances | 0 | 0 |
Obligations related to securities sold short | 0 | 0 |
Obligations related to assets sold under repurchase agreements and securities loaned | 0 | 0 |
Other liabilities | 12,463 | 9,191 |
Lease liabilities | 1,971 | 2,217 |
Subordinated debentures | 9,457 | 8,042 |
Financial liabilities | 66,811 | 56,710 |
Off-balance sheet items | 9,363 | 187 |
Total financial liabilities and off-balance sheet items | 76,174 | 56,897 |
Over 5 years [member] | Undiscounted basis [member] | Financial guarantees [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 0 | 0 |
Over 5 years [member] | Undiscounted basis [member] | Other commitments [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | 178 | 187 |
Over 5 years [member] | Undiscounted basis [member] | Commitments to extend credit [member] | ||
Disclosure of non-derivative financial liabilities and off balance sheet items according to their remaining contractual maturities - Undiscounted [line items] | ||
Off-balance sheet items | $ 9,185 | $ 0 |
Summary of significant accoun_4
Summary of significant accounting policies, estimates and judgments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | May 31, 2023 | Nov. 01, 2022 | Oct. 31, 2022 | |
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Pillar two model rules for international tax reform threshold minimum global tax | 15% | |||
Cumulative reduction in retained earnings net of tax | $ 84,328 | $ 78,037 | ||
Non Usd Libor [Member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Non-derivative financial assets | 57,500 | |||
Non-derivative financial liabilities | 1,500 | |||
Derivative notional amount | 5,772,400 | |||
Authorized and committed undrawn commitments | $ 59,300 | |||
IFRS 17 [member] | Estimated retrospective adjustments [member] | Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Cumulative reduction in retained earnings net of tax | $ 2,400 | |||
IFRS 17 [member] | 2024 [member] | Increase (decrease) due to changes in accounting policy required by IFRSs, cumulative effect at date of initial application [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Insurance contract liability cumulative impact of measurement | $ 1,800 | |||
Computer software [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Estimated useful lives of intangible assets | 3 to 10 years | |||
Customer relationships [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Estimated useful lives of intangible assets | 10 to 20 years | |||
Buildings [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Useful life of premises and equipment | 25 to 50 years | |||
Computer equipment [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Useful life of premises and equipment | 3 to 10 years | |||
Furniture Fixtures and Other Equipment [member] | ||||
Significant Accounting Policies, Estimates and Judgments [Line Items] | ||||
Useful life of premises and equipment | 5 to 10 years |
Summary of significant accoun_5
Summary of significant accounting policies, estimates and judgments - Summary of Bank's Significant Exposures to Financial Instruments (Detail) - CDOR [Member] - Interest rate swap contract [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial instruments by type of interest rate [line items] | ||
Non-derivative financial assets | $ 29,496 | $ 18,493 |
Non-derivative financial liabilities | 24,735 | 18,572 |
Derivative notional | $ 2,154,345 | $ 2,226,700 |
Summary of significant accoun_6
Summary of significant accounting policies, estimates and judgments - Summary of Undrawn Balances of Loan Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
CDOR [Member] | ||
Disclosure of Undrawn Balances of Loan Commitments Referencing Benchmark Interest Rates [Line Items] | ||
Authorized and committed undrawn commitments | $ 40,010 | $ 26,913 |
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Financial assets | ||
Interest-bearing deposits with banks | $ 71,086 | $ 108,011 |
Securities | ||
Trading | 190,151 | 148,205 |
Investment, net of applicable allowance | 219,579 | 170,018 |
Securities | 409,730 | 318,223 |
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 |
Loans, net of applicable allowance | ||
Loans, net | 852,773 | 819,965 |
Other | ||
Derivatives | 142,450 | 154,439 |
Deposits | ||
Personal | 441,946 | 404,932 |
Business and government | 745,075 | 759,870 |
Bank | 44,666 | 44,012 |
Deposits | 1,231,687 | 1,208,814 |
Other | ||
Obligations related to securities sold short | 33,651 | 35,511 |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 |
Derivatives | 142,629 | 153,491 |
Subordinated debentures | 11,386 | 10,025 |
Financial assets classified as FVTPL [member] | ||
Securities | ||
Trading | 180,651 | 138,507 |
Securities | 180,651 | 138,507 |
Assets purchased under reverse repurchase agreements and securities borrowed | 285,869 | 264,665 |
Loans, net of applicable allowance | ||
Retail | 114 | 73 |
Wholesale | 5,629 | 6,914 |
Loans, net | 5,743 | 6,987 |
Other | ||
Derivatives | 142,450 | 154,439 |
Other assets | 4,819 | 3,377 |
Financial assets designated as FVTPL [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 60,856 | 84,468 |
Securities | ||
Trading | 9,500 | 9,698 |
Securities | 9,500 | 9,698 |
Loans, net of applicable allowance | ||
Retail | 362 | 375 |
Wholesale | 3,619 | 3,222 |
Loans, net | 3,981 | 3,597 |
Other | ||
Other assets | 5 | |
Financial assets classified as FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 127,624 | 92,063 |
Securities | 127,624 | 92,063 |
Loans, net of applicable allowance | ||
Retail | 280 | 218 |
Wholesale | 597 | 563 |
Loans, net | 877 | 781 |
Financial assets designated as FVOCI [member] | ||
Securities | ||
Investment, net of applicable allowance | 842 | 828 |
Securities | 842 | 828 |
Financial liabilities classified as FVTPL [member] | ||
Deposits | ||
Personal | 109 | 298 |
Business and government | 174 | 447 |
Deposits | 283 | 745 |
Other | ||
Obligations related to securities sold short | 33,651 | 35,511 |
Derivatives | 142,629 | 153,491 |
Other liabilities | (937) | (360) |
Financial liabilities designated as FVTPL [member] | ||
Deposits | ||
Personal | 26,702 | 21,959 |
Business and government | 137,454 | 152,119 |
Bank | 11,462 | 7,196 |
Deposits | 175,618 | 181,274 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 298,679 | 248,835 |
Other liabilities | 11 | 69 |
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 | 10,230 | 23,543 |
Securities | ||
Investment, net of applicable allowance | 83,667 | 70,073 |
Securities | 83,667 | 70,073 |
Assets purchased under reverse repurchase agreements and securities borrowed | 54,322 | 53,180 |
Loans, net of applicable allowance | ||
Retail | 542,480 | 521,428 |
Wholesale | 268,843 | 253,816 |
Loans, net | 811,323 | 775,244 |
Other | ||
Other assets | 68,537 | 73,084 |
Fair value of financial instruments not measured at fair value [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 412,886 | 380,396 |
Business and government | 605,260 | 605,102 |
Bank | 33,160 | 36,758 |
Deposits | 1,051,306 | 1,022,256 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 36,559 | 25,112 |
Other liabilities | 92,402 | 90,160 |
Subordinated debentures | 11,213 | 9,668 |
Financial assets at carrying amount [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 71,086 | 108,011 |
Securities | ||
Trading | 190,151 | 148,205 |
Investment, net of applicable allowance | 219,579 | 170,018 |
Securities | 409,730 | 318,223 |
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 |
Loans, net of applicable allowance | ||
Retail | 567,132 | 547,433 |
Wholesale | 285,641 | 272,532 |
Loans, net | 852,773 | 819,965 |
Other | ||
Derivatives | 142,450 | 154,439 |
Other assets | 73,361 | 76,461 |
Financial assets at carrying amount [member] | Financial assets measured at amortized cost [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 10,230 | 23,543 |
Securities | ||
Investment, net of applicable allowance | 91,113 | 77,127 |
Securities | 91,113 | 77,127 |
Assets purchased under reverse repurchase agreements and securities borrowed | 54,322 | 53,180 |
Loans, net of applicable allowance | ||
Retail | 566,376 | 546,767 |
Wholesale | 275,796 | 261,833 |
Loans, net | 842,172 | 808,600 |
Other | ||
Other assets | 68,537 | 73,084 |
Financial assets at fair value [member] | ||
Financial assets | ||
Interest-bearing deposits with banks | 71,086 | 108,011 |
Securities | ||
Trading | 190,151 | 148,205 |
Investment, net of applicable allowance | 212,133 | 162,964 |
Securities | 402,284 | 311,169 |
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 |
Loans, net of applicable allowance | ||
Retail | 543,236 | 522,094 |
Wholesale | 278,688 | 264,515 |
Loans, net | 821,924 | 786,609 |
Other | ||
Derivatives | 142,450 | 154,439 |
Other assets | 73,361 | 76,461 |
Financial liabilities at carrying amount [member] | ||
Deposits | ||
Personal | 441,946 | 404,932 |
Business and government | 745,075 | 759,870 |
Bank | 44,666 | 44,012 |
Deposits | 1,231,687 | 1,208,814 |
Other | ||
Obligations related to securities sold short | 33,651 | 35,511 |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 |
Derivatives | 142,629 | 153,491 |
Other liabilities | 91,574 | 90,057 |
Subordinated debentures | 11,386 | 10,025 |
Financial liabilities at carrying amount [member] | Financial liabilities measured at amortized cost [member] | ||
Deposits | ||
Personal | 415,135 | 382,675 |
Business and government | 607,447 | 607,304 |
Bank | 33,204 | 36,816 |
Deposits | 1,055,786 | 1,026,795 |
Other | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 36,559 | 25,112 |
Other liabilities | 92,500 | 90,348 |
Subordinated debentures | 11,386 | 10,025 |
Financial liabilities at fair value [member] | ||
Deposits | ||
Personal | 439,697 | 402,653 |
Business and government | 742,888 | 757,668 |
Bank | 44,622 | 43,954 |
Deposits | 1,227,207 | 1,204,275 |
Other | ||
Obligations related to securities sold short | 33,651 | 35,511 |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 |
Derivatives | 142,629 | 153,491 |
Other liabilities | 91,476 | 89,869 |
Subordinated debentures | $ 11,213 | $ 9,668 |
Fair value of financial instr_4
Fair value of financial instruments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
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 | $ 360 | $ (662) |
Transfers out of Level 1 to Level 2 | 0 | |
Transfers out of Level 2 to Level 1 | 0 | 0 |
Transfers out of Level 3 to Level 2 | 0 | |
Maximum exposure to credit risk | 692 | 589 |
Cumulative change in fair value attributable to changes in credit risk | (102) | (490) |
Banking services [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fees received for services | 6,112 | 6,118 |
Investment management, trust, custodial, underwriting, brokerage and other similar fiduciary services [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fees received for services | 15,319 | $ 14,932 |
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 | 151 | |
Investment U.S. federal, state, municipal and agencies [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 435 | |
Trading U.S. federal, state, municipal and agencies debt [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Transfers out of Level 1 to Level 2 | 763 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Positive fair value using reasonably possible alternatives | 156 | |
Negative fair value using reasonably possible alternatives | 148 | |
Positive fair value using other reasonably possible alternatives assets recorded in other components of equity | 63 | |
Negative fair value using other reasonably possible alternatives assets recorded in other components of equity | 61 | |
Negative fair value movement from using reasonably possible alternatives | 92 | |
Positive fair value movement from using reasonably possible alternatives | $ 85 | |
Significant unobservable inputs used in fair value measurement of assets and liabilities [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Discount rate adjustment when discounted cash flow method is used to determine fair value | 2% |
Fair value of financial instr_5
Fair value of financial instruments - Summary of Liabilities Designated as at Fair Value Through Profit or Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | $ 485,205 | $ 439,343 |
Carrying value | 474,308 | 430,178 |
Difference between carrying value and contractual maturity amount | (10,897) | (9,165) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | 798 | (2,372) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | (1,083) | (1,883) |
Term deposits - Personal [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 27,131 | 22,328 |
Carrying value | 26,702 | 21,959 |
Difference between carrying value and contractual maturity amount | (429) | (369) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | 112 | (238) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | (57) | (166) |
Term deposits - Business and government [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 147,844 | 160,775 |
Carrying value | 137,454 | 152,119 |
Difference between carrying value and contractual maturity amount | (10,390) | (8,656) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | 683 | (2,135) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | (1,030) | (1,718) |
Term deposits - Bank [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 11,485 | 7,208 |
Carrying value | 11,462 | 7,196 |
Difference between carrying value and contractual maturity amount | (23) | (12) |
Term deposits [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 186,460 | 190,311 |
Carrying value | 175,618 | 181,274 |
Difference between carrying value and contractual maturity amount | (10,842) | (9,037) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | 795 | (2,373) |
Cumulative change in fair value attributable to changes in credit risk for positions still held | (1,087) | (1,884) |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 298,734 | 248,963 |
Carrying value | 298,679 | 248,835 |
Difference between carrying value and contractual maturity amount | (55) | (128) |
Changes in fair value attributable to changes in credit risk included in OCI for positions still held | 3 | 1 |
Cumulative change in fair value attributable to changes in credit risk for positions still held | 4 | 1 |
Other liabilities [member] | ||
Disclosure of financial liabilities [line items] | ||
Contractual maturity amount | 11 | 69 |
Carrying value | $ 11 | $ 69 |
Fair value of financial instr_6
Fair value of financial instruments - Summary of Liabilities Designated as at Fair Value Through Profit or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial liabilities [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ 798 | $ (2,372) |
Financial liabilities designated as at FVTPL [member] | ||
Disclosure of financial liabilities [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | 2 | 3 |
Changes in fair value attributable to changes in credit risk | 29 | 97 |
Cumulative changes in credit risk | $ 17 | $ 97 |
Fair value of financial instr_7
Fair value of financial instruments - Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | $ 3,497 | $ 1,161 |
Interest Rate and Credit [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 3,515 | 1,251 |
Equities [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | (510) | (843) |
Foreign Exchange and Commodities [member] | By product line [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 492 | 753 |
Financial Instruments At Fair Value Through Profit Or Loss Classified As Fair Value Through Profit Loss Category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | 1,998 | (7,382) |
Financial Instruments At Fair Value Through Profit Or Loss Designated upon Initial Recognition Category [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Net gains (losses) from financial instruments classified and designated as at fair value through profit or loss | $ 1,499 | $ 8,543 |
Fair value of financial instr_8
Fair value of financial instruments - Summary of Net Gains (Losses) From Financial Instruments Classified and Designated as at Fair Value Through Profit or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Net fair value gains (losses) on financial liabilities designated as at FVTPL | $ 1,524 | $ 8,536 |
Insurance [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fair value gains (losses) previously included in OCI related to financial liabilities derecognized | $ (371) | $ (2,805) |
Fair value of financial instr_9
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | $ 86,991 | $ 40,771 |
Interest expense | 61,862 | 18,054 |
Net interest income | 25,129 | 22,717 |
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 | 31,464 | 10,999 |
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 | 5,127 | 1,177 |
Interest and dividend income [member] | Financial assets measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest income | 50,400 | 28,595 |
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 | 28,446 | 8,336 |
Interest expense [member] | Financial liabilities measured at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Interest expense | $ 33,416 | $ 9,718 |
Fair value of financial inst_10
Fair value of financial instruments - Summary of Net Interest Income From Financial Instruments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 5,675 | $ 3,510 |
Dividend income | 3,215 | 2,954 |
Interest income [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | 451 | 601 |
Interest expense [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Insurance premiums, investment and fee income | $ 35 | $ 6 |
Fair value of financial inst_11
Fair value of financial instruments - 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 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Financial assets | |||
Interest-bearing deposits with banks | $ 71,086 | $ 108,011 | |
Trading | |||
Trading securities | 190,151 | 148,205 | |
Investment | |||
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 | |
Loans | 852,773 | 819,965 | |
Derivatives | |||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (98,663) | (96,692) | |
Derivatives | 142,450 | 154,439 | |
Deposits | |||
Personal | 441,946 | 404,932 | |
Business and government | 745,075 | 759,870 | |
Bank | 44,666 | 44,012 | |
Other | |||
Obligations related to securities sold short | 33,651 | 35,511 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 | |
Derivatives | |||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (98,663) | (96,692) | |
Total derivatives | 142,629 | 153,491 | |
Level 3 [member] | |||
Derivatives | |||
Financial assets | 5,189 | 4,553 | |
Derivatives | |||
Financial liabilities | 1,938 | 2,347 | |
Netting adjustments [member] | |||
Derivatives | |||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (1,544) | (2,185) | |
Financial assets | (1,544) | (2,185) | |
Derivatives | |||
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (1,544) | (2,185) | |
Financial liabilities | (1,544) | (2,185) | |
Total gross fair value [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 89,805 | 64,195 | |
Investment | |||
Investment securities | 3,044 | 1,702 | |
Derivatives | |||
Total gross derivatives, assets | 2,352 | 3,939 | |
Other assets | 1,392 | 1,221 | |
Financial assets | 96,593 | 71,057 | |
Other | |||
Obligations related to securities sold short | 14,391 | 16,383 | |
Derivatives | |||
Total gross derivatives, liabilities | 3,119 | 3,847 | |
Other liabilities | 370 | 341 | |
Financial liabilities | 17,880 | 20,571 | |
Total gross fair value [member] | Level 2 [member] | |||
Financial assets | |||
Interest-bearing deposits with banks | 60,856 | 84,468 | |
Trading | |||
Trading securities | 98,080 | 82,123 | |
Investment | |||
Investment securities | 124,778 | 90,613 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 285,869 | 264,665 | |
Loans | 8,742 | 9,673 | |
Derivatives | |||
Total gross derivatives, assets | 141,233 | 152,302 | |
Other assets | 3,421 | 2,141 | |
Financial assets | 722,979 | 685,985 | |
Deposits | |||
Personal | 26,428 | 22,016 | |
Business and government | 137,628 | 152,566 | |
Bank | 11,462 | 7,196 | |
Other | |||
Obligations related to securities sold short | 19,260 | 19,128 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 298,679 | 248,835 | |
Derivatives | |||
Total gross derivatives, liabilities | 139,499 | 149,723 | |
Other liabilities | (1,296) | (632) | |
Financial liabilities | 631,660 | 598,832 | |
Total gross fair value [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 2,266 | 1,887 | |
Investment | |||
Investment securities | 644 | 576 | |
Loans | 1,859 | 1,692 | |
Derivatives | |||
Total gross derivatives, assets | 409 | 383 | |
Other assets | 11 | 15 | |
Financial assets | 5,189 | 4,553 | |
Deposits | |||
Personal | 383 | 241 | |
Derivatives | |||
Total gross derivatives, liabilities | 1,555 | 2,106 | |
Financial liabilities | 1,938 | 2,347 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 26,675 | 15,024 | |
Investment | |||
Investment securities | 2,731 | 1,226 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Federal [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 2,581 | 3,779 | |
Investment | |||
Investment securities | 3,528 | 2,555 | |
Total gross fair value [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 16,389 | 13,257 | |
Investment | |||
Investment securities | 2,748 | 2,124 | |
Total gross fair value [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 2,249 | 1,254 | |
Investment | |||
Investment securities | 275 | 440 | |
Total gross fair value [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 50,439 | 35,570 | |
Investment | |||
Investment securities | 73,020 | 43,918 | |
Total gross fair value [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 4 | ||
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 2,055 | 1,325 | |
Total gross fair value [member] | Other OECD government debt - issued or guaranteed [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 2,577 | 3,452 | |
Investment | |||
Investment securities | 6,192 | 5,144 | |
Total gross fair value [member] | Mortgage-backed securities [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 2 | 2 | |
Investment | |||
Investment securities | 2,672 | 2,860 | |
Total gross fair value [member] | Mortgage-backed securities [member] | Level 3 [member] | |||
Investment | |||
Investment securities | 29 | 28 | |
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 1,245 | 1,308 | |
Investment | |||
Investment securities | 441 | 524 | |
Total gross fair value [member] | Asset- backed securities, Non-CDO [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 2 | ||
Total gross fair value [member] | Corporate debt and other debt [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 22,615 | 21,162 | |
Investment | |||
Investment securities | 27,574 | 25,569 | |
Total gross fair value [member] | Corporate debt and other debt [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 7 | ||
Investment | |||
Investment securities | 149 | 151 | |
Total gross fair value [member] | Equity securities [member] | Level 1 [member] | |||
Trading | |||
Trading securities | 58,826 | 46,592 | |
Investment | |||
Investment securities | 38 | 36 | |
Total gross fair value [member] | Equity securities [member] | Level 2 [member] | |||
Trading | |||
Trading securities | 2,232 | 3,593 | |
Investment | |||
Investment securities | 338 | 395 | |
Total gross fair value [member] | Equity securities [member] | Level 3 [member] | |||
Trading | |||
Trading securities | 2,266 | 1,874 | |
Investment | |||
Investment securities | 466 | 397 | |
Total gross fair value [member] | Asset-backed securities, CDO [member] | Level 2 [member] | |||
Investment | |||
Investment securities | 8,265 | 7,524 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 39,243 | 39,804 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 290 | 263 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 89,644 | 99,424 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 4 | 13 | |
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 224 | 388 | |
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 2,352 | 3,939 | |
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 13,927 | 14,786 | |
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 111 | 62 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, assets | (1,805) | (2,100) | |
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, assets | 4 | 45 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 41,249 | 39,592 | |
Total gross fair value [member] | Interest rate contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 952 | 1,122 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 81,750 | 94,310 | |
Total gross fair value [member] | Foreign exchange contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 53 | 145 | |
Total gross fair value [member] | Credit derivatives [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 176 | 125 | |
Total gross fair value [member] | Other contracts [member] | Level 1 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 3,119 | 3,847 | |
Total gross fair value [member] | Other contracts [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 17,306 | 16,663 | |
Total gross fair value [member] | Other contracts [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 549 | 847 | |
Total gross fair value [member] | Valuation adjustments [member] | Level 2 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | (982) | (967) | |
Total gross fair value [member] | Valuation adjustments [member] | Level 3 [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 1 | (8) | |
Recurring [member] | |||
Financial assets | |||
Interest-bearing deposits with banks | 60,856 | 84,468 | |
Trading | |||
Trading securities | 190,151 | 148,205 | |
Investment | |||
Investment securities | 128,466 | 92,891 | |
Assets purchased under reverse repurchase agreements and securities borrowed | 285,869 | 264,665 | |
Loans | 10,601 | 11,365 | |
Derivatives | |||
Total gross derivatives, assets | 143,994 | 156,624 | |
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (1,544) | (2,185) | |
Derivatives | 142,450 | 154,439 | |
Other assets | 4,824 | 3,377 | |
Financial assets | 823,217 | 759,410 | |
Deposits | |||
Personal | 26,811 | 22,257 | |
Business and government | 137,628 | 152,566 | |
Bank | 11,462 | 7,196 | |
Other | |||
Obligations related to securities sold short | 33,651 | 35,511 | |
Obligations related to assets sold under repurchase agreements and securities loaned | 298,679 | 248,835 | |
Derivatives | |||
Total gross derivatives, liabilities | 144,173 | 155,676 | |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (1,544) | (2,185) | |
Total derivatives | 142,629 | 153,491 | |
Other liabilities | (926) | (291) | |
Financial liabilities | 649,934 | 619,565 | |
Recurring [member] | Level 3 [member] | |||
Derivatives | |||
Financial liabilities | (383) | (241) | $ (158) |
Recurring [member] | Canadian government debt - issued or guaranteed, Federal [member] | |||
Trading | |||
Trading securities | 29,256 | 18,803 | |
Investment | |||
Investment securities | 6,259 | 3,781 | |
Recurring [member] | Canadian government debt - issued or guaranteed, Provincial and municipal [member] | |||
Trading | |||
Trading securities | 16,389 | 13,257 | |
Investment | |||
Investment securities | 2,748 | 2,124 | |
Recurring [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | |||
Trading | |||
Trading securities | 52,688 | 36,828 | |
Investment | |||
Investment securities | 73,295 | 44,358 | |
Recurring [member] | Other OECD government debt - issued or guaranteed [member] | |||
Trading | |||
Trading securities | 4,632 | 4,777 | |
Investment | |||
Investment securities | 6,192 | 5,144 | |
Recurring [member] | Mortgage-backed securities [member] | |||
Trading | |||
Trading securities | 2 | 2 | |
Investment | |||
Investment securities | 2,701 | 2,888 | |
Recurring [member] | Asset- backed securities, Non-CDO [member] | |||
Trading | |||
Trading securities | 1,245 | 1,310 | |
Investment | |||
Investment securities | 441 | 524 | |
Recurring [member] | Corporate debt and other debt [member] | |||
Trading | |||
Trading securities | 22,615 | 21,169 | |
Investment | |||
Investment securities | 27,723 | 25,720 | |
Recurring [member] | Equity securities [member] | |||
Trading | |||
Trading securities | 63,324 | 52,059 | |
Investment | |||
Investment securities | 842 | 828 | |
Recurring [member] | Asset-backed securities, CDO [member] | |||
Investment | |||
Investment securities | 8,265 | 7,524 | |
Recurring [member] | Interest rate contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 39,533 | 40,067 | |
Recurring [member] | Foreign exchange contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 89,648 | 99,437 | |
Recurring [member] | Credit derivatives [member] | |||
Derivatives | |||
Total gross derivatives, assets | 224 | 388 | |
Recurring [member] | Other contracts [member] | |||
Derivatives | |||
Total gross derivatives, assets | 16,390 | 18,787 | |
Recurring [member] | Valuation adjustments [member] | |||
Derivatives | |||
Total gross derivatives, assets | (1,801) | (2,055) | |
Recurring [member] | Interest rate contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 42,201 | 40,714 | |
Recurring [member] | Foreign exchange contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 81,803 | 94,455 | |
Recurring [member] | Credit derivatives [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 176 | 125 | |
Recurring [member] | Other contracts [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | 20,974 | 21,357 | |
Recurring [member] | Valuation adjustments [member] | |||
Derivatives | |||
Total gross derivatives, liabilities | $ (981) | $ (975) |
Fair value of financial inst_12
Fair value of financial instruments - 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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | $ 190,151 | $ 148,205 |
Investment securities | 219,579 | 170,018 |
Residential mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 14,345 | 12,273 |
Investment securities | 24,365 | 23,362 |
Commercial mortgage-backed securities [member] | ||
Disclosure of Detailed Information about Financial Instruments [line Items] | ||
Trading securities | 0 | 0 |
Investment securities | $ 2,618 | $ 2,755 |
Fair value of financial inst_13
Fair value of financial instruments - Summary of Quantitative Information About Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | $ 142,450,000,000 | $ 154,439,000,000 |
Loans | 852,773,000,000 | 819,965,000,000 |
Deposits | 1,231,687,000,000 | 1,208,814,000,000 |
Derivative related liabilities | 142,629,000,000 | 153,491,000,000 |
Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value assets | 5,189,000,000 | 4,553,000,000 |
Fair value liabilities | 1,938,000,000 | 2,347,000,000 |
Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Corporate debt, related derivatives and other debt | 7,000,000 | |
Loans | 1,859,000,000 | 1,692,000,000 |
Derivative related liabilities | 2,000,000 | 130,000,000 |
Government Debt and Municipal Bonds [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Corporate debt, related derivatives and other debt | 149,000,000 | 151,000,000 |
Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equities | 2,732,000,000 | 2,271,000,000 |
Derivative related liabilities | 2,000,000 | |
Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | 293,000,000 | 270,000,000 |
Derivative related liabilities | 995,000,000 | 1,216,000,000 |
Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Derivative related assets | 111,000,000 | 62,000,000 |
Deposits | 383,000,000 | 241,000,000 |
Derivative related liabilities | 485,000,000 | 655,000,000 |
Other [Member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
U.S. state, municipal and agencies debt | 4,000,000 | |
Mortgage Backed Securities | 29,000,000 | 28,000,000 |
Asset-backed securities | 2,000,000 | |
Derivative related assets | 5,000,000 | 51,000,000 |
Other assets | 11,000,000 | 15,000,000 |
Derivative related liabilities | $ 73,000,000 | $ 103,000,000 |
Bottom of range [member] | Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit enhancement | 11.70% | 11.70% |
Bottom of range [member] | Corporate debt and related derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 1.89% | 1.67% |
Bottom of range [member] | Corporate debt and related derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 9.88 | $ 1 |
Bottom of range [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 7.73% | 7.85% |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Liquidity discounts | 10% | 10% |
Discount rate | 8.50% | 10.80% |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 1.00X | 0.35X |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 6.60X | 8.47X |
Bottom of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 4.16X | 3.97X |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
IR-IR correlations | 19% | 19% |
FX-IR correlations | 29% | 29% |
FX-FX correlations | 68% | 68% |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | 2.39% | 1.88% |
Bottom of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | 1.84% | 1.98% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EQ-FX correlations | (83.15%) | (83.15%) |
EQ volatilities | 6.70% | 7% |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | 0.14% | (0.63%) |
Bottom of range [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | 32.50% | 33% |
Top of range [member] | Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit enhancement | 15.60% | 15.60% |
Top of range [member] | Corporate debt and related derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 9.96% | 10.73% |
Top of range [member] | Corporate debt and related derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 107.13 | $ 111.9 |
Top of range [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 10.38% | 10.72% |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Liquidity discounts | 40% | 40% |
Discount rate | 13.30% | 10.80% |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 5.00X | 5.77X |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 22.60X | 24.04X |
Top of range [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 14.90X | 14.31X |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
IR-IR correlations | 67% | 67% |
FX-IR correlations | 56% | 56% |
FX-FX correlations | 68% | 68% |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | 5.18% | 4.49% |
Top of range [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | 2.35% | 2.59% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EQ-FX correlations | 38.44% | 38.44% |
EQ volatilities | 110.72% | 129% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | 10.71% | 8.28% |
Top of range [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | 96.49% | 94.90% |
Weighted average [member] | Corporate debt and related derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit enhancement | 13% | 13% |
Weighted average [member] | Corporate debt and related derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Credit spread | 5.93% | 6.20% |
Weighted average [member] | Corporate debt and related derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Prices | $ 87.66 | $ 85.64 |
Weighted average [member] | Government Debt and Municipal Bonds [Member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Yields | 8.60% | 8.92% |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Liquidity discounts | 16.91% | 17.35% |
Discount rate | 10.70% | 10.80% |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/Rev multiples | 3.00X | 3.88X |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Price Based [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
P/E multiples | 8.60X | 12.46X |
Weighted average [member] | Private equities hedge fund investments and related equity derivatives [member] | Market comparable companies [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EV/EBITDA multiples | 6.93X | 8.59X |
Weighted average [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
IR-IR correlations | Even | Even |
FX-IR correlations | Even | Even |
FX-FX correlations | Even | Even |
Weighted average [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Interest rates | High | High |
Weighted average [member] | Interest rate derivatives and interest-rate-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
CPI swap rates | Even | Even |
Weighted average [member] | Equity derivatives and equity-linked structured notes [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
EQ-FX correlations | Middle | Middle |
EQ volatilities | Lower | Upper |
Weighted average [member] | Equity derivatives and equity-linked structured notes [member] | Discounted cash flow [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Dividend yields | Lower | Lower |
Weighted average [member] | Equity derivatives and equity-linked structured notes [member] | Option pricing model [member] | Level 3 [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Equity (EQ)-EQ correlations | Middle | Middle |
Fair value of financial inst_14
Fair value of financial instruments - Summary of Quantitative Information About Fair Value Measurements Using Significant Unobservable Inputs (Level 3 Instruments) (Parenthetical) (Detail) - Level 3 [member] $ / shares in Units, $ in Millions | Oct. 31, 2023 CAD ($) $ / shares | Oct. 31, 2022 CAD ($) |
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value inputs application on par value | $ / shares | $ 100 | |
Prices of debt securities [member] | Debt securities [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Significant unobservable input, assets | 105 | |
Discounted cash flow [member] | Liquidity discounts [member] | Private equities hedge fund investments and related equity derivatives [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of assets and liabilities [line items] | ||
Fair value of securities with liquidity discount inputs | $ | $ 483 | $ 373 |
