Document and Entity Information
Document and Entity Information | 12 Months Ended |
Oct. 31, 2018shares | |
Document - Document and Entity Information [Abstract] | |
Document Type | 40-F |
Amendment Flag | false |
Document Period End Date | Oct. 31, 2018 |
Document Fiscal Year Focus | 2,018 |
Document Fiscal Period Focus | FY |
Trading Symbol | BMO |
Entity Registrant Name | BANK OF MONTREAL /CAN/ |
Entity Central Index Key | 927,971 |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 647,816,318 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Interest, Dividend and Fee Income | |||
Loans | $ 16,275 | $ 13,564 | $ 12,575 |
Securities (Note 3) | 2,535 | 1,801 | 1,590 |
Deposits with banks | 641 | 324 | 223 |
Interest, Dividend and Fee Income | 19,451 | 15,689 | 14,388 |
Interest Expense | |||
Deposits | 6,080 | 3,894 | 3,036 |
Subordinated debt | 226 | 155 | 170 |
Other liabilities | 2,832 | 1,633 | 1,310 |
Interest Expense | 9,138 | 5,682 | 4,516 |
Net Interest Income | 10,313 | 10,007 | 9,872 |
Non-Interest Revenue | |||
Securities commissions and fees | 1,029 | 969 | 924 |
Deposit and payment service charges | 1,144 | 1,123 | 1,076 |
Trading revenues | 1,830 | 1,352 | 1,192 |
Lending fees | 997 | 917 | 859 |
Card fees | 564 | 479 | 526 |
Investment management and custodial fees | 1,742 | 1,622 | 1,556 |
Mutual fund revenues | 1,473 | 1,411 | 1,364 |
Underwriting and advisory fees | 936 | 1,036 | 820 |
Securities gains, other than trading (Note 3) | 239 | 171 | 84 |
Foreign exchange gains, other than trading | 182 | 191 | 162 |
Insurance revenue | 1,879 | 2,070 | 2,023 |
Investments in associates and joint ventures | 167 | 386 | 140 |
Other | 542 | 526 | 489 |
Non-Interest Revenue | 12,724 | 12,253 | 11,215 |
Total Revenue | 23,037 | 22,260 | 21,087 |
Provision for Credit Losses (Notes 1 and 4) | 662 | 746 | 771 |
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities(Note 14) | 1,352 | 1,538 | 1,543 |
Non-Interest Expense | |||
Employee compensation (Notes 20 and 21) | 7,459 | 7,467 | 7,382 |
Premises and equipment (Note 9) | 2,753 | 2,491 | 2,393 |
Amortization of intangible assets (Note 11) | 503 | 485 | 444 |
Travel and business development | 673 | 693 | 646 |
Communications | 282 | 286 | 294 |
Professional fees | 564 | 563 | 523 |
Other | 1,379 | 1,345 | 1,359 |
Non-Interest Expense | 13,613 | 13,330 | 13,041 |
Income (loss) before taxes and non-controlling interest in subsidiaries | 7,410 | 6,646 | 5,732 |
Provision for income taxes (Note 22) | 1,960 | 1,296 | 1,101 |
Net Income | 5,450 | 5,350 | 4,631 |
Attributable to: | |||
Bank shareholders | 5,450 | 5,348 | 4,622 |
Non-controlling interest in subsidiaries | 2 | 9 | |
Net Income | $ 5,450 | $ 5,350 | $ 4,631 |
Earnings Per Share (Canadian $) (Note 23) | |||
Basic | $ 8.19 | $ 7.95 | $ 6.94 |
Diluted | 8.17 | 7.92 | 6.92 |
Common shares [member] | |||
Earnings Per Share (Canadian $) (Note 23) | |||
Dividends per share | $ 3.78 | $ 3.56 | $ 3.40 |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Operating Income Expenses [abstract] | |
Interest income, calculated using the effective interest rate method | $ 1,284 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Statement of comprehensive income [abstract] | ||||
Net Income | $ 5,450 | $ 5,350 | $ 4,631 | |
Net change in unrealized gains (losses) on fair value through OCI securities | ||||
Unrealized (losses) on fair value through OCI debt securities arising during the year | [1] | (251) | ||
Unrealized gains on available-for-sale securities arising during the year | [2] | 95 | 151 | |
Reclassification to earnings of (gains) in the year | [3] | (65) | (87) | (28) |
Other comprehensive income net of tax available for sale financial assets | (316) | 8 | 123 | |
Net change in unrealized (losses) on cash flow hedges | ||||
(Losses) on derivatives designated as cash flow hedges arising during the year | [4] | (1,228) | (839) | (26) |
Reclassification to earnings of losses on derivatives designated as cash flow hedges | [5] | 336 | 61 | 10 |
Other comprehensive income net of tax cash flow hedges | (892) | (778) | (16) | |
Net gains (losses) on translation of net foreign operations | ||||
Unrealized gains (losses) on translation of net foreign operations | 417 | (885) | 213 | |
Unrealized gains (losses) on hedges of net foreign operations | [6] | (155) | 23 | 41 |
Other comprehensive income, net of taxes, translation of net foreign operations | 262 | (862) | 254 | |
Items that will not be reclassified to net income | ||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | [7] | 261 | 420 | (422) |
(Losses) on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1) | [8] | (24) | (148) | (153) |
Items that will not be reclassified to net income | 237 | 272 | (575) | |
Other Comprehensive (Loss), net of taxes (Note 22) | (709) | (1,360) | (214) | |
Total Comprehensive Income | 4,741 | 3,990 | 4,417 | |
Attributable to: | ||||
Bank shareholders | 4,741 | 3,988 | 4,408 | |
Non-controlling interest in subsidiaries | 2 | 9 | ||
Total Comprehensive Income | $ 4,741 | $ 3,990 | $ 4,417 | |
[1] | Net of income tax recovery of $69 million, na and na for the year ended, respectively. | |||
[2] | Net of income tax (provision) of na, $(21) million and $(64) million for the year ended, respectively. | |||
[3] | Net of income tax provision of $23 million, $36 million and $11 million for the year ended, respectively. | |||
[4] | Net of income tax (provision) recovery of $432 million, $322 million and $(4) million for the year ended, respectively. | |||
[5] | Net of income tax (recovery) of $(121) million, $(21) million and $(6) million for the year ended, respectively. | |||
[6] | Net of income tax (provision) recovery of $56 million, $(8) million and $(10) million for the year ended, respectively. | |||
[7] | Net of income tax (provision) recovery of $(111) million, $(157) million and $156 million for the year ended, respectively. | |||
[8] | Net of income tax recovery of $6 million, $53 million and $55 million for the year ended, respectively. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Net of income tax (provision), unrealized gains on available-for-sale securities | $ (21) | $ (64) | |
Net of income tax provision, reclassification to earnings of (gains) losses | $ 23 | 36 | 11 |
Net of income tax (provision) recovery, gains (losses) on derivatives designated as cash flow hedges | 432 | 322 | (4) |
Net of income tax provision (recovery), reclassification to earnings of losses on derivatives designated as cash flow hedges | (121) | (21) | (6) |
Net of income tax (provision) recovery, unrealized gains on hedges of net foreign operations | 56 | (8) | (10) |
Net of income tax (provision) recovery, gains (losses) on remeasurement of pension and other employee future benefit plans | (111) | (157) | 156 |
Net of income tax recovery, gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 6 | $ 53 | $ 55 |
Debt securities [member] | |||
Net of income tax recovery, unrealized gains on fair value through OCI securities | $ 69 |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Assets | ||
Cash and cash equivalents | $ 42,142 | $ 32,599 |
Interest bearing deposits with banks | 8,305 | 6,490 |
Securities | 180,935 | 163,198 |
Securities borrowed or purchased under resale agreements | 85,051 | 75,047 |
Loans | ||
Residential mortgages | 119,620 | 115,258 |
Consumer instalment and other personal | 63,225 | 61,944 |
Credit cards | 8,329 | 8,071 |
Business and government | 194,456 | 175,067 |
Loans gross of allowance for loan losses | 385,630 | 360,340 |
Allowance for credit losses | (1,639) | (1,833) |
Loans,net | 383,991 | 358,507 |
Other Assets | ||
Derivative instruments | 26,204 | 28,951 |
Customers' liability under acceptances | 18,585 | 16,546 |
Premises and equipment | 1,986 | 2,033 |
Goodwill | 6,373 | 6,244 |
Intangible assets | 2,272 | 2,159 |
Current tax assets | 1,515 | 1,371 |
Deferred tax assets | 2,037 | 2,865 |
Other | 14,652 | 13,570 |
Other assets | 73,624 | 73,739 |
Total Assets | 774,048 | 709,580 |
Liabilities and Equity | ||
Deposits | 522,051 | 479,792 |
Other liabilities | ||
Derivative instruments | 24,411 | 27,804 |
Acceptances | 18,585 | 16,546 |
Securities sold but not yet purchased | 28,804 | 25,163 |
Securities lent or sold under repurchase agreements | 66,684 | 55,119 |
Securitization and structured entities' liabilities | 25,051 | 23,054 |
Current tax liabilities | 50 | 125 |
Deferred tax liabilities | 74 | 233 |
Other (Note 14) | 35,829 | 32,361 |
Other liabilities | 199,488 | 180,405 |
Subordinated debt | 6,782 | 5,029 |
Equity | ||
Contributed surplus | 300 | 307 |
Retained earnings | 25,856 | 23,709 |
Accumulated other comprehensive income | 2,302 | 3,066 |
Total Equity | 45,727 | 44,354 |
Total Liabilities and Equity | 774,048 | 709,580 |
Preferred shares [member] | ||
Equity | ||
Issued capital | 4,340 | 4,240 |
Total Equity | 4,340 | 4,240 |
Common shares [member] | ||
Equity | ||
Issued capital | 12,929 | 13,032 |
Total Equity | $ 12,929 | $ 13,032 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Share premium [member] | Retained earnings [member] | Accumulated other comprehensive income (loss) on Available-for-Sale Securities, net of taxes [member] | Accumulated other comprehensive income (loss) on Available-for-Sale Securities, net of taxes [member]Debt securities [member] | Accumulated Other Comprehensive Income (Loss) on derivatives designated as Cash Flow Hedges, net of taxes [Member] | Accumulated other comprehensive income on translation of net foreign operations, net of taxes [member] | Accumulated other comprehensive income (loss) on own credit risk on financial liabilities designated at fair value, net of taxes [member] | Total accumulated other comprehensive income [member] | Total shareholders' equity [member] | Non-controlling interest in subsidiaries [member] | Accumulated other comprehensive income on fair value through other comprehensive income securities net of taxes [member] | Preferred shares [member] | Preferred shares [member]Retained earnings [member] | Common shares [member] | Common shares [member]Retained earnings [member] | |
Balance at beginning of year at Oct. 31, 2015 | $ 299 | $ 18,930 | $ (75) | $ 612 | $ 4,073 | $ (90) | $ 491 | $ 120 | $ 3,240 | $ 12,313 | |||||||
Net income attributable to non-controllinginterest | $ 9 | 9 | |||||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 16) | 90 | ||||||||||||||||
Issued during the year | 600 | ||||||||||||||||
Stock option expense, net of options exercised (Note 20) | (14) | ||||||||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year | (26) | [1] | (26) | ||||||||||||||
Unrealized gains (losses) on translation of net foreign operations | 213 | 213 | |||||||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | (422) | [2] | (422) | ||||||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1) | (153) | [3] | (153) | ||||||||||||||
Net income attributable to bank shareholders | 4,622 | 4,622 | |||||||||||||||
Dividends | (10) | $ (150) | $ (2,191) | ||||||||||||||
Issued under the Stock Option Plan (Note 16) | 136 | ||||||||||||||||
Reclassification to earnings of losses on derivatives designated as cash flow hedges in the year | 10 | [4] | 10 | ||||||||||||||
Unrealized gains (losses) on hedges of net foreign operations | 41 | [5] | 41 | ||||||||||||||
Share issue expense | (6) | ||||||||||||||||
Redemption/purchase of non-controlling interest | (450) | ||||||||||||||||
Unrealized gains on available-for-sale securities arising during the year | 151 | [6] | 151 | ||||||||||||||
Reclassification to earnings of (gains) in the year | (28) | [7] | (28) | ||||||||||||||
Other | 9 | (16) | |||||||||||||||
Balance at End of Year at Oct. 31, 2016 | 42,328 | 294 | 21,205 | 48 | 596 | 4,327 | (512) | $ 4,426 | $ 42,304 | 24 | (33) | 3,840 | 12,539 | ||||
Net income attributable to non-controllinginterest | 2 | 2 | |||||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan (Note 16) | 448 | ||||||||||||||||
Issued during the year | 900 | ||||||||||||||||
Stock option expense, net of options exercised (Note 20) | 6 | ||||||||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year | (839) | [1] | (839) | ||||||||||||||
Unrealized gains (losses) on translation of net foreign operations | (885) | (885) | |||||||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | 420 | [2] | 420 | ||||||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1) | (148) | [3] | (148) | ||||||||||||||
Net income attributable to bank shareholders | 5,348 | 5,348 | |||||||||||||||
Dividends | (184) | (2,312) | |||||||||||||||
Issued under the Stock Option Plan (Note 16) | 146 | ||||||||||||||||
Redeemed during the year | (500) | ||||||||||||||||
Reclassification to earnings of losses on derivatives designated as cash flow hedges in the year | 61 | [4] | 61 | ||||||||||||||
Unrealized gains (losses) on hedges of net foreign operations | 23 | [5] | 23 | ||||||||||||||
Share issue expense | (9) | ||||||||||||||||
Redemption/purchase of non-controlling interest | (25) | ||||||||||||||||
Repurchased for cancellation (Note 16) | (101) | ||||||||||||||||
Unrealized gains on available-for-sale securities arising during the year | 95 | [6] | 95 | ||||||||||||||
Common shares repurchased for cancellation (Note 16) | (339) | ||||||||||||||||
Reclassification to earnings of (gains) in the year | (87) | [7] | (87) | ||||||||||||||
Other | 7 | $ (1) | |||||||||||||||
Balance at End of Year at Oct. 31, 2017 | 44,354 | 307 | 23,709 | 56 | (182) | 3,465 | (92) | 3,066 | 44,354 | (181) | 4,240 | 13,032 | |||||
Impact from adopting IFRS 9 (Note 28) | 44 | ||||||||||||||||
Balance at beginning of year at Oct. 31, 2017 | 44,354 | 307 | 23,709 | 56 | (182) | 3,465 | (92) | 3,066 | 44,354 | (181) | 4,240 | 13,032 | |||||
Impact from adopting IFRS 9 (Note 28) | 99 | (55) | |||||||||||||||
Issued during the year | 400 | ||||||||||||||||
Stock option expense, net of options exercised (Note 20) | (12) | ||||||||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year | (1,228) | [1] | (1,228) | ||||||||||||||
Unrealized gains (losses) on translation of net foreign operations | 417 | 417 | |||||||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | 261 | [2] | 261 | ||||||||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value (Note 1) | (24) | [3] | (24) | ||||||||||||||
Net income attributable to bank shareholders | 5,450 | 5,450 | |||||||||||||||
Dividends | $ (184) | $ (2,424) | |||||||||||||||
Issued under the Stock Option Plan (Note 16) | 99 | ||||||||||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the year | (251) | [8] | $ (251) | ||||||||||||||
Redeemed during the year | (300) | ||||||||||||||||
Reclassification to earnings of losses on derivatives designated as cash flow hedges in the year | 336 | [4] | 336 | ||||||||||||||
Unrealized gains (losses) on hedges of net foreign operations | (155) | [5] | (155) | ||||||||||||||
Share issue expense | (5) | ||||||||||||||||
Repurchased for cancellation (Note 16) | (202) | ||||||||||||||||
Common shares repurchased for cancellation (Note 16) | (789) | ||||||||||||||||
Reclassification to earnings of (gains) in the year | (65) | [7] | (65) | ||||||||||||||
Other | 5 | ||||||||||||||||
Balance at End of Year at Oct. 31, 2018 | $ 45,727 | $ 300 | $ 25,856 | $ (315) | $ (1,074) | $ 3,727 | $ 169 | $ 2,302 | $ 45,727 | $ (205) | $ 4,340 | $ 12,929 | |||||
[1] | Net of income tax (provision) recovery of $432 million, $322 million and $(4) million for the year ended, respectively. | ||||||||||||||||
[2] | Net of income tax (provision) recovery of $(111) million, $(157) million and $156 million for the year ended, respectively. | ||||||||||||||||
[3] | Net of income tax recovery of $6 million, $53 million and $55 million for the year ended, respectively. | ||||||||||||||||
[4] | Net of income tax (recovery) of $(121) million, $(21) million and $(6) million for the year ended, respectively. | ||||||||||||||||
[5] | Net of income tax (provision) recovery of $56 million, $(8) million and $(10) million for the year ended, respectively. | ||||||||||||||||
[6] | Net of income tax (provision) of na, $(21) million and $(64) million for the year ended, respectively. | ||||||||||||||||
[7] | Net of income tax provision of $23 million, $36 million and $11 million for the year ended, respectively. | ||||||||||||||||
[8] | Net of income tax recovery of $69 million, na and na for the year ended, respectively. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Cash Flows from Operating Activities | |||
Net Income | $ 5,450 | $ 5,350 | $ 4,631 |
Adjustments to determine net cash flows provided by (used in) operating activities | |||
Provision on securities, other than trading (Note 3) | 14 | 7 | 17 |
Net (gain) on securities, other than trading (Note 3) | (253) | (178) | (101) |
Net (increase) in trading securities | (2,650) | (16,237) | (11,403) |
Provision for credit losses (Note 4) | 662 | 746 | 771 |
(Increase) decrease in derivative asset | 5,287 | 15,544 | (306) |
(Decrease) in derivative liability | (6,699) | (14,923) | (5,598) |
Amortization of premises and equipment (Note 9) | 400 | 391 | 384 |
Amortization of other assets | 224 | 227 | 219 |
Amortization of intangible assets (Note 11) | 503 | 485 | 444 |
Net decrease in deferred income tax asset | 834 | 156 | 108 |
Net increase (decrease) in deferred income tax liability | 2 | (12) | (7) |
Net (increase) in current income tax asset | (232) | (497) | (345) |
Net increase (decrease) in current income tax liability | (87) | 52 | (18) |
(Increase) in interest receivable | (366) | (130) | (81) |
Increase in interest payable | 337 | 15 | 64 |
Changes in other items and accruals, net | 956 | (3,416) | 1,199 |
Net increase in deposits | 35,261 | 15,409 | 23,385 |
Net (increase) in loans | (23,089) | (6,823) | (23,169) |
Net increase in securities sold but not yet purchased | 2,004 | 336 | 3,739 |
Net increase (decrease) in securities lent or sold under repurchase agreements | 452 | 16,535 | (82) |
Net (increase) decrease in securities borrowed or purchased under resale agreements | (2,958) | (10,891) | 2,793 |
Net increase in securitization and structured entities' liabilities | 1,860 | 762 | 628 |
Net Cash Provided by (Used in) Operating Activities | 17,912 | 2,908 | (2,728) |
Cash Flows from Financing Activities | |||
Net increase (decrease) in liabilities of subsidiaries | 2,203 | (87) | 3,100 |
Proceeds from issuance of covered bonds (Note 13) | 2,706 | 5,845 | 8,945 |
Redemption of covered bonds (Note 13) | (567) | (2,602) | (2,101) |
Proceeds from issuance of subordinated debt (Note 15) | 2,685 | 850 | 2,250 |
Repayment of subordinated debt (Note 15) | (900) | (100) | (2,200) |
Proceeds from issuance of preferred shares (Note 16) | 400 | 900 | 600 |
Redemption of preferred shares (Note 16) | (300) | (500) | |
Redemption of capital trust securities | (450) | ||
Share issue expense | (5) | (9) | (6) |
Proceeds from issuance of common shares (Note 16) | 88 | 149 | 137 |
Common shares repurchased for cancellation (Note 16) | (991) | (440) | |
Cash dividends paid | (2,582) | (2,010) | (2,219) |
Cash dividends paid to non-controlling interest | (10) | ||
Net Cash Provided by Financing Activities | 2,737 | 1,996 | 8,046 |
Cash Flows from Investing Activities | |||
Net (increase) decrease in interest bearing deposits with banks | (1,648) | (2,245) | 3,007 |
Purchases of securities, other than trading | (46,749) | (30,424) | (28,860) |
Maturities of securities, other than trading | 14,754 | 5,930 | 6,985 |
Proceeds from sales of securities, other than trading | 23,561 | 24,400 | 16,294 |
Purchase of non-controlling interest | (25) | ||
Premises and equipment - net (purchases) | (330) | (301) | (224) |
Purchased and developed software - net (purchases) | (556) | (490) | (387) |
Acquisitions (Note 10) | (365) | (12,147) | |
Net Cash (Used in) Investing Activities | (11,333) | (3,155) | (15,332) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 227 | (803) | 1,372 |
Net increase (decrease) in Cash and Cash Equivalents | 9,543 | 946 | (8,642) |
Cash and Cash Equivalents at Beginning of Year | 32,599 | 31,653 | 40,295 |
Cash and Cash Equivalents at End of Year (Note 2) | 42,142 | 32,599 | 31,653 |
Net cash provided by operating activities includes: | |||
Interest paid in the year | 8,790 | 5,826 | 4,561 |
Income taxes paid in the year | 1,261 | 1,338 | 1,201 |
Interest received in the year | 18,867 | 15,553 | 14,273 |
Dividends received in the year | $ 1,277 | $ 1,607 | $ 1,336 |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
IFRS 7 Disclosure | Text and tables presented in a blue-tinted font in the Enterprise-Wide Risk Management section of the MD&A form an integral part of the 2018 annual consolidated financial statements. They present required disclosures as set out by the International Accounting Standards Board in IFRS 7, Financial Instruments – Disclosures permits cross-referencing Credit and Counterparty Risk Governance The objective of our credit risk management framework is to ensure that all material credit risks to which the enterprise is exposed are identified, measured, managed, monitored and reported. The RRC has oversight of the management of all material risks that we face, including the credit risk management framework. BMO’s credit risk management framework incorporates governing principles that are defined in a series of corporate policies and standards and are applied to more specific operating procedures. These are reviewed on a regular basis and modified when necessary to keep them current and consistent with BMO’s risk appetite. The structure, limits (both notional and capital-based), collateral requirements, monitoring, reporting and ongoing management of our credit exposures are all governed by these credit risk management principles. Lending officers in the operating groups are responsible for recommending credit decisions based on the completion of appropriate due diligence, and they assume accountability for the risks. With limited exceptions, credit officers in ERPM approve all credit transactions and are accountable for providing an objective independent assessment of the lending recommendations and risks assumed by the lending officers. All of these skilled and experienced individuals in the first and second lines of defence are subject to a rigorous lending qualification process and operate in a disciplined environment with clear delegation of decision-making authority, including individually delegated lending limits, which are reviewed annually. The Board annually reviews our Credit Risk Management Policy and delegates to the CEO discretionary lending limits for further specific delegation to senior officers. Credit decision-making is conducted at the management level appropriate to the size and risk of each transaction, in accordance with comprehensive corporate policies, standards and procedures governing the conduct of activities in which credit risk arises. Corporate Audit Division reviews and tests management processes and controls and samples credit transactions in order to assess adherence to acceptable lending standards within the enterprise risk appetite, as well as compliance with all applicable governing policies, standards and procedures. All credit risk exposures are subject to regular monitoring. Performing accounts are reviewed on a regular basis, with most commercial and corporate accounts reviewed no less frequently than annually. The frequency of review increases in accordance with the likelihood and size of potential credit losses, and deteriorating higher-risk situations are referred to specialized account management groups for closer attention, when appropriate. In addition, regular portfolio and sector reviews are carried out, including stress testing and scenario analysis based on current, emerging or prospective risks. Reporting is provided at least quarterly, and more frequently where appropriate, to RRC and senior management committees in order to keep them informed of credit risk developments in our portfolios, including changes in credit risk concentrations, watchlist accounts, impaired loans, provisions for credit losses, negative credit migration and significant emerging credit risk issues. This facilitates the RRC and senior management committees to effect any measures they may decide to take. Counterparty credit risk (CCR) creates a bilateral risk of loss because the market value of a transaction can be positive or negative for either counterparty. CCR exposures are also subject to the credit oversight, limit framework and approval processes outlined above. However, given the nature of the risk, CCR exposures are also monitored through the market risk framework and many are collateralized. In order to reduce our exposure to CCR, we often use a regulated central counterparty (CCP) that intermediates between counterparties for contracts in financial markets. CCPs aim to mitigate risk through the use of margin requirements (both initial and variation) and a default management process, including a default fund and other resources. Our exposures to CCPs are subject to the same credit risk governance, monitoring and rating framework we apply to all other corporate accounts. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Credit and Counterparty Risk Management Collateral Management Collateral is used for credit risk mitigation purposes to minimize losses that would otherwise be incurred in the event of a default. Depending on the type of borrower or counterparty, the assets available and the structure and term of the credit obligations, collateral can take various forms. For corporate and commercial borrowers, collateral can take the form of pledges of the assets of a business, such as accounts receivable, inventory, machinery, real estate, or personal assets pledged in support of guarantees. For trading counterparties, we may enter into legally enforceable netting agreements for on-balance Collateral for our derivatives trading counterparty exposures is primarily comprised of cash and high-quality liquid securities (U.S. and Canadian treasury securities, U.S. agency securities, Canadian provincial government securities and certain high-quality European sovereign securities) that are monitored and revalued on a daily basis. Collateral is obtained under the contractual terms of standardized industry documentation. With limited exceptions, we utilize the International Swaps and Derivatives Association Inc. Master Agreement, frequently with a Credit Support Annex, to document our collateralized trading relationships with our counterparties for over-the-counter re-pledged To document our contractual securities financing relationships with our counterparties, we utilize master repurchase agreements for repurchase transactions and for securities lending transactions, we utilize master securities lending agreements. On a periodic basis, collateral is subject to revaluation specific to asset type. For loans, the value of collateral is initially established at the time of origination, and the frequency of revaluation is dependent on the type of collateral. For commercial real estate collateral, a full external appraisal of the property is typically obtained at the time of loan origination, unless the exposure is below a specified threshold amount, in which case an internal evaluation and a site inspection are conducted. Internal evaluations may consider property tax assessments, purchase prices, real estate listings or realtor opinions. The case for an updated appraisal is reviewed annually, with consideration given to the borrower risk rating, existing tenants and lease contracts, as well as current market conditions. When a commercial loan is determined to be impaired, a thorough review of collateral is conducted and updated external appraisals or valuations may be obtained. Quarterly reviews are then completed and collateral positions are reviewed and updated as deemed appropriate. In Canada, for residential real estate that has a loan-to-value (LTV) ratio of less than 80%, an external property appraisal is routinely obtained at the time of loan origination. We may use an external service provided by Canada Mortgage and Housing Corporation or an automated valuation model provided by our appraisal management company to assist with determining either the current value of a property or the necessity of a full property appraisal. For insured mortgages in Canada with a high LTV ratio (greater than 80%), we determine the value of the property through the default insurer. Portfolio Management and Concentrations of Credit and Counterparty Risk BMO’s credit risk governance policies require an acceptable level of diversification to help ensure we avoid undue concentrations of credit risk. Concentrations of credit risk may exist if a number of clients are engaged in similar activities, are located in the same geographic region or have similar economic characteristics such that their ability to meet contractual obligations could be similarly affected by changes in economic, political or other conditions. Limits may be specified for several portfolio dimensions, including industry, specialty segment (e.g., hedge funds and leveraged lending), country, product and single-name concentrations. The diversification of our credit exposure may be supplemented by the purchase or sale of credit protection through guarantees, insurance or credit default swaps. Our credit assets consist of a well-diversified portfolio representing millions of clients, the majority of them consumers and small to medium-sized Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Total non-trading (Canadian $ in millions) Drawn Commitments (undrawn) OTC derivatives Other off-balance sheet items Repo-style transactions Total (1) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Financial institutions 102,552 89,681 21,741 19,457 1,649 1,474 5,016 4,137 177,094 139,187 308,052 253,936 Governments 44,552 36,829 2,118 2,243 1 – 667 682 8,401 10,626 55,739 50,380 Manufacturing 22,580 19,737 13,490 12,258 10 9 1,396 1,360 – – 37,476 33,364 Real estate 31,534 26,991 8,170 6,472 1 – 820 829 – – 40,525 34,292 Retail trade 19,961 18,242 3,617 3,410 – – 559 523 – – 24,137 22,175 Service industries 39,067 34,723 12,666 11,207 1 1 2,389 2,831 – – 54,123 48,762 Wholesale trade 14,659 11,440 4,531 4,675 2 1 436 481 – – 19,628 16,597 Oil and gas 9,131 8,185 10,410 7,706 – – 1,804 1,496 – – 21,345 17,387 Individual 190,688 180,612 47,586 43,223 – – 126 127 – – 238,400 223,962 Others (2) 35,617 35,523 18,197 15,709 88 3 6,474 6,617 – – 60,376 57,852 Total exposure 510,341 461,963 142,526 126,360 1,752 1,488 19,687 19,083 185,495 149,813 859,801 758,707 (1) Credit exposure excluding equity, securitization, trading book and other assets such as non-significant (2) Includes industries having a total exposure of less than 2%. Certain comparative figures have been reclassified to conform with the current year’s presentation. Risk Rating Systems BMO’s risk rating systems are designed to assess and measure the risk of any exposure. Credit risk-based parameters are reviewed, validated and monitored regularly. The monitoring is on a quarterly basis for both the wholesale and retail models. Retail (Consumer and Small Business) The retail portfolios are comprised of a diversified group of individual customer accounts and include residential mortgages, personal loans, credit cards, auto loans and small business loans. These loans are managed in pools of homogeneous risk exposures for risk rating purposes. Decision support systems are developed using established statistical techniques and expert systems for underwriting and monitoring purposes. Adjudication models, behavioural scorecards, decision trees and expert knowledge are combined to generate optimal credit decisions in a centralized and automated environment. The retail risk rating system assesses risk based on individual loan characteristics. BMO has a range of internally developed PD, LGD and EAD models for each of the major retail portfolios. The major product lines within each of the retail risk areas are modelled separately, so that the risk-based parameters capture the distinct nature of each product. The models, in general, are designed based on internal data recorded over a period of more than seven years, and adjustments are made at the parameter level to account for any uncertainty. The retail parameters are tested and calibrated on an annual basis, if required, to incorporate additional data points in the parameter estimation process, ensuring that the most recent experience is incorporated. Our largest retail portfolios are the Canadian mortgage, Canadian home equity line of credit and Canadian retail credit card portfolio. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Wholesale (Corporate, Commercial, Bank and Sovereign) Within our wholesale portfolios, we utilize an enterprise-wide risk rating framework that is applied to all our sovereign, bank, corporate and commercial counterparties. One key element of this framework is the assignment of appropriate borrower or counterparty risk ratings (BRRs). BMO has a range of internally designed general and sector-specific BRR models, as well as portfolio-level LGD and EAD models for each of the corporate, commercial, bank and sovereign portfolios. The BRR models capture the key financial and non-financial Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Credit Quality Information Portfolio Review Total enterprise-wide credit risk exposures were $860 billion at October 31, 2018, comprised of $445 billion in Canada, $347 billion in the United States and $68 billion in other jurisdictions. Loan Maturities and Interest Rate Sensitivity The following table presents gross loans and acceptances by contractual maturity and by country of ultimate risk: (Canadian $ in millions) 1 year or less Over 1 year to 5 years Over 5 years Total 2018 2017 2018 2017 2018 2017 2018 2017 Canada Consumer 54,375 55,568 109,991 106,023 4,199 4,349 168,565 165,940 Commercial and corporate 57,530 49,693 16,438 14,699 1,750 1,367 75,718 65,759 Commercial real estate 7,397 6,226 10,143 8,997 1,275 1,453 18,815 16,676 United States 33,688 33,382 71,928 61,394 25,955 20,947 131,571 115,723 Other countries 8,628 11,184 624 920 294 684 9,546 12,788 Total 161,618 156,053 209,124 192,033 33,473 28,800 404,215 376,886 The following table presents net loans and acceptances by interest rate sensitivity: (Canadian $ in millions) 2018 2017 Fixed rate 193,661 190,254 Floating rate 190,330 168,253 Non-interest 18,585 16,546 Total 402,576 375,053 (1) Non-interest Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Market Risk Market risk arises from BMO’s trading and underwriting activities, as well as its structural banking activities. The magnitude and importance of these activities to the enterprise, along with the potential volatility of market variables, call for diligent governance and a robust market risk management framework that ensures effective identification, measurement, reporting and control of market risk exposures. Trading and Underwriting Market Risk Governance BMO’s market risk-taking activities are subject to a comprehensive governance framework. The RRC provides oversight of the management of market risk on behalf of the Board of Directors and approves limits governing market risk exposures that are consistent with our risk appetite. The RMC regularly reviews and discusses significant market risk exposures and positions, and provides ongoing senior management oversight of BMO’s risk-taking activities. Both of these committees are kept apprised of specific market risk exposures and other factors that could expose BMO to unusual, unexpected or unquantified risks associated with market exposures, as well as other current and emerging market risks. In addition, all businesses and individuals authorized to conduct trading and underwriting activities on behalf of BMO are required to work within BMO’s risk governance framework and, as part of their first-line-of-defence Trading and Underwriting Market Risk Our trading and underwriting businesses give rise to market risk associated with buying and selling financial products in the course of servicing customer requirements, market making and related financing activities, and from assisting clients to raise funds by way of securities issuance. Identification and Measurement of Trading and Underwriting Market Risk As the first step in the management of market risk, thorough assessment processes are in place to identify market risk exposures associated with both new products and the evolving risk profile of existing products, including on- off-balance non-trading Reflecting the multi-dimensional nature of market risk, various metrics and techniques are then employed to measure identified market risk exposures. These metrics primarily include Value at Risk, Stressed Value at Risk, and regulatory and economic capital attribution, as well as stress testing. Other techniques include the analysis of the sensitivity of our trading and underwriting portfolios to various market risk factors and the review of position concentrations, notional values and trading losses. A consistent set of VaR and SVaR models is used for both management and regulatory purposes across all BMO Financial Group legal entities in which trading and/or underwriting activities are conducted. We use a variety of methods to verify the integrity of our risk models, including the application of back-testing against hypothetical losses and approval by an independent model validation team. This testing is aligned with defined regulatory expectations, and its results confirm the reliability of our models. The volatility data and correlations that underpin our models are updated frequently, so that risk measures reflect current conditions. Back-testing assumes there are no changes in the previous day’s closing positions and then isolates the effects of each day’s price movements against those closing positions. The bank’s VaR model is back-tested daily, and the one-day 99% confidence level VaR at the local and consolidated BMO levels is compared with the estimated daily profit and loss (P&L) that would be recorded if the portfolio composition remained unchanged. If this P&L result is negative and its absolute value is greater than the previous day’s VaR, a back-testing exception occurs. Each exception is investigated, explained and documented, and the back-testing results are reviewed by senior management and reported to our regulators. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Although it is a valuable indicator of risk, as with any model-driven metric, VaR has limitations. Among these limitations is the assumption that all positions can be liquidated within the assumed one-day intra-day Monitoring and Control of Trading and Underwriting Market Risk A comprehensive set of limits is applied to these metrics, and these limits are subject to regular monitoring and reporting, with any breach of the limits escalated to the appropriate level of management. Risk profiles of our trading and underwriting activities are maintained within our risk appetite and supporting limits, and are monitored and reported to traders, management, senior executives and Board committees. Other significant controls include the independent valuation of financial assets and liabilities, as well as compliance with our Model Risk Management Framework to mitigate model risk. Total Trading Value at Risk (VaR) Summary (1)(2) As at or for the year ended October 31 (pre-tax 2018 2017 Year-end Average High Low Year-end Average High Low Commodity VaR 0.7 0.9 13.6 0.3 0.9 0.9 1.7 0.4 Equity VaR 4.4 4.4 7.8 2.9 3.3 3.1 8.5 2.2 Foreign exchange VaR 0.5 0.6 2.2 0.1 0.3 0.8 3.1 0.1 Interest rate VaR 6.1 5.9 8.7 3.6 5.0 6.1 11.4 3.9 Credit VaR 7.4 2.6 7.4 1.5 1.9 2.3 4.1 1.5 Diversification (8.3 ) (6.8 ) nm nm (5.9 ) (7.0 ) nm nm Total Trading VaR 10.8 7.6 17.5 4.7 5.5 6.2 10.0 4.3 Total Trading SVaR 56.3 26.8 56.3 16.6 24.6 20.5 34.6 13.4 (1) One-day (2) Stressed VaR is produced weekly and at month end. nm – not meaningful Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Structural (Non-Trading) Structural market risk is comprised of interest rate risk arising from our banking activities (loans and deposits) and foreign exchange risk arising from our foreign currency operations and exposures. Structural Market Risk Governance BMO’s Corporate Treasury group is responsible for the ongoing management of structural market risk across the enterprise, with independent oversight provided by the Market Risk group. In addition to Board-approved limits on earnings at risk and economic value sensitivities due to changes in interest rates, more granular management limits are in place to guide the daily management of this risk. The RRC has oversight of the management of structural market risk, annually approves the structural market risk plan and limits, and regularly reviews structural market risk positions. The RMC and the Balance Sheet and Capital Management Committee (BSCMC) regularly review structural market risk positions and provide senior management oversight. Structural Market Risk Measurement Interest Rate Risk Structural interest rate risk arises when changes in interest rates affect the market value, cash flows and earnings of assets and liabilities related to our banking activities. The objective of structural interest rate risk management is to maintain high-quality earnings and maximize sustainable product spread, while managing the risk to the economic value of our assets arising from changes in interest rates. Structural interest rate risk is primarily comprised of interest rate mismatch risk and product embedded option risk. Interest rate mismatch risk arises when there are differences in the scheduled maturities, repricing dates or reference rates of assets, liabilities and derivatives. The net interest rate mismatch, representing residual assets funded by common shareholders’ equity, is managed to a target profile through interest rate swaps and securities. Product embedded option risk arises when product features allow customers to alter cash flows, such as scheduled maturity or repricing dates, usually in response to changes in market conditions. Product embedded options include loan prepayments, deposit redemption privileges and committed rates on unadvanced mortgages. Product embedded options and associated customer behaviours are captured in risk modelling, and hedging programs may be used to manage this risk to low levels. Structural interest rate risk is measured using simulations, earnings sensitivity and economic value sensitivity analysis, stress testing and gap analysis, in addition to other treasury risk metrics. The models used to measure structural interest rate risk use projected changes in interest rates and predict how customers would likely react to these changes. For customer loans and deposits with scheduled maturity and repricing dates (such as mortgages and term deposits), our models measure the extent to which customers are likely to use embedded options to alter those scheduled terms. For customer loans and deposits without scheduled maturity and repricing dates (such as credit card loans and chequing accounts), we measure our exposure using models that adjust for elasticity in product pricing and reflect historical and forecasted trends in balances. The results of these structural market risk models, by their nature, have inherent uncertainty, as they reflect potential anticipated pricing and customer behaviours, which may differ from actual experience. These models have been developed using statistical analysis and are independently validated and periodically updated through regular model performance assessment, back-testing processes and ongoing dialogue with the lines of business. Models developed to predict customer behaviour are also used in support of product pricing. Structural interest rate earnings and economic value sensitivity to an immediate parallel increase or decrease of 100 basis points in the yield curve is disclosed in the following table. There were no significant changes in our structural market risk management framework during the year. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Structural Interest Rate Sensitivity (1) As at October 31, 2018 As at October 31, 2017 (Pre-tax Canadian $ equivalent in millions) Economic value Earnings sensitivity Economic value Earnings sensitivity 100 basis point increase (1,079.2 ) 136.5 (957.8 ) 136.9 100 basis point decrease 626.5 (304.1 ) 78.6 (433.4 ) (1) Losses are presented in brackets and benefits are presented as positive numbers. Insurance Market Risk Insurance market risk includes interest rate and equity market risk arising from BMO’s insurance business activities. A 100 basis point increase in interest rates at October 31, 2018 would result in an increase in earnings before tax of $37 million ($52 million at October 31, 2017). A 100 basis point decrease in interest rates at October 31, 2018 would result in a decrease in earnings before tax of $37 million ($50 million at October 31, 2017). On an unhedged basis, a 10% decrease in equity market values at October 31, 2018 would result in a decrease in earnings before tax of $44 million ($40 million at October 31, 2017). A 10% increase in equity market values at October 31, 2018 would result in an increase in earnings before tax of $42 million ($40 million at October 31, 2017). During the quarter, a hedging program was put in place that will limit the decrease in earnings before tax due to decreases in equity market values to a maximum of $34 million in a quarter. The impact on earnings from insurance market risk is reflected in insurance claims, commissions and changes in policy benefit liabilities on the Consolidated Statement of Income and the corresponding change in the fair value of our policy benefit liabilities is reflected in Other Liabilities on the Consolidated Balance Sheet. Insurance market risk impacts are not reflected in the table above. Foreign Exchange Risk Structural foreign exchange risk arises primarily from translation risk related to the net investment in our U.S. operations and from transaction risk associated with our U.S.-dollar-denominated net income. Translation risk represents the impact that changes in foreign exchange rates could have on BMO’s reported shareholders’ equity and capital ratios. BMO may enter into arrangements to offset the impact of foreign exchange movements on its capital ratios, and did so during the 2018 fiscal year. Transaction risk represents the impact that fluctuations in the Canadian/U.S. dollar exchange rate could have on the Canadian dollar equivalent of BMO’s U.S.-dollar-denominated financial results. Exchange rate fluctuations will affect future results measured in Canadian dollars and the impact on those results is a function of the periods during which revenues, expenses and provisions for credit losses arise. Hedging positions may be taken to partially offset the pre-tax effects of Canadian/U.S. dollar exchange rate fluctuations on financial results, although no hedges were executed in the year. If future results are consistent with results in 2018, each one cent increase (decrease) in the Canadian/U.S. dollar exchange rate would be expected to increase (decrease) the Canadian dollar equivalent of our U.S. segment net income before income taxes for the year by $14 million, in the absence of hedging transactions. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Liquidity and Funding Risk Managing liquidity and funding risk is essential to maintaining a safe and sound enterprise, depositor confidence and earnings stability. It is BMO’s policy to ensure that sufficient liquid assets and funding capacity are available to meet financial commitments, even in times of stress. Liquidity and Funding Risk Governance The Corporate Treasury group and the operating groups, as the first line of defence, are responsible for the ongoing management of liquidity and funding risk across the enterprise. The Corporate Treasury group is responsible for identifying, assessing, managing, monitoring, mitigating and reporting on liquidity and funding risks. The Corporate Treasury group develops and recommends the Liquidity and Funding Risk Management Framework and the related risk appetite and limits, monitors compliance with the relevant corporate policies and assesses the impact of market events on liquidity and funding requirements on an ongoing basis. Enterprise Risk and Portfolio Management, as the second line of defence, provides oversight, independent risk assessment and effective challenge of liquidity and funding management, frameworks, policies, limits, monitoring and reporting across the enterprise. The Risk Management Committee (RMC) and Balance Sheet and Capital Management Committee (BSCMC) provide senior management oversight and also review and discuss significant liquidity and funding policies, issues and developments that arise in the pursuit of our strategic priorities. The Risk Review Committee (RRC) provides oversight of the management of liquidity and funding risk, annually approves applicable policies, limits and the contingency plan, and regularly reviews liquidity and funding positions. Liquidity and Funding Risk Management BMO’s Liquidity and Funding Risk Management Framework is defined and authorized under Board-approved corporate policies and management-approved standards. These policies and standards outline key management principles, liquidity and funding metrics and related limits, as well as roles and responsibilities for the management of liquidity and funding risk across the enterprise. BMO has a robust limit structure in place in order to manage liquidity and funding risk. Limits define the enterprise-level risk appetite for our key Net Liquidity Position (NLP) measure, regulatory liquidity ratios, secured and unsecured funding appetite, for both trading and structural activities, and enterprise collateral pledging. Limits also establish the tolerance for concentrations of maturities, requirements for counterparty liability diversification, business pledging activity, and the size and type of uncommitted and committed credit and liquidity facilities that may be outstanding. Operating within these limits helps to confirm that liquidity and funding risk is appropriately managed. An enterprise-wide contingency plan designed to facilitate effective management in the event of a disruption is also in place. Early warning indicators identified in the contingency plan are regularly monitored in order to detect any signs of growing liquidity or funding risk in the market or risks specific to BMO. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). Liquidity and Funding Risk Measurement A key component of liquidity risk management is the measurement of liquidity risk under stress. BMO uses the NLP as a key measure of liquidity risk. The NLP represents the amount by which liquid assets exceed potential funding needs under a severe combined enterprise-specific and systemic stress scenario. Potential funding needs may arise from obligations to repay retail, commercial and wholesale deposits that are withdrawn or not renewed or to fund drawdowns on available credit and liquidity lines, obligations to pledge collateral due to ratings downgrades or market volatility, and the continuing need to fund new assets or strategic investments. Potential funding needs are quantified by applying factors to various business activities based on management’s view of the relative level of liquidity risk related to each activity. These factors vary by depositor classification (e.g., retail, small business, non-financial non-operational Stress testing results are evaluated against BMO’s stated risk tolerance and are considered in management decisions on setting limits and internal liquidity transfer pricing, and they also help to inform and shape the design of business plans and contingency plans. The Liquidity and Funding Risk Management Framework is integrated with enterprise-wide stress testing. In addition to the NLP, we regularly monitor positions in relation to the limits and liquidity ratios noted in the Liquidit |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Oct. 31, 2018 | |
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Basis of Presentation | Note 1: Basis of Presentation Bank of Montreal (“the bank”) is a chartered bank under the Bank Act (Canada) We have prepared these consolidated financial statements in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). We also comply with interpretations of IFRS by our regulator, the Office of the Superintendent of Financial Institutions Canada (“OSFI”). Our consolidated financial statements have been prepared on a historic cost basis, except for the revaluation of the following items: assets and liabilities held for trading; financial assets and liabilities measured or designated at fair value through profit or loss (“FVTPL”); financial assets measured or designated at fair value through other comprehensive income (“FVOCI”); financial assets and financial liabilities designated as hedged items in qualifying fair value hedge relationships; cash-settled share-based payment liabilities; defined benefit pension and other employee future benefit liabilities; and insurance-related liabilities. These consolidated financial statements were authorized for issue by the Board of Directors on December 4, 2018. Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2018. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (“SEs”), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates, where we exert significant influence over operating, investing and financing decisions (generally companies in which we own between 20% and 50% of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures. Joint ventures are those entities where we exercise joint control through an agreement with other shareholders. 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 investee net income or loss, including other comprehensive income or loss. Our equity accounted investments are recorded as other securities and our share of the net income or loss is recorded in investments in associates and joint ventures, in our Consolidated Statement of Income. Any other comprehensive income amounts are reflected in the relevant section of our Consolidated Statement of Comprehensive Income. Additional information regarding accounting for other securities is included in Note 3. Non-controlling non-controlling Specific Accounting Policies To facilitate a better understanding of our consolidated financial statements, we have disclosed our significant accounting policies throughout the following notes with the related financial disclosures by major caption: Topic Page 1 Basis of Presentation 148 2 Cash and Interest Bearing Deposits with Banks 153 3 Securities 153 4 Loans and Allowance for Credit Losses 157 5 Risk Management 164 6 Transfer of Assets 164 7 Structured Entities 165 8 Derivative Instruments 167 9 Premises and Equipment 175 10 Acquisitions 176 11 Goodwill and Intangible Assets 176 12 Other Assets 178 13 Deposits 178 14 Other Liabilities 179 15 Subordinated Debt 181 Note Topic Page 16 Equity 182 17 Fair Value of Financial Instruments and Trading-Related Revenue 184 18 Offsetting of Financial Assets and Financial Liabilities 190 19 Capital Management 191 20 Employee Compensation – Share-Based Compensation 192 21 Employee Compensation – Pension and Other Employee Future Benefits 194 22 Income Taxes 198 23 Earnings Per Share 200 24 Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities 201 25 Operating and Geographic Segmentation 203 26 Significant Subsidiaries 206 27 Related Party Transactions 206 28 Transition to IFRS 9 207 Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gain (loss) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the translation gain (loss) and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange, other than trading, in our Consolidated Statement of Income as they arise. From time to time, we enter into foreign exchange hedge contracts to reduce our exposure to changes in the value of foreign currencies. Realized and unrealized gains and losses that arise on the mark-to-market non-interest Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Otherwise they are classified as operating leases, as we retain substantially all the risks and rewards of asset ownership. As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest Changes in Accounting Policies Financial Instruments Effective November 1, 2017 we adopted IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Impairment IFRS 9 introduces a new expected credit loss (“ECL”) impairment model for all financial assets and certain off-balance sheet loan commitments and guarantees. The new ECL model results in an allowance for credit losses being recorded on financial assets regardless of whether there has been an actual impairment. This differs from our previous approach where the allowance recorded on performing loans was designed to capture only incurred losses whether or not they have been specifically identified. The ECL model requires the recognition of credit losses based on up to 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses on performing loans that have experienced a significant increase in credit risk since origination (Stage 2). The determination of a significant increase in credit risk takes into account many different factors and will vary by product and risk segment. The main factors considered in making this determination are relative changes in probability-weighted probability of default since origination and certain other criteria such as 30-day IFRS 9 requires consideration of past events, current market conditions and reasonable supportable information about future economic conditions, in determining whether there has been a significant increase in credit risk and in calculating the amount of expected losses. The standard also requires future economic conditions be based on an unbiased, probability-weighted assessment of possible future outcomes. In considering the lifetime of an instrument, IFRS 9 generally requires the use of the contractual period, including pre-payment, extension and other options. For revolving instruments, such as credit cards, that may not have a defined contractual period, lifetime is based on historical behaviour. Classification and Measurement Debt instruments, including loans, are classified based on both our business model for managing the assets and the contractual cash flow characteristics of the assets. Debt instruments are measured at fair value through profit or loss (“FVTPL”) unless certain conditions are met that permit measurement at either fair value through other comprehensive income (“FVOCI”) or amortized cost. FVOCI is permitted where debt instruments are held with the objective of selling the assets or collecting contractual cash flows and those cash flows represent solely payments of principal and interest. These securities may be sold in response to or in anticipation of changes in interest rates and resulting prepayment risk, changes in credit risk, changes in foreign currency risk, changes in funding sources or terms, or to meet liquidity needs. Changes in fair value are recorded in other comprehensive income; gains or losses on disposal and impairment losses are recorded in our Consolidated Statement of Income. Amortized cost is permitted where debt instruments are held with the objective of collecting contractual cash flows and those cash flows represent solely payments of principal and interest. Gains or losses on disposal and impairment losses are recorded in our Consolidated Statement of Income. For both FVOCI and amortized cost instruments, premiums, discounts and transaction costs are amortized over the term of the instrument on an effective yield basis as an adjustment to interest income. Equity instruments are measured at FVTPL unless we elect to measure at FVOCI, in which case gains and losses are never recognized in income. As permitted by IFRS 9, in fiscal 2015, we have early adopted the provisions relating to the recognition of changes in own credit risk for financial liabilities designated at FVTPL. Additional information regarding changes in own credit risk is included in Notes 13 and 14. Hedge Accounting IFRS 9 introduced a new hedge accounting model that expands the scope of hedged items and risks eligible for hedge accounting and aligns hedge accounting more closely with risk management. The new model no longer specifies quantitative measures for effectiveness testing and does not permit hedge de-designation. IFRS 9 includes a policy choice that allows us to continue to apply the existing hedge accounting rules, which we have elected to use. However, as required by the standard, we adopted the new hedge accounting disclosures. Refer to Note 8. Use of Estimates and Judgments The preparation of the consolidated financial statements requires management to use estimates and assumptions that affect the carrying amounts of certain assets and liabilities, certain amounts reported in net income and other related disclosures. The most significant assets and liabilities for which we must make estimates include allowance for credit losses; financial instruments measured at fair value; pension and other employee future benefits; impairment of securities; income taxes and deferred taxes; goodwill and intangible assets; insurance-related liabilities; and provisions. We make judgments in assessing whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. We have established detailed policies and control procedures that are intended to ensure these judgments are well controlled, independently reviewed and consistently applied from period to period. We believe that our estimates of the value of our assets and liabilities are appropriate. Allowance for Credit Losses The expected credit loss model requires the recognition of credit losses based on up to 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The main factors considered in making this determination are relative changes in probability of default since origination, and certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of expected credit losses, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the allowance for credit losses. The calculation of expected credit losses includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts which are probability-weighted in the determination of the final expected credit loss. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the allowance for credit losses is included in Notes 4 and 28. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities and are used in performing impairment testing on certain non-financial Pension and Other Employee Future Benefits Our pension and other employee future benefits expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefits expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review other securities at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the expected credit loss model. For securities determined to have low credit risk, the allowance for credit losses is measured at a 12 month expected credit loss. Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and other securities, allowance for credit losses and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations differ from those of taxing authorities or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences may be utilized. We are required to assess whether it is probable that our deferred income tax assets will be realized prior to expiration and, based on all the available evidence, determine if any portion of our deferred income tax assets should not be recognized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the period remaining before the expiration of tax loss carryforwards. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (“CGUs”), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and the value in use. In determining fair value less costs to sell, we employ a discounted cash flow model consistent with those used when we acquire businesses. This model is dependent on assumptions related to revenue growth, discount rates, synergies achieved on acquisition and the availability of comparable acquisition data. Changes in any of these assumptions would affect the determination of fair value for each of the business units in a different manner. Management must exercise judgment and make assumptions in determining fair value less costs to sell, and differences in judgment and assumptions could affect the determination of fair value and any resulting impairment write-down. Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions The bank and its subsidiaries are involved in various legal actions in the ordinary course of business. Provisions are recorded at the best estimate of the amounts required to settle any obligations related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Factors considered in making the assessment include: a case-by-case assessment of specific facts and circumstances, our past experience and the opinions of legal experts. Management and external experts are involved in estimating any provisions. The actual costs of resolving these claims may be substantially higher or lower than the amounts of the provisions. Additional information regarding provisions is included in Note 24. Transfer of Financial Assets and Consolidation of Structured Entities We enter into transactions in which we transfer assets, typically mortgage loans and credit cards, to a structured entity or third party to obtain alternate sources of funding. We assess whether substantially all of the risks and rewards of the loans have been transferred to determine if they qualify for derecognition. Since we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized loans, they do not qualify for derecognition. We continue to recognize the loans and the related cash proceeds as secured financings in our Consolidated Balance Sheet. For securitization vehicles sponsored by the bank, the vehicles typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and how activities are funded. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest less than 50%. This may be the case when we are the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Transferred assets are discussed in greater detail in Note 6 and structured entities are discussed in greater detail in Notes 7 and 20. Future Changes in IFRS Revenue In May 2014, the IASB issued IFRS 15 Revenue from Contracts with Customers In April 2016, the IASB issued clarifications to IFRS 15, which provided additional clarity on revenue recognition related to identifying performance obligations, application guidance on principal versus agent and licences of intellectual property. The primary impact of IFRS 15 will be the reclassification of amounts within the Consolidated Statement of Income. Loyalty rewards and cash promotion costs on cards currently recorded in non-interest expense will be presented as a reduction in non-interest revenue. Reimbursement of certain expenses incurred on behalf of customers currently recorded as a reduction in non-interest expense will be recorded in non-interest revenue. In addition, there will be minimal impacts to net income as a result of no longer discounting our loyalty rewards costs and the amortization of costs to obtain card customers, which are currently expensed as incurred. On transition to IFRS 15 on November 1, 2018, we can either restate prior periods as if we had always applied IFRS 15 or alternatively, we can recognize the cumulative effect of any changes resulting from our adoption of IFRS 15 in opening retained earnings with no comparison for prior years. We have elected to restate prior periods. The impact of adopting IFRS 15 in 2018 and 2017 would have been a decrease in non-interest revenue of $132 million and $153 million, a decrease in non-interest expense of $136 million and $138 million, and an increase in net income of $3 million and a decrease in net income of $11 million, in our Consolidated Statement of Income, respectively. The impact in our Consolidated Balance Sheet as at October 31, 2018 and 2017 is not significant. Share-based Payment In June 2016, the IASB issued amendments to IFRS 2 Share-based Payment Leases In January 2016, the IASB issued IFRS 16 Leases In order to meet the requirements of IFRS 16, we have established an enterprise-wide project and are currently assessing the impact of the standard on our future financial results. The main impact identified to date is the requirement to record real estate leases on balance sheet. Currently, most of our real estate leases are classified as operating leases, whereby we record lease expense over the term of the lease with no asset or liability recorded on the balance sheet other than any related leasehold improvements. Under IFRS 16, we will recognize a right-of-use asset and a lease liability on the balance sheet. There will be no significant impact on our lessor businesses. When we adopt IFRS 16, we can either recognize the cumulative effect of any changes resulting from our adoption of IFRS 16 in opening retained earnings with no comparison for prior years or alternatively, we can restate prior periods as if we had always applied IFRS 16. We are assessing our transition approach as part of our project. Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts Insurance Contracts Conceptual Framework In March 2018, the IASB issued the revised Conceptual Framework (“Framework”), which sets out the fundamental concepts for financial reporting to ensure consistency in standard-setting decisions and that similar transactions are treated in a similar way, so as to provide useful information to users of financial statements. The revised Framework, which is effective for our fiscal year beginning November 1, 2020, will inform future standard-setting decisions but does not impact existing IFRS. We do not expect the Framework to have a significant impact on our accounting policies. |
Cash and Interest Bearing Depos
Cash and Interest Bearing Deposits with Banks | 12 Months Ended |
Oct. 31, 2018 | |
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Cash and Interest Bearing Deposits with Banks | Note 2: Cash and Interest Bearing Deposits with Banks (Canadian $ in millions) 2018 2017 Cash and deposits with banks (1) 40,738 30,002 Cheques and other items in transit, net 1,404 2,597 Total cash and cash equivalents 42,142 32,599 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. Cheques and Other Items in Transit, Net Cheques and other items in transit are recorded at cost and represent the net position of the uncleared cheques and other items in transit between us and other banks. Cash Restrictions Certain of our foreign operations are required to maintain reserves or minimum balances with central banks in their respective countries of operation, totalling $1,655 million as at October 31, 2018 ($1,435 million in 2017). Interest Bearing Deposits with Banks Deposits with banks are recorded at amortized cost and include acceptances we have purchased that were issued by other banks. Interest income earned on these deposits is recorded on an accrual basis. |
Securities
Securities | 12 Months Ended |
Oct. 31, 2018 | |
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Securities | Securities are divided into six types, each with a different purpose and accounting treatment. The types of securities we hold are as follows: Trading securities Fair value through profit or loss securities Securities Designated at FVTPL In order to qualify for this designation, the security must have reliably measurable fair values and the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the gains and losses on a different basis. Securities must be designated on initial recognition, and the designation is irrevocable. If these securities were not designated at FVTPL, they would be accounted for as either FVOCI or amortized cost. We designate certain securities held by our insurance subsidiaries that support our insurance liabilities at fair value through profit or loss since the actuarial calculation of insurance liabilities is based on the fair value of the investments supporting them. This designation aligns the accounting result with the way the portfolio is managed on a fair value basis. The change in fair value of the securities is recorded in non-interest revenue, insurance revenue and the change in fair value of the liabilities is recorded in insurance claims, commissions and changes in policy benefit liabilities. The fair value of these investments as at October 31, 2018 of $8,783 million ($8,465 million as at October 31, 2017) is recorded in securities in our Consolidated Balance Sheet. The impact of recording these investments at fair value through profit or loss was a decrease of $372 million in non-interest revenue, insurance revenue, for the year ended October 31, 2018 (increase of $39 million for the year ended October 31, 2017). Securities Mandatorily Measured at FVTPL Securities managed on a fair value basis, but not held for trading, or debt securities whose cash flows do not represent solely payments of principal and interest and equity securities not held for trading are classified as FVTPL. Debt securities measured at amortized cost Debt securities measured at FVOCI Debt securities measured at FVOCI are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in our Consolidated Statement of Comprehensive Income until the security is sold or impaired. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest Equity securities measured at FVOCI Other securities We account for all of our securities transactions using settlement date accounting in our Consolidated Balance Sheet. Changes in fair value between the trade date and settlement date are recorded in net income, except for those related to securities measured at FVOCI, which are recorded in other comprehensive income. Impairment Review Debt securities classified as amortized cost or FVOCI are assessed for impairment using the ECL model, with the exception of securities determined to have low credit risk where the allowance for credit losses is measured at a 12 month expected credit loss. A financial asset is considered to have low credit risk if the financial asset has a low risk of default, the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. Classification of Securities Our securities are classified as at October 31, 2018 under IFRS 9 and as at October 31, 2017 under IAS 39 as follows: (Canadian $ in millions) 2018 2017 Trading 99,697 99,069 FVTPL (1) 11,611 na FVOCI - Debt and Equity (2) 62,440 na Available-for-sale na 54,075 Amortized cost (3) 6,485 na Held-to-maturity na 9,094 Other 702 960 180,935 163,198 (1) Comprised of $2,828 million mandatorily measured at fair value and $8,783 million designated at fair value. (2) Includes allowances for credit losses on FVOCI debt securities of $2 million (na at October 31, 2017). (3) Net of allowances for credit losses of $1 million (na at October 31, 2017). na – not applicable due to IFRS 9 adoption. Fair Value Measurement For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid prices. For securities where market quotes are not available, we use estimation techniques to determine fair value. A discussion of fair value measurement is included in Note 17. Classified under IFRS 9 (Canadian $ in millions, except as noted) Term to maturity 2018 Within 1 1 to 3 3 to 5 5 to 10 Over 10 Total Trading Securities Issued or guaranteed by: Canadian federal government 4,103 2,195 2,038 1,077 907 10,320 Canadian provincial and municipal governments 1,293 2,029 1,235 1,355 2,790 8,702 U.S. federal government 2,684 2,835 1,260 1,895 843 9,517 U.S. states, municipalities and agencies 756 135 29 114 182 1,216 Other governments 485 557 330 40 – 1,412 NHA MBS, U.S. agency MBS and CMO (1) 382 497 477 346 7,482 9,184 Corporate debt 2,635 1,821 1,295 1,413 2,034 9,198 Loans 14 82 55 48 – 199 Corporate equity – – – – 49,949 49,949 Total trading securities 12,352 10,151 6,719 6,288 64,187 99,697 FVTPL Securities Issued or guaranteed by: Canadian federal government 328 – 4 2 97 431 Canadian provincial and municipal governments – 23 5 22 896 946 U.S. federal government 69 – – – – 69 NHA MBS, U.S. agency MBS and CMO (1) – 3 4 – – 7 Corporate debt 616 56 125 692 5,331 6,820 Corporate equity – – – – 3,338 3,338 Total FVTPL securities 1,013 82 138 716 9,662 11,611 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 6,600 4,036 1,711 537 – 12,884 Fair value 6,592 4,006 1,688 519 – 12,805 Yield (%) 1.52 1.58 2.09 2.14 – 1.64 Canadian provincial and municipal governments Amortized cost 3,200 1,229 1,742 713 12 6,896 Fair value 3,204 1,227 1,726 693 12 6,862 Yield (%) 1.36 1.81 2.67 2.59 3.58 1.90 U.S. federal government Amortized cost 462 1,604 7,116 8,221 – 17,403 Fair value 454 1,595 6,858 7,916 – 16,823 Yield (%) 2.39 2.61 1.98 2.35 – 2.22 U.S. states, municipalities and agencies Amortized cost 356 684 542 1,177 935 3,694 Fair value 355 678 540 1,158 924 3,655 Yield (%) 1.69 2.07 2.59 2.59 2.66 2.42 Other governments Amortized cost 1,193 1,187 2,135 303 – 4,818 Fair value 1,192 1,183 2,113 302 – 4,790 Yield (%) 1.82 2.21 2.74 2.87 – 2.39 NHA MBS (1) Amortized cost 306 62 2,014 – – 2,382 Fair value 310 62 1,998 – – 2,370 Yield (%) 1.95 1.32 2.00 – – 1.98 U.S. agency MBS and CMO (1) Amortized cost – 13 109 1,819 9,870 11,811 Fair value – 13 106 1,761 9,437 11,317 Yield (%) – 2.31 2.50 2.51 2.29 2.33 Corporate debt Amortized cost 672 1,992 569 509 41 3,783 Fair value 671 1,980 566 498 41 3,756 Yield (%) 1.45 2.86 2.87 3.24 4.02 2.67 Corporate equity Amortized cost – – – – 62 62 Fair value – – – – 62 62 Yield (%) – – – – – – Total cost or amortized cost 12,789 10,807 15,938 13,279 10,920 63,733 Total fair value 12,778 10,744 15,595 12,847 10,476 62,440 Yield (%) 1.55 2.09 2.23 2.44 2.32 2.13 Amortized Cost Securities Issued or guaranteed by: Canadian provincial and municipal governments Amortized cost 230 280 143 179 – 832 Fair value 230 282 145 184 – 841 Other governments Amortized cost – 3 7 – – 10 Fair value – 3 7 – – 10 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 171 452 – 1,884 3,045 5,552 Fair value 171 454 – 1,808 2,913 5,346 Corporate debt Amortized cost 1 10 10 5 65 91 Fair value 1 10 10 5 65 91 Total cost or amortized cost 402 745 160 2,068 3,110 6,485 Total fair value 402 749 162 1,997 2,978 6,288 Other Securities Carrying value – – – – 702 702 Total carrying value or amortized cost of securities 26,556 21,785 22,955 22,351 88,581 182,228 Total value of securities 26,545 21,722 22,612 21,919 88,137 180,935 Total by Currency (in Canadian $ equivalent) Canadian dollar 18,091 12,284 9,782 5,475 37,135 82,767 U.S. dollar 7,799 9,423 12,718 16,404 49,922 96,266 Other currencies 655 15 112 40 1,080 1,902 Total securities 26,545 21,722 22,612 21,919 88,137 180,935 Classified under IAS 39 (Canadian $ in millions, except as noted) Term to maturity 2017 Within 1 1 to 3 3 to 5 5 to 10 Over 10 Total Trading Securities Issued or guaranteed by: Canadian federal government 4,862 1,527 2,021 1,313 1,104 10,827 Canadian provincial and municipal governments 812 1,343 714 1,991 2,467 7,327 U.S. federal government 1,332 1,758 2,000 1,906 2,477 9,473 U.S. states, municipalities and agencies 642 222 86 100 1,081 2,131 Other governments 85 438 266 34 – 823 NHA MBS, U.S. agency MBS and CMO (1) 147 571 203 8 2 931 Corporate debt 1,298 1,375 795 1,281 7,014 11,763 Loans – 28 7 118 – 153 Corporate equity – – – – 55,641 55,641 Total trading securities 9,178 7,262 6,092 6,751 69,786 99,069 Available-for-Sale Securities Issued or guaranteed by: Canadian federal government Amortized cost 5,585 1,764 1,266 597 – 9,212 Fair value 5,578 1,749 1,262 591 – 9,180 Yield (%) 0.66 1.48 1.46 1.57 – 0.99 Canadian provincial and municipal governments Amortized cost 1,157 265 1,293 860 38 3,613 Fair value 1,156 266 1,310 855 40 3,627 Yield (%) 0.85 1.45 2.24 2.32 3.27 1.77 U.S. federal government Amortized cost 15 – 3,128 11,338 – 14,481 Fair value 17 – 3,115 11,137 – 14,269 Yield (%) 0.88 – 1.81 1.80 – 1.80 U.S. states, municipalities and agencies Amortized cost 370 563 463 1,329 1,333 4,058 Fair value 370 566 467 1,357 1,336 4,096 Yield (%) 1.63 1.78 2.26 2.40 1.71 2.00 Other governments Amortized cost 1,592 1,231 725 19 – 3,567 Fair value 1,593 1,225 722 18 – 3,558 Yield (%) 1.44 1.34 1.52 2.72 – 1.43 NHA MBS (1) Amortized cost 255 1,143 1,059 – – 2,457 Fair value 262 1,141 1,052 – – 2,455 Yield (%) 2.05 1.83 1.56 – – 1.74 U.S. agency MBS and CMO – U.S. (1) Amortized cost 1 20 62 658 10,161 10,902 Fair value 1 19 62 659 10,020 10,761 Yield (%) 1.83 3.12 2.25 2.31 1.97 1.99 Corporate debt Amortized cost 995 2,082 737 607 93 4,514 Fair value 997 2,080 734 619 95 4,525 Yield (%) 0.75 2.08 2.48 3.08 3.64 2.02 Corporate equity Amortized cost – – – – 1,499 1,499 Fair value – – – – 1,604 1,604 Yield (%) – – – – 2.37 2.37 Total cost or amortized cost 9,970 7,068 8,733 15,408 13,124 54,303 Total fair value 9,974 7,046 8,724 15,236 13,095 54,075 Yield (%) 0.89 1.72 1.85 1.95 2.00 1.72 Held-to-Maturity Securities Issued or guaranteed by: Canadian federal government Amortized cost 1,855 – – – – 1,855 Fair value 1,857 – – – – 1,857 Canadian provincial and municipal governments Amortized cost 735 510 – 322 – 1,567 Fair value 737 512 – 341 – 1,590 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 191 485 364 999 3,633 5,672 Fair value 191 486 366 997 3,609 5,649 Total cost or amortized cost 2,781 995 364 1,321 3,633 9,094 Total fair value 2,785 998 366 1,338 3,609 9,096 Other Securities Carrying value 7 21 13 38 881 960 Total carrying value or amortized cost of securities 21,936 15,346 15,202 23,518 87,424 163,426 Total value of securities 21,940 15,324 15,193 23,346 87,395 163,198 Total by Currency (in Canadian $ equivalent) Canadian dollar 16,959 8,546 7,222 6,235 41,261 80,223 U.S. dollar 3,948 6,662 7,916 17,087 44,384 79,997 Other currencies 1,033 116 55 24 1,750 2,978 Total securities 21,940 15,324 15,193 23,346 87,395 163,198 (1) These amounts are supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. Yields in the tables above are calculated using the cost of the security and the contractual interest rate associated with each security, adjusted for any amortization of premiums and discounts. Tax effects are not taken into consideration. The term to maturity included in the table above is based on the contractual maturity date of the security. Actual maturities could differ, as issuers may have the right to call or prepay obligations. Equity securities with no maturity date are included in the over 10 years category. Unrealized Gains and Losses The following table summarizes the unrealized gains and losses on FVOCI securities as at October 31, 2018 under IFRS 9 and the unrealized gains and losses on available-for-sale (Canadian $ in millions) 2018 2017 Amortized Gross Gross Fair Amortized Gross Gross Fair Issued or guaranteed by: Canadian federal government 12,884 1 80 12,805 9,212 6 38 9,180 Canadian provincial and municipal governments 6,896 8 42 6,862 3,613 29 15 3,627 U.S. federal government 17,403 4 584 16,823 14,481 12 224 14,269 U.S. states, municipalities and agencies 3,694 16 55 3,655 4,058 43 5 4,096 Other governments 4,818 2 30 4,790 3,567 3 12 3,558 NHA MBS 2,382 6 18 2,370 2,457 9 11 2,455 U.S. agency MBS and CMO 11,811 2 496 11,317 10,902 6 147 10,761 Corporate debt 3,783 6 33 3,756 4,514 23 12 4,525 Corporate equity 62 – – 62 1,499 121 16 1,604 Total 63,733 45 1,338 62,440 54,303 252 480 54,075 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest, Dividend and Fee Income Interest, dividend and fee income has been included in our consolidated financial statements as follows, excluding other securities and trading securities. Related income for trading securities is included in Note 17 Trading-Related Revenue. (Canadian $ in millions) 2018 2017 2016 FVTPL 16 na na FVOCI 1,118 na na Amortized cost 172 na na Available-for-sale securities na 662 509 Held-to-maturity securities na 150 143 Total 1,306 812 652 na – not applicable due to IFRS 9 adoption. Certain comparative figures have been reclassified to conform with the current year’s presentation. Non-Interest Revenue Net gains and losses from securities, excluding net realized and unrealized gains on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) 2018 2017 2016 Non-Interest FVTPL securities 106 na na FVOCI securities (1) Gross realized gains 363 228 59 Gross realized (losses) (216 ) (99 ) (16 ) Unrealized gains on investments reclassified from available-for-sale to other na – 7 Other securities, net realized and unrealized gains – 49 51 Impairment write-downs (14 ) (7 ) (17 ) Securities gains, other than trading (2) 239 171 84 (1) Realized gains (losses) are net of unrealized gains (losses) on related hedge contracts. Fiscal 2017 and prior years represent available-for-sale securities (Note 1). (2) The following amounts of income related to our insurance operations were included in non-interest Unrealized gains and losses on trading securities are included in trading-related revenue in Note 17. na – not applicable due to IFRS 9 adoption. |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Oct. 31, 2018 | |