Fair value of financial inst_15
Fair value of financial instruments - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | $ 4,553 | |
Fair value assets, ending balance | 5,189 | $ 4,553 |
Fair value liabilities, beginning balance | 2,347 | |
Fair value liabilities, ending balance | 1,938 | 2,347 |
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 | 151 | |
Fair value assets, ending balance | 149 | 151 |
Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 397 | |
Fair value assets, ending balance | 466 | 397 |
Level 3 [member] | Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 15 | |
Fair value assets, ending balance | 11 | 15 |
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 | 7 | |
Fair value assets, ending balance | 7 | |
Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,874 | |
Fair value assets, ending balance | 2,266 | 1,874 |
Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 759,410 | |
Fair value assets, ending balance | 823,217 | 759,410 |
Fair value liabilities, beginning balance | 619,565 | |
Fair value liabilities, ending balance | 649,934 | 619,565 |
Recurring [member] | Level 3 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 2,447 | 2,204 |
Gains (losses) included in earnings | (261) | (139) |
Gains (losses) included in OCI | 153 | 86 |
Purchases (issuances) | 1,828 | 522 |
Settlement (sales) and other | (668) | (453) |
Transfers into Level 3 | (22) | 454 |
Transfers out of Level 3 | 157 | (227) |
Fair value assets, ending balance | 3,634 | 2,447 |
Gains (losses) included in earnings for positions still held | (81) | 130 |
Fair value liabilities, beginning balance | (241) | (158) |
Gains (losses) included in earnings | 5 | 1 |
Gains (losses) included in OCI | (3) | |
Purchases (issuances) | (260) | (120) |
Settlement (sales) and other | 23 | 34 |
Transfers into Level 3 | (134) | (143) |
Transfers out of Level 3 | 224 | 148 |
Fair value liabilities, ending balance | (383) | (241) |
Gains (losses) included in earnings for positions still held | 24 | 19 |
Recurring [member] | Level 3 [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 576 | 506 |
Gains (losses) included in OCI | 79 | 61 |
Purchases (issuances) | 2 | 11 |
Settlement (sales) and other | (13) | (1) |
Transfers into Level 3 | 37 | |
Transfers out of Level 3 | (38) | |
Fair value assets, ending balance | 644 | 576 |
Recurring [member] | 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 | 28 | 20 |
Gains (losses) included in OCI | 8 | |
Purchases (issuances) | 1 | |
Fair value assets, ending balance | 29 | 28 |
Recurring [member] | 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 | 151 | 152 |
Gains (losses) included in OCI | 9 | 2 |
Settlement (sales) and other | (11) | |
Transfers out of Level 3 | (3) | |
Fair value assets, ending balance | 149 | 151 |
Recurring [member] | Level 3 [member] | Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 397 | 334 |
Gains (losses) included in OCI | 70 | 51 |
Purchases (issuances) | 1 | 11 |
Settlement (sales) and other | (2) | (1) |
Transfers into Level 3 | 37 | |
Transfers out of Level 3 | (35) | |
Fair value assets, ending balance | 466 | 397 |
Recurring [member] | 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 assets, beginning balance | (859) | (635) |
Gains (losses) included in earnings | (63) | (187) |
Gains (losses) included in OCI | 5 | (5) |
Purchases (issuances) | (48) | 17 |
Settlement (sales) and other | 235 | 64 |
Transfers into Level 3 | 42 | (13) |
Transfers out of Level 3 | 26 | (100) |
Fair value assets, ending balance | (662) | (859) |
Gains (losses) included in earnings for positions still held | (43) | (16) |
Recurring [member] | 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 assets, beginning balance | (132) | 47 |
Gains (losses) included in earnings | 10 | (103) |
Gains (losses) included in OCI | 10 | (2) |
Purchases (issuances) | (14) | (22) |
Settlement (sales) and other | 44 | 3 |
Transfers into Level 3 | 5 | |
Transfers out of Level 3 | 33 | (60) |
Fair value assets, ending balance | (49) | (132) |
Gains (losses) included in earnings for positions still held | 8 | (90) |
Recurring [member] | Level 3 [member] | Other contracts [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | (785) | (393) |
Gains (losses) included in earnings | 83 | 165 |
Gains (losses) included in OCI | 4 | (34) |
Purchases (issuances) | (143) | (245) |
Settlement (sales) and other | 78 | 70 |
Transfers into Level 3 | (159) | (406) |
Transfers out of Level 3 | 484 | 58 |
Fair value assets, ending balance | (438) | (785) |
Gains (losses) included in earnings for positions still held | 152 | 271 |
Recurring [member] | Level 3 [member] | Valuation adjustments [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 53 | 20 |
Purchases (issuances) | 25 | |
Settlement (sales) and other | (50) | (11) |
Transfers into Level 3 | 19 | |
Fair value assets, ending balance | 3 | 53 |
Recurring [member] | Level 3 [member] | Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 15 | |
Gains (losses) included in OCI | 1 | 1 |
Purchases (issuances) | 15 | |
Settlement (sales) and other | (5) | (1) |
Fair value assets, ending balance | 11 | 15 |
Recurring [member] | Level 3 [member] | Other assets [member] | Net derivative balances, category [Member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 15 | |
Fair value assets, ending balance | 15 | |
Recurring [member] | Level 3 [member] | Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,692 | 1,077 |
Gains (losses) included in earnings | (95) | (25) |
Gains (losses) included in OCI | 33 | (37) |
Purchases (issuances) | 1,443 | 407 |
Settlement (sales) and other | (868) | (466) |
Transfers into Level 3 | 30 | 802 |
Transfers out of Level 3 | (376) | (66) |
Fair value assets, ending balance | 1,859 | 1,692 |
Gains (losses) included in earnings for positions still held | (44) | (78) |
Recurring [member] | Level 3 [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,887 | 1,582 |
Gains (losses) included in earnings | (196) | 11 |
Gains (losses) included in OCI | 21 | 102 |
Purchases (issuances) | 588 | 314 |
Settlement (sales) and other | (89) | (111) |
Transfers into Level 3 | 65 | 10 |
Transfers out of Level 3 | (10) | (21) |
Fair value assets, ending balance | 2,266 | 1,887 |
Gains (losses) included in earnings for positions still held | (154) | 43 |
Recurring [member] | 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 | 4 | 25 |
Gains (losses) included in OCI | 2 | |
Settlement (sales) and other | (4) | (23) |
Fair value assets, ending balance | 4 | |
Recurring [member] | 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 | 2 |
Settlement (sales) and other | (2) | |
Fair value assets, ending balance | 2 | |
Recurring [member] | 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 | 7 | 25 |
Gains (losses) included in earnings | (3) | |
Purchases (issuances) | 2 | |
Settlement (sales) and other | (16) | (6) |
Transfers into Level 3 | 17 | 9 |
Transfers out of Level 3 | (10) | (18) |
Fair value assets, ending balance | 7 | |
Recurring [member] | Level 3 [member] | Trading Securities [member] | Equities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value assets, beginning balance | 1,874 | 1,530 |
Gains (losses) included in earnings | (196) | 14 |
Gains (losses) included in OCI | 21 | 100 |
Purchases (issuances) | 586 | 314 |
Settlement (sales) and other | (67) | (82) |
Transfers into Level 3 | 48 | 1 |
Transfers out of Level 3 | (3) | |
Fair value assets, ending balance | 2,266 | 1,874 |
Gains (losses) included in earnings for positions still held | (154) | 43 |
Recurring [member] | Level 3 [member] | Deposits - Personal [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | (241) | (151) |
Gains (losses) included in earnings | 5 | 2 |
Gains (losses) included in OCI | (3) | |
Purchases (issuances) | (260) | (120) |
Settlement (sales) and other | 23 | 26 |
Transfers into Level 3 | (134) | (143) |
Transfers out of Level 3 | 224 | 148 |
Fair value liabilities, ending balance | (383) | (241) |
Gains (losses) included in earnings for positions still held | $ 24 | 19 |
Recurring [member] | Level 3 [member] | Other liabilities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Fair value liabilities, beginning balance | (7) | |
Gains (losses) included in earnings | (1) | |
Settlement (sales) and other | $ 8 |
Fair value of financial inst_16
Fair value of financial instruments - Changes in Fair Value Measurement for Instruments Measured on a Recurring Basis and Categorized in Level 3 (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | $ 142,450 | $ 154,439 |
Derivative liabilities | 142,629 | 153,491 |
Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | 142,450 | 154,439 |
Derivative liabilities | 142,629 | 153,491 |
Investment [member] | Level 3 [member] | Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Unrealized gains (losses), excluding foreign currency translation, recognized in OCI | 65 | 50 |
Net derivative balances, category [Member] | Level 3 [member] | Recurring [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Derivative assets | 409 | 383 |
Derivative liabilities | $ 1,555 | $ 2,106 |
Fair value of financial inst_17
Fair value of financial instruments - Summary of Positive and Negative Fair Value Movement of Level 3 Financial Instruments From Using Reasonably Possible Alternative Assumptions (Detail) - Level 3 [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | $ 5,189 | $ 4,553 |
Positive fair value movement from using reasonably possible alternatives | 156 | |
Negative fair value movement from using reasonably possible alternatives | (148) | |
Level 3 fair value | (1,938) | (2,347) |
Positive fair value movement from using reasonably possible alternatives | 85 | |
Negative fair value movement from using reasonably possible alternatives | (92) | |
Financial assets at fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 5,189 | 4,553 |
Positive fair value movement from using reasonably possible alternatives | 156 | 146 |
Negative fair value movement from using reasonably possible alternatives | (148) | (141) |
U.S. state, municipal and agencies debt [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 4 | |
Asset-backed securities [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 2 | |
Corporate debt and other debt [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 7 | |
Corporate debt and other debt [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 149 | 151 |
Positive fair value movement from using reasonably possible alternatives | 11 | 12 |
Negative fair value movement from using reasonably possible alternatives | (10) | (10) |
Equities [member] | Trading Securities [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 2,266 | 1,874 |
Positive fair value movement from using reasonably possible alternatives | 50 | 27 |
Negative fair value movement from using reasonably possible alternatives | (43) | (23) |
Equities [member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 466 | 397 |
Positive fair value movement from using reasonably possible alternatives | 48 | 38 |
Negative fair value movement from using reasonably possible alternatives | (47) | (39) |
Loans [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 1,859 | 1,692 |
Positive fair value movement from using reasonably possible alternatives | 33 | 60 |
Negative fair value movement from using reasonably possible alternatives | (37) | (62) |
Other assets [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 11 | 15 |
Mortgage backed securities [Member] | Investment [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 29 | 28 |
Positive fair value movement from using reasonably possible alternatives | 4 | 4 |
Negative fair value movement from using reasonably possible alternatives | (4) | (4) |
Derivatives [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | 409 | 383 |
Positive fair value movement from using reasonably possible alternatives | 10 | 5 |
Negative fair value movement from using reasonably possible alternatives | (7) | (3) |
Deposits [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (383) | (241) |
Positive fair value movement from using reasonably possible alternatives | 26 | 9 |
Negative fair value movement from using reasonably possible alternatives | (26) | (9) |
Derivatives [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (1,555) | (2,106) |
Positive fair value movement from using reasonably possible alternatives | 59 | 55 |
Negative fair value movement from using reasonably possible alternatives | (66) | (57) |
Financial liabilities at fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Level 3 fair value | (1,938) | (2,347) |
Positive fair value movement from using reasonably possible alternatives | 85 | 64 |
Negative fair value movement from using reasonably possible alternatives | $ (92) | $ (66) |
Fair value of financial inst_18
Fair value of financial instruments - Summary of Fair Value for Financial Instruments Carried at Amortized Cost and Classified Using the Fair Value Hierarchy (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | $ 71,086 | $ 108,011 |
Investment securities | 409,730 | 318,223 |
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 |
Deposits | ||
Personal | 441,946 | 404,932 |
Business and government | 745,075 | 759,870 |
Bank | 44,666 | 44,012 |
Deposits | 1,231,687 | 1,208,814 |
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 |
Subordinated debentures | 11,386 | 10,025 |
Level 3 [member] | ||
Loans | ||
Fair value | 5,189 | 4,553 |
Deposits | ||
Financial liabilities | 1,938 | 2,347 |
Fair value of financial instruments not measured at fair value [member] | Fair Value Always Approximates Carrying Value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | 10,230 | 23,543 |
Assets purchased under reverse repurchase agreements and securities borrowed | 39,528 | 42,224 |
Loans | ||
Retail | 70,606 | 70,162 |
Wholesale | 8,231 | 17,943 |
Financial assets, excluding other financial assets | 78,837 | 88,105 |
Other assets | 67,400 | 72,198 |
Fair value | 195,995 | 226,070 |
Deposits | ||
Personal | 252,779 | 271,414 |
Business and government | 385,727 | 406,045 |
Bank | 16,902 | 22,638 |
Deposits | 655,408 | 700,097 |
Obligations related to assets sold under repurchase agreements and securities loaned | 36,559 | 25,112 |
Other liabilities | 76,982 | 77,801 |
Financial liabilities | 768,949 | 803,010 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 83,667 | 70,073 |
Assets purchased under reverse repurchase agreements and securities borrowed | 14,794 | 10,956 |
Loans | ||
Retail | 471,874 | 451,266 |
Wholesale | 260,612 | 235,873 |
Financial assets, excluding other financial assets | 732,486 | 687,139 |
Other assets | 1,137 | 886 |
Fair value | 832,084 | 769,054 |
Deposits | ||
Personal | 160,107 | 108,982 |
Business and government | 219,533 | 199,057 |
Bank | 16,258 | 14,120 |
Deposits | 395,898 | 322,159 |
Other liabilities | 15,420 | 12,359 |
Subordinated debentures | 11,213 | 9,668 |
Financial liabilities | 422,531 | 344,186 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 1 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 34 | |
Loans | ||
Fair value | 34 | |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 2 [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Investment securities | 83,633 | 70,073 |
Assets purchased under reverse repurchase agreements and securities borrowed | 14,794 | 10,956 |
Loans | ||
Retail | 466,962 | 446,809 |
Wholesale | 254,342 | 230,880 |
Financial assets, excluding other financial assets | 721,304 | 677,689 |
Other assets | 914 | 716 |
Fair value | 820,645 | 759,434 |
Deposits | ||
Personal | 159,669 | 108,549 |
Business and government | 218,761 | 198,265 |
Bank | 16,251 | 14,120 |
Deposits | 394,681 | 320,934 |
Other liabilities | 1,856 | 1,554 |
Subordinated debentures | 11,213 | 9,608 |
Financial liabilities | 407,750 | 332,096 |
Fair value of financial instruments not measured at fair value [member] | Fair value may not approximate carrying value [member] | Level 3 [member] | ||
Loans | ||
Retail | 4,912 | 4,457 |
Wholesale | 6,270 | 4,993 |
Financial assets, excluding other financial assets | 11,182 | 9,450 |
Other assets | 223 | 170 |
Fair value | 11,405 | 9,620 |
Deposits | ||
Personal | 438 | 433 |
Business and government | 772 | 792 |
Bank | 7 | |
Deposits | 1,217 | 1,225 |
Other liabilities | 13,564 | 10,805 |
Subordinated debentures | 60 | |
Financial liabilities | 14,781 | 12,090 |
Fair value of financial instruments not measured at fair value [member] | At fair value [member] | ||
Disclosure of fair value measurement of assets and liabilities [line Items] | ||
Interest-bearing deposits with banks | 10,230 | 23,543 |
Investment securities | 83,667 | 70,073 |
Assets purchased under reverse repurchase agreements and securities borrowed | 54,322 | 53,180 |
Loans | ||
Retail | 542,480 | 521,428 |
Wholesale | 268,843 | 253,816 |
Financial assets, excluding other financial assets | 811,323 | 775,244 |
Other assets | 68,537 | 73,084 |
Fair value | 1,028,079 | 995,124 |
Deposits | ||
Personal | 412,886 | 380,396 |
Business and government | 605,260 | 605,102 |
Bank | 33,160 | 36,758 |
Deposits | 1,051,306 | 1,022,256 |
Obligations related to assets sold under repurchase agreements and securities loaned | 36,559 | 25,112 |
Other liabilities | 92,402 | 90,160 |
Subordinated debentures | 11,213 | 9,668 |
Financial liabilities | $ 1,191,480 | $ 1,147,196 |
Securities - Summary of Contrac
Securities - Summary of Contractual Maturities of the Carrying Values of Financial Instruments Held (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Securities | $ 409,730 | $ 318,223 |
Cost/Amortized cost | 131,312 | 95,630 |
U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 75,326 | 46,034 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,200 | 5,154 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,762 | 2,985 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 27,774 | 25,852 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 493 | 551 |
Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 409,730 | 318,223 |
Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 190,151 | 148,205 |
Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 45,645 | 32,060 |
Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 52,688 | 36,828 |
Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4,632 | 4,777 |
Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2 | 2 |
Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,245 | 1,310 |
Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 143 | 255 |
Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 22,472 | 20,914 |
Trading Securities [member] | Trading Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 63,324 | 52,059 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 131,312 | 95,630 |
Fair value | 128,466 | 92,891 |
Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 75,326 | 46,034 |
Fair value | $ 73,295 | $ 44,358 |
Yield | 3.20% | 2.60% |
Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 6,200 | $ 5,154 |
Fair value | $ 6,192 | $ 5,144 |
Yield | 3.30% | 1.80% |
Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,762 | $ 2,985 |
Fair value | $ 2,701 | $ 2,888 |
Yield | 6.80% | 4.70% |
Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 8,752 | $ 8,288 |
Fair value | $ 8,706 | $ 8,048 |
Yield | 6.90% | 5.30% |
Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 27,774 | $ 25,852 |
Fair value | $ 27,723 | $ 25,720 |
Yield | 4.10% | 2.80% |
Securities measured at fair value through other comprehensive income [member] | Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 493 | $ 551 |
Fair value | 842 | 828 |
Securities measured at fair value through other comprehensive income [member] | Canadian government federal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,609 | 4,081 |
Fair value | $ 6,259 | $ 3,781 |
Yield | 3.40% | 2.40% |
Securities measured at fair value through other comprehensive income [member] | Canadian government provincial and municipal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 3,396 | $ 2,685 |
Fair value | $ 2,748 | $ 2,124 |
Yield | 3.80% | 3% |
Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 91,113 | $ 77,127 |
Fair value | 83,667 | 70,073 |
Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 26,844 | $ 25,419 |
Yield | 2.20% | 2.10% |
Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 44,568 | $ 34,132 |
Yield | 2.90% | 2.30% |
Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,526 | $ 5,518 |
Yield | 2.50% | 1.70% |
Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 425 | $ 711 |
Yield | 4.90% | 3.10% |
Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 13,750 | $ 11,347 |
Yield | 3.30% | 2% |
Within 3 months [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | $ 39,268 | $ 25,575 |
Within 3 months [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 27,742 | 14,835 |
Within 3 months [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 9,867 | 2,255 |
Within 3 months [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 15,507 | 7,151 |
Within 3 months [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 566 | 1,343 |
Within 3 months [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 452 | 779 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 143 | 252 |
Within 3 months [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,207 | 3,055 |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 8,882 | 8,846 |
Fair value | 8,892 | 8,841 |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 846 | 802 |
Fair value | $ 856 | $ 802 |
Yield | 7.40% | 4.90% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 160 | $ 1,105 |
Fair value | $ 160 | $ 1,105 |
Yield | 6.30% | 2.40% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,928 | $ 5,922 |
Fair value | $ 4,928 | $ 5,919 |
Yield | 3.90% | 3.20% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government federal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,479 | $ 780 |
Fair value | $ 2,479 | $ 778 |
Yield | 4.50% | 2.30% |
Within 3 months [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government provincial and municipal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 469 | $ 237 |
Fair value | $ 469 | $ 237 |
Yield | 4.90% | 2% |
Within 3 months [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,634 | $ 1,899 |
Fair value | 2,627 | 1,899 |
Within 3 months [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 997 | $ 929 |
Yield | 2.80% | 2.40% |
Within 3 months [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 424 | $ 161 |
Yield | 5% | 4.40% |
Within 3 months [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 375 | $ 235 |
Yield | 2% | 1.30% |
Within 3 months [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 838 | $ 574 |
Yield | 2.30% | 0.80% |
3 months to 1 year [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | $ 46,977 | $ 42,210 |
3 months to 1 year [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 28,867 | 26,410 |
3 months to 1 year [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 17,244 | 14,181 |
3 months to 1 year [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,136 | 10,107 |
3 months to 1 year [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,117 | 233 |
3 months to 1 year [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 151 | 49 |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Bankers' acceptances [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 3 | |
3 months to 1 year [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,219 | 1,837 |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 12,618 | 9,273 |
Fair value | 12,586 | 9,274 |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 8,595 | 2,613 |
Fair value | $ 8,572 | $ 2,615 |
Yield | 2.10% | 0.40% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,009 | $ 642 |
Fair value | $ 1,009 | $ 642 |
Yield | 4% | 1.20% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,759 | $ 4,793 |
Fair value | $ 1,755 | $ 4,792 |
Yield | 4.20% | 2.80% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government federal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,247 | $ 1,010 |
Fair value | $ 1,242 | $ 1,009 |
Yield | 3.20% | 2.30% |
3 months to 1 year [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government provincial and municipal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 8 | $ 215 |
Fair value | $ 8 | $ 216 |
Yield | 3.70% | 2.70% |
3 months to 1 year [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,524 | $ 6,526 |
Fair value | 5,447 | 6,455 |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,931 | $ 1,734 |
Yield | 3% | 2.80% |
3 months to 1 year [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,427 | $ 784 |
Yield | 4.10% | 3% |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 723 | $ 1,574 |
Yield | 0.80% | 1.30% |
3 months to 1 year [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,443 | $ 2,434 |
Yield | 2.90% | 1.70% |
1 to 5 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | $ 140,053 | $ 82,699 |
1 to 5 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 32,281 | 19,436 |
1 to 5 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,687 | 6,907 |
1 to 5 years [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 15,864 | 7,043 |
1 to 5 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 815 | 606 |
1 to 5 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 234 | 67 |
1 to 5 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,681 | 4,813 |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 59,805 | 31,098 |
Fair value | 59,746 | 30,931 |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 33,044 | 13,586 |
Fair value | $ 33,050 | $ 13,554 |
Yield | 2.70% | 1.90% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,030 | $ 3,406 |
Fair value | $ 5,022 | $ 3,396 |
Yield | 3% | 1.70% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 32 | |
Fair value | $ 31 | |
Yield | 7.50% | |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 16 | $ 46 |
Fair value | $ 17 | $ 46 |
Yield | 6.40% | 4.60% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 18,798 | $ 12,420 |
Fair value | $ 18,761 | $ 12,307 |
Yield | 3.90% | 2.60% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government federal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,726 | $ 1,024 |
Fair value | $ 1,707 | $ 1,012 |
Yield | 2.60% | 2.80% |
1 to 5 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government provincial and municipal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,159 | $ 616 |
Fair value | $ 1,158 | $ 616 |
Yield | 2.80% | 2% |
1 to 5 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 48,026 | $ 32,332 |
Fair value | 46,258 | 30,579 |
1 to 5 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 17,448 | $ 16,655 |
Yield | 2.10% | 2% |
1 to 5 years [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 14,536 | $ 3,885 |
Yield | 3.30% | 1.70% |
1 to 5 years [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 4,362 | $ 3,645 |
Yield | 2.90% | 1.90% |
1 to 5 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 424 | $ 573 |
Yield | 4.90% | 3% |
1 to 5 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 11,256 | $ 7,574 |
Yield | 3.40% | 2.60% |
5 to 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | $ 50,722 | $ 40,141 |
5 to 10 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 12,310 | 10,698 |
5 to 10 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2,932 | 2,706 |
5 to 10 years [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 4,375 | 4,507 |
5 to 10 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,040 | 241 |
5 to 10 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 307 | 207 |
5 to 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 3,656 | 3,037 |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 26,866 | 18,944 |
Fair value | 26,532 | 18,618 |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 16,355 | 9,104 |
Fair value | $ 16,193 | $ 9,061 |
Yield | 4% | 3.40% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1 | $ 1 |
Fair value | $ 1 | $ 1 |
Yield | 4.60% | 4.40% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 28 | $ 41 |
Fair value | $ 25 | $ 37 |
Yield | 6.70% | 4.50% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 7,542 | $ 6,331 |
Fair value | $ 7,503 | $ 6,172 |
Yield | 6.90% | 5.30% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,248 | $ 2,666 |
Fair value | $ 2,243 | $ 2,656 |
Yield | 5.40% | 3.10% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government federal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 640 | $ 745 |
Fair value | $ 515 | $ 635 |
Yield | 1.20% | 1.60% |
5 to 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government provincial and municipal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 52 | $ 56 |
Fair value | $ 52 | $ 56 |
Yield | 4.50% | 3.80% |
5 to 10 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 11,880 | $ 10,825 |
Fair value | 10,276 | 9,433 |
5 to 10 years [member] | Securities measured at amortized cost [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 6,468 | $ 6,101 |
Yield | 2% | 2.30% |
5 to 10 years [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 5,156 | $ 3,784 |
Yield | 2.90% | 2.30% |
5 to 10 years [member] | Securities measured at amortized cost [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 66 | $ 64 |
Yield | 1.10% | 1.30% |
5 to 10 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 135 | |
Yield | 3.50% | |
5 to 10 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 190 | $ 741 |
Yield | 3.10% | 2.40% |
Over 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | $ 68,544 | $ 74,711 |
Over 10 years [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 25,627 | 24,767 |
Over 10 years [member] | Trading Securities [member] | Canadian government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 6,915 | 6,011 |
Over 10 years [member] | Trading Securities [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,806 | 8,020 |
Over 10 years [member] | Trading Securities [member] | Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 1,094 | 2,354 |
Over 10 years [member] | Trading Securities [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 2 | 2 |
Over 10 years [member] | Trading Securities [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 101 | 208 |
Over 10 years [member] | Trading Securities [member] | Corporate debt and other debt [member] | Other [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 8,709 | 8,172 |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 22,648 | 26,918 |
Fair value | 19,868 | 24,399 |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 16,486 | 19,929 |
Fair value | $ 14,624 | $ 18,326 |
Yield | 3.60% | 3% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 2,702 | $ 2,944 |
Fair value | $ 2,645 | $ 2,851 |
Yield | 6.80% | 4.70% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,194 | $ 1,911 |
Fair value | $ 1,186 | $ 1,830 |
Yield | 7% | 5.40% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 41 | $ 51 |
Fair value | $ 36 | $ 46 |
Yield | 4.70% | 5.10% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government federal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 517 | $ 522 |
Fair value | $ 316 | $ 347 |
Yield | 3.40% | 3.10% |
Over 10 years [member] | Securities measured at fair value through other comprehensive income [member] | Canadian government provincial and municipal debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1,708 | $ 1,561 |
Fair value | $ 1,061 | $ 999 |
Yield | 4.40% | 4.10% |
Over 10 years [member] | Securities measured at amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 23,049 | $ 25,545 |
Fair value | 19,059 | 21,707 |
Over 10 years [member] | Securities measured at amortized cost [member] | U.S. federal state municipal and agencies debt issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 23,025 | $ 25,518 |
Yield | 2.50% | 2.40% |
Over 10 years [member] | Securities measured at amortized cost [member] | Asset-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 1 | $ 3 |
Yield | 1.40% | 1.50% |
Over 10 years [member] | Securities measured at amortized cost [member] | Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 23 | $ 24 |
Yield | 5.60% | 4.90% |
With no specific maturity [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | $ 64,166 | $ 52,887 |
With no specific maturity [member] | Trading Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 63,324 | 52,059 |
With no specific maturity [member] | Trading Securities [member] | Trading Equity Securities [member] | ||
Disclosure of financial assets [line items] | ||
Securities | 63,324 | 52,059 |
With no specific maturity [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 493 | 551 |
Fair value | 842 | 828 |
With no specific maturity [member] | Securities measured at fair value through other comprehensive income [member] | Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 493 | 551 |
Fair value | $ 842 | $ 828 |
Securities - Summary of Unreali
Securities - Summary of Unrealized Gains and Losses on Securities at Fair Value through Other Comprehensive Income (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | $ 131,312 | $ 95,630 |
Gross unrealized gains | 753 | 696 |
Gross unrealized losses | (3,599) | (3,435) |
Fair value | 128,466 | 92,891 |
Canadian government debt - issued or guaranteed, Federal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,609 | 4,081 |
Gross unrealized gains | 1 | 1 |
Gross unrealized losses | (351) | (301) |
Fair value | 6,259 | 3,781 |
Canadian government debt - issued or guaranteed, Provincial and municipal [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 3,396 | 2,685 |
Gross unrealized gains | 2 | 6 |
Gross unrealized losses | (650) | (567) |
Fair value | 2,748 | 2,124 |
U.S. federal, state, municipal and agencies debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 75,326 | 46,034 |
Gross unrealized gains | 343 | 343 |
Gross unrealized losses | (2,374) | (2,019) |
Fair value | 73,295 | 44,358 |
Other OECD government debt - issued or guaranteed [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 6,200 | 5,154 |
Gross unrealized gains | 1 | 7 |
Gross unrealized losses | (9) | (17) |
Fair value | 6,192 | 5,144 |
Mortgage-backed securities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 2,762 | 2,985 |
Gross unrealized gains | 1 | |
Gross unrealized losses | (61) | (98) |
Fair value | 2,701 | 2,888 |
Asset-backed securities, CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 8,308 | 7,741 |
Gross unrealized gains | 3 | 3 |
Gross unrealized losses | (46) | (220) |
Fair value | 8,265 | 7,524 |
Asset-backed securities, Non CDO [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 444 | 547 |
Gross unrealized gains | 2 | |
Gross unrealized losses | (5) | (23) |
Fair value | 441 | 524 |
Corporate debt and other debt [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 27,774 | 25,852 |
Gross unrealized gains | 44 | 51 |
Gross unrealized losses | (95) | (183) |
Fair value | 27,723 | 25,720 |
Equities [member] | ||
Disclosure of financial assets [line items] | ||
Cost/Amortized cost | 493 | 551 |
Gross unrealized gains | 357 | 284 |
Gross unrealized losses | (8) | (7) |
Fair value | $ 842 | $ 828 |
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Amortized cost | $ 131,312 | $ 95,630 |
Allowance for credit losses on debt securities at FVOCI | (33) | (19) |
Held-to-collect securities category [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 91,113 | $ 77,127 |
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 | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of financial assets [line items] | ||
Balance at beginning of period | $ (19) | $ (9) |
Provision for credit losses | ||
Purchases | 7 | 3 |
Sales and maturities | (2) | (1) |
Changes in risk, parameters and exposures | (22) | (11) |
Exchange rate and other | 3 | (1) |
Balance at end of period | (33) | (19) |
Performing Stage one [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 3 | 2 |
Provision for credit losses | ||
Transfers to stage 1 | 1 | 1 |
Purchases | 7 | 3 |
Sales and maturities | (2) | (1) |
Changes in risk, parameters and exposures | (5) | (2) |
Balance at end of period | 4 | 3 |
Performing Stage two [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | 1 | 1 |
Provision for credit losses | ||
Transfers to stage 1 | (1) | (1) |
Changes in risk, parameters and exposures | 1 | |
Balance at end of period | 1 | |
Impaired Stage three [member] | ||
Disclosure of financial assets [line items] | ||
Balance at beginning of period | (23) | (12) |
Provision for credit losses | ||
Changes in risk, parameters and exposures | (17) | (10) |
Exchange rate and other | 3 | (1) |
Balance at end of period | $ (37) | $ (23) |
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 | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 22 | $ 23 |
Provision for credit losses | ||
Purchases | 10 | 11 |
Sales and maturities | (1) | (1) |
Changes in risk, parameters and exposures | (9) | (13) |
Exchange rate and other | 1 | 2 |
Balance at end of period | 23 | 22 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 8 | 5 |
Provision for credit losses | ||
Purchases | 10 | 11 |
Sales and maturities | (1) | (1) |
Changes in risk, parameters and exposures | (9) | (7) |
Balance at end of period | 8 | 8 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 14 | 18 |
Provision for credit losses | ||
Changes in risk, parameters and exposures | (6) | |
Exchange rate and other | 1 | 2 |
Balance at end of period | $ 15 | $ 14 |
Securities - Summary of Credit
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Amortized cost | $ 131,312 | $ 95,630 |
Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 126,733 | 91,233 |
Non-investment grade | 742 | 680 |
Impaired | 149 | 150 |
Carrying amount of securities measured at FVOCI subject to impairment | 127,624 | 92,063 |
Items not subject to impairment | 842 | 828 |
Carrying amount of securities measured at FVOCI | 128,466 | 92,891 |
Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 89,947 | 76,035 |
Non-investment grade | 1,189 | 1,114 |
Amount before allowance for credit losses | 91,136 | 77,149 |
Allowance for credit losses | 23 | 22 |
Amortized cost | 91,113 | 77,127 |
Performing Stage one [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 126,732 | 91,177 |
Non-investment grade | 742 | 680 |
Carrying amount of securities measured at FVOCI subject to impairment | 127,474 | 91,857 |
Performing Stage one [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 89,947 | 76,035 |
Non-investment grade | 990 | 898 |
Amount before allowance for credit losses | 90,937 | 76,933 |
Allowance for credit losses | 8 | 8 |
Amortized cost | 90,929 | 76,925 |
Performing Stage two [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Investment grade | 1 | 56 |
Carrying amount of securities measured at FVOCI subject to impairment | 1 | 56 |
Performing Stage two [member] | Securities measured at amortized cost [member] | ||
Disclosure of credit risk exposure [line items] | ||
Non-investment grade | 199 | 216 |
Amount before allowance for credit losses | 199 | 216 |
Allowance for credit losses | 15 | 14 |
Amortized cost | 184 | 202 |
Impaired Stage three [member] | Securities measured at fair value through other comprehensive income [member] | ||
Disclosure of credit risk exposure [line items] | ||
Impaired | 149 | 150 |
Carrying amount of securities measured at FVOCI subject to impairment | $ 149 | $ 150 |
Securities - Summary of Credi_2
Securities - Summary of Credit Risk Exposure by Internal Risk Rating (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Purchased Credit Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Securities at Fair Value Through Other Comprehensive Income | $ 149 | $ 150 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Disclosure of Loans (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 857,777 | $ 823,718 |
Allowance for loan losses | (5,004) | (3,753) |
Loans, net of allowance for credit losses | 852,773 | 819,965 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 434,501 | 418,796 |
Allowance for loan losses | (481) | (432) |
Loans, net of allowance for credit losses | 434,020 | 418,364 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 98,734 | 97,709 |
Allowance for loan losses | (1,145) | (856) |
Loans, net of allowance for credit losses | 97,589 | 96,853 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 23,035 | 20,577 |
Allowance for loan losses | (1,013) | (849) |
Loans, net of allowance for credit losses | 22,022 | 19,728 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 13,681 | 12,669 |
Allowance for loan losses | (180) | (181) |
Loans, net of allowance for credit losses | 13,501 | 12,488 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 287,826 | 273,967 |
Allowance for loan losses | (2,185) | (1,435) |
Loans, net of allowance for credit losses | 285,641 | 272,532 |
Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 286,090 | 264,957 |
Allowance for loan losses | (152) | (243) |
Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 461,481 | 425,235 |
Allowance for loan losses | (136) | (135) |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 634,893 | 604,582 |
Canada [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 397,605 | 383,797 |
Canada [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 79,705 | 79,422 |
Canada [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 22,140 | 19,778 |
Canada [member] | Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 13,681 | 12,669 |
Canada [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 121,762 | 108,916 |
Canada [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 277,863 | 258,115 |
Canada [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 128,967 | 118,928 |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 169,125 | 162,197 |
United States [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 33,683 | 31,956 |
United States [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 15,751 | 14,888 |
United States [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 624 | 558 |
United States [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 119,067 | 114,795 |
United States [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 5,054 | 4,630 |
United States [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 247,881 | 225,113 |
Other International [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 53,759 | 56,939 |
Other International [member] | Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,213 | 3,043 |
Other International [member] | Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,278 | 3,399 |
Other International [member] | Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 271 | 241 |
Other International [member] | Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 46,997 | 50,256 |
Other International [member] | Undrawn loan commitments - retail [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | 3,173 | 2,212 |
Other International [member] | Undrawn loan commitments - wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount | $ 84,633 | $ 81,194 |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Disclosure of Loans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Loans classified as FVOCI [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | $ 6 | $ 5 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Disclosure of Loans Maturity and Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Total loans | $ 857,777 | $ 823,718 |
Allowance for loan losses | (5,004) | (3,753) |
Total loans net of allowance for loan losses | 852,773 | 819,965 |
Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 857,777 | 823,718 |
Allowance for loan losses | (5,004) | (3,753) |
Total loans net of allowance for loan losses | 852,773 | 819,965 |
Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 857,777 | 823,718 |
Allowance for loan losses | (5,004) | (3,753) |
Total loans net of allowance for loan losses | 852,773 | 819,965 |
Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 237,259 | 246,074 |
Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 610,680 | 567,210 |
Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 9,838 | 10,434 |
Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 569,951 | 549,751 |
Retail [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 569,951 | 549,751 |
Retail [member] | Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 183,604 | 199,414 |
Retail [member] | Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 378,656 | 342,087 |
Retail [member] | Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 7,691 | 8,250 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for loan losses | (2,185) | (1,435) |
Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 287,826 | 273,967 |
Wholesale [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 287,826 | 273,967 |
Wholesale [member] | Floating [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 53,655 | 46,660 |
Wholesale [member] | Fixed Rate [member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 232,024 | 225,123 |
Wholesale [member] | Non-rate-sensitive [Member] | Rate sensitivity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 2,147 | 2,184 |
Under 1 year [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 512,846 | 504,115 |
Under 1 year [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 276,720 | 277,302 |
Under 1 year [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 236,126 | 226,813 |
1 to 5 years [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 288,568 | 262,595 |
1 to 5 years [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 249,210 | 226,793 |
1 to 5 years [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 39,358 | 35,802 |
Over 5 years [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 56,363 | 57,008 |
Over 5 years [member] | Retail [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | 44,021 | 45,656 |
Over 5 years [member] | Wholesale [member] | Maturity term [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total loans | $ 12,342 | $ 11,352 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 45 | $ 75 |
Provision for credit losses | 5 | (30) |
Balance at end of period | 50 | 45 |
Allowance for credit losses [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 4,181 | 4,419 |
Provision for credit losses | 2,496 | 497 |
Net write-offs | (1,213) | (763) |
Exchange rate changes/other | (116) | 28 |
Balance at end of period | 5,348 | 4,181 |
Allowance for credit losses [member] | Allowance for Loan Losses [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 3,753 | 4,089 |
Balance at end of period | 5,004 | 3,753 |
Allowance for credit losses [member] | Other Liabilities And Provisions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 378 | 241 |
Balance at end of period | 288 | 378 |
Allowance for credit losses [member] | Customers' liability under acceptances [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 45 | 75 |
Balance at end of period | 50 | 45 |
Allowance for credit losses [member] | Other components of equity [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 5 | 14 |
Balance at end of period | 6 | 5 |
Retail [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 432 | 416 |
Provision for credit losses | 74 | 27 |
Net write-offs | (17) | (24) |
Exchange rate changes/other | (8) | 13 |
Balance at end of period | 481 | 432 |
Retail [member] | Personal [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,043 | 1,079 |
Provision for credit losses | 593 | 211 |
Net write-offs | (404) | (248) |
Exchange rate changes/other | (4) | 1 |
Balance at end of period | 1,228 | 1,043 |
Retail [member] | Credit cards [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 893 | 875 |
Provision for credit losses | 636 | 348 |
Net write-offs | (460) | (332) |
Exchange rate changes/other | 2 | |
Balance at end of period | 1,069 | 893 |
Retail [member] | Small business [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 194 | 177 |
Provision for credit losses | 43 | 31 |
Net write-offs | (39) | (23) |
Exchange rate changes/other | (4) | 9 |
Balance at end of period | 194 | 194 |
Wholesale [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 1,574 | 1,797 |
Provision for credit losses | 1,145 | (90) |
Net write-offs | (293) | (136) |
Exchange rate changes/other | (100) | 3 |
Balance at end of period | $ 2,326 | $ 1,574 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Disclosure of Allowance for Credit Losses (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [abstract] | ||
Loan contractual amount outstanding on loans written-off during the period that are no longer subject to enforcement activity | $ 139 | $ 53 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Residential Mortgages (Detail) - Retail [member] - Residential mortgages [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 432 | $ 416 |
Provision for credit losses | ||
Model changes | (11) | |
Originations | 89 | 159 |
Maturities | (26) | (32) |
Changes in risk, parameters and exposures | 11 | (89) |
Write-offs | (30) | (38) |
Recoveries | 13 | 14 |
Exchange rate and other | (8) | 13 |
Balance at end of period | 481 | 432 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 235 | 186 |
Provision for credit losses | ||
Model changes | (21) | |
Transfers to Stage 1 | 95 | 113 |
Transfers to Stage 2 | (26) | (14) |
Transfers to Stage 3 | (2) | (2) |
Originations | 89 | 159 |
Maturities | (17) | (23) |
Changes in risk, parameters and exposures | (152) | (167) |
Exchange rate and other | 1 | 4 |
Balance at end of period | 223 | 235 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 65 | 92 |
Provision for credit losses | ||
Model changes | 10 | |
Transfers to Stage 1 | (95) | (98) |
Transfers to Stage 2 | 38 | 23 |
Transfers to Stage 3 | (13) | (25) |
Maturities | (9) | (9) |
Changes in risk, parameters and exposures | 103 | 68 |
Exchange rate and other | 1 | 4 |
Balance at end of period | 90 | 65 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 132 | 138 |
Provision for credit losses | ||
Transfers to Stage 1 | (15) | |
Transfers to Stage 2 | (12) | (9) |
Transfers to Stage 3 | 15 | 27 |
Changes in risk, parameters and exposures | 60 | 10 |
Write-offs | (30) | (38) |
Recoveries | 13 | 14 |
Exchange rate and other | (10) | 5 |
Balance at end of period | $ 168 | $ 132 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Personal (Detail) - Retail [member] - Personal [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,043 | $ 1,079 |
Provision for credit losses | ||
Model changes | (3) | |
Originations | 103 | 106 |
Maturities | (157) | (169) |
Changes in risk, parameters and exposures | 647 | 277 |
Write-offs | (518) | (374) |
Recoveries | 114 | 126 |
Exchange rate and other | (4) | 1 |
Balance at end of period | 1,228 | 1,043 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 285 | 422 |
Provision for credit losses | ||
Model changes | (3) | |
Transfers to Stage 1 | 696 | 609 |
Transfers to Stage 2 | (88) | (120) |
Transfers to Stage 3 | (1) | (2) |
Originations | 103 | 106 |
Maturities | (45) | (70) |
Changes in risk, parameters and exposures | (671) | (660) |
Exchange rate and other | 1 | 3 |
Balance at end of period | 280 | 285 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 661 | 569 |
Provision for credit losses | ||
Transfers to Stage 1 | (695) | (607) |
Transfers to Stage 2 | 90 | 121 |
Transfers to Stage 3 | (57) | (47) |
Maturities | (112) | (99) |
Changes in risk, parameters and exposures | 906 | 724 |
Balance at end of period | 793 | 661 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 97 | 88 |
Provision for credit losses | ||
Transfers to Stage 1 | (1) | (2) |
Transfers to Stage 2 | (2) | (1) |
Transfers to Stage 3 | 58 | 49 |
Changes in risk, parameters and exposures | 412 | 213 |
Write-offs | (518) | (374) |
Recoveries | 114 | 126 |
Exchange rate and other | (5) | (2) |
Balance at end of period | $ 155 | $ 97 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Credit Cards (Detail) - Retail [member] - Credit cards [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 893 | $ 875 |
Provision for credit losses | ||
Model changes | (2) | |
Originations | 13 | 10 |
Maturities | (39) | (34) |
Changes in risk, parameters and exposures | 662 | 374 |
Write-offs | (650) | (503) |
Recoveries | 190 | 171 |
Exchange rate and other | 2 | |
Balance at end of period | 1,069 | 893 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 177 | 233 |
Provision for credit losses | ||
Model changes | (2) | |
Transfers to Stage 1 | 539 | 495 |
Transfers to Stage 2 | (101) | (95) |
Transfers to Stage 3 | (2) | (2) |
Originations | 13 | 10 |
Maturities | (6) | (5) |
Changes in risk, parameters and exposures | (417) | (458) |
Exchange rate and other | 1 | |
Balance at end of period | 203 | 177 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 716 | 642 |
Provision for credit losses | ||
Transfers to Stage 1 | (539) | (495) |
Transfers to Stage 2 | 101 | 95 |
Transfers to Stage 3 | (394) | (325) |
Maturities | (33) | (29) |
Changes in risk, parameters and exposures | 1,015 | 826 |
Exchange rate and other | 2 | |
Balance at end of period | 866 | 716 |
Impaired Stage three [member] | ||
Provision for credit losses | ||
Transfers to Stage 3 | 396 | 327 |
Changes in risk, parameters and exposures | 64 | 6 |
Write-offs | (650) | (503) |
Recoveries | $ 190 | 171 |
Exchange rate and other | $ (1) |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Small Business (Detail) - Retail [member] - Small business [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 194 | $ 177 |
Provision for credit losses | ||
Originations | 36 | 32 |
Maturities | (39) | (46) |
Changes in risk, parameters and exposures | 46 | 45 |
Write-offs | (50) | (32) |
Recoveries | 11 | 9 |
Exchange rate and other | (4) | 9 |
Balance at end of period | 194 | 194 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 73 | 88 |
Provision for credit losses | ||
Transfers to Stage 1 | 39 | 27 |
Transfers to Stage 2 | (14) | (17) |
Transfers to Stage 3 | (1) | (1) |
Originations | 36 | 32 |
Maturities | (18) | (22) |
Changes in risk, parameters and exposures | (48) | (43) |
Exchange rate and other | 3 | 9 |
Balance at end of period | 70 | 73 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 73 | 55 |
Provision for credit losses | ||
Transfers to Stage 1 | (39) | (27) |
Transfers to Stage 2 | 14 | 17 |
Transfers to Stage 3 | (10) | (4) |
Maturities | (21) | (24) |
Changes in risk, parameters and exposures | 44 | 50 |
Exchange rate and other | 5 | 6 |
Balance at end of period | 66 | 73 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 48 | 34 |
Provision for credit losses | ||
Transfers to Stage 3 | 11 | 5 |
Changes in risk, parameters and exposures | 50 | 38 |
Write-offs | (50) | (32) |
Recoveries | 11 | 9 |
Exchange rate and other | (12) | (6) |
Balance at end of period | $ 58 | $ 48 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Reconciliation of Allowance for Credit Losses - Wholesale (Detail) - Wholesale [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | $ 1,574 | $ 1,797 |
Provision for credit losses | ||
Model changes | (17) | |
Originations | 651 | 641 |
Maturities | (718) | (784) |
Changes in risk, parameters and exposures | 1,212 | 70 |
Write-offs | (324) | (202) |
Recoveries | 31 | 66 |
Exchange rate and other | (100) | 3 |
Balance at end of period | 2,326 | 1,574 |
Performing Stage one [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 597 | 566 |
Provision for credit losses | ||
Model changes | (14) | |
Transfers to Stage 1 | 216 | 415 |
Transfers to Stage 2 | (87) | (78) |
Transfers to Stage 3 | (10) | (3) |
Originations | 651 | 641 |
Maturities | (448) | (439) |
Changes in risk, parameters and exposures | (153) | (504) |
Exchange rate and other | 8 | 13 |
Balance at end of period | 774 | 597 |
Performing Stage two [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 585 | 794 |
Provision for credit losses | ||
Model changes | (3) | |
Transfers to Stage 1 | (215) | (411) |
Transfers to Stage 2 | 89 | 80 |
Transfers to Stage 3 | (60) | (62) |
Maturities | (270) | (345) |
Changes in risk, parameters and exposures | 647 | 503 |
Exchange rate and other | 9 | 29 |
Balance at end of period | 785 | 585 |
Impaired Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Balance at beginning of period | 392 | 437 |
Provision for credit losses | ||
Transfers to Stage 1 | (1) | (4) |
Transfers to Stage 2 | (2) | (2) |
Transfers to Stage 3 | 70 | 65 |
Changes in risk, parameters and exposures | 718 | 71 |
Write-offs | (324) | (202) |
Recoveries | 31 | 66 |
Exchange rate and other | (117) | (39) |
Balance at end of period | $ 767 | $ 392 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses, Key Inputs and Assumptions - Additional Information (Detail) $ in Millions | 3 Months Ended | 12 Months Ended | 48 Months Ended | ||||||||
Dec. 31, 2024 | Sep. 30, 2024 | Jun. 30, 2024 | Dec. 31, 2023 | Dec. 31, 2024 $ / Perbarrel | Dec. 31, 2023 | Oct. 31, 2023 CAD ($) $ / Perbarrel | Dec. 31, 2028 $ / Perbarrel | Dec. 31, 2027 | Oct. 31, 2027 $ / Perbarrel | Oct. 31, 2022 CAD ($) | |
Statement [Line Items] | |||||||||||
Increase to ACL on performing loans relative to Base Scenario | $ | $ 868 | $ 738 | |||||||||
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 | 28 | ||||||||||
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 | 43 | ||||||||||
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 | 67 | 72 | |||||||||
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 | 81 | 88 | |||||||||
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 | 103 | ||||||||||
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 | 74 | ||||||||||
Canadian unemployment rate [member] | Quarterly Average [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 6.60% | 5.90% | |||||||||
US unemployment rate [member] | Quarterly Average [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 4.70% | 4% | |||||||||
Canada GDP growth rate [member] | Above Q4 2023 levels [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 1.60% | ||||||||||
U.S. GDP growth rate [member] | Above Q4 2023 levels [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 0.10% | ||||||||||
Canadian housing price index [member] | Base Scenario [member] | Next Two To Five Years [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 5% | 5.20% | |||||||||
Canadian housing price index [member] | Base Scenario [member] | Next Twelve Months [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 1.60% | (1.00%) | |||||||||
Canadian housing price index growth rate [member] | Upside Scenario [member] | Next Twelve Months [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 10.90% | ||||||||||
Canadian housing price index growth rate [member] | Upside Scenario [member] | Next Two To Five Years [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 9.60% | ||||||||||
Canadian housing price index growth rate [member] | Alternative Downside Scenario [Member] | Next Twelve Months [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | (30.00%) | ||||||||||
Canadian housing price index growth rate [member] | Alternative Downside Scenario [Member] | Next Two To Five Years [Member] | |||||||||||
Statement [Line Items] | |||||||||||
Average value macroeconomic drivers percentage | 4.20% |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Impact of Staging on Allowances for Credit Losses for Performing Loans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Impact Of Staging On Allowance For Credit Losses on Performing Loans [Abstract] | ||
ACL - All performing loans in Stage 1 | $ 2,893 | $ 2,373 |
Impact of staging | 1,257 | 1,094 |
Stage 1 and 2 ACL | $ 4,150 | $ 3,467 |
Loans and Allowance for Cred_15
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 434,025 | $ 418,348 |
Items not subject to impairment | 476 | 448 |
Gross carrying amount of financial assets | 434,501 | 418,796 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 350,631 | 343,289 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 20,736 | 16,967 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,509 | 4,313 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 55,467 | 53,219 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 682 | 560 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 423,956 | 408,854 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 349,001 | 340,716 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 19,126 | 15,035 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,582 | 1,188 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 54,247 | 51,915 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,387 | 8,934 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,630 | 2,573 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,610 | 1,932 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,927 | 3,125 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,220 | 1,304 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 682 | 560 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 682 | $ 560 |
Loans and Allowance for Cred_16
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 98,734 | $ 97,709 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 77,248 | 75,914 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,502 | 9,262 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,565 | 2,496 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,139 | 9,837 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 280 | 200 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 91,618 | 89,390 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 75,572 | 73,339 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 5,587 | 5,482 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 477 | 836 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,982 | 9,733 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,836 | 8,119 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,676 | 2,575 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,915 | 3,780 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,088 | 1,660 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 157 | 104 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 280 | 200 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 280 | $ 200 |
Loans and Allowance for Cred_17
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 23,035 | $ 20,577 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 16,466 | 15,171 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,903 | 3,329 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,775 | 1,294 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 891 | 783 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 18,999 | 17,296 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 16,331 | 15,088 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,771 | 1,418 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 41 | 39 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 856 | 751 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,036 | 3,281 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 135 | 83 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,132 | 1,911 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,734 | 1,255 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 35 | $ 32 |
Loans and Allowance for Cred_18
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 13,681 | $ 12,669 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 9,561 | 9,409 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 3,174 | 2,642 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 691 | 477 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11 | 3 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 244 | 138 |
Stage one loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,989 | 10,188 |
Stage one loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 8,641 | 8,571 |
Stage one loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,238 | 1,512 |
Stage one loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 99 | 102 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11 | 3 |
Stage two loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,448 | 2,343 |
Stage two loan [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 920 | 838 |
Stage two loan [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 936 | 1,130 |
Stage two loan [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 592 | 375 |
Stage three loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 244 | 138 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 244 | $ 138 |
Loans and Allowance for Cred_19
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 286,090 | $ 264,957 |
Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 266,819 | 248,661 |
Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,057 | 9,267 |
High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,390 | 1,243 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,824 | 5,786 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 284,610 | 263,185 |
Stage one exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 266,209 | 247,620 |
Stage one exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,759 | 9,021 |
Stage one exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 956 | 876 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 6,686 | 5,668 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 1,480 | 1,772 |
Stage two exposure [member] | Low risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 610 | 1,041 |
Stage two exposure [member] | Medium risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 298 | 246 |
Stage two exposure [member] | High risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 434 | 367 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 138 | $ 118 |
Loans and Allowance for Cred_20
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Items not subject to impairment | $ 9,248 | $ 10,136 |
Gross carrying amount of financial assets | 287,826 | 273,967 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 89,453 | 88,715 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 175,421 | 161,666 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 11,206 | 12,149 |
Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 2,498 | 1,301 |
Stage one loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 89,037 | 88,513 |
Stage one loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 156,211 | 145,908 |
Stage one loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 10,968 | 11,789 |
Stage two loan [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 416 | 202 |
Stage two loan [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 19,210 | 15,758 |
Stage two loan [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 238 | 360 |
Stage three loan [member] | Impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 2,498 | $ 1,301 |
Loans and Allowance for Cred_21
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 | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 461,481 | $ 425,235 |
Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 312,364 | 284,660 |
Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 144,941 | 136,882 |
Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,176 | 3,693 |
Stage one exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 447,348 | 414,398 |
Stage one exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 312,178 | 284,481 |
Stage one exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 130,994 | 126,225 |
Stage one exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 4,176 | 3,692 |
Stage two exposure [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 14,133 | 10,837 |
Stage two exposure [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | 186 | 179 |
Stage two exposure [member] | Non investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 13,947 | 10,657 |
Stage two exposure [member] | Not rated [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross carrying amount of financial assets subject to impairment | $ 1 |
Loans and Allowance for Cred_22
Loans and Allowance for Credit Losses - Summary of Gross Carrying Amount of Loans Measured at Amortized Cost (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Credit risk [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of credit impaired loans collateralized fully or partially | 88% | 88% |
Loans and Allowance for Cred_23
Loans and Allowance for Credit Losses - Disclosure of Loans Past Due But Not Impaired (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | $ 3,920 | $ 2,777 |
Retail [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 2,048 | 1,496 |
Wholesale [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 1,872 | 1,281 |
30 to 89 days [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 3,663 | 2,607 |
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 | 1,840 | 1,328 |
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 | 1,823 | 1,279 |
90 Days and Greater [member] | ||
Disclosure of loans that are either past due or impaired [line items] | ||
Loans past due but not impaired | 257 | 170 |
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 | 208 | 168 |
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 | $ 49 | $ 2 |
Significant acquisitions and _2
Significant acquisitions and disposition - Additional Information (Detail) £ in Millions, $ in Millions | Jul. 03, 2023 CAD ($) | Oct. 31, 2023 CAD ($) | Oct. 31, 2023 GBP (£) | Sep. 30, 2023 CAD ($) | Nov. 29, 2022 CAD ($) | Oct. 31, 2022 CAD ($) | Sep. 27, 2022 |
Statement [Line Items] | |||||||
Assets | $ 2,004,992 | $ 1,917,219 | |||||
Liabilities | 1,887,232 | $ 1,809,044 | |||||
Disposal groups classified as held for sale [member] | |||||||
Statement [Line Items] | |||||||
Assets | $ 2,600 | ||||||
Liabilities | 2,600 | ||||||
Disposal groups classified as held for sale [member] | Non-Interest income [member] | Wealth Management [member] | |||||||
Statement [Line Items] | |||||||
Gain on sale of asset servicing activities, pre tax | 69 | ||||||
Gain on sale of asset servicing activities, after tax | $ 77 | ||||||
HSBC Canada [member] | |||||||
Statement [Line Items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
Cash transferred | $ 13,500 | ||||||
Par value of preferred shares and subordinated debt | $ 2,100 | ||||||
Brewin Dolphin Holdings PLC [Member] | |||||||
Statement [Line Items] | |||||||
Percentage of voting equity interests acquired | 100% | ||||||
Cash transferred | 2,302 | £ 1,564 | |||||
Consideration transferred, acquisition-date fair value | 2,341 | £ 1,591 | |||||
Purchase price allocation assign to assets | 3,279 | ||||||
Purchase price allocation assign to Liabilities | 938 | ||||||
Customer relationship intangible assets | 1,292 | ||||||
Goodwill | $ 913 |
Derecognition of financial as_3
Derecognition of financial assets - Additional Information (Detail) - Canadian residential mortgage loans [member] | 12 Months Ended |
Oct. 31, 2023 | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Threshold for the borrower to pay the insurance for mortgages | We require the borrower to pay for mortgage insurance when the loan amount is greater than 80% of the original appraised value of the property (LTV ratio). For residential mortgage loans securitized under this program with LTV ratios less than 80%, we are required to insure the mortgages at our own expense. Under the NHA MBS program, we are responsible for making all payments due on our issued MBS, regardless of whether we collect the necessary funds from the mortgagor or the insurer. |
Description of insurance claim | The insurance claim process is managed by the insurance provider in accordance with the insurer’s policies and covers the entire unpaid loan balance plus generally up to 12 months of interest, selling costs and other eligible expenses. |
Top of range [member] | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Percentage of loan amount to appraised value (LTV) ratio which insurance amount payable by borrower | 80% |
Bottom of range [member] | |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | |
Percentage of loan amount to appraised value (LTV) ratio which insurance amount payable by borrower | 80% |
Derecognition of financial as_4
Derecognition of financial assets - Summary of Carrying Amount and Fair Value of Transferred Assets Did Not Qualify for Derecognition (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | $ 363,550 | $ 306,759 |
Carrying amount of associated liabilities | 363,245 | 306,124 |
Fair value of transferred assets | 361,710 | 305,121 |
Fair value of associated liabilities | 362,018 | 304,847 |
Fair value of net position | (308) | 274 |
Canadian residential mortgage loans [member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 28,312 | 32,812 |
Carrying amount of associated liabilities | 28,007 | 32,177 |
Fair value of transferred assets | 26,472 | 31,174 |
Fair value of associated liabilities | 26,780 | 30,900 |
Fair value of net position | (308) | 274 |
Securities Sold Under Repurchase Agreements [member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 313,558 | 258,615 |
Carrying amount of associated liabilities | 313,558 | 258,615 |
Fair value of transferred assets | 313,558 | 258,615 |
Fair value of associated liabilities | 313,558 | 258,615 |
Securities Loaned [Member] | ||
Disclosure of Transferred Financial Assets That are Not Derecognised in Their Entirety [Line Items] | ||
Carrying amount of transferred assets that do not qualify for derecognition | 21,680 | 15,332 |
Carrying amount of associated liabilities | 21,680 | 15,332 |
Fair value of transferred assets | 21,680 | 15,332 |
Fair value of associated liabilities | $ 21,680 | $ 15,332 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Trading securities | $ 190,151 | $ 148,205 | ||
Other liabilities | 96,170 | 95,235 | ||
Cash and due from banks | [1] | 61,989 | 72,397 | $ 113,846 |
Loans | 852,773 | 819,965 | ||
Deposits | 1,231,687 | 1,208,814 | ||
Sponsored entities [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Commercial mortgages carrying amount | 0 | 450 | ||
Multi-seller conduits [member] | Loans [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Financial assets | 1,316 | 1,826 | ||
Multi-seller conduits [member] | Deposits [Member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Asset-backed commercial paper issued | 1,194 | 1,284 | ||
Credit card securitization vehicles [member] | Deposits [Member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
The amount of notes and debentures issued by the entity | 7,000 | 6,000 | ||
Collateralized commercial paper vehicle [member] | Deposits [Member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Commercial paper issued | 17,000 | 14,000 | ||
Covered bond guarantor limited partnership [member] | Loans [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Mortgages transferred and outstanding | 100,000 | 121,000 | ||
Covered bond guarantor limited partnership [member] | Deposits [Member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Covered bonds issued | 50,000 | 43,000 | ||
Municipal Bond TOB Structures [member] | Deposits [Member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Floating rate certificates issued | 5,000 | 7,000 | ||
Municipal Bond TOB Structures [member] | Investment Securities [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Municipal bonds issued | 5,000 | 6,000 | ||
RBC Managed Investment Funds [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Trading securities | 400 | 524 | ||
Other liabilities | 331 | 363 | ||
Collateralized loan obligation structures [member] | ||||
Disclosure of consolidated or unconsolidated structured entities [line items] | ||||
Cash and due from banks | 493 | 108 | ||