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Loans and Allowance for Credit Losses | Loans are initially measured at fair value plus directly attributable costs, and are subsequently measured at amortized cost using the effective interest method. The effective interest method allocates interest income over the expected term of the loan by applying the effective interest rate to the carrying amount of the loan. The effective interest rate is defined as the rate that exactly discounts estimated future cash receipts through the expected term of the loan to the net carrying amount of the loan. Under the effective interest method, the amount recognized in interest, dividend and fee income, loans, varies over the term of the loan based on the principal outstanding. The treatment of interest income for impaired loans is described below. Securities Borrowed or Purchased Under Resale Agreements Securities borrowed or purchased under resale agreements represent the amounts we will receive as a result of our commitment to return or resell securities that we have borrowed or purchased, back to the original lender or seller, on a specified date at a specified price. We account for these instruments as if they were loans. Lending Fees Lending fees arise in Personal and Commercial Banking and Capital Markets. The accounting treatment for lending fees varies depending on the transaction. Some loan origination, restructuring and renegotiation fees are recorded as interest income over the term of the loan, while other lending fees are taken into income at the time of loan origination. Commitment fees are calculated as a percentage of the facility balance at the end of the period. The fees are recorded as interest income over the term of the loan, unless we believe the loan commitment will not be used. In the latter case, commitment fees are recorded as lending fees earned over the commitment period. Loan syndication fees are payable and included in lending fees at the time the syndication is completed, unless the yield on any loans we retain is less than that of other comparable lenders involved in the financing. In the latter case, an appropriate portion of the syndication fee is recorded as interest income over the term of the loan. Impaired Loans We classify a loan as impaired when one or more loss events have occurred, such as bankruptcy, default or delinquency. Generally, consumer loans in both Canada and the U.S. are classified as impaired when payment is contractually 90 days past due, or one year past due for residential mortgages if guaranteed by the Government of Canada. Credit card loans are immediately written off when principal or interest payments are 180 days past due, and are not reported as impaired. In Canada, consumer instalment loans, other personal loans and some small business loans are normally written off when they are one year past due. In the U.S., all consumer loans are generally written off when they are 180 days past due, except for non-real Corporate and commercial loans are classified as impaired when we determine there is no longer reasonable assurance that principal or interest will be collected in their entirety on a timely basis. Generally, we consider corporate and commercial loans to be impaired when payments are 90 days past due. Corporate and commercial loans are written off following a review on an individual loan basis that confirms all recovery attempts have been exhausted. A loan will be reclassified to performing status when we determine that there is reasonable assurance of full and timely repayment of interest and principal in accordance with the terms and conditions of the loan, and that none of the criteria for classification of the loan as impaired continue to apply. Loans are in default when the borrower is unlikely to pay its credit obligations in full without recourse by the bank, such as realizing security, or when the borrower’s payments are past due more than 90 days (180 days for credit card loans). Overdrafts are considered to be past due once the customer has breached an advised limit or been advised of a limit smaller than currently outstanding or, in the case of retail overdrafts, has not brought the overdraft down to a $nil balance within a specified time period. Our average gross impaired loans were $2,115 million for the year ended October 31, 2018 ($2,248 million in 2017). Our average impaired loans, net of the specific allowance, were $1,706 million for the year ended October 31, 2018 ($1,838 million in 2017). Once a loan is identified as impaired, we continue to recognize interest income based on the original effective interest rate on the loan amount net of its related allowance. In the periods following the recognition of impairment, adjustments to the allowance for these loans reflecting the time value of money are recognized and presented as interest income. Interest income on impaired loans of $67 million was recognized for the year ended October 31, 2018 ($75 million in 2017 and $74 million in 2016). During the year ended October 31, 2018, we recorded a net gain of $4 million before tax ($28 million in 2017 and $5 million in 2016) on the sale of impaired and written-off loans. Allowance for Credit Losses (“ACL”) The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level that we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $1,870 million as at October 31, 2018, of which $1,639 million was recorded in loans and $231 million was recorded in other liabilities in our Consolidated Balance Sheet. Allowance on Performing Loans We maintain an allowance in order to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Our approach to establishing and maintaining the allowance on performing loans is based on the requirements of IFRS, considering guidelines issued by OSFI. Under the IFRS 9 ECL methodology, an allowance is recorded for expected credit losses on financial assets regardless of whether there has been an actual impairment. We recognize a loss allowance at an amount equal to 12 month expected credit losses, if the credit risk at the reporting date has not increased significantly since initial recognition (Stage 1). We will record expected credit losses over the remaining life of performing financial assets which are considered to have experienced a significant increase in credit risk (Stage 2). The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The main factors considered in making this determination are relative changes in probability-weighted probability of default since origination and certain other criteria, such as 30-day For each exposure, ECL is a function of the probability of default (“PD”), exposure at default (“EAD”) and loss given default (“LGD”), with the timing of the loss also considered, and is estimated by incorporating forward-looking economic information and through the use of experienced credit judgment to reflect factors not captured in ECL models. PD represents the likelihood that a loan will not be repaid and will go into default in either a 12 month horizon for Stage 1 or a lifetime horizon for Stage 2. The PD for each individual instrument is modelled based on historical data and is estimated based on current market conditions and reasonable and supportable information about future economic conditions. EAD is modelled on historical data and represents an estimate of the outstanding amount of credit exposure at the time a default may occur. For off-balance LGD is the amount that may not be recovered in the event of default and is modelled based on historical data and reasonable and supportable information about future economic conditions, where appropriate. LGD takes into consideration the amount and quality of any collateral held. We consider past events, current market conditions and reasonable forward-looking supportable information about future economic conditions in calculating the amount of expected losses. In assessing information about possible future economic conditions, we utilize multiple economic scenarios including our base case, which represents, in our view, the most probable outcome, as well as benign and adverse forecasts, all of which are developed by our Economics group. Key economic variables used in the determination of the allowance for credit losses reflect the geographic diversity of our portfolios, where appropriate. In considering the lifetime of a loan, the contractual period of the loan, including prepayment, extension and other options, is generally used. For revolving instruments, such as credit cards, which may not have a defined contractual period, the lifetime is based on historical behaviour. Our ECL methodology also requires the use of experienced credit judgment to incorporate the estimated impact of factors that are not captured in the modelled ECL results. Allowance on Impaired Loans We maintain an allowance on individually identified impaired loans (Stage 3) of $370 million on our gross impaired loans of $1,936 million, to reduce their carrying value to an expected recoverable amount of $1,566 million as at October 31, 2018 ($1,827 million as at October 31, 2017). We review our loans on an ongoing basis to assess whether any loans should be classified as impaired and whether an allowance or write-off Individually Significant Impaired Loans To determine the amount we expect to recover from an individually significant impaired loan, we use the value of the estimated future cash flows discounted at the loan’s original effective interest rate. The determination of estimated future cash flows of a collateralized impaired loan reflects the expected realization of the underlying security, net of expected costs and any amounts legally required to be paid to the borrower. Security can vary by type of loan and may include cash, securities, real estate properties, accounts receivable, guarantees, inventory or other capital assets. Individually Insignificant Impaired Loans Residential mortgages, consumer instalment and other personal loans are individually insignificant and may be individually assessed or collectively assessed for losses at the time of impairment, taking into account historical loss experience and expectations of future economic conditions. Collectively assessed loans are grouped together by similar risk characteristics, such as type of instrument, geographic location, industry, type of collateral and term to maturity. Loans Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost or FVTPL as at October 31, 2018. Stage 1 represents those performing loans carried with a 12 month expected credit loss, Stage 2 represents those performing loans carried with a lifetime expected credit loss, and Stage 3 represents those loans with a lifetime credit loss that are credit impaired. (Canadian $ in millions) 2018 Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low – – – – Very low 76,314 125 – 76,439 Low 18,975 2,479 – 21,454 Medium 12,621 3,765 – 16,386 High 90 445 – 535 Not rated 4,250 181 – 4,431 Impaired – – 375 375 Allowance for credit losses 20 37 19 76 Carrying amount 112,230 6,958 356 119,544 Loans: Consumer instalment and other personal Exceptionally low 20,236 20 – 20,256 Very low 13,364 222 – 13,586 Low 12,581 364 – 12,945 Medium 7,707 4,153 – 11,860 High 127 1,657 – 1,784 Not rated 2,105 168 – 2,273 Impaired – – 521 521 Allowance for credit losses 83 312 143 538 Carrying amount 56,037 6,272 378 62,687 Loans: Credit cards Exceptionally low 2,403 4 – 2,407 Very low 1,140 11 – 1,151 Low 943 107 – 1,050 Medium 1,742 874 – 2,616 High 108 428 – 536 Not rated 568 1 – 569 Impaired – – – – Allowance for credit losses 39 191 – 230 Carrying amount 6,865 1,234 – 8,099 Loans: Business and government (1) Acceptable Investment grade 109,774 2,148 – 111,922 Sub-investment grade 88,348 7,308 – 95,656 Watchlist – 4,423 – 4,423 Impaired – – 1,040 1,040 Allowance for credit losses 232 355 208 795 Carrying amount 197,890 13,524 832 212,246 Commitments and financial guarantee contracts Acceptable Investment grade 116,108 1,722 – 117,830 Sub-investment grade 44,895 3,426 – 48,321 Watchlist – 1,650 – 1,650 Impaired – – 242 242 Allowance for credit losses 108 96 27 231 Carrying amount 160,895 6,702 215 167,812 (1) Includes customers’ liability under acceptances. The following table shows the continuity in the loss allowance by each product type as at October 31, 2018. (Canadian $ in millions) For the twelve months ended Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at November 1, 2017 16 34 49 99 Transfer to Stage 1 34 (31 ) (3 ) – Transfer to Stage 2 (1 ) 7 (6 ) – Transfer to Stage 3 – (9 ) 9 – Net remeasurement of loss allowance (37 ) 42 19 24 Loan originations 10 – – 10 Derecognitions and maturities (2 ) (6 ) – (8 ) Total provision for credit losses (“PCL”) (1) 4 3 19 26 Write-offs – – (20 ) (20 ) Recoveries of previous write-offs – – 7 7 Foreign exchange and other – 1 (11 ) (10 ) Balance as at October 31, 2018 20 38 44 102 Loans: Consumer instalment and other personal Balance as at November 1, 2017 76 357 137 570 Transfer to Stage 1 214 (200 ) (14 ) – Transfer to Stage 2 (22 ) 105 (83 ) – Transfer to Stage 3 (4 ) (162 ) 166 – Net remeasurement of loss allowance (196 ) 272 162 238 Loan originations 39 – – 39 Derecognitions and maturities (18 ) (50 ) – (68 ) Total PCL (1) 13 (35 ) 231 209 Write-offs – – (301 ) (301 ) Recoveries of previous write-offs – – 92 92 Foreign exchange and other 1 4 (15 ) (10 ) Balance as at October 31, 2018 90 326 144 560 Loans: Credit cards Balance as at November 1, 2017 83 254 – 337 Transfer to Stage 1 177 (177 ) – – Transfer to Stage 2 (37 ) 37 – – Transfer to Stage 3 (1 ) (195 ) 196 – Net remeasurement of loss allowance (164 ) 342 20 198 Loan originations 19 – – 19 Derecognitions and maturities (3 ) (42 ) – (45 ) Total PCL (1) (9 ) (35 ) 216 172 Write-offs – – (319 ) (319 ) Recoveries of previous write-offs – – 103 103 Balance as at October 31, 2018 74 219 – 293 Loans: Business and government Balance as at November 1, 2017 268 410 234 912 Transfer to Stage 1 136 (128 ) (8 ) – Transfer to Stage 2 (31 ) 66 (35 ) – Transfer to Stage 3 (1 ) (61 ) 62 – Net remeasurement of loss allowance (155 ) 203 215 263 Loan originations 163 – – 163 Derecognitions and maturities (80 ) (86 ) – (166 ) Model changes (7 ) (3 ) – (10 ) Total PCL (1) 25 (9 ) 234 250 Write-offs – – (297 ) (297 ) Recoveries of previous write-offs – – 59 59 Foreign exchange and other 5 7 (21 ) (9 ) Balance as at October 31, 2018 298 408 209 915 Total as at October 31, 2018 482 991 397 1,870 Comprised of: Loans 374 895 370 1,639 Other credit instruments (2) 108 96 27 231 (1) Excludes provision for credit losses on other assets of $5 million. (2) Recorded in other liabilities on the Consolidated Balance Sheet. The following table shows the continuity of our allowance for credit losses under IAS 39 as at October 31, 2017: (Canadian $ in millions) Residential Credit card, consumer instalment and other personal loans Business and Total 2017 2016 2017 2016 2017 2016 2017 2016 Impairment allowances (specific ACL), beginning of year 59 69 123 113 250 210 432 392 Amounts written off (27 ) (38 ) (631 ) (616 ) (296 ) (349 ) (954 ) (1,003 ) Recoveries of amounts written off in previous years 16 16 199 173 50 154 265 343 Charge to income statement (specific PCL) 11 24 464 478 347 269 822 771 Foreign exchange and other movements (10 ) (12 ) (18 ) (25 ) (117 ) (34 ) (145 ) (71 ) Specific ACL, end of year 49 59 137 123 234 250 420 432 Collective ACL, beginning of year 71 111 596 714 1,015 835 1,682 1,660 Charge (recovery) to income statement (collective PCL) (1 ) (42 ) (6 ) (120 ) (69 ) 162 (76 ) – Foreign exchange and other movements (1 ) 2 (4 ) 2 (25 ) 18 (30 ) 22 Collective ACL, end of year 69 71 586 596 921 1,015 1,576 1,682 Total ACL 118 130 723 719 1,155 1,265 1,996 2,114 Comprised of: Loans 93 104 722 719 1,018 1,102 1,833 1,925 Other credit instruments (1) 25 26 1 – 137 163 163 189 (1) The total specific and collective allowances related to other credit instruments are included in other liabilities. Certain comparative figures have been reclassified to conform with the current year’s presentation. Significant changes in the gross balances, including originations, maturities and repayments in the normal course of operations, impact the allowance for credit losses. Loans and allowance for credit losses by geographic region as at October 31, 2018 under IFRS 9 and as at October 31, 2017 under IAS 39 are as follows: (Canadian $ in millions) 2018 2017 Gross Allowance on Allowance on Net Gross Specific Collective Net By geographic region: (1) Canada 244,837 189 689 243,959 233,672 212 799 232,661 United States 131,247 181 574 130,492 115,029 161 641 114,227 Other countries 9,546 – 6 9,540 11,639 20 – 11,619 Total 385,630 370 1,269 383,991 360,340 393 1,440 358,507 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $27 million for other credit instruments, which is included in other liabilities ($27 million in 2017). (3) Excludes allowance for credit losses on performing loans of $204 million for other credit instruments, which is included in other liabilities ($136 million in 2017). Certain comparative figures have been reclassified to conform with the current year’s presentation. Impaired loans, including the related allowances, as at October 31, 2018 under IFRS 9 and as at October 31, 2017 under IAS 39 are as follows: (Canadian $ in millions) Gross impaired amount (1) Allowance on Specific Net Net 2018 2017 2018 2017 2018 2017 Residential mortgages 375 391 19 24 356 367 Consumer instalment and other personal loans 521 556 143 136 378 420 Business and government loans 1,040 1,273 208 233 832 1,040 Total 1,936 2,220 370 393 1,566 1,827 By geographic region: (2) Canada 735 793 189 212 546 581 United States 1,201 1,377 181 161 1,020 1,216 Other countries – 50 – 20 – 30 Total 1,936 2,220 370 393 1,566 1,827 (1) Excludes purchased credit impaired loans. (2) Geographic region is based upon the country of ultimate risk. (3) Excludes allowance for credit losses on impaired loans of $27 million for other credit instruments, which is included in other liabilities ($27 million in 2017). Fully secured loans with amounts past due between 90 and 180 days that we have not classified as impaired totalled $49 million and $62 million as at October 31, 2018 and 2017, respectively. Certain comparative figures have been reclassified to conform with the current year’s presentation. Loans Past Due Not Impaired Loans that are past due but not classified as impaired are loans where our customers have failed to make payments when contractually due, but for which we expect the full amount of principal and interest payments to be collected, or which are held at fair value. The following table presents loans that are past due but not classified as impaired as at October 31, 2018 and 2017. (Canadian $ in millions) 1 to 29 days 30 to 89 days 90 days or more Total 2018 2017 2018 2017 2018 2017 2018 2017 Residential mortgages (1) 660 649 513 438 21 19 1,194 1,106 Credit card, consumer instalment and other personal loans 1,431 1,480 415 466 88 94 1,934 2,040 Business and government loans 611 589 268 297 55 72 934 958 Total 2,702 2,718 1,196 1,201 164 185 4,062 4,104 (1) The percentage of loans 90 days or more past due but not impaired that were guaranteed by the Government of Canada is 66% for 2018 and 67% for 2017. ECL Sensitivity and Key Economic Variables The allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. Many of the factors have a high degree of interdependency although there is no single factor to which loan impairment allowances as a whole are sensitive. If we assumed a 100% base case economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $1,250 million as at October 31, 2018 compared to the reported allowance for performing loans of $1,473 million. If we assumed a 100% adverse economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $2,650 million as at October 31, 2018, compared to the reported allowance for performing loans of $1,473 million. Actual results in a recession will differ as our portfolio will change through time due to migration, growth, risk mitigation actions and other factors. In addition, our allowance will reflect the three economic scenarios used in assessing the allowance with weightings attached to adverse and benign scenarios often unequally weighted and the weightings will change through time. The following table shows the key economic variables we use to estimate our allowance on performing loans during the forecast period. The values shown represent the end of period national average values for the first 12 months and then the national average for the remaining horizon. While the values disclosed below are national variables, in our underlying models we use regional variables where considered appropriate. Benign scenario Base scenario Adverse scenario As at October 31, 2018 First 12 months Remaining horizon First 12 months Remaining horizon First 12 months Remaining horizon Real gross domestic product (2) Canada 3.1% 2.4 % 1.8% 1.6 % (3.2 )% 0.8 % U.S. 2.9% 1.9 % 2.4% 1.6 % (2.9 )% 0.9 % Corporate BBB 10-year spread Canada 2.0% 2.1 % 2.3% 2.3 % 4.7 % 3.9 % U.S. 1.8% 2.0 % 2.2% 2.3 % 4.3 % 3.5 % Unemployment rates Canada 5.4% 5.2 % 5.6% 5.6 % 9.3 % 9.3 % U.S. 3.2% 3.1 % 3.6% 3.7 % 6.7 % 6.8 % Housing Price Index Canada (3) 2.4% 2.6 % 1.4% 1.8 % (12.8 )% (3.2 )% U.S. (4) 5.1% 4.3 % 3.6% 3.0 % (7.3 )% (1.2 )% (1) The remaining forecast period is two years. (2) Real gross domestic product is based on year over year growth. (3) In Canada, we use the HPI Benchmark Composite. (4) In the U.S., we use the National Case-Shiller House Price Index. The ECL approach requires the recognition of credit losses based on up to 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses on performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios, if all our performing loans were in Stage 1, our models would generate an allowance for performing loans of approximately $1,000 million compared to the reported allowance for performing loans of $1,473 million. Renegotiated Loans From time to time we modify the contractual terms of a loan due to the poor financial condition of the borrower. We assess renegotiated loans for impairment consistent with our existing policies for impairment. When renegotiation leads to significant concessions being granted, and the concessions are for economic or legal reasons related to the borrower’s financial difficulty that we would not otherwise consider, the loan is classified as impaired. We consider one or a combination of the following to be significant concessions: (1) a reduction of the stated interest rate, (2) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for a new loan with similar terms, or (3) forgiveness of principal or accrued interest. Renegotiated loans are permitted to remain in performing status if the modifications are not considered to be significant, or are returned to performing status when none of the criteria for classification as impaired continue to apply. The carrying value of our renegotiated loans was $1,129 million as at October 31, 2018 ($1,064 million in 2017). Renegotiated loans of $541 million were classified as performing during the year ended October 31, 2018 ($509 million in 2017). Renegotiated loans of $53 million were written off in the year ended October 31, 2018 ($36 million in 2017). Foreclosed Assets Property or other assets that we receive from borrowers to satisfy their loan commitments are classified as either held for use or held for sale according to management’s intention and are recorded at their carrying amount. During the year ended October 31, 2018, we foreclosed on impaired loans and received $117 million of real estate properties that we classified as held for sale ($62 million in 2017). As at October 31, 2018, real estate properties held for sale totalled $58 million ($55 million in 2017). These properties are disposed of when considered appropriate. During the year ended October 31, 2018, we recorded an impairment loss of $10 million on real estate properties classified as held for sale ($10 million in 2017 and $18 million in 2016). Write-offs Subject to Collection Efforts Generally, we continue to seek recovery on amounts that were written off during the period unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. Collateral Collateral is used to manage credit risk related to securities borrowed or purchased under resale agreements, residential mortgages, consumer instalment and other personal loans and business and government loans. Additional information on our collateral requirements is included in Notes 14 and 24 as well as in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 87 and 88 of this report. |
Risk Management
Risk Management | 12 Months Ended |
Oct. 31, 2018 | |
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Risk Management | Note 5: Risk Management We have an enterprise-wide approach to the identification, measurement, monitoring and control of risks faced across our organization. The key risks related to our financial instruments are classified as credit and counterparty, market, and liquidity and funding risk. Credit and Counterparty Risk Credit and counterparty risk is the potential for loss due to the failure of a borrower, endorser, guarantor or counterparty to repay a loan or honour another predetermined financial obligation. Credit risk arises predominantly with respect to loans, over-the-counter Our risk management practices and key measures are disclosed in the text and tables presented in a blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 87 to 91 of this report. Additional information on credit risk related to loans and derivatives is disclosed in Notes 4 and 8, respectively. Market Risk Market risk is the potential for adverse changes in the value of our assets and liabilities resulting from changes in market variables such as interest rates, foreign exchange rates, equity and commodity prices and their implied volatilities, and credit spreads, and includes the risk of credit migration and default in our trading book. We incur market risk in our trading and underwriting activities and in the management of structural market risk in our banking and insurance activities. Our market risk management practices and key measures are disclosed in the text and tables presented in a blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 95 to 99 of this report. Liquidity and Funding Risk Liquidity and funding risk is the potential for loss if we are unable to meet our financial commitments in a timely manner at reasonable prices as they become due. It is our policy to ensure that sufficient liquid assets and funding capacity are available to meet financial commitments, including liabilities to depositors and suppliers, and lending, investment and pledging commitments, even in times of stress. Managing liquidity and funding risk is essential to maintaining a safe and sound enterprise, depositor confidence and earnings stability. Our liquidity and funding risk management practices and key measures are disclosed in the text presented in a blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis on pages 100 to 108 of this report. |
Transfer of Assets
Transfer of Assets | 12 Months Ended |
Oct. 31, 2018 | |
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Transfer of Assets | Loan Securitization We sell Canadian mortgage loans to third-party Canadian securitization programs, including the Canada Mortgage Bond program, directly to third-party investors under the National Housing Act Mortgage-Backed Securities program and under our own program. We assess whether substantially all of the risks and rewards of the loans have been transferred to determine if they qualify for derecognition. Under these programs, we are entitled to the payment over time of the excess of the sum of interest and fees collected from customers, in connection with the loans that were sold, over the yield paid to investors, less credit losses and other costs. Since we continue to be exposed to substantially all of the prepayment, interest rate and credit risk associated with the securitized loans, they do not qualify for derecognition. We continue to recognize the loans and the related cash proceeds as secured financing in our Consolidated Balance Sheet. The interest and fees collected, net of the yield paid to investors, is recorded in net interest income using the effective interest method over the term of the securitization. Credit losses associated with the loans are recorded in the provision for credit losses. During the year ended October 31, 2018, we sold $8,062 million of mortgage loans to these programs ($8,707 million in 2017). The following table presents the carrying amount and fair value of transferred assets that did not qualify for derecognition and the associated liabilities: (Canadian $ in millions) 2018 2017 Carrying amount Carrying amount of Carrying amount Carrying amount of Residential mortgages 5,569 4,797 Other related assets (2) 11,640 12,091 Total (3) 17,209 16,925 16,888 16,621 (1) Carrying amount of loans is net of allowance. (2) Other related assets represent payments received on account of loans pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying amount of the securitized assets in the table above. (3) The fair values of assets and associated liabilities are $17,105 million and $16,763 million, respectively, as at October 31, 2018 ($16,847 million and $16,746 million, respectively, in 2017). We retain the mortgage servicing rights for certain mortgage loans purchased or originated in the U.S. which are sold and derecognized. During the year ended October 31, 2018, we sold $936 million of these loans ($1,012 million in 2017) and recognized $17 million in mortgage servicing rights ($17 million in 2017) due to our continued involvement. Securities Lent or Sold Under Repurchase Agreements Securities lent or sold under repurchase agreements represent short-term funding transactions in which we sell securities that we own and simultaneously commit to repurchase the same securities at a specified price on a specified date in the future. We retain substantially all of the risks and rewards associated with the securities and we continue to recognize them in our Consolidated Balance Sheet, with the obligation to repurchase these securities recorded as secured borrowing transactions at the amount owing. The interest expense related to these liabilities is recorded on an accrual basis. Additional information on securities lent or sold under repurchase agreements is provided in Note 14. |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2018 | |
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Structured Entities | Note 7: Structured Entities We enter into certain transactions in the ordinary course of business which involve the establishment of structured entities (“SEs”) to facilitate or secure customer transactions and to obtain alternate sources of funding. We are required to consolidate an SE if we control the entity. We control an SE when we have power over the SE, exposure to variable returns as a result of our involvement, and the ability to exercise power to affect the amount of our returns. In assessing whether we control an SE, we consider the entire arrangement to determine the purpose and design of the SE, the nature of any rights held through contractual arrangements and whether we are acting as a principal or agent. We perform a reassessment of consolidation if facts and circumstances indicate that there have been changes to one or more of the elements of control over the SE. See Note 1 for more information on our basis of consolidation. Consolidated Structured Entities Bank Securitization Vehicles We use securitization vehicles to securitize our Canadian credit card loans, Canadian real estate lines of credit and Canadian auto loans in order to obtain alternate sources of funding. The structure of these vehicles limits the activities they can undertake and the types of assets they can hold, and the vehicles have limited decision-making authority. The vehicles issue term asset-backed securities to fund their activities. We control and consolidate these vehicles, as we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. The following table presents the carrying amount and fair value of transferred assets that did not qualify for derecognition and the associated liabilities issued by our bank securitization vehicles: (Canadian $ in millions) 2018 2017 Carrying amount Carrying amount Carrying amount Carrying amount Credit card receivables 7,246 5,096 7,058 4,115 Consumer instalment and other personal (2) 6,827 3,083 5,699 2,295 Total (3) 14,073 8,179 12,757 6,410 (1) Carrying amount of loans is net of allowance. (2) Includes Canadian real estate lines of credit and Canadian auto loans. (3) The fair values of assets and associated liabilities are $14,045 million and $8,134 million, respectively, as at October 31, 2018 ($12,753 million and $6,403 million, respectively, in 2017). Certain comparative figures have been reclassified to conform with the current year’s presentation. U.S. Customer Securitization Vehicle We sponsor one customer securitization vehicle (also referred to as a bank-sponsored multi-seller conduit) that provides our customers with alternate sources of funding through the securitization of their assets. This vehicle provides clients with access to financing in the asset-backed commercial paper (“ABCP”) markets by allowing them to either sell their assets directly into the vehicle or indirectly by selling an interest in the securitized assets into the vehicle, which then issues ABCP to investors in order to fund the purchases. We do not sell assets to the customer securitization vehicle. We earn fees for providing services related to the securitizations, including liquidity, distribution and financial arrangement fees for supporting the ongoing operations of the vehicle. We have determined that we control and therefore consolidate this vehicle, as we are exposed to its variable returns and we have the key decision-making powers necessary to affect the amount of those returns in our capacity as liquidity provider and servicing agent. We provide committed liquidity support facilities to this vehicle which may require that we provide additional financing to the vehicle in the event that certain events occur. The total committed undrawn amount under these facilities at October 31, 2018 was $7,100 million ($6,765 million at October 31, 2017). Capital and Funding Vehicles We have a funding vehicle that was created to guarantee payments due to bondholders on bonds issued by us. We sell assets to this funding vehicle in exchange for an intercompany loan. We may also use capital vehicles to transfer our credit exposure on certain loan assets. We purchase credit protection against eligible credit events from these vehicles. The vehicles collateralize their obligation through the issuance of guarantee-linked notes. Loan assets are not sold or assigned to the vehicles and remain on our Consolidated Balance Sheet. As at October 31, 2018, $325 million of guarantee-linked notes issued by these vehicles were included in deposits in our Consolidated Balance Sheet ($318 million at October 31, 2017). For those vehicles that purchase assets from us or are designed to pass on our credit risk, we have determined that based on the rights of the arrangements or through our equity interest we have significant exposure to the variable returns of the vehicles, and we control and therefore consolidate these vehicles. Additional information related to notes issued by and assets sold to these vehicles is provided in Note 13 and Note 24, respectively. Unconsolidated Structured Entities The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2018 2017 Capital vehicles Canadian Structured Capital vehicles Canadian Structured Interests recorded on the balance sheet Cash and cash equivalents 118 53 – 8 50 – Trading securities – 12 – – 6 209 FVTPL securities – 582 – na na na FVOCI securities 2 242 – na na na Available-for-sale na na na 2 725 – Loans 7 – – 7 – – Other 3 13 – – 6 – 130 902 – 17 787 209 Deposits 570 53 – 460 50 146 Derivatives – – – – – 63 Other 17 – – 16 – – 587 53 – 476 50 209 Exposure to loss (2) 28 7,135 – 57 6,425 209 Total assets of the entities 587 5,033 – 476 4,592 209 (1) Securities held that are issued by our Canadian customer securitization vehicles are comprised of asset-backed commercial paper and are classified as trading securities, FVTPL securities and FVOCI securities (trading securities and available-for-sale (2) Exposure to loss represents securities held, undrawn liquidity facilities, total committed amounts of the BMO funded vehicle, derivative assets and loans. na – not applicable due to IFRS 9 adoption. Capital Vehicles One of our capital vehicles holds a note issued by us as its underlying asset. We intend to redeem the note on December 31, 2018. We may also use capital vehicles to pass our credit risk to security holders of the vehicles. In these situations we are not exposed to significant default or credit risk. Our remaining exposure to variable returns is less than that of the note holders in these vehicles, who are exposed to our default and credit risk. We are not required to consolidate these vehicles. Canadian Customer Securitization Vehicles We sponsor customer securitization vehicles (also referred to as bank-sponsored multi-seller conduits) that provide our customers with alternate sources of funding through the securitization of their assets. These vehicles provide clients with access to financing either from BMO or in the ABCP markets by allowing them to either sell their assets directly into the vehicle or indirectly by selling an interest in the securitized assets into the vehicle, which then issues ABCP to either investors or BMO to fund the purchases. We do not sell assets to the customer securitization vehicles. We earn fees for providing services related to the securitizations, including liquidity, distribution and financial arrangement fees for supporting the ongoing operations of the vehicles. We have determined that we do not control these entities, as their key relevant activity, the servicing of program assets, does not reside with us. We provide liquidity facilities to the market-funded vehicles which may require that we provide additional financing to the vehicles in the event that certain events occur. The total committed and undrawn amount under these liquidity facilities and any undrawn amounts of the BMO funded vehicle at October 31, 2018 was $6,286 million ($5,688 million at October 31, 2017). Structured Finance Vehicles We facilitate development of investment products by third parties, including mutual funds, unit investment trusts and other investment funds that are sold to retail investors. We enter into derivative contracts with these third parties to provide investors with their desired exposure, and we hedge our exposure related to these derivative contracts by investing in other funds through SEs. We are not required to consolidate these vehicles. During 2018, we discontinued these vehicles and we no longer enter into these types of arrangements with third parties. BMO Managed Funds We have established a number of funds that we also manage. We assess whether or not we control these funds based on the economic interest we have in the funds, including investments in the funds and management fees earned from the funds, and any investors’ rights to remove us as investment manager. Based on our assessment, we have determined that we do not control these funds. Our total interest in unconsolidated BMO managed funds was $1,612 million at October 31, 2018 ($1,750 million in 2017), which is included in securities in our Consolidated Balance Sheet. Other Structured Entities We purchase and hold investments in a variety of third-party structured entities including exchange-traded funds, mutual funds, limited partnerships and investment trusts. We are considered to have an interest in these investments through our holdings and because we may act as a counterparty in certain derivatives contracts. We are not the investment manager or the sponsor of any of these investments. We are generally a passive investor and do not have power over the key decision-making activities of these investments. Our maximum exposure to loss from our investments is limited to the carrying amounts of our investments and any unutilized commitment we have provided. Sponsored Structured Entities We may be deemed to be the sponsor of an SE if we are involved in the design, legal set-up Additional information on our compensation trusts is provided in Note 20. |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Derivative Instruments | Derivative instruments are financial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other financial or commodity prices or indices. Derivative instruments are either regulated exchange-traded contracts or negotiated over-the-counter Types of Derivatives Swaps Swaps are contractual agreements between two parties to exchange a series of cash flows. The various swap agreements that we enter into are as follows: Interest rate swaps – counterparties generally exchange fixed and floating rate interest payments based on a notional value in a single currency. Cross-currency swaps – fixed rate interest payments and principal amounts are exchanged in different currencies. Cross-currency interest rate swaps – fixed and/or floating rate interest payments and principal amounts are exchanged in different currencies. Commodity swaps – counterparties generally exchange fixed and floating rate payments based on a notional value of a single commodity. Equity swaps – counterparties exchange the return on an equity security or a group of equity securities for the return based on a fixed or floating interest rate or the return on another equity security or group of equity securities. Credit default swaps – one counterparty pays the other a fee in exchange for that other counterparty agreeing to make a payment if a credit event occurs, such as bankruptcy or failure to pay. Total return swaps – one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a reference 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. Forwards and Futures Forwards and futures are contractual agreements to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a specified price and date in the future. Forwards are customized contracts transacted in the over-the-counter Options Options are contractual agreements that convey to the purchaser the right but not the obligation to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a fixed future date or at any time within a fixed future period. For options written by us, we receive a premium from the purchaser for accepting market risk. For options purchased by us, we pay a premium for the right to exercise the option. Since we have no obligation to exercise the option, our primary exposure to risk is the potential credit risk if the writer of an over-the-counter Caps, collars and floors are specialized types of written and purchased options. They are contractual agreements in which the writer agrees to pay the purchaser, based on a specified notional amount, the difference between the market rate and the prescribed rate of the cap, collar or floor. The writer receives a premium for selling this instrument. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. A future option is an option contract in which the underlying instrument is a single futures contract. The main risks associated with these derivative instruments are related to exposure to movements in interest rates, foreign exchange rates, credit quality, value of the underlying financial instrument or commodity, as applicable, and the possible inability of counterparties to meet the terms of the contracts. Embedded Derivatives From time to time, we purchase or issue financial instruments containing embedded derivatives. The embedded derivative in financial liabilities is separated from the host contract and carried at fair value if the economic characteristics of the derivative are not closely related to those of the host contract, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not measured at fair value. To the extent that we cannot reliably identify and measure the embedded derivative, the entire contract is carried at fair value, with changes in fair value reflected in income. Embedded derivatives in certain of our equity linked notes are accounted for separately from the host instrument. Contingent Features Certain over-the-counter derivative instruments contain provisions that link the amount of collateral we are required to post or pay to our credit ratings (as determined by the major credit rating agencies). If our credit ratings were to be downgraded, certain counterparties to these derivative instruments could demand immediate and ongoing collateralization on derivative liability positions or request immediate payment. The aggregate fair value of all derivative instruments with collateral posting requirements that were in a liability position on October 31, 2018 was $2,860 million ($3,866 million in 2017), for which we have posted collateral of $2,963 million ($4,223 million in 2017). Risks Hedged Interest Rate Risk We manage interest rate risk through interest rate futures, interest rate swaps and options, which are linked to and adjust the interest rate sensitivity of a specific asset, liability, forecasted transaction or firm commitment, or a specific pool of transactions with similar risk characteristics. Foreign Currency Risk We manage foreign currency risk through currency futures, foreign currency options, cross-currency swaps, foreign exchange spot transactions, forward contracts and deposits denominated in foreign currencies. Equity Price Risk We manage equity price risk through total return swaps. Trading Derivatives Trading derivatives include derivatives entered into with customers to accommodate their risk management needs, market-making to facilitate customer-driven demand for derivatives, derivatives transacted on a limited basis to generate trading income from our principal trading positions and certain derivatives that are executed as part of our risk management strategy that do not qualify as hedges for accounting purposes (“economic hedges”). We structure and market derivative products to enable customers to transfer, modify or reduce current or expected risks. Principal trading activities include market-making and positioning activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenues based on spread and volume. Positioning activities involve managing market risk positions with the expectation of profiting from favourable movements in prices, rates or indices. Trading derivatives are recorded at fair value. Realized and unrealized gains and losses are recorded in trading revenues in our Consolidated Statement of Income. Unrealized gains on trading derivatives are recorded as derivative instrument assets and unrealized losses are recorded as derivative instrument liabilities in our Consolidated Balance Sheet. We may also economically hedge a portion of our U.S. dollar earnings through forward foreign exchange contracts and/or options to minimize fluctuations in our consolidated net income due to the translation of our U.S. dollar earnings. These contracts are recorded at fair value, with changes in fair value recorded in non-interest Fair Value of Trading and Hedging Derivatives Fair value represents point-in-time estimates that may change in subsequent reporting periods due to market conditions or other factors. A discussion of the fair value measurement of derivatives is included in Note 17. Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2018 2017 Gross assets Gross Net Gross assets Gross Net Trading Interest Rate Contracts Swaps 7,795 (6,419 ) 1,376 8,390 (7,027 ) 1,363 Forward rate agreements 36 (10 ) 26 41 – 41 Futures 2 (3 ) (1 ) – – – Purchased options 425 – 425 444 – 444 Written options – (273 ) (273 ) – (329 ) (329 ) Foreign Exchange Contracts Cross-currency swaps 2,362 (1,678 ) 684 2,687 (1,752 ) 935 Cross-currency interest rate swaps 4,977 (6,057 ) (1,080 ) 8,103 (9,051 ) (948 ) Forward foreign exchange contracts 4,335 (2,817 ) 1,518 4,954 (3,178 ) 1,776 Purchased options 241 – 241 267 – 267 Written options – (228 ) (228 ) – (270 ) (270 ) Commodity Contracts Swaps 1,559 (1,084 ) 475 726 (717 ) 9 Futures 17 – 17 – – – Purchased options 484 – 484 352 – 352 Written options – (372 ) (372 ) – (357 ) (357 ) Equity Contracts 2,158 (2,402 ) (244 ) 1,388 (3,386 ) (1,998 ) Credit Default Swaps Purchased 1 (36 ) (35 ) – (54 ) (54 ) Written 9 (1 ) 8 7 (1 ) 6 Total fair value – trading derivatives 24,401 (21,380 ) 3,021 27,359 (26,122 ) 1,237 Hedging Interest Rate Contracts Cash flow hedges – swaps 18 (1,261 ) (1,243 ) 78 (558 ) (480 ) Fair value hedges – swaps 701 (668 ) 33 274 (402 ) (128 ) Total swaps 719 (1,929 ) (1,210 ) 352 (960 ) (608 ) Foreign Exchange Contracts Cash flow hedges 1,084 (1,074 ) 10 1,202 (722 ) 480 Total foreign exchange contracts 1,084 (1,074 ) 10 1,202 (722 ) 480 Equity Contracts Cash flow hedges – (28 ) (28 ) 38 – 38 Total equity contracts – (28 ) (28 ) 38 – 38 Total fair value – hedging derivatives (1) 1,803 (3,031 ) (1,228 ) 1,592 (1,682 ) (90 ) Total fair value – trading and hedging derivatives 26,204 (24,411 ) 1,793 28,951 (27,804 ) 1,147 Less: impact of master netting agreements (15,575 ) 15,575 – (19,909 ) 19,909 – Total 10,629 (8,836 ) 1,793 9,042 (7,895 ) 1,147 (1) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance Assets are shown net of liabilities to customers where we have a legally enforceable right to offset amounts and we intend to settle contracts on a net basis. Notional Amounts of Trading Derivatives The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (Canadian $ in millions) 2018 2017 Exchange traded Over-the-counter Total Exchange traded Over-the-counter Total Interest Rate Contracts Swaps – 3,684,763 3,684,763 – 3,073,490 3,073,490 Forward rate agreements – 411,573 411,573 – 195,142 195,142 Purchased options 26,629 35,023 61,652 10,407 29,107 39,514 Written options 16,511 48,721 65,232 9,284 37,247 46,531 Futures 192,482 – 192,482 89,053 – 89,053 Total interest rate contracts 235,622 4,180,080 4,415,702 108,744 3,334,986 3,443,730 Foreign Exchange Contracts Cross-currency swaps – 57,226 57,226 – 50,534 50,534 Cross-currency interest rate swaps – 449,187 449,187 – 430,808 430,808 Forward foreign exchange contracts – 463,743 463,743 – 392,924 392,924 Purchased options 2,625 21,468 24,093 6,001 23,812 29,813 Written options 1,420 24,018 25,438 1,249 29,101 30,350 Futures 739 – 739 794 – 794 Total foreign exchange contracts 4,784 1,015,642 1,020,426 8,044 927,179 935,223 Commodity Contracts Swaps – 24,366 24,366 – 18,713 18,713 Purchased options 3,303 6,182 9,485 5,031 7,080 12,111 Written options 4,909 4,233 9,142 6,896 4,905 11,801 Futures 33,104 – 33,104 28,139 – 28,139 Total commodity contracts 41,316 34,781 76,097 40,066 30,698 70,764 Equity Contracts 33,687 52,725 86,412 14,253 63,184 77,437 Credit Default Swaps Purchased – 3,047 3,047 – 2,658 2,658 Written – 443 443 – 448 448 Total 315,409 5,286,718 5,602,127 171,107 4,359,153 4,530,260 Derivatives Used in Hedge Accounting In accordance with our risk management strategy, we enter into various derivative contracts to hedge our interest rate, foreign currency and equity price exposures. In addition, we use deposits to hedge foreign currency exposure in our net investment in foreign operations. To the extent these instruments qualify for hedge accounting, we designate them in accounting hedge relationships. Our structural market risk strategies, including our approach to managing interest rate and foreign exchange risk, are included in the blue-tinted font in the Structural (Non-Trading) Market Risk section of Management’s Discussion and Analysis on page 98 of this report. In addition, our exposure to foreign exchange rate risk is discussed in the Foreign Exchange Risk section of Management’s Discussion and Analysis on page 99. Our exposure to equity price risk and our approach to managing it are discussed in the “other share-based compensation, mid-term incentive plans” section of Note 20. By using derivatives to hedge exposures to interest rates, foreign currency exchange rates, and equity prices, we are also exposed to the credit risk of the derivative counterparty. We mitigate credit risk by entering into transactions with high-quality counterparties, requiring the counterparties to post collateral, entering into master netting agreements, or settling through centrally cleared counterparties. In order to qualify as an accounting hedge, the hedging relationship must be designated and formally documented at its inception, detailing the particular risk management objective and strategy for the hedge and the specific asset, liability or cash flow being hedged, as well as how effectiveness is being assessed. Changes in the fair value of the derivative must be highly effective in offsetting changes in the fair value or changes in the amount of future cash flows of the hedged item. We evaluate hedge effectiveness at the inception of the hedging relationship and on an ongoing basis, retrospectively and prospectively, primarily using a quantitative statistical regression analysis. We consider a hedging relationship highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8; the slope of the regression is within a 0.8 to 1.25 range; and the confidence level of the slope is at least 95%. The practice is different for our net investment hedge, discussed in the Net Investment Hedges section below. Any ineffectiveness in the hedging relationship is recognized as it arises in non-interest The following table outlines the notional amounts and average rates of derivatives and the carrying amount of deposits designated as hedging instruments, by term to maturity, hedge type, and risk type, where applicable. (Canadian $ in millions, except as noted) 2018 Remaining term to maturity Total Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount 5,252 22,976 30,790 14,751 – 73,769 Average fixed interest rate 1.66% 1.67% 2.60% 2.42% – 2.21% Foreign exchange risk – Cross-currency swaps and foreign exchange forwards (1) CAD-USD pair Notional amount 3,939 10,572 11,781 2,576 251 29,119 Average fixed interest rate 1.31% 1.20% 2.01% 1.27% 3.02% 1.57% Average exchange rate: CAD-USD 1.3347 1.3035 1.2923 1.1871 1.3122 1.2930 CAD-EUR pair Notional amount 3,804 8,726 8,618 – 201 21,349 Average fixed interest rate 1.74% 2.10% 2.26% – 2.97% 2.11% Average exchange rate: CAD-EUR 1.5217 1.4685 1.4999 – 1.4870 1.4908 Other currency pairs (2) Notional amount – 1,817 4,427 109 – 6,353 Average fixed interest rate – 2.05% 2.80% 2.98% – 2.59% Average exchange rate: CAD-Non USD/EUR – 1.4361 1.3338 0.1696 (3) – 1.3430 Equity price risk – Total return swap Notional amount 381 – – – – 381 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount 14,516 21,919 22,928 14,101 – 73,464 Average fixed interest rate 1.81% 2.16% 2.29% 2.36% – 2.17% Net Investment Hedges Foreign exchange risk USD denominated deposit – carrying amount 6,596 – – – – 6,596 GBP denominated deposit – carrying amount 473 – – – – 473 (1) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EURO-USD cross-currency swap split into EURO-CAD (2) Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP or CAD-HKD cross-currency swaps where applicable. (3) Includes one CAD-HKD cross-currency swap. Cash Flow Hedges Cash flow hedges modify exposure to variability in cash flows for variable interest rate bearing instruments, foreign currency denominated assets and liabilities and certain cash-settled share-based payment grants subject to equity price risk. We use interest rate swaps with or without embedded options, cross-currency swaps, and total return swaps to hedge this variability. We hedge the full amount of foreign exchange risk, but interest rate risk is hedged only to the extent of benchmark interest rates. The benchmark interest rate is a component of interest rate risk that is observable in the relevant financial markets, for example London Interbank Offered Rate (“LIBOR”) or Bankers’ Acceptances (“BA”) rate. We determine the amount of the exposure to which hedge accounting is applied by assessing the potential impact of changes in interest rates, foreign exchange rates, and equity prices on the future cash flows of floating rate loans and deposits, foreign currency denominated assets and liabilities and certain cash-settled share-based payments. This assessment is performed using analytical techniques, such as simulation, sensitivity analysis, stress testing and gap analysis. We record interest that we pay or receive on these cash flow hedge derivatives as an adjustment to net interest income in our Consolidated Statement of Income over the life of the hedge. To the extent that changes in the fair value of the derivative offset changes in the fair value of the hedged item for the designated hedged risk, they are recorded in other comprehensive income. Hedge ineffectiveness, the portion of the change in fair value of the derivative that does not offset changes in the fair value of the hedged item, is recorded directly in non-interest For cash flow hedges that are discontinued before the end of the original hedge term, the cumulative unrealized gain or loss recorded in other comprehensive income is amortized to our Consolidated Statement of Income in net interest income for interest rate swaps and in employee compensation for total return swaps as the hedged item is recorded in earnings. The entire unrealized gain or loss is recognized immediately in net interest income in our Consolidated Statement of Income, if the hedged item is sold or settled. We do not terminate our foreign exchange hedges before maturity. Under cash flow hedges, we use a hypothetical derivative to measure the hedged risk of floating rate loans, deposits, foreign currency denominated assets and liabilities, or share-based payment grants. This hypothetical derivative matches the critical terms of the hedged items identically, and it perfectly offsets the hedged cash flow. In our cash flow hedge relationships, the main sources of ineffectiveness are differences in interest rate indices, tenor and reset/settlement frequencies between the hedging instrument and the hedged item. Net Investment Hedges Net investment hedges mitigate our exposure to foreign currency exchange rate fluctuations related to our net investment in foreign operations. Deposits denominated in foreign currencies are designated as a hedging instrument for a portion of the net investment in foreign operations. The foreign currency translation of our net investment in foreign operations and the effective portion of the corresponding hedging instrument are recorded in unrealized gains (losses) on translation of net foreign operations in other comprehensive income. Effectiveness of our net investment hedge is determined by using the dollar offset method with spot foreign currency rates. As the notional amount of the deposits and the hedged net investment in foreign operations are the same, there is no source of ineffectiveness in these hedging relationships. For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and hedge ineffectiveness for the year ended October 31, 2018. 2018 Carrying amount of Hedge ineffectiveness (Canadian $ in millions) Asset Liability Gains (Losses) on Gains (Losses) on Ineffectiveness Cash flow hedges Interest rate risk – Interest rate swaps 18 (1,261 ) (1,685 ) 1,687 (4 ) Foreign exchange risk – Cross-currency swaps and foreign exchange forwards 1,084 (1,074 ) (459 ) 459 – Equity price risk – Total return swaps – (28 ) 24 (24 ) – 1,102 (2,363 ) (2,120 ) 2,122 (4 ) Net investment hedges Foreign exchange risk – Deposit liabilities (7,069 ) (211 ) 211 – Total 1,102 (9,432 ) (2,331 ) 2,333 (4 ) (1) Represents the unrealized gains (losses) within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. For cash flow hedges and net investment hedges, the following table contains information related to impacts on the Consolidated Statement of Other Comprehensive Income, on a pre-tax basis for the year ended October 31, 2018. 2018 Balance in cash flow hedge AOCI / (Canadian $ in millions) AOCI as at Gains / Amount reclassified to AOCI as at Active hedges Discontinued hedges Cash flow hedges Interest rate risk (597 ) (1,681 ) 67 (2,211 ) (1,348 ) (863 ) Foreign exchange risk 298 (3 ) 456 751 751 – Equity price risk 72 24 (66 ) 30 30 – (227 ) (1,660 ) 457 (1,430 ) (567 ) (863 ) Net investment hedges Foreign exchange risk (1,580 ) (211 ) – (1,791 ) (1,791 ) – Total (1,807 ) (1,871 ) 457 (3,221 ) (2,358 ) (863 ) (1) Tax balance related to cash flow hedge AOCI is $356 million as at October 31, 2018. Fair Value Hedges Fair value hedges modify exposure to changes in a fixed rate instrument’s fair value caused by changes in interest rates. These hedges economically convert fixed rate assets and liabilities to floating rate. We use interest rate swaps to hedge interest rate risk, including benchmark interest rates, inherent in fixed rate securities, a portfolio of mortgages, deposits and subordinated debt. Any fixed rate assets or liabilities that are part of a hedging relationship are adjusted for the change in value of the risk being hedged. To the extent that the change in the fair value of the derivative does not offset changes in the fair value of the hedged item for the risk being hedged, the net amount (hedge ineffectiveness) is recorded directly in non-interest For fair value hedges that are discontinued, we cease adjusting the hedged item. The cumulative fair value adjustment of the hedged item is then amortized to net interest income over the hedged item’s remaining term to maturity. If the hedged item is sold or settled, the cumulative fair value adjustment is included in the gain or loss on sale or settlement. In our fair value hedge relationships, the main sources of ineffectiveness are the counterparty effect and our own credit risk on the fair value of the swap, and the difference in terms such as fixed interest rate or reset/settlement frequency between the swap and the hedged item. The amounts relating to derivatives designated as fair value hedging instruments, hedged items and hedge ineffectiveness for the year are as follows: (Canadian $ in millions ) 2018 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (Losses) on Gains (Losses) on Ineffectiveness non-interest Carrying amount Active Discontinued Fair value hedge Interest rate swaps 701 (668 ) FVOCI securities and loans – – 850 (843 ) 7 36,722 (1,160 ) – Deposits and subordinated debt – – (764 ) 761 (3 ) (34,375 ) 719 436 Total 701 (668 ) 86 (82 ) 4 2,347 (441 ) 436 (1) Represents the unrealized gains (losses) within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value on the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. Comparative Information During 2017, net losses of $1,161 million related to the effective portion of cash flow hedges were recognized in OCI. A gain of $188 million related to cash flow hedges was transferred from equity to income in interest income or interest expense. Net ineffectiveness recognized on cash flow hedges during 2017 was a loss of $7 million. Included within non-interest revenue, other, is a fair value loss of $200 million on derivatives held in qualifying fair value hedging relationships, and a gain of $193 million representing net increases in the fair value of the hedged item attributable to the hedged risk. Derivative-Related Market Risk Derivative instruments are subject to market risk. Market risk arises from the potential for a negative impact on the balance sheet and/or statement of income due to adverse changes in the value of derivative instruments as a result of changes in certain market variables. These variables include interest rates, foreign exchange rates, equity and commodity prices and their implied volatilities, as well as credit spreads, credit migration and default. We strive to limit market risk by employing comprehensive governance and management processes for all market risk-taking activities. Derivative-Related Credit Risk Over-the-counter derivative instruments are subject to credit risk arising from the possibility that counterparties may default on their obligations. The credit risk associated with a derivative is normally a small fraction of the notional amount of the derivative instrument. Derivative contracts generally expose us to potential credit loss if changes in market rates affect the counterparty’s position unfavourably and the counterparty defaults on payment. The credit risk is represented by the positive fair value of the derivative instrument. We strive to limit credit risk by dealing with counterparties that we believe are creditworthy, and we manage our credit risk for derivatives using the same credit risk process that is applied to loans and other credit assets. We also pursue opportunities to reduce our exposure to credit losses on derivative instruments, including through collateral and by entering into master netting agreements with counterparties. The credit risk associated with favourable contracts is mitigated by legally enforceable master netting agreements to the extent that unfavourable contracts with the same counterparty must be settled concurrently with favourable contracts. Exchange-traded derivatives have limited potential for credit exposure, as they are settled net daily with each exchange. Terms used in the credit risk table below are as follows: Replacement cost Credit risk equivalent Risk-weighted assets (Canadian $ in millions) 2018 2017 Replacement Credit risk Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Swaps 8,514 10,699 – 8,742 11,603 – Forward rate agreements 36 34 – 41 42 – Purchased options 409 393 – 440 381 – Total interest rate contracts 8,959 11,126 704 9,223 12,026 1,537 Foreign Exchange Contracts Cross-currency swaps 3,270 7,832 – 3,727 8,345 – Cross-currency interest rate swaps 5,035 14,909 – 8,157 17,210 – Forward foreign exchange contracts 4,453 8,373 – 5,062 8,389 – Purchased options 225 424 – 250 420 – Total foreign exchange contracts 12,983 31,538 2,544 17,196 34,364 2,701 Commodity Contracts Swaps 1,559 4,450 – 726 2,971 – Purchased options 335 1,108 – 120 1,034 – Total commodity contracts 1,894 5,558 1,188 846 4,005 971 Equity Contracts 1,585 4,332 431 1,322 4,750 461 Credit Default Swaps 10 55 83 7 46 27 Total derivatives 25,431 52,609 4,950 28,594 55,191 5,697 Less: impact of master netting agreements (15,575 ) (29,170 ) – (19,909 ) (33,025 ) – Total 9,856 23,439 4,950 8,685 22,166 5,697 The total derivatives and the impact of master netting agreements for replacement cost do not include exchange-traded derivatives with a fair value of $773 million as at October 31, 2018 ($357 million in 2017). Transactions are conducted with counterparties in various geographic locations and industry sectors. Set out below is the replacement cost of contracts with customers located in the following countries, based on country of ultimate risk: (Canadian $ in millions, except as noted) Before master netting agreements After master netting agreements 2018 2017 2018 2017 Canada 13,449 53 % 15,447 54 % 4,901 50 % 5,045 58 % United States 5,446 21 % 7,149 25 % 2,102 21 % 1,940 22 % United Kingdom 1,181 5 % 1,079 4 % 315 3 % 182 2 % Other countries (1) 5,355 21 % 4,919 17 % 2,538 26 % 1,518 18 % Total 25,431 100 % 28,594 100 % 9,856 100 % 8,685 100 % (1) No other country represented 15% or more of our replacement cost in 2018 or 2017. Transactions are conducted with various counterparties. Set out below is the replacement cost of contracts (before the impact of master netting agreements) with customers in the following industries: As at October 31, 2018 (Canadian $ in millions) Interest rate contracts Foreign exchange contracts Commodity contracts Equity contracts Credit default swaps Total Financial institutions 6,509 10,238 360 1,219 10 18,336 Governments 1,694 1,478 56 – – 3,228 Natural resources 3 27 432 – – 462 Energy 93 641 727 – – 1,461 Other 660 599 319 366 – 1,944 Total 8,959 12,983 1,894 1,585 10 25,431 As at October 31, 2017 (Canadian $ in millions) Interest rate contracts Foreign exchange contracts Commodity contracts Equity contracts Credit default swaps Total Financial institutions 6,063 13,898 227 1,141 7 21,336 Governments 1,895 1,202 66 – – 3,163 Natural resources – 22 74 – – 96 Energy 155 479 226 – – 860 Other 1,110 1,595 253 181 – 3,139 Total 9,223 17,196 846 1,322 7 28,594 Term to Maturity Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are set out below: (Canadian $ in millions) Term to maturity 2018 2017 Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total notional Total notional Interest Rate Contracts Swaps 1,404,557 707,683 1,167,568 514,392 37,797 3,831,997 3,202,365 Forward rate agreements, futures and options 608,132 100,756 13,885 7,897 269 730,939 370,240 Total interest rate contracts 2,012,689 808,439 1,181,453 522,289 38,066 4,562,936 3,572,605 Foreign Exchange Contracts Cross-currency swaps 12,466 36,718 24,980 15,413 3,339 92,916 85,586 Cross-currency interest rate swaps 118,783 147,231 97,828 72,857 18,533 455,232 434,210 Forward foreign exchange contracts, futures and options 512,002 9,283 1,148 134 26 522,593 463,665 Total foreign exchange contracts 643,251 193,232 123,956 88,404 21,898 1,070,741 983,461 Commodity Contracts Swaps 6,234 14,885 2,875 372 – 24,366 18,713 Futures and options 21,910 25,587 3,530 704 – 51,731 52,051 Total commodity contracts 28,144 40,472 6,405 1,076 – 76,097 70,764 Equity Contracts 72,922 7,953 3,873 1,680 366 86,794 77,781 Credit Contracts 746 248 1,262 1,083 151 3,490 3,106 Total notional amount 2,757,752 1,050,344 1,316,949 614,532 60,481 5,800,058 4,707,717 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Oct. 31, 2018 | |
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Premises and Equipment | Note 9: Premises and Equipment We record all premises and equipment at cost less accumulated amortization, and less any accumulated impairment, except land, which is recorded at cost. Buildings, computer equipment and operating system software, other equipment and leasehold improvements are amortized on a straight-line basis over their estimated useful lives. When the major components of a building have different useful lives, they are accounted for separately and amortized over each component’s estimated useful life. The maximum estimated useful lives we use to amortize our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years Amortization methods, useful lives and the residual values of premises and equipment are reviewed annually for any change in circumstances and are adjusted if appropriate. At each reporting period, we review whether there are any indications that premises and equipment need to be tested for impairment. If there is an indication that an asset may be impaired, we test for impairment by comparing the asset’s carrying value to its recoverable amount. The recoverable amount is calculated as the higher of the value in use and the fair value less costs to sell. Value in use is the present value of the future cash flows expected to be derived from the asset. An impairment charge is recorded when the recoverable amount is less than the carrying value. There were no significant write-downs of premises and equipment due to impairment during the years ended October 31, 2018 and 2017. Gains and losses on disposal are included in non-interest Net rent expense for premises and equipment reported in non-interest (Canadian $ in millions) 2018 2017 Land Buildings Computer Other Leasehold Total Land Buildings Computer Other Leasehold Total Cost Balance at beginning of year 174 1,726 1,994 913 1,429 6,236 207 1,784 1,844 902 1,347 6,084 Additions 4 66 236 40 87 433 – 72 156 69 105 402 Disposals (1) (32 ) (163 ) (11 ) (27 ) (20 ) (253 ) (28 ) (95 ) (13 ) (13 ) (10 ) (159 ) Foreign exchange and other (1 ) (2 ) 10 7 18 32 (5 ) (35 ) 7 (45 ) (13 ) (91 ) Balance at end of year 145 1,627 2,229 933 1,514 6,448 174 1,726 1,994 913 1,429 6,236 Accumulated Depreciation and Impairment Balance at beginning of year – 1,063 1,465 674 1,001 4,203 – 1,055 1,306 649 927 3,937 Disposals (1) – (116 ) (9 ) (24 ) (15 ) (164 ) – (32 ) (11 ) (8 ) (8 ) (59 ) Amortization – 60 201 48 91 400 – 63 185 49 94 391 Foreign exchange and other – 9 5 6 3 23 – (23 ) (15 ) (16 ) (12 ) (66 ) Balance at end of year – 1,016 1,662 704 1,080 4,462 – 1,063 1,465 674 1,001 4,203 Net carrying value 145 611 567 229 434 1,986 174 663 529 239 428 2,033 (1) Includes fully depreciated assets written off. |
Acquisitions
Acquisitions | 12 Months Ended |
Oct. 31, 2018 | |
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Acquisitions | Note 10: Acquisitions The cost of an acquisition is measured at the fair value of the consideration transferred, including contingent consideration. Acquisition-related costs are recognized as an expense in the period in which they are incurred. The identifiable assets acquired and liabilities assumed and contingent consideration are measured at their fair values at the date of acquisition. Goodwill is measured as the excess of the aggregate of the consideration transferred over the net of the fair value of identifiable assets acquired and liabilities assumed. The results of operations of acquired businesses are included in our consolidated financial statements beginning on the date of acquisition. KGS-Alpha Capital Markets (“KGS”) On September 1, 2018, we completed the acquisition of the business of KGS, a U.S. fixed income broker-dealer specializing in U.S. mortgage and asset-backed securities in the institutional investor market, for cash consideration of US$304 million (CAD$397 million). The acquisition was accounted for as a business combination, and the acquired business and corresponding goodwill are included in our Capital Markets reporting segment. As part of this acquisition, we acquired intangible assets of $49 million and goodwill of $54 million. The intangible assets are being amortized over three to fourteen years on an accelerated basis. Goodwill of $32 million related to this acquisition is deductible for tax purposes. The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) KGS Securities – trading 5,193 Securities borrowed or purchased under resale agreements 5,669 Goodwill and intangible assets 103 Other assets 584 Total assets 11,549 Securities lent or sold under repurchase agreements 9,563 Securities sold but not yet purchased 1,431 Other liabilities 158 Purchase price 397 The purchase price allocation for KGS is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2018 | |
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Goodwill and Intangible Assets | Note 11: Goodwill and Intangible Assets Goodwill When we complete an acquisition, we allocate the purchase price paid to the assets acquired, including identifiable intangible assets, and the liabilities assumed. Any portion of the consideration transferred that is in excess of the fair value of those net assets is considered to be goodwill. Goodwill is not amortized and is instead tested for impairment annually. In performing the impairment test, we utilize the fair value less costs to sell for each group of CGUs based on discounted cash flow projections. Cash flows were projected for the first 10 years based on actual operating results, expected future business performance and past experience. Beyond 10 years, cash flows were assumed to grow at perpetual annual rates of up to 2% (3% in 2017). The discount rates we applied in determining the recoverable amounts in 2018 ranged from 8.6% to 11.4% (8.3% to 12.2% in 2017), and were based on our estimate of the cost of capital for each CGU. The cost of capital for each CGU was estimated using the Capital Asset Pricing Model, based on the historical betas of publicly traded peer companies that are comparable to the CGU. There were no write-downs of goodwill due to impairment during the years ended October 31, 2018 and 2017. The key assumptions described above may change as market and economic conditions change. However, we estimate that reasonably possible changes in these assumptions are not expected to cause recoverable amounts of our CGUs to decline below their carrying amounts. A continuity of our goodwill by group of CGUs for the years ended October 31, 2018 and 2017 is as follows: (Canadian $ in millions) Personal and Wealth BMO Total Canadian U.S. Total Traditional Insurance Total Balance – October 31, 2016 97 3,861 3,958 2,117 2 2,119 304 6,381 Acquisitions (disposals) during the year – – – (4 ) – (4 ) – (4 ) Foreign exchange and other (1) – (142 ) (142 ) 24 – 24 (15 ) (133 ) Balance – October 31, 2017 97 3,719 3,816 2,137 2 2,139 289 6,244 Acquisitions (disposals) during the year – – – – – – 54 54 Foreign exchange and other (1) – 78 78 (8 ) – (8 ) 5 75 Balance – October 31, 2018 97 (2) 3,797 (3) 3,894 2,129 (4) 2 (5) 2,131 348 (6) 6,373 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I and GE Transportation Finance. (4) Relates to BMO Nesbitt Burns Inc., Guardian Group of Funds Ltd., Pyrford International plc, LGM Investments Limited, M&I, myCFO, Inc., Stoker Ostler Wealth Advisors, Inc., CTC Consulting LLC, AWMB and F&C Asset Management plc. (5) Relates to AIG. (6) Relates to Gerard Klauer Mattison, BMO Nesbitt Burns Inc., Paloma Securities L.L.C., M&I, Greene Holcomb Fisher and KGS. Intangible Assets Intangible assets related to our acquisitions are initially recorded at their fair value at the acquisition date and subsequently at cost less accumulated amortization. Software is recorded at cost less accumulated amortization. Amortization expense is recorded in amortization of intangible assets in our Consolidated Statement of Income. The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Cost as at October 31, 2016 704 968 194 3,189 476 365 5,896 Additions (disposals) (33 ) – – 546 (67 ) – 446 Foreign exchange and other (17 ) (37 ) (7 ) (39 ) (11 ) 11 (100 ) Cost as at October 31, 2017 654 931 187 3,696 398 376 6,242 Additions (disposals) 35 – – 422 94 12 563 Foreign exchange and other (1 ) 20 4 9 4 (4 ) 32 Cost as at October 31, 2018 688 951 191 4,127 496 384 6,837 Certain comparative figures have been reclassified to conform with the current year’s presentation. The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Accumulated amortization at October 31, 2016 398 735 194 2,329 – 62 3,718 Amortization 68 56 – 336 – 25 485 Disposals (22 ) – – (11 ) – – (33 ) Foreign exchange and other (13 ) (29 ) (7 ) (36 ) – (2 ) (87 ) Accumulated amortization at October 31, 2017 431 762 187 2,618 – 85 4,083 Amortization 46 51 – 387 – 19 503 Disposals – – – (20 ) – – (20 ) Foreign exchange and other (2 ) 17 4 (15 ) – (5 ) (1 ) Accumulated amortization at October 31, 2018 475 830 191 2,970 – 99 4,565 Carrying value at October 31, 2018 213 121 – 1,157 496 285 2,272 Carrying value at October 31, 2017 223 169 – 1,078 398 291 2,159 Certain comparative figures have been reclassified to conform with the current year’s presentation. Intangible assets are amortized to income over the period during which we believe the assets will benefit us, on either a straight-line or an accelerated basis, over a period not to exceed 15 years. We have $165 million as at October 31, 2018 ($169 million as at October 31, 2017) in intangible assets with indefinite lives that relate primarily to fund management contracts. The useful lives of intangible assets are reviewed annually for any changes in circumstances. We test definite-life intangible assets for impairment when events or changes in circumstances indicate that their carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. There were write-downs of intangible assets of $13 million during the year ended October 31, 2018 ($5 million in 2017). |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2018 | |
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Other Assets | Note 12: Other Assets Customers’ Liability under Acceptances Acceptances represent a form of negotiable short-term debt that is issued by our customers, which we guarantee for a fee. The fees earned are recorded in lending fees in our Consolidated Statement of Income over the term of the acceptance. The amount potentially due under the acceptances is recorded in other liabilities on our Consolidated Balance Sheet. We record the bank’s equivalent claim against our customers in the event of a call on these commitments in other assets on our Consolidated Balance Sheet. Other The components of other within other assets are as follows: (Canadian $ in millions) 2018 2017 Accounts receivable, prepaid expenses and other items 6,910 6,508 Accrued interest receivable 1,461 1,079 BMO Transportation Finance – leased vehicles 937 928 Cash collateral 2,019 3,165 Due from clients, dealers and brokers 236 156 Insurance-related assets 822 644 Pension asset (Note 21) 664 508 Precious metals 1,603 582 Total 14,652 13,570 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2018 | |
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Deposits | Note 13: Deposits Payable on demand (Canadian $ in millions) Interest bearing Non-interest bearing Payable after notice Payable on a fixed date Total 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Deposits by: Banks (1) 1,450 818 1,400 1,864 526 586 24,531 24,937 27,907 28,205 Business and government 25,266 20,621 33,984 33,968 67,026 61,790 187,024 166,897 313,300 283,276 Individuals 3,476 3,278 21,345 20,044 90,233 89,859 65,790 55,130 180,844 168,311 Total (2)(3) 30,192 24,717 56,729 55,876 157,785 152,235 277,345 246,964 522,051 479,792 Booked in: Canada 21,735 21,557 47,231 44,380 82,091 81,590 161,192 145,648 312,249 293,175 United States 7,395 2,259 9,477 11,496 74,476 69,555 86,805 75,517 178,153 158,827 Other countries 1,062 901 21 – 1,218 1,090 29,348 25,799 31,649 27,790 Total 30,192 24,717 56,729 55,876 157,785 152,235 277,345 246,964 522,051 479,792 (1) Includes regulated and central banks. (2) Includes structured notes designated at fair value through profit or loss. (3) As at October 31, 2018 and 2017, total deposits payable on a fixed date included $29,673 million and $30,419 million, respectively, of federal funds purchased, commercial paper issued and other deposit liabilities. Included in deposits as at October 31, 2018 and 2017 are $259,747 million and $237,127 million, respectively, of deposits denominated in U.S. dollars, and $37,427 million and $27,686 million, respectively, of deposits denominated in other foreign currencies. Certain comparative figures have been reclassified to conform with the current year’s presentation. Deposits payable on demand are comprised primarily of our customers’ chequing accounts, some of which we pay interest on. Our customers need not notify us prior to withdrawing money from their chequing accounts. Deposits payable after notice are comprised primarily of our customers’ savings accounts, on which we pay interest. Deposits payable on a fixed date are comprised of: • Various investment instruments purchased by our customers to earn interest over a fixed period, such as term deposits and guaranteed investment certificates. The terms of these deposits can vary from one day to 10 years. • Federal funds purchased, which are overnight borrowings of other banks’ excess reserve funds at the United States Federal Reserve Bank. As at October 31, 2018, we had borrowed $55 million of federal funds ($707 million in 2017). • Commercial paper, which totalled $9,121 million as at October 31, 2018 ($8,430 million in 2017). • Covered bonds, which totalled $25,045 million as at October 31, 2018 ($23,108 million in 2017). The following table presents the maturity schedule for our deposits payable on a fixed date: (Canadian $ in millions) 2018 2017 Within 1 year 162,666 145,039 1 to 2 years 34,154 25,620 2 to 3 years 26,107 23,323 3 to 4 years 16,708 19,345 4 to 5 years 22,196 15,850 Over 5 years 15,514 17,787 Total (1) 277,345 246,964 (1) Includes $247,808 million of deposits, each greater than one hundred thousand dollars, of which $146,697 million were booked in Canada, $71,770 million were booked in the United States and $29,341 million were booked in other countries ($221,954 million, $130,197 million, $65,963 million and $25,794 million, respectively, in 2017). Of the $146,697 million of deposits booked in Canada, $55,190 million mature in less than three months, $3,836 million mature in three to six months, $12,909 million mature in six to twelve months and $74,762 million mature after 12 months ($130,197 million, $41,418 million, $7,922 million, $10,574 million and $70,283 million, respectively, in 2017). We have unencumbered liquid assets of $242,612 million to support these and other deposit liabilities ($213,757 million in 2017). Most of our structured note liabilities included in deposits have been designated at fair value through profit or loss and are accounted for at fair value, which aligns the accounting result with the way the portfolio is managed. The fair value and notional amount due at contractual maturity of these notes as at October 31, 2018 were $15,309 million and $15,668 million respectively ($13,674 million and $13,563 million, respectively, in 2017). The change in fair value of these structured notes was recorded as an increase of $498 million in non-interest non-interest The cumulative change in fair value related to changes in our own credit spread that has been recognized since the notes were designated at fair value to October 31, 2018 was an unrealized loss of approximately $331 million (unrealized loss of approximately $303 million in 2017), and $255 million of this unrealized loss has been recorded in other comprehensive income ($227 million in 2017). |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2018 | |
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Other Liabilities | Note 14: Other Liabilities Acceptances Acceptances represent a form of negotiable short-term debt that is issued by our customers, which we guarantee for a fee. The fees earned are recorded in lending fees in our Consolidated Statement of Income over the term of the acceptance. The amount potentially due under acceptances is recorded in other liabilities on our Consolidated Balance Sheet. We record the bank’s equivalent claim against our customers in the event of a call on these commitments in other assets on our Consolidated Balance Sheet. Securities Lending and Borrowing Securities lending and borrowing transactions are generally collateralized by securities or cash. Cash advanced or received as collateral is recorded in other assets or other liabilities, respectively. Interest earned on cash collateral is recorded in interest, dividend and fee income in our Consolidated Statement of Income, and interest expense on cash collateral is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. The transfer of the securities to counterparties is only reflected in our Consolidated Balance Sheet if the risks and rewards of ownership have also been transferred. Securities borrowed are not recognized in our Consolidated Balance Sheet unless they are then sold to third parties, in which case the obligation to return the securities is recorded in Securities sold but not yet purchased at fair value, with any gains or losses recorded in non-interest Securities Sold but not yet Purchased Securities sold but not yet purchased represent our obligations to deliver securities that we did not own at the time of sale. These obligations are recorded at their fair value. Adjustments to the fair value as at the balance sheet date and gains and losses on the settlement of these obligations are recorded in trading revenues in our Consolidated Statement of Income. Securities Lent or Sold Under Repurchase Agreements Securities lent or sold under repurchase agreements represent short-term funding transactions in which we sell securities that we own and simultaneously commit to repurchase the same securities at a specified price on a specified date in the future. The obligation to repurchase these securities is recorded at the amount owing. The interest expense related to these liabilities is recorded on an accrual basis in interest expense, other liabilities, in our Consolidated Statement of Income. Securitization and Structured Entities’ Liabilities Securitization and structured entities’ liabilities include notes issued by our consolidated bank securitization vehicles and liabilities associated with the securitization of our Canadian mortgage loans as part of the Canada Mortgage Bond program, the National Housing Act Mortgage-Backed Securities program and our own program. Additional information on our securitization program and associated liabilities is provided in Notes 6 and 7. These liabilities are initially measured at fair value plus any directly attributable costs and are subsequently measured at amortized cost. The interest expense related to these liabilities is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. Other The components of other within other liabilities are as follows: (Canadian $ in millions) 2018 2017 Accounts payable, accrued expenses and other items 8,119 7,894 Accrued interest payable 1,385 1,037 Cash collateral 4,343 3,696 Insurance-related liabilities 9,585 8,959 Liabilities of subsidiaries, other than deposits 9,283 6,931 Other employee future benefits liability (Note 21) 960 1,303 Payable to brokers, dealers and clients 1,898 2,177 Pension liability (Note 21) 256 364 Total 35,829 32,361 Certain comparative figures have been reclassified to conform with the current year’s presentation. Insurance-Related Liabilities We are engaged in insurance businesses related to life and health insurance, annuities and reinsurance. We designate the obligation related to certain investment contracts in our insurance business at fair value through profit or loss, which eliminates a measurement inconsistency that would otherwise arise from measuring the investment contract liabilities and offsetting changes in the fair value of the investments supporting them on a different basis. The fair value of these investment contract liabilities as at October 31, 2018 of $800 million ($749 million as at October 31, 2017) is recorded in other liabilities in our Consolidated Balance Sheet. The change in fair value of these investment contract liabilities resulted in a decrease of $28 million in insurance claims, commissions and changes in policy benefit liabilities for the year ended October 31, 2018 (decrease of $41 million in 2017 and an increase of $55 million in 2016). For the year ended October 31, 2018, a loss of $2 million was recorded in other comprehensive income related to changes in our credit spread (loss of $32 million in 2017 and $7 million in 2016). The impact of changes in our own credit spread is measured based on movements in our own credit spread year over year. Changes in the fair value of investments backing these investment contract liabilities are recorded in non-interest Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2018 2017 Insurance-related liabilities, beginning of year 8,959 7,909 Increase (decrease) in life insurance policy benefit liabilities from: New business 742 545 In-force (400 ) 66 Changes in actuarial assumptions and methodology 3 (52 ) Foreign currency – (1 ) Net increase in life insurance policy benefit liabilities 345 558 Change in other insurance-related liabilities 281 492 Insurance-related liabilities, end of year 9,585 8,959 Reinsurance In the ordinary course of business, our insurance subsidiaries reinsure risks to other insurance and reinsurance companies in order to provide greater diversification, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries of their direct obligation to the insured parties. We evaluate the financial condition of the reinsurers and monitor their credit ratings to minimize our exposure to losses from reinsurer insolvency. Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest (Canadian $ in millions) 2018 2017 2016 Direct premium income 1,976 1,750 1,561 Ceded premiums (148 ) (157 ) (271 ) 1,828 1,593 1,290 |
Subordinated Debt
Subordinated Debt | 12 Months Ended |
Oct. 31, 2018 | |
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Subordinated Debt | Note 15: Subordinated Debt Subordinated debt represents our direct unsecured obligations to our debt holders, in the form of notes and debentures and forms part of our regulatory capital. Subordinated debt is recorded at amortized cost using the effective interest rate method. Where appropriate, we enter into fair value hedges to hedge the risks caused by changes in interest rates (see Note 8). The rights of the holders of our notes and debentures are subordinate to the claims of depositors and certain other creditors. We require approval from OSFI before we can redeem any part of our subordinated debt. The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Redeemable at our option 2018 2017 Debentures Series 20 150 December 2025 to 2040 8.25 Not redeemable 143 148 Series F Medium-Term Notes, First Tranche 900 March 2023 6.17 March 2018 (1) – 905 Series H Medium-Term Notes, First Tranche (8) 1,000 September 2024 3.12 September 2019 (2) 1,003 1,016 Series H Medium-Term Notes, Second Tranche (8) 1,000 December 2025 3.34 December 2020 (3) 916 969 Series I Medium-Term Notes, First Tranche (8) 1,250 June 2026 3.32 June 2021 (4) 1,222 1,178 Series I Medium-Term Notes, Second Tranche (8) 850 June 2027 2.57 June 2022 (5) 813 813 3.803% Subordinated Notes due 2032 (8)(9) US 1,250 December 2032 3.80 December 2027 (6) 1,573 – 4.338% Subordinated Notes due 2028 (8)(10) US 850 October 2028 4.34 October 2023 (7) 1,112 – Total (11) 6,782 5,029 (1) All $900 million Series F Medium-Term Notes, First Tranche were redeemed on March 28, 2018 for 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date. (2) Redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing September 19, 2019. (3) Redeemable at the greater of par and the Canada Yield Price prior to December 8, 2020, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing December 8, 2020. (4) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2021, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2021. (5) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2022, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2022. (6) Redeemable at par on December 15, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (7) Redeemable at par on October 5, 2023 together with accrued and unpaid interest to, but excluding, the redemption date. (8) These notes include a non-viability non-viable non-viability. (9) On December 12, 2017, we issued US$1,250 million of 3.803% subordinated notes. (10) On October 5, 2018, we issued US$850 million of 4.338% subordinated notes. (11) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together decreased their carrying value as at October 31, 2018 by $233 million ($121 million in 2017); see Note 8 for further details. The carrying value is also adjusted for the subordinated debt holdings, held for market making purposes. Certain comparative figures have been reclassified to conform with the current year’s presentation. The aggregate remaining maturities of our subordinated debt, based on the maturity dates under the terms of issue, can be found in the blue-tinted font in the Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments section of Management’s Discussion and Analysis on pages 107 to 108 of this report. |
Equity
Equity | 12 Months Ended |
Oct. 31, 2018 | |
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Equity | Note 16: Equity Share Capital (Canadian $ in millions, except as noted) 2018 2017 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 14 (1) – – – – – 0.66 Class B – Series 15 (2) – – – – – 0.73 Class B – Series 16 (3) – – 0.64 6,267,391 157 0.85 Class B – Series 17 (4) – – 0.52 5,732,609 143 0.55 Class B – Series 25 9,425,607 236 0.45 9,425,607 236 0.45 Class B – Series 26 2,174,393 54 0.59 2,174,393 54 0.43 Class B – Series 27 20,000,000 500 1.00 20,000,000 500 1.00 Class B – Series 29 16,000,000 400 0.98 16,000,000 400 0.98 Class B – Series 31 12,000,000 300 0.95 12,000,000 300 0.95 Class B – Series 33 8,000,000 200 0.95 8,000,000 200 0.95 Class B – Series 35 6,000,000 150 1.25 6,000,000 150 1.25 Class B – Series 36 600,000 600 58.50 600,000 600 58.50 Class B – Series 38 24,000,000 600 1.21 24,000,000 600 1.33 Class B – Series 40 (5) 20,000,000 500 1.13 20,000,000 500 0.80 Class B – Series 42 (6) 16,000,000 400 1.10 16,000,000 400 0.45 Class B – Series 44 (7) 16,000,000 400 – – – – 4,340 4,240 Common Shares Balance at beginning of year 647,816,318 13,032 645,761,333 12,539 Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan – – 4,821,184 448 Issued/cancelled under the Stock Option Plan and other 1,513,307 99 2,233,801 146 Repurchased for cancellation (10,000,000 ) (202 ) (5,000,000 ) (101 ) Balance at End of Year 639,329,625 12,929 3.78 647,816,318 13,032 3.56 Share Capital 17,269 17,272 (1) On May 25, 2017, we redeemed all 10 million Non-Cumulative (2) On May 25, 2017, we redeemed all 10 million Non-Cumulative (3) On August 25, 2018, we redeemed all 6,267,391 Non-Cumulative Perpetual Class B Preferred Shares, Series 16, at a price of $25.00 cash per share plus all declared and unpaid dividends. Dividends declared for the year ended October 31, 2018 were $0.64 per share and 6,267,391 shares were outstanding at the time of the dividend declaration. (4) On August 25, 2018, we redeemed all 5,732,609 Non-Cumulative Perpetual Class B Preferred Shares, Series 17, at a price of $25.00 cash per share plus all declared and unpaid dividends. Dividends declared for the year ended October 31, 2018 were $0.52 per share and 5,732,609 shares were outstanding at the time of the dividend declaration. (5) On March 9, 2017, we issued 20 million Non-Cumulative 5-Year (6) On June 29, 2017, we issued 16 million Non-Cumulative 5-Year (7) On September 17, 2018, we issued 16 million Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 44, at a price of $25.00 cash per share for gross proceeds of $400 million. Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount Quarterly non-cumulative dividend (1) Reset premium Date redeemable / convertible Convertible to Class B – Series 25 25.00 $0.112813 (2) 1.15% August 25, 2021 (3)(4) Class B – Series 26 (8) Class B – Series 26 25.00 Floating (7) 1.15% August 25, 2021 (3)(5) Class B – Series 25 (8) Class B – Series 27 25.00 $ 0.2500 (2) 2.33% May 25, 2019 (3)(4) Class B – Series 28 (8) Class B – Series 29 25.00 $ 0.24375 (2) 2.24% August 25, 2019 (3)(4) Class B – Series 30 (8) Class B – Series 31 25.00 $ 0.2375 (2) 2.22% November 25, 2019 (3)(4) Class B – Series 32 (8) Class B – Series 33 25.00 $ 0.2375 (2) 2.71% August 25, 2020 (3)(4) Class B – Series 34 (8) Class B – Series 35 25.00 $ 0.3125 Does not reset August 25, 2020 (6) Not convertible Class B – Series 36 1,000.00 $ 14.6250 (2) 4.97% November 25, 2020 (3)(4) Class B – Series 37 (8) Class B – Series 38 25.00 $0.303125 (2) 4.06% February 25, 2022 (3)(4) Class B – Series 39 (8) Class B – Series 40 25.00 $ 0.28125 (2) 3.33% May 25, 2022 (3)(4) Class B – Series 41 (8) Class B – Series 42 25.00 $ 0.2750 (2) 3.17% August 25, 2022 (3)(4) Class B – Series 43 (8) Class B – Series 44 25.00 $0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (8) (1) Non-cumulative (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, Series 26, 28, 30, 32, 34, 37, 39, 41, 43 and 45 are floating rate preferred shares. (5) Convertible on the date noted and every five years thereafter if not redeemed. If converted, Series 25 are fixed rate preferred shares. (6) Series 35 is subject to a redemption premium if redeemed prior to August 25, 2024. (7) Floating rate will be set as and when declared at the 3-month (8) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. Authorized Share Capital We classify financial instruments that we issue as financial liabilities, equity instruments or compound instruments. Financial instruments that will be settled by a variable number of our common shares upon conversion by the holders are classified as liabilities on our Consolidated Balance Sheet. Dividends and interest payments on financial liabilities are classified as interest expense in our Consolidated Statement of Income. Financial instruments are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Further, issued instruments that are not mandatorily redeemable, or that are not convertible into a variable number of our common shares at the holder’s option, are classified as equity and presented in share capital. Dividend payments on equity instruments are recognized as a reduction in equity. Common Shares We are authorized by our shareholders to issue an unlimited number of our common shares, without par value, for unlimited consideration. Our common shares are not redeemable or convertible. Dividends are declared by our Board of Directors at their discretion. Historically, the Board of Directors has declared dividends on a quarterly basis and the amount can vary from quarter to quarter. Preferred Shares We are authorized by our shareholders to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares, without par value, in series, for unlimited consideration. Class B Preferred Shares may be issued in a foreign currency. Treasury Shares When we purchase our common shares as part of our trading business, we record the cost of those shares as a reduction in shareholders’ equity. If those shares are resold at a price higher than their cost, the premium is recorded as an increase in contributed surplus. If those shares are resold at a price below their cost, the discount is recorded as a reduction first to contributed surplus and then to retained earnings for any amount in excess of total contributed surplus related to treasury shares. Non-Viability Class B – Series 27, Class B – Series 29, Class B – Series 31, Class B – Series 33, Class B – Series 35, Class B – Series 36, Class B – Series 38, Class B – Series 40, Class B – Series 42 and Class B – Series 44 preferred share issues include a non-viability non-viable non-viability. Normal Course Issuer Bid We renewed our normal course issuer bid (“NCIB”), effective June 1, 2018 for one year. Under this NCIB, we may purchase up to 20 million of our common shares for cancellation. The timing and amount of purchases under the NCIB are subject to management discretion based on factors such as market conditions and capital levels. The bank will consult with OSFI before making purchases under the NCIB. During the year ended October 31, 2018, we purchased for cancellation 10 million of our common shares. During the year ended October 31, 2017, we purchased for cancellation 5 million of our common shares. Share Redemption and Dividend Restrictions OSFI must approve any plan to redeem any of our preferred share issues for cash. We are prohibited from declaring dividends on our preferred or common shares when we would be, as a result of paying such a dividend, in contravention of the capital adequacy, liquidity or any other regulatory directive issued under the Bank Act (Canada) In addition, we have agreed that if BMO Capital Trust II (the “Trust”), an unconsolidated structured entity, fails to pay any required distribution on its capital trust securities, we will not declare dividends of any kind on any of our preferred or common shares for a period of time following the Trust’s failure to pay the required distribution (as defined in the applicable prospectuses) unless the Trust first pays such distribution to the holders of its capital trust securities. Currently, these limitations do not restrict the payment of dividends on common or preferred shares. Shareholder Dividend Reinvestment and Share Purchase Plan We offer a Dividend Reinvestment and Share Purchase Plan (“DRIP”) for our shareholders. Participation in the plan is optional. Under the terms of the DRIP, cash dividends on common shares are reinvested to purchase additional common shares. Shareholders also have the opportunity to make optional cash payments to acquire additional common shares. For dividends paid in fiscal 2018, common shares to supply the DRIP were purchased in the open market. For the dividends paid in the first two quarters of 2017, common shares to supply the DRIP were issued from treasury with a two percent discount. For the dividends paid in the third quarter of 2017, common shares to supply the DRIP were issued from treasury without a discount. For the dividends paid in the fourth quarter, common shares to supply the DRIP were purchased on the open market. During the year ended October 31, 2018, we did not issue any common shares from treasury (4,821,184 in 2017) and purchased 1,995,353 common shares in the open market (504,873 in 2017) for delivery to shareholders under the DRIP. Potential Share Issuances As at October 31, 2018, we had reserved 39,947,147 common shares (39,947,147 in 2017) for potential issuance in respect of the DRIP. We have also reserved 6,095,201 common shares (7,525,296 in 2017) for the potential exercise of stock options, as further described in Note 20. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Trading-Related Revenue | 12 Months Ended |
Oct. 31, 2018 | |
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Fair Value of Financial Instruments and Trading-Related Revenue | We record trading assets and liabilities, derivatives, certain equity and debt securities and securities sold but not yet purchased at fair value, and other non-trading Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The fair value amounts disclosed represent point-in-time Governance Over the Determination of Fair Value Senior executive oversight of our valuation processes is provided through various valuation and risk committees. In order to ensure that all financial instruments carried at fair value are reasonably measured for risk management and financial reporting purposes, we have established governance structures and controls, such as model validation and approval, independent price verification (“IPV”) and profit or loss attribution analysis (“PAA”), consistent with industry practice. These controls are applied independently of the relevant operating groups. We establish and regularly update valuation methodologies for each financial instrument that is required to be measured at fair value. The application of valuation models for products or portfolios is subject to independent approval to ensure only validated models are used. The impact of known limitations of models and data inputs is also monitored on an ongoing basis. IPV is a process that regularly and independently verifies the accuracy and appropriateness of market prices or model inputs used in the valuation of financial instruments. This process assesses fair values using a variety of different approaches to verify and validate the valuations. PAA is a daily process used by management to identify and explain changes in fair value positions across all operating lines of business within BMO Capital Markets. This process works in concert with other processes to ensure that the fair values being reported are reasonable and appropriate. Securities For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Securities for which no active market exists are valued using all reasonably available market information. Our fair value methodologies are described below. Government Securities The fair value of government issued or guaranteed debt securities in active markets is determined by reference to recent transaction prices, broker quotes or third-party vendor prices. The fair value of securities that are not traded in an active market is modelled using implied yields derived from the prices of similar actively traded government securities and observable spreads. Market inputs to the model include coupon, maturity and duration. Mortgage-Backed Securities and Collateralized Mortgage Obligations The fair value of mortgage-backed securities and collateralized mortgage obligations is determined using independent prices obtained from third-party vendor prices, broker quotes and relevant market indices, as applicable. If such prices are not available, fair value is determined using cash flow models that make maximum use of observable market inputs or benchmark prices for similar instruments. Valuation assumptions for mortgage-backed securities and collateralized mortgage obligations include discount rates, expected prepayments, credit spreads and recoveries. Corporate Debt Securities The fair value of corporate debt securities is determined using prices observed in the most recent transactions. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discounting curves and spreads obtained from independent dealers, brokers and multi-contributor pricing sources. Corporate Equity Securities The fair value of equity securities is based on quoted prices in active markets, where available. Where quoted prices in active markets are not readily available, fair value is determined using either quoted market prices for similar securities or using valuation techniques, which include discounted cash flow analysis and earnings multiples. Privately Issued Securities Privately issued debt and equity securities are valued using prices observed in recent market transactions, where available. Otherwise, fair value is derived from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings, revenue and other third-party evidence, as available. The fair value of limited partnership investments is based upon net asset values published by third-party fund managers. Prices from brokers and multi-contributor pricing sources are corroborated as part of our independent review process, which may include using valuation techniques or obtaining consensus or composite prices from other pricing services. We validate the estimates of fair value by independently obtaining multiple quotes for external market prices and input values. We review the approach taken by third-party vendors to ensure that the vendor employs a valuation model which maximizes the use of observable inputs such as benchmark yields, bid-ask Loans In determining the fair value of our fixed rate performing loans, we discount the remaining contractual cash flows, adjusted for estimated prepayment, at market interest rates currently offered for loans with similar terms and risks. For floating rate performing loans, changes in interest rates have minimal impact on fair value since interest rates are repriced or reset frequently. On that basis, fair value is assumed to be equal to carrying value. Derivative Instruments A number of valuation techniques are employed to estimate fair value, including discounted cash flow analysis, the Black-Scholes model, Monte Carlo simulation and other accepted market models. These independently validated models incorporate current market data for interest rates, currency exchange rates, equity and commodity prices and indices, credit spreads, recovery rates, corresponding market volatility levels, spot prices, correlation levels and other market-based pricing factors. Option implied volatilities, an input into many valuation models, are either obtained directly from market sources or calculated from market prices. Multi-contributor pricing sources are used wherever possible. In determining the fair value of complex and customized derivatives, we consider all reasonably available information, including dealer and broker quotations, multi-contributor pricing sources and any relevant observable market inputs. Our model calculates fair value based on inputs specific to the type of contract, which may include stock prices, correlation for multiple assets, interest rates, foreign exchange rates, yield curves and volatilities. We calculate a credit valuation adjustment (“CVA”) to recognize the risk that any given derivative counterparty may not ultimately be able to fulfill its obligations. The CVA is derived from market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk exposure, taking into account credit mitigants such as collateral, master netting agreements and novation to central counterparties. We also calculate a funding valuation adjustment (“FVA”) to recognize the implicit funding costs associated with over-the-counter Deposits In determining the fair value of our deposits, we incorporate the following assumptions: • For fixed rate, fixed maturity deposits, we discount the remaining contractual cash flows for these deposits, adjusted for expected redemptions, at market interest rates currently offered for deposits with similar terms and risks. Fair value of our senior note liabilities and covered bonds is determined by referring to current market prices for similar instruments or using valuation techniques, such as discounted cash flows that use market interest rate curves and funding spreads. • For fixed rate deposits with no defined maturities, we consider fair value to equal carrying value, based on carrying value being equivalent to the amount payable on the reporting date. • For floating rate deposits, changes in interest rates have minimal impact on fair value since deposits reprice to market frequently. On that basis, fair value is assumed to equal carrying value. A portion of our structured note liabilities that have coupons or repayment terms linked to the performance of interest rates, foreign currencies, commodities or equity securities have been designated at fair value through profit or loss. The fair value of these structured notes is estimated using internally validated valuation models and incorporates observable market prices for identical or comparable securities, as well as other inputs, such as interest rate yield curves, option volatilities and foreign exchange rates, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine the fair value by assessing other relevant sources of information, such as historical data and proxy information from similar transactions. Securities Sold But Not Yet Purchased The fair value of these obligations is based on the fair value of the underlying securities, which can be equity or debt securities. As these obligations are fully collateralized, the method used to determine fair value would be the same as that used for the relevant underlying equity or debt securities. Securitization and Structured Entities’ Liabilities The determination of the fair value of securitization and structured entities’ liabilities is based on quoted market prices or quoted market prices for similar financial instruments, where available. Where quoted prices are not available, fair value is determined using valuation techniques, such as discounted cash flow models that maximize the use of observable inputs. Subordinated Debt The fair value of our subordinated debt is determined by referring to current market prices for the same or similar instruments. Financial Instruments with a Carrying Value Approximating Fair Value Short-term and Other Financial Instruments Carrying value is assumed to be a reasonable estimate of fair value for our cash and cash equivalents. The carrying value of certain financial assets and liabilities, such as interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities, is a reasonable estimate of fair value due to their short-term nature or because they are frequently repriced to current market rates. Certain assets, including premises and equipment, goodwill and intangible assets, as well as shareholders’ equity, are not considered financial instruments and therefore no fair value has been determined for these items. Fair Value Hierarchy We use a fair value hierarchy to categorize financial instruments according to the inputs we use in valuation techniques to measure fair value. Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following tables are the fair values of financial instruments not carried at fair value on our Consolidated Balance Sheet. (Canadian $ in millions) 2018 Carrying Fair value Valued using Valued using Valued using Securities Amortized cost 6,485 6,288 429 5,795 64 Loans (1) Residential mortgages 119,544 118,609 – 118,609 – Consumer instalment and other personal 62,687 62,618 – 62,618 – Credit cards 8,099 8,099 – 8,099 – Business and government (2) 192,225 191,989 – 191,989 – 382,555 381,315 – 381,315 – Deposits (3) 506,742 506,581 – 506,581 – Securitization and structured entities’ liabilities 25,051 24,838 – 24,838 – Subordinated debt 6,782 6,834 – 6,834 – (1) Carrying value of loans is net of allowance. (2) Excludes $1,450 million of loans classified as FVTPL upon adoption of IFRS 9 (refer to Note 28). (3) Excludes $15,309 million of structured note liabilities designated at FVTPL and accounted for at fair value. This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. (Canadian $ in millions) 2017 Carrying Fair value Valued using Valued using Valued using models Securities Held to maturity 9,094 9,096 2,522 6,574 – Loans (1) Residential mortgages 115,165 114,821 – 114,821 – Consumer instalment and other personal 61,465 61,470 – 61,470 – Credit cards 7,828 7,828 – 7,828 – Business and government 174,084 174,105 – 174,105 – 358,542 358,224 – 358,224 – Deposits (2) 466,118 466,441 – 466,441 – Securitization and structured entities’ liabilities 23,054 23,148 – 23,148 – Subordinated debt 5,029 5,255 – 5,255 – (1) Carrying value of loans is net of allowance. (2) Excludes $13,674 million of structured note liabilities designated at FVTPL and accounted for at fair value. This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. Certain comparative figures have been reclassified to conform with the current year’s presentation. Valuation Techniques and Significant Inputs We determine the fair value of publicly traded fixed maturity debt and equity securities using quoted prices in active markets (Level 1) when these are available. When quoted prices in active markets are not available, we determine the fair value of financial instruments using models such as discounted cash flows, with observable market data for inputs, such as yield and prepayment rates or broker quotes and other third-party vendor quotes (Level 2). Fair value may also be determined using models where significant market inputs are not observable due to inactive markets or minimal market activity (Level 3). We maximize the use of observable market inputs to the extent possible. Our Level 2 trading securities are primarily valued using discounted cash flow models with observable spreads or broker quotes. The fair value of Level 2 FVOCI securities, previously classified as available-for-sale The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models without observable market information as inputs (Level 3) in the valuation of securities, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: Classified under IFRS 9 (Canadian $ in millions) 2018 Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 9,107 1,213 – 10,320 Canadian provincial and municipal governments 4,013 4,689 – 8,702 U.S. federal government 9,465 52 – 9,517 U.S. states, municipalities and agencies 78 1,138 – 1,216 Other governments 1,210 201 – 1,411 NHA MBS and U.S. agency MBS and CMO 60 8,869 255 9,184 Corporate debt 2,973 6,218 7 9,198 Loans – 199 – 199 Corporate equity 49,946 4 – 49,950 76,852 22,583 262 99,697 FVTPL Securities Issued or guaranteed by: Canadian federal government 328 103 – 431 Canadian provincial and municipal governments 219 727 – 946 U.S. federal government 69 – – 69 NHA MBS and U.S. agency MBS and CMO – 7 – 7 Corporate debt 178 6,643 – 6,821 Corporate equity 1,378 134 1,825 3,337 2,172 7,614 1,825 11,611 FVOCI Securities Issued or guaranteed by: Canadian federal government 11,978 827 – 12,805 Canadian provincial and municipal governments 3,315 3,547 – 6,862 U.S. federal government 16,823 – – 16,823 U.S. states, municipalities and agencies 14 3,640 1 3,655 Other governments 3,143 1,647 – 4,790 NHA MBS and U.S. agency MBS and CMO – 13,687 – 13,687 Corporate debt 1,959 1,797 – 3,756 Corporate equity – – 62 62 37,232 25,145 63 62,440 Business and Government Loans – – 1,450 1,450 Fair Value Liabilities Securities sold but not yet purchased 26,336 2,468 – 28,804 Structured note liabilities and other note liabilities – 15,309 – 15,309 Annuity liabilities – 800 – 800 26,336 18,577 – 44,913 Derivative Assets Interest rate contracts 18 8,959 – 8,977 Foreign exchange contracts 16 12,983 – 12,999 Commodity contracts 166 1,894 – 2,060 Equity contracts 286 1,872 – 2,158 Credit default swaps – 10 – 10 486 25,718 – 26,204 Derivative Liabilities Interest rate contracts 14 8,620 – 8,634 Foreign exchange contracts 2 11,852 – 11,854 Commodity contracts 295 1,161 – 1,456 Equity contracts 246 2,183 1 2,430 Credit default swaps – 36 1 37 557 23,852 2 24,411 Classified under IAS 39 (Canadian $ in millions) 2017 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Trading Securities Issued or guaranteed by: Canadian federal government 8,712 2,115 – 10,827 Canadian provincial and municipal governments 3,177 4,150 – 7,327 U.S. federal government 9,417 56 – 9,473 U.S. states, municipalities and agencies 189 1,942 – 2,131 Other governments 630 193 – 823 NHA MBS, U.S. agency MBS and CMO – 931 – 931 Corporate debt 1,485 10,278 – 11,763 Loans 3 150 – 153 Corporate equity 55,640 1 – 55,641 79,253 19,816 – 99,069 Available-for-Sale Securities Issued or guaranteed by: Canadian federal government 8,283 897 – 9,180 Canadian provincial and municipal governments 920 2,707 – 3,627 U.S. federal government 14,269 – – 14,269 U.S. states, municipalities and agencies 18 4,077 1 4,096 Other governments 2,290 1,268 – 3,558 NHA MBS, U.S. agency MBS and CMO – 13,216 – 13,216 Corporate debt 1,551 2,972 2 4,525 Corporate equity 37 126 1,441 1,604 27,368 25,263 1,444 54,075 Other Securities – – 333 333 Fair Value Liabilities Securities sold but not yet purchased 22,992 2,171 – 25,163 Structured note liabilities and other note liabilities – 13,674 – 13,674 Annuity liabilities – 749 – 749 22,992 16,594 – 39,586 Derivative Assets Interest rate contracts 4 9,223 – 9,227 Foreign exchange contracts 17 17,196 – 17,213 Commodity contracts 232 846 – 1,078 Equity contracts 93 1,333 – 1,426 Credit default swaps – 7 – 7 346 28,605 – 28,951 Derivative Liabilities Interest rate contracts 7 8,309 – 8,316 Foreign exchange contracts 6 14,967 – 14,973 Commodity contracts 239 835 – 1,074 Equity contracts 166 3,220 – 3,386 Credit default swaps – 55 – 55 418 27,386 – 27,804 Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumption to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. As at October 31, 2018 (Canadian $ in millions, except as noted) Reporting line in fair Fair value Valuation techniques Significant Range of input values (1) Change in fair value reasonably possible alternatives (2) Low High Private equity (3) Corporate equity 1,825 Net Asset Value EV/EBITDA Net Asset Value Multiple na 6x na 18x na Loans Business and government loans 1,450 Discounted Discount 50 bps 175 bps 3 (1) The low and high input values represent the highest and lowest actual level of 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 specific 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. (2) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans. (3) Included in private equity is $889 million of Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we hold to meet regulatory requirements. na – not applicable Significant Unobservable Inputs in Level 3 Instrument Valuations Net Asset Value Net asset value represents the estimated value of a security based on valuations received from the investment or fund manager. The valuation of certain private equity securities is based on the economic benefit we derive from our investment. EV/EBITDA Multiple The fair value of private equity and merchant banking investments is derived by calculating an enterprise value (“EV”) using the EV/EBITDA multiple and then proceeding through a waterfall of the company’s capital structure to determine the value of the assets or securities we hold. The EV/EBITDA multiple is determined using judgment in considering factors such as multiples for comparable listed companies, recent transactions and company-specific factors, as well as liquidity discounts that account for the lack of active trading in these assets and securities. Discount Margin Loan and corporate debt yield is the interest rate used to discount expected future cash flows in the valuation model. The discount margin is the difference between an instrument’s yield and a benchmark instrument’s yield. Benchmark instruments have high credit quality ratings and similar maturities, such as government bonds. The discount margin therefore represents a market return required for uncertainty in future cash flows. Generally a higher or lower discount margin will result in a lower or higher fair value. Significant Transfers Our policy is to record transfers of assets and liabilities between fair value hierarchy levels at their fair values as at the end of each reporting period, consistent with the date of the determination of fair value. Transfers between the various fair value hierarchy levels reflect changes in the availability of quoted market prices or observable market inputs that result from changes in market conditions. The following is a discussion of the significant transfers between Level 1, Level 2 and Level 3 balances for the year ended October 31, 2018. During the year ended October 31, 2018, $2,578 million of trading securities, $714 million of FVTPL securities and $2,266 million of FVOCI securities ($176 million of trading securities and $107 million of available-for-sale securities, respectively, in 2017) were transferred from Level 1 to Level 2 due to reduced observability of the inputs used to value these securities. During the year ended October 31, 2018, $4,122 million of trading securities, $742 million of FVTPL securities and $4,044 million of FVOCI securities ($156 million of trading securities and $56 million of available-for-sale securities, respectively, in 2017) were transferred from Level 2 to Level 1 due to increased availability of quoted prices in active markets. During the year ended October 31, 2017, $33 million of available-for-sale securities were transferred from Level 3 to Level 1 due to the availability of observable prices used to value these securities. No such transfers happened in 2018. Changes in Level 3 Fair Value Measurements The tables below present a reconciliation of all changes in Level 3 financial instruments during the years ended October 31, 2018 and 2017, including realized and unrealized gains (losses) included in earnings and other comprehensive income. Change in fair value For the year ended October 31, 2018 (Canadian $ in millions) Balance Included in Included in other compre- hensive Purchases Sales Maturities/ Transfers Transfers Fair value as at October 31, 2018 Change in unrealized gains (losses) recorded in income Trading Securities NHA MBS and U.S. agency MBS and CMO – (1 ) 4 306 (54 ) – – – 255 (5 ) Corporate debt – – – 7 – – – – 7 – Total trading securities – (1 ) 4 313 (54 ) – – – 262 (5 ) FVTPL Securities Corporate debt (3) 73 – (4 ) 5 – – – (74 ) – – Corporate equity (3)(4) 1,701 12 31 307 (161 ) (2 ) – (63 ) 1,825 5 Total FVTPL securities 1,774 12 27 312 (161 ) (2 ) – (137 ) 1,825 5 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate debt 2 – – – – (2 ) – – – na Corporate equity – – – 62 – – – – 62 na Total FVOCI securities 3 – – 62 – (2 ) – – 63 na Business and Government Loans (5) 2,372 (2 ) 24 604 – (1,548 ) – – 1,450 – Derivative Liabilities Equity contracts – – – – – – 1 – 1 – Credit default swaps – – – – – – 1 – 1 – Total derivative liabilities – – – – – – 2 – 2 – (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on FVTPL securities still held on October 31, 2018 are included in earnings for the year. (3) Includes $73 million of debt instruments and $260 million of equity instruments reclassified from other securities to FVTPL upon adoption of IFRS 9 (see Note 28). (4) Includes $1,441 million of equity instruments reclassified from available-for-sale to FVTPL upon adoption of IFRS 9 (see Note 28). (5) Business and government loans were reclassified from amortized cost to FVTPL upon adoption of IFRS 9 (see Note 28). na – not applicable Change in fair value For the year ended October 31, 2017 (Canadian $ in millions) Balance Included in earnings Included in other hensive income (1) Purchases Sales Maturities/ Transfers Transfers Fair value as at October 31, Change in unrealized gains (losses) recorded in income for instruments still held (2) Trading Securities Corporate debt 91 1 1 – – (93 ) – – – – Total trading securities 91 1 1 – – (93 ) – – – – Available-for-Sale Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate debt 4 – – – (1 ) (1 ) – – 2 na Corporate equity 1,456 (40 ) (15 ) 190 (117 ) – – (33 ) 1,441 na Total available-for-sale 1,461 (40 ) (15 ) 190 (118 ) (1 ) – (33 ) 1,444 na Other Securities 320 (9 ) (7 ) 134 (102 ) (3 ) – – 333 (8 ) (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on trading securities, derivative assets and derivative liabilities still held on October 31, 2017 are included in earnings for the year. na – not applicable Trading-Related Revenue Trading assets and liabilities, including derivatives, securities and financial instruments designated at fair value through profit or loss, are measured at fair value, with gains and losses recognized in trading revenues, non-interest revenue, in the Consolidated Statement of Income. Trading-related revenue includes net interest income and non-interest (Canadian $ in millions) 2018 2017 2016 Interest rates 437 480 663 Foreign exchange 377 369 349 Equities 449 239 188 Commodities 63 84 66 Other 82 47 25 Total trading revenue 1,408 1,219 1,291 Reported as: Net interest income (1) (422 ) (133 ) 99 Non-interest 1,830 1,352 1,192 Total trading revenue 1,408 1,219 1,291 (1) Amounts in brackets denote net interest expense. |
Offsetting of Financial Assets
Offsetting of Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2018 | |
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Offsetting of Financial Assets and Financial Liabilities | Note 18: Offsetting of Financial Assets and Financial Liabilities Financial assets and financial liabilities are offset and the net amount is reported in our Consolidated Balance Sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The following table presents the amounts that have been offset in our Consolidated Balance Sheet, including securities purchased under resale agreements, securities sold under repurchase agreements and derivative instruments, generally under a market settlement mechanism (e.g. an exchange or clearing house) where simultaneous net settlement can be achieved to eliminate credit and liquidity risk between counterparties. Also presented are amounts not offset in the Consolidated Balance Sheet related to transactions where a master netting agreement or similar arrangement is in place with a right to offset the amounts only in the event of default, insolvency or bankruptcy, or where the offset criteria are otherwise not met. (Canadian $ in millions) 2018 Amounts not offset in the balance sheet Gross Amounts offset in the balance sheet Net amounts presented in the balance sheet Impact of master netting agreements Securities Cash Net amount Financial Assets Securities borrowed or purchased under resale agreements 86,635 1,584 85,051 13,355 70,640 – 1,056 Derivative instruments 52,810 26,606 26,204 15,575 505 3,576 6,548 139,445 28,190 111,255 28,930 71,145 3,576 7,604 Financial Liabilities Derivative instruments 51,017 26,606 24,411 15,575 555 1,492 6,789 Securities lent or sold under repurchase agreements 68,268 1,584 66,684 13,355 53,071 – 258 119,285 28,190 91,095 28,930 53,626 1,492 7,047 (Canadian $ in millions) 2017 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities received/pledged as collateral (1)(2) Cash Net Financial Assets Securities borrowed or purchased under resale agreements 80,948 5,901 75,047 9,382 65,044 – 621 Derivative instruments 45,064 16,113 28,951 19,909 933 2,903 5,206 126,012 22,014 103,998 29,291 65,977 2,903 5,827 Financial Liabilities Derivative instruments 43,917 16,113 27,804 19,909 1,263 1,642 4,990 Securities lent or sold under repurchase agreements 61,020 5,901 55,119 9,382 45,436 – 301 104,937 22,014 82,923 29,291 46,699 1,642 5,291 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management
Capital Management | 12 Months Ended |
Oct. 31, 2018 | |
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Capital Management | Our objective is to maintain a strong capital position in a cost-effective structure that: is appropriate given our target regulatory capital ratios and internal assessment of required economic capital; is consistent with our target credit ratings; underpins our operating groups’ business strategies; and supports depositor, investor and regulator confidence, while building long-term shareholder value. Our approach includes establishing limits, targets and performance measures that are used to manage balance sheet positions, risk levels and capital requirements, as well as issuing and redeeming capital instruments to achieve a cost-effective capital structure. Regulatory capital requirements and risk-weighted assets for the consolidated entity are determined in accordance with OSFI’s Capital Adequacy Requirements Guideline. Common Equity Tier 1 (CET1) capital is the most permanent form of capital. It is comprised of common shareholders’ equity less deductions for goodwill, intangible assets and certain other items. Tier 1 capital is primarily comprised of CET1, preferred shares and innovative hybrid instruments, less certain regulatory deductions. Tier 2 capital is primarily comprised of subordinated debentures and may include certain loan loss allowances, less certain regulatory deductions. Total capital includes Tier 1 and Tier 2 capital. Details of the components of our capital position are presented in Notes 11, 12, 15 and 16. CET1 Capital Ratio, Tier 1 Capital Ratio, Total Capital Ratio and Leverage Ratio are the primary regulatory capital measures. • The CET1 Capital Ratio is defined as common shareholders’ equity, net of capital adjustments, divided by CET1 capital risk-weighted assets. • The Tier 1 Capital Ratio is defined as Tier 1 capital divided by Tier 1 capital risk-weighted assets. • The Total Capital Ratio is defined as Total capital divided by Total capital risk-weighted assets. • The Leverage Ratio is defined as Tier 1 capital divided by the sum of on-balance off-balance As at October 31, 2018, we met OSFI’s required target capital ratios, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Tier 1 Surcharge for domestic systemically important banks, a Countercyclical Buffer and a 1.5% Domestic Stability Buffer. Regulatory Capital Measures and Risk-Weighted Assets (Canadian $ in millions, except as noted) 2018 2017 Common Equity Tier 1 Capital 32,721 30,633 Tier 1 Capital 37,220 35,108 Total Capital 44,116 40,596 Common Equity Tier 1 Capital Risk-Weighted Assets 289,237 269,466 Tier 1 Capital Risk-Weighted Assets 289,420 269,466 Total Capital Risk-Weighted Assets 289,604 269,466 Common Equity Tier 1 Capital Ratio 11.3% 11.4% Tier 1 Capital Ratio 12.9% 13.0% Total Capital Ratio 15.2% 15.1% Leverage Ratio 4.2% 4.4% All 2018 and 2017 balances above are on an “all-in” |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation | 12 Months Ended |
Oct. 31, 2018 | |
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Employee Compensation - Share-Based Compensation | Note 20: Employee Compensation – Share-Based Compensation Stock Option Plan We maintain a Stock Option Plan for designated officers and employees. Options are granted at an exercise price equal to the closing price of our common shares on the day before the grant date. Stock options granted on or after December 2013 vest in equal tranches of 50% on the third and fourth anniversaries of their grant date. Options granted prior to December 2013 vest in tranches over a four-year period starting from their grant date. Each tranche is treated as a separate award with a different vesting period. Certain options can only be exercised once certain performance targets are met. All options expire 10 years from their grant date. We determine the fair value of stock options on their grant date and record this amount as compensation expense over the period that the stock options vest, with a corresponding increase to contributed surplus. When these stock options are exercised, we issue shares and record the amount of proceeds, together with the amount recorded in contributed surplus, in share capital. The estimated grant date fair value of stock options granted to employees who are eligible to retire is expensed at the date of grant. The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2018 2017 2016 Number of Weighted- average exercise price Number of Weighted- average exercise price (1) Number of stock options Weighted- average exercise price (1) Outstanding at beginning of year 7,525,296 72.05 9,805,299 77.41 12,111,153 80.19 Granted 705,398 100.63 723,431 96.90 754,714 77.23 Exercised 1,513,307 58.40 2,233,801 57.80 2,103,391 55.32 Forfeited/cancelled 152,417 86.85 13,243 66.89 104,606 71.76 Expired 469,769 153.40 756,390 195.02 852,571 179.53 Outstanding at end of year 6,095,201 72.19 7,525,296 72.05 9,805,299 77.41 Exercisable at end of year 3,782,481 61.39 4,584,375 67.42 5,605,485 83.34 Available for grant 3,405,239 3,811,157 4,151,676 (1) The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2018, October 31, 2017 and October 31, 2016, respectively. For foreign currency denominated options exercised or expired during the year, the weighted-average exercise prices are translated using the exchange rates as at the settlement date and expiry date respectively. Employee compensation expense related to this plan for the years ended October 31, 2018, 2017 and 2016 was $7 million, $8 million and $6 million before tax, respectively ($7 million, $7 million and $6 million after tax, respectively). The intrinsic value of a stock option grant is the difference between the current market price of our common shares and the strike price of the option. The aggregate intrinsic value of stock options outstanding at October 31, 2018, 2017 and 2016 was $162 million, $232 million and $211 million, respectively. The aggregate intrinsic value of stock options exercisable at October 31, 2018, 2017 and 2016 was $140 million, $174 million and $146 million, respectively. Options outstanding and exercisable at October 31, 2018 by range of exercise price were as follows: (Canadian $, except as noted) 2018 Options outstanding Options exercisable Range of exercise prices Number of stock options Weighted- average remaining contractual life (years) Weighted-average exercise price Number of stock options Weighted- average remaining contractual life (years) Weighted-average exercise price $30.01 to $40.00 13,690 0.1 34.13 13,690 0.1 34.13 $50.01 to $60.00 1,736,930 2.3 55.88 1,736,930 2.3 55.88 $60.01 to $70.00 1,798,219 4.7 64.68 1,798,219 4.7 64.68 $70.01 and over (1) 2,546,362 7.7 88.83 233,642 6.0 78.62 (1) Certain options were issued as part of the acquisition of M&I. (2) The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2018. The following table summarizes further information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2018 2017 2016 Unrecognized compensation cost for non-vested 5 5 4 Weighted-average period over which this cost will be recognized (in years) 2.6 2.7 2.5 Total intrinsic value of stock options exercised 67 90 55 Cash proceeds from stock options exercised 88 129 116 Weighted-average share price for stock options exercised (in dollars) 102.55 98.05 81.41 The fair value of options granted was estimated using a binomial option pricing model. The weighted-average fair value of options granted during the years ended October 31, 2018, 2017 and 2016 was $11.30, $11.62 and $7.60, respectively. To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used for each option pricing assumption: 2018 2017 2016 Expected dividend yield 4.1% 4.3% 5.5% Expected share price volatility 17.0% – 17.3% 18.4% – 18.8% 19.8% – 20.0% Risk-free rate of return 2.1% 1.7% – 1.8% 1.3% – 1.4% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 6.5 – 7.0 Changes to the input assumptions can result in different fair value estimates. Expected dividend yield is based on market expectations of future dividends on our common shares. Expected share price volatility is determined based on the market consensus implied volatility for traded options on our common shares. The risk-free rate is based on the yields of a Canadian swap curve with maturities similar to the expected period until exercise of the options. The weighted-average exercise price on the grant date for the years ended October 31, 2018, 2017 and 2016 was $100.63, $96.90 and $77.23, respectively. Other Share-Based Compensation Share Purchase Plans We offer various employee share purchase plans. The largest of these plans provides employees with the option of directing a portion of their gross salary toward the purchase of our common shares. We match 50% of employee contributions up to 6% of their individual gross salary to a maximum of $100,000. Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. The shares held in the employee share purchase plan are purchased on the open market and are considered outstanding for purposes of computing earnings per share. The dividends earned on our common shares held by the plan are used to purchase additional common shares on the open market. We account for our contribution as employee compensation expense when it is contributed to the plan. Employee compensation expense related to these plans for the years ended October 31, 2018, 2017 and 2016 was $51 million, $53 million and $51 million, respectively. There were 17.8 million, 18.3 million and 18.9 million common shares held in these plans for the years ended October 31, 2018, 2017 and 2016, respectively. Compensation Trusts We sponsor various share ownership arrangements, certain of which are administered through trusts into which our matching contributions are paid. We are not required to consolidate our compensation trusts. The assets held by the trusts are not included in our consolidated financial statements. Total assets held under our share ownership arrangements amounted to $1,752 million as at October 31, 2018 ($1,805 million in 2017). Mid-Term We offer mid-term Mid-term Prior to 2015, we entered into agreements with third parties to assume our liabilities related to a portion of units granted for a fixed up-front Employee compensation expense related to plans where we entered into agreements with third parties for the years ended October 31, 2018, 2017 and 2016 was $nil, $(7) million and $26 million before tax, respectively ($nil, $(5) million and $19 million after tax, respectively). Mid-term incentive plan units for which we did not enter into agreements with third parties for the years ended October 31, 2018, 2017 and 2016 totalled 5.9 million, 5.9 million and 6.4 million units, respectively. The grant date fair value of these awards as at October 31, 2018, 2017 and 2016 was $581 million, $515 million and $492 million, respectively, for which we recorded employee compensation expense of $595 million, $703 million and $537 million before tax, respectively ($437 million, $516 million and $397 million after tax, respectively). We hedge the impact of the change in market value of our common shares by entering into total return swaps (equity contracts). We also enter into foreign currency swaps to manage the foreign exchange translation from our United States businesses. Gains on total return swaps and foreign currency swaps recognized for the years ended October 31, 2018, 2017 and 2016 were $51 million, $183 million and $111 million, respectively, resulting in net employee compensation expense of $544 million, $520 million and $426 million, respectively. A total of 17.1 million, 17.0 million and 17.0 million mid-term incentive plan units were outstanding as at October 31, 2018, 2017 and 2016, respectively, and the intrinsic value of those awards which had vested was $1,269 million, $1,253 million and $883 million, respectively. Cash payments made in relation to these liabilities were $598 million, $343 million and $131 million, respectively. Deferred Incentive Plans We offer deferred incentive plans for members of our Board of Directors, executives and key employees in BMO Capital Markets and Wealth Management. Under these plans, fees, annual incentive payments and/or commissions can be deferred as share units of our common shares. These share units are either fully vested on the grant date or vest at the end of three years. The value of these share units is adjusted to reflect reinvested dividends and changes in the market value of our common shares. Deferred incentive plan payments are paid in cash upon the participant’s departure from the bank. Employee compensation expense for these plans is recorded in the year the fees, incentive payments and/or commissions are earned. Changes in the amount of the incentive plan payments as a result of dividends and share price movements are recorded as increases or decreases in employee compensation expense in the period of the change. Deferred incentive plan units granted during the years ended October 31, 2018, 2017 and 2016 totalled 0.3 million, 0.3 million and 0.4 million, respectively, and the grant date fair value of these units was $33 million, $32 million and $28 million, respectively. Liabilities related to these plans are recorded in other liabilities in our Consolidated Balance Sheet and totalled $485 million and $499 million as at October 31, 2018 and 2017, respectively. Payments made under these plans for the years ended October 31, 2018, 2017 and 2016 were $60 million, $32 million and $53 million, respectively. Employee compensation expense related to these plans for the years ended October 31, 2018, 2017 and 2016 was $27 million, $91 million and $67 million before tax, respectively ($20 million, $67 million and $50 million after tax, respectively). We have entered into derivative instruments to hedge our exposure related to these plans. Changes in the fair value of these derivatives are recorded as employee compensation expense in the period in which they arise. Gains on these derivatives for the years ended October 31, 2018, 2017 and 2016 were $8 million, $78 million and $57 million before tax, respectively. These gains resulted in net employee compensation expense for the years ended October 31, 2018, 2017 and 2016 of $19 million, $13 million and $10 million before tax, respectively ($14 million, $10 million and $7 million after tax, respectively). A total of 4.9 million, 5.0 million and 4.8 million deferred incentive plan units were outstanding as at October 31, 2018, 2017 and 2016, respectively. |
Employee Compensation - Pension
Employee Compensation - Pension and Other Employee Future Benefits | 12 Months Ended |
Oct. 31, 2018 | |
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Employee Compensation - Pension and Other Employee Future Benefits | Pension and Other Employee Future Benefit Plans We sponsor a number of arrangements globally, that provide pension and other employee future benefits to our retired and current employees. The largest of these arrangements, by defined benefit obligation, are the primary defined benefit pension plans for employees in Canada and the United States and the primary other employee future benefit plan for employees in Canada. Pension arrangements include defined benefit pension plans, as well as supplementary arrangements that provide pension benefits in excess of statutory limits. Generally, under these plans we provide retirement benefits based on an employee’s years of service and average annual earnings over a period of time prior to retirement. Our pension and other employee future benefit expenses, recorded in employee compensation expense, mainly comprise the current service cost plus or minus the interest on net defined benefit assets or liabilities. In addition, we provide defined contribution pension plans to employees in some of our subsidiaries. The costs of these plans, recorded in employee compensation expense, are equal to our contributions to the plans. The defined benefit pension plans for our employees in the United States were closed to new members on April 1, 2016 and closed to future accruals on March 1, 2017. A defined contribution pension plan was made available for employees affected by the closure. As a result of the closure of these plans, we recorded a curtailment gain of $52 million in non-interest During the fourth quarter of 2018, we announced changes to our other employee future benefits plan for Canadian employees that will become mandatory for new retirees beginning January 1, 2021. Plan changes include an increase in the service requirement for eligibility and flexible benefits with employer premium caps. We recorded a $277 million benefit from the remeasurement of the benefit liability in non-interest expense, employee compensation, in our Consolidated Statement of Income. We also provide other employee future benefits, including health and dental care benefits and life insurance, for eligible current and retired employees. Short-term employee benefits, such as salaries, paid absences, bonuses and other benefits, are accounted for on an accrual basis over the period in which the employees provide the related services. Investment Policy The defined benefit pension plans are administered under a defined governance structure, with the oversight resting with the Board of Directors. The plans are managed under a framework that considers both assets and liabilities in the development of an investment policy and in managing risk. Over the past several years, we have implemented a liability-driven investment strategy for the primary Canadian plan to enhance risk-adjusted returns while reducing the plan’s surplus volatility. This strategy has reduced the impact of the plan on our regulatory capital. The plans invest in asset classes that include equities, fixed income and alternative strategies, under established investment guidelines. Plan assets are diversified across asset classes and by geographic exposure. They are managed by asset management firms that are responsible for the selection of investment securities. Derivative instruments are permitted under policy guidelines and are generally used to hedge foreign currency exposures, manage interest rate exposures or replicate the return of an asset. Asset Allocations The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on the fair market values at October 31, are as follows: Pension benefit plans Target range 2018 Actual 2018 Actual 2017 Equities 25% – 50% 37% 40% Fixed income investments 25% – 55% 46% 46% Other 10% – 40% 17% 14% Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. Risk Management The defined benefit pension plans are exposed to various risks, including market risk (interest rate, equity and foreign currency risks), credit risk, operational risk, surplus risk and longevity risk. We follow a number of approaches to monitor and actively manage these risks, including: • monitoring surplus-at-risk, • stress testing and scenario analyses to evaluate the volatility of the plans’ financial positions and any potential impact on the bank; • hedging of currency exposures and interest rate risk within policy limits; • controls related to asset mix allocations, geographic allocations, portfolio duration, credit quality of debt securities, sector guidelines, issuer/counterparty limits and others; and • ongoing monitoring of exposures, performance and risk levels. Pension and Other Employee Future Benefit Liabilities Our actuaries perform valuations of our defined benefit obligations for pension and other employee future benefits as at October 31 of each year using the projected unit credit method based on management’s assumptions about discount rates, rates of compensation increase, retirement age, mortality and health care cost trend rates. The discount rates for the primary Canadian and U.S. pension and other employee future benefit plans were selected based on the yields of high-quality AA rated corporate bonds with terms matching the plans’ cash flows. The fair value of plan assets is deducted from the defined benefit obligation to determine the net defined benefit asset or liability. For defined benefit pension plans that are in a net defined benefit asset position, the recognized asset is limited to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan (the “asset ceiling”). Changes in the asset ceiling are recognized in other comprehensive income. Components of the change in our net defined benefit assets or liabilities and our pension and other employee future benefit expense are as follows: Current service cost Interest on net defined benefit asset or liability Actuarial gains and losses Plan amendments Settlements Funding of Pension and Other Employee Future Benefit Plans We fund our defined benefit pension plans in Canada and the United States in accordance with statutory requirements, and the assets in these plans are used to pay benefits to retirees and other employees. Some groups of employees are also eligible to make voluntary contributions in order to receive enhanced benefits. Our supplementary pension plan in Canada is funded, while in the United States the supplementary pension plan is unfunded. Our other employee future benefit plans in Canada and the United States are either partially funded or unfunded. Benefit payments related to these plans are paid either through the respective plan or directly by us. We measure the fair value of plan assets for our plans in Canada and the United States as at October 31. In addition to actuarial valuations for accounting purposes, we are required to prepare valuations for determining our minimum funding requirements for our pension arrangements in accordance with the relevant statutory framework (our “funding valuation”). An annual funding valuation is performed for our plans in Canada and the United States. The most recent funding valuation for our primary Canadian pension plan was performed as at October 31, 2018 and the most recent funding valuation for our primary U.S. pension plan was performed as at January 1, 2018. Benefit payments for fiscal 2019 are estimated to be $486 million. A summary of plan information for the past three years is as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Defined benefit obligation 8,311 8,846 8,992 1,113 1,460 1,493 Fair value of plan assets 8,719 8,990 8,655 153 157 150 Surplus (deficit) and net defined benefit asset (liability) 408 144 (337 ) (960 ) (1,303 ) (1,343 ) Surplus (deficit) is comprised of: Funded or partially funded plans 573 339 (127 ) 37 28 7 Unfunded plans (165 ) (195 ) (210 ) (997 ) (1,331 ) (1,350 ) Surplus (deficit) and net defined benefit asset (liability) 408 144 (337 ) (960 ) (1,303 ) (1,343 ) Pension and Other Employee Future Benefit Expenses Pension and other employee future benefit expenses are determined as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Annual benefits expense Current service cost 210 254 224 26 32 25 Net interest (income) expense on net defined benefit (asset) liability (10 ) 7 (10 ) 45 47 52 Past service cost (income) 7 – – (277 ) – – Administrative expenses 5 5 5 – – – Remeasurement of other long-term benefits – – – (10 ) (6 ) 6 Benefits expense 212 266 219 (216 ) 73 83 Canada and Quebec pension plan expense 76 75 73 – – – Defined contribution expense 153 123 96 – – – Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income 441 464 388 (216 ) 73 83 Weighted-average Assumptions Used to Determine Benefit Expenses Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Discount rate at beginning of year (3)(4) 3.5% 3.4% 4.2% 3.6% 3.6% 4.4% Rate of compensation increase 2.4% 2.8% 2.7% 2.0% 2.4% 2.4% Assumed overall health care cost trend rate na na na 4.9% (1) 5.2% (2) 5.3% (2) (1) Trending to 4.1% in 2040 and remaining at that level thereafter. (2) Trending to 4.5% in 2031 and remaining at that level thereafter. (3) The pension benefit current service cost was calculated using a separate discount rate of 3.70% and 3.68% for 2018 and 2017, respectively. (4) The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.76% and 3.78% for 2018 and 2017, respectively. na – not applicable Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2018 2017 2018 2017 Life expectancy for those currently age 65 Males 23.7 23.6 21.9 22.0 Females 24.0 24.0 23.4 23.4 Life expectancy at age 65 for those currently age 45 Males 24.6 24.6 23.1 23.2 Females 25.0 24.9 24.5 24.6 Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2018 2017 2018 2017 Defined benefit obligation Defined benefit obligation at beginning of year 8,846 8,992 1,460 1,493 Current service cost 210 254 26 32 Past service cost (income) 7 – (277 ) – Interest cost 299 300 51 52 Benefits paid (492 ) (448 ) (43 ) (45 ) Employee contributions 15 15 5 5 Actuarial (gains) losses due to: Changes in demographic assumptions (50 ) (127 ) (31 ) (107 ) Changes in financial assumptions (562 ) (150 ) (77 ) (2 ) Plan member experience 16 45 (4 ) 39 Foreign exchange and other 22 (35 ) 3 (7 ) Defined benefit obligation at end of year 8,311 8,846 1,113 1,460 Wholly or partially funded defined benefit obligation 8,146 8,651 116 129 Unfunded defined benefit obligation 165 195 997 1,331 Total defined benefit obligation 8,311 8,846 1,113 1,460 Weighted-average assumptions used to determine the defined benefit obligation Discount rate at end of year 4.0% 3.5% 4.1% 3.6% Rate of compensation increase 2.4% 2.4% 2.0% 2.0% Assumed overall health care cost trend rate na na 4.9% (1) 5.2% (2) Fair value of plan assets Fair value of plan assets at beginning of year 8,990 8,655 157 150 Interest income 309 293 6 5 Return on plan assets (excluding interest income) (323 ) 277 (10 ) 8 Employer contributions 213 219 35 40 Employee contributions 15 15 5 5 Benefits paid (492 ) (448 ) (43 ) (45 ) Administrative expenses (5 ) (5 ) – – Foreign exchange and other 12 (16 ) 3 (6 ) Fair value of plan assets at end of year 8,719 8,990 153 157 Surplus (deficit) and net defined benefit asset (liability) at end of year 408 144 (960 ) (1,303 ) Recorded in: Other assets 664 508 – – Other liabilities (256 ) (364 ) (960 ) (1,303 ) Surplus (deficit) and net defined benefit asset (liability) at end of year 408 144 (960 ) (1,303 ) Actuarial gains (losses) recognized in other comprehensive income Net actuarial gains (losses) on plan assets (323 ) 277 (10 ) 8 Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions 50 127 30 104 Changes in financial assumptions 562 150 72 – Plan member experience (16 ) (45 ) 1 (41 ) Foreign exchange and other 6 (3 ) – – Actuarial gains recognized in other comprehensive income for the year 279 506 93 71 (1) Trending to 4.1% in 2040 and remaining at that level thereafter. (2) Trending to 4.5% in 2031 and remaining at that level thereafter. na – not applicable Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The fair values of plan assets held by our primary plans as at October 31 are as follows: (Canadian $ in millions) 2018 2017 Quoted Unquoted Total Quoted Unquoted Total Cash and money market funds 114 – 114 150 5 155 Securities issued or guaranteed by: Canadian federal government 108 41 149 143 47 190 Canadian provincial and municipal governments 219 309 528 471 320 791 U.S. federal government 297 – 297 307 20 327 U.S. states, municipalities and agencies – 12 12 – 16 16 Pooled funds 1,591 2,715 4,306 1,743 2,012 3,755 Derivative instruments 1 (14 ) (13 ) 1 (29 ) (28 ) Corporate debt 6 1,055 1,061 9 1,251 1,260 Corporate equity 1,105 – 1,105 1,291 – 1,291 3,441 4,118 7,559 4,115 3,642 7,757 Certain comparative figures have been reclassified to conform with the current year’s presentation. No plan assets are directly invested in the bank’s or related parties’ securities as at October 31, 2018 and 2017. As at October 31, 2018, our primary Canadian plan indirectly held, through pooled funds, approximately $15 million ($3 million in 2017) of our common shares. The plans do not hold any property we occupy or other assets we use. The plans paid $4 million in the year ended October 31, 2018 ($4 million in 2017) to the bank and certain of our subsidiaries for investment management, record-keeping, custodial and administrative services rendered. Sensitivity of Assumptions Key weighted-average assumptions used in measuring the defined benefit obligations for our primary plans are outlined in the following table. The sensitivity analysis provided in the table should be used with caution as it is hypothetical and the impact of changes in each key assumption may not be linear. The sensitivities to changes in each key variable have been calculated independently of the impact of changes in other key variables. Actual experience may result in simultaneous changes in a number of key assumptions, which would amplify or reduce certain sensitivities. Defined benefit obligation (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans Discount rate (%) 4.0 4.1 Impact of: 1% increase ($) (811 ) (102 ) 1% decrease ($) 1,016 126 Rate of compensation increase (%) 2.4 2.0 Impact of: 0.25% increase ($) 39 – (1) 0.25% decrease ($) (38 ) – (1) Mortality Impact of: 1 year shorter life expectancy ($) (138 ) (23 ) 1 year longer life expectancy ($) 135 23 Assumed overall health care cost trend rate (%) na 4.9 (2) Impact of: 1% increase ($) na 47 1% decrease ($) na (48 ) (1) The change in this assumption is immaterial. (2) Trending to 4.1% in 2040 and remaining at that level thereafter. na – not applicable Maturity Profile The duration of the defined benefit obligation for our primary plans is as follows: (Years) 2018 2017 Canadian pension plans 14.0 14.7 U.S. pension plans 7.2 8.0 Canadian other employee future benefit plans 14.3 16.5 Cash Flows Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Contributions to defined benefit plans 154 187 192 – – – Contributions to defined contribution plans 153 123 96 – – – Benefits paid directly to pensioners 59 32 43 35 40 38 366 342 331 35 40 38 Our best estimate of the contributions we expect to make for the year ending October 31, 2019 is approximately $246 million to our defined benefit pension plans and $41 million to our other employee future benefit plans. |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2018 | |