Loans | 1,675 | 1,410 | ||
Deposits | $ 1,706 | $ 1,314 | ||
[1]We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities, and other counterparties. The total balances were $3 billion as at October 31, 2023 (October 31, 2022 – $2 billion; October 31, 2021 – $2 billion). |
Structured Entities - Summary o
Structured Entities - Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | $ 409,730 | $ 318,223 | |
Loans | 852,773 | 819,965 | |
Derivatives | 142,450 | 154,439 | |
Other assets | 77,068 | 80,300 | |
Derivatives | 142,629 | 153,491 | |
Other liabilities | 96,170 | 95,235 | |
Multi-seller conduits [member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | [1] | 4 | 255 |
Derivatives | [1] | 2 | 25 |
Assets | [1] | 6 | 280 |
Derivatives | [1] | 245 | 171 |
Liabilities | [1] | 245 | 171 |
Maximum exposure to loss | [1],[2] | 54,715 | 48,260 |
Total assets of unconsolidated structured entities | [1] | 53,641 | 47,289 |
Structured Finance [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Loans | 5,790 | 5,334 | |
Other assets | 6 | ||
Assets | 5,790 | 5,340 | |
Maximum exposure to loss | [2] | 10,580 | 8,658 |
Total assets of unconsolidated structured entities | 31,037 | 26,543 | |
Non RBC Managed Investment Funds [member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | 2,411 | 3,089 | |
Derivatives | 26 | ||
Assets | 2,437 | 3,089 | |
Derivatives | 1 | ||
Liabilities | 1 | ||
Maximum exposure to loss | [2] | 3,068 | 3,758 |
Total assets of unconsolidated structured entities | 440,924 | 548,320 | |
Third-party Securitization Vehicles [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Loans | 8,451 | 8,494 | |
Assets | 8,451 | 8,494 | |
Maximum exposure to loss | [2] | 14,863 | 14,339 |
Total assets of unconsolidated structured entities | 81,028 | 64,361 | |
Other [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | 743 | 595 | |
Loans | 2,403 | 2,487 | |
Derivatives | 91 | 100 | |
Other assets | 365 | 568 | |
Assets | 3,602 | 3,750 | |
Deposits | 166 | ||
Other liabilities | 7 | ||
Liabilities | 173 | ||
Maximum exposure to loss | [2] | 5,595 | 5,523 |
Total assets of unconsolidated structured entities | 461,919 | 554,573 | |
Unconsolidated Structured Entities [Member] | |||
Disclosure of Unconsolidated Structured Entities [Line Items] | |||
Securities | 3,158 | 3,939 | |
Loans | 16,644 | 16,315 | |
Derivatives | 119 | 125 | |
Other assets | 365 | 574 | |
Assets | 20,286 | 20,953 | |
Deposits | 166 | ||
Derivatives | 246 | 171 | |
Other liabilities | 7 | ||
Liabilities | 419 | 171 | |
Maximum exposure to loss | [2] | 88,821 | 80,538 |
Total assets of unconsolidated structured entities | $ 1,068,549 | $ 1,241,086 | |
[1]Total assets of unconsolidated structured entities represent the maximum assets that may have to be purchased by the conduits under purchase commitments outstanding. Of the purchase commitments outstanding, the conduits have purchased financial assets totalling $37 billion as at October 31, 2023 (October 31, 2022 – $32 billion).[2]The maximum exposure to loss resulting from our interests in these entities consists mostly of investments, loans, fair value of derivatives, liquidity and credit enhancement facilities. The maximum exposure to loss of the multi-seller conduits is higher than the on-balance sheet assets primarily because of the notional amounts of the backstop liquidity and credit enhancement facilities. Refer to Note 24 for further details. |
Structured Entities - Summary_2
Structured Entities - Summary of Assets and Liabilities, Maximum Exposure to Loss Related to Interests in Unconsolidated Structured Entities (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Multi-seller conduits [member] | ||
Disclosure of Unconsolidated Structured Entities [Line Items] | ||
Financial assets purchased by conduits | $ 37 | $ 32 |
Derivative financial instrume_3
Derivative financial instruments and hedging activities - Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 27,623,023 | $ 26,479,660 |
Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,000 | 1,000 |
Under 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 10,447,537 | 10,104,168 |
1 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 11,054,134 | 10,260,443 |
Over 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 6,121,352 | 6,115,049 |
Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,700,733 | 807,939 |
Over-the-counter contracts [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 15,290,689 | 16,710,150 |
Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 749,461 | 829,368 |
Over-the-counter contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 735,909 | 848,263 |
Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,446,716 | 2,275,908 |
Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 193,261 | 237,946 |
Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,169,011 | 2,970,275 |
Over-the-counter contracts [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 320,791 | 79,335 |
Over-the-counter contracts [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 327,878 | 82,163 |
Over-the-counter contracts [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 234,809 | 43,515 |
Over-the-counter contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 414,841 | 341,532 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,008,978 | 763,398 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,220,675 | 4,994,006 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 162,845 | 100,504 |
Over-the-counter contracts [member] | Under 1 year [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 144,138 | 108,770 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,336,565 | 2,187,124 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 30,098 | 87,942 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 972,658 | 518,244 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 244,721 | 58,075 |
Over-the-counter contracts [member] | Under 1 year [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 254,534 | 62,266 |
Over-the-counter contracts [member] | Under 1 year [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 11,709 | 1,143 |
Over-the-counter contracts [member] | Under 1 year [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 261,528 | 228,709 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 691,397 | 44,188 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 6,651,849 | 6,934,996 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 420,341 | 577,780 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 412,239 | 556,652 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 106,069 | 86,136 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 88,625 | 67,345 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,055,058 | 1,572,490 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 73,407 | 18,061 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 71,039 | 16,623 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 108,637 | 35,621 |
Over-the-counter contracts [member] | 1 to 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 140,225 | 93,431 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 358 | 353 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,418,165 | 4,781,148 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 166,275 | 151,084 |
Over-the-counter contracts [member] | Over 5 years [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 179,532 | 182,841 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,082 | 2,648 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 74,538 | 82,659 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,141,295 | 879,541 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,663 | 3,199 |
Over-the-counter contracts [member] | Over 5 years [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,305 | 3,274 |
Over-the-counter contracts [member] | Over 5 years [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 114,463 | 6,751 |
Over-the-counter contracts [member] | Over 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 13,088 | 19,392 |
Exchange-traded contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 12,804 | 68,526 |
Exchange-traded contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 12,674 | 22,562 |
Exchange-traded contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 731,233 | 630,344 |
Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 127,479 | 198,901 |
Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 154,610 | 332,769 |
Exchange-traded contracts [member] | Foreign exchange contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 124 | 164 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 12,801 | 56,353 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 11,206 | 16,394 |
Exchange-traded contracts [member] | Under 1 year [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 571,970 | 539,103 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 103,195 | 148,032 |
Exchange-traded contracts [member] | Under 1 year [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 99,792 | 233,941 |
Exchange-traded contracts [member] | Under 1 year [member] | Foreign exchange contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 124 | 164 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 3 | 12,173 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,468 | 6,168 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 154,677 | 89,147 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 24,283 | 50,869 |
Exchange-traded contracts [member] | 1 to 5 years [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 54,817 | 98,763 |
Exchange-traded contracts [member] | Over 5 years [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,586 | 2,094 |
Exchange-traded contracts [member] | Over 5 years [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1 | |
Exchange-traded contracts [member] | Over 5 years [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1 | 65 |
Trading Derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 26,337,778 | 25,651,512 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,700,733 | 806,576 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 14,169,938 | 16,001,414 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 749,257 | 829,368 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 735,562 | 848,263 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 2,363,796 | 2,230,901 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 189,100 | 233,617 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,107,125 | 2,918,063 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 320,791 | 79,335 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Foreign exchange contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 327,878 | 82,163 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 234,066 | 42,785 |
Trading Derivatives [member] | Over-the-counter contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 401,373 | 327,860 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 12,804 | 68,526 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 12,674 | 22,562 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 731,233 | 630,344 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 126,879 | 197,251 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 154,445 | 332,320 |
Trading Derivatives [member] | Exchange-traded contracts [member] | Foreign exchange contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 124 | 164 |
Other than trading [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,285,245 | 828,148 |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts forward rate agreements [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,363 | |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1,120,751 | 708,736 |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts options purchased [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 204 | |
Other than trading [member] | Over-the-counter contracts [member] | Interest rate contracts options written [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 347 | |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts forward contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 82,920 | 45,007 |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 4,161 | 4,329 |
Other than trading [member] | Over-the-counter contracts [member] | Foreign exchange contracts cross currency interest rate swaps [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 61,886 | 52,212 |
Other than trading [member] | Over-the-counter contracts [member] | Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 743 | 730 |
Other than trading [member] | Over-the-counter contracts [member] | Other contracts [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 13,468 | 13,672 |
Other than trading [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures long positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 600 | 1,650 |
Other than trading [member] | Exchange-traded contracts [member] | Interest rate contracts, Futures short positions [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 165 | $ 449 |
Derivative financial instrume_4
Derivative financial instruments and hedging activities - Notional Amount of Derivatives by Term to Maturity (Absolute Amounts) (Parenthetical) (Detail) - CAD ($) $ in Billions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Debt Syndication Derivatives | $ 2 | $ 6 |
Credit derivatives [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 1 | 1 |
Trading credit derivatives protection purchase amount | 119 | 26 |
Trading credit derivatives protection sold amount | $ 115 | $ 17 |
Derivative financial instrume_5
Derivative financial instruments and hedging activities - Summary of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | $ 145,795 | $ 158,679 |
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (98,663) | (96,692) |
Derivative financial assets | 142,450 | 154,439 |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | (98,663) | (96,692) |
Derivative financial liabilities | 142,629 | 153,491 |
Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 142,353 | 155,480 |
Negative gross fair value | 132,616 | 142,562 |
Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 3,442 | 3,199 |
Negative gross fair value | 12,538 | 14,089 |
Gross fair values before netting [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 145,795 | 158,679 |
Negative gross fair value | 145,154 | 156,651 |
Net fair values after netting [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Derivative financial assets | 142,450 | 154,439 |
Derivative financial liabilities | 142,629 | 153,491 |
Interest rate contracts forward rate agreements [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 76 | 77 |
Negative gross fair value | 24 | 25 |
Interest rate contracts swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 26,320 | 25,690 |
Negative gross fair value | 22,965 | 21,608 |
Interest rate contracts swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,907 | 2,244 |
Negative gross fair value | 7,436 | 6,880 |
Interest rate contracts options purchased [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 11,230 | 12,056 |
Interest rate contracts options written [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 11,776 | 12,201 |
Interest rate contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 37,626 | 37,823 |
Negative gross fair value | 34,765 | 33,834 |
Interest rate contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,907 | 2,244 |
Negative gross fair value | 7,436 | 6,880 |
Foreign exchange contracts forward contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 22,972 | 37,734 |
Negative gross fair value | 22,655 | 37,631 |
Foreign exchange contracts forward contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 860 | 268 |
Negative gross fair value | 509 | 237 |
Foreign exchange contracts cross currency swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 7,370 | 8,680 |
Negative gross fair value | 5,815 | 9,087 |
Foreign exchange contracts cross currency swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 22 | |
Foreign exchange contracts cross currency interest rate swaps [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 55,268 | 49,758 |
Negative gross fair value | 46,550 | 38,230 |
Foreign exchange contracts cross currency interest rate swaps [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 555 | 374 |
Negative gross fair value | 4,484 | 6,677 |
Foreign exchange contracts options purchased [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 2,623 | 2,623 |
Foreign exchange contracts options written [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Negative gross fair value | 1,790 | 2,571 |
Foreign exchange contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 88,233 | 98,795 |
Negative gross fair value | 76,810 | 87,519 |
Foreign exchange contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 1,415 | 642 |
Negative gross fair value | 4,993 | 6,936 |
Credit derivatives [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 175 | 388 |
Negative gross fair value | 176 | 125 |
Credit derivatives [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 49 | |
Other contracts [member] | Held or issued for trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 16,319 | 18,474 |
Negative gross fair value | 20,865 | 21,084 |
Other contracts [member] | Held or issued for other-than-trading purposes [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Positive gross fair value | 71 | 313 |
Negative gross fair value | 109 | 273 |
Valuation adjustments determined on a pooled basis [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Derivative asset valuation adjustments determined on a pooled basis | (1,801) | (2,055) |
Derivative liability valuation adjustments determined on a pooled basis | (981) | (975) |
Impact Of Netting Agreements [member] | ||
Disclosure Derivative Financial Instruments And Hedging Activities [line items] | ||
Impact on Positive fair values (Derivative assets) of netting agreements that qualify for balance sheet offset | (1,544) | (2,185) |
Impact on Negative fair values (Derivative liabilities) of netting agreements that qualify for balance sheet offset | $ (1,544) | $ (2,185) |
Derivative financial instrume_6
Derivative financial instruments and hedging activities - Summary of Fair Value of Derivative Instruments by Term to Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | $ 142,450 | $ 154,439 |
Derivative liabilities | 142,629 | 153,491 |
At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 142,450 | 154,439 |
Derivative liabilities | 142,629 | 153,491 |
Under 1 year [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 140,261 | 151,928 |
Derivative liabilities | 131,352 | 140,808 |
Under 1 year [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 46,148 | 56,050 |
Derivative liabilities | 47,707 | 58,504 |
1 to 5 years [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 52,165 | 56,792 |
Derivative liabilities | 51,690 | 54,361 |
Over 5 years [member] | At fair value [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Derivatives | 44,137 | 41,597 |
Derivative liabilities | $ 43,232 | $ 40,626 |
Derivative financial instrume_7
Derivative financial instruments and hedging activities - Disclosure of detailed information about hedging instruments (Detail) - IBOR [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about hedging instruments [line items] | ||
Notional/Principal amounts | $ 115,784 | $ 155,405 |
Interest rate contracts [member] | USD LIBOR [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional/Principal amounts | 40,208 | |
Interest rate contracts [member] | CDOR [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional/Principal amounts | 115,048 | 114,159 |
Non-derivative instruments [member] | USD LIBOR [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional/Principal amounts | 237 | |
Total Return Swaps [member] | CDOR [member] | ||
Disclosure of detailed information about hedging instruments [line items] | ||
Notional/Principal amounts | $ 736 | $ 801 |
Derivative financial instrume_8
Derivative financial instruments and hedging activities - Summary of Derivative-related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Replacement cost | $ 30,731 | $ 41,869 |
Credit equivalent amount | 112,208 | 117,013 |
Risk-weighted equivalent | 20,081 | 24,428 |
Exchange-traded contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 7,186 | 11,098 |
Credit equivalent amount | 16,191 | 19,870 |
Risk-weighted equivalent | 324 | 397 |
Interest rate contracts forward rate agreements [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 58 | 46 |
Credit equivalent amount | 94 | 76 |
Risk-weighted equivalent | 6 | 5 |
Interest rate contracts swaps [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 9,613 | 9,699 |
Credit equivalent amount | 24,448 | 21,698 |
Risk-weighted equivalent | 3,721 | 5,187 |
Interest rate contracts options purchased [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 610 | 108 |
Credit equivalent amount | 1,547 | 426 |
Risk-weighted equivalent | 353 | 119 |
Interest rate contracts Options written [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 123 | 15 |
Credit equivalent amount | 564 | 543 |
Risk-weighted equivalent | 152 | 164 |
Foreign exchange contracts forward contracts [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 5,655 | 8,772 |
Credit equivalent amount | 27,862 | 29,565 |
Risk-weighted equivalent | 5,611 | 5,940 |
Foreign exchange contracts swaps [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 4,261 | 6,072 |
Credit equivalent amount | 21,483 | 22,188 |
Risk-weighted equivalent | 4,274 | 4,556 |
Foreign exchange contracts options purchased [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 841 | 536 |
Credit equivalent amount | 1,742 | 1,111 |
Risk-weighted equivalent | 383 | 340 |
Foreign exchange contracts, Options written [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 95 | 28 |
Credit equivalent amount | 441 | 313 |
Risk-weighted equivalent | 109 | 86 |
Credit derivatives [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 356 | 299 |
Credit equivalent amount | 1,834 | 766 |
Risk-weighted equivalent | 219 | 114 |
Other contracts [member] | Over-the-counter contracts [member] | ||
Disclosure of credit risk exposure [line items] | ||
Replacement cost | 1,933 | 5,196 |
Credit equivalent amount | 16,002 | 20,457 |
Risk-weighted equivalent | $ 4,929 | $ 7,520 |
Derivative financial instrume_9
Derivative financial instruments and hedging activities - Summary of Derivative-related Credit Risk (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of credit risk exposure [line items] | ||
Credit valuation adjustment | $ 13 | $ 16 |
Derivative financial instrum_10
Derivative financial instruments and hedging activities - Summary of Replacement Cost of Derivative Instruments by Risk Rating and by Counterparty Type (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | $ 145,795 | $ 158,679 |
Impact of master netting agreements and applicable margins | 115,064 | 116,810 |
Replacement cost (after netting agreements) | 30,731 | 41,869 |
Banks [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 69,841 | 73,616 |
Impact of master netting agreements and applicable margins | 68,151 | 71,582 |
Replacement cost (after netting agreements) | 1,690 | 2,034 |
OECD Governmemnts [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 20,268 | 22,727 |
Impact of master netting agreements and applicable margins | 20,237 | 22,597 |
Replacement cost (after netting agreements) | 31 | 130 |
Other Counterparties [Member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 55,686 | 62,336 |
Impact of master netting agreements and applicable margins | 26,676 | 22,631 |
Replacement cost (after netting agreements) | 29,010 | 39,705 |
Risk rating AAA, AA [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 36,224 | 39,001 |
Impact of master netting agreements and applicable margins | 24,025 | 21,552 |
Replacement cost (after netting agreements) | 12,199 | 17,449 |
Risk rating A [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 70,010 | 72,983 |
Impact of master netting agreements and applicable margins | 60,556 | 62,614 |
Replacement cost (after netting agreements) | 9,454 | 10,369 |
Risk rating BBB [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 28,956 | 29,690 |
Impact of master netting agreements and applicable margins | 22,765 | 21,818 |
Replacement cost (after netting agreements) | 6,191 | 7,872 |
Risk rating BB or lower [member] | ||
Disclosure of fair value of derivative instruments [line items] | ||
Gross positive fair values | 10,605 | 17,005 |
Impact of master netting agreements and applicable margins | 7,718 | 10,826 |
Replacement cost (after netting agreements) | $ 2,887 | $ 6,179 |
Derivative financial instrum_11
Derivative financial instruments and hedging activities - Summary of Fair Values of Derivative and Non-derivative Instruments Categorized by Hedging Relationships (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about hedges [line items] | ||
Derivatives | $ 142,450 | $ 154,439 |
Derivatives | 142,629 | 153,491 |
Designated as hedging instruments in hedging relationships [member] | Fair value hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 156 | 247 |
Derivatives | 50 | 27 |
Designated as hedging instruments in hedging relationships [member] | Cash flow hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 19 | 57 |
Derivatives | 100 | |
Designated as hedging instruments in hedging relationships [member] | Net investment hedges [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 13 | 36 |
Derivatives | 409 | 126 |
Non-derivative instruments, liabilities | 25,427 | 25,798 |
Not designated in hedging relationship [member] | ||
Disclosure of detailed information about hedges [line items] | ||
Derivatives | 142,262 | 154,099 |
Derivatives | $ 142,070 | $ 153,338 |
Derivative financial instrum_12
Derivative financial instruments and hedging activities - Maturity Analysis of notional Amounts and Average Rates of hedging Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Under 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 10,447,537 | $ 10,104,168 |
1 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 11,054,134 | 10,260,443 |
Over 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | 6,121,352 | 6,115,049 |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | 156 | 247 |
Carrying amount, Liabilities | 3 | |
Derivative notional amount | $ 93,503 | $ 56,772 |
Weighted average fixed interest rate | 3.60% | 2.30% |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Liabilities | $ 50 | $ 24 |
Derivative notional amount | $ 108,958 | $ 92,744 |
Weighted average fixed interest rate | 2.30% | 1.90% |
Fair value hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 8,853 | $ 9,083 |
Weighted average fixed interest rate | 4.30% | 1.10% |
Fair value hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 23,592 | $ 13,231 |
Weighted average fixed interest rate | 2.10% | 1.90% |
Fair value hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 62,948 | $ 32,173 |
Weighted average fixed interest rate | 3.60% | 2.50% |
Fair value hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 75,130 | $ 69,419 |
Weighted average fixed interest rate | 2.40% | 1.80% |
Fair value hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of fixed rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 21,702 | $ 15,516 |
Weighted average fixed interest rate | 3.20% | 2.80% |
Fair value hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of fixed rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 10,236 | $ 10,094 |
Weighted average fixed interest rate | 2.60% | 2% |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 133,494 | $ 126,185 |
Weighted average fixed interest rate | 4% | 3% |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 113,025 | $ 73,075 |
Weighted average fixed interest rate | 3.70% | 1.70% |
Cash flow hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 63,927 | $ 50,436 |
Weighted average fixed interest rate | 4.50% | 3.30% |
Cash flow hedges [member] | Interest rate risk [member] | Under 1 year [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 16,696 | $ 6,221 |
Weighted average fixed interest rate | 4.90% | 2% |
Cash flow hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 68,470 | $ 74,726 |
Weighted average fixed interest rate | 3.40% | 2.80% |
Cash flow hedges [member] | Interest rate risk [member] | 1 to 5 years [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 63,527 | $ 42,830 |
Weighted average fixed interest rate | 3.80% | 1.50% |
Cash flow hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of variable rate assets [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 1,097 | $ 1,023 |
Weighted average fixed interest rate | 3.70% | 2.50% |
Cash flow hedges [member] | Interest rate risk [member] | Over 5 years [member] | Interest rate contracts - Hedge of variable rate liabilities [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 32,802 | $ 24,024 |
Weighted average fixed interest rate | 2.80% | 2% |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | $ 19 | $ 32 |
Carrying amount, Liabilities | 14 | |
Derivative notional amount | $ 979 | $ 314 |
Weighted average CAD-EUR exchange rate | 1.45 | 1.44 |
Weighted average CAD-USD exchange rate | 1.34 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 63 | |
Weighted average CAD-EUR exchange rate | 1.48 | |
Cash flow hedges [member] | Foreign exchange risk [member] | 1 to 5 years [member] | Cross Currency Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 916 | $ 314 |
Weighted average CAD-EUR exchange rate | 1.44 | 1.44 |
Weighted average CAD-USD exchange rate | 1.34 | |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Liabilities | $ 25,427 | $ 25,798 |
Derivative notional amount | $ 27,127 | $ 27,338 |
Weighted average CAD-EUR exchange rate | 1.51 | |
Weighted average CAD-USD exchange rate | 1.3 | 1.29 |
Weighted average CAD-GBP exchange rate | 1.71 | 1.71 |
Net investment hedges [member] | Foreign exchange risk [member] | Forward contract [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount, Assets | $ 13 | $ 36 |
Carrying amount, Liabilities | 409 | 126 |
Derivative notional amount | $ 18,920 | $ 6,089 |
Weighted average CAD-EUR exchange rate | 1.45 | 1.36 |
Weighted average CAD-USD exchange rate | 1.36 | 1.34 |
Weighted average CAD-GBP exchange rate | 1.68 | 1.55 |
Net investment hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 6,061 | $ 5,462 |
Weighted average CAD-USD exchange rate | 1.28 | 1.31 |
Net investment hedges [member] | Foreign exchange risk [member] | Under 1 year [member] | Forward contract [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 18,920 | $ 6,089 |
Weighted average CAD-EUR exchange rate | 1.45 | 1.36 |
Weighted average CAD-USD exchange rate | 1.36 | 1.34 |
Weighted average CAD-GBP exchange rate | 1.68 | 1.55 |
Net investment hedges [member] | Foreign exchange risk [member] | 1 to 5 years [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 14,653 | $ 20,851 |
Weighted average CAD-EUR exchange rate | 1.51 | |
Weighted average CAD-USD exchange rate | 1.29 | 1.28 |
Weighted average CAD-GBP exchange rate | 1.71 | 1.71 |
Net investment hedges [member] | Foreign exchange risk [member] | Over 5 years [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Derivative notional amount | $ 6,413 | $ 1,025 |
Weighted average CAD-EUR exchange rate | 1.48 | |
Weighted average CAD-USD exchange rate | 1.33 | 1.28 |
Derivative financial instrum_13
Derivative financial instruments and hedging activities - Summary of Fair Value Hedges - Assets and Liabilities Designated as hedged Items (Detail) - Fair value hedges [member] - Interest rate risk [member] - Designated as hedged items in hedging relationships [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount, Assets | $ 86,734 | $ 52,216 |
Accumulated amount of fair value adjustments on the hedged item, Assets | $ (3,911) | $ (3,285) |
Consolidated Balance Sheet items | Securities Investment, net of applicable allowance; Loans Retail; Loans Wholesale | Securities Investment, net of applicable allowance; Loans Retail; Loans Wholesale |
Changes in fair values used for calculating hedge ineffectiveness | $ (1,445) | $ (3,695) |
Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Carrying amount, Liabilities | 102,535 | 86,738 |
Accumulated amount of fair value adjustments on the hedged item, Liabilities | $ (6,340) | $ (5,924) |
Consolidated Balance Sheet items | Deposits Business and government; Subordinated debentures; Deposits Bank | Deposits Business and government; Subordinated debentures; Deposits Bank |
Changes in fair values used for calculating hedge ineffectiveness | $ 276 | $ 5,742 |
Derivative financial instrum_14
Derivative financial instruments and hedging activities - Summary of Fair Value Hedges - Assets and Liabilities Designated as hedged Items (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Fair value hedge, Hedged items - Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Accumulated amount of fair value hedge adjustments on hedged items ceased to be adjusted for hedging gains/losses | $ (539) | $ (486) |
Fair value hedge, Hedged items - Fixed rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Accumulated amount of fair value hedge adjustments on hedged items ceased to be adjusted for hedging gains/losses | $ 259 | $ (25) |
Derivative financial instrum_15
Derivative financial instruments and hedging activities - Summary of Cash flow and Net Investment Hedges - Assets and Liabilities Designated as Hedged Items (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Cash flow hedges [member] | Interest rate risk [member] | Variable rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Consolidated Balance Sheet items | Securities – Investment, net of applicable allowance; Loans – Retail; | Securities – Investment, net of applicable allowance; Loans – Retail; |
Changes in fair values used for calculating hedge ineffectiveness | $ 2,248 | $ 4,720 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | (2,115) | (1,777) |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ (3,126) | $ (2,668) |
Cash flow hedges [member] | Interest rate risk [member] | Variable rate liabilities [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Consolidated Balance Sheet items | Deposits – Business and government; Deposits – Personal; | Deposits Business and government; Deposits Personal; |
Changes in fair values used for calculating hedge ineffectiveness | $ (2,558) | $ (6,895) |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | 3,535 | 5,471 |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ 5,607 | $ 2,231 |
Cash flow hedges [member] | Foreign exchange risk [member] | Fixed rate assets [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Consolidated Balance Sheet items | Securities – Investment, net of applicable allowance | Securities – Investment, net of applicable allowance |
Changes in fair values used for calculating hedge ineffectiveness | $ 50 | $ (17) |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | 7 | |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign subsidiary [member] | ||
Disclosure of detailed information about hedged items [line items] | ||
Changes in fair values used for calculating hedge ineffectiveness | 1,513 | 1,927 |
Cash flow hedge /foreign currency translation reserve, Continuing hedges | (7,297) | (5,936) |
Cash flow hedge /foreign currency translation reserve, Discontinued hedges | $ (382) | $ (421) |
Derivative financial instrum_16
Derivative financial instruments and hedging activities - Summary of Effectiveness of Designated Hedging Relationships (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Fixed rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | $ 1,385 | $ 3,650 |
Hedge ineffectiveness recognized in income | (60) | (45) |
Fair value hedges [member] | Interest rate risk [member] | Interest rate contracts - Fixed rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (205) | (5,713) |
Hedge ineffectiveness recognized in income | 71 | 29 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Variable rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (2,232) | (4,698) |
Hedge ineffectiveness recognized in income | 7 | (36) |
Changes in the value of the hedging instrument recognized in OCI | (3,930) | (4,432) |
Amount reclassified from hedge reserves to income | (3,121) | (185) |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate contracts - Variable rate liabilities [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | 2,416 | 6,713 |
Hedge ineffectiveness recognized in income | (11) | 37 |
Changes in the value of the hedging instrument recognized in OCI | 4,498 | 6,673 |
Amount reclassified from hedge reserves to income | 3,045 | (118) |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swap - fixed rate assets [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (50) | 17 |
Changes in the value of the hedging instrument recognized in OCI | (44) | 23 |
Amount reclassified from hedge reserves to income | (37) | 17 |
Net investment hedges [member] | Foreign exchange risk [member] | Foreign Currency liabilities [Member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (684) | (1,771) |
Hedge ineffectiveness recognized in income | (3) | |
Changes in the value of the hedging instrument recognized in OCI | (684) | (1,768) |
Net investment hedges [member] | Foreign exchange risk [member] | Forward contract [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Changes in fair value of the hedging instrument | (828) | (159) |
Changes in the value of the hedging instrument recognized in OCI | (828) | (159) |
Amount reclassified from hedge reserves to income | $ (191) | $ (23) |
Derivative financial instrum_17
Derivative financial instruments and hedging activities - Summary of Effectiveness of Designated Hedging Relationships (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Changes in the value of the hedging instrument recognized in income [member] | Excluded from assessment of hedge effectiveness and offset by economic hedges [member] | ||
Disclosure of information about amounts that affected statement of comprehensive income as result of hedge accounting [line items] | ||
Hedging gains/losses | $ 3 | $ (19) |
Derivative financial instrum_18
Derivative financial instruments and hedging activities - Reconciliation of Components of Equity by Hedging Designation (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of analysis of other comprehensive income by item [line items] | |||
Balance at the end of the year, Cash Flow Hedges Reserve | $ 362 | $ 1,828 | |
Hedges of net investment in foreign operations [member] | Foreign currency translation reserve [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Tax on movements on reserves during the period | 241 | 470 | |
Balance at the end of the year, Foreign currency translation reserves | 6,612 | 5,688 | $ 2,055 |
Hedges of net investment in foreign operations [member] | Foreign currency translation reserve [member] | Foreign exchange denominated debt [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | (684) | (1,768) | |
Hedges of net investment in foreign operations [member] | Foreign currency translation reserve [member] | Forward Foreign Exchange Contracts [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | (828) | (159) | |
Hedges of net investment in foreign operations [member] | Foreign currency translation reserve [member] | Foreign currency translation differences for foreign operations [Member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net gain on hedge of net investment in foreign operations | 2,164 | 5,085 | |
Hedges of net investment in foreign operations [member] | Foreign currency translation reserve [member] | Reclassification of losses (gains) on foreign currency translation to income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Reclassification of losses (gains) on foreign currency translation to income | (160) | (18) | |
Hedges of net investment in foreign operations [member] | Foreign currency translation reserve [member] | Reclassification of losses (gains) on net investment hedging activities to income [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Reclassification of losses (gains) on net investment hedging activities to income | 191 | 23 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Tax on movements on reserves during the period | (249) | (698) | |
Balance at the end of the year, Cash Flow Hedges Reserve | 2,756 | 2,394 | $ 566 |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | 568 | 2,241 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | (44) | 23 | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Equity price risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Effective portion of changes in fair value | (119) | (1) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | (377) | (227) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Foreign exchange risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | 37 | (17) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | Ongoing hedges [member] | Equity price risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | 93 | (23) | |
Cash flow hedges [member] | Cash flow hedge reserve [member] | De-designated hedges [member] | Interest rate risk [member] | |||
Disclosure of analysis of other comprehensive income by item [line items] | |||
Net amount reclassified to profit or loss | $ 453 | $ 530 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 7,214 | |
Ending balance | 6,749 | $ 7,214 |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 141 | |
Ending balance | 140 | 141 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 634 | |
Ending balance | 605 | 634 |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 529 | |
Ending balance | 560 | 529 |
Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 311 | |
Ending balance | 285 | 311 |
Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,189 | |
Ending balance | 1,144 | 1,189 |
Work In Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 120 | |
Ending balance | 108 | 120 |
Gross carrying amount [member] | Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 141 | 145 |
Disposals | (10) | |
Foreign exchange translation | 1 | 7 |
Other | (2) | (1) |
Ending balance | 140 | 141 |
Gross carrying amount [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,261 | 1,308 |
Transfers from work in process | 19 | 15 |
Disposals | (53) | (83) |
Foreign exchange translation | 6 | 24 |
Other | 18 | (3) |
Ending balance | 1,251 | 1,261 |
Gross carrying amount [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,169 | 1,126 |
Additions | 32 | 24 |
Acquisitions through business combination | 4 | |
Transfers from work in process | 246 | 195 |
Disposals | (216) | (195) |
Foreign exchange translation | 22 | 17 |
Other | 30 | (2) |
Ending balance | 1,283 | 1,169 |
Gross carrying amount [member] | Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 836 | 773 |
Additions | 12 | 3 |
Acquisitions through business combination | 1 | |
Transfers from work in process | 62 | 49 |
Disposals | (96) | (5) |
Foreign exchange translation | 9 | 15 |
Other | 12 | |
Ending balance | 835 | 836 |
Gross carrying amount [member] | Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 2,845 | 2,754 |
Additions | 29 | 28 |
Acquisitions through business combination | 6 | |
Transfers from work in process | 187 | 206 |
Disposals | (78) | (205) |
Foreign exchange translation | 32 | 67 |
Other | (8) | (11) |
Ending balance | 3,007 | 2,845 |
Gross carrying amount [member] | Work In Progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 120 | 170 |
Additions | 511 | 397 |
Acquisitions through business combination | 1 | |
Transfers from work in process | (514) | (465) |
Disposals | (2) | (1) |
Foreign exchange translation | 1 | 6 |
Other | (8) | 12 |
Ending balance | 108 | 120 |
Accumulated depreciation and amortisation [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (627) | (664) |
Depreciation | 51 | 48 |
Disposals | 50 | 80 |
Foreign exchange translation | 3 | 11 |
Other | 15 | (16) |
Ending balance | (646) | (627) |
Accumulated depreciation and amortisation [member] | Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (640) | (584) |
Depreciation | 247 | 234 |
Disposals | 216 | 192 |
Foreign exchange translation | 16 | 12 |
Other | 36 | 2 |
Ending balance | (723) | (640) |
Accumulated depreciation and amortisation [member] | Furniture Fixtures and Other Equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (525) | (427) |
Depreciation | 91 | 94 |
Disposals | 88 | 4 |
Foreign exchange translation | 6 | 6 |
Other | 16 | 2 |
Ending balance | (550) | (525) |
Accumulated depreciation and amortisation [member] | Leasehold Improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,656) | (1,589) |
Depreciation | 235 | 233 |
Disposals | 70 | 204 |
Foreign exchange translation | 16 | 38 |
Other | 26 | |
Ending balance | (1,863) | (1,656) |
Right-of-use lease assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 7,214 | |
Ending balance | 6,749 | 7,214 |
Right-of-use lease assets [Member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 4,105 | |
Ending balance | 3,744 | 4,105 |
Right-of-use lease assets [Member] | Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 185 | |
Ending balance | 163 | 185 |
Right-of-use lease assets [Member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 12,419 | 11,978 |
Additions | 1,049 | 860 |
Acquisitions through business combination | 67 | |
Disposals | (807) | (798) |
Foreign exchange translation | 174 | 193 |
Other | (1) | 119 |
Ending balance | 12,834 | 12,419 |
Right-of-use lease assets [Member] | Gross carrying amount [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 5,748 | 5,394 |
Additions | 385 | 270 |
Acquisitions through business combination | 55 | |
Disposals | (331) | (153) |
Foreign exchange translation | 103 | 58 |
Other | (12) | 124 |
Ending balance | 5,893 | 5,748 |
Right-of-use lease assets [Member] | Gross carrying amount [member] | Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 299 | 308 |
Additions | 80 | 138 |
Disposals | (31) | (146) |
Foreign exchange translation | (1) | |
Other | (31) | |
Ending balance | 317 | 299 |
Right-of-use lease assets [Member] | Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (5,205) | (4,554) |
Depreciation | 1,275 | 1,265 |
Disposals | 567 | 732 |
Foreign exchange translation | 72 | 68 |
Other | 100 | 50 |
Ending balance | (6,085) | (5,205) |
Right-of-use lease assets [Member] | Accumulated depreciation and amortisation [member] | Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,643) | (1,133) |
Depreciation | 559 | 569 |
Disposals | 112 | 106 |
Foreign exchange translation | 31 | 2 |
Other | 28 | 45 |
Ending balance | (2,149) | (1,643) |
Right-of-use lease assets [Member] | Accumulated depreciation and amortisation [member] | Equipment [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (114) | (157) |
Depreciation | 92 | 87 |
Disposals | 31 | 146 |
Foreign exchange translation | (1) | |
Other | (21) | 17 |
Ending balance | $ (154) | $ (114) |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Total contractual commitments to purchase premises and equipment | $ 120 | $ 185 |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Payments of lease liabilities, classified as financing activities | $ 655 | $ 629 |
Variable Lease Payments | $ 655 | $ 578 |
Percentage Of Variable Lease Payments To Lease Payments | 49% | 48% |
Fixed Lease Payments | $ 671 | $ 635 |
Variable lease payments excluded from the measurement of lease liabilities | $ 647 | $ 571 |
Percentage Of Fixed Lease Payments To Lease Payments | 51% | 52% |
Lease Payments [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Payments of lease liabilities, classified as financing activities | $ 1,326 | $ 1,213 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Summary of Changes in Carrying Amount of Goodwill by Cash Generating Units (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 12,277 | $ 10,854 |
Acquisitions | 70 | 930 |
Dispositions | (30) | (19) |
Currency translations | 277 | 512 |
Ending balance | 12,594 | 12,277 |
Canadian Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,574 | 2,557 |
Acquisitions | 70 | 17 |
Ending balance | 2,644 | 2,574 |
Caribbean Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,759 | 1,600 |
Currency translations | 32 | 159 |
Ending balance | 1,791 | 1,759 |
Canadian Wealth Management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 589 | 577 |
Currency translations | 4 | 12 |
Ending balance | 593 | 589 |
Global asset management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,928 | 1,964 |
Acquisitions | 33 | |
Currency translations | 88 | (69) |
Ending balance | 2,016 | 1,928 |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 3,027 | 2,768 |
Dispositions | (19) | |
Currency translations | 53 | 278 |
Ending balance | 3,080 | 3,027 |
International wealth management [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,042 | 115 |
Acquisitions | 880 | |
Currency translations | 82 | 47 |
Ending balance | 1,124 | 1,042 |
Investor Services [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 59 | 60 |
Dispositions | (30) | |
Currency translations | (1) | |
Ending balance | 29 | 59 |
Insurance [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 112 | 112 |
Ending balance | 112 | 112 |
Capital Markets [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 1,187 | 1,101 |
Currency translations | 18 | 86 |
Ending balance | $ 1,205 | $ 1,187 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Additional Information (Detail) - CAD ($) $ in Millions | Aug. 01, 2023 | Aug. 01, 2022 |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Period of discounted cash flow method for calculating value in use | five-year | |
Caribbean Banking [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Description of valuation techniques used to measure fair value less costs of disposal | FVLCD using a discounted cash flow method that projects future cash flows over a 5-year period. | |
Description of level of fair value hierarchy within which fair value measurement is categorised | level 3 | |
Reduction in future cash flows to determine sensitivity of current estimate of fair value less costs of disposal | 10% | |
Percentage of unit's recoverable amount exceeds its carrying amount | 109% | 109% |
Pretax discount rate for future cash flows | 12.90% | 12.60% |
A 50 bps change in the discount rate would decrease in recoverable amount of goodwill | $ 278 | |
A 50 bps change in the terminal growth rate would Increase in recoverable amount of goodwill | 235 | |
A 50 bps change in the terminal growth rate would decrease in recoverable amount of goodwill | 209 | |
Decrease in recoverable amount of goodwill due to percentage reduction in cash flow forecast | $ 485 | |
Percentage of reduction in future cash flows holding other individual factors constant | 8% |
Goodwill and other intangible_5
Goodwill and other intangible assets - Summary of Terminal Growth Rates and Pre-tax Discount Rates Used in Discounted Cash Flow Models (Detail) | Aug. 01, 2023 | Aug. 01, 2022 |
Canadian Banking [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 11.70% | 11% |
Terminal growth rate | 3% | 3% |
Caribbean Banking [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.90% | 12.60% |
Terminal growth rate | 3.50% | 3.50% |
Canadian Wealth Management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.50% | 11.80% |
Terminal growth rate | 3% | 3% |
Global asset management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.50% | 11.80% |
Terminal growth rate | 3% | 3% |
U.S. Wealth Management (including City National) [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.50% | 12.80% |
Terminal growth rate | 3% | 3% |
International Wealth Management [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.50% | |
Terminal growth rate | 3% | |
Investor Services [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.40% | 11.80% |
Terminal growth rate | 3% | 3% |
Insurance [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.40% | 11.60% |
Terminal growth rate | 3% | 3% |
Capital Markets [member] | ||
Disclosure of information for cash-generating units [line items] | ||
Discount rate | 12.70% | 12.40% |
Terminal growth rate | 3% | 3% |
Goodwill and other intangible_6
Goodwill and other intangible assets - Summary of Carrying Amount of Other Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | $ 6,083 | |
Amortization charge for the year | 1,487 | $ 1,369 |
Impairment losses | 108 | 18 |
Balance at end of period | 5,907 | 6,083 |
Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 2,045 | |
Balance at end of period | 1,998 | 2,045 |
Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 296 | |
Balance at end of period | 439 | 296 |
Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 484 | |
Balance at end of period | 328 | 484 |
Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,723 | |
Balance at end of period | 1,610 | 1,723 |
In process software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,535 | |
Balance at end of period | 1,532 | 1,535 |
Gross carrying amount [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 11,621 | 9,904 |
Additions | 1,394 | 1,297 |
Acquisition through business combination | 31 | 1,454 |
Dispositions | (806) | (1,405) |
Impairment losses | (87) | (27) |
Currency translations | 295 | 411 |
Other changes | (110) | (13) |
Balance at end of period | 12,338 | 11,621 |
Gross carrying amount [member] | Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 5,076 | 4,886 |
Additions | 81 | 25 |
Transfers | 1,067 | 1,121 |
Dispositions | (509) | (960) |
Impairment losses | (73) | (16) |
Currency translations | 68 | 71 |
Other changes | (115) | (51) |
Balance at end of period | 5,595 | 5,076 |
Gross carrying amount [member] | Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 908 | 894 |
Additions | 179 | 16 |
Acquisition through business combination | 31 | 14 |
Transfers | 78 | 76 |
Dispositions | (145) | (111) |
Currency translations | 17 | 48 |
Other changes | 29 | (29) |
Balance at end of period | 1,097 | 908 |
Gross carrying amount [member] | Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,630 | 1,474 |
Currency translations | 28 | 149 |
Other changes | 7 | |
Balance at end of period | 1,658 | 1,630 |
Gross carrying amount [member] | Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 2,472 | 1,414 |
Acquisition through business combination | 1,292 | |
Dispositions | (160) | (329) |
Impairment losses | (9) | |
Currency translations | 144 | 113 |
Other changes | 9 | (18) |
Balance at end of period | 2,456 | 2,472 |
Gross carrying amount [member] | In process software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | 1,535 | 1,236 |
Additions | 1,134 | 1,256 |
Acquisition through business combination | 148 | |
Transfers | (1,145) | (1,197) |
Dispositions | 8 | (5) |
Impairment losses | (5) | (11) |
Currency translations | 38 | 30 |
Other changes | (33) | 78 |
Balance at end of period | 1,532 | 1,535 |
Accumulated amortization [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (5,538) | (5,433) |
Amortization charge for the year | (1,487) | (1,369) |
Dispositions | 777 | 1,383 |
Impairment losses | (19) | 9 |
Currency translations | (107) | (152) |
Other changes | (57) | 24 |
Balance at end of period | (6,431) | (5,538) |
Accumulated amortization [member] | Internally generated software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (3,031) | (2,979) |
Amortization charge for the year | (1,009) | (976) |
Dispositions | 506 | 959 |
Impairment losses | (19) | 9 |
Currency translations | (37) | (36) |
Other changes | (7) | (8) |
Balance at end of period | (3,597) | (3,031) |
Accumulated amortization [member] | Other software [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (612) | (572) |
Amortization charge for the year | (146) | (137) |
Dispositions | 157 | 109 |
Currency translations | (13) | (31) |
Other changes | (44) | 19 |
Balance at end of period | (658) | (612) |
Accumulated amortization [member] | Core deposit intangibles [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (1,146) | (885) |
Amortization charge for the year | (160) | (153) |
Currency translations | (24) | (98) |
Other changes | (10) | |
Balance at end of period | (1,330) | (1,146) |
Accumulated amortization [member] | Customer list and relationships [member] | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||
Balance at beginning of period | (749) | (997) |
Amortization charge for the year | (172) | (103) |
Dispositions | 114 | 315 |
Currency translations | (33) | 13 |
Other changes | (6) | 23 |
Balance at end of period | $ (846) | $ (749) |
Joint ventures and associated_3
Joint ventures and associated companies - Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Net income | $ (219) | $ 110 |
Joint ventures [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Carrying amount | 215 | 248 |
Net income | 18 | 103 |
Associated companies [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Carrying amount | 286 | 463 |
Net income | $ 5 | $ 7 |
Joint ventures and associated_4
Joint ventures and associated companies - Summary of Carrying Value of Interests in Joint Ventures and Associated Companies Accounted Under the Equity Method (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Associated companies [member] | ||
Disclosure Of Joint Ventures And Associates [Line Items] | ||
Impairment losses | $ 242 | $ 0 |
Other Assets - Summary of Other
Other Assets - Summary of Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of other assets [abstract] | |||
Accounts receivable and prepaids | $ 4,373 | $ 4,250 | |
Accrued interest receivable | 7,775 | 4,703 | |
Cash collateral | 20,104 | 25,634 | |
Commodity trading receivables | 5,979 | 7,054 | |
Deferred income tax asset | 2,446 | 1,472 | $ 2,011 |
Employee benefit assets | 2,826 | 3,331 | |
Held for sale assets | 2,562 | 11 | |
Insurance-related assets | |||
Collateral loans | 528 | 524 | |
Policy loans | 87 | 85 | |
Reinsurance assets | 1,127 | 1,084 | |
Other | 13 | 12 | |
Investments in joint ventures and associates | 501 | 711 | |
Margin deposits | 8,849 | 14,684 | |
Precious metals | 2,753 | 1,772 | |
Receivable from brokers, dealers and clients | 2,834 | 3,299 | |
Taxes receivable | 8,908 | 6,933 | |
Other | 5,403 | 4,741 | |
Other assets | $ 77,068 | $ 80,300 |
Deposits - Summary of Deposit L
Deposits - Summary of Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of deposits [line items] | ||
Term | $ 643,522 | $ 563,619 |
Total deposits | 1,231,687 | 1,208,814 |
Deposits - Personal [member] | ||
Disclosure of deposits [line items] | ||
Demand | 186,530 | 203,645 |
Notice | 57,614 | 64,743 |
Term | 197,802 | 136,544 |
Total deposits | 441,946 | 404,932 |
Deposits - Business and government [member] | ||
Disclosure of deposits [line items] | ||
Demand | 316,200 | 348,004 |
Notice | 19,056 | 17,855 |
Term | 409,819 | 394,011 |
Total deposits | 745,075 | 759,870 |
Deposits - Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,996 | 10,458 |
Notice | 769 | 490 |
Term | 35,901 | 33,064 |
Total deposits | 44,666 | 44,012 |
Deposits - Personal, Business and government, and Bank [member] | ||
Disclosure of deposits [line items] | ||
Demand | 510,726 | 562,107 |
Notice | 77,439 | 83,088 |
Term | 643,522 | 563,619 |
Total deposits | 1,231,687 | 1,208,814 |
Canada [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 132,994 | 149,737 |
Notice | 6,107 | 7,797 |
Term | 168 | 466 |
Total deposits | 139,269 | 158,000 |
Canada [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 302,746 | 305,779 |
Notice | 14,641 | 17,982 |
Term | 493,347 | 409,586 |
Total deposits | 810,734 | 733,347 |
United States [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 40,646 | 52,702 |
Total deposits | 40,646 | 52,702 |
United States [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 16,210 | 11,410 |
Notice | 55,895 | 57,055 |
Term | 78,837 | 85,111 |
Total deposits | 150,942 | 153,576 |
Europe [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 17 | 620 |
Total deposits | 17 | 620 |
Europe [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,353 | 28,276 |
Notice | 726 | 254 |
Term | 51,812 | 52,144 |
Total deposits | 57,891 | 80,674 |
Other International [member] | Non-interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 7,265 | 7,840 |
Total deposits | 7,265 | 7,840 |
Other International [member] | Interest bearing deposits [member] | ||
Disclosure of deposits [line items] | ||
Demand | 5,495 | 5,743 |
Notice | 70 | |
Term | 19,358 | 16,312 |
Total deposits | $ 24,923 | $ 22,055 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposit Liabilities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of deposits [line items] | ||
Total deposits | $ 1,231,687 | $ 1,208,814 |
U.S. dollars [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 445,000 | 465,000 |
British pounds [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 34,000 | 35,000 |
Euro [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | 49,000 | 50,000 |
Other currencies [member] | ||
Disclosure of deposits [line items] | ||
Total deposits | $ 32,000 | $ 30,000 |
Deposits - Summary of Contractu
Deposits - Summary of Contractual Maturities of Term Deposit Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 643,522 | $ 563,619 |
Aggregate amount of term deposits in denominations of one hundred thousand dollars or more | 586,000 | 521,000 |
Less than 3 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 182,373 | 159,602 |
3 to 6 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 69,868 | 61,996 |
6 to 12 months [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 151,079 | 156,531 |
1 to 2 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 76,232 | 49,225 |
2 to 3 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 49,965 | 42,809 |
3 to 4 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 36,774 | 27,609 |
4 to 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | 36,506 | 33,835 |
Over 5 years [member] | ||
Disclosure of deposits [line items] | ||
Term deposit liabilities | $ 40,725 | $ 32,012 |
Deposits - Summary of Average D
Deposits - Summary of Average Deposit Balances and Average Rates of Interest (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of deposits [line items] | ||
Average balances | $ 1,211,620 | $ 1,164,925 |
Average rates | 3.03% | 0.92% |
Canada [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 913,669 | $ 847,052 |
Average rates | 3.02% | 1.02% |
United States [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 196,490 | $ 207,436 |
Average rates | 2.74% | 0.50% |
Europe [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 70,426 | $ 81,824 |
Average rates | 4.22% | 1.03% |
Other International [member] | ||
Disclosure of deposits [line items] | ||
Average balances | $ 31,035 | $ 28,613 |
Average rates | 2.26% | 0.72% |
Insurance - Summary of Net Prem
Insurance - Summary of Net Premiums and Claims (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Gross amount [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | $ 5,428 | $ 4,913 |
Claims and benefits | 3,960 | 1,741 |
Reinsurers' share of amount [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | (297) | (260) |
Claims and benefits | (261) | (273) |
Net Amounts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Premiums | 5,131 | 4,653 |
Claims and benefits | $ 3,699 | $ 1,468 |
Insurance - Significant Insuran
Insurance - Significant Insurance Assumptions (Detail) - Life insurance contracts [member] | Oct. 31, 2023 | Oct. 31, 2022 |
Country of domicile [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Mortality rates | 0.11% | 0.11% |
Morbidity rates | 1.79% | 1.81% |
Future reinvestment yield | 3.73% | 3.75% |
Lapse rates | 0.50% | 0.50% |
Foreign countries [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Mortality rates | 0.83% | 0.80% |
Future reinvestment yield | 2.90% | 2.90% |
Insurance - Summary of Gross an
Insurance - Summary of Gross and Reinsurers' Share of Insurance Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | $ 11,966 | $ 11,511 |
Life insurance contracts, Life, health and annuity [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 11,934 | 11,481 |
Ceded amount | 968 | 902 |
Net amount | 10,966 | 10,579 |
Life insurance contracts, Investment contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 38 | 41 |
Net amount | 38 | 41 |
Life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 11,972 | 11,522 |
Ceded amount | 968 | 902 |
Net amount | 11,004 | 10,620 |
Non-life insurance contracts, Unearned premium provision [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 9 | 7 |
Net amount | 9 | 7 |
Non-life insurance contracts, Unpaid claims provision [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 32 | 30 |
Ceded amount | 1 | 1 |
Net amount | 31 | 29 |
Non-life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 41 | 37 |
Ceded amount | 1 | 1 |
Net amount | 40 | 36 |
Life and non-life insurance contracts [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Gross amount | 12,013 | 11,559 |
Ceded amount | 969 | 903 |
Net amount | $ 11,044 | $ 10,656 |
Insurance - Reconciliation of L
Insurance - Reconciliation of Life Insurance Policyholder Liabilities (Detail) - Life insurance contracts [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Gross amount [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | $ 11,522 | $ 12,817 |
New and in-force policies | 552 | (1,288) |
Changes in assumption and methodology | (99) | (6) |
Net change in investment contracts | (3) | (1) |
Balances, at end of period | 11,972 | 11,522 |
Reinsurers' share of amount [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | 902 | 861 |
New and in-force policies | 30 | (130) |
Changes in assumption and methodology | 36 | 171 |
Balances, at end of period | 968 | 902 |
Net Amounts [member] | ||
Disclosure of types of insurance contracts [line items] | ||
Balances, at beginning of period | 10,620 | 11,956 |
New and in-force policies | 522 | (1,158) |
Changes in assumption and methodology | (135) | (177) |
Net change in investment contracts | (3) | (1) |
Balances, at end of period | $ 11,004 | $ 10,620 |
Insurance - Additional Informat
Insurance - Additional Information (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2023 CAD ($) | |
Changes in insurance liabilities due to updates to actuarial methods and assumptions [abstract] | |
Net decrease in insurance liabilities | $ (135) |
Decrease in insurance liabilities due to insurance risk related assumption updates | (170) |
Increase in insurance liabilities due to valuation system and data changes | 15 |
Increase in insurance liabilites due to increase in crediting rate on universal life insurance policies | $ 14 |
Insurance - Sensitivity Analysi
Insurance - Sensitivity Analysis of Insurance Policyholder Liabilities to Reasonably Possible Changes in Actuarial Assumptions (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
1% increase in market interest rates impact on net income | $ 1 | $ (10) |
1% decrease in market interest rates impact on net income | 7 | 5 |
10% increase in equity market values impact on net income | 2 | 6 |
10% decrease in equity market values impact on net income | (8) | (10) |
5% increase in maintenance expenses impact on net income | (32) | (33) |
Life insurance [member] | ||
Life Insurance | ||
2% adverse change in annuitant mortality rates impact on net income | (177) | (166) |
2% adverse change in assurance mortality rates impact on net income | (54) | (59) |
5% adverse change in morbidity rates impact on net income | (177) | (181) |
10% adverse change in lapse rates impact on net income | $ (192) | $ (199) |
Segregated funds - Summary of C
Segregated funds - Summary of Changes in Net Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of segregated funds net assets [Line Items] | |||
Segregated funds net assets | $ 2,760 | $ 2,638 | |
Level 1 [member] | Segregated funds net assets [member] | |||
Disclosure of segregated funds net assets [Line Items] | |||
Cash | 40 | 39 | |
Investment in mutual funds | 2,719 | 2,598 | |
Other assets (liabilities) net | 1 | 1 | |
Segregated funds net assets | $ 2,760 | $ 2,638 | $ 2,666 |
Segregated funds - Summary of S
Segregated funds - Summary of Segregated Funds Net Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of changes in segregated fund net assets [Line Items] | ||
Net assets at beginning of period | $ 2,638 | |
Additions (deductions): | ||
Net assets at end of period | 2,760 | $ 2,638 |
Level 1 [member] | Segregated funds net assets [member] | ||
Disclosure of changes in segregated fund net assets [Line Items] | ||
Net assets at beginning of period | 2,638 | 2,666 |
Additions (deductions): | ||
Deposits from policyholders | 734 | 859 |
Net realized and unrealized gains (losses) | 52 | (301) |
Interest and dividends | 76 | 56 |
Payment to policyholders | (668) | (573) |
Management and administrative fees | (72) | (69) |
Net assets at end of period | $ 2,760 | $ 2,638 |
Employee benefits - Pension a_3
Employee benefits - Pension and other post-employment benefits - Additional Information (Detail) - CAD ($) shares in Millions, $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of employee benefits [line items] | ||
Plan assets, fair value of our debt securities | $ 62 | $ 48 |
Dividends received on our common shares held in plan assets | $ 3 | $ 4 |
Common shares [member] | ||
Disclosure of employee benefits [line items] | ||
Number of our common shares included in plan assets | 0.3 | 0.7 |
Plan assets, fair value of our common shares | $ 37 | $ 89 |
Defined benefit pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Remeasurement gains (losses) recorded in OCI | (440) | 798 |
Defined benefit pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Remeasurement gains (losses) recorded in OCI | (44) | (15) |
Defined benefit and contribution pension plans [member] | ||
Disclosure of employee benefits [line items] | ||
Contributions to pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans | 346 | 427 |
Estimated contributions to pension plans and other post-employment benefit plans | 408 | |
Defined benefit and contribution pension plans [member] | Canada [member] | ||
Disclosure of employee benefits [line items] | ||
Service costs for pension plans | 193 | 305 |
Net interest expense (income) for pension plans | (157) | (83) |
Defined benefit and contribution pension plans [member] | Foreign countries [member] | ||
Disclosure of employee benefits [line items] | ||
Service costs for pension plans | 2 | 2 |
Net interest expense (income) for pension plans | (5) | (1) |
Other post employment benefit plan [member] | ||
Disclosure of employee benefits [line items] | ||
Contributions to pension plans (defined benefit and defined contribution plans) and other post-employment benefit plans | 80 | $ 79 |
Estimated contributions to pension plans and other post-employment benefit plans | $ 86 |
Employee benefits - Pension a_4
Employee benefits - Pension and other post-employment benefits - Analysis of Financial Position Related to Pension and Other Post-employment Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Amounts recognized in our Consolidated Balance Sheets | |||
Employee benefit assets | $ 2,826 | $ 3,331 | |
Defined benefit pension plans [member] | |||
Disclosure of employee benefits [line items] | |||
Fair value of plan assets | 14,368 | 15,026 | |
Present value of defined benefit obligation | [1] | 11,727 | 11,893 |
Net surplus (deficit) | 2,641 | 3,133 | |
Effect of asset ceiling | (9) | (8) | |
Total net surplus (deficit), net of effect of asset ceiling | 2,632 | 3,125 | |
Amounts recognized in our Consolidated Balance Sheets | |||
Employee benefit assets | 2,826 | 3,331 | |
Employee benefit liabilities | (194) | (206) | |
Total net surplus (deficit), net of effect of asset ceiling | 2,632 | 3,125 | |
Defined benefit pension plans [member] | Canada [member] | |||
Disclosure of employee benefits [line items] | |||
Fair value of plan assets | 13,704 | 14,310 | |
Present value of defined benefit obligation | 11,142 | 11,271 | |
Net surplus (deficit) | 2,562 | 3,039 | |
Defined benefit pension plans [member] | Foreign countries [member] | |||
Disclosure of employee benefits [line items] | |||
Fair value of plan assets | 664 | 716 | |
Present value of defined benefit obligation | 585 | 622 | |
Net surplus (deficit) | 79 | 94 | |
Other post employment benefit plan [member] | |||
Disclosure of employee benefits [line items] | |||
Present value of defined benefit obligation | 1,417 | 1,462 | |
Net surplus (deficit) | (1,417) | (1,462) | |
Total net surplus (deficit), net of effect of asset ceiling | (1,417) | (1,462) | |
Amounts recognized in our Consolidated Balance Sheets | |||
Employee benefit liabilities | (1,417) | (1,462) | |
Total net surplus (deficit), net of effect of asset ceiling | (1,417) | (1,462) | |
Other post employment benefit plan [member] | Canada [member] | |||
Disclosure of employee benefits [line items] | |||
Present value of defined benefit obligation | 1,348 | 1,387 | |
Net surplus (deficit) | (1,348) | (1,387) | |
Other post employment benefit plan [member] | Foreign countries [member] | |||
Disclosure of employee benefits [line items] | |||
Present value of defined benefit obligation | 69 | 75 | |
Net surplus (deficit) | $ (69) | $ (75) | |
[1]For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2023 were $300 million and $106 million, respectively (October 31, 2022 – $323 million and $117 million, respectively) |
Employee benefits - Pension a_5
Employee benefits - Pension and other post-employment benefits - Analysis of Movement in Financial Position Related to Pension and Other Post-employment Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Disclosure of net defined benefit liability (asset) [line items] | |||
Payments | $ 645 | ||
Defined benefit pension plans [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Benefit obligation at beginning of period | [1] | 11,893 | |
Opening Fair value of plan assets at beginning of period | 15,026 | ||
Closing Benefit obligation at end of period | [1] | 11,727 | $ 11,893 |
Closing fair value of plan assets at end of period | 14,368 | 15,026 | |
Defined benefit pension plans [member] | Change in fair value of plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Fair value of plan assets at beginning of period | [1] | 15,026 | 17,703 |
Interest income | [1] | 786 | 580 |
Remeasurements: Return on plan assets (excluding interest income) | [1] | (895) | (2,931) |
Change in foreign currency exchange rate | [1] | 55 | (62) |
Contributions - Employer | [1] | 23 | 177 |
Contributions - Plan participant | [1] | 44 | 45 |
Payments | [1] | (645) | (610) |
Payments - amount paid in respect of settlements | [1] | 3 | |
Business combinations/Disposals | [1] | (17) | 135 |
Other | [1] | (9) | (14) |
Closing fair value of plan assets at end of period | [1] | 14,368 | 15,026 |
Defined benefit pension plans [member] | Change in present value of benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Benefit obligation at beginning of period | [1] | 11,893 | 15,315 |
Current service costs | [1] | 195 | 308 |
Past service costs | [1] | (1) | |
Gains and losses on settlements | [1] | (3) | |
Interest expense | [1] | 624 | 496 |
Remeasurements: Actuarial losses (gains) from demographic assumptions | [1] | (2) | (2) |
Remeasurements: Actuarial losses (gains) from financial assumptions | [1] | (480) | (3,797) |
Remeasurements: Actuarial losses (gains) from experience adjustments | [1] | 70 | 83 |