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Income Taxes | Note 22: We report our provision for income taxes in our Consolidated Statement of Income based upon transactions recorded in our consolidated financial statements regardless of when they are recognized for income tax purposes, with the exception of repatriation of retained earnings from our subsidiaries, as noted below. In addition, we record an income tax expense or benefit in other comprehensive income or directly in shareholders’ equity when the taxes relate to amounts recorded in other comprehensive income or shareholders’ equity. For example, income tax expense (recovery) on hedging gains (losses) related to our net investment in foreign operations is recorded in our Consolidated Statement of Comprehensive Income as part of unrealized gains (losses) on translation of net foreign operations. Current tax is the amount of income tax recoverable (payable) in respect of the taxable loss (profit) for a period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. Deferred income tax assets and liabilities are measured at the tax rates expected to apply when temporary differences reverse. Changes in deferred income tax assets and liabilities related to a change in tax rates are recorded in income in the period the tax rate is substantively enacted, except to the extent that the tax arises from a transaction or event which is recognized either in other comprehensive income or directly in shareholders’ equity. Current and deferred taxes are offset only when they are levied by the same taxing authority, levied on the same entity or group of entities and when there is a legal right to offset. Included in deferred income tax assets is $42 million ($126 million in 2017) related to Canadian tax loss carryforwards that will expire in 2037, $962 million ($1,545 million in 2017) related to both U.S. tax loss carryforwards and tax credits that will expire in various amounts in U.S. taxation years from 2026 through 2038 and $17 million ($16 million in 2017) related to U.K. tax loss carryforwards that are available for use indefinitely against relevant profits generated in the U.K. On the evidence available, including management projections of income, we believe that it is probable there will be sufficient taxable income generated by our business operations to support these deferred tax assets. The amount of tax on temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized in our Consolidated Balance Sheet as at October 31, 2018 is $132 million ($282 million in 2017), of which $8 million ($53 million in 2017) is scheduled to expire within five years. Deferred tax assets have not been recognized in respect of these items because it is not probable that realization of these assets will occur. Income that we earn through our foreign subsidiaries is generally taxed in the foreign country in which they operate. Income that we earn through our foreign branches is also generally taxed in the foreign country in which they operate. Canada also taxes the income we earn through foreign branches and a credit is allowed for certain foreign taxes paid on such income. Repatriation of earnings from certain foreign subsidiaries would require us to pay tax on certain of these earnings. As repatriation of such earnings is not planned in the foreseeable future, we have not recorded a related deferred income tax liability. The taxable temporary differences associated with the repatriation of earnings from investments in certain subsidiaries, branches, associates and interests in joint ventures for which deferred tax liabilities have not been recognized totalled $13 billion as at October 31, 2018 ($12 billion in 2017). Provision for Income Taxes (Canadian $ in millions) 2018 2017 2016 Consolidated Statement of Income Current Provision for income taxes for the current period 1,331 1,254 927 Adjustments in respect of current tax for prior periods 20 18 8 Deferred Origination and reversal of temporary differences 276 80 183 Effect of changes in tax rates 425 (2 ) (2 ) Previously unrecognized tax loss, tax credit or temporary difference for a prior period (92 ) (54 ) (15 ) 1,960 1,296 1,101 Other Comprehensive Income and Shareholders’ Equity Income tax expense (recovery) related to: Unrealized gains (losses) on FVOCI securities (1) (69 ) 21 64 Reclassification to earnings of (gains) on FVOCI securities (1) (23 ) (36 ) (11 ) Gains (losses) on derivatives designated as cash flow hedges (432 ) (322 ) 4 Reclassification to earnings of losses on derivatives designated as cash flow hedges 121 21 6 Hedging of unrealized (gains) losses on translation of net foreign operations (56 ) 8 10 Gains (losses) on remeasurement of pension and other employee future benefit plans 111 157 (156 ) (Losses) on remeasurement of own credit risk on financial liabilities designated at fair value (6 ) (53 ) (55 ) Share-based compensation 10 (12 ) – Total provision for income taxes 1,616 1,080 963 (1) Fiscal 2017 and prior years represent available-for-sale Certain comparative figures have been reclassified to conform with the current year’s presentation. Components of Total Provision for Income Taxes (Canadian $ in millions) 2018 2017 2016 Canada: Current income taxes Federal 501 470 434 Provincial 299 272 248 800 742 682 Canada: Deferred income taxes Federal (45 ) 2 (120 ) Provincial (27 ) – (67 ) (72 ) 2 (187 ) Total Canadian 728 744 495 Foreign: Current income taxes 224 281 220 Deferred income taxes 664 55 248 Total foreign 888 336 468 Total provision for income taxes 1,616 1,080 963 Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective income tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2018 2017 2016 Combined Canadian federal and provincial income taxes at the statutory tax rate 1,971 26.6 % 1,768 26.6 % 1,525 26.6 % Increase (decrease) resulting from: Tax-exempt (226 ) (3.0 ) (409 ) (6.2 ) (367 ) (6.4 ) Foreign operations subject to different tax rates (110 ) (1.5 ) 22 0.3 13 0.3 Change in tax rate for deferred income taxes 425 5.7 (2 ) – (2 ) – Previously unrecognized tax loss, tax credit or temporary difference for a prior period (92 ) (1.2 ) (54 ) (0.8 ) (15 ) (0.3 ) Income attributable to investments in associates and joint ventures (39 ) (0.5 ) (103 ) (1.5 ) (47 ) (0.8 ) Adjustments in respect of current tax for prior periods 20 0.3 18 0.2 8 0.1 Other 11 0.1 56 0.9 (14 ) (0.3 ) Provision for income taxes and effective tax rate 1,960 26.5 % 1,296 19.5 % 1,101 19.2 % Components of Deferred Income Tax Balances (Canadian $ in millions) Deferred Income Tax Asset (Liability) (1) Net asset, November 1, 2017 (2) Benefit (expense) to income statement Benefit (expense) to equity Translation Net asset, October 31, 2018 Allowance for credit losses 684 (150 ) – (50 ) 484 Employee future benefits 416 (111 ) (23 ) – 282 Deferred compensation benefits 545 (50 ) – (1 ) 494 Other comprehensive income 50 – 138 7 195 Tax loss carryforwards 1,233 (628 ) – 1 606 Tax credits 454 (39 ) – – 415 Premises and equipment (664 ) 148 – 1 (515 ) Pension benefits (52 ) 19 (88 ) – (121 ) Goodwill and intangible assets (261 ) 60 – – (201 ) Securities 21 17 – – 38 Other 180 125 (10 ) (9 ) 286 Total 2,606 (609 ) 17 (51 ) 1,963 (Canadian $ in millions) Deferred Income Tax Asset (Liability) (1) Net asset, October 31, 2016 Benefit (expense) to income statement Benefit (expense) to equity Translation Net asset, October 31, 2017 Allowance for credit losses 883 (118 ) – (55 ) 710 Employee future benefits 424 12 (14 ) (6 ) 416 Deferred compensation benefits 462 102 – (19 ) 545 Other comprehensive income (82 ) – 112 (3 ) 27 Tax loss carryforwards 1,343 (18 ) – (92 ) 1,233 Tax credits 407 64 – (17 ) 454 Premises and equipment (613 ) (83 ) – 32 (664 ) Pension benefits 89 5 (143 ) (3 ) (52 ) Goodwill and intangible assets (253 ) (23 ) – 15 (261 ) Securities 12 11 – (2 ) 21 Other 187 24 12 (20 ) 203 Total 2,859 (24 ) (33 ) (170 ) 2,632 (1) Deferred tax assets of $2,037 million and $2,865 million and deferred tax liabilities of $74 million and $233 million as at October 31, 2018 and 2017, respectively, are presented on the balance sheet net by legal jurisdiction. (2) Includes IFRS 9 adoption (refer to Note 28) Certain comparative figures have been reclassified to conform with the current year’s presentation. In fiscal 2018, we were reassessed by the Canada Revenue Agency (“CRA”) for additional income taxes and interest in an amount of approximately $169 million in respect of certain 2013 Canadian corporate dividends. In prior fiscal years, we were reassessed for additional income taxes and interest of approximately $116 million and $76 million, respectively, for certain 2012 and 2011 Canadian corporate dividends. In its reassessments, the CRA denied dividend deductions on the basis that the dividends were received as part of a “dividend rental arrangement.” The tax rules raised by the CRA in the reassessments were prospectively addressed in the 2015 and 2018 Canadian federal budgets. In the future, it is possible that we may be reassessed for significant income tax for similar activities in 2014 and subsequent years. We remain of the view that our tax filing positions were appropriate and intend to challenge any reassessment. On December 22, 2017, the U.S. government enacted new tax legislation that became effective on January 1, 2018. Under the new legislation, our U.S. net deferred tax asset was revalued by $483 million because of the lower income tax rate. The $483 million revaluation is comprised of a $425 million income tax expense recorded in our Consolidated Statement of Income, and a $58 million income tax charge recorded in other comprehensive income and shareholders’ equity for the year ended October 31, 2018. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2018 | |
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Earnings Per Share | Note 23: Earnings Per Share Basic earnings per share is calculated by dividing net income attributable to our shareholders, after deducting preferred share dividends, by the daily average number of fully paid common shares outstanding throughout the year. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into our common shares. The following table presents our basic and diluted earnings per share: Basic Earnings per Share (Canadian $ in millions, except as noted) 2018 2017 2016 Net income attributable to bank shareholders 5,450 5,348 4,622 Dividends on preferred shares (184 ) (184 ) (150 ) Net income available to common shareholders 5,266 5,164 4,472 Weighted-average number of common shares outstanding (in thousands) 642,930 649,650 644,049 Basic earnings per share (Canadian $) 8.19 7.95 6.94 Diluted Earnings per Share Net income available to common shareholders adjusted for impact of dilutive instruments 5,266 5,164 4,472 Weighted-average number of common shares outstanding (in thousands) 642,930 649,650 644,049 Effect of dilutive instruments Stock options potentially exercisable (1) 5,876 6,859 8,706 Common shares potentially repurchased (3,893 ) (4,548 ) (6,629 ) Weighted-average number of diluted common shares outstanding (in thousands) 644,913 651,961 646,126 Diluted earnings per share (Canadian $) 8.17 7.92 6.92 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 1,101,938, 1,330,564 and 1,353,464 with weighted-average exercise prices of $127.45, $182.70 and $238.45 for the years ended October 31, 2018, 2017 and 2016, respectively, as the average share price for the period did not exceed the exercise price. |
Commitments, Guarantees, Pledge
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | 12 Months Ended |
Oct. 31, 2018 | |
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Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | In the normal course of business, we enter into a variety of contracts under which we may be required to make payments to reimburse a counterparty for a loss if a third party does not perform according to the terms of a contract or does not make payments when due under the terms of a debt instrument, and contracts under which we provide indirect guarantees of the indebtedness of another party, all of which are considered guarantees. Guarantees that qualify as derivatives are accounted for in accordance with the policy for derivative instruments (see Note 8). For guarantees that do not qualify as derivatives, the liability is initially recorded at fair value, which is generally the fee received. Subsequently, guarantees are recorded at the higher of the initial fair value, less amortization to recognize any fee income earned over the period, and our best estimate of the amount required to settle the obligation. Any change in the liability is reported in our Consolidated Statement of Income. We enter into a variety of commitments, including off-balance A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. We strive to limit credit risk by dealing only with counterparties that we believe are creditworthy, and we manage our credit risk for these instruments using the same credit risk process that is applied to loans and other credit assets. The maximum amount payable related to our various commitments is as follows: (Canadian $ in millions) 2018 2017 Financial Guarantees Standby letters of credit 18,458 18,126 Credit default swaps (1) 443 448 Other Credit Instruments Backstop liquidity facilities 5,627 5,044 Securities lending 4,939 5,336 Documentary and commercial letters of credit 1,263 1,030 Commitments to extend credit (2) 137,995 122,881 Other commitments 8,935 4,329 Total 177,660 157,194 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $8 million as at October 31, 2018 ($6 million in 2017). (2) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. Financial Guarantees Standby letters of credit represent our obligation to make payments to third parties on behalf of customers if they are unable to make the required payments or meet other contractual requirements. The majority have a term of one year or less. Collateral requirements for standby letters of credit and guarantees are consistent with our collateral requirements for loans. Standby letters of credit and guarantees include our guarantee of a subsidiary’s debt directly provided to a third party. Written credit default swaps require us to compensate a counterparty following the occurrence of a credit event in relation to a specified reference obligation, such as a bond or a loan. The terms of these contracts range from less than one year to 10 years. Refer to Note 8 for details. Other Credit Instruments Backstop liquidity facilities are provided to asset-backed commercial paper (“ABCP”) or commercial paper (“CP”) programs administered by either us or third parties as an alternative source of financing when ABCP or CP markets cannot be accessed and for ABCP programs when predetermined performance measures of the financial assets held by these programs are not met. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of insolvency of the borrower. The facilities’ terms are generally no longer than one year, but can be several years. We lend eligible customers’ securities to third-party borrowers who have been evaluated for credit risk using the same credit risk process that is applied to loans and other credit assets. In connection with these activities, we may provide indemnification to clients against losses resulting from the failure of the borrower to return loaned securities when due. All borrowings are fully collateralized with cash or marketable securities. As securities are loaned, we require borrowers to maintain collateral which is equal to or in excess of 100% of the fair value of the securities borrowed. The collateral is revalued on a daily basis. Documentary and commercial letters of credit represent our agreement to honour drafts presented by a third party upon completion of specific activities. Commitments to extend credit represent our commitment to our customers to grant them credit in the form of loans or other financings for specific amounts and maturities, subject to their meeting certain conditions. Other commitments include commitments to fund external private equity funds and investments in equity and debt securities at market value at the time the commitments are drawn. In addition, we act as underwriter for certain new issuances under which we, alone or together with a syndicate of financial institutions, purchase the new issue for resale to investors. Indemnification Agreements In the normal course of operations, we enter into various agreements that provide general indemnifications. These indemnifications typically occur in connection with sales of assets, securities offerings, service contracts, membership agreements, clearing arrangements, derivative contracts and leasing transactions. Based on historical experience, we expect the risk of loss to be remote. Exchange and Clearinghouse Guarantees We are a member of several securities and futures exchanges and central counterparties. Membership in certain of these organizations may require us to pay a pro rata share of the losses incurred by the organization in the event of default of another member. It is difficult to estimate our maximum exposure under these membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. Based on historical experience, we expect the risk of loss to be remote. Pledged Assets In the normal course of business, we pledge assets as security for various liabilities that we incur. The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2018 2017 Bank Assets Cash and securities (1) Issued or guaranteed by the Government of Canada 7,784 11,904 Issued or guaranteed by a Canadian province, municipality or school corporation 7,143 6,170 Other 60,812 51,848 Mortgages, securities borrowed or purchased under resale agreements and other 115,256 99,474 190,995 169,396 (Canadian $ in millions) 2018 2017 Assets pledged in relation to: Central counterparties, payment systems and depositories 2,403 2,043 Bank of Canada 525 725 Foreign governments and central banks 3 3 Obligations related to securities sold under repurchase agreements 54,606 42,450 Securities borrowing and lending 50,388 51,120 Derivatives transactions 6,120 5,924 Securitization 28,710 27,632 Covered bonds 26,721 24,983 Other 21,519 14,516 Total pledged assets and collateral (1) 190,995 169,396 (1) Excludes cash pledged with central banks disclosed as restricted cash in Note 2. Certain comparative figures have been reclassified to conform with the current year’s presentation. Collateral When entering into trading activities, such as purchases under resale agreements, securities borrowing and lending activities or financing for certain derivative transactions, we require our counterparties to provide us with collateral that will protect us from losses in the event of their default. Collateral transactions (received or pledged) are typically conducted under terms that are usual and customary in standard trading activities. If there is no default, the securities or their equivalents must be returned to, or returned by, the counterparty at the end of the contract. The fair value of counterparty collateral that we are permitted to sell or repledge (in the absence of default by the owner of the collateral) was $123,782 million as at October 31, 2018 ($118,324 million as at October 31, 2017). The fair value of collateral that we have sold or repledged was $82,392 million as at October 31, 2018 ($76,909 million as at October 31, 2017). Lease Commitments We have entered into a number of non-cancellable Provisions and Contingent Liabilities Provisions are recognized when we have a legal or constructive obligation as a result of past events, such as contractual commitments, legal or other obligations where we can reliably estimate the obligation, and it is probable we will be required to settle the obligation. We recognize as a provision our best estimate of the amount required to settle the obligations as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligations. Provisions are recorded in other liabilities on the Consolidated Balance Sheet. Contingent liabilities are potential obligations arising from past events, the existence of which will only be confirmed by the occurrence or non-occurrence Restructuring Charges Included in provisions as at October 31, 2018 is $176 million ($98 million in 2017) of restructuring charges related to our ongoing enterprise-wide initiative to simplify how we work, drive increased efficiency, and invest in technology to move our business forward. This amount represents our best estimate of the amount that will be ultimately paid out. Legal Proceedings The bank and its subsidiaries are party to legal proceedings, including regulatory investigations, in the ordinary course of business. While there is inherent difficulty in predicting the outcome of these proceedings, management does not expect the outcome of any of these proceedings, individually or in the aggregate, to have a material adverse effect on the consolidated financial position or the results of operations of the bank. Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2018 2017 Balance at beginning of year 170 268 Additional provisions/increase in provisions 375 153 Provisions utilized (250 ) (172 ) Amounts reversed (11 ) (75 ) Exchange differences and other movements – (4 ) Balance at end of year (1) 284 170 (1) Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segmen
Operating and Geographic Segmentation | 12 Months Ended |
Oct. 31, 2018 | |
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Operating and Geographic Segmentation | Note 25: Operating and Geographic Segmentation Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. We determine our operating groups based on our management structure and therefore these groups, and the results attributed to them, may not be comparable with those of other financial services companies. We evaluate the performance of our groups using reported and adjusted measures, such as net income, revenue growth, return on equity, and non-interest expense-to-revenue Effective with the adoption of IFRS 9, we allocate the provision for credit losses on performing loans and the related allowance to operating groups. In 2017 and prior years, the collective provision and allowance were held in Corporate Services. Personal and Commercial Banking Personal and Commercial Banking (“P&C”) is comprised of two operating segments: Canadian Personal and Commercial Banking and U.S. Personal and Commercial Banking. Canadian Personal and Commercial Banking Canadian Personal and Commercial Banking (“Canadian P&C”) provides a full range of financial products and services to eight million customers. Personal Banking provides financial solutions for everyday banking, financing, investing, credit card and creditor insurance needs. Commercial Banking provides our small business and commercial banking customers with a broad suite of integrated commercial and capital markets products, as well as financial advisory services. U.S. Personal and Commercial Banking U.S. Personal and Commercial Banking (“U.S. P&C”) offers a broad range of products and services. Our retail and small and mid-sized in-depth BMO Wealth Management BMO’s group of wealth management businesses serves a full range of client segments from mainstream to ultra high net worth and institutional, with a broad offering of wealth management products and services, including insurance products. Wealth Management (“BMO WM”) is a global business with an active presence in markets across Canada, the United States, Europe and Asia. BMO Capital Markets BMO Capital Markets (“BMO CM”) is a North American-based financial services provider offering a complete range of products and services to corporate, institutional and government clients. Through our Investment and Corporate Banking and Trading Products lines of business, we operate in 33 locations around the world, including 19 offices in North America. Corporate Services Corporate Services consists of Corporate Units and Technology and Operations (“T&O”). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, finance, legal and regulatory compliance, human resources, communications, marketing, real estate, procurement, data and analytics, and innovation. T&O manages, maintains and provides governance of information technology, cyber security, and operations services for the bank. The costs of these Corporate Units and T&O services are largely transferred to the three operating groups (P&C, BMO WM and BMO CM), with any remaining amounts retained in Corporate Services results. As such, Corporate Services results largely reflect the impact of residual treasury-related activities, the elimination of taxable equivalent adjustments, residual unallocated expenses and certain acquisition integration costs and restructuring costs. Basis of Presentation The results of these operating groups are based on our internal financial reporting systems. The accounting policies used in these segments are generally consistent with those followed in the preparation of our consolidated financial statements, as disclosed in Note 1 and throughout the consolidated financial statements. Income taxes presented below may not be reflective of taxes paid in each jurisdiction where we operate. Income taxes are generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities specific to each segment. A notable accounting measurement difference is the taxable equivalent basis adjustment as described below. Periodically, certain business lines and units within the business lines are transferred between client and corporate support groups to more closely align our organizational structure with our strategic priorities. In addition, revenue and expense allocations are updated to more accurately align with current experience. Results for prior periods are restated to conform with the current year’s presentation. Taxable Equivalent Basis We analyze revenue on a taxable equivalent basis (“teb”) at the operating group level. Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Inter-Group Allocations Various estimates and allocation methodologies are used in the preparation of the operating groups’ financial information. Overhead expenses are allocated to operating groups using allocation formulas applied on a consistent basis. Operating group net interest income reflects internal funding charges and credits on the groups’ assets, liabilities and capital, at market rates, taking into account relevant terms and currency considerations. The offset of the net impact of these charges and credits is reflected in Corporate Services. These inter-group allocations are also applied to the geographical segmentation. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian P&C U.S. P&C Wealth BMO CM Corporate Total 2018 Net interest income (2) 5,541 3,843 826 659 (556 ) 10,313 Non-interest 2,171 1,140 5,468 3,696 249 12,724 Total Revenue 7,712 4,983 6,294 4,355 (307 ) 23,037 Provision for (recovery of) credit losses on impaired loans 466 258 6 (17 ) (13 ) 700 Provision for (recovery of) credit losses on performing loans 3 (38 ) – (1 ) (2 ) (38 ) Total provision for (recovery of) credit losses 469 220 6 (18 ) (15 ) 662 Insurance claims, commissions and changes in policy benefit liabilities – – 1,352 – – 1,352 Amortization 318 454 231 124 – 1,127 Non-interest 3,487 2,558 3,278 2,727 436 12,486 Income (loss) before taxes and non-controlling 3,438 1,751 1,427 1,522 (728 ) 7,410 Provision for (recovery of) income taxes 884 357 355 366 (2 ) 1,960 Reported net income (loss) 2,554 1,394 1,072 1,156 (726 ) 5,450 Non-controlling – – – – – – Net Income (loss) attributable to bank shareholders 2,554 1,394 1,072 1,156 (726 ) 5,450 Average Assets 224,553 110,351 35,913 307,087 76,391 754,295 (Canadian $ in millions) Canadian P&C U.S. P&C Wealth BMO CM Corporate Total 2017 Net interest income (2) 5,261 3,551 722 1,233 (760 ) 10,007 Non-interest 2,182 1,066 5,492 3,336 177 12,253 Total Revenue 7,443 4,617 6,214 4,569 (583 ) 22,260 Provision for (recovery of) credit losses (3) 483 289 8 44 (78 ) 746 Insurance claims, commissions and changes in policy benefit liabilities – – 1,538 – – 1,538 Amortization 309 434 241 119 – 1,103 Non-interest 3,313 2,510 3,110 2,659 635 12,227 Income (loss) before taxes and non-controlling 3,338 1,384 1,317 1,747 (1,140 ) 6,646 Provision for (recovery of) income taxes 827 357 350 472 (710 ) 1,296 Reported net income (loss) 2,511 1,027 967 1,275 (430 ) 5,350 Non-controlling – – 2 – – 2 Net Income (loss) attributable to bank shareholders 2,511 1,027 965 1,275 (430 ) 5,348 Average Assets 217,685 104,209 32,562 302,518 65,652 722,626 (Canadian $ in millions) Canadian P&C U.S. P&C Wealth BMO CM Corporate Total 2016 Net interest income (2) 5,080 3,491 635 1,459 (793 ) 9,872 Non-interest 1,909 1,119 5,274 2,855 58 11,215 Total Revenue 6,989 4,610 5,909 4,314 (735 ) 21,087 Provision for (recovery of) credit losses (3) 506 249 9 81 (74 ) 771 Insurance claims, commissions and changes in policy benefit liabilities – – 1,543 – – 1,543 Amortization 276 433 233 105 – 1,047 Non-interest 3,224 2,481 3,104 2,469 716 11,994 Income (loss) before taxes and non-controlling 2,983 1,447 1,020 1,659 (1,377 ) 5,732 Provision for (recovery of) income taxes 766 396 245 424 (730 ) 1,101 Reported net income (loss) 2,217 1,051 775 1,235 (647 ) 4,631 Non-controlling – – 2 – 7 9 Net Income (loss) attributable to bank shareholders 2,217 1,051 773 1,235 (654 ) 4,622 Average Assets 208,018 106,111 30,642 301,623 60,728 707,122 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis – see Basis of Presentation section. (3) 2017 and 2016 have not been restated to reflect the adoption of IFRS 9. Certain comparative figures have been reclassified to conform with the current year’s presentation. Geographic Information We operate primarily in Canada and the United States, but we also have operations in the United Kingdom, Europe, the Caribbean and Asia, which are grouped in other countries. We allocate our results by geographic region based on the location of the unit responsible for managing the related assets, liabilities, revenues and expenses. Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) Canada United States Other countries Total 2018 Total Revenue 13,733 7,315 1,989 23,037 Income before taxes and non-controlling 4,838 1,870 702 7,410 Reported net income 3,795 1,099 556 5,450 Average Assets 441,376 277,764 35,155 754,295 (Canadian $ in millions) Canada United States Other countries Total 2017 Total Revenue 13,469 7,073 1,718 22,260 Income before taxes and non-controlling 4,597 1,588 461 6,646 Reported net income 3,817 1,210 323 5,350 Average Assets 430,570 264,473 27,583 722,626 (Canadian $ in millions) Canada United States Other countries Total 2016 Total Revenue 12,868 6,796 1,423 21,087 Income before taxes and non-controlling 3,902 1,499 331 5,732 Reported net income 3,286 1,105 240 4,631 Average Assets 420,155 260,018 26,949 707,122 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Oct. 31, 2018 | |
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Significant Subsidiaries | Note 26: Significant Subsidiaries As at October 31, 2018, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant subsidiaries (1)(2) Head or principal office Book value of shares owned by the bank (Canadian $ in millions) Bank of Montreal Capital Markets (Holdings) Limited and subsidiaries, including: London, England 332 BMO Capital Markets Limited London, England Pyrford International Limited London, England Bank of Montreal (China) Co. Ltd. Beijing, China 448 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 29,028 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michaels, Barbados BMO Nesbitt Burns Holdings Corporation Toronto, Canada BMO Nesbitt Burns Inc. Toronto, Canada BMO Investments Inc. Toronto, Canada BMO InvestorLine Inc. Toronto, Canada Bank of Montreal Ireland plc Dublin, Ireland 1,022 BMO Financial Corp. and subsidiaries, including: Chicago, United States 21,893 BMO Asset Management Corp. and subsidiaries Chicago, United States BMO Capital Markets Corp. New York, United States BMO Harris Bank National Association and subsidiaries, including: Chicago, United States BMO Harris Investment Company LLC Las Vegas, United States BMO Harris Financial Advisors, Inc. Chicago, United States BMO Harris Financing, Inc. and subsidiaries Chicago, United States CTC myCFO, LLC Palo Alto, United States BMO Global Asset Management (Europe) Limited and subsidiaries, including: London, England 692 BMO Asset Management (Holdings) plc and subsidiaries (3) London, England BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,195 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 768 BMO Trustee Asia Limited Hong Kong, China 2 LGM (Bermuda) Limited and subsidiaries, including: Hamilton, Bermuda 147 BMO Global Asset Management (Asia) Limited Hong Kong, China LGM Investments Limited London, England (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp., BMO Capital Markets Corp., BMO Harris Financial Advisors, Inc., BMO Harris Financing, Inc., and CTC myCFO, LLC, which are incorporated under the laws of the state of Delaware, United States. BMO Asset Management (Holdings) plc is incorporated under the laws of Scotland. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. (3) Effective October 31, 2018, F&C Asset Management plc changed its name to BMO Asset Management (Holdings) plc. Significant Restrictions Our ability to transfer funds between our subsidiaries may be restricted by statutory, contractual, capital and regulatory requirements. Restrictions include: • Assets pledged as security for various liabilities we incur. Refer to Note 24 for details. • Assets of our consolidated structured entities that are held for the benefit of the note holders. Refer to Note 7 for details. • Assets held by our insurance subsidiaries. Refer to Note 12 for details. • Regulatory and statutory requirements that reflect capital and liquidity requirements. Refer to Note 19 for details. • Funds required to be held with central banks. Refer to Note 2 for details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2018 | |
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Related Party Transactions | Note 27: Related Party Transactions Related parties include subsidiaries, associates, joint ventures, employee future benefit plans and key management personnel and their close family members. Close family members include spouses, common-law Key Management Personnel Compensation Key management personnel is defined as those persons having authority and responsibility for planning, directing and/or controlling the activities of an entity, being the members of our Board of Directors (“directors”) and certain senior executives. The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2018 2017 2016 Base salary and incentives 21 23 22 Post-employment benefits 2 1 2 Share-based payments (1) 31 38 32 Total key management personnel compensation 54 62 56 (1) Amounts included in share-based payments are the fair values of awards granted in the year. We offer senior executives market interest rates on credit card balances, a fee-based Directors receive a specified amount of their annual retainer in deferred stock units. Until a director’s shareholdings (including deferred stock units) are eight times greater than their annual retainer, they are required to take 100% of their annual retainer and other fees in the form of either our common shares or deferred stock units. They may elect to receive the remainder of such retainer fees and other remuneration in cash, common shares or deferred stock units. Directors of our wholly owned subsidiary, BMO Financial Corp., are required to take a specified minimum amount of their annual retainer and other fees in the form of deferred stock units. Joint Ventures and Associates We provide banking services to our joint ventures and associates on the same terms offered to our customers for these services. Our investments in joint ventures of which we own 50% totalled $231 million as at October 31, 2018 ($182 million in 2017). Our investments in associates over which we exert significant influence totalled $471 million as at October 31, 2018 ($444 million in 2017). The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2018 2017 Loans 195 178 Deposits 114 132 Fees paid for services received 71 66 |
Transition to IFRS 9
Transition to IFRS 9 | 12 Months Ended |
Oct. 31, 2018 | |
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Transition to IFRS 9 | The following table shows the pre-transition (Canadian $ in millions) IAS 39 measurement category IFRS 9 measurement category IAS 39 carrying amount Reclassification Remeasurement IFRS 9 carrying amount Financial Assets Securities Trading Trading 99,069 (8,534 ) – 90,535 FVTPL – 8,534 – 8,534 Available-for-sale na 54,075 (54,075 ) – – FVOCI – 51,909 – 51,909 FVTPL – 2,081 – 2,081 Amortized cost – 85 – 85 Held-to-maturity Amortized cost 9,094 – (2 ) 9,092 Other Other 960 (333 ) – 627 FVTPL – 333 – 333 Total Securities 163,198 – (2 ) 163,196 Loans Residential mortgages Amortized cost Amortized cost 115,258 – – 115,258 Consumer instalment and other Amortized cost Amortized cost 61,944 – – 61,944 Credit cards Amortized cost Amortized cost 8,071 – – 8,071 Business and government Amortized cost Amortized cost 175,067 (2,372 ) – 172,695 FVTPL – 2,372 – 2,372 Total Loans 360,340 – – 360,340 Allowance for credit losses (1,833 ) – 154 (1,679 ) 358,507 – 154 358,661 Remaining financial assets (1) 127,706 – (6 ) 127,700 Financial Liabilities Allowance for credit losses on off-balance 163 – 76 239 Total pre-tax na – 70 na Total after-tax 3,066 (55 ) – 3,011 Total after-tax (2)(3) 23,709 55 44 23,808 Total after-tax 44,354 – 44 44,398 (1) Represents cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements and other assets. Remeasurement represents the impact of the impairment provisions of IFRS 9 on these remaining financial assets. (2) Reclassification amount represents the after-tax pre-tax) available-for-sale (3) Remeasurement represents the after-tax pre-tax) na – not applicable due to IFRS 9 adoption. The securities balances by measurement category following the adoption of IFRS 9 as at November 1, 2017 were: (Canadian $ in millions) November 1, 2017 Trading 90,535 FVTPL 10,948 FVOCI 51,909 Amortized cost 9,177 Other 627 Total 163,196 The primary impact as a result of adopting the classification and measurement provisions of IFRS 9 relates to securities held by the bank. On transition, our existing held-to-maturity Our available-for-sale available-for-sale Available-for-sale available-for-sale available-for-sale Our lending portfolios continue to be recorded at amortized cost, with the exception of certain business and government loans, whose contractual cash flows did not represent only payments of principal and interest, and were classified as fair value through profit or loss. The following table illustrates the impact of transition to IFRS 9 on the allowance for credit loss as of November 1, 2017. (Canadian $ in millions) IAS 39 collective allowance IAS 39 specific allowance IAS 39 allowance Remeasurement IFRS 9 allowance IFRS 9 Stage 1 IFRS 9 Stage 2 IFRS 9 Stage 3 Loans Residential mortgages 69 24 93 (20 ) 73 16 33 24 Consumer instalment and other 343 136 479 71 550 70 344 136 Credit cards 243 – 243 41 284 63 221 – Business and government 785 233 1,018 (246 ) 772 205 334 233 Total allowance for credit losses 1,440 393 1,833 (154 ) 1,679 354 932 393 Allowance for credit losses on remaining financial assets (1) – – – 8 8 7 1 – Allowance for credit losses on off-balance sheet exposures 136 27 163 76 239 89 123 27 Total 1,576 420 1,996 (70 ) 1,926 450 1,056 420 (1) Represents cash and cash equivalents, interest bearing deposits with banks, securities, securities borrowed or purchased under resale agreements and other assets. Accounting Policies for Financial Instruments under IAS 39, Financial Instruments: Recognition and Measurement The following accounting policies apply to comparative information for 2017 and 2016 in our consolidated financial statements as we did not restate prior periods on adoption of IFRS 9. Classification and Measurement of Securities Securities are divided into four types: trading securities designated at FVTPL, available-for-sale securities, held-to-maturity and other securities. Trading securities We record the transaction costs, gains and losses realized on disposal and unrealized gains and losses due to changes in fair value in our Consolidated Statement of Income in trading revenues. Securities designated at FVTPL are financial instruments that are accounted for at fair value, with changes in fair value recorded in income provided they meet certain criteria. Available-for-sale securities Available-for-sale securities are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in unrealized gains (losses) on available-for-sale securities in our Consolidated Statement of Comprehensive Income until the security is sold. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest revenue, securities gains, other than trading. Interest income earned and dividends received on available-for-sale securities are recorded in our Consolidated Statement of Income in interest, dividend and fee income, securities. Held-to-maturity securities Other securities Impairment of Securities We review held-to-maturity, available-for-sale and other securities at each quarter-end reporting period to identify and evaluate investments that show indications of possible impairment. For held-to-maturity, available-for-sale and other securities, impairment losses are recognized if there is objective evidence of impairment as a result of an event that reduces the estimated future cash flows from the security and the impact can be reliably estimated. We do not record impairment write-downs on debt securities when impairment is due to changes in market interest rates if future contractual cash flows associated with the debt security are still expected to be recovered. The impairment loss on available-for-sale securities is the difference between the security’s amortized cost and its current fair value, less any previously recognized impairment losses. If there is objective evidence of impairment, a write-down is transferred from our Consolidated Statement of Comprehensive Income, unrealized gains (losses) on available-for-sale securities, to our Consolidated Statement of Income in securities gains, other than trading. The impairment loss on held-to-maturity securities is the difference between a security’s carrying amount and the present value of its estimated future cash flows discounted at the original effective interest rate. If there is objective evidence of impairment, a write-down is recorded in our Consolidated Statement of Income in securities gains, other than trading. For available-for-sale debt securities, a previous impairment loss is reversed through net income if an event occurs after the impairment was recognized that can be objectively attributed to an increase in fair value, to a maximum of the original impairment charge. For available-for-sale equity securities, previous impairment losses are not reversed through net income, and any subsequent increases in fair value are recorded in other comprehensive income. Reversals of impairment losses on held-to-maturity securities are recorded to a maximum of the amortized cost of the investment before the original impairment charge. Loans Loans are initially measured at fair value plus directly attributable costs, and are subsequently measured at amortized cost using the effective interest method. The effective interest method allocates interest income over the expected term of the loan by applying the effective interest rate to the carrying amount of the loan. The effective interest rate is defined as the rate that exactly discounts future cash receipts through the expected term of the loan to the net carrying amount of the loan. Under the effective interest method, the amount recognized in interest, dividend and fee income, loans, varies over the term of the loan based on the principal outstanding. Allowance for Credit Losses The allowance for credit losses adjusts the value of loans to reflect their estimated realizable value. In assessing their estimated realizable value, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These include economic factors, developments affecting companies in particular industries, and specific issues with respect to single borrowers. Changes in circumstances may cause future assessments of credit risk to be materially different from current assessments, which could result in an increase or decrease in the allowance for credit losses. The allowance is comprised of a specific allowance and a collective allowance. Specific Allowance These allowances are recorded for individually identified impaired loans to reduce their carrying value to the expected recoverable amount. We review our loans on an ongoing basis to assess whether any loans should be classified as impaired and whether an allowance or write-off should be recorded (excluding credit card loans, which are classified as impaired and written off when principal or interest payments are 180 days past due, as discussed under Impaired Loans). The review of individually significant problem loans is conducted at least quarterly by the account managers, each of whom assesses the ultimate collectability and estimated recoveries for a specific loan based on all events and conditions that are relevant to the loan. This assessment is then reviewed and approved by an independent credit officer. Individually Significant Impaired Loans To determine the amount we expect to recover from an individually significant impaired loan, we use the value of the estimated future cash flows discounted at the loan’s original effective interest rate. The determination of estimated future cash flows of a collateralized impaired loan reflects the expected realization of the underlying security, net of expected costs and any amounts legally required to be paid to the borrower. Security can vary by type of loan and may include cash, securities, real estate properties, accounts receivable, guarantees, inventory or other capital assets. Individually Insignificant Impaired Loans Residential mortgages, consumer instalment and other personal loans are individually insignificant and may be individually assessed or collectively assessed for losses at the time of impairment, taking into account historical loss experience. Collective Allowance We maintain a collective allowance in order to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Our approach to establishing and maintaining the collective allowance is based on the requirements of IAS 39, considering guidelines issued by OSFI. The collective allowance methodology incorporates both quantitative and qualitative factors to determine an appropriate level for the collective allowance. For the purpose of calculating the collective allowance, we group loans on the basis of similarities in credit risk characteristics. The loss factors for groups of loans are determined based on a minimum of five years of historical data and a one-year loss emergence period, except for credit cards, where a seven-month loss emergence period is used. The loss factors are back-tested and calibrated on a regular basis to ensure that they continue to reflect our best estimate of losses that have been incurred but not yet identified, on an individual basis, within the pools of loans. Historical loss experience data is also reviewed in the determination of loss factors. Qualitative factors are based on current observable data, such as current macroeconomic and business conditions, portfolio-specific considerations and model risk factors. |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 12 Months Ended |
Oct. 31, 2018 | |
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Basis of Consolidation | Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2018. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (“SEs”), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates, where we exert significant influence over operating, investing and financing decisions (generally companies in which we own between 20% and 50% of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures. Joint ventures are those entities where we exercise joint control through an agreement with other shareholders. 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 investee net income or loss, including other comprehensive income or loss. Our equity accounted investments are recorded as other securities and our share of the net income or loss is recorded in investments in associates and joint ventures, in our Consolidated Statement of Income. Any other comprehensive income amounts are reflected in the relevant section of our Consolidated Statement of Comprehensive Income. Additional information regarding accounting for other securities is included in Note 3. Non-controlling non-controlling |
Translation of Foreign Currencies | Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gain (loss) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the translation gain (loss) and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange, other than trading, in our Consolidated Statement of Income as they arise. From time to time, we enter into foreign exchange hedge contracts to reduce our exposure to changes in the value of foreign currencies. Realized and unrealized gains and losses that arise on the mark-to-market non-interest |
Revenue | Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees |
Leases | Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Otherwise they are classified as operating leases, as we retain substantially all the risks and rewards of asset ownership. As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest |
Assets Held-for-Sale | Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest |
Changes in Accounting Policies | Changes in Accounting Policies Financial Instruments Effective November 1, 2017 we adopted IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Impairment IFRS 9 introduces a new expected credit loss (“ECL”) impairment model for all financial assets and certain off-balance sheet loan commitments and guarantees. The new ECL model results in an allowance for credit losses being recorded on financial assets regardless of whether there has been an actual impairment. This differs from our previous approach where the allowance recorded on performing loans was designed to capture only incurred losses whether or not they have been specifically identified. The ECL model requires the recognition of credit losses based on up to 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses on performing loans that have experienced a significant increase in credit risk since origination (Stage 2). The determination of a significant increase in credit risk takes into account many different factors and will vary by product and risk segment. The main factors considered in making this determination are relative changes in probability-weighted probability of default since origination and certain other criteria such as 30-day IFRS 9 requires consideration of past events, current market conditions and reasonable supportable information about future economic conditions, in determining whether there has been a significant increase in credit risk and in calculating the amount of expected losses. The standard also requires future economic conditions be based on an unbiased, probability-weighted assessment of possible future outcomes. In considering the lifetime of an instrument, IFRS 9 generally requires the use of the contractual period, including pre-payment, extension and other options. For revolving instruments, such as credit cards, that may not have a defined contractual period, lifetime is based on historical behaviour. Classification and Measurement Debt instruments, including loans, are classified based on both our business model for managing the assets and the contractual cash flow characteristics of the assets. Debt instruments are measured at fair value through profit or loss (“FVTPL”) unless certain conditions are met that permit measurement at either fair value through other comprehensive income (“FVOCI”) or amortized cost. FVOCI is permitted where debt instruments are held with the objective of selling the assets or collecting contractual cash flows and those cash flows represent solely payments of principal and interest. These securities may be sold in response to or in anticipation of changes in interest rates and resulting prepayment risk, changes in credit risk, changes in foreign currency risk, changes in funding sources or terms, or to meet liquidity needs. Changes in fair value are recorded in other comprehensive income; gains or losses on disposal and impairment losses are recorded in our Consolidated Statement of Income. Amortized cost is permitted where debt instruments are held with the objective of collecting contractual cash flows and those cash flows represent solely payments of principal and interest. Gains or losses on disposal and impairment losses are recorded in our Consolidated Statement of Income. For both FVOCI and amortized cost instruments, premiums, discounts and transaction costs are amortized over the term of the instrument on an effective yield basis as an adjustment to interest income. Equity instruments are measured at FVTPL unless we elect to measure at FVOCI, in which case gains and losses are never recognized in income. As permitted by IFRS 9, in fiscal 2015, we have early adopted the provisions relating to the recognition of changes in own credit risk for financial liabilities designated at FVTPL. Additional information regarding changes in own credit risk is included in Notes 13 and 14. Hedge Accounting IFRS 9 introduced a new hedge accounting model that expands the scope of hedged items and risks eligible for hedge accounting and aligns hedge accounting more closely with risk management. The new model no longer specifies quantitative measures for effectiveness testing and does not permit hedge de-designation. IFRS 9 includes a policy choice that allows us to continue to apply the existing hedge accounting rules, which we have elected to use. However, as required by the standard, we adopted the new hedge accounting disclosures. Refer to Note 8. |
Use of Estimates and Judgments | Use of Estimates and Judgments The preparation of the consolidated financial statements requires management to use estimates and assumptions that affect the carrying amounts of certain assets and liabilities, certain amounts reported in net income and other related disclosures. The most significant assets and liabilities for which we must make estimates include allowance for credit losses; financial instruments measured at fair value; pension and other employee future benefits; impairment of securities; income taxes and deferred taxes; goodwill and intangible assets; insurance-related liabilities; and provisions. We make judgments in assessing whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. We have established detailed policies and control procedures that are intended to ensure these judgments are well controlled, independently reviewed and consistently applied from period to period. We believe that our estimates of the value of our assets and liabilities are appropriate. Allowance for Credit Losses The expected credit loss model requires the recognition of credit losses based on up to 12 months of expected losses for performing loans and the recognition of lifetime losses on performing loans that have experienced a significant increase in credit risk since origination. The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The main factors considered in making this determination are relative changes in probability of default since origination, and certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of expected credit losses, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the allowance for credit losses. The calculation of expected credit losses includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts which are probability-weighted in the determination of the final expected credit loss. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the allowance for credit losses is included in Notes 4 and 28. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities and are used in performing impairment testing on certain non-financial Pension and Other Employee Future Benefits Our pension and other employee future benefits expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefits expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review other securities at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the expected credit loss model. For securities determined to have low credit risk, the allowance for credit losses is measured at a 12 month expected credit loss. Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and other securities, allowance for credit losses and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations differ from those of taxing authorities or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences may be utilized. We are required to assess whether it is probable that our deferred income tax assets will be realized prior to expiration and, based on all the available evidence, determine if any portion of our deferred income tax assets should not be recognized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the period remaining before the expiration of tax loss carryforwards. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (“CGUs”), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and the value in use. In determining fair value less costs to sell, we employ a discounted cash flow model consistent with those used when we acquire businesses. This model is dependent on assumptions related to revenue growth, discount rates, synergies achieved on acquisition and the availability of comparable acquisition data. Changes in any of these assumptions would affect the determination of fair value for each of the business units in a different manner. Management must exercise judgment and make assumptions in determining fair value less costs to sell, and differences in judgment and assumptions could affect the determination of fair value and any resulting impairment write-down. Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions The bank and its subsidiaries are involved in various legal actions in the ordinary course of business. Provisions are recorded at the best estimate of the amounts required to settle any obligations related to these legal actions as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Factors considered in making the assessment include: a case-by-case assessment of specific facts and circumstances, our past experience and the opinions of legal experts. Management and external experts are involved in estimating any provisions. The actual costs of resolving these claims may be substantially higher or lower than the amounts of the provisions. Additional information regarding provisions is included in Note 24. Transfer of Financial Assets and Consolidation of Structured Entities We enter into transactions in which we transfer assets, typically mortgage loans and credit cards, to a structured entity or third party to obtain alternate sources of funding. We assess whether substantially all of the risks and rewards of the loans have been transferred to determine if they qualify for derecognition. Since we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized loans, they do not qualify for derecognition. We continue to recognize the loans and the related cash proceeds as secured financings in our Consolidated Balance Sheet. For securitization vehicles sponsored by the bank, the vehicles typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and how activities are funded. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest less than 50%. This may be the case when we are the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Transferred assets are discussed in greater detail in Note 6 and structured entities are discussed in greater detail in Notes 7 and 20. |
Trading and other securities | Trading securities Fair value through profit or loss securities Securities Designated at FVTPL In order to qualify for this designation, the security must have reliably measurable fair values and the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the gains and losses on a different basis. Securities must be designated on initial recognition, and the designation is irrevocable. If these securities were not designated at FVTPL, they would be accounted for as either FVOCI or amortized cost. We designate certain securities held by our insurance subsidiaries that support our insurance liabilities at fair value through profit or loss since the actuarial calculation of insurance liabilities is based on the fair value of the investments supporting them. This designation aligns the accounting result with the way the portfolio is managed on a fair value basis. The change in fair value of the securities is recorded in non-interest revenue, insurance revenue and the change in fair value of the liabilities is recorded in insurance claims, commissions and changes in policy benefit liabilities. The fair value of these investments as at October 31, 2018 of $8,783 million ($8,465 million as at October 31, 2017) is recorded in securities in our Consolidated Balance Sheet. The impact of recording these investments at fair value through profit or loss was a decrease of $372 million in non-interest revenue, insurance revenue, for the year ended October 31, 2018 (increase of $39 million for the year ended October 31, 2017). Securities Mandatorily Measured at FVTPL Securities managed on a fair value basis, but not held for trading, or debt securities whose cash flows do not represent solely payments of principal and interest and equity securities not held for trading are classified as FVTPL. Debt securities measured at amortized cost Debt securities measured at FVOCI Debt securities measured at FVOCI are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in our Consolidated Statement of Comprehensive Income until the security is sold or impaired. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest Equity securities measured at FVOCI Other securities We account for all of our securities transactions using settlement date accounting in our Consolidated Balance Sheet. Changes in fair value between the trade date and settlement date are recorded in net income, except for those related to securities measured at FVOCI, which are recorded in other comprehensive income. |
Impairment Review | Impairment Review Debt securities classified as amortized cost or FVOCI are assessed for impairment using the ECL model, with the exception of securities determined to have low credit risk where the allowance for credit losses is measured at a 12-month expected credit loss. A financial asset is considered to have low credit risk if the financial asset has a low risk of default, the borrower has a strong capacity to meet its contractual cash flow obligations in the near term and adverse changes in economic and business conditions in the longer term may, but will not necessarily, reduce the ability of the borrower to fulfill its contractual cash flow obligations. |
Loans and Allowances | Securities Borrowed or Purchased Under Resale Agreements Securities borrowed or purchased under resale agreements represent the amounts we will receive as a result of our commitment to return or resell securities that we have borrowed or purchased, back to the original lender or seller, on a specified date at a specified price. We account for these instruments as if they were loans. Lending Fees Lending fees arise in Personal and Commercial Banking and Capital Markets. The accounting treatment for lending fees varies depending on the transaction. Some loan origination, restructuring and renegotiation fees are recorded as interest income over the term of the loan, while other lending fees are taken into income at the time of loan origination. Commitment fees are calculated as a percentage of the facility balance at the end of the period. The fees are recorded as interest income over the term of the loan, unless we believe the loan commitment will not be used. In the latter case, commitment fees are recorded as lending fees earned over the commitment period. Loan syndication fees are payable and included in lending fees at the time the syndication is completed, unless the yield on any loans we retain is less than that of other comparable lenders involved in the financing. In the latter case, an appropriate portion of the syndication fee is recorded as interest income over the term of the loan. Impaired Loans We classify a loan as impaired when one or more loss events have occurred, such as bankruptcy, default or delinquency. Generally, consumer loans in both Canada and the U.S. are classified as impaired when payment is contractually 90 days past due, or one year past due for residential mortgages if guaranteed by the Government of Canada. Credit card loans are immediately written off when principal or interest payments are 180 days past due, and are not reported as impaired. In Canada, consumer instalment loans, other personal loans and some small business loans are normally written off when they are one year past due. In the U.S., all consumer loans are generally written off when they are 180 days past due, except for non-real Corporate and commercial loans are classified as impaired when we determine there is no longer reasonable assurance that principal or interest will be collected in their entirety on a timely basis. Generally, we consider corporate and commercial loans to be impaired when payments are 90 days past due. Corporate and commercial loans are written off following a review on an individual loan basis that confirms all recovery attempts have been exhausted. A loan will be reclassified to performing status when we determine that there is reasonable assurance of full and timely repayment of interest and principal in accordance with the terms and conditions of the loan, and that none of the criteria for classification of the loan as impaired continue to apply. Loans are in default when the borrower is unlikely to pay its credit obligations in full without recourse by the bank, such as realizing security, or when the borrower’s payments are past due more than 90 days (180 days for credit card loans). Overdrafts are considered to be past due once the customer has breached an advised limit or been advised of a limit smaller than currently outstanding or, in the case of retail overdrafts, has not brought the overdraft down to a $nil balance within a specified time period. Our average gross impaired loans were $2,115 million for the year ended October 31, 2018 ($2,248 million in 2017). Our average impaired loans, net of the specific allowance, were $1,706 million for the year ended October 31, 2018 ($1,838 million in 2017). Once a loan is identified as impaired, we continue to recognize interest income based on the original effective interest rate on the loan amount net of its related allowance. In the periods following the recognition of impairment, adjustments to the allowance for these loans reflecting the time value of money are recognized and presented as interest income. Interest income on impaired loans of $67 million was recognized for the year ended October 31, 2018 ($75 million in 2017 and $74 million in 2016). During the year ended October 31, 2018, we recorded a net gain of $4 million before tax ($28 million in 2017 and $5 million in 2016) on the sale of impaired and written-off loans. Allowance for Credit Losses (“ACL”) The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level that we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $1,870 million as at October 31, 2018, of which $1,639 million was recorded in loans and $231 million was recorded in other liabilities in our Consolidated Balance Sheet. Allowance on Performing Loans We maintain an allowance in order to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Our approach to establishing and maintaining the allowance on performing loans is based on the requirements of IFRS, considering guidelines issued by OSFI. Under the IFRS 9 ECL methodology, an allowance is recorded for expected credit losses on financial assets regardless of whether there has been an actual impairment. We recognize a loss allowance at an amount equal to 12 month expected credit losses, if the credit risk at the reporting date has not increased significantly since initial recognition (Stage 1). We will record expected credit losses over the remaining life of performing financial assets which are considered to have experienced a significant increase in credit risk (Stage 2). The determination of a significant increase in credit risk takes into account many different factors and varies by product and risk segment. The main factors considered in making this determination are relative changes in probability-weighted probability of default since origination and certain other criteria, such as 30-day For each exposure, ECL is a function of the probability of default (“PD”), exposure at default (“EAD”) and loss given default (“LGD”), with the timing of the loss also considered, and is estimated by incorporating forward-looking economic information and through the use of experienced credit judgment to reflect factors not captured in ECL models. PD represents the likelihood that a loan will not be repaid and will go into default in either a 12 month horizon for Stage 1 or a lifetime horizon for Stage 2. The PD for each individual instrument is modelled based on historical data and is estimated based on current market conditions and reasonable and supportable information about future economic conditions. EAD is modelled on historical data and represents an estimate of the outstanding amount of credit exposure at the time a default may occur. For off-balance LGD is the amount that may not be recovered in the event of default and is modelled based on historical data and reasonable and supportable information about future economic conditions, where appropriate. LGD takes into consideration the amount and quality of any collateral held. We consider past events, current market conditions and reasonable forward-looking supportable information about future economic conditions in calculating the amount of expected losses. In assessing information about possible future economic conditions, we utilize multiple economic scenarios including our base case, which represents, in our view, the most probable outcome, as well as benign and adverse forecasts, all of which are developed by our Economics group. Key economic variables used in the determination of the allowance for credit losses reflect the geographic diversity of our portfolios, where appropriate. In considering the lifetime of a loan, the contractual period of the loan, including prepayment, extension and other options, is generally used. For revolving instruments, such as credit cards, which may not have a defined contractual period, the lifetime is based on historical behaviour. Our ECL methodology also requires the use of experienced credit judgment to incorporate the estimated impact of factors that are not captured in the modelled ECL results. Allowance on Impaired Loans We maintain an allowance on individually identified impaired loans (Stage 3) of $370 million on our gross impaired loans of $1,936 million, to reduce their carrying value to an expected recoverable amount of $1,566 million as at October 31, 2018 ($1,827 million as at October 31, 2017). We review our loans on an ongoing basis to assess whether any loans should be classified as impaired and whether an allowance or write-off Individually Significant Impaired Loans To determine the amount we expect to recover from an individually significant impaired loan, we use the value of the estimated future cash flows discounted at the loan’s original effective interest rate. The determination of estimated future cash flows of a collateralized impaired loan reflects the expected realization of the underlying security, net of expected costs and any amounts legally required to be paid to the borrower. Security can vary by type of loan and may include cash, securities, real estate properties, accounts receivable, guarantees, inventory or other capital assets. Individually Insignificant Impaired Loans Residential mortgages, consumer instalment and other personal loans are individually insignificant and may be individually assessed or collectively assessed for losses at the time of impairment, taking into account historical loss experience and expectations of future economic conditions. Collectively assessed loans are grouped together by similar risk characteristics, such as type of instrument, geographic location, industry, type of collateral and term to maturity. |
Loan Securitization | Loan Securitization We sell Canadian mortgage loans to third-party Canadian securitization programs, including the Canada Mortgage Bond program, directly to third-party investors under the National Housing Act Mortgage-Backed Securities program and under our own program. We assess whether substantially all of the risks and rewards of the loans have been transferred to determine if they qualify for derecognition. Under these programs, we are entitled to the payment over time of the excess of the sum of interest and fees collected from customers, in connection with the loans that were sold, over the yield paid to investors, less credit losses and other costs. Since we continue to be exposed to substantially all of the prepayment, interest rate and credit risk associated with the securitized loans, they do not qualify for derecognition. We continue to recognize the loans and the related cash proceeds as secured financing in our Consolidated Balance Sheet. The interest and fees collected, net of the yield paid to investors, is recorded in net interest income using the effective interest method over the term of the securitization. Credit losses associated with the loans are recorded in the provision for credit losses. During the year ended October 31, 2018, we sold $8,062 million of mortgage loans to these programs ($8,707 million in 2017). |
Securities lent or sold under repurchase agreements | Securities lent or sold under repurchase agreements represent short-term funding transactions in which we sell securities that we own and simultaneously commit to repurchase the same securities at a specified price on a specified date in the future. We retain substantially all of the risks and rewards associated with the securities and we continue to recognize them in our Consolidated Balance Sheet, with the obligation to repurchase these securities recorded as secured borrowing transactions at the amount owing. The interest expense related to these liabilities is recorded on an accrual basis. Additional information on securities lent or sold under repurchase agreements is provided in Note 14. |