Change in foreign currency exchange rate | [1] | 45 | (47) |
Contributions - Plan participant | [1] | 44 | 45 |
Payments | [1] | (645) | (610) |
Payments - amount paid in respect of settlements | [1] | 3 | |
Business combinations/Disposals | [1] | (17) | 103 |
Closing Benefit obligation at end of period | [1] | 11,727 | 11,893 |
Defined benefit pension plans [member] | Unfunded Obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Benefit obligation at beginning of period | [1] | 23 | |
Closing Benefit obligation at end of period | [1] | 18 | 23 |
Defined benefit pension plans [member] | Wholly or partly funded obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Benefit obligation at beginning of period | [1] | 11,870 | |
Closing Benefit obligation at end of period | [1] | 11,709 | 11,870 |
Other post employment benefit [member] | Change in fair value of plan assets [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Contributions - Employer | 80 | 79 | |
Contributions - Plan participant | 22 | 20 | |
Payments | (102) | (99) | |
Other post employment benefit [member] | Change in present value of benefit obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Benefit obligation at beginning of period | 1,462 | 1,780 | |
Current service costs | 33 | 42 | |
Past service costs | (2) | 2 | |
Interest expense | 77 | 63 | |
Remeasurements: Actuarial losses (gains) from demographic assumptions | (24) | (1) | |
Remeasurements: Actuarial losses (gains) from financial assumptions | (46) | (341) | |
Remeasurements: Actuarial losses (gains) from experience adjustments | (1) | (9) | |
Change in foreign currency exchange rate | 1 | 6 | |
Contributions - Plan participant | 22 | 20 | |
Payments | (102) | (99) | |
Business combinations/Disposals | (3) | (1) | |
Closing Benefit obligation at end of period | 1,417 | 1,462 | |
Other post employment benefit [member] | Unfunded Obligation [member] | |||
Disclosure of net defined benefit liability (asset) [line items] | |||
Opening Benefit obligation at beginning of period | 1,462 | ||
Closing Benefit obligation at end of period | $ 1,417 | $ 1,462 | |
[1]For pension plans with funding deficits, the benefit obligations and fair value of plan assets as at October 31, 2023 were $300 million and $106 million, respectively (October 31, 2022 – $323 million and $117 million, respectively) |
Employee benefits - Pension a_6
Employee benefits - Pension and other post-employment benefits - Analysis of Movement in Financial Position Related to Pension and Other Post-employment Benefit Plans (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Defined benefit obligation for plans with funding deficits [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Benefit obligations | $ 300 | $ 323 |
Fair value of assets for defined benefit plans with funding deficits [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Fair value of plan assets | $ 106 | $ 117 |
Employee benefits - Pension a_7
Employee benefits - Pension and other post-employment benefits - Summary of Composition of Pension and Other Post-employment Benefit Expense (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of pension and other post employment plan [Line Items] | ||
Total pension and other post-employment benefit expense | $ 18,971 | $ 16,528 |
Defined benefit pension plans [member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 195 | 308 |
Past service costs | (1) | |
Gains and losses on settlements | (3) | |
Net interest expense (income) | (162) | (84) |
Administrative expense | 9 | 14 |
Defined benefit pension expense | 42 | 234 |
Defined contribution pension plans [Member] | Pension Expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Defined contribution pension expense | 323 | 250 |
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 | 365 | 484 |
Other post employment benefit [member] | Other post employment benefit expense [Member] | ||
Disclosure of pension and other post employment plan [Line Items] | ||
Current service costs | 33 | 42 |
Past service costs | (2) | 2 |
Net interest expense (income) | 77 | 63 |
Remeasurements of other long-term benefits | (1) | (26) |
Defined benefit pension expense | 107 | 81 |
Total pension and other post-employment benefit expense | $ 107 | $ 81 |
Employee benefits - Pension a_8
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 | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Defined benefit pension plans [member] | ||
Actuarial (gains) losses: | ||
Changes in demographic assumptions | $ (2) | $ (2) |
Changes in financial assumptions | (480) | (3,797) |
Experience adjustments | 70 | 83 |
Return on plan assets (excluding interest based on discount rate) | 895 | 2,931 |
Change in asset ceiling (excluding interest income) | 1 | 2 |
Total remeasurements of employee benefit plans | 484 | (783) |
Other post employment benefit [member] | ||
Actuarial (gains) losses: | ||
Changes in demographic assumptions | (27) | (1) |
Changes in financial assumptions | (45) | (319) |
Experience adjustments | 2 | (5) |
Total remeasurements of employee benefit plans | $ (70) | $ (325) |
Employee benefits - Pension a_9
Employee benefits - Pension and other post-employment benefits - Asset Allocation of Defined Benefit Pension Plans (Detail) - Defined benefit pension plans [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 14,368 | $ 15,026 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 100% | 100% |
Asset allocation of defined benefit pension plans, Quoted in active market | 19% | 30% |
Equity securities [member] | Canada [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 723 | $ 1,469 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 5% | 10% |
Equity securities [member] | Foreign countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 1,726 | $ 2,799 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 12% | 19% |
Alternative investments and other [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 4,152 | $ 3,984 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 29% | 26% |
Debt securities [member] | Domestic government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 4,343 | $ 3,489 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 30% | 23% |
Debt securities [member] | Foreign government bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 128 | $ 114 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 1% | 1% |
Debt securities [member] | Corporate And Other Bonds [Member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Fair value | $ 3,296 | $ 3,171 |
Asset allocation of defined benefit pension plans, Percentage of total plan assets | 23% | 21% |
Level 1 [member] | Equity securities [member] | Canada [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100% | 100% |
Level 1 [member] | Equity securities [member] | Foreign countries [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 100% | 100% |
Level 1 [member] | Alternative investments and other [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market | 6% | 8% |
Employee benefits - Pension _10
Employee benefits - Pension and other post-employment benefits - Asset Allocation of Defined Benefit Pension Plans (Parenthetical) (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Equity securities [member] | Level 1 [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Asset allocation of defined benefit pension plans, Quoted in active market, based on direct investments | 22% | 34% |
Employee benefits - Pension _11
Employee benefits - Pension and other post-employment benefits - Maturity Profile of Defined Benefit Pension Plan Obligation (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2023 CAD ($) Participants | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 71,853 |
Actual benefit payments 2023 | $ 645 |
Benefits expected to be paid 2024 | 714 |
Benefits expected to be paid 2025 | 734 |
Benefits expected to be paid 2026 | 759 |
Benefits expected to be paid 2027 | 780 |
Benefits expected to be paid 2028 | 799 |
Benefits expected to be paid 2029-2033 | $ 4,239 |
Weighted average duration of defined benefit payments | 12 years 3 months 18 days |
Canada [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 65,890 |
Actual benefit payments 2023 | $ 604 |
Benefits expected to be paid 2024 | 670 |
Benefits expected to be paid 2025 | 694 |
Benefits expected to be paid 2026 | 717 |
Benefits expected to be paid 2027 | 738 |
Benefits expected to be paid 2028 | 757 |
Benefits expected to be paid 2029-2033 | $ 4,013 |
Weighted average duration of defined benefit payments | 12 years 2 months 12 days |
Foreign countries [member] | |
Disclosure of net defined benefit liability (asset) [line items] | |
Number of plan participants | Participants | 5,963 |
Actual benefit payments 2023 | $ 41 |
Benefits expected to be paid 2024 | 44 |
Benefits expected to be paid 2025 | 40 |
Benefits expected to be paid 2026 | 42 |
Benefits expected to be paid 2027 | 42 |
Benefits expected to be paid 2028 | 42 |
Benefits expected to be paid 2029-2033 | $ 226 |
Weighted average duration of defined benefit payments | 15 years 1 month 6 days |
Employee benefits - Pension _12
Employee benefits - Pension and Other Post-employment Benefits - Weighted Average Assumptions to Determine Benefit Obligation (Detail) | Oct. 31, 2023 | Oct. 31, 2022 |
Defined benefit pension plans [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 5.70% | 5.40% |
Rate of increase in future compensation | 3% | 3% |
Other post employment benefit [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Discount rate | 5.80% | 5.50% |
Healthcare cost trend rates | ||
- Medical | 3.40% | 3.50% |
- Dental | 3.10% | 3.10% |
Employee benefits - Pension _13
Employee benefits - Pension and other post-employment benefits - Mortality Assumptions to Determine Benefit Obligation (Detail) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Male [member] | Canada [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 23 years 10 months 24 days | 23 years 10 months 24 days |
Male [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24 years 9 months 18 days | 24 years 9 months 18 days |
Male [member] | United Kingdom [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 23 years 6 months | 23 years 4 months 24 days |
Male [member] | United Kingdom [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24 years 8 months 12 days | 24 years 8 months 12 days |
Female [member] | Canada [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 24 years 3 months 18 days | 24 years 2 months 12 days |
Female [member] | Canada [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25 years 2 months 12 days | 25 years 1 month 6 days |
Female [member] | United Kingdom [member] | Retiring currently at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 25 years 4 months 24 days | 25 years 4 months 24 days |
Female [member] | United Kingdom [member] | Currently aged 45 and retiring at age 65 [member] | ||
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||
Life expectancy for members | 26 years 9 months 18 days | 26 years 9 months 18 days |
Employee benefits - Pension _14
Employee benefits - Pension and other post-employment benefits - Sensitivity Analysis of Key Assumptions (Detail) $ in Millions | Oct. 31, 2023 CAD ($) |
Defined benefit pension plans [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | $ (1,228) |
Impact of decrease in actuarial assumption | 1,536 |
Defined benefit pension plans [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 23 |
Impact of decrease in actuarial assumption | (25) |
Defined benefit pension plans [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 289 |
Post employment plan [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | (149) |
Impact of decrease in actuarial assumption | 184 |
Post employment plan [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 18 |
Post employment plan [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Impact of increase in actuarial assumption | 50 |
Impact of decrease in actuarial assumption | $ (42) |
Employee benefits - Pension _15
Employee benefits - Pension and other post-employment benefits - Sensitivity Analysis of Key Assumptions (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2023 | |
Defined benefit pension plans [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1% |
Percentage of reasonably possible decrease in actuarial assumption | 1% |
Defined benefit pension plans [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Defined benefit pension plans [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Period of reasonably possible increase in actuarial assumption | 1 year |
Defined benefit pension plans [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1% |
Percentage of reasonably possible decrease in actuarial assumption | 1% |
Post employment plan [member] | Impact of 100 bps in discount rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1% |
Percentage of reasonably possible decrease in actuarial assumption | 1% |
Post employment plan [member] | Impact of 50 bps in rate of increase in future compensation [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 0.50% |
Percentage of reasonably possible decrease in actuarial assumption | 0.50% |
Post employment plan [member] | Impact of increase in longevity of one additional year [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Period of reasonably possible increase in actuarial assumption | 1 year |
Post employment plan [member] | Impact of 100 bps in Healthcare cost trend rate [member] | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | |
Percentage of reasonably possible increase in actuarial assumption | 1% |
Percentage of reasonably possible decrease in actuarial assumption | 1% |
Other liabilities - Summary of
Other liabilities - Summary of Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Other Liabilities [abstract] | |||
Accounts payable and accrued expenses | $ 1,599 | $ 1,292 | |
Accrued interest payable | 10,936 | 5,019 | |
Cash collateral | 23,365 | 26,143 | |
Commodity liabilities | 11,716 | 10,038 | |
Deferred income | 3,830 | 3,660 | |
Deferred income taxes | 426 | 439 | $ 74 |
Dividends payable | 1,975 | 1,856 | |
Employee benefit liabilities | 1,611 | 1,668 | |
Held for sale liabilities | 2,560 | ||
Insurance related liabilities | 342 | 324 | |
Lease liabilities | 4,764 | 5,110 | |
Negotiable instruments | 1,684 | 1,715 | |
Payable to brokers, dealers and clients | 8,065 | 10,974 | |
Payroll and related compensation | 9,088 | 8,991 | |
Precious metals certificates | 775 | 557 | |
Provisions | 644 | 627 | |
Short-term borrowings of subsidiaries | 4,507 | 9,609 | |
Taxes payable | 2,959 | 2,136 | |
Other | 5,324 | 5,077 | |
Other liabilities | $ 96,170 | $ 95,235 |
Subordinated debentures - Summa
Subordinated debentures - Summary of Net of Holdings in Debentures (Detail) $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||
Oct. 31, 2023 CAD ($) | Oct. 31, 2023 USD ($) | Oct. 31, 2023 TTD ($) | Oct. 31, 2022 CAD ($) | ||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Dated subordinated liabilities | $ 11,396 | $ 10,036 | |||
Deferred financing costs | (10) | (11) | |||
Subordinated debentures | $ 11,386 | 10,025 | |||
June 8, 2023 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [1] | June 8, 2023 | |||
Interest rate | 9.30% | 9.30% | 9.30% | ||
Dated subordinated liabilities | 110 | ||||
January 27, 2026 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | January 27, 2026 | |||
Interest rate | 4.65% | 4.65% | 4.65% | ||
Dated subordinated liabilities | $ 1,939 | 1,884 | |||
Subordinated debentures | $ 1,500 | ||||
November 1, 2027 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [3] | November 1, 2027 | |||
Redemption date | Nov. 01, 2022 | ||||
Interest rate | 4.75% | 4.75% | 4.75% | ||
Dated subordinated liabilities | 60 | ||||
Subordinated debentures | $ 300 | ||||
July 25, 2029 [Member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | July 25, 2029 | |||
Redemption date | Jul. 25, 2024 | ||||
Interest rate | [4] | 2.74% | 2.74% | 2.74% | |
Dated subordinated liabilities | $ 1,459 | 1,415 | |||
December 23, 2029 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | December 23, 2029 | |||
Redemption date | Dec. 23, 2024 | ||||
Interest rate | [5] | 2.88% | 2.88% | 2.88% | |
Dated subordinated liabilities | $ 1,442 | 1,412 | |||
February 1, 2033 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | February 1, 2033 | |||
Redemption date | Feb. 01, 2028 | ||||
Interest rate | [6] | 5.01% | 5.01% | 5.01% | |
Dated subordinated liabilities | $ 1,418 | ||||
June 30, 2030 [Member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | June 30, 2030 | |||
Redemption date | Jun. 30, 2025 | ||||
Interest rate | [7] | 2.09% | 2.09% | 2.09% | |
Dated subordinated liabilities | $ 1,249 | 1,250 | |||
November 3, 2031 [Member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | November 3, 2031 | |||
Redemption date | Nov. 03, 2026 | ||||
Interest rate | [8] | 2.14% | 2.14% | 2.14% | |
Dated subordinated liabilities | $ 1,637 | 1,637 | |||
May 3, 2032 [Member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | May 3, 2032 | |||
Redemption date | May 03, 2027 | ||||
Interest rate | [9] | 2.94% | 2.94% | 2.94% | |
Dated subordinated liabilities | $ 919 | 932 | |||
January 28, 2033 [Member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [2] | January 28, 2033 | |||
Redemption date | Jan. 28, 2028 | ||||
Interest rate | [10] | 1.67% | 1.67% | 1.67% | |
Dated subordinated liabilities | $ 868 | 875 | |||
October 1, 2083 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [11] | October 1, 2083 | |||
Dated subordinated liabilities | $ 224 | 224 | |||
Redemption date | Any interest payment date | ||||
June 29, 2085 [member] | |||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||
Maturity | [12] | June 29, 2085 | |||
Dated subordinated liabilities | $ 241 | $ 237 | |||
Subordinated debentures | $ 174 | ||||
Redemption date | Any interest payment date | ||||
[1]On June 8, 2023, all $110 million of outstanding 9.30% subordinated debentures matured. The principal plus accrued interest were paid to noteholders on the maturity date.[2]The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier.[3]On November 1, 2022, we redeemed all TT$300 million of outstanding 4.75% subordinated debentures due on November 1, 2027 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date.[4]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month CDOR.[5]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.89% above the 3-month CDOR.[6]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 2.12% above the Daily Compounded CORRA.[7]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.31% above the 3-month CDOR.[8]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.61% above the 3-month CDOR.[9]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.76% above the 3-month CDOR.[10]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.55% above the 3-month CDOR.[11]Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate.[12]Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN) under a synthetic methodology. In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. |
Subordinated debentures - Sum_2
Subordinated debentures - Summary of Net of Holdings in Debentures (Parenthetical) (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Oct. 31, 2023 CAD ($) | Oct. 31, 2023 $ / shares | Oct. 31, 2023 TTD ($) | Oct. 31, 2022 CAD ($) | ||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Repayments of subordinated liabilities | $ | $ 170 | $ 192 | |||||
June 8, 2023 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Borrowings interest rate | 9.30% | 9.30% | 9.30% | ||||
Maturity | June 8, 2023 | [1] | June 8, 2023 | [1] | |||
Repayments of subordinated liabilities | $ | $ 110 | ||||||
January 27, 2026 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 4.65% | 4.65% | 4.65% | ||||
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Maturity | January 27, 2026 | [2] | January 27, 2026 | [2] | |||
November 1, 2027 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Borrowings interest rate | 4.75% | 4.75% | 4.75% | ||||
Debt instrument redemption price percentage of principal and interest amount redeemed | 100% | 100% | 100% | ||||
Maturity | November 1, 2027 | [3] | November 1, 2027 | [3] | |||
Repayments of subordinated liabilities | $ | $ 300 | ||||||
July 25, 2029 [Member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 2.74% | [4] | 2.74% | [4] | 2.74% | [4] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Interest rate | 0.98% | 0.98% | 0.98% | ||||
Maturity | July 25, 2029 | [2] | July 25, 2029 | [2] | |||
December 23, 2029 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 2.88% | [5] | 2.88% | [5] | 2.88% | [5] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Interest rate | 0.89% | 0.89% | 0.89% | ||||
Maturity | December 23, 2029 | [2] | December 23, 2029 | [2] | |||
February 1, 2033 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 5.01% | [6] | 5.01% | [6] | 5.01% | [6] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Maturity | February 1, 2033 | [2] | February 1, 2033 | [2] | |||
Interest rate | 2.12% | 2.12% | 2.12% | ||||
June 30, 2030 [Member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 2.09% | [7] | 2.09% | [7] | 2.09% | [7] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Interest rate | 1.31% | 1.31% | 1.31% | ||||
Maturity | June 30, 2030 | [2] | June 30, 2030 | [2] | |||
November 3, 2031 [Member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 2.14% | [8] | 2.14% | [8] | 2.14% | [8] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Interest rate | 0.61% | 0.61% | 0.61% | ||||
Maturity | November 3, 2031 | [2] | November 3, 2031 | [2] | |||
May 3, 2032 [Member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 2.94% | [9] | 2.94% | [9] | 2.94% | [9] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Interest rate | 0.76% | 0.76% | 0.76% | ||||
Maturity | May 3, 2032 | [2] | May 3, 2032 | [2] | |||
January 28, 2033 [Member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Debt conversion price | 1.5 | 1.5 | 1.5 | ||||
Debentures convertible into common shares subject to minimum price per share | $ 5 | ||||||
Borrowings interest rate | 1.67% | [10] | 1.67% | [10] | 1.67% | [10] | |
Borrowings, interest rate basis | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier. | |||||
Interest rate | 0.55% | 0.55% | 0.55% | ||||
Maturity | January 28, 2033 | [2] | January 28, 2033 | [2] | |||
October 1, 2083 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Basis points | 0.40% | 0.40% | 0.40% | ||||
Borrowings, interest rate basis | Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate. | Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate. | |||||
Maturity | October 1, 2083 | [11] | October 1, 2083 | [11] | |||
June 29, 2085 [member] | |||||||
Disclosure of Detailed Information About Borrowings [Line items] | |||||||
Basis points | 0.25% | 0.25% | 0.25% | ||||
Borrowings, interest rate basis | Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN) under a synthetic methodology. In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. | Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN) under a synthetic methodology. In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. | |||||
Maturity | June 29, 2085 | [12] | June 29, 2085 | [12] | |||
[1]On June 8, 2023, all $110 million of outstanding 9.30% subordinated debentures matured. The principal plus accrued interest were paid to noteholders on the maturity date.[2]The notes include NVCC provisions, necessary for the notes to qualify as Tier 2 regulatory capital under Basel III. NVCC provisions require the conversion of the instrument into a variable number of common shares in the event that OSFI deems the Bank non-viable or a federal or provincial government in Canada publicly announces that the Bank has accepted or agreed to accept a capital injection. In such an event, each note is convertible into common shares pursuant to an automatic conversion formula with a multiplier of 1.5 and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the Toronto Stock Exchange. The number of shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then times the multiplier.[3]On November 1, 2022, we redeemed all TT$300 million of outstanding 4.75% subordinated debentures due on November 1, 2027 for 100% of their principal amount plus interest accrued to, but excluding, the redemption date.[4]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.98% above the 3-month CDOR.[5]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.89% above the 3-month CDOR.[6]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 2.12% above the Daily Compounded CORRA.[7]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 1.31% above the 3-month CDOR.[8]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.61% above the 3-month CDOR.[9]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.76% above the 3-month CDOR.[10]Interest at stated interest rate until earliest par value redemption date, and thereafter at a rate of 0.55% above the 3-month CDOR.[11]Interest at a rate of 0.40% above the 30-day Bankers’ Acceptance rate.[12]Interest at a rate of 0.25% above the U.S. dollar 3-month London Interbank Mean Rate (LIMEAN) under a synthetic methodology. In the event of a reduction of the annual dividend we declare on our common shares, the interest payable on the debentures is reduced pro rata to the dividend reduction and the interest reduction is payable with the proceeds from the sale of newly issued common shares. |
Subordinated debentures - Matur
Subordinated debentures - Maturities of Subordinated Debentures (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | $ 11,396 | $ 10,036 |
Under 1 year [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | ||
1 to 5 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 1,939 | |
5 to 10 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | 8,992 | |
Over 10 years [member] | ||
Disclosure of aggregate maturities of subordinated debentures based on the maturity dates under terms of issue [line items] | ||
Subordinated debentures | $ 465 |
Equity - Additional Information
Equity - Additional Information (Detail) shares in Millions, $ in Billions | 12 Months Ended |
Oct. 31, 2023 CAD ($) shares | |
Treasury shares [member] | |
Disclosure of classes of share capital [line items] | |
Maximum number of shares to be issued in addition | shares | 38.9 |
Preferred shares [member] | |
Disclosure of classes of share capital [line items] | |
Explanation of fact that shares without nominal or have no par value | An unlimited number of First Preferred Shares and Second Preferred Shares without nominal or par value |
First preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Preferred stock Par value | 0 |
Aggregate consideration on authorised shares | $ | $ 30 |
Second preference shares [member] | |
Disclosure of classes of share capital [line items] | |
Preferred stock Par value | 0 |
Aggregate consideration on authorised shares | $ | $ 5 |
Common shares [member] | |
Disclosure of classes of share capital [line items] | |
Explanation of fact that shares without nominal or have no par value | An unlimited number of shares without nominal or par value may be issued |
Common stock no par value per share | 0 |
Shares available for future issuances | shares | 26.9 |
Equity - Summary of Common and
Equity - Summary of Common and Preferred Shares and Other Equity Instruments Outstanding (Detail) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |||
Oct. 31, 2023 CAD ($) $ / shares shares | Oct. 31, 2023 $ / shares | Oct. 31, 2022 CAD ($) $ / shares shares | Oct. 31, 2022 $ / shares | |
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | $ 108,175 | $ 98,762 | ||
Purchased for cancellation | (5,426) | |||
Balance at end of period | $ 117,760 | $ 108,175 | ||
Common shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,385,591 | 1,425,187 | ||
Issued in connection with share-based compensation plans | shares | 740 | 1,270 | ||
Issued in connection with dividend reinvestment plan | shares | 16,042 | |||
Purchased for cancellation | shares | (40,866) | |||
Balance at end of period | shares | 1,402,373 | 1,385,591 | ||
Balance at beginning of period | $ 17,318 | $ 17,728 | ||
Issued in connection with share-based compensation plans | 68 | 99 | ||
Issued in connection with dividend reinvestment plan | 2,012 | |||
Purchased for cancellation | (509) | |||
Balance at end of period | $ 19,398 | $ 17,318 | ||
Balance at end of period | $ / shares | $ 5.34 | $ 4.96 | ||
Common shares [member] | Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | (2,680) | (662) | ||
Balance at end of period | shares | (1,862) | (2,680) | ||
Balance at beginning of period | $ (334) | $ (73) | ||
Balance at end of period | $ (231) | $ (334) | ||
Purchases | shares | (30,195) | (48,437) | ||
Sales | shares | 31,013 | 46,419 | ||
Purchases | $ (3,556) | $ (5,183) | ||
Sales | $ 3,659 | $ 4,922 | ||
Common shares [member] | Outstanding capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,382,911 | |||
Balance at end of period | shares | 1,400,511 | 1,382,911 | ||
Balance at beginning of period | $ 16,984 | |||
Balance at end of period | $ 19,167 | $ 16,984 | ||
Preferred shares [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 106,765 | |||
Balance at end of period | shares | 106,765 | 106,765 | ||
Balance at beginning of period | $ 7,323 | $ 6,723 | ||
Balance at end of period | $ 7,323 | $ 7,323 | ||
Preferred shares [member] | Treasury shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | (12) | (164) | ||
Balance at end of period | shares | (9) | (12) | ||
Balance at beginning of period | $ (5) | $ (39) | ||
Balance at end of period | $ (9) | $ (5) | ||
Purchases | shares | (1,924) | (2,811) | ||
Sales | shares | 1,927 | 2,963 | ||
Purchases | $ (519) | $ (518) | ||
Sales | 515 | 552 | ||
Preferred shares [member] | Outstanding capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | 7,318 | |||
Balance at end of period | $ 7,314 | $ 7,318 | ||
Balance at end of period | shares | 106,756 | 106,753 | ||
Series BH non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series BI non-cumulative fixed rate first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 6,000 | |||
Balance at end of period | shares | 6,000 | 6,000 | ||
Balance at beginning of period | $ 150 | |||
Balance at end of period | $ 150 | $ 150 | ||
Dividends declared per share | $ / shares | $ 1.23 | $ 1.23 | ||
Series AZ non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20,000 | |||
Balance at end of period | shares | 20,000 | 20,000 | ||
Balance at beginning of period | $ 500 | |||
Balance at end of period | $ 500 | $ 500 | ||
Dividends declared per share | $ / shares | $ 0.93 | $ 0.93 | ||
Series BB non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 20,000 | |||
Balance at end of period | shares | 20,000 | 20,000 | ||
Balance at beginning of period | $ 500 | |||
Balance at end of period | $ 500 | $ 500 | ||
Dividends declared per share | $ / shares | $ 0.91 | $ 0.91 | ||
Series BD non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 24,000 | |||
Balance at end of period | shares | 24,000 | 24,000 | ||
Balance at beginning of period | $ 600 | |||
Balance at end of period | $ 600 | $ 600 | ||
Dividends declared per share | $ / shares | $ 0.8 | $ 0.8 | ||
Series BF non-cumulative 5-year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 12,000 | |||
Balance at end of period | shares | 12,000 | 12,000 | ||
Balance at beginning of period | $ 300 | |||
Balance at end of period | $ 300 | $ 300 | ||
Dividends declared per share | $ / shares | $ 0.75 | $ 0.75 | ||
Series BO non-cumulative five year rate reset first preference shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 14,000 | |||
Balance at end of period | shares | 14,000 | 14,000 | ||
Balance at beginning of period | $ 350 | |||
Balance at end of period | $ 350 | $ 350 | ||
Dividends declared per share | $ / shares | $ 1.2 | $ 1.2 | ||
Series BT non-cumulative five year rate reset first preference shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 750 | |||
Balance at end of period | shares | 750 | 750 | ||
Balance at beginning of period | $ 750 | |||
Balance at end of period | $ 750 | $ 750 | ||
Dividends declared per share | $ / shares | $ 4.2 | $ 4.2 | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 15 | |||
Balance at end of period | shares | 15 | 15 | ||
Balance at beginning of period | $ 23 | |||
Balance at end of period | $ 23 | $ 23 | ||
Dividends declared per share | $ / shares | $ 67.5 | $ 67.5 | ||
Series 1 limited recourse capital notes [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,750 | |||
Balance at end of period | shares | 1,750 | 1,750 | ||
Balance at beginning of period | $ 1,750 | |||
Balance at end of period | $ 1,750 | $ 1,750 | ||
Dividends declared per share | 4.50% | 4.50% | 4.50% | 4.50% |
Series 2 limited recourse capital notes [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,250 | |||
Balance at end of period | shares | 1,250 | 1,250 | ||
Balance at beginning of period | $ 1,250 | |||
Balance at end of period | $ 1,250 | $ 1,250 | ||
Dividends declared per share | 4% | 4% | 4% | 4% |
Series 3 limited recourse capital notes [member] | Issued capital [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Balance at beginning of period | shares | 1,000 | |||
Balance at end of period | shares | 1,000 | 1,000 | ||
Balance at beginning of period | $ 1,000 | |||
Balance at end of period | $ 1,000 | $ 1,000 | ||
Dividends declared per share | 3.65% | 3.65% | 3.65% | 3.65% |
Equity - Summary of Common an_2
Equity - Summary of Common and Preferred Shares and Other Equity Instruments Outstanding (Parenthetical) (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2023 CAD ($) $ / shares | Oct. 31, 2023 CAD ($) $ / shares $ / shares | Oct. 31, 2022 CAD ($) $ / shares | Nov. 07, 2023 $ / shares | Oct. 31, 2023 $ / shares | Oct. 31, 2021 CAD ($) | |
Disclosure of classes of share capital [line items] | ||||||
Equity | $ | $ 117,760 | $ 117,760 | $ 108,175 | $ 98,762 | ||
Common shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Fair value adjustments to stock options | $ | $ 6 | $ 6 | ||||
Average cost of shares purchased for cancellation | $ 132.8 | |||||
Average book value of shares purchased for cancellation | $ 12.47 | |||||
Book value of common shares purchased | $ | $ 509 | |||||
Fair value of common shares purchased | $ | 5,426 | |||||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred shares issued price per share | (per share) | $ 1,000 | $ 1,000 | ||||
Preferred shares issued price per depositary share | $ 25 | |||||
Redemption price per share | $ 1,000 | |||||
Equity | $ | $ 23 | $ 23 | $ 23 | |||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | Major ordinary share transactions [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Redemption price per share | $ 1,000 | |||||
Redemption price per depositary share | $ 25 | |||||
Series BQ on cumulative reset five year rate first preference shares [member] | Consolidated limited recourse trust [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Equity | $ | $ 1,750 | $ 1,750 | ||||
Shares issued price per share | $ 1,000 | $ 1,000 | ||||
Series 1, 2, and 3 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Shares issued price per share | $ 1,000 | $ 1,000 | ||||
Series BR noncumulative reset five year rate first preference shares [member] | Consolidated limited recourse trust [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Equity | $ | $ 1,250 | $ 1,250 | ||||
Shares issued price per share | $ 1,000 | $ 1,000 | ||||
Series BS noncumulative reset five year rate first preference shares [member] | Consolidated limited recourse trust [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Equity | $ | $ 1,000 | $ 1,000 | ||||
Shares issued price per share | $ 1,000 | $ 1,000 | ||||
Series BT non-cumulative 5-year rate reset first preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Preferred shares issued price per share | $ 25 |
Equity - Summary of Significant
Equity - Summary of Significant Terms and Conditions of Preferred Shares and Other Equity Instruments (Detail) | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) | Oct. 31, 2023 USD ($) $ / shares | Oct. 31, 2023 $ / shares | |
Series BH non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Jun. 05, 2015 | Jun. 05, 2015 | |
Redemption price | $ / shares | $ 26 | ||
Series BI non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.90% | 4.90% | |
Current Dividend per share | $ | $ 0.306250 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Jul. 22, 2015 | Jul. 22, 2015 | |
Redemption price | $ / shares | 26 | ||
Series AZ non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.70% | 3.70% | |
Premium | 2.21% | 2.21% | |
Current Dividend per share | $ | $ 0.231250 | ||
Earliest redemption date | May 24, 2019 | May 24, 2019 | |
Issue Date | Jan. 30, 2014 | Jan. 30, 2014 | |
Redemption price | $ / shares | 25 | ||
Series BB non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.65% | 3.65% | |
Premium | 2.26% | 2.26% | |
Current Dividend per share | $ | $ 0.228125 | ||
Earliest redemption date | Aug. 24, 2019 | Aug. 24, 2019 | |
Issue Date | Jun. 03, 2014 | Jun. 03, 2014 | |
Redemption price | $ / shares | 25 | ||
Series BD non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.20% | 3.20% | |
Premium | 2.74% | 2.74% | |
Current Dividend per share | $ | $ 0.200000 | ||
Earliest redemption date | May 24, 2020 | May 24, 2020 | |
Issue Date | Jan. 30, 2015 | Jan. 30, 2015 | |
Redemption price | $ / shares | 25 | ||
Series BF non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3% | 3% | |
Premium | 2.62% | 2.62% | |
Current Dividend per share | $ | $ 0.187500 | ||
Earliest redemption date | Nov. 24, 2020 | Nov. 24, 2020 | |
Issue Date | Mar. 13, 2015 | Mar. 13, 2015 | |
Redemption price | $ / shares | 25 | ||
Series BO non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.80% | 4.80% | |
Premium | 2.38% | 2.38% | |
Current Dividend per share | $ | $ 0.300000 | ||
Earliest redemption date | Feb. 24, 2024 | Feb. 24, 2024 | |
Issue Date | Nov. 02, 2018 | Nov. 02, 2018 | |
Redemption price | $ / shares | 25 | ||
Series BT non-cumulative 5-year rate reset first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.20% | 4.20% | |
Premium | 2.71% | 2.71% | |
Current Dividend per share | $ | $ 21 | ||
Earliest redemption date | Feb. 24, 2027 | Feb. 24, 2027 | |
Issue Date | Nov. 05, 2021 | Nov. 05, 2021 | |
Redemption price | $ / shares | 1,000 | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 6.75% | 6.75% | |
Premium | 4.052% | 4.052% | |
Current Dividend per share | $ | $ 16.875 | ||
Earliest redemption date | Nov. 07, 2023 | Nov. 07, 2023 | |
Issue Date | Nov. 02, 2015 | Nov. 02, 2015 | |
Redemption price | $ / shares | $ 1,000 | ||
Series 1 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4.50% | 4.50% | |
Premium | 4.137% | 4.137% | |
Earliest redemption date | Oct. 24, 2025 | Oct. 24, 2025 | |
Issue Date | Jul. 28, 2020 | Jul. 28, 2020 | |
Redemption price | $ / shares | 1,000 | ||
Series 2 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 4% | 4% | |
Premium | 3.617% | 3.617% | |
Earliest redemption date | Jan. 24, 2026 | Jan. 24, 2026 | |
Issue Date | Nov. 02, 2020 | Nov. 02, 2020 | |
Redemption price | $ / shares | 1,000 | ||
Series 3 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
Initial period annual yield | 3.65% | 3.65% | |
Premium | 2.665% | 2.665% | |
Earliest redemption date | Oct. 24, 2026 | Oct. 24, 2026 | |
Issue Date | Jun. 08, 2021 | Jun. 08, 2021 | |
Redemption price | $ / shares | $ 1,000 |
Equity - Summary of Significa_2
Equity - Summary of Significant Terms and Conditions of Preferred Shares and Other Equity Instruments (Parenthetical) (Detail) | 12 Months Ended | ||
Oct. 31, 2023 $ / shares $ / shares | Nov. 07, 2023 $ / shares | Oct. 31, 2023 $ / shares | |
Series AZ, BB, BD, BF, BK, BM, and BO [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 25 | ||
Series BH, BI and BJ [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | 26 | ||
Redemption price per share decreasing rate | $ 0.25 | ||
Series C-2 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 1,000 | ||
Series BH, BI, BJ, AZ, BB, BD, BF, BK, BO and BM [member] | |||
Disclosure of classes of share capital [line items] | |||
Preference shares NVCC conversion formula | The number of shares issued is determined by dividing the preferred share value by the conversion price. | ||
Series BT [Member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | 1,000 | ||
Bottom of range [member] | Series BH, BI, BJ, AZ, BB, BD, BF, BK, BO and BM [member] | |||
Disclosure of classes of share capital [line items] | |||
Preference shares NVCC provision floor price | 5 | ||
Series W non-cumulative fixed rate first preference shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | 25 | ||
Series 1 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
First Preferred Shares conversion formula | LRCN Series 1 bear interest at a fixed rate of 4.5% per annum until November 24, 2025, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 4.137% until maturity on November 24, 2080. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 1 is redeemable during the period from October 24 to and including November 24, commencing in 2025 and every fifth year thereafter to the extent we redeem Series BQ pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (Canada). | ||
Redemption price per share | 1,000 | ||
Preference shares NVCC provision floor price | 5 | ||
Initial period annual yield | 4.50% | ||
Premium | 4.137% | ||
Series 2 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
First Preferred Shares conversion formula | LRCN Series 2 bear interest at a fixed rate of 4.0% per annum until February 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 3.617% until maturity on February 24, 2081. The interest is paid semi-annually on or about the 24th day of February and August. LRCN Series 2 is redeemable during the period from January 24 to and including February 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BR pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (Canada). | ||
Redemption price per share | 1,000 | ||
Initial period annual yield | 4% | ||
Premium | 3.617% | ||
Series 3 limited recourse capital notes [member] | |||
Disclosure of classes of share capital [line items] | |||
First Preferred Shares conversion formula | LRCN Series 3 bear interest at a fixed rate of 3.65% per annum until November 24, 2026, and thereafter at a rate per annum, reset every fifth year, equal to the 5-Year Government of Canada Yield plus 2.665% until maturity on November 24, 2081. The interest is paid semi-annually on or about the 24th day of May and November. LRCN Series 3 is redeemable during the period from October 24 to and including November 24, commencing in 2026 and every fifth year thereafter to the extent we redeem Series BS pursuant to their terms and subject to the consent of OSFI and requirements of the Bank Act (Canada). | ||
Redemption price per share | $ 1,000 | ||
Initial period annual yield | 3.65% | ||
Premium | 2.665% | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 1,000 | ||
Initial period annual yield | 6.75% | ||
Premium | 4.052% | ||
Series C2 non-cumulative fixed rate/floating first preferred shares [member] | Major ordinary share transactions [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption price per share | $ 1,000 | ||
Redemption price per depositary share | $ 25 |
Share-based compensation - Addi
Share-based compensation - Additional Information (Detail) £ in Millions | 12 Months Ended | ||
Oct. 31, 2023 CAD ($) shares | Oct. 31, 2023 GBP (£) shares | Oct. 31, 2022 CAD ($) | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 608,000,000 | $ 333,000,000 | |
Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 10% | 10% | |
Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 1% | 1% | |
Stock option plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Stock option plans, vesting period | 4 years | 4 years | |
Compensation expense | $ 11,000,000 | 8,000,000 | |
Weighted average fair value of options granted | $ 11.51 | 7.8 | |
Description of option pricing model, share options granted | Black-Scholes model | Black-Scholes model | |
Stock option plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Stock option plans, exercisable period from grant date | 10 years | 10 years | |
Stock option plan [member] | Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Information about how fair value was measured, share options granted | The weighted average fair value of options granted during the year ended October 31, 2023 was estimated at $11.51 (October 31, 2022 – $7.80). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering the historic average share price volatility over a historical period corresponding to the expected option life. The following assumptions were used to determine the fair value of options granted: | The weighted average fair value of options granted during the year ended October 31, 2023 was estimated at $11.51 (October 31, 2022 – $7.80). This was determined by applying the Black-Scholes model on the date of grant, taking into account the specific terms and conditions under which the options are granted, such as the vesting period and expected share price volatility estimated by considering the historic average share price volatility over a historical period corresponding to the expected option life. The following assumptions were used to determine the fair value of options granted: | |
Capital Markets Compensation Plan unit awards [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 126,000,000 | 210,000,000 | |
Description of vesting requirements for share-based payment arrangement | The bonus is invested as RBC share units and a specified percentage vests on a specified number of anniversary dates each year. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends, valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. | The bonus is invested as RBC share units and a specified percentage vests on a specified number of anniversary dates each year. Each vested amount is paid in cash and is based on the original number of share units granted plus accumulated dividends, valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. | |
Performance deferred share award plans [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 216,000,000 | 273,000,000 | |
Description of vesting requirements for share-based payment arrangement | We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. | We offer performance deferred share award plans to certain key employees, all of which vest at the end of three years. Upon vesting, the award is paid in cash and is based on the original number of RBC share units granted plus accumulated dividends valued using the average closing price of RBC common shares during the five trading days immediately preceding the vesting date. A portion of the award under certain plans may be increased or decreased up to 25%, depending on our total shareholder return compared to a defined peer group of global financial institutions. | |
Performance deferred share award plans [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of share award plans, increase or decrease | 25% | 25% | |
Non-vested options [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Compensation expense | $ 5,000,000 | $ 4,000,000 | |
Weighted average period for compensation expense to be recognized of non-vested options | 1 year 10 months 24 days | 1 year 10 months 24 days | 2 years |
RBC Dominion Securities Savings Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Maximum annual employer contribution per employee towards share ownership plans | $ 4,500 | ||
RBC U.K. Share Incentive Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Maximum annual employer contribution per employee towards share ownership plans | £ | £ 1,500 | ||
Employee Savings and Share Ownership Plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of employer matching contribution for each contribution between 1% and 6% | 50% | 50% | |
Employer contribution towards share ownership plans | $ 139,000,000 | $ 128,000,000 | |
Description of employee ownership plan contribution | Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. | Under these plans, the employees can generally contribute between 1% and 10% of their annual salary or benefit base for commission-based employees. For each contribution between 1% and 6%, we will match 50% of the employee contributions in our common shares. | |
Employee Savings and Share Ownership Plan [member] | Top of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 6% | 6% | |
Employee Savings and Share Ownership Plan [member] | Bottom of range [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Percentage of Annual Salary for Employee Contribution Towards Share Ownership Plans | 1% | 1% | |
Common shares [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Number of shares per board lot | shares | 100 | 100 | |
Common shares [member] | Employee Savings and Share Ownership Plan [member] | |||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | |||
Common shares held under employee ownership plan | 36,000,000 | 36,000,000 |
Share-based compensation - Summ
Share-based compensation - Summary of Stock Option Activity and Related Information (Detail) shares in Thousands | 12 Months Ended | |
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Number of options, outstanding at beginning of year | shares | 7,509 | 7,055 |
Number of options, granted | shares | 1,088 | 1,184 |
Number of options, exercised | shares | (740) | (684) |
Number of options, forfeited in the year | shares | (90) | (46) |
Number of options, outstanding at end of year | shares | 7,767 | 7,509 |
Number of options, exercisable at end of year | shares | 3,830 | 3,502 |
Weighted average exercise price, outstanding at beginning of year | $ / shares | $ 100.07 | $ 92.27 |
Weighted average exercise price, granted | $ / shares | 131.64 | 129.99 |
Weighted average exercise price, exercised | $ / shares | 84.76 | 73.98 |
Weighted average exercise price, forfeited in the year | $ / shares | 113.55 | 104.28 |
Weighted average exercise price, outstanding at end of year | $ / shares | 106.01 | 100.07 |
Weighted average exercise price, exercisable at end of year | $ / shares | $ 91.84 | $ 87.15 |
Share-based compensation - Su_2
Share-based compensation - Summary of Stock Option Activity and Related Information (Parenthetical) (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Cash received for options exercised | $ 63 | $ 51 |
Weighted average share price at the date of exercise | $ 130.94 | $ 134.1 |
Share-based compensation - Su_3
Share-based compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) shares in Thousands | 12 Months Ended | ||
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | Oct. 31, 2021 shares $ / shares | |
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 7,767 | 7,509 | 7,055 |
Options outstanding, weighted average exercise price | $ / shares | $ 106.01 | $ 100.07 | $ 92.27 |
Options outstanding, weighted average remaining contractual life (in years) | 5 years 8 months 19 days | ||
Options exercisable, number | shares | 3,830 | 3,502 | |
Options exercisable, weighted average exercise price | $ / shares | $ 91.84 | $ 87.15 | |
$64.73 – $79.65 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 936 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 74.96 | ||
Options outstanding, weighted average remaining contractual life (in years) | 1 year 6 months 29 days | ||
Options exercisable, number | shares | 936 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 74.96 | ||
$90.23 – $96.55 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,779 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 93.48 | ||
Options outstanding, weighted average remaining contractual life (in years) | 3 years 9 months 25 days | ||
Options exercisable, number | shares | 1,779 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 93.48 | ||
$102.33 – $104.70 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,633 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 103.81 | ||
Options outstanding, weighted average remaining contractual life (in years) | 5 years 2 months 19 days | ||
Options exercisable, number | shares | 1,115 | ||
Options exercisable, weighted average exercise price | $ / shares | $ 103.39 | ||
$106.00 – $106.00 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 1,202 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 106 | ||
Options outstanding, weighted average remaining contractual life (in years) | 7 years 1 month 13 days | ||
$129.99 – $131.64 [Member] | |||
Disclosure of Range of Exercise Prices of Outstanding Share Options [Line Items] | |||
Options outstanding, number | shares | 2,217 | ||
Options outstanding, weighted average exercise price | $ / shares | $ 130.78 | ||
Options outstanding, weighted average remaining contractual life (in years) | 8 years 7 months 6 days |
Share-based compensation - Weig
Share-based compensation - Weighted average assumptions (Detail) | 12 Months Ended | |
Oct. 31, 2023 yr $ / shares | Oct. 31, 2022 yr $ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [abstract] | ||
Share price at grant date | $ / shares | $ 130.16 | $ 128.48 |
Risk-free interest rate | 2.89% | 1.25% |
Expected dividend yield | 3.79% | 3.66% |
Expected share price volatility | 14% | 13% |
Expected life of option | yr | 6 | 6 |
Share-based compensation - Su_4
Share-based compensation - Summary of Units Granted Under Deferred Share and Other Plans (Detail) shares in Thousands | 12 Months Ended | |
Oct. 31, 2023 shares $ / shares | Oct. 31, 2022 shares $ / shares | |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 466 | 469 |
Units granted, weighted average fair value | $ / shares | $ 130.61 | $ 131.49 |
Capital Markets compensation plan unit awards [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 4,231 | 3,794 |
Units granted, weighted average fair value | $ / shares | $ 110.32 | $ 125.22 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 2,362 | 2,220 |
Units granted, weighted average fair value | $ / shares | $ 131.41 | $ 129.65 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 103 | 92 |
Units granted, weighted average fair value | $ / shares | $ 126.81 | $ 135.44 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 1,506 | 1,083 |
Units granted, weighted average fair value | $ / shares | $ 130.12 | $ 128.5 |
Deferred Share and Other Plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units granted, number granted | shares | 8,668 | 7,658 |
Units granted, weighted average fair value | $ / shares | $ 120.79 | $ 127.48 |
Share-based compensation - Su_5
Share-based compensation - Summary of Obligation Under Deferred Share and Other Plans (Detail) shares in Thousands, $ in Millions | Oct. 31, 2023 CAD ($) shares | Oct. 31, 2022 CAD ($) shares |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 26,317 | 25,142 |
Carrying amount | $ | $ 2,910 | $ 3,160 |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 5,786 | 5,429 |
Carrying amount | $ | $ 641 | $ 684 |
Capital Markets compensation plan unit awards [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 9,934 | 9,398 |
Carrying amount | $ | $ 1,098 | $ 1,182 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 5,808 | 6,006 |
Carrying amount | $ | $ 643 | $ 757 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 2,654 | 2,537 |
Carrying amount | $ | $ 294 | $ 319 |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Units | shares | 2,135 | 1,772 |
Carrying amount | $ | $ 234 | $ 218 |
Share-based compensation - Su_6
Share-based compensation - Summary of Compensation Expenses Recognized Under Deferred Share and Other Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | $ 608 | $ 333 |
Deferred share unit plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | (51) | 20 |
Capital Markets compensation plan unit awards [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 126 | 210 |
Performance deferred share award plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 216 | 273 |
Deferred compensation plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | 213 | (261) |
Other share-based plans [member] | ||
Disclosure of Terms and Conditions of Share-based Payment Arrangement [Line Items] | ||
Compensation expenses recognized under deferred share and other plans | $ 104 | $ 91 |
Income taxes - Components of Ta
Income taxes - Components of Tax Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Current tax | ||
Tax expense for current year | $ 4,081 | $ 4,151 |
Adjustments for prior years | 851 | (230) |
Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period | (100) | |
Current tax expense income after adjustments | 4,832 | 3,921 |
Deferred tax | ||
Origination and reversal of temporary difference | (1,286) | 232 |
Effects of changes in tax rates | (47) | 4 |
Adjustments for prior years | 125 | 231 |
Recoveries arising from previously unrecognized tax loss, tax credit or temporary difference of a prior period, net | (24) | (86) |
Deferred tax expense income after adjustments | (1,232) | 381 |
Income taxes (recoveries) | 3,600 | 4,302 |
Other comprehensive income | ||
Net unrealized gains (losses) on debt securities and loans at fair value through other comprehensive income | (10) | (633) |
Provision for credit losses recognized in income | (2) | |
Reclassification of net losses (gains) on debt securities and loans at fair value through other comprehensive income to income | (39) | 2 |
Unrealized foreign currency translation gains (losses) | 20 | 2 |
Net foreign currency translation gains (losses) from hedging activities | (306) | (478) |
Reclassification of losses (gains) on net investment hedging activities to income | 45 | 6 |
Net gains (losses) on derivatives designated as cash flow hedges | 190 | 628 |
Reclassification of losses (gains) on derivatives designated as cash flow hedges to income | 59 | 70 |
Remeasurement gains(losses) on employee benefit plans | (68) | 287 |
Net gains(losses) from fair value change due to credit risk on financial liabilities designated at fair value through profit or loss | (222) | 622 |
Net gains (losses) on equity securities designated at fair value through other comprehensive income | 24 | (3) |
Share-based compensation awards | 2 | 10 |
Distributions on other equity instruments and issuance costs | (59) | (45) |
Income taxes (recoveries) in Consolidated Statements of Comprehensive Income and Changes in Equity | (364) | 466 |
Total income taxes | $ 3,236 | $ 4,768 |
Income taxes - Additional Infor
Income taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Dec. 15, 2022 | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Additional details on Income taxes [line items] | ||||
Effective tax rate | 19.50% | 21.40% | ||
Deferred tax assets | $ 2,446 | $ 1,472 | $ 2,011 | |
Unused tax losses | 417 | 429 | ||
Tax credits | 18 | 130 | ||
Amount of temporary differences associated with investments in subsidiaries, branches and associates and interests in joint ventures for which deferred tax liabilities is unrecognized | $ 22,000 | 26,000 | ||
Percentage of decrease in effective income tax rate | 190% | |||
Percentage of increase in canadian corporate tax rate | 1.50% | |||
Threshold taxable income for increased taxable rate | $ 100 | |||
Increase in income taxes due to canada recovery dividend | 1,200 | |||
CRD effect on net income | 1,000 | |||
CRD effect on other comprehensive income | $ 200 | |||
Permanent increase in corporate income tax rate on taxable income above 100 million | 1.50% | |||
Bottom of range [member] | ||||
Additional details on Income taxes [line items] | ||||
Corporate income tax rate | 26.20% | |||
Top of range [member] | ||||
Additional details on Income taxes [line items] | ||||
Corporate income tax rate | 27.70% | |||
2009, 2010 and 2011 taxation year [member] | ||||
Additional details on Income taxes [line items] | ||||
Tax examinations and assessments amount | $ 434 | |||
2012 to 2017 taxation year [member] | ||||
Additional details on Income taxes [line items] | ||||
Tax examinations and assessments amount | 1,628 | |||
2018 taxation year [member] | ||||
Additional details on Income taxes [line items] | ||||
Tax examinations and assessments amount | 228 | |||
2022 taxation year [member] | ||||
Additional details on Income taxes [line items] | ||||
One time income tax rate percentage | 15% | |||
Threshold limit of taxable income beyond which one time time tax is applicable | $ 1,000 | |||
Duration over which the one time tax shall be paid | 5 years | |||
Tax loss and tax credit carryforwards [member] | Caribbean, Canadian and Japanese Operations [Member] | ||||
Additional details on Income taxes [line items] | ||||
Deferred tax assets | 261 | 322 | ||
Under 1 year [member] | ||||
Additional details on Income taxes [line items] | ||||
Unused tax losses | 0 | 0 | ||
Tax credits | 0 | 0 | ||
Expire in two to four years [member] | ||||
Additional details on Income taxes [line items] | ||||
Unused tax losses | 0 | 0 | ||
Tax credits | 93 | |||
Expire after four years [member] | ||||
Additional details on Income taxes [line items] | ||||
Unused tax losses | 417 | 429 | ||
Tax credits | $ 18 | $ 37 |
Income taxes - Reconciliation t
Income taxes - Reconciliation to Statutory Tax Rate (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||
Income taxes at Canadian statutory tax rate | $ 5,115 | $ 5,269 |
Increase (decrease) in income taxes resulting from | ||
Lower average tax rate applicable to subsidiaries | (2,130) | (428) |
Tax-exempt income from securities | (337) | (437) |
Tax rate change | 1,050 | 4 |
Other | (98) | (106) |
Income taxes (recoveries) | $ 3,600 | $ 4,302 |
Reconciliation of average effective tax rate | ||
Income taxes at Canadian statutory tax rate | 27.70% | 26.20% |
Increase (decrease) in income taxes result from | ||
Lower average tax rate applicable to subsidiaries | (11.50%) | (2.10%) |
Tax-exempt income from securities | (1.80%) | (2.20%) |
Tax rate change | 5.70% | |
Other | (0.60%) | (0.50%) |
Income taxes in Consolidated Statements of Income / effective tax rate | 19.50% | 21.40% |
Income taxes - Significant Comp
Income taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | $ 1,033 | $ 1,937 | |
Change through equity | (263) | (278) | |
Change through profit or loss | 1,232 | (381) | |
Exchange rate differences | 37 | 83 | |
Acquisitions/ disposals | (19) | (331) | |
Other components of deferred tax expense (income) | 3 | ||
Net deferred asset (liability) at ending of period | 2,020 | 1,033 | |
Deferred tax assets and liabilities [abstract] | |||
Deferred tax assets | 2,446 | 1,472 | $ 2,011 |
Deferred tax liabilities | (426) | (439) | $ (74) |
Financial Instruments Classified As Fair Value Through Other Comprehensive Income Category [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (16) | (19) | |
Change through equity | (330) | (2) | |
Exchange rate differences | 25 | 5 | |
Net deferred asset (liability) at ending of period | (321) | (16) | |
Allowance for credit losses [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 987 | 974 | |
Change through profit or loss | 185 | 2 | |
Exchange rate differences | 2 | 11 | |
Net deferred asset (liability) at ending of period | 1,174 | 987 | |
Deferred compensation [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 1,504 | 1,614 | |
Change through equity | (2) | (10) | |
Change through profit or loss | (2) | (211) | |
Exchange rate differences | 22 | 101 | |
Acquisitions/ disposals | 10 | ||
Net deferred asset (liability) at ending of period | 1,522 | 1,504 | |
Business realignment charges [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 12 | 11 | |
Change through profit or loss | 11 | 1 | |
Net deferred asset (liability) at ending of period | 23 | 12 | |
Tax loss and tax credit carryforwards [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 322 | 242 | |
Change through profit or loss | (57) | 67 | |
Exchange rate differences | 1 | 2 | |
Acquisitions/ disposals | (5) | 8 | |
Other components of deferred tax expense (income) | 3 | ||
Net deferred asset (liability) at ending of period | 261 | 322 | |
Deferred (income) expense [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | 6 | 110 | |
Change through equity | (3) | (1) | |
Change through profit or loss | 661 | (126) | |
Exchange rate differences | (11) | 23 | |
Acquisitions/ disposals | (2) | ||
Net deferred asset (liability) at ending of period | 651 | 6 | |
Premises and equipment and intangibles [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (1,234) | (836) | |
Change through profit or loss | 302 | 4 | |
Exchange rate differences | (27) | (57) | |
Acquisitions/ disposals | (8) | (345) | |
Net deferred asset (liability) at ending of period | (967) | (1,234) | |
Pension and post employment related [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (435) | (163) | |
Change through equity | 68 | (287) | |
Change through profit or loss | 37 | 19 | |
Exchange rate differences | 1 | 4 | |
Acquisitions/ disposals | (4) | (8) | |
Net deferred asset (liability) at ending of period | (333) | (435) | |
Other [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Net deferred asset (liability) at beginning of period | (113) | 4 | |
Change through equity | 4 | 22 | |
Change through profit or loss | 95 | (137) | |
Exchange rate differences | 24 | (6) | |
Acquisitions/ disposals | 4 | ||
Net deferred asset (liability) at ending of period | $ 10 | $ (113) |
Earnings per share - Summary of
Earnings per share - Summary of Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Basic earnings per share | ||
Net income | $ 14,866 | $ 15,807 |
Dividends on preferred shares and distributions on other equity instruments | (257) | (252) |
Net income attributable to non-controlling interests | (7) | (13) |
Net income available to common shareholders | $ 14,623 | $ 15,547 |
Weighted average number of common shares (in thousands) | 1,391,020 | 1,403,654 |
Basic earnings per share (in dollars) | $ 10.51 | $ 11.08 |
Diluted earnings per share | ||
Net income available to common shareholders | $ 14,623 | $ 15,547 |
Weighted average number of common shares (in thousands) | 1,391,020 | 1,403,654 |
Stock options | 1,483 | 1,918 |
Issuable under other share-based compensation plans | 26 | 462 |
Average number of diluted common shares (in thousands) | 1,392,529 | 1,406,034 |
Diluted earnings per share (in dollars) | $ 10.5 | $ 11.06 |
Equity attributable to shareholders [member] | ||
Basic earnings per share | ||
Net income | $ 14,859 | $ 15,794 |
Dividends on preferred shares and distributions on other equity instruments | $ (236) | $ (247) |
Earnings per share - Summary _2
Earnings per share - Summary of Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [Member] - $ / shares | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 2,119,045 | 0 |
Average exercise price | $ 130.73 |
Guarantees, commitments, pled_3
Guarantees, commitments, pledged assets and contingencies - Summary of Maximum Exposure to Credit Losses Related to Guarantees and Commitments Provided to Third Parties (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Financial guarantees [member] | Financial standby letters of credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | $ 23,314 | $ 20,291 |
Commitments to extend credit [member] | Backstop liquidity facilities [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 51,544 | 45,336 |
Commitments to extend credit [member] | Credit enhancements [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 3,226 | 2,960 |
Commitments to extend credit [member] | Documentary and commercial letters of credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 291 | 318 |
Commitments to extend credit [member] | Other commitments to extend credit [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 301,132 | 284,602 |
Other Credit-Related Commitments [Member] | Securities lending indemnifications [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 95,055 | 90,693 |
Other Credit-Related Commitments [Member] | Performance guarantees [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 7,503 | 7,333 |
Other Credit-Related Commitments [Member] | Other [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | 203 | 360 |
Other Credit-Related Commitments [Member] | Sponsored Member Guarantees [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Maximum exposure to credit losses | $ 14,043 | $ 1,241 |
Guarantees, commitments, pled_4
Guarantees, commitments, pledged assets and contingencies - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | Our clients generally have the right to request settlement of, or draw on, our guarantees and commitments within one year. However, certain guarantees can only be drawn if specified conditions are met. These conditions, along with collateral requirements, are described below. We believe that it is highly unlikely that all or substantially all of the guarantees and commitments will be drawn or settled within one year, and contracts may expire without being drawn or settled. | |
Uncommitted amounts | $ 398,000 | $ 363,000 |
Unfunded commitments | 1,832 | 1,421 |
Bank of canada [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Average assets pledged intraday to the Bank of Canada on a daily basis | $ 1,000 | $ 2,000 |
Top of range [member] | Performance guarantees [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 7 years | |
Top of range [member] | Financial standby letters of credit [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 7 years | |
Weighted average [member] | Backstop liquidity facilities [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 4 years | |
Weighted average [member] | Credit enhancements [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 3 years | |
Bottom of range [member] | Performance guarantees [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 3 years | |
Bottom of range [member] | Financial standby letters of credit [member] | ||
Disclosure of guarantees and commitments [Line Items] | ||
Guarantees and commitments settlement term | 5 years |
Guarantees, commitments, pled_5
Guarantees, commitments, pledged assets and contingencies - Sources of Pledged Assets and Collateral (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 734,252 | $ 664,122 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 239,019 | 207,830 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Loans [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 102,944 | 97,178 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Securities [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 107,122 | 70,334 |
Sources Of Pledged Assets And Collateral [Member] | Bank assets [member] | Other assets [member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 28,953 | 40,318 |
Sources Of Pledged Assets And Collateral [Member] | Client assets [member] | ||
Disclosure of financial assets [line items] | ||
Collateral received and available for sale or re-pledging | 502,109 | 465,484 |
Less: not sold or re-pledged | (6,876) | (9,192) |
Net client assets pledged and collateral | $ 495,233 | $ 456,292 |
Guarantees, commitments, pled_6
Guarantees, commitments, pledged assets and contingencies - Uses of Pledged Assets and Collateral (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 734,252 | $ 664,122 |
Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 734,252 | 664,122 |
Securities borrowing and lending [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 168,681 | 158,748 |
Obligations related to securities sold short [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 46,260 | 45,288 |
Obligations related to securities lent or sold under repurchase agreements [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 331,784 | 274,392 |
Securitization [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 38,686 | 40,438 |
Covered bonds [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 69,802 | 62,905 |
Derivative transactions [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 40,352 | 49,556 |
Foreign governments and central banks [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 9,111 | 9,503 |
Clearing systems, payment systems and depositories [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | 10,709 | 8,263 |
Other [member] | Uses of pledged assets and collateral [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets pledged as collateral for liabilities | $ 18,867 | $ 15,029 |
Related party transactions - Su
Related party transactions - Summary of Compensation of Key Management Personnel and Directors (Detail) - Key management personnel and Directors [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Salaries and other short-term employee benefits | $ 23 | $ 27 |
Post-employment benefits | 2 | 2 |
Share-based payments | 39 | 40 |
Compensation of key management personnel and Directors | $ 64 | $ 69 |
Related party transactions - _2
Related party transactions - Summary of Compensation of Key Management Personnel and Directors ( Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2022 CAD ($) | |
Certain Executives Who Were Members Of The Banks Group [Member] | Prior Year Stock Based Compensation Awards [Member] | |
Disclosure of transactions between related parties [line items] | |
Compensation granted to former executives benefits and share based payments | $ 14 |
Related party transactions - _3
Related party transactions - Summary of Stock Options, Share-based Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members (Detail) $ in Millions | Oct. 31, 2023 CAD ($) shares | Oct. 31, 2022 CAD ($) shares | Oct. 31, 2021 shares |
Disclosure of transactions between related parties [line items] | |||
Number of units held, stock options | 7,767,000 | 7,509,000 | 7,055,000 |
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | 32,958 | 569,470 | |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 4 | $ 34 | |
Key management personnel and directors and their close family members [member] | |||
Disclosure of transactions between related parties [line items] | |||
Number of units held, stock options | 2,805,471 | 2,409,294 | |
Number of units held, other non-option share-based awards | 991,909 | 914,496 | |
Number of units held, RBC common and preferred shares | 181,648 | 170,312 | |
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | 3,979,028 | 3,494,102 | |
Stock options, value | $ | $ 26 | $ 59 | |
Other non-option share-based awards, value | $ | 110 | 115 | |
RBC common and preferred shares, value | $ | 20 | 22 | |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 156 | $ 196 |
Related party transactions - _4
Related party transactions - Summary of Stock Options, Share-based Awards and Shares Held by Key Management Personnel, Directors and Their Close Family Members (Parenthetical) (Detail) $ in Millions | Oct. 31, 2023 CAD ($) shares | Oct. 31, 2022 CAD ($) shares |
Disclosure of transactions between related parties [line items] | ||
Number of stock options, stock awards and shares held by key management personnel, Directors and their close family members | shares | 32,958 | 569,470 |
Value of stock options, stock awards and shares held by key management personnel, Directors and their close family members | $ | $ 4 | $ 34 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Key management personnel and directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related parties | $ 18,000,000 | $ 14,000,000 |
Provisions for doubtful debts related to outstanding balances of related party transaction | 0 | 0 |
Guarantees or pledges given to related parties | 0 | 0 |