Structured Entities | We enter into certain transactions in the ordinary course of business which involve the establishment of structured entities (“SEs”) to facilitate or secure customer transactions and to obtain alternate sources of funding. We are required to consolidate an SE if we control the entity. We control an SE when we have power over the SE, exposure to variable returns as a result of our involvement, and the ability to exercise power to affect the amount of our returns. In assessing whether we control an SE, we consider the entire arrangement to determine the purpose and design of the SE, the nature of any rights held through contractual arrangements and whether we are acting as a principal or agent. We perform a reassessment of consolidation if facts and circumstances indicate that there have been changes to one or more of the elements of control over the SE. See Note 1 for more information on our basis of consolidation. |
Derivative instruments | Derivative instruments are financial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other financial or commodity prices or indices. Derivative instruments are either regulated exchange-traded contracts or negotiated over-the-counter Types of Derivatives Swaps Swaps are contractual agreements between two parties to exchange a series of cash flows. The various swap agreements that we enter into are as follows: Interest rate swaps – counterparties generally exchange fixed and floating rate interest payments based on a notional value in a single currency. Cross-currency swaps – fixed rate interest payments and principal amounts are exchanged in different currencies. Cross-currency interest rate swaps – fixed and/or floating rate interest payments and principal amounts are exchanged in different currencies. Commodity swaps – counterparties generally exchange fixed and floating rate payments based on a notional value of a single commodity. Equity swaps – counterparties exchange the return on an equity security or a group of equity securities for the return based on a fixed or floating interest rate or the return on another equity security or group of equity securities. Credit default swaps – one counterparty pays the other a fee in exchange for that other counterparty agreeing to make a payment if a credit event occurs, such as bankruptcy or failure to pay. Total return swaps – one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a reference 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. Forwards and Futures Forwards and futures are contractual agreements to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a specified price and date in the future. Forwards are customized contracts transacted in the over-the-counter Options Options are contractual agreements that convey to the purchaser the right but not the obligation to either buy or sell a specified amount of a currency, commodity, interest-rate-sensitive financial instrument or security at a fixed future date or at any time within a fixed future period. For options written by us, we receive a premium from the purchaser for accepting market risk. For options purchased by us, we pay a premium for the right to exercise the option. Since we have no obligation to exercise the option, our primary exposure to risk is the potential credit risk if the writer of an over-the-counter Caps, collars and floors are specialized types of written and purchased options. They are contractual agreements in which the writer agrees to pay the purchaser, based on a specified notional amount, the difference between the market rate and the prescribed rate of the cap, collar or floor. The writer receives a premium for selling this instrument. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. A future option is an option contract in which the underlying instrument is a single futures contract. The main risks associated with these derivative instruments are related to exposure to movements in interest rates, foreign exchange rates, credit quality, value of the underlying financial instrument or commodity, as applicable, and the possible inability of counterparties to meet the terms of the contracts. Embedded Derivatives From time to time, we purchase or issue financial instruments containing embedded derivatives. The embedded derivative in financial liabilities is separated from the host contract and carried at fair value if the economic characteristics of the derivative are not closely related to those of the host contract, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not measured at fair value. To the extent that we cannot reliably identify and measure the embedded derivative, the entire contract is carried at fair value, with changes in fair value reflected in income. Embedded derivatives in certain of our equity linked notes are accounted for separately from the host instrument. Contingent Features Certain over-the-counter derivative instruments contain provisions that link the amount of collateral we are required to post or pay to our credit ratings (as determined by the major credit rating agencies). If our credit ratings were to be downgraded, certain counterparties to these derivative instruments could demand immediate and ongoing collateralization on derivative liability positions or request immediate payment. The aggregate fair value of all derivative instruments with collateral posting requirements that were in a liability position on October 31, 2018 was $2,860 million ($3,866 million in 2017), for which we have posted collateral of $2,963 million ($4,223 million in 2017). Risks Hedged Interest Rate Risk We manage interest rate risk through interest rate futures, interest rate swaps and options, which are linked to and adjust the interest rate sensitivity of a specific asset, liability, forecasted transaction or firm commitment, or a specific pool of transactions with similar risk characteristics. Foreign Currency Risk We manage foreign currency risk through currency futures, foreign currency options, cross-currency swaps, foreign exchange spot transactions, forward contracts and deposits denominated in foreign currencies. Equity Price Risk We manage equity price risk through total return swaps. Trading Derivatives Trading derivatives include derivatives entered into with customers to accommodate their risk management needs, market-making to facilitate customer-driven demand for derivatives, derivatives transacted on a limited basis to generate trading income from our principal trading positions and certain derivatives that are executed as part of our risk management strategy that do not qualify as hedges for accounting purposes (“economic hedges”). We structure and market derivative products to enable customers to transfer, modify or reduce current or expected risks. Principal trading activities include market-making and positioning activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenues based on spread and volume. Positioning activities involve managing market risk positions with the expectation of profiting from favourable movements in prices, rates or indices. Trading derivatives are recorded at fair value. Realized and unrealized gains and losses are recorded in trading revenues in our Consolidated Statement of Income. Unrealized gains on trading derivatives are recorded as derivative instrument assets and unrealized losses are recorded as derivative instrument liabilities in our Consolidated Balance Sheet. We may also economically hedge a portion of our U.S. dollar earnings through forward foreign exchange contracts and/or options to minimize fluctuations in our consolidated net income due to the translation of our U.S. dollar earnings. These contracts are recorded at fair value, with changes in fair value recorded in non-interest Fair Value of Trading and Hedging Derivatives Fair value represents point-in-time estimates that may change in subsequent reporting periods due to market conditions or other factors. A discussion of the fair value measurement of derivatives is included in Note 17. |
Premises and equipment | We record all premises and equipment at cost less accumulated amortization, and less any accumulated impairment, except land, which is recorded at cost. Buildings, computer equipment and operating system software, other equipment and leasehold improvements are amortized on a straight-line basis over their estimated useful lives. When the major components of a building have different useful lives, they are accounted for separately and amortized over each component’s estimated useful life. The maximum estimated useful lives we use to amortize our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years Amortization methods, useful lives and the residual values of premises and equipment are reviewed annually for any change in circumstances and are adjusted if appropriate. At each reporting period, we review whether there are any indications that premises and equipment need to be tested for impairment. If there is an indication that an asset may be impaired, we test for impairment by comparing the asset’s carrying value to its recoverable amount. The recoverable amount is calculated as the higher of the value in use and the fair value less costs to sell. Value in use is the present value of the future cash flows expected to be derived from the asset. An impairment charge is recorded when the recoverable amount is less than the carrying value. There were no significant write-downs of premises and equipment due to impairment during the years ended October 31, 2018 and 2017. Gains and losses on disposal are included in non-interest |
Acquisitions | The cost of an acquisition is measured at the fair value of the consideration transferred, including contingent consideration. Acquisition-related costs are recognized as an expense in the period in which they are incurred. The identifiable assets acquired and liabilities assumed and contingent consideration are measured at their fair values at the date of acquisition. Goodwill is measured as the excess of the aggregate of the consideration transferred over the net of the fair value of identifiable assets acquired and liabilities assumed. The results of operations of acquired businesses are included in our consolidated financial statements beginning on the date of acquisition. |
Goodwill | Goodwill When we complete an acquisition, we allocate the purchase price paid to the assets acquired, including identifiable intangible assets, and the liabilities assumed. Any portion of the consideration transferred that is in excess of the fair value of those net assets is considered to be goodwill. Goodwill is not amortized and is instead tested for impairment annually. In performing the impairment test, we utilize the fair value less costs to sell for each group of CGUs based on discounted cash flow projections. Cash flows were projected for the first 10 years based on actual operating results, expected future business performance and past experience. Beyond 10 years, cash flows were assumed to grow at perpetual annual rates of up to 2% (3% in 2017). The discount rates we applied in determining the recoverable amounts in 2018 ranged from 8.6% to 11.4% (8.3% to 12.2% in 2017), and were based on our estimate of the cost of capital for each CGU. The cost of capital for each CGU was estimated using the Capital Asset Pricing Model, based on the historical betas of publicly traded peer companies that are comparable to the CGU. There were no write-downs of goodwill due to impairment during the years ended October 31, 2018 and 2017. The key assumptions described above may change as market and economic conditions change. However, we estimate that reasonably possible changes in these assumptions are not expected to cause recoverable amounts of our CGUs to decline below their carrying amounts. |
Intangible Assets | Intangible Assets Intangible assets related to our acquisitions are initially recorded at their fair value at the acquisition date and subsequently at cost less accumulated amortization. Software is recorded at cost less accumulated amortization. Amortization expense is recorded in amortization of intangible assets in our Consolidated Statement of Income. |
Customers' Liability under Acceptances | Acceptances represent a form of negotiable short-term debt that is issued by our customers, which we guarantee for a fee. The fees earned are recorded in lending fees in our Consolidated Statement of Income over the term of the acceptance. The amount potentially due under the acceptances is recorded in other liabilities on our Consolidated Balance Sheet. We record the bank’s equivalent claim against our customers in the event of a call on these commitments in other assets on our Consolidated Balance Sheet. |
Securities Lending and Borrowing | Securities Lending and Borrowing Securities lending and borrowing transactions are generally collateralized by securities or cash. Cash advanced or received as collateral is recorded in other assets or other liabilities, respectively. Interest earned on cash collateral is recorded in interest, dividend and fee income in our Consolidated Statement of Income, and interest expense on cash collateral is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. The transfer of the securities to counterparties is only reflected in our Consolidated Balance Sheet if the risks and rewards of ownership have also been transferred. Securities borrowed are not recognized in our Consolidated Balance Sheet unless they are then sold to third parties, in which case the obligation to return the securities is recorded in Securities sold but not yet purchased at fair value, with any gains or losses recorded in non-interest |
Securities Sold but not yet Purchased | Securities Sold but not yet Purchased Securities sold but not yet purchased represent our obligations to deliver securities that we did not own at the time of sale. These obligations are recorded at their fair value. Adjustments to the fair value as at the balance sheet date and gains and losses on the settlement of these obligations are recorded in trading revenues in our Consolidated Statement of Income. |
Subordinated debt | Subordinated debt represents our direct unsecured obligations to our debt holders, in the form of notes and debentures and forms part of our regulatory capital. Subordinated debt is recorded at amortized cost using the effective interest rate method. Where appropriate, we enter into fair value hedges to hedge the risks caused by changes in interest rates (see Note 8). The rights of the holders of our notes and debentures are subordinate to the claims of depositors and certain other creditors. We require approval from OSFI before we can redeem any part of our subordinated debt. |
Authorized Share Capital | Authorized Share Capital We classify financial instruments that we issue as financial liabilities, equity instruments or compound instruments. Financial instruments that will be settled by a variable number of our common shares upon conversion by the holders are classified as liabilities on our Consolidated Balance Sheet. Dividends and interest payments on financial liabilities are classified as interest expense in our Consolidated Statement of Income. Financial instruments are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Further, issued instruments that are not mandatorily redeemable, or that are not convertible into a variable number of our common shares at the holder’s option, are classified as equity and presented in share capital. Dividend payments on equity instruments are recognized as a reduction in equity. Common Shares We are authorized by our shareholders to issue an unlimited number of our common shares, without par value, for unlimited consideration. Our common shares are not redeemable or convertible. Dividends are declared by our Board of Directors at their discretion. Historically, the Board of Directors has declared dividends on a quarterly basis and the amount can vary from quarter to quarter. Preferred Shares We are authorized by our shareholders to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares, without par value, in series, for unlimited consideration. Class B Preferred Shares may be issued in a foreign currency. Treasury Shares When we purchase our common shares as part of our trading business, we record the cost of those shares as a reduction in shareholders’ equity. If those shares are resold at a price higher than their cost, the premium is recorded as an increase in contributed surplus. If those shares are resold at a price below their cost, the discount is recorded as a reduction first to contributed surplus and then to retained earnings for any amount in excess of total contributed surplus related to treasury shares. |
Fair Value of Financial Instruments and Trading-Related Revenue | We record trading assets and liabilities, derivatives, certain equity and debt securities and securities sold but not yet purchased at fair value, and other non-trading Fair value represents the amount that would be received to sell an asset or paid to transfer a liability in an orderly transaction between willing market participants at the measurement date. The fair value amounts disclosed represent point-in-time Governance Over the Determination of Fair Value Senior executive oversight of our valuation processes is provided through various valuation and risk committees. In order to ensure that all financial instruments carried at fair value are reasonably measured for risk management and financial reporting purposes, we have established governance structures and controls, such as model validation and approval, independent price verification (“IPV”) and profit or loss attribution analysis (“PAA”), consistent with industry practice. These controls are applied independently of the relevant operating groups. We establish and regularly update valuation methodologies for each financial instrument that is required to be measured at fair value. The application of valuation models for products or portfolios is subject to independent approval to ensure only validated models are used. The impact of known limitations of models and data inputs is also monitored on an ongoing basis. IPV is a process that regularly and independently verifies the accuracy and appropriateness of market prices or model inputs used in the valuation of financial instruments. This process assesses fair values using a variety of different approaches to verify and validate the valuations. PAA is a daily process used by management to identify and explain changes in fair value positions across all operating lines of business within BMO Capital Markets. This process works in concert with other processes to ensure that the fair values being reported are reasonable and appropriate. Securities For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Securities for which no active market exists are valued using all reasonably available market information. Our fair value methodologies are described below. Government Securities The fair value of government issued or guaranteed debt securities in active markets is determined by reference to recent transaction prices, broker quotes or third-party vendor prices. The fair value of securities that are not traded in an active market is modelled using implied yields derived from the prices of similar actively traded government securities and observable spreads. Market inputs to the model include coupon, maturity and duration. Mortgage-Backed Securities and Collateralized Mortgage Obligations The fair value of mortgage-backed securities and collateralized mortgage obligations is determined using independent prices obtained from third-party vendor prices, broker quotes and relevant market indices, as applicable. If such prices are not available, fair value is determined using cash flow models that make maximum use of observable market inputs or benchmark prices for similar instruments. Valuation assumptions for mortgage-backed securities and collateralized mortgage obligations include discount rates, expected prepayments, credit spreads and recoveries. Corporate Debt Securities The fair value of corporate debt securities is determined using prices observed in the most recent transactions. When observable price quotations are not available, fair value is determined based on discounted cash flow models using discounting curves and spreads obtained from independent dealers, brokers and multi-contributor pricing sources. Corporate Equity Securities The fair value of equity securities is based on quoted prices in active markets, where available. Where quoted prices in active markets are not readily available, fair value is determined using either quoted market prices for similar securities or using valuation techniques, which include discounted cash flow analysis and earnings multiples. Privately Issued Securities Privately issued debt and equity securities are valued using prices observed in recent market transactions, where available. Otherwise, fair value is derived from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings, revenue and other third-party evidence, as available. The fair value of limited partnership investments is based upon net asset values published by third-party fund managers. Prices from brokers and multi-contributor pricing sources are corroborated as part of our independent review process, which may include using valuation techniques or obtaining consensus or composite prices from other pricing services. We validate the estimates of fair value by independently obtaining multiple quotes for external market prices and input values. We review the approach taken by third-party vendors to ensure that the vendor employs a valuation model which maximizes the use of observable inputs such as benchmark yields, bid-ask Loans In determining the fair value of our fixed rate performing loans, we discount the remaining contractual cash flows, adjusted for estimated prepayment, at market interest rates currently offered for loans with similar terms and risks. For floating rate performing loans, changes in interest rates have minimal impact on fair value since interest rates are repriced or reset frequently. On that basis, fair value is assumed to be equal to carrying value. Derivative Instruments A number of valuation techniques are employed to estimate fair value, including discounted cash flow analysis, the Black-Scholes model, Monte Carlo simulation and other accepted market models. These independently validated models incorporate current market data for interest rates, currency exchange rates, equity and commodity prices and indices, credit spreads, recovery rates, corresponding market volatility levels, spot prices, correlation levels and other market-based pricing factors. Option implied volatilities, an input into many valuation models, are either obtained directly from market sources or calculated from market prices. Multi-contributor pricing sources are used wherever possible. In determining the fair value of complex and customized derivatives, we consider all reasonably available information, including dealer and broker quotations, multi-contributor pricing sources and any relevant observable market inputs. Our model calculates fair value based on inputs specific to the type of contract, which may include stock prices, correlation for multiple assets, interest rates, foreign exchange rates, yield curves and volatilities. We calculate a credit valuation adjustment (“CVA”) to recognize the risk that any given derivative counterparty may not ultimately be able to fulfill its obligations. The CVA is derived from market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk exposure, taking into account credit mitigants such as collateral, master netting agreements and novation to central counterparties. We also calculate a funding valuation adjustment (“FVA”) to recognize the implicit funding costs associated with over-the-counter Deposits In determining the fair value of our deposits, we incorporate the following assumptions: • For fixed rate, fixed maturity deposits, we discount the remaining contractual cash flows for these deposits, adjusted for expected redemptions, at market interest rates currently offered for deposits with similar terms and risks. Fair value of our senior note liabilities and covered bonds is determined by referring to current market prices for similar instruments or using valuation techniques, such as discounted cash flows that use market interest rate curves and funding spreads. • For fixed rate deposits with no defined maturities, we consider fair value to equal carrying value, based on carrying value being equivalent to the amount payable on the reporting date. • For floating rate deposits, changes in interest rates have minimal impact on fair value since deposits reprice to market frequently. On that basis, fair value is assumed to equal carrying value. A portion of our structured note liabilities that have coupons or repayment terms linked to the performance of interest rates, foreign currencies, commodities or equity securities have been designated at fair value through profit or loss. The fair value of these structured notes is estimated using internally validated valuation models and incorporates observable market prices for identical or comparable securities, as well as other inputs, such as interest rate yield curves, option volatilities and foreign exchange rates, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine the fair value by assessing other relevant sources of information, such as historical data and proxy information from similar transactions. Securities Sold But Not Yet Purchased The fair value of these obligations is based on the fair value of the underlying securities, which can be equity or debt securities. As these obligations are fully collateralized, the method used to determine fair value would be the same as that used for the relevant underlying equity or debt securities. Securitization and Structured Entities’ Liabilities The determination of the fair value of securitization and structured entities’ liabilities is based on quoted market prices or quoted market prices for similar financial instruments, where available. Where quoted prices are not available, fair value is determined using valuation techniques, such as discounted cash flow models that maximize the use of observable inputs. Subordinated Debt The fair value of our subordinated debt is determined by referring to current market prices for the same or similar instruments. Financial Instruments with a Carrying Value Approximating Fair Value Short-term and Other Financial Instruments Carrying value is assumed to be a reasonable estimate of fair value for our cash and cash equivalents. The carrying value of certain financial assets and liabilities, such as interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities, is a reasonable estimate of fair value due to their short-term nature or because they are frequently repriced to current market rates. Certain assets, including premises and equipment, goodwill and intangible assets, as well as shareholders’ equity, are not considered financial instruments and therefore no fair value has been determined for these items. |
Offsetting of Financial Assets and Financial Liabilities | Financial assets and financial liabilities are offset and the net amount is reported in our Consolidated Balance Sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. The following table presents the amounts that have been offset in our Consolidated Balance Sheet, including securities purchased under resale agreements, securities sold under repurchase agreements and derivative instruments, generally under a market settlement mechanism (e.g. an exchange or clearing house) where simultaneous net settlement can be achieved to eliminate credit and liquidity risk between counterparties. Also presented are amounts not offset in the Consolidated Balance Sheet related to transactions where a master netting agreement or similar arrangement is in place with a right to offset the amounts only in the event of default, insolvency or bankruptcy, or where the offset criteria are otherwise not met. |
Stock Option Plan | Stock Option Plan We maintain a Stock Option Plan for designated officers and employees. Options are granted at an exercise price equal to the closing price of our common shares on the day before the grant date. Stock options granted on or after December 2013 vest in equal tranches of 50% on the third and fourth anniversaries of their grant date. Options granted prior to December 2013 vest in tranches over a four-year period starting from their grant date. Each tranche is treated as a separate award with a different vesting period. Certain options can only be exercised once certain performance targets are met. All options expire 10 years from their grant date. We determine the fair value of stock options on their grant date and record this amount as compensation expense over the period that the stock options vest, with a corresponding increase to contributed surplus. When these stock options are exercised, we issue shares and record the amount of proceeds, together with the amount recorded in contributed surplus, in share capital. The estimated grant date fair value of stock options granted to employees who are eligible to retire is expensed at the date of grant. |
Pension and Other Employee Future Benefit Plans | Pension and Other Employee Future Benefit Plans We sponsor a number of arrangements globally, that provide pension and other employee future benefits to our retired and current employees. The largest of these arrangements, by defined benefit obligation, are the primary defined benefit pension plans for employees in Canada and the United States and the primary other employee future benefit plan for employees in Canada. Pension arrangements include defined benefit pension plans, as well as supplementary arrangements that provide pension benefits in excess of statutory limits. Generally, under these plans we provide retirement benefits based on an employee’s years of service and average annual earnings over a period of time prior to retirement. Our pension and other employee future benefit expenses, recorded in employee compensation expense, mainly comprise the current service cost plus or minus the interest on net defined benefit assets or liabilities. In addition, we provide defined contribution pension plans to employees in some of our subsidiaries. The costs of these plans, recorded in employee compensation expense, are equal to our contributions to the plans. The defined benefit pension plans for our employees in the United States were closed to new members on April 1, 2016 and closed to future accruals on March 1, 2017. A defined contribution pension plan was made available for employees affected by the closure. As a result of the closure of these plans, we recorded a curtailment gain of $52 million in non-interest During the fourth quarter of 2018, we announced changes to our other employee future benefits plan for Canadian employees that will become mandatory for new retirees beginning January 1, 2021. Plan changes include an increase in the service requirement for eligibility and flexible benefits with employer premium caps. We recorded a $277 million benefit from the remeasurement of the benefit liability in non-interest expense, employee compensation, in our Consolidated Statement of Income. We also provide other employee future benefits, including health and dental care benefits and life insurance, for eligible current and retired employees. Short-term employee benefits, such as salaries, paid absences, bonuses and other benefits, are accounted for on an accrual basis over the period in which the employees provide the related services. Investment Policy The defined benefit pension plans are administered under a defined governance structure, with the oversight resting with the Board of Directors. The plans are managed under a framework that considers both assets and liabilities in the development of an investment policy and in managing risk. Over the past several years, we have implemented a liability-driven investment strategy for the primary Canadian plan to enhance risk-adjusted returns while reducing the plan’s surplus volatility. This strategy has reduced the impact of the plan on our regulatory capital. The plans invest in asset classes that include equities, fixed income and alternative strategies, under established investment guidelines. Plan assets are diversified across asset classes and by geographic exposure. They are managed by asset management firms that are responsible for the selection of investment securities. Derivative instruments are permitted under policy guidelines and are generally used to hedge foreign currency exposures, manage interest rate exposures or replicate the return of an asset. Asset Allocations The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on the fair market values at October 31, are as follows: Pension benefit plans Target range 2018 Actual 2018 Actual 2017 Equities 25% – 50% 37% 40% Fixed income investments 25% – 55% 46% 46% Other 10% – 40% 17% 14% Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. Risk Management The defined benefit pension plans are exposed to various risks, including market risk (interest rate, equity and foreign currency risks), credit risk, operational risk, surplus risk and longevity risk. We follow a number of approaches to monitor and actively manage these risks, including: • monitoring surplus-at-risk, • stress testing and scenario analyses to evaluate the volatility of the plans’ financial positions and any potential impact on the bank; • hedging of currency exposures and interest rate risk within policy limits; • controls related to asset mix allocations, geographic allocations, portfolio duration, credit quality of debt securities, sector guidelines, issuer/counterparty limits and others; and • ongoing monitoring of exposures, performance and risk levels. Pension and Other Employee Future Benefit Liabilities Our actuaries perform valuations of our defined benefit obligations for pension and other employee future benefits as at October 31 of each year using the projected unit credit method based on management’s assumptions about discount rates, rates of compensation increase, retirement age, mortality and health care cost trend rates. The discount rates for the primary Canadian and U.S. pension and other employee future benefit plans were selected based on the yields of high-quality AA rated corporate bonds with terms matching the plans’ cash flows. The fair value of plan assets is deducted from the defined benefit obligation to determine the net defined benefit asset or liability. For defined benefit pension plans that are in a net defined benefit asset position, the recognized asset is limited to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan (the “asset ceiling”). Changes in the asset ceiling are recognized in other comprehensive income. Components of the change in our net defined benefit assets or liabilities and our pension and other employee future benefit expense are as follows: Current service cost Interest on net defined benefit asset or liability Actuarial gains and losses Plan amendments Settlements Funding of Pension and Other Employee Future Benefit Plans We fund our defined benefit pension plans in Canada and the United States in accordance with statutory requirements, and the assets in these plans are used to pay benefits to retirees and other employees. Some groups of employees are also eligible to make voluntary contributions in order to receive enhanced benefits. Our supplementary pension plan in Canada is funded, while in the United States the supplementary pension plan is unfunded. Our other employee future benefit plans in Canada and the United States are either partially funded or unfunded. Benefit payments related to these plans are paid either through the respective plan or directly by us. We measure the fair value of plan assets for our plans in Canada and the United States as at October 31. In addition to actuarial valuations for accounting purposes, we are required to prepare valuations for determining our minimum funding requirements for our pension arrangements in accordance with the relevant statutory framework (our “funding valuation”). An annual funding valuation is performed for our plans in Canada and the United States. The most recent funding valuation for our primary Canadian pension plan was performed as at October 31, 2018 and the most recent funding valuation for our primary U.S. pension plan was performed as at January 1, 2018. Benefit payments for fiscal 2019 are estimated to be $486 million. |
Income Taxes | We report our provision for income taxes in our Consolidated Statement of Income based upon transactions recorded in our consolidated financial statements regardless of when they are recognized for income tax purposes, with the exception of repatriation of retained earnings from our subsidiaries, as noted below. In addition, we record an income tax expense or benefit in other comprehensive income or directly in shareholders’ equity when the taxes relate to amounts recorded in other comprehensive income or shareholders’ equity. For example, income tax expense (recovery) on hedging gains (losses) related to our net investment in foreign operations is recorded in our Consolidated Statement of Comprehensive Income as part of unrealized gains (losses) on translation of net foreign operations. Current tax is the amount of income tax recoverable (payable) in respect of the taxable loss (profit) for a period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. Deferred income tax assets and liabilities are measured at the tax rates expected to apply when temporary differences reverse. Changes in deferred income tax assets and liabilities related to a change in tax rates are recorded in income in the period the tax rate is substantively enacted, except to the extent that the tax arises from a transaction or event which is recognized either in other comprehensive income or directly in shareholders’ equity. Current and deferred taxes are offset only when they are levied by the same taxing authority, levied on the same entity or group of entities and when there is a legal right to offset. Included in deferred income tax assets is $42 million ($126 million in 2017) related to Canadian tax loss carryforwards that will expire in 2037, $962 million ($1,545 million in 2017) related to both U.S. tax loss carryforwards and tax credits that will expire in various amounts in U.S. taxation years from 2026 through 2038 and $17 million ($16 million in 2017) related to U.K. tax loss carryforwards that are available for use indefinitely against relevant profits generated in the U.K. On the evidence available, including management projections of income, we believe that it is probable there will be sufficient taxable income generated by our business operations to support these deferred tax assets. The amount of tax on temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized in our Consolidated Balance Sheet as at October 31, 2018 is $132 million ($282 million in 2017), of which $8 million ($53 million in 2017) is scheduled to expire within five years. Deferred tax assets have not been recognized in respect of these items because it is not probable that realization of these assets will occur. Income that we earn through our foreign subsidiaries is generally taxed in the foreign country in which they operate. Income that we earn through our foreign branches is also generally taxed in the foreign country in which they operate. Canada also taxes the income we earn through foreign branches and a credit is allowed for certain foreign taxes paid on such income. Repatriation of earnings from certain foreign subsidiaries would require us to pay tax on certain of these earnings. As repatriation of such earnings is not planned in the foreseeable future, we have not recorded a related deferred income tax liability. The taxable temporary differences associated with the repatration of earnings from investments in certain subsidiaries, branches, associates and interests in joint ventures for which deferred tax liabilities have not been recognized totalled $13 billion as at October 31, 2018 ($12 billion in 2017). |
Earnings per share | Basic earnings per share is calculated by dividing net income attributable to our shareholders, after deducting preferred share dividends, by the daily average number of fully paid common shares outstanding throughout the year. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into our common shares. |
Provisions and Contingent Liabilities | Provisions and Contingent Liabilities Provisions are recognized when we have a legal or constructive obligation as a result of past events, such as contractual commitments, legal or other obligations where we can reliably estimate the obligation, and it is probable we will be required to settle the obligation. We recognize as a provision our best estimate of the amount required to settle the obligations as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligations. |
Operating Groups | Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. We determine our operating groups based on our management structure and therefore these groups, and the results attributed to them, may not be comparable with those of other financial services companies. We evaluate the performance of our groups using reported and adjusted measures, such as net income, revenue growth, return on equity, and non-interest expense-to-revenue Effective with the adoption of IFRS 9, we allocate the provision for credit losses on performing loans and the related allowance to operating groups. In 2017 and prior years, the collective provision and allowance were held in Corporate Services. Personal and Commercial Banking Personal and Commercial Banking (“P&C”) is comprised of two operating segments: Canadian Personal and Commercial Banking and U.S. Personal and Commercial Banking. Canadian Personal and Commercial Banking Canadian Personal and Commercial Banking (“Canadian P&C”) provides a full range of financial products and services to eight million customers. Personal Banking provides financial solutions for everyday banking, financing, investing, credit card and creditor insurance needs. Commercial Banking provides our small business and commercial banking customers with a broad suite of integrated commercial and capital markets products, as well as financial advisory services. U.S. Personal and Commercial Banking U.S. Personal and Commercial Banking (“U.S. P&C”) offers a broad range of products and services. Our retail and small and mid-sized in-depth BMO Wealth Management BMO’s group of wealth management businesses serves a full range of client segments from mainstream to ultra high net worth and institutional, with a broad offering of wealth management products and services, including insurance products. Wealth Management (“BMO WM”) is a global business with an active presence in markets across Canada, the United States, Europe and Asia. BMO Capital Markets BMO Capital Markets (“BMO CM”) is a North American-based financial services provider offering a complete range of products and services to corporate, institutional and government clients. Through our Investment and Corporate Banking and Trading Products lines of business, we operate in 33 locations around the world, including 19 offices in North America. Corporate Services Corporate Services consists of Corporate Units and Technology and Operations (“T&O”). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, finance, legal and regulatory compliance, human resources, communications, marketing, real estate, procurement, data and analytics, and innovation. T&O manages, maintains and provides governance of information technology, cyber security, and operations services for the bank. The costs of these Corporate Units and T&O services are largely transferred to the three operating groups (P&C, BMO WM and BMO CM), with any remaining amounts retained in Corporate Services results. As such, Corporate Services results largely reflect the impact of residual treasury-related activities, the elimination of taxable equivalent adjustments, residual unallocated expenses and certain acquisition integration costs and restructuring costs. Basis of Presentation The results of these operating groups are based on our internal financial reporting systems. The accounting policies used in these segments are generally consistent with those followed in the preparation of our consolidated financial statements, as disclosed in Note 1 and throughout the consolidated financial statements. Income taxes presented below may not be reflective of taxes paid in each jurisdiction where we operate. Income taxes are generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities specific to each segment. A notable accounting measurement difference is the taxable equivalent basis adjustment as described below. Periodically, certain business lines and units within the business lines are transferred between client and corporate support groups to more closely align our organizational structure with our strategic priorities. In addition, revenue and expense allocations are updated to more accurately align with current experience. Results for prior periods are restated to conform with the current year’s presentation. Taxable Equivalent Basis We analyze revenue on a taxable equivalent basis (“teb”) at the operating group level. Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Inter-Group Allocations Various estimates and allocation methodologies are used in the preparation of the operating groups’ financial information. Overhead expenses are allocated to operating groups using allocation formulas applied on a consistent basis. Operating group net interest income reflects internal funding charges and credits on the groups’ assets, liabilities and capital, at market rates, taking into account relevant terms and currency considerations. The offset of the net impact of these charges and credits is reflected in Corporate Services. These inter-group allocations are also applied to the geographical segmentation. |
Related Party Transactions | Related parties include subsidiaries, associates, joint ventures, employee future benefit plans and key management personnel and their close family members. Close family members include spouses, common-law |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Schedule of Total Non Trading Credit Risk Exposures | Total non-trading (Canadian $ in millions) Drawn Commitments (undrawn) OTC derivatives Other off-balance sheet items Repo-style transactions Total (1) 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Financial institutions 102,552 89,681 21,741 19,457 1,649 1,474 5,016 4,137 177,094 139,187 308,052 253,936 Governments 44,552 36,829 2,118 2,243 1 – 667 682 8,401 10,626 55,739 50,380 Manufacturing 22,580 19,737 13,490 12,258 10 9 1,396 1,360 – – 37,476 33,364 Real estate 31,534 26,991 8,170 6,472 1 – 820 829 – – 40,525 34,292 Retail trade 19,961 18,242 3,617 3,410 – – 559 523 – – 24,137 22,175 Service industries 39,067 34,723 12,666 11,207 1 1 2,389 2,831 – – 54,123 48,762 Wholesale trade 14,659 11,440 4,531 4,675 2 1 436 481 – – 19,628 16,597 Oil and gas 9,131 8,185 10,410 7,706 – – 1,804 1,496 – – 21,345 17,387 Individual 190,688 180,612 47,586 43,223 – – 126 127 – – 238,400 223,962 Others (2) 35,617 35,523 18,197 15,709 88 3 6,474 6,617 – – 60,376 57,852 Total exposure 510,341 461,963 142,526 126,360 1,752 1,488 19,687 19,083 185,495 149,813 859,801 758,707 (1) Credit exposure excluding equity, securitization, trading book and other assets such as non-significant (2) Includes industries having a total exposure of less than 2%. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Loan Maturities and Interest Rate Sensitivity | The following table presents gross loans and acceptances by contractual maturity and by country of ultimate risk: (Canadian $ in millions) 1 year or less Over 1 year to 5 years Over 5 years Total 2018 2017 2018 2017 2018 2017 2018 2017 Canada Consumer 54,375 55,568 109,991 106,023 4,199 4,349 168,565 165,940 Commercial and corporate 57,530 49,693 16,438 14,699 1,750 1,367 75,718 65,759 Commercial real estate 7,397 6,226 10,143 8,997 1,275 1,453 18,815 16,676 United States 33,688 33,382 71,928 61,394 25,955 20,947 131,571 115,723 Other countries 8,628 11,184 624 920 294 684 9,546 12,788 Total 161,618 156,053 209,124 192,033 33,473 28,800 404,215 376,886 |
Summary of Loan Maturities and Interest Rate Sensitivity | The following table presents net loans and acceptances by interest rate sensitivity: (Canadian $ in millions) 2018 2017 Fixed rate 193,661 190,254 Floating rate 190,330 168,253 Non-interest 18,585 16,546 Total 402,576 375,053 (1) Non-interest |
Summary Total Trading Value at Risk (VaR) Summary | As at or for the year ended October 31 (pre-tax 2018 2017 Year-end Average High Low Year-end Average High Low Commodity VaR 0.7 0.9 13.6 0.3 0.9 0.9 1.7 0.4 Equity VaR 4.4 4.4 7.8 2.9 3.3 3.1 8.5 2.2 Foreign exchange VaR 0.5 0.6 2.2 0.1 0.3 0.8 3.1 0.1 Interest rate VaR 6.1 5.9 8.7 3.6 5.0 6.1 11.4 3.9 Credit VaR 7.4 2.6 7.4 1.5 1.9 2.3 4.1 1.5 Diversification (8.3 ) (6.8 ) nm nm (5.9 ) (7.0 ) nm nm Total Trading VaR 10.8 7.6 17.5 4.7 5.5 6.2 10.0 4.3 Total Trading SVaR 56.3 26.8 56.3 16.6 24.6 20.5 34.6 13.4 (1) One-day (2) Stressed VaR is produced weekly and at month end. nm – not meaningful |
Structural Interest Rate Sensitivity | Structural Interest Rate Sensitivity (1) As at October 31, 2018 As at October 31, 2017 (Pre-tax Canadian $ equivalent in millions) Economic value Earnings sensitivity Economic value Earnings sensitivity 100 basis point increase (1,079.2 ) 136.5 (957.8 ) 136.9 100 basis point decrease 626.5 (304.1 ) 78.6 (433.4 ) (1) Losses are presented in brackets and benefits are presented as positive numbers. |
Summary of Remaining Contractual Maturity | The tables below show the remaining contractual maturity of on-balance off-balance 2018 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total On-Balance Assets Cash and cash equivalents 41,162 – – – – – – – 980 42,142 Interest bearing deposits with banks 4,964 1,717 1,037 457 112 18 – – – 8,305 Securities 4,522 4,283 5,049 7,749 4,943 11,854 32,480 56,004 54,051 180,935 Securities borrowed or purchased under resale agreements 67,804 12,732 2,490 1,781 191 53 – – – 85,051 Loans Residential mortgages 1,782 1,848 4,343 6,306 4,769 24,522 64,636 11,414 – 119,620 Consumer instalment and other personal 607 440 1,026 1,143 943 5,414 19,910 9,812 23,930 63,225 Credit cards – – – – – – – – 8,329 8,329 Business and government 13,088 5,921 7,126 6,779 6,218 19,543 75,099 12,247 48,435 194,456 Allowance for credit losses – – – – – – – – (1,639 ) (1,639 ) Total loans and acceptances, net of allowance 15,477 8,209 12,495 14,228 11,930 49,479 159,645 33,473 79,055 383,991 Other Assets Derivative instruments 2,040 3,385 1,645 1,012 807 3,407 6,074 7,834 – 26,204 Customers’ liability under acceptances 16,529 1,988 65 3 – – – – – 18,585 Other 1,740 506 189 26 6 17 20 4,824 21,507 28,835 Total other assets 20,309 5,879 1,899 1,041 813 3,424 6,094 12,658 21,507 73,624 Total Assets 154,238 32,820 22,970 25,256 17,989 64,828 198,219 102,135 155,593 774,048 2018 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Liabilities and Equity Deposits (1) Banks 16,966 6,032 1,200 227 106 – – – 3,376 27,907 Business and government 23,524 32,231 22,713 15,893 8,629 22,418 48,684 12,932 126,276 313,300 Individuals 2,582 6,455 7,953 7,619 10,536 11,736 16,327 2,582 115,054 180,844 Total deposits 43,072 44,718 31,866 23,739 19,271 34,154 65,011 15,514 244,706 522,051 Other liabilities Derivative instruments 1,499 2,456 1,616 913 639 3,831 6,335 7,122 – 24,411 Acceptances 16,529 1,988 65 3 – – – – – 18,585 Securities sold but not yet purchased 28,804 – – – – – – – – 28,804 Securities lent or sold under repurchase agreements 63,496 2,249 8 931 – – – – – 66,684 Current tax liabilities – – – – – – – – 50 50 Deferred tax liabilities – – – – – – – – 74 74 Securitization and structured entities’ liabilities 1,044 1,084 475 512 588 4,912 13,398 3,038 – 25,051 Other 8,548 5,568 44 34 184 789 4,455 1,905 14,302 35,829 Total other liabilities 119,920 13,345 2,208 2,393 1,411 9,532 24,188 12,065 14,426 199,488 Subordinated debt – – – – – – – 6,782 – 6,782 Total Equity – – – – – – – – 45,727 45,727 Total Liabilities and Equity 162,992 58,063 34,074 26,132 20,682 43,686 89,199 34,361 304,859 774,048 (1) Deposits payable on demand and payable after notice have been included under no maturity. 2018 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Off-Balance Commitments to extend credit (1) 1,472 3,610 6,892 9,620 11,345 21,056 84,295 3,144 – 141,434 Backstop liquidity facilities – – – – – – 5,627 – – 5,627 Operating leases 34 70 99 101 100 358 770 1,210 – 2,742 Securities lending 4,939 – – – – – – – – 4,939 Purchase obligations 56 388 153 155 158 615 186 82 – 1,793 (1) A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. Material presented in a blue-tinted font above is an integral part of the 2018 annual consolidated financial statements (see page 78). 2017 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total On-Balance Assets Cash and cash equivalents 31,641 – – – – – – – 958 32,599 Interest bearing deposits with banks 3,784 1,579 626 319 182 – – – – 6,490 Securities 3,620 2,917 5,933 5,845 3,625 7,675 22,842 52,615 58,126 163,198 Securities borrowed or purchased under resale agreements 57,919 13,236 2,353 1,241 249 49 – – – 75,047 Loans Residential mortgages 1,045 1,551 4,531 7,687 6,201 19,866 65,547 8,830 – 115,258 Consumer instalment and other personal 517 371 1,084 1,374 1,285 4,211 20,845 8,590 23,667 61,944 Credit cards – – – – – – – – 8,071 8,071 Business and government 13,379 7,352 6,454 6,169 5,059 17,948 63,614 11,380 43,712 175,067 Allowance for credit losses – – – – – – – – (1,833 ) (1,833 ) Total loans and acceptances, net of allowance 14,941 9,274 12,069 15,230 12,545 42,025 150,006 28,800 73,617 358,507 Other Assets Derivative instruments 1,701 3,748 1,580 1,229 1,306 3,272 7,426 8,689 – 28,951 Customers’ liability under acceptances 14,179 2,263 104 – – – – – – 16,546 Other 1,340 475 129 17 11 11 131 4,431 21,697 28,242 Total other assets 17,220 6,486 1,813 1,246 1,317 3,283 7,557 13,120 21,697 73,739 Total Assets 129,125 33,492 22,794 23,881 17,918 53,032 180,405 94,535 154,398 709,580 2017 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Liabilities and Equity Deposits (1) Banks 12,462 9,321 2,633 496 25 – – – 3,268 28,205 Business and government 23,917 25,224 19,112 12,897 10,806 16,522 42,707 15,712 116,379 283,276 Individuals 3,835 5,081 5,569 5,662 7,999 9,098 15,811 2,075 113,181 168,311 Total deposits 40,214 39,626 27,314 19,055 18,830 25,620 58,518 17,787 232,828 479,792 Other liabilities Derivative instruments 1,876 3,227 1,512 1,510 1,206 3,477 6,885 8,111 – 27,804 Acceptances 14,179 2,263 104 – – – – – – 16,546 Securities sold but not yet purchased 25,163 – – – – – – – – 25,163 Securities lent or sold under repurchase agreements 53,165 1,644 290 20 – – – – – 55,119 Current tax liabilities – – – – – – – – 125 125 Deferred tax liabilities – – – – – – – – 233 233 Securitization and structured entities’ liabilities 10 709 1,523 556 845 3,931 11,812 3,668 – 23,054 Other 12,616 2,536 517 43 239 752 154 2,361 13,143 32,361 Total other liabilities 107,009 10,379 3,946 2,129 2,290 8,160 18,851 14,140 13,501 180,405 Subordinated debt – – – – – – – 5,029 – 5,029 Total Equity – – – – – – – – 44,354 44,354 Total Liabilities and Equity 147,223 50,005 31,260 21,184 21,120 33,780 77,369 36,956 290,683 709,580 (1) Deposits payable on demand and payable after notice have been included under no maturity. Certain comparative figures have been reclassified to conform with the current year’s presentation. 2017 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over No maturity Total Off-Balance Commitments to extend credit (1) 1,377 2,302 4,755 8,312 14,560 21,985 71,481 2,283 – 127,055 Backstop liquidity facilities – – – – – – 5,044 – – 5,044 Operating leases 31 62 91 89 87 329 712 1,032 – 2,433 Securities lending 5,336 – – – – – – – – 5,336 Purchase obligations 42 83 128 124 129 519 577 157 – 1,759 (1) A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. |
Cash and Interest Bearing Dep_2
Cash and Interest Bearing Deposits with Banks (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Disclosure of Cash and Interest Bearing Deposits with Banks | (Canadian $ in millions) 2018 2017 Cash and deposits with banks (1) 40,738 30,002 Cheques and other items in transit, net 1,404 2,597 Total cash and cash equivalents 42,142 32,599 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. |
Transition to IFRS 9 (Tables)
Transition to IFRS 9 (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Summary of Classification of Securities | Our securities are classified as at October 31, 2018 under IFRS 9 and as at October 31, 2017 under IAS 39 as follows: (Canadian $ in millions) 2018 2017 Trading 99,697 99,069 FVTPL (1) 11,611 na FVOCI - Debt and Equity (2) 62,440 na Available-for-sale na 54,075 Amortized cost (3) 6,485 na Held-to-maturity na 9,094 Other 702 960 180,935 163,198 (1) Comprised of $2,828 million mandatorily measured at fair value and $8,783 million designated at fair value. (2) Includes allowances for credit losses on FVOCI debt securities of $2 million (na at October 31, 2017). (3) Net of allowances for credit losses of $1 million (na at October 31, 2017). na – not applicable due to IFRS 9 adoption. |
Summary of Pre-transition IAS 39 and Corresponding IFRS 9 Classification and Measurement Categories, and Reconciles Carrying Amounts for Loans, Securities and Other Financial Assets | The following table shows the pre-transition (Canadian $ in millions) IAS 39 measurement category IFRS 9 measurement category IAS 39 carrying amount Reclassification Remeasurement IFRS 9 carrying amount Financial Assets Securities Trading Trading 99,069 (8,534 ) – 90,535 FVTPL – 8,534 – 8,534 Available-for-sale na 54,075 (54,075 ) – – FVOCI – 51,909 – 51,909 FVTPL – 2,081 – 2,081 Amortized cost – 85 – 85 Held-to-maturity Amortized cost 9,094 – (2 ) 9,092 Other Other 960 (333 ) – 627 FVTPL – 333 – 333 Total Securities 163,198 – (2 ) 163,196 Loans Residential mortgages Amortized cost Amortized cost 115,258 – – 115,258 Consumer instalment and other Amortized cost Amortized cost 61,944 – – 61,944 Credit cards Amortized cost Amortized cost 8,071 – – 8,071 Business and government Amortized cost Amortized cost 175,067 (2,372 ) – 172,695 FVTPL – 2,372 – 2,372 Total Loans 360,340 – – 360,340 Allowance for credit losses (1,833 ) – 154 (1,679 ) 358,507 – 154 358,661 Remaining financial assets (1) 127,706 – (6 ) 127,700 Financial Liabilities Allowance for credit losses on off-balance 163 – 76 239 Total pre-tax na – 70 na Total after-tax 3,066 (55 ) – 3,011 Total after-tax (2)(3) 23,709 55 44 23,808 Total after-tax 44,354 – 44 44,398 (1) Represents cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements and other assets. Remeasurement represents the impact of the impairment provisions of IFRS 9 on these remaining financial assets. (2) Reclassification amount represents the after-tax pre-tax) available-for-sale (3) Remeasurement represents the after-tax pre-tax) na – not applicable due to IFRS 9 adoption. |
Schedule of Impact on Transition to IFRS 9 on Allowance for Credit Loss | The following table illustrates the impact of transition to IFRS 9 on the allowance for credit loss as of November 1, 2017. (Canadian $ in millions) IAS 39 collective allowance IAS 39 specific allowance IAS 39 allowance Remeasurement IFRS 9 allowance IFRS 9 Stage 1 IFRS 9 Stage 2 IFRS 9 Stage 3 Loans Residential mortgages 69 24 93 (20 ) 73 16 33 24 Consumer instalment and other 343 136 479 71 550 70 344 136 Credit cards 243 – 243 41 284 63 221 – Business and government 785 233 1,018 (246 ) 772 205 334 233 Total allowance for credit losses 1,440 393 1,833 (154 ) 1,679 354 932 393 Allowance for credit losses on remaining financial assets (1) – – – 8 8 7 1 – Allowance for credit losses on off-balance sheet exposures 136 27 163 76 239 89 123 27 Total 1,576 420 1,996 (70 ) 1,926 450 1,056 420 (1) Represents cash and cash equivalents, interest bearing deposits with banks, securities, securities borrowed or purchased under resale agreements and other assets. |
IFRS9 [member] | |
Summary of Classification of Securities | The securities balances by measurement category following the adoption of IFRS 9 as at November 1, 2017 were: (Canadian $ in millions) November 1, 2017 Trading 90,535 FVTPL 10,948 FVOCI 51,909 Amortized cost 9,177 Other 627 Total 163,196 |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Summary of Fair Value Measurement | (Canadian $ in millions, except as noted) Term to maturity 2018 Within 1 1 to 3 3 to 5 5 to 10 Over 10 Total Trading Securities Issued or guaranteed by: Canadian federal government 4,103 2,195 2,038 1,077 907 10,320 Canadian provincial and municipal governments 1,293 2,029 1,235 1,355 2,790 8,702 U.S. federal government 2,684 2,835 1,260 1,895 843 9,517 U.S. states, municipalities and agencies 756 135 29 114 182 1,216 Other governments 485 557 330 40 – 1,412 NHA MBS, U.S. agency MBS and CMO (1) 382 497 477 346 7,482 9,184 Corporate debt 2,635 1,821 1,295 1,413 2,034 9,198 Loans 14 82 55 48 – 199 Corporate equity – – – – 49,949 49,949 Total trading securities 12,352 10,151 6,719 6,288 64,187 99,697 FVTPL Securities Issued or guaranteed by: Canadian federal government 328 – 4 2 97 431 Canadian provincial and municipal governments – 23 5 22 896 946 U.S. federal government 69 – – – – 69 NHA MBS, U.S. agency MBS and CMO (1) – 3 4 – – 7 Corporate debt 616 56 125 692 5,331 6,820 Corporate equity – – – – 3,338 3,338 Total FVTPL securities 1,013 82 138 716 9,662 11,611 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 6,600 4,036 1,711 537 – 12,884 Fair value 6,592 4,006 1,688 519 – 12,805 Yield (%) 1.52 1.58 2.09 2.14 – 1.64 Canadian provincial and municipal governments Amortized cost 3,200 1,229 1,742 713 12 6,896 Fair value 3,204 1,227 1,726 693 12 6,862 Yield (%) 1.36 1.81 2.67 2.59 3.58 1.90 U.S. federal government Amortized cost 462 1,604 7,116 8,221 – 17,403 Fair value 454 1,595 6,858 7,916 – 16,823 Yield (%) 2.39 2.61 1.98 2.35 – 2.22 U.S. states, municipalities and agencies Amortized cost 356 684 542 1,177 935 3,694 Fair value 355 678 540 1,158 924 3,655 Yield (%) 1.69 2.07 2.59 2.59 2.66 2.42 Other governments Amortized cost 1,193 1,187 2,135 303 – 4,818 Fair value 1,192 1,183 2,113 302 – 4,790 Yield (%) 1.82 2.21 2.74 2.87 – 2.39 NHA MBS (1) Amortized cost 306 62 2,014 – – 2,382 Fair value 310 62 1,998 – – 2,370 Yield (%) 1.95 1.32 2.00 – – 1.98 U.S. agency MBS and CMO (1) Amortized cost – 13 109 1,819 9,870 11,811 Fair value – 13 106 1,761 9,437 11,317 Yield (%) – 2.31 2.50 2.51 2.29 2.33 Corporate debt Amortized cost 672 1,992 569 509 41 3,783 Fair value 671 1,980 566 498 41 3,756 Yield (%) 1.45 2.86 2.87 3.24 4.02 2.67 Corporate equity Amortized cost – – – – 62 62 Fair value – – – – 62 62 Yield (%) – – – – – – Total cost or amortized cost 12,789 10,807 15,938 13,279 10,920 63,733 Total fair value 12,778 10,744 15,595 12,847 10,476 62,440 Yield (%) 1.55 2.09 2.23 2.44 2.32 2.13 Amortized Cost Securities Issued or guaranteed by: Canadian provincial and municipal governments Amortized cost 230 280 143 179 – 832 Fair value 230 282 145 184 – 841 Other governments Amortized cost – 3 7 – – 10 Fair value – 3 7 – – 10 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 171 452 – 1,884 3,045 5,552 Fair value 171 454 – 1,808 2,913 5,346 Corporate debt Amortized cost 1 10 10 5 65 91 Fair value 1 10 10 5 65 91 Total cost or amortized cost 402 745 160 2,068 3,110 6,485 Total fair value 402 749 162 1,997 2,978 6,288 Other Securities Carrying value – – – – 702 702 Total carrying value or amortized cost of securities 26,556 21,785 22,955 22,351 88,581 182,228 Total value of securities 26,545 21,722 22,612 21,919 88,137 180,935 Total by Currency (in Canadian $ equivalent) Canadian dollar 18,091 12,284 9,782 5,475 37,135 82,767 U.S. dollar 7,799 9,423 12,718 16,404 49,922 96,266 Other currencies 655 15 112 40 1,080 1,902 Total securities 26,545 21,722 22,612 21,919 88,137 180,935 Classified under IAS 39 (Canadian $ in millions, except as noted) Term to maturity 2017 Within 1 1 to 3 3 to 5 5 to 10 Over 10 Total Trading Securities Issued or guaranteed by: Canadian federal government 4,862 1,527 2,021 1,313 1,104 10,827 Canadian provincial and municipal governments 812 1,343 714 1,991 2,467 7,327 U.S. federal government 1,332 1,758 2,000 1,906 2,477 9,473 U.S. states, municipalities and agencies 642 222 86 100 1,081 2,131 Other governments 85 438 266 34 – 823 NHA MBS, U.S. agency MBS and CMO (1) 147 571 203 8 2 931 Corporate debt 1,298 1,375 795 1,281 7,014 11,763 Loans – 28 7 118 – 153 Corporate equity – – – – 55,641 55,641 Total trading securities 9,178 7,262 6,092 6,751 69,786 99,069 Available-for-Sale Securities Issued or guaranteed by: Canadian federal government Amortized cost 5,585 1,764 1,266 597 – 9,212 Fair value 5,578 1,749 1,262 591 – 9,180 Yield (%) 0.66 1.48 1.46 1.57 – 0.99 Canadian provincial and municipal governments Amortized cost 1,157 265 1,293 860 38 3,613 Fair value 1,156 266 1,310 855 40 3,627 Yield (%) 0.85 1.45 2.24 2.32 3.27 1.77 U.S. federal government Amortized cost 15 – 3,128 11,338 – 14,481 Fair value 17 – 3,115 11,137 – 14,269 Yield (%) 0.88 – 1.81 1.80 – 1.80 U.S. states, municipalities and agencies Amortized cost 370 563 463 1,329 1,333 4,058 Fair value 370 566 467 1,357 1,336 4,096 Yield (%) 1.63 1.78 2.26 2.40 1.71 2.00 Other governments Amortized cost 1,592 1,231 725 19 – 3,567 Fair value 1,593 1,225 722 18 – 3,558 Yield (%) 1.44 1.34 1.52 2.72 – 1.43 NHA MBS (1) Amortized cost 255 1,143 1,059 – – 2,457 Fair value 262 1,141 1,052 – – 2,455 Yield (%) 2.05 1.83 1.56 – – 1.74 U.S. agency MBS and CMO – U.S. (1) Amortized cost 1 20 62 658 10,161 10,902 Fair value 1 19 62 659 10,020 10,761 Yield (%) 1.83 3.12 2.25 2.31 1.97 1.99 Corporate debt Amortized cost 995 2,082 737 607 93 4,514 Fair value 997 2,080 734 619 95 4,525 Yield (%) 0.75 2.08 2.48 3.08 3.64 2.02 Corporate equity Amortized cost – – – – 1,499 1,499 Fair value – – – – 1,604 1,604 Yield (%) – – – – 2.37 2.37 Total cost or amortized cost 9,970 7,068 8,733 15,408 13,124 54,303 Total fair value 9,974 7,046 8,724 15,236 13,095 54,075 Yield (%) 0.89 1.72 1.85 1.95 2.00 1.72 Held-to-Maturity Securities Issued or guaranteed by: Canadian federal government Amortized cost 1,855 – – – – 1,855 Fair value 1,857 – – – – 1,857 Canadian provincial and municipal governments Amortized cost 735 510 – 322 – 1,567 Fair value 737 512 – 341 – 1,590 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 191 485 364 999 3,633 5,672 Fair value 191 486 366 997 3,609 5,649 Total cost or amortized cost 2,781 995 364 1,321 3,633 9,094 Total fair value 2,785 998 366 1,338 3,609 9,096 Other Securities Carrying value 7 21 13 38 881 960 Total carrying value or amortized cost of securities 21,936 15,346 15,202 23,518 87,424 163,426 Total value of securities 21,940 15,324 15,193 23,346 87,395 163,198 Total by Currency (in Canadian $ equivalent) Canadian dollar 16,959 8,546 7,222 6,235 41,261 80,223 U.S. dollar 3,948 6,662 7,916 17,087 44,384 79,997 Other currencies 1,033 116 55 24 1,750 2,978 Total securities 21,940 15,324 15,193 23,346 87,395 163,198 (1) These amounts are supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. Yields in the tables above are calculated using the cost of the security and the contractual interest rate associated with each security, adjusted for any amortization of premiums and discounts. Tax effects are not taken into consideration. The term to maturity included in the table above is based on the contractual maturity date of the security. Actual maturities could differ, as issuers may have the right to call or prepay obligations. Equity securities with no maturity date are included in the over 10 years category. |
Schedule of Unrealized Gains and Losses on Available-for-Sale Securities | Unrealized Gains and Losses The following table summarizes the unrealized gains and losses on FVOCI securities as at October 31, 2018 under IFRS 9 and the unrealized gains and losses on available-for-sale (Canadian $ in millions) 2018 2017 Amortized Gross Gross Fair Amortized Gross Gross Fair Issued or guaranteed by: Canadian federal government 12,884 1 80 12,805 9,212 6 38 9,180 Canadian provincial and municipal governments 6,896 8 42 6,862 3,613 29 15 3,627 U.S. federal government 17,403 4 584 16,823 14,481 12 224 14,269 U.S. states, municipalities and agencies 3,694 16 55 3,655 4,058 43 5 4,096 Other governments 4,818 2 30 4,790 3,567 3 12 3,558 NHA MBS 2,382 6 18 2,370 2,457 9 11 2,455 U.S. agency MBS and CMO 11,811 2 496 11,317 10,902 6 147 10,761 Corporate debt 3,783 6 33 3,756 4,514 23 12 4,525 Corporate equity 62 – – 62 1,499 121 16 1,604 Total 63,733 45 1,338 62,440 54,303 252 480 54,075 |
Summary of Interest, Dividend and Fee Income | Interest, dividend and fee income has been included in our consolidated financial statements as follows, excluding other securities and trading securities. Related income for trading securities is included in Note 17 Trading-Related Revenue. (Canadian $ in millions) 2018 2017 2016 FVTPL 16 na na FVOCI 1,118 na na Amortized cost 172 na na Available-for-sale securities na 662 509 Held-to-maturity securities na 150 143 Total 1,306 812 652 na – not applicable due to IFRS 9 adoption. |
Summary of Non Interest Revenue | Net gains and losses from securities, excluding net realized and unrealized gains on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) 2018 2017 2016 Non-Interest FVTPL securities 106 na na FVOCI securities (1) Gross realized gains 363 228 59 Gross realized (losses) (216 ) (99 ) (16 ) Unrealized gains on investments reclassified from available-for-sale to other na – 7 Other securities, net realized and unrealized gains – 49 51 Impairment write-downs (14 ) (7 ) (17 ) Securities gains, other than trading (2) 239 171 84 (1) Realized gains (losses) are net of unrealized gains (losses) on related hedge contracts. Fiscal 2017 and prior years represent available-for-sale securities (Note 1). (2) The following amounts of income related to our insurance operations were included in non-interest Unrealized gains and losses on trading securities are included in trading-related revenue in Note 17. na – not applicable due to IFRS 9 adoption. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Summary of Credit Risk Exposures for Loans Carried at Amortized Cost or FVOCI | The following table sets out our credit risk exposure for all loans carried at amortized cost or FVTPL as at October 31, 2018. Stage 1 represents those performing loans carried with a 12 month expected credit loss, Stage 2 represents those performing loans carried with a lifetime expected credit loss, and Stage 3 represents those loans with a lifetime credit loss that are credit impaired. (Canadian $ in millions) 2018 Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low – – – – Very low 76,314 125 – 76,439 Low 18,975 2,479 – 21,454 Medium 12,621 3,765 – 16,386 High 90 445 – 535 Not rated 4,250 181 – 4,431 Impaired – – 375 375 Allowance for credit losses 20 37 19 76 Carrying amount 112,230 6,958 356 119,544 Loans: Consumer instalment and other personal Exceptionally low 20,236 20 – 20,256 Very low 13,364 222 – 13,586 Low 12,581 364 – 12,945 Medium 7,707 4,153 – 11,860 High 127 1,657 – 1,784 Not rated 2,105 168 – 2,273 Impaired – – 521 521 Allowance for credit losses 83 312 143 538 Carrying amount 56,037 6,272 378 62,687 Loans: Credit cards Exceptionally low 2,403 4 – 2,407 Very low 1,140 11 – 1,151 Low 943 107 – 1,050 Medium 1,742 874 – 2,616 High 108 428 – 536 Not rated 568 1 – 569 Impaired – – – – Allowance for credit losses 39 191 – 230 Carrying amount 6,865 1,234 – 8,099 Loans: Business and government (1) Acceptable Investment grade 109,774 2,148 – 111,922 Sub-investment grade 88,348 7,308 – 95,656 Watchlist – 4,423 – 4,423 Impaired – – 1,040 1,040 Allowance for credit losses 232 355 208 795 Carrying amount 197,890 13,524 832 212,246 Commitments and financial guarantee contracts Acceptable Investment grade 116,108 1,722 – 117,830 Sub-investment grade 44,895 3,426 – 48,321 Watchlist – 1,650 – 1,650 Impaired – – 242 242 Allowance for credit losses 108 96 27 231 Carrying amount 160,895 6,702 215 167,812 (1) Includes customers’ liability under acceptances. |
Summary of Continuity in Loss Allowance by Each Product Type | The following table shows the continuity in the loss allowance by each product type as at October 31, 2018. (Canadian $ in millions) For the twelve months ended Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at November 1, 2017 16 34 49 99 Transfer to Stage 1 34 (31 ) (3 ) – Transfer to Stage 2 (1 ) 7 (6 ) – Transfer to Stage 3 – (9 ) 9 – Net remeasurement of loss allowance (37 ) 42 19 24 Loan originations 10 – – 10 Derecognitions and maturities (2 ) (6 ) – (8 ) Total provision for credit losses (“PCL”) (1) 4 3 19 26 Write-offs – – (20 ) (20 ) Recoveries of previous write-offs – – 7 7 Foreign exchange and other – 1 (11 ) (10 ) Balance as at October 31, 2018 20 38 44 102 Loans: Consumer instalment and other personal Balance as at November 1, 2017 76 357 137 570 Transfer to Stage 1 214 (200 ) (14 ) – Transfer to Stage 2 (22 ) 105 (83 ) – Transfer to Stage 3 (4 ) (162 ) 166 – Net remeasurement of loss allowance (196 ) 272 162 238 Loan originations 39 – – 39 Derecognitions and maturities (18 ) (50 ) – (68 ) Total PCL (1) 13 (35 ) 231 209 Write-offs – – (301 ) (301 ) Recoveries of previous write-offs – – 92 92 Foreign exchange and other 1 4 (15 ) (10 ) Balance as at October 31, 2018 90 326 144 560 Loans: Credit cards Balance as at November 1, 2017 83 254 – 337 Transfer to Stage 1 177 (177 ) – – Transfer to Stage 2 (37 ) 37 – – Transfer to Stage 3 (1 ) (195 ) 196 – Net remeasurement of loss allowance (164 ) 342 20 198 Loan originations 19 – – 19 Derecognitions and maturities (3 ) (42 ) – (45 ) Total PCL (1) (9 ) (35 ) 216 172 Write-offs – – (319 ) (319 ) Recoveries of previous write-offs – – 103 103 Balance as at October 31, 2018 74 219 – 293 Loans: Business and government Balance as at November 1, 2017 268 410 234 912 Transfer to Stage 1 136 (128 ) (8 ) – Transfer to Stage 2 (31 ) 66 (35 ) – Transfer to Stage 3 (1 ) (61 ) 62 – Net remeasurement of loss allowance (155 ) 203 215 263 Loan originations 163 – – 163 Derecognitions and maturities (80 ) (86 ) – (166 ) Model changes (7 ) (3 ) – (10 ) Total PCL (1) 25 (9 ) 234 250 Write-offs – – (297 ) (297 ) Recoveries of previous write-offs – – 59 59 Foreign exchange and other 5 7 (21 ) (9 ) Balance as at October 31, 2018 298 408 209 915 Total as at October 31, 2018 482 991 397 1,870 Comprised of: Loans 374 895 370 1,639 Other credit instruments (2) 108 96 27 231 (1) Excludes provision for credit losses on other assets of $5 million. (2) Recorded in other liabilities on the Consolidated Balance Sheet. |
Summary of Allowance for Credit Losses under IAS 39 | The following table shows the continuity of our allowance for credit losses under IAS 39 as at October 31, 2017: (Canadian $ in millions) Residential Credit card, consumer instalment and other personal loans Business and Total 2017 2016 2017 2016 2017 2016 2017 2016 Impairment allowances (specific ACL), beginning of year 59 69 123 113 250 210 432 392 Amounts written off (27 ) (38 ) (631 ) (616 ) (296 ) (349 ) (954 ) (1,003 ) Recoveries of amounts written off in previous years 16 16 199 173 50 154 265 343 Charge to income statement (specific PCL) 11 24 464 478 347 269 822 771 Foreign exchange and other movements (10 ) (12 ) (18 ) (25 ) (117 ) (34 ) (145 ) (71 ) Specific ACL, end of year 49 59 137 123 234 250 420 432 Collective ACL, beginning of year 71 111 596 714 1,015 835 1,682 1,660 Charge (recovery) to income statement (collective PCL) (1 ) (42 ) (6 ) (120 ) (69 ) 162 (76 ) – Foreign exchange and other movements (1 ) 2 (4 ) 2 (25 ) 18 (30 ) 22 Collective ACL, end of year 69 71 586 596 921 1,015 1,576 1,682 Total ACL 118 130 723 719 1,155 1,265 1,996 2,114 Comprised of: Loans 93 104 722 719 1,018 1,102 1,833 1,925 Other credit instruments (1) 25 26 1 – 137 163 163 189 (1) The total specific and collective allowances related to other credit instruments are included in other liabilities. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Schedule of Loans and Allowance for Credit Losses by Geographic Region | Loans and allowance for credit losses by geographic region as at October 31, 2018 under IFRS 9 and as at October 31, 2017 under IAS 39 are as follows: (Canadian $ in millions) 2018 2017 Gross Allowance on Allowance on Net Gross Specific Collective Net By geographic region: (1) Canada 244,837 189 689 243,959 233,672 212 799 232,661 United States 131,247 181 574 130,492 115,029 161 641 114,227 Other countries 9,546 – 6 9,540 11,639 20 – 11,619 Total 385,630 370 1,269 383,991 360,340 393 1,440 358,507 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $27 million for other credit instruments, which is included in other liabilities ($27 million in 2017). (3) Excludes allowance for credit losses on performing loans of $204 million for other credit instruments, which is included in other liabilities ($136 million in 2017). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired loans, including the related allowances, as at October 31, 2018 under IFRS 9 and as at October 31, 2017 under IAS 39 are as follows: (Canadian $ in millions) Gross impaired amount (1) Allowance on Specific Net Net 2018 2017 2018 2017 2018 2017 Residential mortgages 375 391 19 24 356 367 Consumer instalment and other personal loans 521 556 143 136 378 420 Business and government loans 1,040 1,273 208 233 832 1,040 Total 1,936 2,220 370 393 1,566 1,827 By geographic region: (2) Canada 735 793 189 212 546 581 United States 1,201 1,377 181 161 1,020 1,216 Other countries – 50 – 20 – 30 Total 1,936 2,220 370 393 1,566 1,827 (1) Excludes purchased credit impaired loans. (2) Geographic region is based upon the country of ultimate risk. (3) Excludes allowance for credit losses on impaired loans of $27 million for other credit instruments, which is included in other liabilities ($27 million in 2017). Fully secured loans with amounts past due between 90 and 180 days that we have not classified as impaired totalled $49 million and $62 million as at October 31, 2018 and 2017, respectively. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Loans that are Past Due but not Classified as Impaired | The following table presents loans that are past due but not classified as impaired as at October 31, 2018 and 2017. (Canadian $ in millions) 1 to 29 days 30 to 89 days 90 days or more Total 2018 2017 2018 2017 2018 2017 2018 2017 Residential mortgages (1) 660 649 513 438 21 19 1,194 1,106 Credit card, consumer instalment and other personal loans 1,431 1,480 415 466 88 94 1,934 2,040 Business and government loans 611 589 268 297 55 72 934 958 Total 2,702 2,718 1,196 1,201 164 185 4,062 4,104 (1) The percentage of loans 90 days or more past due but not impaired that were guaranteed by the Government of Canada is 66% for 2018 and 67% for 2017. |
Summary of Key Economic Variables Used in Base Case | The following table shows the key economic variables we use to estimate our allowance on performing loans during the forecast period. The values shown represent the end of period national average values for the first 12 months and then the national average for the remaining horizon. While the values disclosed below are national variables, in our underlying models we use regional variables where considered appropriate. Benign scenario Base scenario Adverse scenario As at October 31, 2018 First 12 months Remaining horizon First 12 months Remaining horizon First 12 months Remaining horizon Real gross domestic product (2) Canada 3.1% 2.4 % 1.8% 1.6 % (3.2 )% 0.8 % U.S. 2.9% 1.9 % 2.4% 1.6 % (2.9 )% 0.9 % Corporate BBB 10-year spread Canada 2.0% 2.1 % 2.3% 2.3 % 4.7 % 3.9 % U.S. 1.8% 2.0 % 2.2% 2.3 % 4.3 % 3.5 % Unemployment rates Canada 5.4% 5.2 % 5.6% 5.6 % 9.3 % 9.3 % U.S. 3.2% 3.1 % 3.6% 3.7 % 6.7 % 6.8 % Housing Price Index Canada (3) 2.4% 2.6 % 1.4% 1.8 % (12.8 )% (3.2 )% U.S. (4) 5.1% 4.3 % 3.6% 3.0 % (7.3 )% (1.2 )% (1) The remaining forecast period is two years. (2) Real gross domestic product is based on year over year growth. (3) In Canada, we use the HPI Benchmark Composite. (4) In the U.S., we use the National Case-Shiller House Price Index. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Summary of Carrying Amount and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying amount and fair value of transferred assets that did not qualify for derecognition and the associated liabilities: (Canadian $ in millions) 2018 2017 Carrying amount Carrying amount of Carrying amount Carrying amount of Residential mortgages 5,569 4,797 Other related assets (2) 11,640 12,091 Total (3) 17,209 16,925 16,888 16,621 (1) Carrying amount of loans is net of allowance. (2) Other related assets represent payments received on account of loans pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying amount of the securitized assets in the table above. (3) The fair values of assets and associated liabilities are $17,105 million and $16,763 million, respectively, as at October 31, 2018 ($16,847 million and $16,746 million, respectively, in 2017). |