Commitments given to related parties | 0 | 0 |
Joint ventures and associates [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related parties | 217,000,000 | 251,000,000 |
Provisions for doubtful debts related to outstanding balances of related party transaction | 0 | 0 |
Guarantees or pledges given to related parties | 1,000,000 | 1,000,000 |
Commitments given to related parties | 1,089,000,000 | 829,000,000 |
Deposits from related parties | $ 77,000,000 | $ 20,000,000 |
Related party transactions - _5
Related party transactions - Summary of Other Transactions, Arrangements or Agreements Involving Joint Ventures and Associates (Detail) - Joint ventures and associates [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of transactions between related parties [line items] | ||
Commitments and other contingencies | $ 1,089 | $ 829 |
Other fees received for services rendered | 55 | 50 |
Other fees paid for services received | $ 108 | $ 107 |
Results by business segment - A
Results by business segment - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 CAD ($) | Oct. 31, 2022 CAD ($) | |
Disclosure of operating segments [abstract] | ||
Description of types of products and services from which each reportable segment derives its revenues | For management purposes, based on the products and services offered, we are organized into four business segments: Personal & Commercial Banking, Wealth Management, Insurance, and Capital Markets. | |
Number of business segments | 4 | |
Taxable equivalent basis adjustment amount | $ 559 | $ 572 |
Results by Business Segment - D
Results by Business Segment - Detailed Report of Segments (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Disclosure of operating segments [line items] | ||
Net interest income | $ 25,129 | $ 22,717 |
Non-interest income | 31,000 | 26,268 |
Total revenue | 56,129 | 48,985 |
Provision for credit losses | 2,468 | 484 |
Insurance policyholder benefits, claims and acquisition expense | 4,022 | 1,783 |
Non-interest expense | 31,173 | 26,609 |
Net income (loss) before income taxes | 18,466 | 20,109 |
Income taxes (recoveries) | 3,600 | 4,302 |
Net income | 14,866 | 15,807 |
Non-interest expense includes: | ||
Depreciation and amortization | 2,762 | 2,634 |
Impairment of other intangibles | 108 | 18 |
Total assets | 2,004,992 | 1,917,219 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 2,474 | 3,678 |
Total liabilities | 1,887,232 | 1,809,044 |
Canada [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 18,752 | 15,761 |
Non-interest income | 14,851 | 13,508 |
Total revenue | 33,603 | 29,269 |
Provision for credit losses | 1,648 | 600 |
Insurance policyholder benefits, claims and acquisition expense | 2,161 | (466) |
Non-interest expense | 15,319 | 13,648 |
Net income (loss) before income taxes | 14,475 | 15,487 |
Income taxes (recoveries) | 4,770 | 3,615 |
Net income | 9,705 | 11,872 |
Non-interest expense includes: | ||
Depreciation and amortization | 1,570 | 1,617 |
Impairment of other intangibles | 28 | 11 |
Total assets | 1,042,663 | 992,485 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 1,334 | 1,263 |
United States [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 5,065 | 5,423 |
Non-interest income | 8,563 | 6,364 |
Total revenue | 13,628 | 11,787 |
Provision for credit losses | 784 | 60 |
Non-interest expense | 11,177 | 9,006 |
Net income (loss) before income taxes | 1,667 | 2,721 |
Income taxes (recoveries) | (1,103) | 452 |
Net income | 2,770 | 2,269 |
Non-interest expense includes: | ||
Depreciation and amortization | 836 | 776 |
Impairment of other intangibles | 65 | 5 |
Total assets | 639,296 | 570,255 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 700 | 666 |
Other International [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 1,312 | 1,533 |
Non-interest income | 7,586 | 6,396 |
Total revenue | 8,898 | 7,929 |
Provision for credit losses | 36 | (176) |
Insurance policyholder benefits, claims and acquisition expense | 1,861 | 2,249 |
Non-interest expense | 4,677 | 3,955 |
Net income (loss) before income taxes | 2,324 | 1,901 |
Income taxes (recoveries) | (67) | 235 |
Net income | 2,391 | 1,666 |
Non-interest expense includes: | ||
Depreciation and amortization | 356 | 241 |
Impairment of other intangibles | 15 | 2 |
Total assets | 323,033 | 354,479 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 440 | 1,749 |
Operating segments [member] | Personal & Commercial Banking [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 16,074 | 14,019 |
Non-interest income | 6,046 | 6,124 |
Total revenue | 22,120 | 20,143 |
Provision for credit losses | 1,579 | 463 |
Non-interest expense | 9,215 | 8,437 |
Net income (loss) before income taxes | 11,326 | 11,243 |
Income taxes (recoveries) | 3,060 | 2,873 |
Net income | 8,266 | 8,370 |
Non-interest expense includes: | ||
Depreciation and amortization | 961 | 942 |
Impairment of other intangibles | 13 | 11 |
Total assets | 636,046 | 602,824 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 463 | 394 |
Total liabilities | 635,952 | 602,741 |
Operating segments [member] | Wealth Management [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 4,495 | 3,886 |
Non-interest income | 13,049 | 12,357 |
Total revenue | 17,544 | 16,243 |
Provision for credit losses | 328 | 33 |
Non-interest expense | 14,128 | 12,015 |
Net income (loss) before income taxes | 3,088 | 4,195 |
Income taxes (recoveries) | 661 | 985 |
Net income | 2,427 | 3,210 |
Non-interest expense includes: | ||
Depreciation and amortization | 1,234 | 1,109 |
Impairment of other intangibles | 81 | 2 |
Total assets | 179,227 | 198,380 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 1,008 | 2,347 |
Total liabilities | 177,389 | 198,329 |
Operating segments [member] | Insurance [member] | ||
Disclosure of operating segments [line items] | ||
Non-interest income | 5,675 | 3,510 |
Total revenue | 5,675 | 3,510 |
Insurance policyholder benefits, claims and acquisition expense | 4,022 | 1,783 |
Non-interest expense | 653 | 588 |
Net income (loss) before income taxes | 1,000 | 1,139 |
Income taxes (recoveries) | 197 | 282 |
Net income | 803 | 857 |
Non-interest expense includes: | ||
Depreciation and amortization | 58 | 57 |
Impairment of other intangibles | 1 | 2 |
Total assets | 22,591 | 21,918 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 53 | 49 |
Total liabilities | 23,355 | 22,588 |
Operating segments [member] | Capital Markets [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 3,379 | 4,944 |
Non-interest income | 7,672 | 5,005 |
Total revenue | 11,051 | 9,949 |
Provision for credit losses | 561 | (13) |
Non-interest expense | 6,509 | 5,816 |
Net income (loss) before income taxes | 3,981 | 4,146 |
Income taxes (recoveries) | (158) | 778 |
Net income | 4,139 | 3,368 |
Non-interest expense includes: | ||
Depreciation and amortization | 509 | 514 |
Impairment of other intangibles | 2 | 3 |
Total assets | 1,100,172 | 1,033,978 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 311 | 258 |
Total liabilities | 1,099,893 | 1,033,689 |
Unallocated amounts [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 1,181 | (132) |
Non-interest income | (1,442) | (728) |
Total revenue | (261) | (860) |
Provision for credit losses | 1 | |
Non-interest expense | 668 | (247) |
Net income (loss) before income taxes | (929) | (614) |
Income taxes (recoveries) | (160) | (616) |
Net income | (769) | 2 |
Non-interest expense includes: | ||
Depreciation and amortization | 12 | |
Impairment of other intangibles | 11 | |
Total assets | 66,956 | 60,119 |
Total assets include: | ||
Additions to premises and equipment and intangibles | 639 | 630 |
Total liabilities | $ (49,357) | $ (48,303) |
Nature and extent of risks ar_3
Nature and extent of risks arising from financial instruments - Summary of Credit Exposure Associated With on-and Off-balance Sheet Financial Instruments (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 1,365,508 | $ 1,318,114 |
On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 1,219,713 | 1,159,435 |
On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 145,795 | 158,679 |
Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 894,614 | 815,787 |
Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 754,496 | 695,869 |
Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | 140,118 | 119,918 |
Canada [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 825,480 | $ 791,471 |
Maximum exposure to credit risk | 60% | 60% |
Canada [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 798,259 | $ 759,037 |
Maximum exposure to credit risk | 66% | 65% |
Canada [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 27,221 | $ 32,434 |
Maximum exposure to credit risk | 19% | 20% |
Canada [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 513,071 | $ 477,829 |
Maximum exposure to credit risk | 57% | 59% |
Canada [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 427,849 | $ 398,719 |
Maximum exposure to credit risk | 56% | 57% |
Canada [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 85,222 | $ 79,110 |
Maximum exposure to credit risk | 61% | 66% |
United States [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 331,368 | $ 299,657 |
Maximum exposure to credit risk | 24% | 23% |
United States [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 294,670 | $ 263,736 |
Maximum exposure to credit risk | 24% | 23% |
United States [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 36,698 | $ 35,921 |
Maximum exposure to credit risk | 25% | 23% |
United States [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 282,808 | $ 237,471 |
Maximum exposure to credit risk | 32% | 29% |
United States [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 252,071 | $ 223,624 |
Maximum exposure to credit risk | 33% | 32% |
United States [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 30,737 | $ 13,847 |
Maximum exposure to credit risk | 22% | 12% |
Europe [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 144,043 | $ 160,556 |
Maximum exposure to credit risk | 11% | 12% |
Europe [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 76,637 | $ 87,671 |
Maximum exposure to credit risk | 6% | 8% |
Europe [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 67,406 | $ 72,885 |
Maximum exposure to credit risk | 46% | 46% |
Europe [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 72,821 | $ 77,145 |
Maximum exposure to credit risk | 8% | 9% |
Europe [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 51,393 | $ 52,669 |
Maximum exposure to credit risk | 8% | 8% |
Europe [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 21,428 | $ 24,476 |
Maximum exposure to credit risk | 15% | 20% |
Other International [member] | On balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 64,617 | $ 66,430 |
Maximum exposure to credit risk | 5% | 5% |
Other International [member] | On balance sheet risk [member] | On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 50,147 | $ 48,991 |
Maximum exposure to credit risk | 4% | 4% |
Other International [member] | On balance sheet risk [member] | Derivatives gross not subject to master netting arrangement [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 14,470 | $ 17,439 |
Maximum exposure to credit risk | 10% | 11% |
Other International [member] | Off balance sheet risk [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 25,914 | $ 23,342 |
Maximum exposure to credit risk | 3% | 3% |
Other International [member] | Off balance sheet risk [member] | Committed and uncommitted [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 23,183 | $ 20,857 |
Maximum exposure to credit risk | 3% | 3% |
Other International [member] | Off balance sheet risk [member] | Other [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Credit exposure | $ 2,731 | $ 2,485 |
Maximum exposure to credit risk | 2% | 2% |
Nature and extent of risks ar_4
Nature and extent of risks arising from financial instruments - Summary of Credit Exposure Associated With on-and Off-balance Sheet Financial Instruments (Parenthetical) (Detail) - Credit risk [member] - On balance sheet risk [member] | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
On balance sheet assets other than derivatives [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Concentration risk threshold percentage | 20% | 20% |
Number of companies above threshold percentage | No industry accounts for more than 20% (October 31, 2022 – 20%) of total on-balance sheet credit instruments | |
On balance sheet assets other than derivatives [member] | Banking [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Concentration risk threshold percentage | 25% | 26% |
On balance sheet assets other than derivatives [member] | Government [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Concentration risk threshold percentage | 28% | 32% |
On balance sheet assets other than derivatives [member] | Ontario Canada [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 57% | 56% |
On balance sheet assets other than derivatives [member] | Prairies Canada [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 15% | 15% |
On balance sheet assets other than derivatives [member] | British Columbia and the Territories [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 14% | 15% |
On balance sheet assets other than derivatives [member] | Quebec [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 10% | 10% |
Committed and uncommitted [member] | Retail [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 44% | 45% |
Committed and uncommitted [member] | Wholesale [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 56% | 55% |
Committed and uncommitted [member] | Wholesale [member] | Bank financial services [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 15% | 15% |
Committed and uncommitted [member] | Wholesale [member] | Real estate and related [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 12% | 12% |
Committed and uncommitted [member] | Wholesale [member] | Utilities [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 11% | 11% |
Committed and uncommitted [member] | Wholesale [member] | Other Services [Member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 8% | 7% |
Committed and uncommitted [member] | Wholesale [member] | Investments [member] | ||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||
Maximum exposure to credit risk | 6% | 6% |
Capital management - Summary of
Capital management - Summary of Regulatory Capital and Capital Ratios (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Capital | ||
CET1 capital | $ 86,611 | $ 76,945 |
Tier 1 capital | 93,904 | 84,242 |
Total capital | 104,952 | 93,850 |
Risk-weighted assets (RWA) used in calculation of capital ratios | ||
Credit risk | 475,842 | 496,898 |
Market risk | 40,498 | 35,342 |
Operational risk | 79,883 | 77,639 |
Total RWA | $ 596,223 | $ 609,879 |
Capital ratios and Leverage ratio | ||
CET1 ratio | 14.50% | 12.60% |
Tier 1 capital ratio | 15.70% | 13.80% |
Total capital ratio | 17.60% | 15.40% |
Leverage ratio | 4.30% | 4.40% |
Leverage ratio exposure (billions) | $ 2,180,000 | $ 1,898,000 |
TLAC available and ratios | ||
TLAC available | $ 184,916 | $ 160,961 |
TLAC ratio | 31% | 26.40% |
TLAC leverage ratio | 8.50% | 8.50% |
Offsetting financial assets a_3
Offsetting financial assets and financial liabilities - Financial Assets Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | $ 578,241 | $ 560,054 |
Amounts of financial liabilities offset on the balance sheet | 98,663 | 96,692 |
Net amount of financial assets presented on the balance sheet | 479,578 | 463,362 |
Impact of master netting agreements | 90,109 | 98,914 |
Financial collateral received | 358,843 | 336,097 |
Net amount | 30,626 | 28,351 |
Amounts not subject to enforceable netting arrangements | 5,926 | 10,256 |
Total amount recognized on the balance sheet | 485,504 | 473,618 |
Assets purchased under reverse repurchase agreements and securities borrowed [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 436,617 | 411,937 |
Amounts of financial liabilities offset on the balance sheet | 96,676 | 94,203 |
Net amount of financial assets presented on the balance sheet | 339,941 | 317,734 |
Impact of master netting agreements | 201 | 293 |
Financial collateral received | 336,112 | 314,602 |
Net amount | 3,628 | 2,839 |
Amounts not subject to enforceable netting arrangements | 250 | 111 |
Total amount recognized on the balance sheet | 340,191 | 317,845 |
Derivative assets [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 138,318 | 146,479 |
Amounts of financial liabilities offset on the balance sheet | 1,544 | 2,185 |
Net amount of financial assets presented on the balance sheet | 136,774 | 144,294 |
Impact of master netting agreements | 89,889 | 98,610 |
Financial collateral received | 22,310 | 21,412 |
Net amount | 24,575 | 24,272 |
Amounts not subject to enforceable netting arrangements | 5,676 | 10,145 |
Total amount recognized on the balance sheet | 142,450 | 154,439 |
Other financial assets [member] | ||
Disclosure of offsetting of financial assets [line items] | ||
Gross amounts of financial assets before balance sheet offsetting | 3,306 | 1,638 |
Amounts of financial liabilities offset on the balance sheet | 443 | 304 |
Net amount of financial assets presented on the balance sheet | 2,863 | 1,334 |
Impact of master netting agreements | 19 | 11 |
Financial collateral received | 421 | 83 |
Net amount | 2,423 | 1,240 |
Total amount recognized on the balance sheet | $ 2,863 | $ 1,334 |
Offsetting financial assets a_4
Offsetting financial assets and financial liabilities - Financial Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | $ 561,575 | $ 502,684 |
Amounts of financial assets offset on the balance sheet | 98,663 | 96,692 |
Net amount of financial liabilities presented on the balance sheet | 462,912 | 405,992 |
Impact of master netting agreements | 90,109 | 98,914 |
Financial collateral pledged | 343,014 | 285,580 |
Net amount | 29,789 | 21,498 |
Amounts not subject to enforceable netting arrangements | 15,987 | 21,967 |
Total amount recognized on the balance sheet | 478,899 | 427,959 |
Obligations related to assets sold under repurchase agreements and securities loaned [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 427,330 | 360,722 |
Amounts of financial assets offset on the balance sheet | 96,676 | 94,203 |
Net amount of financial liabilities presented on the balance sheet | 330,654 | 266,519 |
Impact of master netting agreements | 201 | 293 |
Financial collateral pledged | 325,674 | 265,822 |
Net amount | 4,779 | 404 |
Amounts not subject to enforceable netting arrangements | 4,584 | 7,428 |
Total amount recognized on the balance sheet | 335,238 | 273,947 |
Derivative liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 132,770 | 141,137 |
Amounts of financial assets offset on the balance sheet | 1,544 | 2,185 |
Net amount of financial liabilities presented on the balance sheet | 131,226 | 138,952 |
Impact of master netting agreements | 89,889 | 98,610 |
Financial collateral pledged | 17,340 | 19,758 |
Net amount | 23,997 | 20,584 |
Amounts not subject to enforceable netting arrangements | 11,403 | 14,539 |
Total amount recognized on the balance sheet | 142,629 | 153,491 |
Other financial liabilities [member] | ||
Disclosure of offsetting of financial liabilities [line items] | ||
Gross amounts of financial liabilities before balance sheet offsetting | 1,475 | 825 |
Amounts of financial assets offset on the balance sheet | 443 | 304 |
Net amount of financial liabilities presented on the balance sheet | 1,032 | 521 |
Impact of master netting agreements | 19 | 11 |
Net amount | 1,013 | 510 |
Total amount recognized on the balance sheet | $ 1,032 | $ 521 |
Offsetting financial assets a_5
Offsetting financial assets and financial liabilities - Financial Assets and Liabilities Subject to Offsetting, Enforceable Master Netting Arrangements and Similar Agreements (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Disclosure of offsetting of financial liabilities [line items] | ||
Financial cash collateral received | $ 17 | $ 20 |
Financial non-cash collateral received | 342 | 316 |
Financial cash collateral pledged | 15 | 19 |
Financial non-cash collateral pledged | $ 328 | $ 267 |
Recovery and settlement of on_3
Recovery and settlement of on-balance sheet assets and liabilities - Analysis of Financial Assets and Liabilities by Contractual Maturities Basis (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Assets | ||||
Cash and due from banks | [1] | $ 61,989 | $ 72,397 | $ 113,846 |
Interest-bearing deposits with banks | 71,086 | 108,011 | ||
Securities | ||||
Trading | 190,151 | 148,205 | ||
Investment, net of applicable allowance | 219,579 | 170,018 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 | ||
Loans | ||||
Retail | 569,951 | 549,751 | ||
Wholesale | 287,826 | 273,967 | ||
Allowance for loan losses (Note 5) | (5,004) | (3,753) | ||
Segregated fund net assets | 2,760 | 2,638 | ||
Other | ||||
Customers' liability under acceptances | 21,695 | 17,827 | ||
Derivatives | 142,450 | 154,439 | ||
Premises and equipment | 6,749 | 7,214 | ||
Goodwill | 12,594 | 12,277 | $ 10,854 | |
Other intangibles | 5,907 | 6,083 | ||
Other assets | 77,068 | 80,300 | ||
Total assets | 2,004,992 | 1,917,219 | ||
Liabilities | ||||
Deposits | 1,231,687 | 1,208,814 | ||
Segregated fund net liabilities | 2,760 | 2,638 | ||
Other | ||||
Acceptances | 21,745 | 17,872 | ||
Obligations related to securities sold short | 33,651 | 35,511 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 335,238 | 273,947 | ||
Derivatives | 142,629 | 153,491 | ||
Insurance claims and policy benefit liabilities | 11,966 | 11,511 | ||
Other liabilities | 96,170 | 95,235 | ||
Subordinated debentures | 11,386 | 10,025 | ||
Total liabilities | 1,887,232 | 1,809,044 | ||
Under 1 year [member] | ||||
Assets | ||||
Cash and due from banks | 59,793 | 71,081 | ||
Interest-bearing deposits with banks | 71,086 | 108,011 | ||
Securities | ||||
Trading | 180,929 | 139,810 | ||
Investment, net of applicable allowance | 33,363 | 26,540 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 336,437 | 316,714 | ||
Loans | ||||
Retail | 120,247 | 113,965 | ||
Wholesale | 76,249 | 70,374 | ||
Other | ||||
Customers' liability under acceptances | 21,690 | 17,827 | ||
Derivatives | 140,261 | 151,928 | ||
Premises and equipment | 65 | 59 | ||
Other assets | 62,555 | 66,071 | ||
Total assets | 1,102,675 | 1,082,380 | ||
Liabilities | ||||
Deposits | 991,484 | 1,023,324 | ||
Other | ||||
Acceptances | 21,740 | 17,872 | ||
Obligations related to securities sold short | 32,602 | 34,105 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 334,959 | 273,001 | ||
Derivatives | 131,352 | 140,808 | ||
Insurance claims and policy benefit liabilities | 1,898 | 1,904 | ||
Other liabilities | 69,187 | 71,689 | ||
Subordinated debentures | 110 | |||
Total liabilities | 1,583,222 | 1,562,813 | ||
After 1 year [member] | ||||
Assets | ||||
Cash and due from banks | 2,196 | 1,316 | ||
Securities | ||||
Trading | 9,222 | 8,395 | ||
Investment, net of applicable allowance | 186,216 | 143,478 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 3,754 | 1,131 | ||
Loans | ||||
Retail | 449,704 | 435,786 | ||
Wholesale | 211,577 | 203,593 | ||
Segregated fund net assets | 2,760 | 2,638 | ||
Other | ||||
Customers' liability under acceptances | 5 | |||
Derivatives | 2,189 | 2,511 | ||
Premises and equipment | 6,684 | 7,155 | ||
Goodwill | 12,594 | 12,277 | ||
Other intangibles | 5,907 | 6,083 | ||
Other assets | 14,513 | 14,229 | ||
Total assets | 907,321 | 838,592 | ||
Liabilities | ||||
Deposits | 240,203 | 185,490 | ||
Segregated fund net liabilities | 2,760 | 2,638 | ||
Other | ||||
Acceptances | 5 | |||
Obligations related to securities sold short | 1,049 | 1,406 | ||
Obligations related to assets sold under repurchase agreements and securities loaned | 279 | 946 | ||
Derivatives | 11,277 | 12,683 | ||
Insurance claims and policy benefit liabilities | 10,068 | 9,607 | ||
Other liabilities | 26,983 | 23,546 | ||
Subordinated debentures | 11,386 | 9,915 | ||
Total liabilities | $ 304,010 | $ 246,231 | ||
[1]We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities, and other counterparties. The total balances were $3 billion as at October 31, 2023 (October 31, 2022 – $2 billion; October 31, 2021 – $2 billion). |
Recovery and settlement of on_4
Recovery and settlement of on-balance sheet assets and liabilities - Analysis of Financial Assets and Liabilities by Contractual Maturities Basis (Parenthetical) (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Deposits from personal, business and government, and banks by geography [member] | ||
Disclosure of financial assets [line items] | ||
Demand deposits | $ 511 | $ 562 |
Parent company information - Su
Parent company information - Summary of Parent Company Information - Condensed Balance Sheets (Detail) - CAD ($) $ in Millions | Oct. 31, 2023 | Oct. 31, 2022 | Oct. 31, 2021 | |
Assets | ||||
Cash and due from banks | [1] | $ 61,989 | $ 72,397 | $ 113,846 |
Interest-bearing deposits with banks | 71,086 | 108,011 | ||
Securities | 409,730 | 318,223 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 340,191 | 317,845 | ||
Loans, net of allowance for loan losses | 852,773 | 819,965 | ||
Other assets | 77,068 | 80,300 | ||
Total assets | 2,004,992 | 1,917,219 | ||
Liabilities and shareholders' equity | ||||
Deposits | 1,231,687 | 1,208,814 | ||
Other liabilities | 96,170 | 95,235 | ||
Subordinated debentures | 11,386 | 10,025 | ||
Shareholders' equity | 117,760 | 108,175 | 98,762 | |
Total liabilities and equity | 2,004,992 | 1,917,219 | ||
Parent [member] | ||||
Assets | ||||
Cash and due from banks | 41,770 | 48,062 | $ 97,617 | |
Interest-bearing deposits with banks | 61,256 | 84,680 | ||
Securities | 217,490 | 174,615 | ||
Investments in bank subsidiaries and associated companies | 55,082 | 49,841 | ||
Investments in other subsidiaries and associated companies | 105,070 | 88,260 | ||
Assets purchased under reverse repurchase agreements and securities borrowed | 150,207 | 132,829 | ||
Loans, net of allowance for loan losses | 709,635 | 679,580 | ||
Net balances due from bank subsidiaries | 7,172 | |||
Other assets | 214,145 | 227,767 | ||
Total assets | 1,554,655 | 1,492,806 | ||
Liabilities and shareholders' equity | ||||
Deposits | 1,006,284 | 955,978 | ||
Net balances due to bank subsidiaries | 10,132 | |||
Net balances due to other subsidiaries | 6,866 | 36,701 | ||
Other liabilities | 402,326 | 382,099 | ||
Total other liabilities | 1,425,608 | 1,374,778 | ||
Subordinated debentures | 11,386 | 9,964 | ||
Shareholders' equity | 117,661 | 108,064 | ||
Total liabilities and equity | $ 1,554,655 | $ 1,492,806 | ||
[1]We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities, and other counterparties. The total balances were $3 billion as at October 31, 2023 (October 31, 2022 – $2 billion; October 31, 2021 – $2 billion). |
Parent company information - _2
Parent company information - Summary of Parent Company Information - Condensed Statements of Income and Comprehensive Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Parent company information [line items] | ||
Interest expense | $ 61,862 | $ 18,054 |
Net interest income | 25,129 | 22,717 |
Non-interest income | 31,000 | 26,268 |
Total revenue | 56,129 | 48,985 |
Provision for credit losses | 2,468 | 484 |
Non-interest expense | 31,173 | 26,609 |
Income before income taxes | 18,466 | 20,109 |
Income taxes | 3,600 | 4,302 |
Net income | 14,866 | 15,807 |
Other comprehensive income (loss), net of taxes | 253 | 5,818 |
Total comprehensive income (loss) | 15,119 | 21,625 |
Parent [member] | ||
Parent company information [line items] | ||
Interest and dividend income | 56,495 | 27,791 |
Interest expense | 44,174 | 12,846 |
Net interest income | 12,321 | 14,945 |
Non-interest income | 5,390 | 5,425 |
Total revenue | 17,711 | 20,370 |
Provision for credit losses | 2,002 | 579 |
Non-interest expense | 11,780 | 10,175 |
Income before income taxes | 3,929 | 9,616 |
Income taxes | 1,874 | 2,276 |
Net income before equity in undistributed income of subsidiaries | 2,055 | 7,340 |
Equity in undistributed income of subsidiaries | 12,804 | 8,454 |
Net income | 14,859 | 15,794 |
Other comprehensive income (loss), net of taxes | 251 | 5,810 |
Total comprehensive income (loss) | $ 15,110 | $ 21,604 |
Parent company information - _3
Parent company information - Summary of Parent Company Information - Condensed Statements of Income and Comprehensive Income (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2023 | Oct. 31, 2022 | |
Parent [member] | ||
Parent company information [line items] | ||
Dividend income from investments in subsidiaries | $ 25 | $ 11 |
Parent company information - _4
Parent company information - Summary of Parent Company Information - Condensed Statements of Cash Flows (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2023 | Oct. 31, 2022 | ||
Cash flows from operating activities | |||
Net income | $ 14,866 | $ 15,807 | |
Adjustments to determine net cash from operating activities: | |||
Change in deposits, net of securitizations | 43,990 | 108,533 | |
Change in loans, net of securitizations | (34,688) | (102,653) | |
Change in trading securities | (41,946) | (8,931) | |
Change in obligations related to assets sold under repurchase agreements and securities loaned | 61,291 | 11,746 | |
Change in assets purchased under reverse repurchase agreements and securities borrowed | (22,346) | (9,942) | |
Change in obligations related to securities sold short | (1,860) | (2,330) | |
Other operating activities, net | 1,257 | 2,800 | |
Net cash from (used in) operating activities | 26,079 | 21,942 | |
Cash flows from investing activities | |||
Change in interest-bearing deposits with banks | 18,743 | (28,373) | |
Purchases of investment securities | (202,456) | (122,964) | |
Net acquisitions of premises and equipment and other intangibles | (2,730) | (2,500) | |
Net cash from (used in) investing activities | (28,265) | (57,054) | |
Cash flows from financing activities | |||
Issuance of subordinated debentures | 1,500 | 1,000 | |
Repayment of subordinated debentures | (170) | (192) | |
Issue of common shares, net of issuance costs | 65 | 51 | |
Common shares purchased for cancellation | (5,426) | ||
Issue of preferred shares and other equity instruments, net of issuance costs | 749 | ||
Redemption of preferred shares and other equity instruments | (155) | ||
Net cash from (used in) financing activities | (9,833) | (2,185) | |
Net change in cash and due from banks | (10,408) | (41,449) | |
Cash and due from banks at beginning of period | [1] | 72,397 | 113,846 |
Cash and due from banks at end of period | [1] | 61,989 | 72,397 |
Supplemental disclosure of cash flow information | |||
Amount of interest paid | 54,698 | 13,677 | |
Amount of interest received | 81,095 | 35,817 | |
Amount of dividends received | 3,362 | 3,144 | |
Amount of income taxes paid | 4,964 | 7,326 | |
Parent [member] | |||
Cash flows from operating activities | |||
Net income | 14,859 | 15,794 | |
Adjustments to determine net cash from operating activities: | |||
Change in undistributed earnings of subsidiaries | (12,804) | (8,454) | |
Change in deposits, net of securitizations | 50,306 | 101,145 | |
Change in loans, net of securitizations | (30,055) | (78,288) | |
Change in trading securities | (12,832) | (10,348) | |
Change in obligations related to assets sold under repurchase agreements and securities loaned | 21,954 | 24,133 | |
Change in assets purchased under reverse repurchase agreements and securities borrowed | (17,378) | (7,239) | |
Change in obligations related to securities sold short | (819) | 3,024 | |
Other operating activities, net | 5,000 | 2,385 | |
Net cash from (used in) operating activities | 18,231 | 42,152 | |
Cash flows from investing activities | |||
Change in interest-bearing deposits with banks | 23,424 | (27,784) | |
Proceeds from sales and maturities of investment securities | 127,965 | 59,304 | |
Purchases of investment securities | (153,099) | (71,509) | |
Net acquisitions of premises and equipment and other intangibles | (2,075) | (1,180) | |
Change in cash invested in subsidiaries | (3,802) | (2,514) | |
Change in net funding provided to subsidiaries | (12,531) | (36,981) | |
Net cash from (used in) investing activities | (20,118) | (80,664) | |
Cash flows from financing activities | |||
Issuance of subordinated debentures | 1,500 | 1,000 | |
Repayment of subordinated debentures | (110) | ||
Issue of common shares, net of issuance costs | 65 | 51 | |
Common shares purchased for cancellation | (5,426) | ||
Issue of preferred shares and other equity instruments, net of issuance costs | 749 | ||
Redemption of preferred shares and other equity instruments | (155) | ||
Dividends paid on shares and distributions paid on other equity instruments | (5,549) | (6,960) | |
Repayment of lease liabilities | (311) | (302) | |
Net cash from (used in) financing activities | (4,405) | (11,043) | |
Net change in cash and due from banks | (6,292) | (49,555) | |
Cash and due from banks at beginning of period | 48,062 | 97,617 | |
Cash and due from banks at end of period | 41,770 | 48,062 | |
Supplemental disclosure of cash flow information | |||
Amount of interest paid | 35,104 | 7,801 | |
Amount of interest received | 49,098 | 21,332 | |
Amount of dividends received | 2,628 | 2,618 | |
Amount of income taxes paid | $ 2,604 | $ 4,641 | |
[1]We are required to maintain balances due to regulatory requirements or contractual restrictions from central banks, other regulatory authorities, and other counterparties. The total balances were $3 billion as at October 31, 2023 (October 31, 2022 – $2 billion; October 31, 2021 – $2 billion). |
Principal subsidiaries - Summar
Principal subsidiaries - Summary Of Principal Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2023 CAD ($) | |
Royal Bank Holding Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | Royal Bank Holding Inc. |
Principal office address | Toronto, Ontario, Canada |
Carrying value of voting shares owned by the Bank | $ 85,823 |
RBC Direct Investing Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Direct Investing Inc. |
Principal office address | Toronto, Ontario, Canada |
RBC Insurance Holdings Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Insurance Holdings Inc. |
Principal office address | Mississauga, Ontario, Canada |
RBC Life Insurance Company [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Life Insurance Company |
Principal office address | Mississauga, Ontario, Canada |
Investment Holdings (Cayman) Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | Investment Holdings (Cayman) Limited |
Principal office address | George Town, Grand Cayman, Cayman Islands |
RBC (Barbados) Funding Ltd. [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC (Barbados) Funding Ltd. |
Principal office address | St. James, Barbados |
Capital Funding Alberta Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | Capital Funding Alberta Limited |
Principal office address | Calgary, Alberta, Canada |
RBC Global Asset Management Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Global Asset Management Inc. |
Principal office address | Toronto, Ontario, Canada |
RBC Investor Services Trust [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Investor Services Trust |
Principal office address | Toronto, Ontario, Canada |
RBC (Barbados) Trading Bank Corporation [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC (Barbados) Trading Bank Corporation |
Principal office address | St. James, Barbados |
RBC US Group Holdings LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC US Group Holdings LLC |
Principal office address | Toronto, Ontario, Canada |
Carrying value of voting shares owned by the Bank | $ 32,278 |
RBC USA Holdco Corporation [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC USA Holdco Corporation |
Principal office address | New York, New York, U.S. |
RBC Capital Markets, LLC [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Capital Markets, LLC |
Principal office address | New York, New York, U.S. |
City National Bank [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | City National Bank |
Principal office address | Los Angeles, California, U.S. |
RBC Dominion Securities Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Dominion Securities Limited |
Principal office address | Toronto, Ontario, Canada |
Carrying value of voting shares owned by the Bank | $ 15,290 |
RBC Dominion Securities Inc. [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Dominion Securities Inc. |
Principal office address | Toronto, Ontario, Canada |
Royal Bank Mortgage Corporation [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | Royal Bank Mortgage Corporation |
Principal office address | Toronto, Ontario, Canada |
Carrying value of voting shares owned by the Bank | $ 6,277 |
RBC Europe Limited [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | RBC Europe Limited |
Principal office address | London, England |
Carrying value of voting shares owned by the Bank | $ 2,977 |
The Royal Trust Company [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | The Royal Trust Company |
Principal office address | Montreal, Quebec, Canada |
Carrying value of voting shares owned by the Bank | $ 1,367 |
Royal Trust Corporation of Canada [Member] | |
Disclosure of subsidiaries [line items] | |
Principal subsidiaries | Royal Trust Corporation of Canada |
Principal office address | Toronto, Ontario, Canada |
Carrying value of voting shares owned by the Bank | $ 553 |
Principal subsidiaries - Additi
Principal subsidiaries - Additional Information (Detail) - CAD ($) $ in Billions | Oct. 31, 2023 | Oct. 31, 2022 |
Associated companies [member] | ||
Disclosure of subsidiaries [line items] | ||
Restricted net assets of subsidiaries, joint ventures and associates | $ 50 | $ 44 |