Summary of Unconsolidated Structured Entities | The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2018 2017 Capital vehicles Canadian Structured Capital vehicles Canadian Structured Interests recorded on the balance sheet Cash and cash equivalents 118 53 – 8 50 – Trading securities – 12 – – 6 209 FVTPL securities – 582 – na na na FVOCI securities 2 242 – na na na Available-for-sale na na na 2 725 – Loans 7 – – 7 – – Other 3 13 – – 6 – 130 902 – 17 787 209 Deposits 570 53 – 460 50 146 Derivatives – – – – – 63 Other 17 – – 16 – – 587 53 – 476 50 209 Exposure to loss (2) 28 7,135 – 57 6,425 209 Total assets of the entities 587 5,033 – 476 4,592 209 (1) Securities held that are issued by our Canadian customer securitization vehicles are comprised of asset-backed commercial paper and are classified as trading securities, FVTPL securities and FVOCI securities (trading securities and available-for-sale (2) Exposure to loss represents securities held, undrawn liquidity facilities, total committed amounts of the BMO funded vehicle, derivative assets and loans. na – not applicable due to IFRS 9 adoption. |
Consolidated structured entities [member] | |
Summary of Carrying Amount and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying amount and fair value of transferred assets that did not qualify for derecognition and the associated liabilities issued by our bank securitization vehicles: (Canadian $ in millions) 2018 2017 Carrying amount Carrying amount Carrying amount Carrying amount Credit card receivables 7,246 5,096 7,058 4,115 Consumer instalment and other personal (2) 6,827 3,083 5,699 2,295 Total (3) 14,073 8,179 12,757 6,410 (1) Carrying amount of loans is net of allowance. (2) Includes Canadian real estate lines of credit and Canadian auto loans. (3) The fair values of assets and associated liabilities are $14,045 million and $8,134 million, respectively, as at October 31, 2018 ($12,753 million and $6,403 million, respectively, in 2017). Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Schedule of Fair Value of Derivative Instruments | Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2018 2017 Gross assets Gross Net Gross assets Gross Net Trading Interest Rate Contracts Swaps 7,795 (6,419 ) 1,376 8,390 (7,027 ) 1,363 Forward rate agreements 36 (10 ) 26 41 – 41 Futures 2 (3 ) (1 ) – – – Purchased options 425 – 425 444 – 444 Written options – (273 ) (273 ) – (329 ) (329 ) Foreign Exchange Contracts Cross-currency swaps 2,362 (1,678 ) 684 2,687 (1,752 ) 935 Cross-currency interest rate swaps 4,977 (6,057 ) (1,080 ) 8,103 (9,051 ) (948 ) Forward foreign exchange contracts 4,335 (2,817 ) 1,518 4,954 (3,178 ) 1,776 Purchased options 241 – 241 267 – 267 Written options – (228 ) (228 ) – (270 ) (270 ) Commodity Contracts Swaps 1,559 (1,084 ) 475 726 (717 ) 9 Futures 17 – 17 – – – Purchased options 484 – 484 352 – 352 Written options – (372 ) (372 ) – (357 ) (357 ) Equity Contracts 2,158 (2,402 ) (244 ) 1,388 (3,386 ) (1,998 ) Credit Default Swaps Purchased 1 (36 ) (35 ) – (54 ) (54 ) Written 9 (1 ) 8 7 (1 ) 6 Total fair value – trading derivatives 24,401 (21,380 ) 3,021 27,359 (26,122 ) 1,237 Hedging Interest Rate Contracts Cash flow hedges – swaps 18 (1,261 ) (1,243 ) 78 (558 ) (480 ) Fair value hedges – swaps 701 (668 ) 33 274 (402 ) (128 ) Total swaps 719 (1,929 ) (1,210 ) 352 (960 ) (608 ) Foreign Exchange Contracts Cash flow hedges 1,084 (1,074 ) 10 1,202 (722 ) 480 Total foreign exchange contracts 1,084 (1,074 ) 10 1,202 (722 ) 480 Equity Contracts Cash flow hedges – (28 ) (28 ) 38 – 38 Total equity contracts – (28 ) (28 ) 38 – 38 Total fair value – hedging derivatives (1) 1,803 (3,031 ) (1,228 ) 1,592 (1,682 ) (90 ) Total fair value – trading and hedging derivatives 26,204 (24,411 ) 1,793 28,951 (27,804 ) 1,147 Less: impact of master netting agreements (15,575 ) 15,575 – (19,909 ) 19,909 – Total 10,629 (8,836 ) 1,793 9,042 (7,895 ) 1,147 (1) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance |
Schedule of Notional Amounts of Trading Derivatives | (Canadian $ in millions) 2018 2017 Exchange traded Over-the-counter Total Exchange traded Over-the-counter Total Interest Rate Contracts Swaps – 3,684,763 3,684,763 – 3,073,490 3,073,490 Forward rate agreements – 411,573 411,573 – 195,142 195,142 Purchased options 26,629 35,023 61,652 10,407 29,107 39,514 Written options 16,511 48,721 65,232 9,284 37,247 46,531 Futures 192,482 – 192,482 89,053 – 89,053 Total interest rate contracts 235,622 4,180,080 4,415,702 108,744 3,334,986 3,443,730 Foreign Exchange Contracts Cross-currency swaps – 57,226 57,226 – 50,534 50,534 Cross-currency interest rate swaps – 449,187 449,187 – 430,808 430,808 Forward foreign exchange contracts – 463,743 463,743 – 392,924 392,924 Purchased options 2,625 21,468 24,093 6,001 23,812 29,813 Written options 1,420 24,018 25,438 1,249 29,101 30,350 Futures 739 – 739 794 – 794 Total foreign exchange contracts 4,784 1,015,642 1,020,426 8,044 927,179 935,223 Commodity Contracts Swaps – 24,366 24,366 – 18,713 18,713 Purchased options 3,303 6,182 9,485 5,031 7,080 12,111 Written options 4,909 4,233 9,142 6,896 4,905 11,801 Futures 33,104 – 33,104 28,139 – 28,139 Total commodity contracts 41,316 34,781 76,097 40,066 30,698 70,764 Equity Contracts 33,687 52,725 86,412 14,253 63,184 77,437 Credit Default Swaps Purchased – 3,047 3,047 – 2,658 2,658 Written – 443 443 – 448 448 Total 315,409 5,286,718 5,602,127 171,107 4,359,153 4,530,260 |
Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity | The following table outlines the notional amounts and average rates of derivatives and the carrying amount of deposits designated as hedging instruments, by term to maturity, hedge type, and risk type, where applicable. (Canadian $ in millions, except as noted) 2018 Remaining term to maturity Total Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount 5,252 22,976 30,790 14,751 – 73,769 Average fixed interest rate 1.66% 1.67% 2.60% 2.42% – 2.21% Foreign exchange risk – Cross-currency swaps and foreign exchange forwards (1) CAD-USD pair Notional amount 3,939 10,572 11,781 2,576 251 29,119 Average fixed interest rate 1.31% 1.20% 2.01% 1.27% 3.02% 1.57% Average exchange rate: CAD-USD 1.3347 1.3035 1.2923 1.1871 1.3122 1.2930 CAD-EUR pair Notional amount 3,804 8,726 8,618 – 201 21,349 Average fixed interest rate 1.74% 2.10% 2.26% – 2.97% 2.11% Average exchange rate: CAD-EUR 1.5217 1.4685 1.4999 – 1.4870 1.4908 Other currency pairs (2) Notional amount – 1,817 4,427 109 – 6,353 Average fixed interest rate – 2.05% 2.80% 2.98% – 2.59% Average exchange rate: CAD-Non USD/EUR – 1.4361 1.3338 0.1696 (3) – 1.3430 Equity price risk – Total return swap Notional amount 381 – – – – 381 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount 14,516 21,919 22,928 14,101 – 73,464 Average fixed interest rate 1.81% 2.16% 2.29% 2.36% – 2.17% Net Investment Hedges Foreign exchange risk USD denominated deposit – carrying amount 6,596 – – – – 6,596 GBP denominated deposit – carrying amount 473 – – – – 473 (1) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EURO-USD cross-currency swap split into EURO-CAD (2) Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP or CAD-HKD cross-currency swaps where applicable. (3) Includes one CAD-HKD cross-currency swap. |
Schedule of Hedging Instrument Impacts on Cash Flow Hedge Ineffectiveness | For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and hedge ineffectiveness for the year ended October 31, 2018. 2018 Carrying amount of Hedge ineffectiveness (Canadian $ in millions) Asset Liability Gains (Losses) on Gains (Losses) on Ineffectiveness Cash flow hedges Interest rate risk – Interest rate swaps 18 (1,261 ) (1,685 ) 1,687 (4 ) Foreign exchange risk – Cross-currency swaps and foreign exchange forwards 1,084 (1,074 ) (459 ) 459 – Equity price risk – Total return swaps – (28 ) 24 (24 ) – 1,102 (2,363 ) (2,120 ) 2,122 (4 ) Net investment hedges Foreign exchange risk – Deposit liabilities (7,069 ) (211 ) 211 – Total 1,102 (9,432 ) (2,331 ) 2,333 (4 ) (1) Represents the unrealized gains (losses) within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. |
Schedule of Hedging Instrument Impacts on Consolidated Statement of Other Comprehensive Income on Pre-Tax Basis | For cash flow hedges and net investment hedges, the following table contains information related to impacts on the Consolidated Statement of Other Comprehensive Income, on a pre-tax basis for the year ended October 31, 2018. 2018 Balance in cash flow hedge AOCI / (Canadian $ in millions) AOCI as at Gains / Amount reclassified to AOCI as at Active hedges Discontinued hedges Cash flow hedges Interest rate risk (597 ) (1,681 ) 67 (2,211 ) (1,348 ) (863 ) Foreign exchange risk 298 (3 ) 456 751 751 – Equity price risk 72 24 (66 ) 30 30 – (227 ) (1,660 ) 457 (1,430 ) (567 ) (863 ) Net investment hedges Foreign exchange risk (1,580 ) (211 ) – (1,791 ) (1,791 ) – Total (1,807 ) (1,871 ) 457 (3,221 ) (2,358 ) (863 ) (1) Tax balance related to cash flow hedge AOCI is $356 million as at October 31, 2018. |
Schedule of Hedging Instrument Impacts on Fair Value Hedge Ineffectiveness | The amounts relating to derivatives designated as fair value hedging instruments, hedged items and hedge ineffectiveness for the year are as follows: (Canadian $ in millions ) 2018 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (Losses) on Gains (Losses) on Ineffectiveness non-interest Carrying amount Active Discontinued Fair value hedge Interest rate swaps 701 (668 ) FVOCI securities and loans – – 850 (843 ) 7 36,722 (1,160 ) – Deposits and subordinated debt – – (764 ) 761 (3 ) (34,375 ) 719 436 Total 701 (668 ) 86 (82 ) 4 2,347 (441 ) 436 (1) Represents the unrealized gains (losses) within derivative financial instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value on the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. |
Schedule of Derivative-Related Credit Risk | (Canadian $ in millions) 2018 2017 Replacement Credit risk Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Swaps 8,514 10,699 – 8,742 11,603 – Forward rate agreements 36 34 – 41 42 – Purchased options 409 393 – 440 381 – Total interest rate contracts 8,959 11,126 704 9,223 12,026 1,537 Foreign Exchange Contracts Cross-currency swaps 3,270 7,832 – 3,727 8,345 – Cross-currency interest rate swaps 5,035 14,909 – 8,157 17,210 – Forward foreign exchange contracts 4,453 8,373 – 5,062 8,389 – Purchased options 225 424 – 250 420 – Total foreign exchange contracts 12,983 31,538 2,544 17,196 34,364 2,701 Commodity Contracts Swaps 1,559 4,450 – 726 2,971 – Purchased options 335 1,108 – 120 1,034 – Total commodity contracts 1,894 5,558 1,188 846 4,005 971 Equity Contracts 1,585 4,332 431 1,322 4,750 461 Credit Default Swaps 10 55 83 7 46 27 Total derivatives 25,431 52,609 4,950 28,594 55,191 5,697 Less: impact of master netting agreements (15,575 ) (29,170 ) – (19,909 ) (33,025 ) – Total 9,856 23,439 4,950 8,685 22,166 5,697 The total derivatives and the impact of master netting agreements for replacement cost do not include exchange-traded derivatives with a fair value of $773 million as at October 31, 2018 ($357 million in 2017). |
Schedule of Replacement Cost of Contracts with Customers Based on Country of Ultimate Risk | Transactions are conducted with counterparties in various geographic locations and industry sectors. Set out below is the replacement cost of contracts with customers located in the following countries, based on country of ultimate risk: (Canadian $ in millions, except as noted) Before master netting agreements After master netting agreements 2018 2017 2018 2017 Canada 13,449 53 % 15,447 54 % 4,901 50 % 5,045 58 % United States 5,446 21 % 7,149 25 % 2,102 21 % 1,940 22 % United Kingdom 1,181 5 % 1,079 4 % 315 3 % 182 2 % Other countries (1) 5,355 21 % 4,919 17 % 2,538 26 % 1,518 18 % Total 25,431 100 % 28,594 100 % 9,856 100 % 8,685 100 % (1) No other country represented 15% or more of our replacement cost in 2018 or 2017. |
Schedule of Replacement Cost of Contracts with Customers | Transactions are conducted with various counterparties. Set out below is the replacement cost of contracts (before the impact of master netting agreements) with customers in the following industries: As at October 31, 2018 (Canadian $ in millions) Interest rate contracts Foreign exchange contracts Commodity contracts Equity contracts Credit default swaps Total Financial institutions 6,509 10,238 360 1,219 10 18,336 Governments 1,694 1,478 56 – – 3,228 Natural resources 3 27 432 – – 462 Energy 93 641 727 – – 1,461 Other 660 599 319 366 – 1,944 Total 8,959 12,983 1,894 1,585 10 25,431 As at October 31, 2017 (Canadian $ in millions) Interest rate contracts Foreign exchange contracts Commodity contracts Equity contracts Credit default swaps Total Financial institutions 6,063 13,898 227 1,141 7 21,336 Governments 1,895 1,202 66 – – 3,163 Natural resources – 22 74 – – 96 Energy 155 479 226 – – 860 Other 1,110 1,595 253 181 – 3,139 Total 9,223 17,196 846 1,322 7 28,594 |
Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts | Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are set out below: (Canadian $ in millions) Term to maturity 2018 2017 Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total notional Total notional Interest Rate Contracts Swaps 1,404,557 707,683 1,167,568 514,392 37,797 3,831,997 3,202,365 Forward rate agreements, futures and options 608,132 100,756 13,885 7,897 269 730,939 370,240 Total interest rate contracts 2,012,689 808,439 1,181,453 522,289 38,066 4,562,936 3,572,605 Foreign Exchange Contracts Cross-currency swaps 12,466 36,718 24,980 15,413 3,339 92,916 85,586 Cross-currency interest rate swaps 118,783 147,231 97,828 72,857 18,533 455,232 434,210 Forward foreign exchange contracts, futures and options 512,002 9,283 1,148 134 26 522,593 463,665 Total foreign exchange contracts 643,251 193,232 123,956 88,404 21,898 1,070,741 983,461 Commodity Contracts Swaps 6,234 14,885 2,875 372 – 24,366 18,713 Futures and options 21,910 25,587 3,530 704 – 51,731 52,051 Total commodity contracts 28,144 40,472 6,405 1,076 – 76,097 70,764 Equity Contracts 72,922 7,953 3,873 1,680 366 86,794 77,781 Credit Contracts 746 248 1,262 1,083 151 3,490 3,106 Total notional amount 2,757,752 1,050,344 1,316,949 614,532 60,481 5,800,058 4,707,717 |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Summary of Maximum Estimated Useful Lives to Amortize Assets | The maximum estimated useful lives we use to amortize our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years |
Summary of Net Rent Expense for Premises and Equipment | (Canadian $ in millions) 2018 2017 Land Buildings Computer Other Leasehold Total Land Buildings Computer Other Leasehold Total Cost Balance at beginning of year 174 1,726 1,994 913 1,429 6,236 207 1,784 1,844 902 1,347 6,084 Additions 4 66 236 40 87 433 – 72 156 69 105 402 Disposals (1) (32 ) (163 ) (11 ) (27 ) (20 ) (253 ) (28 ) (95 ) (13 ) (13 ) (10 ) (159 ) Foreign exchange and other (1 ) (2 ) 10 7 18 32 (5 ) (35 ) 7 (45 ) (13 ) (91 ) Balance at end of year 145 1,627 2,229 933 1,514 6,448 174 1,726 1,994 913 1,429 6,236 Accumulated Depreciation and Impairment Balance at beginning of year – 1,063 1,465 674 1,001 4,203 – 1,055 1,306 649 927 3,937 Disposals (1) – (116 ) (9 ) (24 ) (15 ) (164 ) – (32 ) (11 ) (8 ) (8 ) (59 ) Amortization – 60 201 48 91 400 – 63 185 49 94 391 Foreign exchange and other – 9 5 6 3 23 – (23 ) (15 ) (16 ) (12 ) (66 ) Balance at end of year – 1,016 1,662 704 1,080 4,462 – 1,063 1,465 674 1,001 4,203 Net carrying value 145 611 567 229 434 1,986 174 663 529 239 428 2,033 (1) Includes fully depreciated assets written off. |
Acquisitions (Tables)
Acquisitions (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition | The fair values of the assets acquired and liabilities assumed at the date of acquisition are as follows: (Canadian $ in millions) KGS Securities – trading 5,193 Securities borrowed or purchased under resale agreements 5,669 Goodwill and intangible assets 103 Other assets 584 Total assets 11,549 Securities lent or sold under repurchase agreements 9,563 Securities sold but not yet purchased 1,431 Other liabilities 158 Purchase price 397 The purchase price allocation for KGS is subject to refinement as we complete the valuation of the assets acquired and liabilities assumed. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Continuity of Goodwill By Group of CGUs | A continuity of our goodwill by group of CGUs for the years ended October 31, 2018 and 2017 is as follows: (Canadian $ in millions) Personal and Wealth BMO Total Canadian U.S. Total Traditional Insurance Total Balance – October 31, 2016 97 3,861 3,958 2,117 2 2,119 304 6,381 Acquisitions (disposals) during the year – – – (4 ) – (4 ) – (4 ) Foreign exchange and other (1) – (142 ) (142 ) 24 – 24 (15 ) (133 ) Balance – October 31, 2017 97 3,719 3,816 2,137 2 2,139 289 6,244 Acquisitions (disposals) during the year – – – – – – 54 54 Foreign exchange and other (1) – 78 78 (8 ) – (8 ) 5 75 Balance – October 31, 2018 97 (2) 3,797 (3) 3,894 2,129 (4) 2 (5) 2,131 348 (6) 6,373 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I and GE Transportation Finance. (4) Relates to BMO Nesbitt Burns Inc., Guardian Group of Funds Ltd., Pyrford International plc, LGM Investments Limited, M&I, myCFO, Inc., Stoker Ostler Wealth Advisors, Inc., CTC Consulting LLC, AWMB and F&C Asset Management plc. (5) Relates to AIG. (6) Relates to Gerard Klauer Mattison, BMO Nesbitt Burns Inc., Paloma Securities L.L.C., M&I, Greene Holcomb Fisher and KGS. |
Summary of Intangible Assets | The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Cost as at October 31, 2016 704 968 194 3,189 476 365 5,896 Additions (disposals) (33 ) – – 546 (67 ) – 446 Foreign exchange and other (17 ) (37 ) (7 ) (39 ) (11 ) 11 (100 ) Cost as at October 31, 2017 654 931 187 3,696 398 376 6,242 Additions (disposals) 35 – – 422 94 12 563 Foreign exchange and other (1 ) 20 4 9 4 (4 ) 32 Cost as at October 31, 2018 688 951 191 4,127 496 384 6,837 Certain comparative figures have been reclassified to conform with the current year’s presentation. The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Branch distribution Software – Software under Other Total Accumulated amortization at October 31, 2016 398 735 194 2,329 – 62 3,718 Amortization 68 56 – 336 – 25 485 Disposals (22 ) – – (11 ) – – (33 ) Foreign exchange and other (13 ) (29 ) (7 ) (36 ) – (2 ) (87 ) Accumulated amortization at October 31, 2017 431 762 187 2,618 – 85 4,083 Amortization 46 51 – 387 – 19 503 Disposals – – – (20 ) – – (20 ) Foreign exchange and other (2 ) 17 4 (15 ) – (5 ) (1 ) Accumulated amortization at October 31, 2018 475 830 191 2,970 – 99 4,565 Carrying value at October 31, 2018 213 121 – 1,157 496 285 2,272 Carrying value at October 31, 2017 223 169 – 1,078 398 291 2,159 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Components of Other within Other Assts | The components of other within other assets are as follows: (Canadian $ in millions) 2018 2017 Accounts receivable, prepaid expenses and other items 6,910 6,508 Accrued interest receivable 1,461 1,079 BMO Transportation Finance – leased vehicles 937 928 Cash collateral 2,019 3,165 Due from clients, dealers and brokers 236 156 Insurance-related assets 822 644 Pension asset (Note 21) 664 508 Precious metals 1,603 582 Total 14,652 13,570 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Deposits | Payable on demand (Canadian $ in millions) Interest bearing Non-interest bearing Payable after notice Payable on a fixed date Total 2018 2017 2018 2017 2018 2017 2018 2017 2018 2017 Deposits by: Banks (1) 1,450 818 1,400 1,864 526 586 24,531 24,937 27,907 28,205 Business and government 25,266 20,621 33,984 33,968 67,026 61,790 187,024 166,897 313,300 283,276 Individuals 3,476 3,278 21,345 20,044 90,233 89,859 65,790 55,130 180,844 168,311 Total (2)(3) 30,192 24,717 56,729 55,876 157,785 152,235 277,345 246,964 522,051 479,792 Booked in: Canada 21,735 21,557 47,231 44,380 82,091 81,590 161,192 145,648 312,249 293,175 United States 7,395 2,259 9,477 11,496 74,476 69,555 86,805 75,517 178,153 158,827 Other countries 1,062 901 21 – 1,218 1,090 29,348 25,799 31,649 27,790 Total 30,192 24,717 56,729 55,876 157,785 152,235 277,345 246,964 522,051 479,792 (1) Includes regulated and central banks. (2) Includes structured notes designated at fair value through profit or loss. (3) As at October 31, 2018 and 2017, total deposits payable on a fixed date included $29,673 million and $30,419 million, respectively, of federal funds purchased, commercial paper issued and other deposit liabilities. Included in deposits as at October 31, 2018 and 2017 are $259,747 million and $237,127 million, respectively, of deposits denominated in U.S. dollars, and $37,427 million and $27,686 million, respectively, of deposits denominated in other foreign currencies. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Schedule for our Deposits Payable on a Fixed Date | The following table presents the maturity schedule for our deposits payable on a fixed date: (Canadian $ in millions) 2018 2017 Within 1 year 162,666 145,039 1 to 2 years 34,154 25,620 2 to 3 years 26,107 23,323 3 to 4 years 16,708 19,345 4 to 5 years 22,196 15,850 Over 5 years 15,514 17,787 Total (1) 277,345 246,964 (1) Includes $247,808 million of deposits, each greater than one hundred thousand dollars, of which $146,697 million were booked in Canada, $71,770 million were booked in the United States and $29,341 million were booked in other countries ($221,954 million, $130,197 million, $65,963 million and $25,794 million, respectively, in 2017). Of the $146,697 million of deposits booked in Canada, $55,190 million mature in less than three months, $3,836 million mature in three to six months, $12,909 million mature in six to twelve months and $74,762 million mature after 12 months ($130,197 million, $41,418 million, $7,922 million, $10,574 million and $70,283 million, respectively, in 2017). We have unencumbered liquid assets of $242,612 million to support these and other deposit liabilities ($213,757 million in 2017). |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Components of Other within Other Liablities | The components of other within other liabilities are as follows: (Canadian $ in millions) 2018 2017 Accounts payable, accrued expenses and other items 8,119 7,894 Accrued interest payable 1,385 1,037 Cash collateral 4,343 3,696 Insurance-related liabilities 9,585 8,959 Liabilities of subsidiaries, other than deposits 9,283 6,931 Other employee future benefits liability (Note 21) 960 1,303 Payable to brokers, dealers and clients 1,898 2,177 Pension liability (Note 21) 256 364 Total 35,829 32,361 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Reconciliation of the Change in Insurance Related Liabilities | A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2018 2017 Insurance-related liabilities, beginning of year 8,959 7,909 Increase (decrease) in life insurance policy benefit liabilities from: New business 742 545 In-force (400 ) 66 Changes in actuarial assumptions and methodology 3 (52 ) Foreign currency – (1 ) Net increase in life insurance policy benefit liabilities 345 558 Change in other insurance-related liabilities 281 492 Insurance-related liabilities, end of year 9,585 8,959 |
Summary of Reinsurance Premiums Ceded | Statement of Income for the years ended October 31, 2018, 2017 and 2016, as shown in the table below: (Canadian $ in millions) 2018 2017 2016 Direct premium income 1,976 1,750 1,561 Ceded premiums (148 ) (157 ) (271 ) 1,828 1,593 1,290 |
Subordinated Debt (Tables)
Subordinated Debt (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Maturities of Subordinated Debt and Repayment | The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Redeemable at our option 2018 2017 Debentures Series 20 150 December 2025 to 2040 8.25 Not redeemable 143 148 Series F Medium-Term Notes, First Tranche 900 March 2023 6.17 March 2018 (1) – 905 Series H Medium-Term Notes, First Tranche (8) 1,000 September 2024 3.12 September 2019 (2) 1,003 1,016 Series H Medium-Term Notes, Second Tranche (8) 1,000 December 2025 3.34 December 2020 (3) 916 969 Series I Medium-Term Notes, First Tranche (8) 1,250 June 2026 3.32 June 2021 (4) 1,222 1,178 Series I Medium-Term Notes, Second Tranche (8) 850 June 2027 2.57 June 2022 (5) 813 813 3.803% Subordinated Notes due 2032 (8)(9) US 1,250 December 2032 3.80 December 2027 (6) 1,573 – 4.338% Subordinated Notes due 2028 (8)(10) US 850 October 2028 4.34 October 2023 (7) 1,112 – Total (11) 6,782 5,029 (1) All $900 million Series F Medium-Term Notes, First Tranche were redeemed on March 28, 2018 for 100% of the principal amount plus accrued and unpaid interest to, but excluding, the redemption date. (2) Redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing September 19, 2019. (3) Redeemable at the greater of par and the Canada Yield Price prior to December 8, 2020, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing December 8, 2020. (4) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2021, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2021. (5) Redeemable at the greater of par and the Canada Yield Price prior to June 1, 2022, and redeemable at par together with accrued and unpaid interest to, but excluding, their redemption date commencing June 1, 2022. (6) Redeemable at par on December 15, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (7) Redeemable at par on October 5, 2023 together with accrued and unpaid interest to, but excluding, the redemption date. (8) These notes include a non-viability non-viable non-viability. (9) On December 12, 2017, we issued US$1,250 million of 3.803% subordinated notes. (10) On October 5, 2018, we issued US$850 million of 4.338% subordinated notes. (11) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together decreased their carrying value as at October 31, 2018 by $233 million ($121 million in 2017); see Note 8 for further details. The carrying value is also adjusted for the subordinated debt holdings, held for market making purposes. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Classes of Share Capital | Share Capital (Canadian $ in millions, except as noted) 2018 2017 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 14 (1) – – – – – 0.66 Class B – Series 15 (2) – – – – – 0.73 Class B – Series 16 (3) – – 0.64 6,267,391 157 0.85 Class B – Series 17 (4) – – 0.52 5,732,609 143 0.55 Class B – Series 25 9,425,607 236 0.45 9,425,607 236 0.45 Class B – Series 26 2,174,393 54 0.59 2,174,393 54 0.43 Class B – Series 27 20,000,000 500 1.00 20,000,000 500 1.00 Class B – Series 29 16,000,000 400 0.98 16,000,000 400 0.98 Class B – Series 31 12,000,000 300 0.95 12,000,000 300 0.95 Class B – Series 33 8,000,000 200 0.95 8,000,000 200 0.95 Class B – Series 35 6,000,000 150 1.25 6,000,000 150 1.25 Class B – Series 36 600,000 600 58.50 600,000 600 58.50 Class B – Series 38 24,000,000 600 1.21 24,000,000 600 1.33 Class B – Series 40 (5) 20,000,000 500 1.13 20,000,000 500 0.80 Class B – Series 42 (6) 16,000,000 400 1.10 16,000,000 400 0.45 Class B – Series 44 (7) 16,000,000 400 – – – – 4,340 4,240 Common Shares Balance at beginning of year 647,816,318 13,032 645,761,333 12,539 Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan – – 4,821,184 448 Issued/cancelled under the Stock Option Plan and other 1,513,307 99 2,233,801 146 Repurchased for cancellation (10,000,000 ) (202 ) (5,000,000 ) (101 ) Balance at End of Year 639,329,625 12,929 3.78 647,816,318 13,032 3.56 Share Capital 17,269 17,272 (1) On May 25, 2017, we redeemed all 10 million Non-Cumulative (2) On May 25, 2017, we redeemed all 10 million Non-Cumulative (3) On August 25, 2018, we redeemed all 6,267,391 Non-Cumulative Perpetual Class B Preferred Shares, Series 16, at a price of $25.00 cash per share plus all declared and unpaid dividends. Dividends declared for the year ended October 31, 2018 were $0.64 per share and 6,267,391 shares were outstanding at the time of the dividend declaration. (4) On August 25, 2018, we redeemed all 5,732,609 Non-Cumulative Perpetual Class B Preferred Shares, Series 17, at a price of $25.00 cash per share plus all declared and unpaid dividends. Dividends declared for the year ended October 31, 2018 were $0.52 per share and 5,732,609 shares were outstanding at the time of the dividend declaration. (5) On March 9, 2017, we issued 20 million Non-Cumulative 5-Year (6) On June 29, 2017, we issued 16 million Non-Cumulative 5-Year (7) On September 17, 2018, we issued 16 million Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 44, at a price of $25.00 cash per share for gross proceeds of $400 million. |
Summary Of Preferred Share Rights And Privileges | Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount Quarterly non-cumulative dividend (1) Reset premium Date redeemable / convertible Convertible to Class B – Series 25 25.00 $0.112813 (2) 1.15% August 25, 2021 (3)(4) Class B – Series 26 (8) Class B – Series 26 25.00 Floating (7) 1.15% August 25, 2021 (3)(5) Class B – Series 25 (8) Class B – Series 27 25.00 $ 0.2500 (2) 2.33% May 25, 2019 (3)(4) Class B – Series 28 (8) Class B – Series 29 25.00 $ 0.24375 (2) 2.24% August 25, 2019 (3)(4) Class B – Series 30 (8) Class B – Series 31 25.00 $ 0.2375 (2) 2.22% November 25, 2019 (3)(4) Class B – Series 32 (8) Class B – Series 33 25.00 $ 0.2375 (2) 2.71% August 25, 2020 (3)(4) Class B – Series 34 (8) Class B – Series 35 25.00 $ 0.3125 Does not reset August 25, 2020 (6) Not convertible Class B – Series 36 1,000.00 $ 14.6250 (2) 4.97% November 25, 2020 (3)(4) Class B – Series 37 (8) Class B – Series 38 25.00 $0.303125 (2) 4.06% February 25, 2022 (3)(4) Class B – Series 39 (8) Class B – Series 40 25.00 $ 0.28125 (2) 3.33% May 25, 2022 (3)(4) Class B – Series 41 (8) Class B – Series 42 25.00 $ 0.2750 (2) 3.17% August 25, 2022 (3)(4) Class B – Series 43 (8) Class B – Series 44 25.00 $0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (8) (1) Non-cumulative (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, Series 26, 28, 30, 32, 34, 37, 39, 41, 43 and 45 are floating rate preferred shares. (5) Convertible on the date noted and every five years thereafter if not redeemed. If converted, Series 25 are fixed rate preferred shares. (6) Series 35 is subject to a redemption premium if redeemed prior to August 25, 2024. (7) Floating rate will be set as and when declared at the 3-month (8) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Trading-Related Revenue (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet | Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following tables are the fair values of financial instruments not carried at fair value on our Consolidated Balance Sheet. (Canadian $ in millions) 2018 Carrying Fair value Valued using Valued using Valued using Securities Amortized cost 6,485 6,288 429 5,795 64 Loans (1) Residential mortgages 119,544 118,609 – 118,609 – Consumer instalment and other personal 62,687 62,618 – 62,618 – Credit cards 8,099 8,099 – 8,099 – Business and government (2) 192,225 191,989 – 191,989 – 382,555 381,315 – 381,315 – Deposits (3) 506,742 506,581 – 506,581 – Securitization and structured entities’ liabilities 25,051 24,838 – 24,838 – Subordinated debt 6,782 6,834 – 6,834 – (1) Carrying value of loans is net of allowance. (2) Excludes $1,450 million of loans classified as FVTPL upon adoption of IFRS 9 (refer to Note 28). (3) Excludes $15,309 million of structured note liabilities designated at FVTPL and accounted for at fair value. This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. (Canadian $ in millions) 2017 Carrying Fair value Valued using Valued using Valued using models Securities Held to maturity 9,094 9,096 2,522 6,574 – Loans (1) Residential mortgages 115,165 114,821 – 114,821 – Consumer instalment and other personal 61,465 61,470 – 61,470 – Credit cards 7,828 7,828 – 7,828 – Business and government 174,084 174,105 – 174,105 – 358,542 358,224 – 358,224 – Deposits (2) 466,118 466,441 – 466,441 – Securitization and structured entities’ liabilities 23,054 23,148 – 23,148 – Subordinated debt 5,029 5,255 – 5,255 – (1) Carrying value of loans is net of allowance. (2) Excludes $13,674 million of structured note liabilities designated at FVTPL and accounted for at fair value. This table excludes financial instruments with a carrying value approximating fair value, such as cash and cash equivalents, interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, other assets, acceptances, securities lent or sold under repurchase agreements and other liabilities. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Recurring Fair Value Measurement of Assets and Liabilities | The extent of our use of actively quoted market prices (Level 1), internal models using observable market information as inputs (Level 2) and models without observable market information as inputs (Level 3) in the valuation of securities, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: Classified under IFRS 9 (Canadian $ in millions) 2018 Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 9,107 1,213 – 10,320 Canadian provincial and municipal governments 4,013 4,689 – 8,702 U.S. federal government 9,465 52 – 9,517 U.S. states, municipalities and agencies 78 1,138 – 1,216 Other governments 1,210 201 – 1,411 NHA MBS and U.S. agency MBS and CMO 60 8,869 255 9,184 Corporate debt 2,973 6,218 7 9,198 Loans – 199 – 199 Corporate equity 49,946 4 – 49,950 76,852 22,583 262 99,697 FVTPL Securities Issued or guaranteed by: Canadian federal government 328 103 – 431 Canadian provincial and municipal governments 219 727 – 946 U.S. federal government 69 – – 69 NHA MBS and U.S. agency MBS and CMO – 7 – 7 Corporate debt 178 6,643 – 6,821 Corporate equity 1,378 134 1,825 3,337 2,172 7,614 1,825 11,611 FVOCI Securities Issued or guaranteed by: Canadian federal government 11,978 827 – 12,805 Canadian provincial and municipal governments 3,315 3,547 – 6,862 U.S. federal government 16,823 – – 16,823 U.S. states, municipalities and agencies 14 3,640 1 3,655 Other governments 3,143 1,647 – 4,790 NHA MBS and U.S. agency MBS and CMO – 13,687 – 13,687 Corporate debt 1,959 1,797 – 3,756 Corporate equity – – 62 62 37,232 25,145 63 62,440 Business and Government Loans – – 1,450 1,450 Fair Value Liabilities Securities sold but not yet purchased 26,336 2,468 – 28,804 Structured note liabilities and other note liabilities – 15,309 – 15,309 Annuity liabilities – 800 – 800 26,336 18,577 – 44,913 Derivative Assets Interest rate contracts 18 8,959 – 8,977 Foreign exchange contracts 16 12,983 – 12,999 Commodity contracts 166 1,894 – 2,060 Equity contracts 286 1,872 – 2,158 Credit default swaps – 10 – 10 486 25,718 – 26,204 Derivative Liabilities Interest rate contracts 14 8,620 – 8,634 Foreign exchange contracts 2 11,852 – 11,854 Commodity contracts 295 1,161 – 1,456 Equity contracts 246 2,183 1 2,430 Credit default swaps – 36 1 37 557 23,852 2 24,411 Classified under IAS 39 (Canadian $ in millions) 2017 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total Trading Securities Issued or guaranteed by: Canadian federal government 8,712 2,115 – 10,827 Canadian provincial and municipal governments 3,177 4,150 – 7,327 U.S. federal government 9,417 56 – 9,473 U.S. states, municipalities and agencies 189 1,942 – 2,131 Other governments 630 193 – 823 NHA MBS, U.S. agency MBS and CMO – 931 – 931 Corporate debt 1,485 10,278 – 11,763 Loans 3 150 – 153 Corporate equity 55,640 1 – 55,641 79,253 19,816 – 99,069 Available-for-Sale Securities Issued or guaranteed by: Canadian federal government 8,283 897 – 9,180 Canadian provincial and municipal governments 920 2,707 – 3,627 U.S. federal government 14,269 – – 14,269 U.S. states, municipalities and agencies 18 4,077 1 4,096 Other governments 2,290 1,268 – 3,558 NHA MBS, U.S. agency MBS and CMO – 13,216 – 13,216 Corporate debt 1,551 2,972 2 4,525 Corporate equity 37 126 1,441 1,604 27,368 25,263 1,444 54,075 Other Securities – – 333 333 Fair Value Liabilities Securities sold but not yet purchased 22,992 2,171 – 25,163 Structured note liabilities and other note liabilities – 13,674 – 13,674 Annuity liabilities – 749 – 749 22,992 16,594 – 39,586 Derivative Assets Interest rate contracts 4 9,223 – 9,227 Foreign exchange contracts 17 17,196 – 17,213 Commodity contracts 232 846 – 1,078 Equity contracts 93 1,333 – 1,426 Credit default swaps – 7 – 7 346 28,605 – 28,951 Derivative Liabilities Interest rate contracts 7 8,309 – 8,316 Foreign exchange contracts 6 14,967 – 14,973 Commodity contracts 239 835 – 1,074 Equity contracts 166 3,220 – 3,386 Credit default swaps – 55 – 55 418 27,386 – 27,804 |
Significant Unobservable Inputs in Level 3 Instrument Valuations | The table below presents the fair values of our significant Level 3 financial instruments, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumption to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. As at October 31, 2018 (Canadian $ in millions, except as noted) Reporting line in fair Fair value Valuation techniques Significant Range of input values (1) Change in fair value reasonably possible alternatives (2) Low High Private equity (3) Corporate equity 1,825 Net Asset Value EV/EBITDA Net Asset Value Multiple na 6x na 18x na Loans Business and government loans 1,450 Discounted Discount 50 bps 175 bps 3 (1) The low and high input values represent the highest and lowest actual level of 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 specific 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. (2) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans. (3) Included in private equity is $889 million of Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we hold to meet regulatory requirements. na – not applicable |
Summary of Changes in Level 3 Instruments Carried At Fair Value | The tables below present a reconciliation of all changes in Level 3 financial instruments during the years ended October 31, 2018 and 2017, including realized and unrealized gains (losses) included in earnings and other comprehensive income. Change in fair value For the year ended October 31, 2018 (Canadian $ in millions) Balance Included in Included in other compre- hensive Purchases Sales Maturities/ Transfers Transfers Fair value as at October 31, 2018 Change in unrealized gains (losses) recorded in income Trading Securities NHA MBS and U.S. agency MBS and CMO – (1 ) 4 306 (54 ) – – – 255 (5 ) Corporate debt – – – 7 – – – – 7 – Total trading securities – (1 ) 4 313 (54 ) – – – 262 (5 ) FVTPL Securities Corporate debt (3) 73 – (4 ) 5 – – – (74 ) – – Corporate equity (3)(4) 1,701 12 31 307 (161 ) (2 ) – (63 ) 1,825 5 Total FVTPL securities 1,774 12 27 312 (161 ) (2 ) – (137 ) 1,825 5 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate debt 2 – – – – (2 ) – – – na Corporate equity – – – 62 – – – – 62 na Total FVOCI securities 3 – – 62 – (2 ) – – 63 na Business and Government Loans (5) 2,372 (2 ) 24 604 – (1,548 ) – – 1,450 – Derivative Liabilities Equity contracts – – – – – – 1 – 1 – Credit default swaps – – – – – – 1 – 1 – Total derivative liabilities – – – – – – 2 – 2 – (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on FVTPL securities still held on October 31, 2018 are included in earnings for the year. (3) Includes $73 million of debt instruments and $260 million of equity instruments reclassified from other securities to FVTPL upon adoption of IFRS 9 (see Note 28). (4) Includes $1,441 million of equity instruments reclassified from available-for-sale to FVTPL upon adoption of IFRS 9 (see Note 28). (5) Business and government loans were reclassified from amortized cost to FVTPL upon adoption of IFRS 9 (see Note 28). na – not applicable Change in fair value For the year ended October 31, 2017 (Canadian $ in millions) Balance Included in earnings Included in other hensive income (1) Purchases Sales Maturities/ Transfers Transfers Fair value as at October 31, Change in unrealized gains (losses) recorded in income for instruments still held (2) Trading Securities Corporate debt 91 1 1 – – (93 ) – – – – Total trading securities 91 1 1 – – (93 ) – – – – Available-for-Sale Issued or guaranteed by: U.S. states, municipalities and agencies 1 – – – – – – – 1 na Corporate debt 4 – – – (1 ) (1 ) – – 2 na Corporate equity 1,456 (40 ) (15 ) 190 (117 ) – – (33 ) 1,441 na Total available-for-sale 1,461 (40 ) (15 ) 190 (118 ) (1 ) – (33 ) 1,444 na Other Securities 320 (9 ) (7 ) 134 (102 ) (3 ) – – 333 (8 ) (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on trading securities, derivative assets and derivative liabilities still held on October 31, 2017 are included in earnings for the year. na – not applicable |
Summary Of Trading Revenue | Net interest income arises from interest and dividends related to trading assets and liabilities and is reported net of interest expense associated with funding these assets and liabilities in the following table. (Canadian $ in millions) 2018 2017 2016 Interest rates 437 480 663 Foreign exchange 377 369 349 Equities 449 239 188 Commodities 63 84 66 Other 82 47 25 Total trading revenue 1,408 1,219 1,291 Reported as: Net interest income (1) (422 ) (133 ) 99 Non-interest 1,830 1,352 1,192 Total trading revenue 1,408 1,219 1,291 (1) Amounts in brackets denote net interest expense. |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Amounts Not Offset in the Consolidated Balance Sheet | (Canadian $ in millions) 2018 Amounts not offset in the balance sheet Gross Amounts offset in the balance sheet Net amounts presented in the balance sheet Impact of master netting agreements Securities Cash Net amount Financial Assets Securities borrowed or purchased under resale agreements 86,635 1,584 85,051 13,355 70,640 – 1,056 Derivative instruments 52,810 26,606 26,204 15,575 505 3,576 6,548 139,445 28,190 111,255 28,930 71,145 3,576 7,604 Financial Liabilities Derivative instruments 51,017 26,606 24,411 15,575 555 1,492 6,789 Securities lent or sold under repurchase agreements 68,268 1,584 66,684 13,355 53,071 – 258 119,285 28,190 91,095 28,930 53,626 1,492 7,047 (Canadian $ in millions) 2017 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities received/pledged as collateral (1)(2) Cash Net Financial Assets Securities borrowed or purchased under resale agreements 80,948 5,901 75,047 9,382 65,044 – 621 Derivative instruments 45,064 16,113 28,951 19,909 933 2,903 5,206 126,012 22,014 103,998 29,291 65,977 2,903 5,827 Financial Liabilities Derivative instruments 43,917 16,113 27,804 19,909 1,263 1,642 4,990 Securities lent or sold under repurchase agreements 61,020 5,901 55,119 9,382 45,436 – 301 104,937 22,014 82,923 29,291 46,699 1,642 5,291 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Regulatory Capital Measure and Risk-Weighted Assets | Regulatory Capital Measures and Risk-Weighted Assets (Canadian $ in millions, except as noted) 2018 2017 Common Equity Tier 1 Capital 32,721 30,633 Tier 1 Capital 37,220 35,108 Total Capital 44,116 40,596 Common Equity Tier 1 Capital Risk-Weighted Assets 289,237 269,466 Tier 1 Capital Risk-Weighted Assets 289,420 269,466 Total Capital Risk-Weighted Assets 289,604 269,466 Common Equity Tier 1 Capital Ratio 11.3% 11.4% Tier 1 Capital Ratio 12.9% 13.0% Total Capital Ratio 15.2% 15.1% Leverage Ratio 4.2% 4.4% All 2018 and 2017 balances above are on an “all-in” |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Information about our Stock Option Plan | The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2018 2017 2016 Number of Weighted- average exercise price Number of Weighted- average exercise price (1) Number of stock options Weighted- average exercise price (1) Outstanding at beginning of year 7,525,296 72.05 9,805,299 77.41 12,111,153 80.19 Granted 705,398 100.63 723,431 96.90 754,714 77.23 Exercised 1,513,307 58.40 2,233,801 57.80 2,103,391 55.32 Forfeited/cancelled 152,417 86.85 13,243 66.89 104,606 71.76 Expired 469,769 153.40 756,390 195.02 852,571 179.53 Outstanding at end of year 6,095,201 72.19 7,525,296 72.05 9,805,299 77.41 Exercisable at end of year 3,782,481 61.39 4,584,375 67.42 5,605,485 83.34 Available for grant 3,405,239 3,811,157 4,151,676 (1) The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2018, October 31, 2017 and October 31, 2016, respectively. For foreign currency denominated options exercised or expired during the year, the weighted-average exercise prices are translated using the exchange rates as at the settlement date and expiry date respectively. |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding and exercisable at October 31, 2018 by range of exercise price were as follows: (Canadian $, except as noted) 2018 Options outstanding Options exercisable Range of exercise prices Number of stock options Weighted- average remaining contractual life (years) Weighted-average exercise price Number of stock options Weighted- average remaining contractual life (years) Weighted-average exercise price $30.01 to $40.00 13,690 0.1 34.13 13,690 0.1 34.13 $50.01 to $60.00 1,736,930 2.3 55.88 1,736,930 2.3 55.88 $60.01 to $70.00 1,798,219 4.7 64.68 1,798,219 4.7 64.68 $70.01 and over (1) 2,546,362 7.7 88.83 233,642 6.0 78.62 (1) Certain options were issued as part of the acquisition of M&I. (2) The weighted-average exercise prices reflect the conversion of foreign currency denominated options at the exchange rate as at October 31, 2018. |
Summary of Further Information about our Stock Option Plan | The following table summarizes further information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2018 2017 2016 Unrecognized compensation cost for non-vested 5 5 4 Weighted-average period over which this cost will be recognized (in years) 2.6 2.7 2.5 Total intrinsic value of stock options exercised 67 90 55 Cash proceeds from stock options exercised 88 129 116 Weighted-average share price for stock options exercised (in dollars) 102.55 98.05 81.41 |
Summary of Ranges of Values used for each Option Pricing Assumption | October 31, 2018, 2017 and 2016 was $11.30, $11.62 and $7.60, respectively. To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used for each option pricing assumption: 2018 2017 2016 Expected dividend yield 4.1% 4.3% 5.5% Expected share price volatility 17.0% – 17.3% 18.4% – 18.8% 19.8% – 20.0% Risk-free rate of return 2.1% 1.7% – 1.8% 1.3% – 1.4% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 6.5 – 7.0 |
Employee Compensation - Pensi_2
Employee Compensation - Pension and Other Employee Future Benefits (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Asset Allocation Ranges and Weighted-average Actual Asset Allocations | The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on the fair market values at October 31, are as follows: Pension benefit plans Target range 2018 Actual 2018 Actual 2017 Equities 25% – 50% 37% 40% Fixed income investments 25% – 55% 46% 46% Other 10% – 40% 17% 14% Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. |
Summary of Plan Information for Past Three Years | A summary of plan information for the past three years is as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Defined benefit obligation 8,311 8,846 8,992 1,113 1,460 1,493 Fair value of plan assets 8,719 8,990 8,655 153 157 150 Surplus (deficit) and net defined benefit asset (liability) 408 144 (337 ) (960 ) (1,303 ) (1,343 ) Surplus (deficit) is comprised of: Funded or partially funded plans 573 339 (127 ) 37 28 7 Unfunded plans (165 ) (195 ) (210 ) (997 ) (1,331 ) (1,350 ) Surplus (deficit) and net defined benefit asset (liability) 408 144 (337 ) (960 ) (1,303 ) (1,343 ) |
Summary of Pension and Other Employee Future Benefit Expenses | Pension and Other Employee Future Benefit Expenses Pension and other employee future benefit expenses are determined as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Annual benefits expense Current service cost 210 254 224 26 32 25 Net interest (income) expense on net defined benefit (asset) liability (10 ) 7 (10 ) 45 47 52 Past service cost (income) 7 – – (277 ) – – Administrative expenses 5 5 5 – – – Remeasurement of other long-term benefits – – – (10 ) (6 ) 6 Benefits expense 212 266 219 (216 ) 73 83 Canada and Quebec pension plan expense 76 75 73 – – – Defined contribution expense 153 123 96 – – – Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income 441 464 388 (216 ) 73 83 |
Summary of Weighted-average Assumptions Used to Determine Benefit Expenses | Weighted-average Assumptions Used to Determine Benefit Expenses Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Discount rate at beginning of year (3)(4) 3.5% 3.4% 4.2% 3.6% 3.6% 4.4% Rate of compensation increase 2.4% 2.8% 2.7% 2.0% 2.4% 2.4% Assumed overall health care cost trend rate na na na 4.9% (1) 5.2% (2) 5.3% (2) (1) Trending to 4.1% in 2040 and remaining at that level thereafter. (2) Trending to 4.5% in 2031 and remaining at that level thereafter. (3) The pension benefit current service cost was calculated using a separate discount rate of 3.70% and 3.68% for 2018 and 2017, respectively. (4) The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.76% and 3.78% for 2018 and 2017, respectively. na – not applicable |
Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations | The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2018 2017 2018 2017 Life expectancy for those currently age 65 Males 23.7 23.6 21.9 22.0 Females 24.0 24.0 23.4 23.4 Life expectancy at age 65 for those currently age 45 Males 24.6 24.6 23.1 23.2 Females 25.0 24.9 24.5 24.6 |
Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans | Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2018 2017 2018 2017 Defined benefit obligation Defined benefit obligation at beginning of year 8,846 8,992 1,460 1,493 Current service cost 210 254 26 32 Past service cost (income) 7 – (277 ) – Interest cost 299 300 51 52 Benefits paid (492 ) (448 ) (43 ) (45 ) Employee contributions 15 15 5 5 Actuarial (gains) losses due to: Changes in demographic assumptions (50 ) (127 ) (31 ) (107 ) Changes in financial assumptions (562 ) (150 ) (77 ) (2 ) Plan member experience 16 45 (4 ) 39 Foreign exchange and other 22 (35 ) 3 (7 ) Defined benefit obligation at end of year 8,311 8,846 1,113 1,460 Wholly or partially funded defined benefit obligation 8,146 8,651 116 129 Unfunded defined benefit obligation 165 195 997 1,331 Total defined benefit obligation 8,311 8,846 1,113 1,460 Weighted-average assumptions used to determine the defined benefit obligation Discount rate at end of year 4.0% 3.5% 4.1% 3.6% Rate of compensation increase 2.4% 2.4% 2.0% 2.0% Assumed overall health care cost trend rate na na 4.9% (1) 5.2% (2) Fair value of plan assets Fair value of plan assets at beginning of year 8,990 8,655 157 150 Interest income 309 293 6 5 Return on plan assets (excluding interest income) (323 ) 277 (10 ) 8 Employer contributions 213 219 35 40 Employee contributions 15 15 5 5 Benefits paid (492 ) (448 ) (43 ) (45 ) Administrative expenses (5 ) (5 ) – – Foreign exchange and other 12 (16 ) 3 (6 ) Fair value of plan assets at end of year 8,719 8,990 153 157 Surplus (deficit) and net defined benefit asset (liability) at end of year 408 144 (960 ) (1,303 ) Recorded in: Other assets 664 508 – – Other liabilities (256 ) (364 ) (960 ) (1,303 ) Surplus (deficit) and net defined benefit asset (liability) at end of year 408 144 (960 ) (1,303 ) Actuarial gains (losses) recognized in other comprehensive income Net actuarial gains (losses) on plan assets (323 ) 277 (10 ) 8 Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions 50 127 30 104 Changes in financial assumptions 562 150 72 – Plan member experience (16 ) (45 ) 1 (41 ) Foreign exchange and other 6 (3 ) – – Actuarial gains recognized in other comprehensive income for the year 279 506 93 71 (1) Trending to 4.1% in 2040 and remaining at that level thereafter. (2) Trending to 4.5% in 2031 and remaining at that level thereafter. na – not applicable |
Summary of Fair Values of Plan Assets Held | The fair values of plan assets held by our primary plans as at October 31 are as follows: (Canadian $ in millions) 2018 2017 Quoted Unquoted Total Quoted Unquoted Total Cash and money market funds 114 – 114 150 5 155 Securities issued or guaranteed by: Canadian federal government 108 41 149 143 47 190 Canadian provincial and municipal governments 219 309 528 471 320 791 U.S. federal government 297 – 297 307 20 327 U.S. states, municipalities and agencies – 12 12 – 16 16 Pooled funds 1,591 2,715 4,306 1,743 2,012 3,755 Derivative instruments 1 (14 ) (13 ) 1 (29 ) (28 ) Corporate debt 6 1,055 1,061 9 1,251 1,260 Corporate equity 1,105 – 1,105 1,291 – 1,291 3,441 4,118 7,559 4,115 3,642 7,757 |
Summary of Changes in Number of Key Assumption | Defined benefit obligation (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans Discount rate (%) 4.0 4.1 Impact of: 1% increase ($) (811 ) (102 ) 1% decrease ($) 1,016 126 Rate of compensation increase (%) 2.4 2.0 Impact of: 0.25% increase ($) 39 – (1) 0.25% decrease ($) (38 ) – (1) Mortality Impact of: 1 year shorter life expectancy ($) (138 ) (23 ) 1 year longer life expectancy ($) 135 23 Assumed overall health care cost trend rate (%) na 4.9 (2) Impact of: 1% increase ($) na 47 1% decrease ($) na (48 ) (1) The change in this assumption is immaterial. (2) Trending to 4.1% in 2040 and remaining at that level thereafter. na – not applicable |
Summary of Duration of Defined Benefit Obligation | The duration of the defined benefit obligation for our primary plans is as follows: (Years) 2018 2017 Canadian pension plans 14.0 14.7 U.S. pension plans 7.2 8.0 Canadian other employee future benefit plans 14.3 16.5 |
Summary of Cash Payments in Connection with Employee Future Benefit Plans | Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2018 2017 2016 2018 2017 2016 Contributions to defined benefit plans 154 187 192 – – – Contributions to defined contribution plans 153 123 96 – – – Benefits paid directly to pensioners 59 32 43 35 40 38 366 342 331 35 40 38 Our best estimate of the contributions we expect to make for the year ending October 31, 2019 is approximately $246 million to our defined benefit pension plans and $41 million to our other employee future benefit plans. |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Provision for Income Taxes | Provision for Income Taxes (Canadian $ in millions) 2018 2017 2016 Consolidated Statement of Income Current Provision for income taxes for the current period 1,331 1,254 927 Adjustments in respect of current tax for prior periods 20 18 8 Deferred Origination and reversal of temporary differences 276 80 183 Effect of changes in tax rates 425 (2 ) (2 ) Previously unrecognized tax loss, tax credit or temporary difference for a prior period (92 ) (54 ) (15 ) 1,960 1,296 1,101 Other Comprehensive Income and Shareholders’ Equity Income tax expense (recovery) related to: Unrealized gains (losses) on FVOCI securities (1) (69 ) 21 64 Reclassification to earnings of (gains) on FVOCI securities (1) (23 ) (36 ) (11 ) Gains (losses) on derivatives designated as cash flow hedges (432 ) (322 ) 4 Reclassification to earnings of losses on derivatives designated as cash flow hedges 121 21 6 Hedging of unrealized (gains) losses on translation of net foreign operations (56 ) 8 10 Gains (losses) on remeasurement of pension and other employee future benefit plans 111 157 (156 ) (Losses) on remeasurement of own credit risk on financial liabilities designated at fair value (6 ) (53 ) (55 ) Share-based compensation 10 (12 ) – Total provision for income taxes 1,616 1,080 963 (1) Fiscal 2017 and prior years represent available-for-sale Certain comparative figures have been reclassified to conform with the current year’s presentation. Components of Total Provision for Income Taxes (Canadian $ in millions) 2018 2017 2016 Canada: Current income taxes Federal 501 470 434 Provincial 299 272 248 800 742 682 Canada: Deferred income taxes Federal (45 ) 2 (120 ) Provincial (27 ) – (67 ) (72 ) 2 (187 ) Total Canadian 728 744 495 Foreign: Current income taxes 224 281 220 Deferred income taxes 664 55 248 Total foreign 888 336 468 Total provision for income taxes 1,616 1,080 963 |
Summary of Reconciliation of Effective Tax Rates | Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective income tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2018 2017 2016 Combined Canadian federal and provincial income taxes at the statutory tax rate 1,971 26.6 % 1,768 26.6 % 1,525 26.6 % Increase (decrease) resulting from: Tax-exempt (226 ) (3.0 ) (409 ) (6.2 ) (367 ) (6.4 ) Foreign operations subject to different tax rates (110 ) (1.5 ) 22 0.3 13 0.3 Change in tax rate for deferred income taxes 425 5.7 (2 ) – (2 ) – Previously unrecognized tax loss, tax credit or temporary difference for a prior period (92 ) (1.2 ) (54 ) (0.8 ) (15 ) (0.3 ) Income attributable to investments in associates and joint ventures (39 ) (0.5 ) (103 ) (1.5 ) (47 ) (0.8 ) Adjustments in respect of current tax for prior periods 20 0.3 18 0.2 8 0.1 Other 11 0.1 56 0.9 (14 ) (0.3 ) Provision for income taxes and effective tax rate 1,960 26.5 % 1,296 19.5 % 1,101 19.2 % |
Summary of Components of Deferred Income Tax Balances | Components of Deferred Income Tax Balances (Canadian $ in millions) Deferred Income Tax Asset (Liability) (1) Net asset, November 1, 2017 (2) Benefit (expense) to income statement Benefit (expense) to equity Translation Net asset, October 31, 2018 Allowance for credit losses 684 (150 ) – (50 ) 484 Employee future benefits 416 (111 ) (23 ) – 282 Deferred compensation benefits 545 (50 ) – (1 ) 494 Other comprehensive income 50 – 138 7 195 Tax loss carryforwards 1,233 (628 ) – 1 606 Tax credits 454 (39 ) – – 415 Premises and equipment (664 ) 148 – 1 (515 ) Pension benefits (52 ) 19 (88 ) – (121 ) Goodwill and intangible assets (261 ) 60 – – (201 ) Securities 21 17 – – 38 Other 180 125 (10 ) (9 ) 286 Total 2,606 (609 ) 17 (51 ) 1,963 (Canadian $ in millions) Deferred Income Tax Asset (Liability) (1) Net asset, October 31, 2016 Benefit (expense) to income statement Benefit (expense) to equity Translation Net asset, October 31, 2017 Allowance for credit losses 883 (118 ) – (55 ) 710 Employee future benefits 424 12 (14 ) (6 ) 416 Deferred compensation benefits 462 102 – (19 ) 545 Other comprehensive income (82 ) – 112 (3 ) 27 Tax loss carryforwards 1,343 (18 ) – (92 ) 1,233 Tax credits 407 64 – (17 ) 454 Premises and equipment (613 ) (83 ) – 32 (664 ) Pension benefits 89 5 (143 ) (3 ) (52 ) Goodwill and intangible assets (253 ) (23 ) – 15 (261 ) Securities 12 11 – (2 ) 21 Other 187 24 12 (20 ) 203 Total 2,859 (24 ) (33 ) (170 ) 2,632 (1) Deferred tax assets of $2,037 million and $2,865 million and deferred tax liabilities of $74 million and $233 million as at October 31, 2018 and 2017, respectively, are presented on the balance sheet net by legal jurisdiction. (2) Includes IFRS 9 adoption (refer to Note 28) Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Basic and Diluted Earnings Per Share | The following table presents our basic and diluted earnings per share: Basic Earnings per Share (Canadian $ in millions, except as noted) 2018 2017 2016 Net income attributable to bank shareholders 5,450 5,348 4,622 Dividends on preferred shares (184 ) (184 ) (150 ) Net income available to common shareholders 5,266 5,164 4,472 Weighted-average number of common shares outstanding (in thousands) 642,930 649,650 644,049 Basic earnings per share (Canadian $) 8.19 7.95 6.94 Diluted Earnings per Share Net income available to common shareholders adjusted for impact of dilutive instruments 5,266 5,164 4,472 Weighted-average number of common shares outstanding (in thousands) 642,930 649,650 644,049 Effect of dilutive instruments Stock options potentially exercisable (1) 5,876 6,859 8,706 Common shares potentially repurchased (3,893 ) (4,548 ) (6,629 ) Weighted-average number of diluted common shares outstanding (in thousands) 644,913 651,961 646,126 Diluted earnings per share (Canadian $) 8.17 7.92 6.92 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 1,101,938, 1,330,564 and 1,353,464 with weighted-average exercise prices of $127.45, $182.70 and $238.45 for the years ended October 31, 2018, 2017 and 2016, respectively, as the average share price for the period did not exceed the exercise price. |
Commitments, Guarantees, Pled_2
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Summary of Maximum Amount Payable Under Various Commitments | The maximum amount payable related to our various commitments is as follows: (Canadian $ in millions) 2018 2017 Financial Guarantees Standby letters of credit 18,458 18,126 Credit default swaps (1) 443 448 Other Credit Instruments Backstop liquidity facilities 5,627 5,044 Securities lending 4,939 5,336 Documentary and commercial letters of credit 1,263 1,030 Commitments to extend credit (2) 137,995 122,881 Other commitments 8,935 4,329 Total 177,660 157,194 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $8 million as at October 31, 2018 ($6 million in 2017). (2) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. |
Summary of Maximum Amount Payable Under Various Commitments | The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2018 2017 Bank Assets Cash and securities (1) Issued or guaranteed by the Government of Canada 7,784 11,904 Issued or guaranteed by a Canadian province, municipality or school corporation 7,143 6,170 Other 60,812 51,848 Mortgages, securities borrowed or purchased under resale agreements and other 115,256 99,474 190,995 169,396 (Canadian $ in millions) 2018 2017 Assets pledged in relation to: Central counterparties, payment systems and depositories 2,403 2,043 Bank of Canada 525 725 Foreign governments and central banks 3 3 Obligations related to securities sold under repurchase agreements 54,606 42,450 Securities borrowing and lending 50,388 51,120 Derivatives transactions 6,120 5,924 Securitization 28,710 27,632 Covered bonds 26,721 24,983 Other 21,519 14,516 Total pledged assets and collateral (1) 190,995 169,396 (1) Excludes cash pledged with central banks disclosed as restricted cash in Note 2. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Changes In Provision Balance | Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2018 2017 Balance at beginning of year 170 268 Additional provisions/increase in provisions 375 153 Provisions utilized (250 ) (172 ) Amounts reversed (11 ) (75 ) Exchange differences and other movements – (4 ) Balance at end of year (1) 284 170 (1) Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segm_2
Operating and Geographic Segmentation (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
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Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian P&C U.S. P&C Wealth BMO CM Corporate Total 2018 Net interest income (2) 5,541 3,843 826 659 (556 ) 10,313 Non-interest 2,171 1,140 5,468 3,696 249 12,724 Total Revenue 7,712 4,983 6,294 4,355 (307 ) 23,037 Provision for (recovery of) credit losses on impaired loans 466 258 6 (17 ) (13 ) 700 Provision for (recovery of) credit losses on performing loans 3 (38 ) – (1 ) (2 ) (38 ) Total provision for (recovery of) credit losses 469 220 6 (18 ) (15 ) 662 Insurance claims, commissions and changes in policy benefit liabilities – – 1,352 – – 1,352 Amortization 318 454 231 124 – 1,127 Non-interest 3,487 2,558 3,278 2,727 436 12,486 Income (loss) before taxes and non-controlling 3,438 1,751 1,427 1,522 (728 ) 7,410 Provision for (recovery of) income taxes 884 357 355 366 (2 ) 1,960 Reported net income (loss) 2,554 1,394 1,072 1,156 (726 ) 5,450 Non-controlling – – – – – – Net Income (loss) attributable to bank shareholders 2,554 1,394 1,072 1,156 (726 ) 5,450 Average Assets 224,553 110,351 35,913 307,087 76,391 754,295 (Canadian $ in millions) Canadian P&C U.S. P&C Wealth BMO CM Corporate Total 2017 Net interest income (2) 5,261 3,551 722 1,233 (760 ) 10,007 Non-interest 2,182 1,066 5,492 3,336 177 12,253 Total Revenue 7,443 4,617 6,214 4,569 (583 ) 22,260 Provision for (recovery of) credit losses (3) 483 289 8 44 (78 ) 746 Insurance claims, commissions and changes in policy benefit liabilities – – 1,538 – – 1,538 Amortization 309 434 241 119 – 1,103 Non-interest 3,313 2,510 3,110 2,659 635 12,227 Income (loss) before taxes and non-controlling 3,338 1,384 1,317 1,747 (1,140 ) 6,646 Provision for (recovery of) income taxes 827 357 350 472 (710 ) 1,296 Reported net income (loss) 2,511 1,027 967 1,275 (430 ) 5,350 Non-controlling – – 2 – – 2 Net Income (loss) attributable to bank shareholders 2,511 1,027 965 1,275 (430 ) 5,348 Average Assets 217,685 104,209 32,562 302,518 65,652 722,626 (Canadian $ in millions) Canadian P&C U.S. P&C Wealth BMO CM Corporate Total 2016 Net interest income (2) 5,080 3,491 635 1,459 (793 ) 9,872 Non-interest 1,909 1,119 5,274 2,855 58 11,215 Total Revenue 6,989 4,610 5,909 4,314 (735 ) 21,087 Provision for (recovery of) credit losses (3) 506 249 9 81 (74 ) 771 Insurance claims, commissions and changes in policy benefit liabilities – – 1,543 – – 1,543 Amortization 276 433 233 105 – 1,047 Non-interest 3,224 2,481 3,104 2,469 716 11,994 Income (loss) before taxes and non-controlling 2,983 1,447 1,020 1,659 (1,377 ) 5,732 Provision for (recovery of) income taxes 766 396 245 424 (730 ) 1,101 Reported net income (loss) 2,217 1,051 775 1,235 (647 ) 4,631 Non-controlling – – 2 – 7 9 Net Income (loss) attributable to bank shareholders 2,217 1,051 773 1,235 (654 ) 4,622 Average Assets 208,018 106,111 30,642 301,623 60,728 707,122 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis – see Basis of Presentation section. (3) 2017 and 2016 have not been restated to reflect the adoption of IFRS 9. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Bank's Financial Results by Geographic Region | Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) Canada United States Other countries Total 2018 Total Revenue 13,733 7,315 1,989 23,037 Income before taxes and non-controlling 4,838 1,870 702 7,410 Reported net income 3,795 1,099 556 5,450 Average Assets 441,376 277,764 35,155 754,295 (Canadian $ in millions) Canada United States Other countries Total 2017 Total Revenue 13,469 7,073 1,718 22,260 Income before taxes and non-controlling 4,597 1,588 461 6,646 Reported net income 3,817 1,210 323 5,350 Average Assets 430,570 264,473 27,583 722,626 (Canadian $ in millions) Canada United States Other countries Total 2016 Total Revenue 12,868 6,796 1,423 21,087 Income before taxes and non-controlling 3,902 1,499 331 5,732 Reported net income 3,286 1,105 240 4,631 Average Assets 420,155 260,018 26,949 707,122 Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Summary of Significant Operating Subsidiaries | As at October 31, 2018, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant subsidiaries (1)(2) Head or principal office Book value of shares owned by the bank (Canadian $ in millions) Bank of Montreal Capital Markets (Holdings) Limited and subsidiaries, including: London, England 332 BMO Capital Markets Limited London, England Pyrford International Limited London, England Bank of Montreal (China) Co. Ltd. Beijing, China 448 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 29,028 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michaels, Barbados BMO Nesbitt Burns Holdings Corporation Toronto, Canada BMO Nesbitt Burns Inc. Toronto, Canada BMO Investments Inc. Toronto, Canada BMO InvestorLine Inc. Toronto, Canada Bank of Montreal Ireland plc Dublin, Ireland 1,022 BMO Financial Corp. and subsidiaries, including: Chicago, United States 21,893 BMO Asset Management Corp. and subsidiaries Chicago, United States BMO Capital Markets Corp. New York, United States BMO Harris Bank National Association and subsidiaries, including: Chicago, United States BMO Harris Investment Company LLC Las Vegas, United States BMO Harris Financial Advisors, Inc. Chicago, United States BMO Harris Financing, Inc. and subsidiaries Chicago, United States CTC myCFO, LLC Palo Alto, United States BMO Global Asset Management (Europe) Limited and subsidiaries, including: London, England 692 BMO Asset Management (Holdings) plc and subsidiaries (3) London, England BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,195 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 768 BMO Trustee Asia Limited Hong Kong, China 2 LGM (Bermuda) Limited and subsidiaries, including: Hamilton, Bermuda 147 BMO Global Asset Management (Asia) Limited Hong Kong, China LGM Investments Limited London, England (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp., BMO Capital Markets Corp., BMO Harris Financial Advisors, Inc., BMO Harris Financing, Inc., and CTC myCFO, LLC, which are incorporated under the laws of the state of Delaware, United States. BMO Asset Management (Holdings) plc is incorporated under the laws of Scotland. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. (3) Effective October 31, 2018, F&C Asset Management plc changed its name to BMO Asset Management (Holdings) plc. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2018 | |
Text block1 [abstract] | |
Summary of Compensation of Key Management Personnel | The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2018 2017 2016 Base salary and incentives 21 23 22 Post-employment benefits 2 1 2 Share-based payments (1) 31 38 32 Total key management personnel compensation 54 62 56 (1) Amounts included in share-based payments are the fair values of awards granted in the year. |
Summary of Transaction With Joint Ventures and Associates | The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2018 2017 Loans 195 178 Deposits 114 132 Fees paid for services received 71 66 |
IFRS 7 Disclosure - Credit and
IFRS 7 Disclosure - Credit and Counterparty Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of credit risk exposure [line items] | ||
Credit assets exposure value | $ 238,400 | $ 223,962 |
Outstanding credit exposures | 860,000 | |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | 445,000 | |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | 347,000 | |
Other Jurisdications [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | $ 68,000 | |
Credit risk [member] | Residential real estate loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loan to value ratio | 80.00% |
IFRS 7 Disclosure - Credit an_2
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Non Trading Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 859,801 | $ 758,707 |
Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 308,052 | 253,936 |
Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 55,739 | 50,380 |
Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 37,476 | 33,364 |
Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 40,525 | 34,292 |
Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 24,137 | 22,175 |
Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 54,123 | 48,762 |
Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,628 | 16,597 |
Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 21,345 | 17,387 |
Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 238,400 | 223,962 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 60,376 | 57,852 |
Drawn [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 510,341 | 461,963 |
Drawn [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 102,552 | 89,681 |
Drawn [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 44,552 | 36,829 |
Drawn [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 22,580 | 19,737 |
Drawn [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 31,534 | 26,991 |
Drawn [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,961 | 18,242 |
Drawn [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 39,067 | 34,723 |
Drawn [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 14,659 | 11,440 |
Drawn [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 9,131 | 8,185 |
Drawn [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 190,688 | 180,612 |
Drawn [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 35,617 | 35,523 |
Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 142,526 | 126,360 |
Undrawn commitments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 21,741 | 19,457 |
Undrawn commitments [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,118 | 2,243 |
Undrawn commitments [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 13,490 | 12,258 |
Undrawn commitments [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 8,170 | 6,472 |
Undrawn commitments [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 3,617 | 3,410 |
Undrawn commitments [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 12,666 | 11,207 |
Undrawn commitments [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,531 | 4,675 |
Undrawn commitments [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 10,410 | 7,706 |
Undrawn commitments [member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 47,586 | 43,223 |
Undrawn commitments [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 18,197 | 15,709 |
Over the counter derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,752 | 1,488 |
Over the counter derivatives [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,649 | 1,474 |
Over the counter derivatives [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1 | |
Over the counter derivatives [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 10 | 9 |
Over the counter derivatives [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1 | |
Over the counter derivatives [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1 | 1 |
Over the counter derivatives [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2 | 1 |
Over the counter derivatives [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 88 | 3 |
Other off balance sheet items [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,687 | 19,083 |
Other off balance sheet items [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 5,016 | 4,137 |
Other off balance sheet items [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 667 | 682 |
Other off balance sheet items [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,396 | 1,360 |
Other off balance sheet items [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 820 | 829 |
Other off balance sheet items [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 559 | 523 |
Other off balance sheet items [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,389 | 2,831 |
Other off balance sheet items [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 436 | 481 |
Other off balance sheet items [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,804 | 1,496 |
Other off balance sheet items [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 126 | 127 |
Other off balance sheet items [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 6,474 | 6,617 |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 185,495 | 149,813 |
Repo style transactions [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 177,094 | 139,187 |
Repo style transactions [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 8,401 | $ 10,626 |
IFRS 7 Disclosure - Credit an_3
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Non Trading Exposures (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Other sector [member] | |
Disclosure of credit risk exposure [line items] | |
Credit exposure ratio | 2.00% |
IFRS 7 Disclosure - Credit an_4
IFRS 7 Disclosure - Credit and Counterparty Risk - Summary of Gross Loans and Acceptances by Contractual Maturity and Country of Ultimate Risk (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | $ 404,215 | $ 376,886 |
Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 168,565 | 165,940 |
Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 75,718 | 65,759 |
Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 18,815 | 16,676 |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 131,571 | 115,723 |
Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 9,546 | 12,788 |
Within 1 year [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 161,618 | 156,053 |
Within 1 year [member] | Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 54,375 | 55,568 |
Within 1 year [member] | Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 57,530 | 49,693 |
Within 1 year [member] | Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 7,397 | 6,226 |
Within 1 year [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 33,688 | 33,382 |
Within 1 year [member] | Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 8,628 | 11,184 |
1 to 5 years [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 209,124 | 192,033 |
1 to 5 years [member] | Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 109,991 | 106,023 |
1 to 5 years [member] | Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 16,438 | 14,699 |
1 to 5 years [member] | Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 10,143 | 8,997 |
1 to 5 years [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 71,928 | 61,394 |
1 to 5 years [member] | Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 624 | 920 |
Over 5 years [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 33,473 | 28,800 |
Over 5 years [member] | Canada [member] | Loans to consumers [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 4,199 | 4,349 |
Over 5 years [member] | Canada [member] | Commercial and corporate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 1,750 | 1,367 |
Over 5 years [member] | Canada [member] | Commercial real estate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 1,275 | 1,453 |
Over 5 years [member] | United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | 25,955 | 20,947 |
Over 5 years [member] | Other countries [member] | ||
Disclosure of credit risk exposure [line items] | ||
Gross loans and acceptances | $ 294 | $ 684 |
IFRS 7 Disclosure - Credit an_5
IFRS 7 Disclosure - Credit and Counterparty Risk - Summary of Net Loans and Acceptances by Interest Rate Sensitivity (Detail) - Credit risk [member] - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | $ 402,576 | $ 375,053 |
Fixed interest rate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | 193,661 | 190,254 |
Floating interest rate [member] | ||
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | 190,330 | 168,253 |
Non interest sensitive [member] | ||
Disclosure of credit risk exposure [line items] | ||
Net loans and acceptances | $ 18,585 | $ 16,546 |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Hundred basis point increase [member] | ||
Market Risk [Line Items] | ||
Increase in earnings before tax | $ 37 | $ 52 |
Hundred basis point decrease [member] | ||
Market Risk [Line Items] | ||
Decrease in earnings before tax | 37 | 50 |
10% decrease in equity market values | ||
Market Risk [Line Items] | ||
Decrease in earnings before tax | 44 | 40 |
10% increase in equity market values | ||
Market Risk [Line Items] | ||
Increase in earnings before tax | 42 | $ 40 |
Decreases In Equity Market Values | Maximum [Member] | ||
Market Risk [Line Items] | ||
Decrease in earnings before tax | $ 34 | |
Market risk [member] | Value at risk [member] | ||
Market Risk [Line Items] | ||
Percentage of trading and underwriting portfolios | 99.00% | |
Value at risk holding period | 1 day | |
Market risk [member] | Stressed value at risk [member] | ||
Market Risk [Line Items] | ||
Percentage of trading and underwriting portfolios | 99.00% | |
Value at risk holding period | 1 day | |
Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Increase (decrease) adjusted net income before income taxes | $ 14 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary Total Trading Value at Risk (VaR) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Market Risk [Line Items] | ||
Market risk VaR | $ 56.3 | $ 24.6 |
Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.7 | 0.9 |
Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 4.4 | 3.3 |
Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.5 | 0.3 |
Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 6.1 | 5 |
Credit specific [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 7.4 | 1.9 |
Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (8.3) | (5.9) |
Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 10.8 | 5.5 |
Average [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 26.8 | 20.5 |
Average [Member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.9 | 0.9 |
Average [Member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 4.4 | 3.1 |
Average [Member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.6 | 0.8 |
Average [Member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.9 | 6.1 |
Average [Member] | Credit specific [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.6 | 2.3 |
Average [Member] | Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (6.8) | (7) |
Average [Member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 7.6 | 6.2 |
Top of range [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 56.3 | 34.6 |
Top of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 13.6 | 1.7 |
Top of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 7.8 | 8.5 |
Top of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.2 | 3.1 |
Top of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 8.7 | 11.4 |
Top of range [member] | Credit specific [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 7.4 | 4.1 |
Top of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 17.5 | 10 |
Bottom of range [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 16.6 | 13.4 |
Bottom of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.3 | 0.4 |
Bottom of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.9 | 2.2 |
Bottom of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.1 | 0.1 |
Bottom of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 3.6 | 3.9 |
Bottom of range [member] | Credit specific [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.5 | 1.5 |
Bottom of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | $ 4.7 | $ 4.3 |
IFRS 7 Disclosure - Market Ri_3
IFRS 7 Disclosure - Market Risk - Structural Balance Sheet Interest Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Hundred basis point increase [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | $ (1,079.2) | $ (957.8) |
Pre tax earnings sensitivity over the next twelve month | 136.5 | 136.9 |
Hundred basis point decrease [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 626.5 | 78.6 |
Pre tax earnings sensitivity over the next twelve month | $ (304.1) | $ (433.4) |
Contractual Maturities of Asset
Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Assets | ||||
Cash and cash equivalents | $ 42,142 | $ 32,599 | $ 31,653 | $ 40,295 |
Interest bearing deposits with banks | 8,305 | 6,490 | ||
Securities | 180,935 | 163,198 | ||
Securities borrowed or purchased under resale agreements | 85,051 | 75,047 | ||
Loans | ||||
Residential mortgages | 119,620 | 115,258 | ||
Consumer instalment and other personal | 63,225 | 61,944 | ||
Credit cards | 8,329 | 8,071 | ||
Business and government | 194,456 | 175,067 | ||
Allowance for credit losses | (1,639) | (1,833) | ||
Loans,net | 383,991 | 358,507 | ||
Other Assets | ||||
Derivative instruments | 26,204 | 28,951 | ||
Customers' liability under acceptances | 18,585 | 16,546 | ||
Other | 28,835 | 28,242 | ||
Other assets | 73,624 | 73,739 | ||
Total Assets | 774,048 | 709,580 | ||
Deposits | ||||
Deposits | 522,051 | 479,792 | ||
Other liabilities | ||||
Derivative instruments | 24,411 | 27,804 | ||
Acceptances | 18,585 | 16,546 | ||
Securities sold but not yet purchased | 28,804 | 25,163 | ||
Securities lent or sold under repurchase agreements | 66,684 | 55,119 | ||
Current tax liabilities | 50 | 125 | ||
Deferred tax liabilities | 74 | 233 | ||
Securitization and structured entities' liabilities | 25,051 | 23,054 | ||
Other | 35,829 | 32,361 | ||
Total other liabilities | 199,488 | 180,405 | ||
Subordinated debt | 6,782 | 5,029 | ||
Total Equity | 45,727 | 44,354 | $ 42,328 | |
Total Liabilities and Equity | 774,048 | 709,580 | ||
Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 141,434 | 127,055 | ||
Backstop liquidity facilities [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 5,627 | 5,044 | ||
Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 2,742 | 2,433 | ||
Securities lending [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 4,939 | 5,336 | ||
Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 1,793 | 1,759 | ||
Banks [Member] | ||||
Deposits | ||||
Deposits | 27,907 | 28,205 | ||
Business and governments [member] | ||||
Deposits | ||||
Deposits | 313,300 | 283,276 | ||
Individuals [Member] | ||||
Deposits | ||||
Deposits | 180,844 | 168,311 | ||
0 -1 month [member] | ||||
Assets | ||||
Cash and cash equivalents | 41,162 | 31,641 | ||
Interest bearing deposits with banks | 4,964 | 3,784 | ||
Securities | 4,522 | 3,620 | ||
Securities borrowed or purchased under resale agreements | 67,804 | 57,919 | ||
Loans | ||||
Residential mortgages | 1,782 | 1,045 | ||
Consumer instalment and other personal | 607 | 517 | ||
Business and government | 13,088 | 13,379 | ||
Loans,net | 15,477 | 14,941 | ||
Other Assets | ||||
Derivative instruments | 2,040 | 1,701 | ||
Customers' liability under acceptances | 16,529 | 14,179 | ||
Other | 1,740 | 1,340 | ||
Other assets | 20,309 | 17,220 | ||
Total Assets | 154,238 | 129,125 | ||
Deposits | ||||
Deposits | 43,072 | 40,214 | ||
Other liabilities | ||||
Derivative instruments | 1,499 | 1,876 | ||
Acceptances | 16,529 | 14,179 | ||
Securities sold but not yet purchased | 28,804 | 25,163 | ||
Securities lent or sold under repurchase agreements | 63,496 | 53,165 | ||
Securitization and structured entities' liabilities | 1,044 | 10 | ||
Other | 8,548 | 12,616 | ||
Total other liabilities | 119,920 | 107,009 | ||
Total Liabilities and Equity | 162,992 | 147,223 | ||
0 -1 month [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 1,472 | 1,377 | ||
0 -1 month [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 34 | 31 | ||
0 -1 month [member] | Securities lending [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 4,939 | 5,336 | ||
0 -1 month [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 56 | 42 | ||
0 -1 month [member] | Banks [Member] | ||||
Deposits | ||||
Deposits | 16,966 | 12,462 | ||
0 -1 month [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 23,524 | 23,917 | ||
0 -1 month [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 2,582 | 3,835 | ||
1 - 3 Months [member] | ||||
Assets | ||||
Interest bearing deposits with banks | 1,717 | 1,579 | ||
Securities | 4,283 | 2,917 | ||
Securities borrowed or purchased under resale agreements | 12,732 | 13,236 | ||
Loans | ||||
Residential mortgages | 1,848 | 1,551 | ||
Consumer instalment and other personal | 440 | 371 | ||
Business and government | 5,921 | 7,352 | ||
Loans,net | 8,209 | 9,274 | ||
Other Assets | ||||
Derivative instruments | 3,385 | 3,748 | ||
Customers' liability under acceptances | 1,988 | 2,263 | ||
Other | 506 | 475 | ||
Other assets | 5,879 | 6,486 | ||
Total Assets | 32,820 | 33,492 | ||
Deposits | ||||
Deposits | 44,718 | 39,626 | ||
Other liabilities | ||||
Derivative instruments | 2,456 | 3,227 | ||
Acceptances | 1,988 | 2,263 | ||
Securities lent or sold under repurchase agreements | 2,249 | 1,644 | ||
Securitization and structured entities' liabilities | 1,084 | 709 | ||
Other | 5,568 | 2,536 | ||
Total other liabilities | 13,345 | 10,379 | ||
Total Liabilities and Equity | 58,063 | 50,005 | ||
1 - 3 Months [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 3,610 | 2,302 | ||
1 - 3 Months [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 70 | 62 | ||
1 - 3 Months [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 388 | 83 | ||
1 - 3 Months [member] | Banks [Member] | ||||
Deposits | ||||
Deposits | 6,032 | 9,321 | ||
1 - 3 Months [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 32,231 | 25,224 | ||
1 - 3 Months [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 6,455 | 5,081 | ||
3-6 month [member] | ||||
Assets | ||||
Interest bearing deposits with banks | 1,037 | 626 | ||
Securities | 5,049 | 5,933 | ||
Securities borrowed or purchased under resale agreements | 2,490 | 2,353 | ||
Loans | ||||
Residential mortgages | 4,343 | 4,531 | ||
Consumer instalment and other personal | 1,026 | 1,084 | ||
Business and government | 7,126 | 6,454 | ||
Loans,net | 12,495 | 12,069 | ||
Other Assets | ||||
Derivative instruments | 1,645 | 1,580 | ||
Customers' liability under acceptances | 65 | 104 | ||
Other | 189 | 129 | ||
Other assets | 1,899 | 1,813 | ||
Total Assets | 22,970 | 22,794 | ||
Deposits | ||||
Deposits | 31,866 | 27,314 | ||
Other liabilities | ||||
Derivative instruments | 1,616 | 1,512 | ||
Acceptances | 65 | 104 | ||
Securities lent or sold under repurchase agreements | 8 | 290 | ||
Securitization and structured entities' liabilities | 475 | 1,523 | ||
Other | 44 | 517 | ||
Total other liabilities | 2,208 | 3,946 | ||
Total Liabilities and Equity | 34,074 | 31,260 | ||
3-6 month [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 6,892 | 4,755 | ||
3-6 month [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 99 | 91 | ||
3-6 month [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 153 | 128 | ||
3-6 month [member] | Banks [Member] | ||||
Deposits | ||||
Deposits | 1,200 | 2,633 | ||
3-6 month [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 22,713 | 19,112 | ||
3-6 month [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 7,953 | 5,569 | ||
6-9 month [member] | ||||
Assets | ||||
Interest bearing deposits with banks | 457 | 319 | ||
Securities | 7,749 | 5,845 | ||
Securities borrowed or purchased under resale agreements | 1,781 | 1,241 | ||
Loans | ||||
Residential mortgages | 6,306 | 7,687 | ||
Consumer instalment and other personal | 1,143 | 1,374 | ||
Business and government | 6,779 | 6,169 | ||
Loans,net | 14,228 | 15,230 | ||
Other Assets | ||||
Derivative instruments | 1,012 | 1,229 | ||
Customers' liability under acceptances | 3 | |||
Other | 26 | 17 | ||
Other assets | 1,041 | 1,246 | ||
Total Assets | 25,256 | 23,881 | ||
Deposits | ||||
Deposits | 23,739 | 19,055 | ||
Other liabilities | ||||
Derivative instruments | 913 | 1,510 | ||
Acceptances | 3 | |||
Securities lent or sold under repurchase agreements | 931 | 20 | ||
Securitization and structured entities' liabilities | 512 | 556 | ||
Other | 34 | 43 | ||
Total other liabilities | 2,393 | 2,129 | ||
Total Liabilities and Equity | 26,132 | 21,184 | ||
6-9 month [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 9,620 | 8,312 | ||
6-9 month [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 101 | 89 | ||
6-9 month [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 155 | 124 | ||
6-9 month [member] | Banks [Member] | ||||
Deposits | ||||
Deposits | 227 | 496 | ||
6-9 month [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 15,893 | 12,897 | ||
6-9 month [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 7,619 | 5,662 | ||
9-12 month [Member] | ||||
Assets | ||||
Interest bearing deposits with banks | 112 | 182 | ||
Securities | 4,943 | 3,625 | ||
Securities borrowed or purchased under resale agreements | 191 | 249 | ||
Loans | ||||
Residential mortgages | 4,769 | 6,201 | ||
Consumer instalment and other personal | 943 | 1,285 | ||
Business and government | 6,218 | 5,059 | ||
Loans,net | 11,930 | 12,545 | ||
Other Assets | ||||
Derivative instruments | 807 | 1,306 | ||
Other | 6 | 11 | ||
Other assets | 813 | 1,317 | ||
Total Assets | 17,989 | 17,918 | ||
Deposits | ||||
Deposits | 19,271 | 18,830 | ||
Other liabilities | ||||
Derivative instruments | 639 | 1,206 | ||
Securitization and structured entities' liabilities | 588 | 845 | ||
Other | 184 | 239 | ||
Total other liabilities | 1,411 | 2,290 | ||
Total Liabilities and Equity | 20,682 | 21,120 | ||
9-12 month [Member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 11,345 | 14,560 | ||
9-12 month [Member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 100 | 87 | ||
9-12 month [Member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 158 | 129 | ||
9-12 month [Member] | Banks [Member] | ||||
Deposits | ||||
Deposits | 106 | 25 | ||
9-12 month [Member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 8,629 | 10,806 | ||
9-12 month [Member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 10,536 | 7,999 | ||
1-2 years [member] | ||||
Assets | ||||
Interest bearing deposits with banks | 18 | |||
Securities | 11,854 | 7,675 | ||
Securities borrowed or purchased under resale agreements | 53 | 49 | ||
Loans | ||||
Residential mortgages | 24,522 | 19,866 | ||
Consumer instalment and other personal | 5,414 | 4,211 | ||
Business and government | 19,543 | 17,948 | ||
Loans,net | 49,479 | 42,025 | ||
Other Assets | ||||
Derivative instruments | 3,407 | 3,272 | ||
Other | 17 | 11 | ||
Other assets | 3,424 | 3,283 | ||
Total Assets | 64,828 | 53,032 | ||
Deposits | ||||
Deposits | 34,154 | 25,620 | ||
Other liabilities | ||||
Derivative instruments | 3,831 | 3,477 | ||
Securitization and structured entities' liabilities | 4,912 | 3,931 | ||
Other | 789 | 752 | ||
Total other liabilities | 9,532 | 8,160 | ||
Total Liabilities and Equity | 43,686 | 33,780 | ||
1-2 years [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 21,056 | 21,985 | ||
1-2 years [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 358 | 329 | ||
1-2 years [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 615 | 519 | ||
1-2 years [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 22,418 | 16,522 | ||
1-2 years [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 11,736 | 9,098 | ||
2-5 years [member] | ||||
Assets | ||||
Securities | 32,480 | 22,842 | ||
Loans | ||||
Residential mortgages | 64,636 | 65,547 | ||
Consumer instalment and other personal | 19,910 | 20,845 | ||
Business and government | 75,099 | 63,614 | ||
Loans,net | 159,645 | 150,006 | ||
Other Assets | ||||
Derivative instruments | 6,074 | 7,426 | ||
Other | 20 | 131 | ||
Other assets | 6,094 | 7,557 | ||
Total Assets | 198,219 | 180,405 | ||
Deposits | ||||
Deposits | 65,011 | 58,518 | ||
Other liabilities | ||||
Derivative instruments | 6,335 | 6,885 | ||
Securitization and structured entities' liabilities | 13,398 | 11,812 | ||
Other | 4,455 | 154 | ||
Total other liabilities | 24,188 | 18,851 | ||
Total Liabilities and Equity | 89,199 | 77,369 | ||
2-5 years [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 84,295 | 71,481 | ||
2-5 years [member] | Backstop liquidity facilities [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 5,627 | 5,044 | ||
2-5 years [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 770 | 712 | ||
2-5 years [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 186 | 577 | ||
2-5 years [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 48,684 | 42,707 | ||
2-5 years [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 16,327 | 15,811 | ||
Over 5 years [member] | ||||
Assets | ||||
Securities | 56,004 | 52,615 | ||
Loans | ||||
Residential mortgages | 11,414 | 8,830 | ||
Consumer instalment and other personal | 9,812 | 8,590 | ||
Business and government | 12,247 | 11,380 | ||
Loans,net | 33,473 | 28,800 | ||
Other Assets | ||||
Derivative instruments | 7,834 | 8,689 | ||
Other | 4,824 | 4,431 | ||
Other assets | 12,658 | 13,120 | ||
Total Assets | 102,135 | 94,535 | ||
Deposits | ||||
Deposits | 15,514 | 17,787 | ||
Other liabilities | ||||
Derivative instruments | 7,122 | 8,111 | ||
Securitization and structured entities' liabilities | 3,038 | 3,668 | ||
Other | 1,905 | 2,361 | ||
Total other liabilities | 12,065 | 14,140 | ||
Subordinated debt | 6,782 | 5,029 | ||
Total Liabilities and Equity | 34,361 | 36,956 | ||
Over 5 years [member] | Commitments to extend credit [Member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 3,144 | 2,283 | ||
Over 5 years [member] | Operating lease commitments [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 1,210 | 1,032 | ||
Over 5 years [member] | Purchase obligations [member] | ||||
Off-Balance Sheet Commitments | ||||
Off-Balance Sheet Commitments | 82 | 157 | ||
Over 5 years [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 12,932 | 15,712 | ||
Over 5 years [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | 2,582 | 2,075 | ||
No maturity [member] | ||||
Assets | ||||
Cash and cash equivalents | 980 | 958 | ||
Securities | 54,051 | 58,126 | ||
Loans | ||||
Consumer instalment and other personal | 23,930 | 23,667 | ||
Credit cards | 8,329 | 8,071 | ||
Business and government | 48,435 | 43,712 | ||
Allowance for credit losses | (1,639) | (1,833) | ||
Loans,net | 79,055 | 73,617 | ||
Other Assets | ||||
Other | 21,507 | 21,697 | ||
Other assets | 21,507 | 21,697 | ||
Total Assets | 155,593 | 154,398 | ||
Deposits | ||||
Deposits | 244,706 | 232,828 | ||
Other liabilities | ||||
Current tax liabilities | 50 | 125 | ||
Deferred tax liabilities | 74 | 233 | ||
Other | 14,302 | 13,143 | ||
Total other liabilities | 14,426 | 13,501 | ||
Total Equity | 45,727 | 44,354 | ||
Total Liabilities and Equity | 304,859 | 290,683 | ||
No maturity [member] | Banks [Member] | ||||
Deposits | ||||
Deposits | 3,376 | 3,268 | ||
No maturity [member] | Business and governments [member] | ||||
Deposits | ||||
Deposits | 126,276 | 116,379 | ||
No maturity [member] | Individuals [Member] | ||||
Deposits | ||||
Deposits | $ 115,054 | $ 113,181 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) - CAD ($) $ in Millions | Nov. 01, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Basis of presentation [line items] | ||||
Increase in shareholders' equity before tax | $ 70 | |||
Increase in shareholders' equity after tax | $ 44 | |||
Non-Interest revenue | $ 12,724 | $ 12,253 | $ 11,215 | |
Non-interest expense | 13,613 | 13,330 | 13,041 | |
Net Income | 5,450 | 5,350 | $ 4,631 | |
Increase (decrease) due to application of IFRS 15 [member] | ||||
Basis of presentation [line items] | ||||
Non-Interest revenue | (132) | (153) | ||
Non-interest expense | (136) | (138) | ||
Net Income | $ 3 | $ (11) | ||
Bottom of range [member] | ||||
Basis of presentation [line items] | ||||
Proportion of voting rights held in associate | 20.00% | |||
Top of range [member] | ||||
Basis of presentation [line items] | ||||
Proportion of voting rights held in associate | 50.00% | |||
Useful lives of intangible assets other than goodwill | 15 years |
Cash and Interest Bearing Dep_3
Cash and Interest Bearing Deposits with Banks - Disclosure of Cash and Interest Bearing Deposits with Banks (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Cash and interest bearing deposits with banks [abstract] | ||||
Cash and deposits with banks | $ 40,738 | $ 30,002 | ||
Cheques and other items in transit, net | 1,404 | 2,597 | ||
Total cash and cash equivalents | $ 42,142 | $ 32,599 | $ 31,653 | $ 40,295 |
Cash and Interest Bearing Dep_4
Cash and Interest Bearing Deposits with Banks - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of cash and interest bearing deposits with banks [abstract] | ||
Reserves or minimum balances with central banks | $ 1,655 | $ 1,435 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of financial assets [line items] | |||
Fair value of investment | $ 11,611 | ||
Fair value of investment | $ 99,069 | ||
Fair value of investment through profit loss decrease in non-interest revenue, insurance revenue | 1,879 | 2,070 | $ 2,023 |
Related to securities held by insurance subsidiaries [member] | |||
Disclosure of financial assets [line items] | |||
Fair value of investment | 8,783 | ||
Fair value of investment | 8,465 | ||
Unrealized gain loss through profit or loss from securities held by insurance subsidiary [member] | |||
Disclosure of financial assets [line items] | |||
Fair value of investment through profit loss decrease in non-interest revenue, insurance revenue | $ (372) | $ 39 |
Securities - Summary of Classif
Securities - Summary of Classification of Securities (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of financial assets [abstract] | ||
Trading | $ 99,697 | |
Trading | $ 99,069 | |
FVTPL | 11,611 | |
FVOCI - Debt and Equity | 62,440 | |
Available-for-sale | 54,075 | |
Amortized cost | 6,485 | |
Held-to-maturity | 9,094 | |
Other | 702 | 960 |
Classification of securities | $ 180,935 | $ 163,198 |
Securities - Summary of Class_2
Securities - Summary of Classification of Securities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of financial assets [line items] | ||
Financial assets mandatorily measured and designated at fair value | $ 11,611 | |
Allowances for credit losses on amortized cost | 6,485 | |
Mandatorily Measured at Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets mandatorily measured and designated at fair value | 2,828 | |
Designated at Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Financial assets mandatorily measured and designated at fair value | 8,783 | |
Allowance for Credit Losses on Securities [Member] | ||
Disclosure of financial assets [line items] | ||
Allowances for credit losses on FVOCI | 2 | $ 0 |
Allowances for credit losses on amortized cost | $ 1 | $ 0 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value Measurement (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of financial assets [line items] | ||
Trading Securities | $ 99,697 | |
FVTPL Securities | 11,611 | |
FVOCI securities | 62,440 | |
Amortized Cost Securities | 6,485 | |
Other Securities | 702 | $ 960 |
Total securities | 180,935 | 163,198 |
Trading Securities | 99,069 | |
Available-for-sale securities | 54,075 | |
Held-to-Maturity Securities | 9,094 | |
Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62,440 | |
Amortized Cost Securities | 6,288 | |
Available-for-sale securities | 54,075 | |
Held-to-Maturity Securities | 9,096 | |
Carrying Amount [Member] | ||
Disclosure of financial assets [line items] | ||
Other Securities | 702 | 960 |
Total carrying value or amortized cost of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 182,228 | 163,426 |
Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 180,935 | 163,198 |
Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 82,767 | 80,223 |
United States of America, Dollar | ||
Disclosure of financial assets [line items] | ||
Total securities | 96,266 | 79,997 |
Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 1,902 | 2,978 |
Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 63,733 | |
Amortized Cost Securities | $ 6,485 | |
Available-for-sale securities | 54,303 | |
Held-to-Maturity Securities | $ 9,094 | |
Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.72% | |
Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.13% | |
Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 10,320 | |
FVTPL Securities | 431 | |
Trading Securities | $ 10,827 | |
Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12,805 | |
Available-for-sale securities | 9,180 | |
Held-to-Maturity Securities | 1,857 | |
Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 12,884 | |
Available-for-sale securities | 9,212 | |
Held-to-Maturity Securities | $ 1,855 | |
Canadian federal government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.99% | |
Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.64% | |
Canadian Provincial And Municipal Governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 8,702 | |
FVTPL Securities | 946 | |
Trading Securities | $ 7,327 | |
Canadian Provincial And Municipal Governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6,862 | |
Amortized Cost Securities | 841 | |
Available-for-sale securities | 3,627 | |
Held-to-Maturity Securities | 1,590 | |
Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6,896 | |
Amortized Cost Securities | $ 832 | |
Available-for-sale securities | 3,613 | |
Held-to-Maturity Securities | $ 1,567 | |
Canadian Provincial And Municipal Governments [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.77% | |
Canadian Provincial And Municipal Governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.90% | |
US federal Government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 9,517 | |
FVTPL Securities | 69 | |
Trading Securities | $ 9,473 | |
US federal Government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 16,823 | |
Available-for-sale securities | 14,269 | |
US federal Government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 17,403 | |
Available-for-sale securities | $ 14,481 | |
US federal Government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.80% | |
US federal Government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.22% | |
US State Municipal And Agencies Debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,216 | |
Trading Securities | $ 2,131 | |
US State Municipal And Agencies Debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,655 | |
Available-for-sale securities | 4,096 | |
US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 3,694 | |
Available-for-sale securities | $ 4,058 | |
US State Municipal And Agencies Debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.00% | |
US State Municipal And Agencies Debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.42% | |
Other governments member [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,412 | |
Trading Securities | $ 823 | |
Other governments member [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 4,790 | |
Amortized Cost Securities | 10 | |
Available-for-sale securities | 3,558 | |
Other governments member [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 4,818 | |
Amortized Cost Securities | $ 10 | |
Available-for-sale securities | $ 3,567 | |
Other governments member [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.43% | |
Other governments member [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.39% | |
NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 9,184 | |
FVTPL Securities | 7 | |
Trading Securities | $ 931 | |
NHA MBS US Agency MBS And CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 5,346 | |
Held-to-Maturity Securities | 5,649 | |
NHA MBS US Agency MBS And CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 5,552 | |
Held-to-Maturity Securities | 5,672 | |
Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 9,198 | |
FVTPL Securities | 6,820 | |
Trading Securities | 11,763 | |
Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,756 | |
Amortized Cost Securities | 91 | |
Available-for-sale securities | 4,525 | |
Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,783 | |
Amortized Cost Securities | $ 91 | |
Available-for-sale securities | $ 4,514 | |
Corporate debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.02% | |
Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.67% | |
Loan [Member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 199 | |
Trading Securities | $ 153 | |
Corporate equity [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 49,949 | |
FVTPL Securities | 3,338 | |
Trading Securities | 55,641 | |
Corporate equity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62 | |
Available-for-sale securities | 1,604 | |
Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62 | |
Available-for-sale securities | $ 1,499 | |
Corporate equity [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.37% | |
National Housing Act Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2,382 | |
Available-for-sale securities | $ 2,457 | |
National Housing Act and Mortgage Backed Securities [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2,370 | |
Available-for-sale securities | $ 2,455 | |
National Housing Act and Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 2,382 | |
National Housing Act and Mortgage Backed Securities [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.74% | |
National Housing Act and Mortgage Backed Securities [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.98% | |
Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 10,761 | |
Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 10,902 | |
Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.99% | |
US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 11,317 | |
US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 11,811 | |
Available-for-sale securities | $ 10,902 | |
US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.33% | |
Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 12,352 | |
FVTPL Securities | 1,013 | |
Trading Securities | 9,178 | |
Within 1 year [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12,778 | |
Amortized Cost Securities | 402 | |
Available-for-sale securities | 9,974 | |
Held-to-Maturity Securities | 2,785 | |
Within 1 year [member] | Carrying Amount [Member] | ||
Disclosure of financial assets [line items] | ||
Other Securities | 7 | |
Within 1 year [member] | Total carrying value or amortized cost of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 26,556 | 21,936 |
Within 1 year [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 26,545 | 21,940 |
Within 1 year [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 18,091 | 16,959 |
Within 1 year [member] | United States of America, Dollar | ||
Disclosure of financial assets [line items] | ||
Total securities | 7,799 | 3,948 |
Within 1 year [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 655 | 1,033 |
Within 1 year [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12,789 | |
Amortized Cost Securities | $ 402 | |
Available-for-sale securities | 9,970 | |
Held-to-Maturity Securities | $ 2,781 | |
Within 1 year [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.89% | |
Within 1 year [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.55% | |
Within 1 year [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 4,103 | |
FVTPL Securities | 328 | |
Trading Securities | $ 4,862 | |
Within 1 year [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6,592 | |
Available-for-sale securities | 5,578 | |
Held-to-Maturity Securities | 1,857 | |
Within 1 year [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 6,600 | |
Available-for-sale securities | 5,585 | |
Held-to-Maturity Securities | $ 1,855 | |
Within 1 year [member] | Canadian federal government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.66% | |
Within 1 year [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.52% | |
Within 1 year [member] | Canadian Provincial And Municipal Governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,293 | |
Trading Securities | $ 812 | |
Within 1 year [member] | Canadian Provincial And Municipal Governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,204 | |
Amortized Cost Securities | 230 | |
Available-for-sale securities | 1,156 | |
Held-to-Maturity Securities | 737 | |
Within 1 year [member] | Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,200 | |
Amortized Cost Securities | $ 230 | |
Available-for-sale securities | 1,157 | |
Held-to-Maturity Securities | $ 735 | |
Within 1 year [member] | Canadian Provincial And Municipal Governments [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.85% | |
Within 1 year [member] | Canadian Provincial And Municipal Governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.36% | |
Within 1 year [member] | US federal Government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,684 | |
FVTPL Securities | 69 | |
Trading Securities | $ 1,332 | |
Within 1 year [member] | US federal Government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 454 | |
Available-for-sale securities | 17 | |
Within 1 year [member] | US federal Government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 462 | |
Available-for-sale securities | $ 15 | |
Within 1 year [member] | US federal Government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.88% | |
Within 1 year [member] | US federal Government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.39% | |
Within 1 year [member] | US State Municipal And Agencies Debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 756 | |
Trading Securities | $ 642 | |
Within 1 year [member] | US State Municipal And Agencies Debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 355 | |
Available-for-sale securities | 370 | |
Within 1 year [member] | US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 356 | |
Available-for-sale securities | $ 370 | |
Within 1 year [member] | US State Municipal And Agencies Debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.63% | |
Within 1 year [member] | US State Municipal And Agencies Debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.69% | |
Within 1 year [member] | Other governments member [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 485 | |
Trading Securities | $ 85 | |
Within 1 year [member] | Other governments member [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,192 | |
Available-for-sale securities | 1,593 | |
Within 1 year [member] | Other governments member [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 1,193 | |
Available-for-sale securities | $ 1,592 | |
Within 1 year [member] | Other governments member [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.44% | |
Within 1 year [member] | Other governments member [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.82% | |
Within 1 year [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 382 | |
Trading Securities | $ 147 | |
Within 1 year [member] | NHA MBS US Agency MBS And CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 171 | |
Held-to-Maturity Securities | 191 | |
Within 1 year [member] | NHA MBS US Agency MBS And CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 171 | |
Held-to-Maturity Securities | 191 | |
Within 1 year [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 2,635 | |
FVTPL Securities | 616 | |
Trading Securities | 1,298 | |
Within 1 year [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 671 | |
Amortized Cost Securities | 1 | |
Available-for-sale securities | 997 | |
Within 1 year [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 672 | |
Amortized Cost Securities | $ 1 | |
Available-for-sale securities | $ 995 | |
Within 1 year [member] | Corporate debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.75% | |
Within 1 year [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.45% | |
Within 1 year [member] | Loan [Member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 14 | |
Within 1 year [member] | National Housing Act Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 255 | |
Within 1 year [member] | National Housing Act and Mortgage Backed Securities [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 310 | |
Available-for-sale securities | $ 262 | |
Within 1 year [member] | National Housing Act and Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 306 | |
Within 1 year [member] | National Housing Act and Mortgage Backed Securities [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.05% | |
Within 1 year [member] | National Housing Act and Mortgage Backed Securities [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.95% | |
Within 1 year [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 1 | |
Within 1 year [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 1 | |
Within 1 year [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.83% | |
1 to 3 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 10,151 | |
FVTPL Securities | 82 | |
Trading Securities | $ 7,262 | |
1 to 3 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 10,744 | |
Amortized Cost Securities | 749 | |
Available-for-sale securities | 7,046 | |
Held-to-Maturity Securities | 998 | |
1 to 3 years [member] | Carrying Amount [Member] | ||
Disclosure of financial assets [line items] | ||
Other Securities | 21 | |
1 to 3 years [member] | Total carrying value or amortized cost of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 21,785 | 15,346 |
1 to 3 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 21,722 | 15,324 |
1 to 3 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 12,284 | 8,546 |
1 to 3 years [member] | United States of America, Dollar | ||
Disclosure of financial assets [line items] | ||
Total securities | 9,423 | 6,662 |
1 to 3 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 15 | 116 |
1 to 3 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 10,807 | |
Amortized Cost Securities | $ 745 | |
Available-for-sale securities | 7,068 | |
Held-to-Maturity Securities | $ 995 | |
1 to 3 years [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.72% | |
1 to 3 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.09% | |
1 to 3 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,195 | |
Trading Securities | $ 1,527 | |
1 to 3 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 4,006 | |
Available-for-sale securities | 1,749 | |
1 to 3 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 4,036 | |
Available-for-sale securities | $ 1,764 | |
1 to 3 years [member] | Canadian federal government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.48% | |
1 to 3 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.58% | |
1 to 3 years [member] | Canadian Provincial And Municipal Governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,029 | |
FVTPL Securities | 23 | |
Trading Securities | $ 1,343 | |
1 to 3 years [member] | Canadian Provincial And Municipal Governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,227 | |
Amortized Cost Securities | 282 | |
Available-for-sale securities | 266 | |
Held-to-Maturity Securities | 512 | |
1 to 3 years [member] | Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,229 | |
Amortized Cost Securities | $ 280 | |
Available-for-sale securities | 265 | |
Held-to-Maturity Securities | $ 510 | |
1 to 3 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.45% | |
1 to 3 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.81% | |
1 to 3 years [member] | US federal Government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,835 | |
Trading Securities | $ 1,758 | |
1 to 3 years [member] | US federal Government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,595 | |
1 to 3 years [member] | US federal Government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 1,604 | |
1 to 3 years [member] | US federal Government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.61% | |
1 to 3 years [member] | US State Municipal And Agencies Debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 135 | |
Trading Securities | 222 | |
1 to 3 years [member] | US State Municipal And Agencies Debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 678 | |
Available-for-sale securities | 566 | |
1 to 3 years [member] | US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 684 | |
Available-for-sale securities | $ 563 | |
1 to 3 years [member] | US State Municipal And Agencies Debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.78% | |
1 to 3 years [member] | US State Municipal And Agencies Debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.07% | |
1 to 3 years [member] | Other governments member [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 557 | |
Trading Securities | $ 438 | |
1 to 3 years [member] | Other governments member [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,183 | |
Amortized Cost Securities | 3 | |
Available-for-sale securities | 1,225 | |
1 to 3 years [member] | Other governments member [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,187 | |
Amortized Cost Securities | $ 3 | |
Available-for-sale securities | $ 1,231 | |
1 to 3 years [member] | Other governments member [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.34% | |
1 to 3 years [member] | Other governments member [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.21% | |
1 to 3 years [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 497 | |
FVTPL Securities | 3 | |
Trading Securities | $ 571 | |
1 to 3 years [member] | NHA MBS US Agency MBS And CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 454 | |
Held-to-Maturity Securities | 486 | |
1 to 3 years [member] | NHA MBS US Agency MBS And CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 452 | |
Held-to-Maturity Securities | 485 | |
1 to 3 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 1,821 | |
FVTPL Securities | 56 | |
Trading Securities | 1,375 | |
1 to 3 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,980 | |
Amortized Cost Securities | 10 | |
Available-for-sale securities | 2,080 | |
1 to 3 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,992 | |
Amortized Cost Securities | $ 10 | |
Available-for-sale securities | $ 2,082 | |
1 to 3 years [member] | Corporate debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.08% | |
1 to 3 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.86% | |
1 to 3 years [member] | Loan [Member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 82 | |
Trading Securities | $ 28 | |
1 to 3 years [member] | National Housing Act Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 1,143 | |
1 to 3 years [member] | National Housing Act and Mortgage Backed Securities [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62 | |
Available-for-sale securities | $ 1,141 | |
1 to 3 years [member] | National Housing Act and Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 62 | |
1 to 3 years [member] | National Housing Act and Mortgage Backed Securities [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.83% | |
1 to 3 years [member] | National Housing Act and Mortgage Backed Securities [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.32% | |
1 to 3 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 19 | |
1 to 3 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 20 | |
1 to 3 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.12% | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 13 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 13 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.31% | |
3 to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 6,719 | |
FVTPL Securities | 138 | |
Trading Securities | $ 6,092 | |
3 to 5 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 15,595 | |
Amortized Cost Securities | 162 | |
Available-for-sale securities | 8,724 | |
Held-to-Maturity Securities | 366 | |
3 to 5 years [member] | Carrying Amount [Member] | ||
Disclosure of financial assets [line items] | ||
Other Securities | 13 | |
3 to 5 years [member] | Total carrying value or amortized cost of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 22,955 | 15,202 |
3 to 5 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 22,612 | 15,193 |
3 to 5 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 9,782 | 7,222 |
3 to 5 years [member] | United States of America, Dollar | ||
Disclosure of financial assets [line items] | ||
Total securities | 12,718 | 7,916 |
3 to 5 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 112 | 55 |
3 to 5 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 15,938 | |
Amortized Cost Securities | $ 160 | |
Available-for-sale securities | 8,733 | |
Held-to-Maturity Securities | $ 364 | |
3 to 5 years [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.85% | |
3 to 5 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.23% | |
3 to 5 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,038 | |
FVTPL Securities | 4 | |
Trading Securities | $ 2,021 | |
3 to 5 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,688 | |
Available-for-sale securities | 1,262 | |
3 to 5 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 1,711 | |
Available-for-sale securities | $ 1,266 | |
3 to 5 years [member] | Canadian federal government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.46% | |
3 to 5 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.09% | |
3 to 5 years [member] | Canadian Provincial And Municipal Governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,235 | |
FVTPL Securities | 5 | |
Trading Securities | $ 714 | |
3 to 5 years [member] | Canadian Provincial And Municipal Governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,726 | |
Amortized Cost Securities | 145 | |
Available-for-sale securities | 1,310 | |
3 to 5 years [member] | Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,742 | |
Amortized Cost Securities | $ 143 | |
Available-for-sale securities | $ 1,293 | |
3 to 5 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.24% | |
3 to 5 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.67% | |
3 to 5 years [member] | US federal Government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,260 | |
Trading Securities | $ 2,000 | |
3 to 5 years [member] | US federal Government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6,858 | |
Available-for-sale securities | 3,115 | |
3 to 5 years [member] | US federal Government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 7,116 | |
Available-for-sale securities | $ 3,128 | |
3 to 5 years [member] | US federal Government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.81% | |
3 to 5 years [member] | US federal Government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.98% | |
3 to 5 years [member] | US State Municipal And Agencies Debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 29 | |
Trading Securities | $ 86 | |
3 to 5 years [member] | US State Municipal And Agencies Debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 540 | |
Available-for-sale securities | 467 | |
3 to 5 years [member] | US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 542 | |
Available-for-sale securities | $ 463 | |
3 to 5 years [member] | US State Municipal And Agencies Debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.26% | |
3 to 5 years [member] | US State Municipal And Agencies Debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.59% | |
3 to 5 years [member] | Other governments member [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 330 | |
Trading Securities | $ 266 | |
3 to 5 years [member] | Other governments member [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2,113 | |
Amortized Cost Securities | 7 | |
Available-for-sale securities | 722 | |
3 to 5 years [member] | Other governments member [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2,135 | |
Amortized Cost Securities | $ 7 | |
Available-for-sale securities | $ 725 | |
3 to 5 years [member] | Other governments member [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.52% | |
3 to 5 years [member] | Other governments member [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.74% | |
3 to 5 years [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 477 | |
FVTPL Securities | 4 | |
Trading Securities | $ 203 | |
3 to 5 years [member] | NHA MBS US Agency MBS And CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Held-to-Maturity Securities | 366 | |
3 to 5 years [member] | NHA MBS US Agency MBS And CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Held-to-Maturity Securities | 364 | |
3 to 5 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 1,295 | |
FVTPL Securities | 125 | |
Trading Securities | 795 | |
3 to 5 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 566 | |
Amortized Cost Securities | 10 | |
Available-for-sale securities | 734 | |
3 to 5 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 569 | |
Amortized Cost Securities | $ 10 | |
Available-for-sale securities | $ 737 | |
3 to 5 years [member] | Corporate debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.48% | |
3 to 5 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.87% | |
3 to 5 years [member] | Loan [Member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 55 | |
Trading Securities | $ 7 | |
3 to 5 years [member] | National Housing Act Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 1,059 | |
3 to 5 years [member] | National Housing Act and Mortgage Backed Securities [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,998 | |
Available-for-sale securities | $ 1,052 | |
3 to 5 years [member] | National Housing Act and Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 2,014 | |
3 to 5 years [member] | National Housing Act and Mortgage Backed Securities [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.56% | |
3 to 5 years [member] | National Housing Act and Mortgage Backed Securities [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.00% | |
3 to 5 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 62 | |
3 to 5 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 62 | |
3 to 5 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.25% | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 106 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 109 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.50% | |
5 to 10 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 6,288 | |
FVTPL Securities | 716 | |
Trading Securities | $ 6,751 | |
5 to 10 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12,847 | |
Amortized Cost Securities | 1,997 | |
Available-for-sale securities | 15,236 | |
Held-to-Maturity Securities | 1,338 | |
5 to 10 years [member] | Carrying Amount [Member] | ||
Disclosure of financial assets [line items] | ||
Other Securities | 38 | |
5 to 10 years [member] | Total carrying value or amortized cost of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 22,351 | 23,518 |
5 to 10 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 21,919 | 23,346 |
5 to 10 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 5,475 | 6,235 |
5 to 10 years [member] | United States of America, Dollar | ||
Disclosure of financial assets [line items] | ||
Total securities | 16,404 | 17,087 |
5 to 10 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 40 | 24 |
5 to 10 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 13,279 | |
Amortized Cost Securities | $ 2,068 | |
Available-for-sale securities | 15,408 | |
Held-to-Maturity Securities | $ 1,321 | |
5 to 10 years [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.95% | |
5 to 10 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.44% | |
5 to 10 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,077 | |
FVTPL Securities | 2 | |
Trading Securities | $ 1,313 | |
5 to 10 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 519 | |
Available-for-sale securities | 591 | |
5 to 10 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 537 | |
Available-for-sale securities | $ 597 | |
5 to 10 years [member] | Canadian federal government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.57% | |
5 to 10 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.14% | |
5 to 10 years [member] | Canadian Provincial And Municipal Governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,355 | |
FVTPL Securities | 22 | |
Trading Securities | $ 1,991 | |
5 to 10 years [member] | Canadian Provincial And Municipal Governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 693 | |
Amortized Cost Securities | 184 | |
Available-for-sale securities | 855 | |
Held-to-Maturity Securities | 341 | |
5 to 10 years [member] | Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 713 | |
Amortized Cost Securities | $ 179 | |
Available-for-sale securities | 860 | |
Held-to-Maturity Securities | $ 322 | |
5 to 10 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.32% | |
5 to 10 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.59% | |
5 to 10 years [member] | US federal Government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,895 | |
Trading Securities | $ 1,906 | |
5 to 10 years [member] | US federal Government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 7,916 | |
Available-for-sale securities | 11,137 | |
5 to 10 years [member] | US federal Government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 8,221 | |
Available-for-sale securities | $ 11,338 | |
5 to 10 years [member] | US federal Government [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.80% | |
5 to 10 years [member] | US federal Government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.35% | |
5 to 10 years [member] | US State Municipal And Agencies Debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 114 | |
Trading Securities | $ 100 | |
5 to 10 years [member] | US State Municipal And Agencies Debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,158 | |
Available-for-sale securities | 1,357 | |
5 to 10 years [member] | US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 1,177 | |
Available-for-sale securities | $ 1,329 | |
5 to 10 years [member] | US State Municipal And Agencies Debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.40% | |
5 to 10 years [member] | US State Municipal And Agencies Debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.59% | |
5 to 10 years [member] | Other governments member [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 40 | |
Trading Securities | $ 34 | |
5 to 10 years [member] | Other governments member [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 302 | |
Available-for-sale securities | 18 | |
5 to 10 years [member] | Other governments member [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 303 | |
Available-for-sale securities | $ 19 | |
5 to 10 years [member] | Other governments member [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.72% | |
5 to 10 years [member] | Other governments member [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.87% | |
5 to 10 years [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 346 | |
Trading Securities | $ 8 | |
5 to 10 years [member] | NHA MBS US Agency MBS And CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 1,808 | |
Held-to-Maturity Securities | 997 | |
5 to 10 years [member] | NHA MBS US Agency MBS And CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 1,884 | |
Held-to-Maturity Securities | 999 | |
5 to 10 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 1,413 | |
FVTPL Securities | 692 | |
Trading Securities | 1,281 | |
5 to 10 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 498 | |
Amortized Cost Securities | 5 | |
Available-for-sale securities | 619 | |
5 to 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 509 | |
Amortized Cost Securities | $ 5 | |
Available-for-sale securities | $ 607 | |
5 to 10 years [member] | Corporate debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.08% | |
5 to 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.24% | |
5 to 10 years [member] | Loan [Member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 48 | |
Trading Securities | $ 118 | |
5 to 10 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 659 | |
5 to 10 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 658 | |
5 to 10 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.31% | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1,761 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 1,819 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.51% | |
Over 10 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 64,187 | |
FVTPL Securities | 9,662 | |
Trading Securities | $ 69,786 | |
Over 10 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 10,476 | |
Amortized Cost Securities | 2,978 | |
Available-for-sale securities | 13,095 | |
Held-to-Maturity Securities | 3,609 | |
Over 10 years [member] | Carrying Amount [Member] | ||
Disclosure of financial assets [line items] | ||
Other Securities | 702 | 881 |
Over 10 years [member] | Total carrying value or amortized cost of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 88,581 | 87,424 |
Over 10 years [member] | Total value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 88,137 | 87,395 |
Over 10 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 37,135 | 41,261 |
Over 10 years [member] | United States of America, Dollar | ||
Disclosure of financial assets [line items] | ||
Total securities | 49,922 | 44,384 |
Over 10 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 1,080 | 1,750 |
Over 10 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 10,920 | |
Amortized Cost Securities | $ 3,110 | |
Available-for-sale securities | 13,124 | |
Held-to-Maturity Securities | $ 3,633 | |
Over 10 years [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.00% | |
Over 10 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.32% | |
Over 10 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 907 | |
FVTPL Securities | 97 | |
Trading Securities | $ 1,104 | |
Over 10 years [member] | Canadian Provincial And Municipal Governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 2,790 | |
FVTPL Securities | 896 | |
Trading Securities | 2,467 | |
Over 10 years [member] | Canadian Provincial And Municipal Governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12 | |
Available-for-sale securities | 40 | |
Over 10 years [member] | Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 12 | |
Available-for-sale securities | $ 38 | |
Over 10 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.27% | |
Over 10 years [member] | Canadian Provincial And Municipal Governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.58% | |
Over 10 years [member] | US federal Government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 843 | |
Trading Securities | $ 2,477 | |
Over 10 years [member] | US State Municipal And Agencies Debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 182 | |
Trading Securities | 1,081 | |
Over 10 years [member] | US State Municipal And Agencies Debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 924 | |
Available-for-sale securities | 1,336 | |
Over 10 years [member] | US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 935 | |
Available-for-sale securities | $ 1,333 | |
Over 10 years [member] | US State Municipal And Agencies Debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.71% | |
Over 10 years [member] | US State Municipal And Agencies Debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.66% | |
Over 10 years [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 7,482 | |
Trading Securities | $ 2 | |
Over 10 years [member] | NHA MBS US Agency MBS And CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 2,913 | |
Held-to-Maturity Securities | 3,609 | |
Over 10 years [member] | NHA MBS US Agency MBS And CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 3,045 | |
Held-to-Maturity Securities | 3,633 | |
Over 10 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 2,034 | |
FVTPL Securities | 5,331 | |
Trading Securities | 7,014 | |
Over 10 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 41 | |
Amortized Cost Securities | 65 | |
Available-for-sale securities | 95 | |
Over 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 41 | |
Amortized Cost Securities | $ 65 | |
Available-for-sale securities | $ 93 | |
Over 10 years [member] | Corporate debt [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.64% | |
Over 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 4.02% | |
Over 10 years [member] | Corporate equity [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 49,949 | |
FVTPL Securities | 3,338 | |
Trading Securities | $ 55,641 | |
Over 10 years [member] | Corporate equity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62 | |
Available-for-sale securities | 1,604 | |
Over 10 years [member] | Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62 | |
Available-for-sale securities | $ 1,499 | |
Over 10 years [member] | Corporate equity [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.37% | |
Over 10 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 10,020 | |
Over 10 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | $ 10,161 | |
Over 10 years [member] | Us Agency Mortgage Backed Securities and Collateralized Mortgage Obligations [member] | Financial assets available-for-sale, category [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.97% | |
Over 10 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 9,437 | |
Over 10 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 9,870 | |
Over 10 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.29% |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 62,440 | |
Available-for-sale securities | $ 54,075 | |
Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 63,733 | |
Available-for-sale securities | 54,303 | |
Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 45 | |
Available-for-sale securities | 252 | |
Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (1,338) | |
Available-for-sale securities | (480) | |
Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62,440 | |
Available-for-sale securities | 54,075 | |
Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12,884 | |
Available-for-sale securities | 9,212 | |
Canadian federal government [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 1 | |
Available-for-sale securities | 6 | |
Canadian federal government [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (80) | |
Available-for-sale securities | (38) | |
Canadian federal government [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 12,805 | |
Available-for-sale securities | 9,180 | |
Canadian Provincial And Municipal Governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6,896 | |
Available-for-sale securities | 3,613 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 8 | |
Available-for-sale securities | 29 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (42) | |
Available-for-sale securities | (15) | |
Canadian Provincial And Municipal Governments [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6,862 | |
Available-for-sale securities | 3,627 | |
US federal Government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 17,403 | |
Available-for-sale securities | 14,481 | |
US federal Government [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 4 | |
Available-for-sale securities | 12 | |
US federal Government [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (584) | |
Available-for-sale securities | (224) | |
US federal Government [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 16,823 | |
Available-for-sale securities | 14,269 | |
US State Municipal And Agencies Debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,694 | |
Available-for-sale securities | 4,058 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 16 | |
Available-for-sale securities | 43 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (55) | |
Available-for-sale securities | (5) | |
US State Municipal And Agencies Debt [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,655 | |
Available-for-sale securities | 4,096 | |
Other governments member [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 4,818 | |
Available-for-sale securities | 3,567 | |
Other governments member [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2 | |
Available-for-sale securities | 3 | |
Other governments member [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (30) | |
Available-for-sale securities | (12) | |
Other governments member [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 4,790 | |
Available-for-sale securities | 3,558 | |
National Housing Act Mortgage Backed Securities [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2,382 | |
Available-for-sale securities | 2,457 | |
National Housing Act Mortgage Backed Securities [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6 | |
Available-for-sale securities | 9 | |
National Housing Act Mortgage Backed Securities [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (18) | |
Available-for-sale securities | (11) | |
National Housing Act Mortgage Backed Securities [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2,370 | |
Available-for-sale securities | 2,455 | |
US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 11,811 | |
Available-for-sale securities | 10,902 | |
US Agency MBS and CMO [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 2 | |
Available-for-sale securities | 6 | |
US Agency MBS and CMO [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (496) | |
Available-for-sale securities | (147) | |
US Agency MBS and CMO [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 11,317 | |
Available-for-sale securities | 10,761 | |
Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,783 | |
Available-for-sale securities | 4,514 | |
Corporate debt [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 6 | |
Available-for-sale securities | 23 | |
Corporate debt [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | (33) | |
Available-for-sale securities | (12) | |
Corporate debt [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 3,756 | |
Available-for-sale securities | 4,525 | |
Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | 62 | |
Available-for-sale securities | 1,499 | |
Corporate equity [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | 121 | |
Corporate equity [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
Available-for-sale securities | (16) | |
Corporate equity [member] | Financial assets at fair value, class [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI securities | $ 62 | |
Available-for-sale securities | $ 1,604 |
Securities - Summary of Interes
Securities - Summary of Interest, Dividend and Fee Income (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 30, 2016 | |
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | $ 1,306 | $ 812 | $ 652 |
Financial assets at fair value through profit or loss [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | 16 | ||
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | 1,118 | ||
Financial assets at amortised cost, category [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | $ 172 | ||
Financial assets available-for-sale, category [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | 662 | 509 | |
Held-to-maturity investments, category [member] | |||
Disclosure Of interest, dividend and fee income [Line Items] | |||
Total | $ 150 | $ 143 |
Securities - Summary of Non-Int
Securities - Summary of Non-Interest Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Interest Dividend and Fee Income [abstract] | |||
FVTPL securities | $ 106 | ||
Gross realized gains | $ 228 | $ 59 | |
Gross realized gains | 363 | ||
Gross realized (losses) | (99) | (16) | |
Gross realized (losses) | (216) | ||
Unrealized gains on investments reclassified from available-for-sale to other | 7 | ||
Other securities, net realized and unrealized gains | 49 | 51 | |
Impairment write-downs | (14) | (7) | (17) |
Securities gains, other than trading | $ 239 | $ 171 | $ 84 |
Securities - Summary of Non-I_2
Securities - Summary of Non-Interest Revenue (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure Of Non interest, dividend and fee income [Line Items] | |||
Insurance revenue | $ 1,879 | $ 2,070 | $ 2,023 |
Interest,dividend and fee income [Member] | |||
Disclosure Of Non interest, dividend and fee income [Line Items] | |||
Insurance revenue | 354 | 325 | |
Securities gains other than trading [Member] | |||
Disclosure Of Non interest, dividend and fee income [Line Items] | |||
Insurance revenue | $ 1 | $ 0 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of detailed information about financial instruments [line items] | |||
Average gross impaired loans | $ 2,115 | $ 2,248 | |
Average impaired loans, net of the specific allowance | 1,706 | 1,838 | |
Interest income on impaired loans | 67 | 75 | $ 74 |
Net gain of sale of impaired and written-off loans | 4 | 28 | 5 |
Allowances for credit losses | 1,870 | 1,996 | 2,114 |
Impaired loans | 383,991 | 358,507 | |
Carrying value of renegotiated loans | 1,129 | 1,064 | |
Renegotiated loans classified as performing | 541 | 509 | |
Renegotiated loans written off | 53 | 36 | |
Real estate properties held for sale | 58 | 55 | |
Impairment loss on real estate properties classified as held for sale | 10 | 10 | $ 18 |
Allowance for credit losses related to loans [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 1,639 | ||
Allowance for credit losses related to other credit instruments [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 231 | ||
Financial assets impaired [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Impaired loans | 1,566 | 1,827 | |
Allowance on Individually identified impaired loans | 370 | ||
Gross impaired loans | 1,936 | ||
Loans past due but not classified as impaired | 1,566 | 1,827 | |
Real estate properties held for sale received on foreclosed impaired loan | 117 | 62 | |
Financial assets past due but not impaired [member] | 3-6 month [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans past due but not classified as impaired | 49 | $ 62 | |
Related to performing loans, assuming 100% base case scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 1,473 | ||
Modelled allowance account for credit losses of financial assets based on assumptions | 1,250 | ||
Related to performing loans, assuming 100% adverse scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 1,473 | ||
Modelled allowance account for credit losses of financial assets based on assumptions | 2,650 | ||
Performing loans, stage one scenario [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowances for credit losses | 1,473 | ||
Modelled allowance account for credit losses of financial assets based on assumptions | $ 1,000 | ||
Expected credit loss period | 12 months |
Loans and Allowance for Credi_4
Loans and Allowance for Credit Losses - Summary of Credit Risk Exposures for Loans Carried at Amortized Cost or FVOCI (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | $ 860,000 | ||
Allowance for credit losses | 1,870 | $ 1,996 | $ 2,114 |
Commitments and financial guarantee contracts | 859,801 | 758,707 | |
Residential mortgages [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 119,544 | ||
Allowance for credit losses | 118 | 130 | |
Residential mortgages [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 76 | ||
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 375 | ||
Residential mortgages [member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 76,439 | ||
Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 21,454 | ||
Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 16,386 | ||
Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 535 | ||
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 4,431 | ||
Consumer installment and other personal loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 62,687 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 538 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 521 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 20,256 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 13,586 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 12,945 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 11,860 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,784 | ||
Consumer installment and other personal loans [member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,273 | ||
Credit Card Loans [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 8,099 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 230 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,407 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,151 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,050 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,616 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 536 | ||
Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 569 | ||
Business and government loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 212,246 | ||
Allowance for credit losses | $ 1,155 | $ 1,265 | |
Business and government loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 795 | ||
Business and government loans [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,040 | ||
Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 111,922 | ||
Business and government loans [member] | Gross carrying amount [member] | Sub investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 95,656 | ||
Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 4,423 | ||
Loan commitments and financial guarantee contracts issued [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 167,812 | ||
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 231 | ||
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 242 | ||
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 117,830 | ||
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Sub investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 48,321 | ||
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Watch list [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 1,650 | ||
Stage One [member] | Residential mortgages [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 112,230 | ||
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 20 | ||
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 76,314 | ||
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 18,975 | ||
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 12,621 | ||
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 90 | ||
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 4,250 | ||
Stage One [member] | Consumer installment and other personal loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 56,037 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 83 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 20,236 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 13,364 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 12,581 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 7,707 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 127 | ||
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,105 | ||
Stage One [member] | Credit Card Loans [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 6,865 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 39 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,403 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,140 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 943 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,742 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 108 | ||
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 568 | ||
Stage One [member] | Business and government loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 197,890 | ||
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 232 | ||
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 109,774 | ||
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | Sub investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 88,348 | ||
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 160,895 | ||
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 108 | ||
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 116,108 | ||
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Sub investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 44,895 | ||
Stage Two [Member] | Residential mortgages [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 6,958 | ||
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 37 | ||
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 125 | ||
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,479 | ||
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 3,765 | ||
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 445 | ||
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 181 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 6,272 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 312 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 20 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 222 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 364 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 4,153 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,657 | ||
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 168 | ||
Stage Two [Member] | Credit Card Loans [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,234 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 191 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 4 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Very low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 11 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Low probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 107 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Medium probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 874 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | High probability of default [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 428 | ||
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1 | ||
Stage Two [Member] | Business and government loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 13,524 | ||
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 355 | ||
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 2,148 | ||
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Sub investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 7,308 | ||
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 4,423 | ||
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 6,702 | ||
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 96 | ||
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 1,722 | ||
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Sub investment grade [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 3,426 | ||
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Watch list [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 1,650 | ||
Stage three [Member] | Residential mortgages [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 356 | ||
Stage three [Member] | Residential mortgages [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 19 | ||
Stage three [Member] | Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 375 | ||
Stage three [Member] | Consumer installment and other personal loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 378 | ||
Stage three [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 143 | ||
Stage three [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 521 | ||
Stage three [Member] | Business and government loans [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 832 | ||
Stage three [Member] | Business and government loans [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 208 | ||
Stage three [Member] | Business and government loans [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Credit risk exposure for loans | 1,040 | ||
Stage three [Member] | Loan commitments and financial guarantee contracts issued [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | 215 | ||
Stage three [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | |||
Disclosure of credit risk exposure [line items] | |||
Allowance for credit losses | 27 | ||
Stage three [Member] | Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | Default and impaired [member] | |||
Disclosure of credit risk exposure [line items] | |||
Commitments and financial guarantee contracts | $ 242 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | $ 1,996 | $ 2,114 |
ACL, end of year | 1,870 | 1,996 |
Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 1,833 | 1,925 |
ACL, end of year | 1,833 | |
Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 163 | 189 |
ACL, end of year | 163 | |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 118 | 130 |
ACL, end of year | 118 | |
Residential mortgages [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 93 | 104 |
ACL, end of year | 93 | |
Residential mortgages [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 25 | 26 |
ACL, end of year | 25 | |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 1,155 | 1,265 |
ACL, end of year | 1,155 | |
Business and government loans [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 1,018 | 1,102 |
ACL, end of year | 1,018 | |
Business and government loans [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 137 | 163 |
ACL, end of year | 137 | |
IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 1,870 | |
IFRS9 [member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 482 | |
IFRS9 [member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 991 | |
IFRS9 [member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 397 | |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 1,639 | |
IFRS9 [member] | Allowance for credit losses related to loans [member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 374 | |
IFRS9 [member] | Allowance for credit losses related to loans [member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 895 | |
IFRS9 [member] | Allowance for credit losses related to loans [member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 370 | |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 231 | |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 108 | |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 96 | |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, end of year | 27 | |
IFRS9 [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 99 | |
Net remeasurement of loss allowance | 24 | |
Loan originations | 10 | |
Derecognitions and maturities | (8) | |
Total PCL | 26 | |
Write-offs | (20) | |
Recoveries of previous write-offs | 7 | |
Foreign exchange and other | (10) | |
ACL, end of year | 102 | 99 |
IFRS9 [member] | Residential mortgages [member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 16 | |
Transfer to Stage 1 | 34 | |
Transfer to Stage 2 | (1) | |
Net remeasurement of loss allowance | (37) | |
Loan originations | 10 | |
Derecognitions and maturities | (2) | |
Total PCL | 4 | |
ACL, end of year | 20 | 16 |
IFRS9 [member] | Residential mortgages [member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 34 | |
Transfer to Stage 1 | (31) | |
Transfer to Stage 2 | 7 | |
Transfer to Stage 3 | (9) | |
Net remeasurement of loss allowance | 42 | |
Derecognitions and maturities | (6) | |
Total PCL | 3 | |
Foreign exchange and other | 1 | |
ACL, end of year | 38 | 34 |
IFRS9 [member] | Residential mortgages [member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 49 | |
Transfer to Stage 1 | (3) | |
Transfer to Stage 2 | (6) | |
Transfer to Stage 3 | 9 | |
Net remeasurement of loss allowance | 19 | |
Total PCL | 19 | |
Write-offs | (20) | |
Recoveries of previous write-offs | 7 | |
Foreign exchange and other | (11) | |
ACL, end of year | 44 | 49 |
IFRS9 [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 570 | |
Net remeasurement of loss allowance | 238 | |
Loan originations | 39 | |
Derecognitions and maturities | (68) | |
Total PCL | 209 | |
Write-offs | (301) | |
Recoveries of previous write-offs | 92 | |
Foreign exchange and other | (10) | |
ACL, end of year | 560 | 570 |
IFRS9 [member] | Consumer installment and other personal loans [member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 76 | |
Transfer to Stage 1 | 214 | |
Transfer to Stage 2 | (22) | |
Transfer to Stage 3 | (4) | |
Net remeasurement of loss allowance | (196) | |
Loan originations | 39 | |
Derecognitions and maturities | (18) | |
Total PCL | 13 | |
Foreign exchange and other | 1 | |
ACL, end of year | 90 | 76 |
IFRS9 [member] | Consumer installment and other personal loans [member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 357 | |
Transfer to Stage 1 | (200) | |
Transfer to Stage 2 | 105 | |
Transfer to Stage 3 | (162) | |
Net remeasurement of loss allowance | 272 | |
Derecognitions and maturities | (50) | |
Total PCL | (35) | |
Foreign exchange and other | 4 | |
ACL, end of year | 326 | 357 |
IFRS9 [member] | Consumer installment and other personal loans [member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 137 | |
Transfer to Stage 1 | (14) | |
Transfer to Stage 2 | (83) | |
Transfer to Stage 3 | 166 | |
Net remeasurement of loss allowance | 162 | |
Total PCL | 231 | |
Write-offs | (301) | |
Recoveries of previous write-offs | 92 | |
Foreign exchange and other | (15) | |
ACL, end of year | 144 | 137 |
IFRS9 [member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 337 | |
Net remeasurement of loss allowance | 198 | |
Loan originations | 19 | |
Derecognitions and maturities | (45) | |
Total PCL | 172 | |
Write-offs | (319) | |
Recoveries of previous write-offs | 103 | |
ACL, end of year | 293 | 337 |
IFRS9 [member] | Credit Card Loans [Member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 83 | |
Transfer to Stage 1 | 177 | |
Transfer to Stage 2 | (37) | |
Transfer to Stage 3 | (1) | |
Net remeasurement of loss allowance | (164) | |
Loan originations | 19 | |
Derecognitions and maturities | (3) | |
Total PCL | (9) | |
ACL, end of year | 74 | 83 |
IFRS9 [member] | Credit Card Loans [Member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 254 | |
Transfer to Stage 1 | (177) | |
Transfer to Stage 2 | 37 | |
Transfer to Stage 3 | (195) | |
Net remeasurement of loss allowance | 342 | |
Derecognitions and maturities | (42) | |
Total PCL | (35) | |
ACL, end of year | 219 | 254 |
IFRS9 [member] | Credit Card Loans [Member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Transfer to Stage 3 | 196 | |
Net remeasurement of loss allowance | 20 | |
Total PCL | 216 | |
Write-offs | (319) | |
Recoveries of previous write-offs | 103 | |
IFRS9 [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 912 | |
Net remeasurement of loss allowance | 263 | |
Loan originations | 163 | |
Derecognitions and maturities | (166) | |
Model changes | (10) | |
Total PCL | 250 | |
Write-offs | (297) | |
Recoveries of previous write-offs | 59 | |
Foreign exchange and other | (9) | |
ACL, end of year | 915 | 912 |
IFRS9 [member] | Business and government loans [member] | Stage One [member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 268 | |
Transfer to Stage 1 | 136 | |
Transfer to Stage 2 | (31) | |
Transfer to Stage 3 | (1) | |
Net remeasurement of loss allowance | (155) | |
Loan originations | 163 | |
Derecognitions and maturities | (80) | |
Model changes | (7) | |
Total PCL | 25 | |
Foreign exchange and other | 5 | |
ACL, end of year | 298 | 268 |
IFRS9 [member] | Business and government loans [member] | Stage Two [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 410 | |
Transfer to Stage 1 | (128) | |
Transfer to Stage 2 | 66 | |
Transfer to Stage 3 | (61) | |
Net remeasurement of loss allowance | 203 | |
Derecognitions and maturities | (86) | |
Model changes | (3) | |
Total PCL | (9) | |
Foreign exchange and other | 7 | |
ACL, end of year | 408 | 410 |
IFRS9 [member] | Business and government loans [member] | Stage three [Member] | ||
Disclosure of credit risk exposure [line items] | ||
ACL, beginning of year | 234 | |
Transfer to Stage 1 | (8) | |
Transfer to Stage 2 | (35) | |
Transfer to Stage 3 | 62 | |
Net remeasurement of loss allowance | 215 | |
Total PCL | 234 | |
Write-offs | (297) | |
Recoveries of previous write-offs | 59 | |
Foreign exchange and other | (21) | |
ACL, end of year | $ 209 | $ 234 |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Other assets [member] | |
Disclosure of credit risk exposure [line items] | |
Provision for credit losses | $ 5 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Category (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of financial assets [line items] | |||
ACL, beginning of year | $ 1,996 | $ 2,114 | |
ACL, end of year | 1,870 | 1,996 | $ 2,114 |
Allowance for credit losses related to loans [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 1,833 | 1,925 | |
ACL, end of year | 1,833 | 1,925 | |
Allowance for credit losses related to other credit instruments [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 163 | 189 | |
ACL, end of year | 163 | 189 | |
Related to specific allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 420 | 432 | 392 |
Amounts written off | (954) | (1,003) | |
Recoveries of amounts written off in previous years | 265 | 343 | |
Charge to income statement | 822 | 771 | |
Foreign exchange and other movements | (145) | (71) | |
ACL, end of year | 420 | 432 | |
Related to collective allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 1,576 | 1,682 | 1,660 |
Charge to income statement | (76) | ||
Foreign exchange and other movements | (30) | 22 | |
ACL, end of year | 1,576 | 1,682 | |
Residential mortgages [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 118 | 130 | |
ACL, end of year | 118 | 130 | |
Residential mortgages [member] | Allowance for credit losses related to loans [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 93 | 104 | |
ACL, end of year | 93 | 104 | |
Residential mortgages [member] | Allowance for credit losses related to other credit instruments [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 25 | 26 | |
ACL, end of year | 25 | 26 | |
Residential mortgages [member] | Related to specific allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 49 | 59 | 69 |
Amounts written off | (27) | (38) | |
Recoveries of amounts written off in previous years | 16 | 16 | |
Charge to income statement | 11 | 24 | |
Foreign exchange and other movements | (10) | (12) | |
ACL, end of year | 49 | 59 | |
Residential mortgages [member] | Related to collective allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 69 | 71 | 111 |
Charge to income statement | (1) | (42) | |
Foreign exchange and other movements | (1) | 2 | |
ACL, end of year | 69 | 71 | |
Credit card, consumer installment and other personal loans [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 723 | 719 | |
ACL, end of year | 723 | 719 | |
Credit card, consumer installment and other personal loans [member] | Allowance for credit losses related to loans [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 722 | 719 | |
ACL, end of year | 722 | 719 | |
Credit card, consumer installment and other personal loans [member] | Allowance for credit losses related to other credit instruments [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 1 | ||
ACL, end of year | 1 | ||
Credit card, consumer installment and other personal loans [member] | Related to specific allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 137 | 123 | 113 |
Amounts written off | (631) | (616) | |
Recoveries of amounts written off in previous years | 199 | 173 | |
Charge to income statement | 464 | 478 | |
Foreign exchange and other movements | (18) | (25) | |
ACL, end of year | 137 | 123 | |
Credit card, consumer installment and other personal loans [member] | Related to collective allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 586 | 596 | 714 |
Charge to income statement | (6) | (120) | |
Foreign exchange and other movements | (4) | 2 | |
ACL, end of year | 586 | 596 | |
Business and government loans [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 1,155 | 1,265 | |
ACL, end of year | 1,155 | 1,265 | |
Business and government loans [member] | Allowance for credit losses related to loans [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 1,018 | 1,102 | |
ACL, end of year | 1,018 | 1,102 | |
Business and government loans [member] | Allowance for credit losses related to other credit instruments [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 137 | 163 | |
ACL, end of year | 137 | 163 | |
Business and government loans [member] | Related to specific allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | 234 | 250 | 210 |
Amounts written off | (296) | (349) | |
Recoveries of amounts written off in previous years | 50 | 154 | |
Charge to income statement | 347 | 269 | |
Foreign exchange and other movements | (117) | (34) | |
ACL, end of year | 234 | 250 | |
Business and government loans [member] | Related to collective allowances [member] | |||
Disclosure of financial assets [line items] | |||
ACL, beginning of year | $ 921 | 1,015 | 835 |
Charge to income statement | (69) | 162 | |
Foreign exchange and other movements | (25) | 18 | |
ACL, end of year | $ 921 | $ 1,015 |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | $ 385,630 | $ 360,340 |
Allowance for credit losses | 1,639 | 1,833 |
Loans, Net amount | 383,991 | 358,507 |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 385,630 | 360,340 |
Loans, Net amount | 383,991 | 358,507 |
Allowance for credit losses related to loans [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 370 | |
Allowance for credit losses related to loans [member] | Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 1,269 | |
Allowance for credit losses related to loans [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 393 | |
Allowance for credit losses related to loans [member] | Related to collective allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 1,440 | |
Allowance for credit losses related to loans [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 244,837 | 233,672 |
Loans, Net amount | 243,959 | 232,661 |
Allowance for credit losses related to loans [member] | Canada [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 189 | |
Allowance for credit losses related to loans [member] | Canada [member] | Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 689 | |
Allowance for credit losses related to loans [member] | Canada [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 212 | |
Allowance for credit losses related to loans [member] | Canada [member] | Related to collective allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 799 | |
Allowance for credit losses related to loans [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 131,247 | 115,029 |
Loans, Net amount | 130,492 | 114,227 |
Allowance for credit losses related to loans [member] | United States [member] | Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 181 | |
Allowance for credit losses related to loans [member] | United States [member] | Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 574 | |
Allowance for credit losses related to loans [member] | United States [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 161 | |
Allowance for credit losses related to loans [member] | United States [member] | Related to collective allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | 641 | |
Allowance for credit losses related to loans [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 9,546 | 11,639 |
Loans, Net amount | 9,540 | 11,619 |
Allowance for credit losses related to loans [member] | Other countries [member] | Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | $ 6 | |
Allowance for credit losses related to loans [member] | Other countries [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses | $ 20 |
Loans and Allowance for Credi_9
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | $ 35,829 | $ 32,361 |
Allowance for credit losses on impaired loans, other credit instruments [Member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | 27 | 27 |
Allowance for credit losses on performing loans, other credit instruments [member] | Related to collective allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | $ 204 | $ 136 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,566 | $ 1,827 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 546 | 581 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,020 | 1,216 |
Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 30 | |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 356 | 367 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 378 | 420 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 832 | 1,040 |
Accumulated impairment [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 370 | 393 |
Accumulated impairment [member] | Related to specific allowances [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 189 | 212 |
Accumulated impairment [member] | Related to specific allowances [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 181 | 161 |
Accumulated impairment [member] | Related to specific allowances [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 20 | |
Accumulated impairment [member] | Residential mortgages [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 19 | 24 |
Accumulated impairment [member] | Consumer installment and other personal [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 143 | 136 |
Accumulated impairment [member] | Business and government loans [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 208 | 233 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,936 | 2,220 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 735 | 793 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,201 | 1,377 |
Gross carrying amount [member] | Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 50 | |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 375 | 391 |
Gross carrying amount [member] | Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 521 | 556 |
Gross carrying amount [member] | Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,040 | $ 1,273 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | $ 35,829 | $ 32,361 |
Accumulated impairment [member] | Allowance for credit losses related to other credit instruments [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Other liabilities | $ 27 | $ 27 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Detail) - Financial assets past due but not impaired [member] - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 4,062 | $ 4,104 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,194 | 1,106 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,934 | 2,040 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 934 | 958 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 164 | 185 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 21 | 19 |
90 days or more [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 88 | 94 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 55 | 72 |
1 - 29 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,702 | 2,718 |
1 - 29 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 660 | 649 |
1 - 29 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,431 | 1,480 |
1 - 29 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 611 | 589 |
1 - 3 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,196 | 1,201 |
1 - 3 Months [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 513 | 438 |
1 - 3 Months [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 415 | 466 |
1 - 3 Months [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 268 | $ 297 |
Loans and Allowance for Cred_13
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Parenthetical) (Detail) | Oct. 31, 2018 | Oct. 31, 2017 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage of loans past due but not impaired guaranteed | 66.00% | 67.00% |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Key Economic Variables Used in Base Case (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Base Scenario [member] | Canada [member] | First Twelve Months [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 1.80% |
BBB spread | 2.30% |
Unemployment rates | 5.60% |
Housing price index | 1.40% |
Base Scenario [member] | Canada [member] | Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 1.60% |
BBB spread | 2.30% |
Unemployment rates | 5.60% |
Housing price index | 1.80% |
Base Scenario [member] | United States [member] | First Twelve Months [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 2.40% |
BBB spread | 2.20% |
Unemployment rates | 3.60% |
Housing price index | 3.60% |
Base Scenario [member] | United States [member] | Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 1.60% |
BBB spread | 2.30% |
Unemployment rates | 3.70% |
Housing price index | 3.00% |
Benign scenario [member] | Canada [member] | First Twelve Months [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 3.10% |
BBB spread | 2.00% |
Unemployment rates | 5.40% |
Housing price index | 2.40% |
Benign scenario [member] | Canada [member] | Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 2.40% |
BBB spread | 2.10% |
Unemployment rates | 5.20% |
Housing price index | 2.60% |
Benign scenario [member] | United States [member] | First Twelve Months [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 2.90% |
BBB spread | 1.80% |
Unemployment rates | 3.20% |
Housing price index | 5.10% |
Benign scenario [member] | United States [member] | Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 1.90% |
BBB spread | 2.00% |
Unemployment rates | 3.10% |
Housing price index | 4.30% |
Adverse scenario [member] | Canada [member] | First Twelve Months [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | (3.20%) |
BBB spread | 4.70% |
Unemployment rates | 9.30% |
Housing price index | (12.80%) |
Adverse scenario [member] | Canada [member] | Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 0.80% |
BBB spread | 3.90% |
Unemployment rates | 9.30% |
Housing price index | (3.20%) |
Adverse scenario [member] | United States [member] | First Twelve Months [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | (2.90%) |
BBB spread | 4.30% |
Unemployment rates | 6.70% |
Housing price index | (7.30%) |
Adverse scenario [member] | United States [member] | Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Real gross domestic product | 0.90% |
BBB spread | 3.50% |
Unemployment rates | 6.80% |
Housing price index | (1.20%) |
Loans and Allowance for Cred_15
Loans and Allowance for Credit Losses - Summary of Key Economic Variables Used in Base Case (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Remaining horizon [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Remaining forecast period | 2 years |
Transfer of Assets - Additional
Transfer of Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | $ 8,062 | $ 8,707 |
United States [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | 936 | 1,012 |
Mortgage servicing rights | $ 17 | $ 17 |
Transfer of Assets - Summary of
Transfer of Assets - Summary of Carrying Amount and Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | $ 17,209 | $ 16,888 |
Carrying amount of associated liabilities | 16,925 | 16,621 |
Residential mortgages [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | 5,569 | 4,797 |
Other related assets [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying amount of assets | $ 11,640 | $ 12,091 |
Transfer of Assets - Summary _2
Transfer of Assets - Summary of Carrying Amount and Fair Value (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of transferred financial assets that are not derecognised in their entirety [abstract] | ||
Fair value of assets | $ 17,105 | $ 16,847 |
Associated liabilities | $ 16,763 | $ 16,746 |
Structured Entities - Summary o
Structured Entities - Summary of Carrying Amount and Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of information about structured entities [Line Items] | ||
Carrying amount of assets | $ 14,073 | $ 12,757 |
Carrying amount of associated liabilities | 8,179 | 6,410 |
Credit card receivables 1 [member] | Consolidated structured entities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Carrying amount of assets | 7,246 | 7,058 |
Carrying amount of associated liabilities | 5,096 | 4,115 |
Consumer installment and other personal [member] | Consolidated structured entities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Carrying amount of assets | 6,827 | 5,699 |
Carrying amount of associated liabilities | $ 3,083 | $ 2,295 |
Structured Entities - Summary_2
Structured Entities - Summary of Carrying Amount and Fair Value (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of information about structured entities [Line Items] | ||
Fair value of associated liabilities | $ 16,763 | $ 16,746 |
Consolidated structured entities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Fair value of assets | 14,045 | 12,753 |
Fair value of associated liabilities | $ 8,134 | $ 6,403 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Securities [member] | BMO managed funds [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | $ 1,612 | $ 1,750 |
U.S. customer securitization vehicle [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Undrawn amount under liquidity facilities | 7,100 | 6,765 |
Capital and funding vehicles [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Credit-linked notes issued | 325 | 318 |
Canadian customer securitization vehicles [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Undrawn amount under liquidity facilities | $ 6,286 | $ 5,688 |
Structured Entities - Schedule
Structured Entities - Schedule of Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Oct. 31, 2015 |
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | $ 42,142 | $ 32,599 | $ 31,653 | $ 40,295 |
Trading Securities | 99,697 | |||
FVTPL Securities | 11,611 | |||
FVOCI securities | 62,440 | |||
Available-for-salesecurities | 54,075 | |||
Other | 14,652 | 13,570 | ||
Derivatives | 24,411 | 27,804 | ||
Other | 199,488 | 180,405 | ||
Total assets of the entities | 774,048 | 709,580 | ||
Capital vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | 118 | 8 | ||
FVOCI securities | 2 | |||
Available-for-salesecurities | 2 | |||
Loans | 7 | 7 | ||
Other | 3 | |||
Total assets | 130 | 17 | ||
Deposits | 570 | 460 | ||
Other | 17 | 16 | ||
Total liabilities | 587 | 476 | ||
Exposure to loss | 28 | 57 | ||
Total assets of the entities | 587 | 476 | ||
Canadian customer securitization vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | 53 | 50 | ||
Trading Securities | 12 | 6 | ||
FVTPL Securities | 582 | |||
FVOCI securities | 242 | |||
Available-for-salesecurities | 725 | |||
Other | 13 | 6 | ||
Total assets | 902 | 787 | ||
Deposits | 53 | 50 | ||
Total liabilities | 53 | 50 | ||
Exposure to loss | 7,135 | 6,425 | ||
Total assets of the entities | $ 5,033 | 4,592 | ||
Structured finance vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Trading Securities | 209 | |||
Total assets | 209 | |||
Deposits | 146 | |||
Derivatives | 63 | |||
Total liabilities | 209 | |||
Exposure to loss | 209 | |||
Total assets of the entities | $ 209 |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - CAD ($) | 12 Months Ended | |||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | ||
Disclosure of detailed information about financial instruments [line items] | ||||
Obligation to exercise the option | $ 88,000,000 | $ 129,000,000 | $ 116,000,000 | |
Derivative instruments in a liability position | 2,860,000,000 | 3,866,000,000 | ||
Derivative instruments in a liability position, collateral posted | 2,963,000,000 | 4,223,000,000 | ||
Net losses related to effective portion of cash flow hedges | [1] | (1,228,000,000) | (839,000,000) | (26,000,000) |
Gain related to cash flow hedges reclassified to profit or loss | [2] | (336,000,000) | (61,000,000) | (10,000,000) |
Gain on net increases in the fair value of the hedged item attributable to hedged risk | (2,331,000,000) | |||
Derivative fair value | 773,000,000 | 357,000,000 | ||
IAS 39 [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Net losses related to effective portion of cash flow hedges | 1,161,000,000 | |||
Gain related to cash flow hedges reclassified to profit or loss | 188,000,000 | |||
Net ineffectiveness recognized on cash flow hedges | $ 7,000,000 | |||
Fair value loss on derivatives held in qualifying fair value hedging | 200,000,000 | |||
Gain on net increases in the fair value of the hedged item attributable to hedged risk | $ 193,000,000 | |||
Credit risk [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Obligation to exercise the option | $ 0 | |||
[1] | Net of income tax (provision) recovery of $432 million, $322 million and $(4) million for the year ended, respectively. | |||
[2] | Net of income tax (recovery) of $(121) million, $(21) million and $(6) million for the year ended, respectively. |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total | $ 24,411 | $ 27,804 |
Total fair value - trading derivatives | 3,021 | 1,237 |
Total fair value - hedging derivatives | (1,228) | (90) |
Total fair value - trading and hedging derivatives | 1,793 | 1,147 |
Less: impact of master netting agreements | 0 | 0 |
Total | 1,793 | 1,147 |
Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 1,376 | 1,363 |
Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 26 | 41 |
Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (1) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 425 | 444 |
Trading Derivatives [Member] | Interest rate contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (273) | (329) |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 241 | 267 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (228) | (270) |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 684 | 935 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (1,080) | (948) |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 1,518 | 1,776 |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | 475 | 9 |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | 17 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | 484 | 352 |
Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | (372) | (357) |
Trading Derivatives [Member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Equity contracts | (244) | (1,998) |
Trading Derivatives [Member] | Credit default swaps [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Credit default swaps | (35) | (54) |
Trading Derivatives [Member] | Credit default swaps [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Credit default swaps | 8 | 6 |
Hedging Derivatives [Member] | Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (1,243) | (480) |
Interest rate contracts | 33 | (128) |
Interest rate contracts | (1,210) | (608) |
Hedging Derivatives [Member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 10 | 480 |
Foreign exchange contracts | 10 | 480 |
Hedging Derivatives [Member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Equity contracts | (28) | 38 |
Equity contracts | (28) | 38 |
Gross assets [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Less: impact of master netting agreements | (15,575) | (19,909) |
Total | 10,629 | 9,042 |
Gross assets [member] | Fair value trading and hedging derivatives assets [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total fair value - trading and hedging derivatives | 26,204 | 28,951 |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 7,795 | 8,390 |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 36 | 41 |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 2 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 425 | 444 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 241 | 267 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 2,362 | 2,687 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 4,977 | 8,103 |
Gross assets [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 4,335 | 4,954 |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | 1,559 | 726 |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | 17 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | 484 | 352 |
Gross assets [member] | Trading Derivatives [Member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Equity contracts | 2,158 | 1,388 |
Gross assets [member] | Trading Derivatives [Member] | Credit default swaps [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Credit default swaps | 1 | |
Gross assets [member] | Trading Derivatives [Member] | Credit default swaps [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Credit default swaps | 9 | 7 |
Gross assets [member] | Trading Derivatives [Member] | Fair value trading derivatives assets [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total fair value - trading derivatives | 24,401 | 27,359 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps asset [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 18 | 78 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps asset [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 701 | 274 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Assets swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 719 | 352 |
Gross assets [member] | Hedging Derivatives [Member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | 1,084 | 1,202 |
Foreign exchange contracts | 1,084 | 1,202 |
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Equity contracts | 38 | |
Equity contracts | 38 | |
Gross assets [member] | Hedging Derivatives [Member] | Fair value hedging derivatives assets [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total fair value - hedging derivatives | 1,803 | 1,592 |
Gross Liabilities [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Less: impact of master netting agreements | 15,575 | 19,909 |
Total | (8,836) | (7,895) |
Gross Liabilities [member] | Fair value trading and hedging derivatives liabilities [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total fair value - trading and hedging derivatives | 24,411 | 27,804 |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (6,419) | (7,027) |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (10) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (3) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | (273) | (329) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (228) | (270) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (1,678) | (1,752) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (6,057) | (9,051) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (2,817) | (3,178) |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | (1,084) | (717) |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Commodity contracts | (372) | (357) |
Gross Liabilities [member] | Trading Derivatives [Member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Equity contracts | (2,402) | (3,386) |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit default swaps [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Credit default swaps | (36) | (54) |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit default swaps [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Credit default swaps | (1) | (1) |
Gross Liabilities [member] | Trading Derivatives [Member] | Fair value trading derivatives liabilities [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total fair value - trading derivatives | 21,380 | 26,122 |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps liabilities [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 1,261 | 558 |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps liabilities [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 668 | 402 |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Liabilities swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Interest rate contracts | 1,929 | 960 |
Gross Liabilities [member] | Hedging Derivatives [Member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Foreign exchange contracts | (1,074) | (722) |
Foreign exchange contracts | (1,074) | (722) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Equity contracts | (28) | |
Equity contracts | (28) | |
Gross Liabilities [member] | Hedging Derivatives [Member] | Fair value hedging derivatives liabilities [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Total fair value - hedging derivatives | $ 3,031 | $ 1,682 |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Notional Amounts of Trading Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | $ 5,800,058 | $ 4,707,717 |
Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 4,562,936 | 3,572,605 |
Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 3,831,997 | 3,202,365 |
Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 1,070,741 | 983,461 |
Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 92,916 | 85,586 |
Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 455,232 | 434,210 |
Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 76,097 | 70,764 |
Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 24,366 | 18,713 |
Trading Derivatives [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 5,602,127 | 4,530,260 |
Trading Derivatives [Member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 86,412 | 77,437 |
Trading Derivatives [Member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 4,415,702 | 3,443,730 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 61,652 | 39,514 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 65,232 | 46,531 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 3,684,763 | 3,073,490 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Forward rate agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 411,573 | 195,142 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 192,482 | 89,053 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 1,020,426 | 935,223 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 24,093 | 29,813 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 25,438 | 30,350 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 739 | 794 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 57,226 | 50,534 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 449,187 | 430,808 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 463,743 | 392,924 |
Trading Derivatives [Member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 76,097 | 70,764 |
Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 9,485 | 12,111 |
Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 9,142 | 11,801 |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 24,366 | 18,713 |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 33,104 | 28,139 |
Trading Derivatives [Member] | Credit default swaps [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 3,047 | 2,658 |
Trading Derivatives [Member] | Credit default swaps [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 443 | 448 |
Exchange Traded [Member] | Trading Derivatives [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 315,409 | 171,107 |
Exchange Traded [Member] | Trading Derivatives [Member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 33,687 | 14,253 |
Exchange Traded [Member] | Trading Derivatives [Member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 235,622 | 108,744 |
Exchange Traded [Member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 26,629 | 10,407 |
Exchange Traded [Member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 16,511 | 9,284 |
Exchange Traded [Member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 192,482 | 89,053 |
Exchange Traded [Member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 4,784 | 8,044 |
Exchange Traded [Member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 2,625 | 6,001 |
Exchange Traded [Member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 1,420 | 1,249 |
Exchange Traded [Member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 739 | 794 |
Exchange Traded [Member] | Trading Derivatives [Member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 41,316 | 40,066 |
Exchange Traded [Member] | Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 3,303 | 5,031 |
Exchange Traded [Member] | Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 4,909 | 6,896 |
Exchange Traded [Member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 33,104 | 28,139 |
Over the Counter [member] | Trading Derivatives [Member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 5,286,718 | 4,359,153 |
Over the Counter [member] | Trading Derivatives [Member] | Equity contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 52,725 | 63,184 |
Over the Counter [member] | Trading Derivatives [Member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 4,180,080 | 3,334,986 |
Over the Counter [member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 35,023 | 29,107 |
Over the Counter [member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 48,721 | 37,247 |
Over the Counter [member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 3,684,763 | 3,073,490 |
Over the Counter [member] | Trading Derivatives [Member] | Interest rate swap contract [member] | Forward rate agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 411,573 | 195,142 |
Over the Counter [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 1,015,642 | 927,179 |
Over the Counter [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 21,468 | 23,812 |
Over the Counter [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 24,018 | 29,101 |
Over the Counter [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 57,226 | 50,534 |
Over the Counter [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 449,187 | 430,808 |
Over the Counter [member] | Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 463,743 | 392,924 |
Over the Counter [member] | Trading Derivatives [Member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 34,781 | 30,698 |
Over the Counter [member] | Trading Derivatives [Member] | Commodity contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 6,182 | 7,080 |
Over the Counter [member] | Trading Derivatives [Member] | Commodity contract [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 4,233 | 4,905 |
Over the Counter [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 24,366 | 18,713 |
Over the Counter [member] | Trading Derivatives [Member] | Credit default swaps [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | 3,047 | 2,658 |
Over the Counter [member] | Trading Derivatives [Member] | Credit default swaps [member] | Written put options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Notional amount | $ 443 | $ 448 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 5,800,058 | $ 4,707,717 |
Carrying amount | 26,204 | $ 28,951 |
USD denominated deposit [member] | Foreign exchange risk [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 6,596 | |
GBP denominated deposit [member] | Foreign exchange risk [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 473 | |
Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 73,769 | |
Average fixed interest rate | 0.0221 | |
Interest rate swaps [Member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 73,464 | |
Average fixed interest rate | 0.0217 | |
Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 29,119 | |
Average fixed interest rate | 0.0157 | |
Average exchange rate | 1.2930 | |
Foreign exchange risk [member] | CAD-EUR pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 21,349 | |
Average fixed interest rate | 0.0211 | |
Average exchange rate | 1.4908 | |
Foreign exchange risk [member] | Other currency pairs [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,353 | |
Average fixed interest rate | 0.0259 | |
Average exchange rate | 1.3430 | |
Total Return Swaps [Member] | Equity price risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 381 | |
Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 2,757,752 | |
Within 1 year [member] | USD denominated deposit [member] | Foreign exchange risk [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 6,596 | |
Within 1 year [member] | GBP denominated deposit [member] | Foreign exchange risk [member] | Hedges of net investment in foreign operations [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 473 | |
Within 1 year [member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 5,252 | |
Average fixed interest rate | 0.0166 | |
Within 1 year [member] | Interest rate swaps [Member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 14,516 | |
Average fixed interest rate | 0.0181 | |
Within 1 year [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 3,939 | |
Average fixed interest rate | 0.0131 | |
Average exchange rate | 1.3347 | |
Within 1 year [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 3,804 | |
Average fixed interest rate | 0.0174 | |
Average exchange rate | 1.5217 | |
Within 1 year [member] | Total Return Swaps [Member] | Equity price risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 381 | |
1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 1,050,344 | |
1 to 3 years [member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 22,976 | |
Average fixed interest rate | 0.0167 | |
1 to 3 years [member] | Interest rate swaps [Member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 21,919 | |
Average fixed interest rate | 0.0216 | |
1 to 3 years [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 10,572 | |
Average fixed interest rate | 0.0120 | |
Average exchange rate | 1.3035 | |
1 to 3 years [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,726 | |
Average fixed interest rate | 0.0210 | |
Average exchange rate | 1.4685 | |
1 to 3 years [member] | Foreign exchange risk [member] | Other currency pairs [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,817 | |
Average fixed interest rate | 0.0205 | |
Average exchange rate | 1.4361 | |
3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,316,949 | |
3 to 5 years [member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 30,790 | |
Average fixed interest rate | 0.0260 | |
3 to 5 years [member] | Interest rate swaps [Member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 22,928 | |
Average fixed interest rate | 0.0229 | |
3 to 5 years [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 11,781 | |
Average fixed interest rate | 0.0201 | |
Average exchange rate | 1.2923 | |
3 to 5 years [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,618 | |
Average fixed interest rate | 0.0226 | |
Average exchange rate | 1.4999 | |
3 to 5 years [member] | Foreign exchange risk [member] | Other currency pairs [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 4,427 | |
Average fixed interest rate | 0.0280 | |
Average exchange rate | 1.3338 | |
5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 614,532 | |
5 to 10 years [member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 14,751 | |
Average fixed interest rate | 0.0242 | |
5 to 10 years [member] | Interest rate swaps [Member] | Interest rate risk [member] | Fair value hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 14,101 | |
Average fixed interest rate | 0.0236 | |
5 to 10 years [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,576 | |
Average fixed interest rate | 0.0127 | |
Average exchange rate | 1.1871 | |
5 to 10 years [member] | Foreign exchange risk [member] | Other currency pairs [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 109 | |
Average fixed interest rate | 0.0298 | |
Average exchange rate | 0.1696 | |
Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 60,481 | |
Over 10 years [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 251 | |
Average fixed interest rate | 0.0302 | |
Average exchange rate | 1.3122 | |
Over 10 years [member] | Foreign exchange risk [member] | CAD-EUR pair [member] | Foreign exchange risk [member] | Cash flow hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 201 | |
Average fixed interest rate | 0.0297 | |
Average exchange rate | 1.4870 |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Items Designated As Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging instruments, Asset | $ 1,102 |
Carrying amount of hedging instruments, Liability | (9,432) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (2,331) |
Hedge ineffectiveness Gains (Losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 2,333 |
Ineffectiveness recorded in non-interest revenue - other | (4) |
Cash flow hedges [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging instruments, Asset | 1,102 |
Carrying amount of hedging instruments, Liability | (2,363) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (2,120) |
Hedge ineffectiveness Gains (Losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 2,122 |
Ineffectiveness recorded in non-interest revenue - other | (4) |
Interest rate risk [member] | Cash flow hedges [member] | Interest rate swap contract [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging instruments, Asset | 18 |
Carrying amount of hedging instruments, Liability | (1,261) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (1,685) |
Hedge ineffectiveness Gains (Losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 1,687 |
Ineffectiveness recorded in non-interest revenue - other | (4) |
Foreign exchange risk [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging instruments, Liability | (7,069) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (211) |
Hedge ineffectiveness Gains (Losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 211 |
Foreign exchange risk [member] | Cash flow hedges [member] | Cross currency swap [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging instruments, Asset | 1,084 |
Carrying amount of hedging instruments, Liability | (1,074) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (459) |
Hedge ineffectiveness Gains (Losses) on hypothetical derivatives used to calculate hedge ineffectiveness | 459 |
Equity price risk [member] | Cash flow hedges [member] | Total Return Swaps [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging instruments, Liability | (28) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | 24 |
Hedge ineffectiveness Gains (Losses) on hypothetical derivatives used to calculate hedge ineffectiveness | $ (24) |
Derivative Instruments - Cash_2
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | $ 3,066 |
AOCI as at October 1, 2018 | 2,302 |
Cash flow hedges [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | (227) |
Gains / (losses) recognized in OCI | (1,660) |
Amount reclassified to net income as the hedged item affects net income | 457 |
AOCI as at October 1, 2018 | (1,430) |
Active hedges | (567) |
Discontinued hedges | (863) |
Cash flow hedges [member] | Interest rate risk [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | (597) |
Gains / (losses) recognized in OCI | (1,681) |
Amount reclassified to net income as the hedged item affects net income | 67 |
AOCI as at October 1, 2018 | (2,211) |
Active hedges | (1,348) |
Discontinued hedges | (863) |
Cash flow hedges [member] | Foreign exchange risk [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | 298 |
Gains / (losses) recognized in OCI | (3) |
Amount reclassified to net income as the hedged item affects net income | 456 |
AOCI as at October 1, 2018 | 751 |
Active hedges | 751 |
Cash flow hedges [member] | Equity price risk [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | 72 |
Gains / (losses) recognized in OCI | 24 |
Amount reclassified to net income as the hedged item affects net income | (66) |
AOCI as at October 1, 2018 | 30 |
Active hedges | 30 |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | (1,580) |
Gains / (losses) recognized in OCI | (211) |
AOCI as at October 1, 2018 | (1,791) |
Active hedges | (1,791) |
Hedged item [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
AOCI as at November 1, 2017 | (1,807) |
Gains / (losses) recognized in OCI | (1,871) |
Amount reclassified to net income as the hedged item affects net income | 457 |
AOCI as at October 1, 2018 | (3,221) |
Active hedges | (2,358) |
Discontinued hedges | $ (863) |
Derivative Instruments - Cash_3
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [abstract] | |
Cash flow hedge AOCI, tax | $ 356 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Designated As Fair Value Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | $ (2,331) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | 2,333 |
Ineffectiveness recorded in non-interest revenue - other | (4) |
Carrying amount of the hedged item (2) | (9,432) |
Fair value hedges [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging derivatives Asset | 701 |
Carrying amount of hedging derivatives liabilities | (668) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | 86 |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | (82) |
Ineffectiveness recorded in non-interest revenue - other | 4 |
Carrying amount of the hedged item (2) | 2,347 |
Active hedges | (441) |
Discontinued hedges | 436 |
Fair value hedges [member] | Interest rate swap contract [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Carrying amount of hedging derivatives Asset | 701 |
Carrying amount of hedging derivatives liabilities | (668) |
Fair value hedges [member] | FVOCI Debt Instruments [Member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | 850 |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | (843) |
Ineffectiveness recorded in non-interest revenue - other | 7 |
Carrying amount of the hedged item (2) | 36,722 |
Active hedges | (1,160) |
Fair value hedges [member] | Deposits and subordinated debt [member] | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (764) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | 761 |
Ineffectiveness recorded in non-interest revenue - other | (3) |
Carrying amount of the hedged item (2) | (34,375) |
Active hedges | 719 |
Discontinued hedges | $ 436 |
Derivative Instruments - Sche_4
Derivative Instruments - Schedule of Derivative-Related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | $ 25,431 | $ 28,594 |
Less: impact of master netting agreements | (15,575) | (19,909) |
Derivative replacement cost | 9,856 | 8,685 |
Derivative credit risk equivalents before master netting agreements | 52,609 | 55,191 |
Derivative credit risk equivalents master netting agreements | (29,170) | (33,025) |
Derivative credit risk weighted assets | 23,439 | 22,166 |
Derivative credit risk weighted assets before master netting agreements | 4,950 | 5,697 |
Derivative credit risk weighted assets master netting agreements | 0 | 0 |
Derivative credit risk weighted assets | 4,950 | 5,697 |
Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 8,959 | 9,223 |
Derivative credit risk equivalents before master netting agreements | 11,126 | 12,026 |
Derivative credit risk weighted assets before master netting agreements | 704 | 1,537 |
Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 8,514 | 8,742 |
Derivative credit risk equivalents before master netting agreements | 10,699 | 11,603 |
Interest rate swap contract [member] | Forward rate agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 36 | 41 |
Derivative credit risk equivalents before master netting agreements | 34 | 42 |
Interest rate swap contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 409 | 440 |
Derivative credit risk equivalents before master netting agreements | 393 | 381 |
Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 12,983 | 17,196 |
Derivative credit risk equivalents before master netting agreements | 31,538 | 34,364 |
Derivative credit risk weighted assets before master netting agreements | 2,544 | 2,701 |
Foreign exchange contracts [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 225 | 250 |
Derivative credit risk equivalents before master netting agreements | 424 | 420 |
Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 3,270 | 3,727 |
Derivative credit risk equivalents before master netting agreements | 7,832 | 8,345 |
Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 5,035 | 8,157 |
Derivative credit risk equivalents before master netting agreements | 14,909 | 17,210 |
Foreign exchange contracts [member] | Forward contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 4,453 | 5,062 |
Derivative credit risk equivalents before master netting agreements | 8,373 | 8,389 |
Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,894 | 846 |
Derivative credit risk equivalents before master netting agreements | 5,558 | 4,005 |
Derivative credit risk weighted assets before master netting agreements | 1,188 | 971 |
Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,559 | 726 |
Derivative credit risk equivalents before master netting agreements | 4,450 | 2,971 |
Commodity contract [member] | Purchased call options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 335 | 120 |
Derivative credit risk equivalents before master netting agreements | 1,108 | 1,034 |
Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 1,585 | 1,322 |
Derivative credit risk equivalents before master netting agreements | 4,332 | 4,750 |
Derivative credit risk weighted assets before master netting agreements | 431 | 461 |
Credit default swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative replacement cost before master netting agreements | 10 | 7 |
Derivative credit risk equivalents before master netting agreements | 55 | 46 |
Derivative credit risk weighted assets before master netting agreements | $ 83 | $ 27 |
Derivative Instruments - Sche_5
Derivative Instruments - Schedule of Replacement Cost of Contracts with Customers Based on Country of Ultimate Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers, before master netting agreements | $ 25,431 | $ 28,594 |
Replacement cost of contracts with customers, after master netting agreements | 9,856 | 8,685 |
Canada [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers, before master netting agreements | 13,449 | 15,447 |
Replacement cost of contracts with customers, after master netting agreements | 4,901 | 5,045 |
United States [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers, before master netting agreements | 5,446 | 7,149 |
Replacement cost of contracts with customers, after master netting agreements | 2,102 | 1,940 |
United Kingdom [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers, before master netting agreements | 1,181 | 1,079 |
Replacement cost of contracts with customers, after master netting agreements | 315 | 182 |
Other countries [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers, before master netting agreements | 5,355 | 4,919 |
Replacement cost of contracts with customers, after master netting agreements | $ 2,538 | $ 1,518 |
Geographic Concentration Risk 1 [Member] | Before master netting agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 100.00% | 100.00% |
Geographic Concentration Risk 1 [Member] | Before master netting agreements [member] | Canada [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 53.00% | 54.00% |
Geographic Concentration Risk 1 [Member] | Before master netting agreements [member] | United States [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 21.00% | 25.00% |
Geographic Concentration Risk 1 [Member] | Before master netting agreements [member] | United Kingdom [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 5.00% | 4.00% |
Geographic Concentration Risk 1 [Member] | Before master netting agreements [member] | Other countries [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 21.00% | 17.00% |
Geographic Concentration Risk 1 [Member] | After master netting agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 100.00% | 100.00% |
Geographic Concentration Risk 1 [Member] | After master netting agreements [member] | Canada [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 50.00% | 58.00% |
Geographic Concentration Risk 1 [Member] | After master netting agreements [member] | United States [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 21.00% | 22.00% |
Geographic Concentration Risk 1 [Member] | After master netting agreements [member] | United Kingdom [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 3.00% | 2.00% |
Geographic Concentration Risk 1 [Member] | After master netting agreements [member] | Other countries [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers percentage | 26.00% | 18.00% |
Derivative Instruments - Sche_6
Derivative Instruments - Schedule of Replacement Cost of Contracts with Customers Based on Country of Ultimate Risk (Parenthetical) (Detail) - Country | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure Of Derivative Financial Instruments [Abstract] | ||
Number of country represented 15% or more of our replacement cost | 0 | 0 |
Derivative Instruments - Sche_7
Derivative Instruments - Schedule of Replacement Cost of Contracts with Customers (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | $ 25,431 | $ 28,594 |
Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 8,959 | 9,223 |
Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 12,983 | 17,196 |
Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,894 | 846 |
Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,585 | 1,322 |
Credit default swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 10 | 7 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 25,431 | 28,594 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Financial institutions [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 18,336 | 21,336 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Government [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 3,228 | 3,163 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Natural resources [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 462 | 96 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Energy [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,461 | 860 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Other [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,944 | 3,139 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 8,959 | 9,223 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Interest rate swap contract [member] | Financial institutions [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 6,509 | 6,063 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Interest rate swap contract [member] | Government [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,694 | 1,895 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Interest rate swap contract [member] | Natural resources [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 3 | |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Interest rate swap contract [member] | Energy [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 93 | 155 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Interest rate swap contract [member] | Other [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 660 | 1,110 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 12,983 | 17,196 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Foreign exchange contracts [member] | Financial institutions [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 10,238 | 13,898 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Foreign exchange contracts [member] | Government [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,478 | 1,202 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Foreign exchange contracts [member] | Natural resources [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 27 | 22 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Foreign exchange contracts [member] | Energy [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 641 | 479 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Foreign exchange contracts [member] | Other [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 599 | 1,595 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,894 | 846 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Commodity contract [member] | Financial institutions [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 360 | 227 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Commodity contract [member] | Government [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 56 | 66 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Commodity contract [member] | Natural resources [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 432 | 74 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Commodity contract [member] | Energy [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 727 | 226 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Commodity contract [member] | Other [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 319 | 253 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,585 | 1,322 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Equity contract [member] | Financial institutions [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 1,219 | 1,141 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Equity contract [member] | Other [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 366 | 181 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Credit default swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | 10 | 7 |
Replacement Cost of Contracts Before Master Netting Agreements [member] | Credit default swaps [member] | Financial institutions [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Replacement cost of contracts with customers (before the impact of master netting agreements) | $ 10 | $ 7 |
Derivative Instruments - Sche_8
Derivative Instruments - Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | $ 5,800,058 | $ 4,707,717 |
Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 4,562,936 | 3,572,605 |
Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 3,831,997 | 3,202,365 |
Interest rate swap contract [member] | Forward rate agreements futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 730,939 | 370,240 |
Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,070,741 | 983,461 |
Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 92,916 | 85,586 |
Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 455,232 | 434,210 |
Foreign exchange contracts [member] | Forward foreign exchange contracts, futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 522,593 | 463,665 |
Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 76,097 | 70,764 |
Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 24,366 | 18,713 |
Commodity contract [member] | Futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 51,731 | 52,051 |
Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 86,794 | 77,781 |
Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 3,490 | $ 3,106 |
Within 1 year [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 2,757,752 | |
Within 1 year [member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 2,012,689 | |
Within 1 year [member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,404,557 | |
Within 1 year [member] | Interest rate swap contract [member] | Forward rate agreements futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 608,132 | |
Within 1 year [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 643,251 | |
Within 1 year [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 12,466 | |
Within 1 year [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 118,783 | |
Within 1 year [member] | Foreign exchange contracts [member] | Forward foreign exchange contracts, futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 512,002 | |
Within 1 year [member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 28,144 | |
Within 1 year [member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 6,234 | |
Within 1 year [member] | Commodity contract [member] | Futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 21,910 | |
Within 1 year [member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 72,922 | |
Within 1 year [member] | Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 746 | |
1 to 3 years [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,050,344 | |
1 to 3 years [member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 808,439 | |
1 to 3 years [member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 707,683 | |
1 to 3 years [member] | Interest rate swap contract [member] | Forward rate agreements futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 100,756 | |
1 to 3 years [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 193,232 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 36,718 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 147,231 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Forward foreign exchange contracts, futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 9,283 | |
1 to 3 years [member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 40,472 | |
1 to 3 years [member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 14,885 | |
1 to 3 years [member] | Commodity contract [member] | Futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 25,587 | |
1 to 3 years [member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 7,953 | |
1 to 3 years [member] | Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 248 | |
3 to 5 years [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,316,949 | |
3 to 5 years [member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,181,453 | |
3 to 5 years [member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,167,568 | |
3 to 5 years [member] | Interest rate swap contract [member] | Forward rate agreements futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 13,885 | |
3 to 5 years [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 123,956 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 24,980 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 97,828 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Forward foreign exchange contracts, futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,148 | |
3 to 5 years [member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 6,405 | |
3 to 5 years [member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 2,875 | |
3 to 5 years [member] | Commodity contract [member] | Futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 3,530 | |
3 to 5 years [member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 3,873 | |
3 to 5 years [member] | Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,262 | |
5 to 10 years [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 614,532 | |
5 to 10 years [member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 522,289 | |
5 to 10 years [member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 514,392 | |
5 to 10 years [member] | Interest rate swap contract [member] | Forward rate agreements futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 7,897 | |
5 to 10 years [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 88,404 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 15,413 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 72,857 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Forward foreign exchange contracts, futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 134 | |
5 to 10 years [member] | Commodity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,076 | |
5 to 10 years [member] | Commodity contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 372 | |
5 to 10 years [member] | Commodity contract [member] | Futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 704 | |
5 to 10 years [member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,680 | |
5 to 10 years [member] | Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 1,083 | |
Over 10 years [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 60,481 | |
Over 10 years [member] | Interest rate swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 38,066 | |
Over 10 years [member] | Interest rate swap contract [member] | Swap contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 37,797 | |
Over 10 years [member] | Interest rate swap contract [member] | Forward rate agreements futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 269 | |
Over 10 years [member] | Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 21,898 | |
Over 10 years [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 3,339 | |
Over 10 years [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 18,533 | |
Over 10 years [member] | Foreign exchange contracts [member] | Forward foreign exchange contracts, futures and options [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 26 | |
Over 10 years [member] | Equity contract [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | 366 | |
Over 10 years [member] | Credit Contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Derivative notional amount | $ 151 |
Premises and Equipment - Summar
Premises and Equipment - Summary of Maximum Estimated Useful Lives to Amortize Assets (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Buildings [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Buildings [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 40 years |
Computer equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 5 years |
Office equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Leasehold improvements [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | Lease term to a maximum of 10 years |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - CAD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Impairment loss, property, plant and equipment | $ 0 | $ 0 | |
Rent expense for premises and equipment | $ 530,000,000 | $ 501,000,000 | $ 502,000,000 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | $ 2,033 | |
Ending balance | 1,986 | $ 2,033 |
Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 6,236 | 6,084 |
Additions | 433 | 402 |
Disposals | (253) | (159) |
Foreign exchange and other | 32 | (91) |
Ending balance | 6,448 | 6,236 |
Accumulated depreciation, amortization and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (4,203) | (3,937) |
Disposals | (164) | (59) |
Amortization | 400 | 391 |
Foreign exchange and other | 23 | (66) |
Ending balance | (4,462) | (4,203) |
Land [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 174 | |
Ending balance | 145 | 174 |
Land [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 174 | 207 |
Additions | 4 | |
Disposals | (32) | (28) |
Foreign exchange and other | (1) | (5) |
Ending balance | 145 | 174 |
Buildings [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 663 | |
Ending balance | 611 | 663 |
Buildings [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,726 | 1,784 |
Additions | 66 | 72 |
Disposals | (163) | (95) |
Foreign exchange and other | (2) | (35) |
Ending balance | 1,627 | 1,726 |
Buildings [member] | Accumulated depreciation, amortization and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,063) | (1,055) |
Disposals | (116) | (32) |
Amortization | 60 | 63 |
Foreign exchange and other | 9 | (23) |
Ending balance | (1,016) | (1,063) |
Computer equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 529 | |
Ending balance | 567 | 529 |
Computer equipment [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,994 | 1,844 |
Additions | 236 | 156 |
Disposals | (11) | (13) |
Foreign exchange and other | 10 | 7 |
Ending balance | 2,229 | 1,994 |
Computer equipment [member] | Accumulated depreciation, amortization and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,465) | (1,306) |
Disposals | (9) | (11) |
Amortization | 201 | 185 |
Foreign exchange and other | 5 | (15) |
Ending balance | (1,662) | (1,465) |
Other property, plant and equipment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 239 | |
Ending balance | 229 | 239 |
Other property, plant and equipment [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 913 | 902 |
Additions | 40 | 69 |
Disposals | (27) | (13) |
Foreign exchange and other | 7 | (45) |
Ending balance | 933 | 913 |
Other property, plant and equipment [member] | Accumulated depreciation, amortization and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (674) | (649) |
Disposals | (24) | (8) |
Amortization | 48 | 49 |
Foreign exchange and other | 6 | (16) |
Ending balance | (704) | (674) |
Leasehold improvements [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 428 | |
Ending balance | 434 | 428 |
Leasehold improvements [member] | Gross carrying amount [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | 1,429 | 1,347 |
Additions | 87 | 105 |
Disposals | (20) | (10) |
Foreign exchange and other | 18 | (13) |
Ending balance | 1,514 | 1,429 |
Leasehold improvements [member] | Accumulated depreciation, amortization and impairment [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Beginning balance | (1,001) | (927) |
Disposals | (15) | (8) |
Amortization | 91 | 94 |
Foreign exchange and other | 3 | (12) |
Ending balance | $ (1,080) | $ (1,001) |
Acquisitions - Additional infor
Acquisitions - Additional information (Detail) $ in Millions, $ in Millions | Sep. 01, 2016CAD ($) | Oct. 31, 2018 | Sep. 01, 2018USD ($) | Sep. 01, 2018CAD ($) |
Top of range [member] | ||||
Amortization period | 15 years | |||
KGS- Alpha Capital Market [member] | ||||
Acquisition of the business | $ 304 | $ 397 | ||
Acquired intangible assets | $ 49 | |||
Acquired goodwill | 54 | |||
Goodwill expected to be deductible for tax purposes. | $ 32 | |||
KGS- Alpha Capital Market [member] | Bottom of range [member] | ||||
Amortization period | Three years | |||
KGS- Alpha Capital Market [member] | Top of range [member] | ||||
Amortization period | Fourteen years |
Acquisitions - Summary of Fair
Acquisitions - Summary of Fair Value of Assets Acquired and Liabilities Assumed at The Date of Acquisition (Detail) - Sep. 01, 2018 - KGS- Alpha Capital Market [member] $ in Millions, $ in Millions | USD ($) | CAD ($) |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||
Securities - trading | $ 5,193 | |
Securities borrowed or purchased under resale agreement | 5,669 | |
Goodwill and intangible assets | 103 | |
Other assets | 584 | |
Total assets | 11,549 | |
Securities lent or sold under repurchase agreements | 9,563 | |
Securities sold but not yet purchased | 1,431 | |
Other liabilities | 158 | |
Purchase price | $ 304 | $ 397 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite lives | $ 165,000,000 | $ 169,000,000 |
Write-downs of intangible assets | $ 13,000,000 | $ 5,000,000 |
Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Cash flow projection period | 10 years | |
Terminal growth rate | 2.00% | 3.00% |
Write-downs of goodwill due to impairment | $ 0 | $ 0 |
Bottom of range [member] | Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rates for determine the recoverable amount | 8.60% | 8.30% |
Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Useful lives of intangible assets other than goodwill | 15 years | |
Top of range [member] | Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rates for determine the recoverable amount | 11.40% | 12.20% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Continuity of Goodwill By Group of CGUs (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | $ 6,244 | $ 6,381 |
Acquisitions (disposals) during the year | 54 | (4) |
Foreign exchange and other | 75 | (133) |
Ending balance | 6,373 | 6,244 |
Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,816 | 3,958 |
Foreign exchange and other | 78 | (142) |
Ending balance | 3,894 | 3,816 |
Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2,139 | 2,119 |
Acquisitions (disposals) during the year | (4) | |
Foreign exchange and other | (8) | 24 |
Ending balance | 2,131 | 2,139 |
BMO capital markets [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 289 | 304 |
Acquisitions (disposals) during the year | 54 | |
Foreign exchange and other | 5 | (15) |
Ending balance | 348 | 289 |
Traditional wealth management [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2,137 | 2,117 |
Acquisitions (disposals) during the year | (4) | |
Foreign exchange and other | (8) | 24 |
Ending balance | 2,129 | 2,137 |
Insurance products [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2 | 2 |
Ending balance | 2 | 2 |
Canada [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 97 | 97 |
Ending balance | 97 | 97 |
United States [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,719 | 3,861 |
Foreign exchange and other | 78 | (142) |
Ending balance | $ 3,797 | $ 3,719 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | $ 2,159 | ||
Amortization | (503) | $ (485) | $ (444) |
Ending balance | 2,272 | 2,159 | |
Customer-related intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 223 | ||
Ending balance | 213 | 223 | |
Core deposit [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 169 | ||
Ending balance | 121 | 169 | |
Software amortizing [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 1,078 | ||
Ending balance | 1,157 | 1,078 | |
software under development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 398 | ||
Ending balance | 496 | 398 | |
Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 291 | ||
Ending balance | 285 | 291 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 6,242 | 5,896 | |
Additions (disposals) | 563 | 446 | |
Foreign exchange and other | 32 | (100) | |
Ending balance | 6,837 | 6,242 | 5,896 |
Gross carrying amount [member] | Customer-related intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 654 | 704 | |
Additions (disposals) | 35 | (33) | |
Foreign exchange and other | (1) | (17) | |
Ending balance | 688 | 654 | 704 |
Gross carrying amount [member] | Core deposit [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 931 | 968 | |
Foreign exchange and other | 20 | (37) | |
Ending balance | 951 | 931 | 968 |
Gross carrying amount [member] | Branch distribution networks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 187 | 194 | |
Foreign exchange and other | 4 | (7) | |
Ending balance | 191 | 187 | 194 |
Gross carrying amount [member] | Software amortizing [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 3,696 | 3,189 | |
Additions (disposals) | 422 | 546 | |
Foreign exchange and other | 9 | (39) | |
Ending balance | 4,127 | 3,696 | 3,189 |
Gross carrying amount [member] | software under development [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 398 | 476 | |
Additions (disposals) | 94 | (67) | |
Foreign exchange and other | 4 | (11) | |
Ending balance | 496 | 398 | 476 |
Gross carrying amount [member] | Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 376 | 365 | |
Additions (disposals) | 12 | ||
Foreign exchange and other | (4) | 11 | |
Ending balance | 384 | 376 | 365 |
Accumulated depreciation and amortisation [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 4,083 | 3,718 | |
Amortization | 503 | 485 | |
Additions (disposals) | (33) | ||
Foreign exchange and other | (1) | (87) | |
Ending balance | 4,565 | 4,083 | 3,718 |
Accumulated depreciation and amortisation [member] | Customer-related intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 431 | 398 | |
Amortization | 46 | 68 | |
Additions (disposals) | (22) | ||
Foreign exchange and other | (2) | (13) | |
Ending balance | 475 | 431 | 398 |
Accumulated depreciation and amortisation [member] | Core deposit [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 762 | 735 | |
Amortization | 51 | 56 | |
Foreign exchange and other | 17 | (29) | |
Ending balance | 830 | 762 | 735 |
Accumulated depreciation and amortisation [member] | Branch distribution networks [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 187 | 194 | |
Foreign exchange and other | 4 | (7) | |
Ending balance | 191 | 187 | 194 |
Accumulated depreciation and amortisation [member] | Software amortizing [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 2,618 | 2,329 | |
Amortization | 387 | 336 | |
Additions (disposals) | (11) | ||
Foreign exchange and other | (15) | (36) | |
Ending balance | 2,970 | 2,618 | 2,329 |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Beginning balance | 85 | 62 | |
Amortization | 19 | 25 | |
Foreign exchange and other | (5) | (2) | |
Ending balance | $ 99 | $ 85 | $ 62 |
Other Assets - Components of Ot
Other Assets - Components of Other within Other Assets (Details) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of Other Assets [line items] | |||
Accounts receivable, prepaid expenses and other items | $ 6,910 | $ 6,508 | |
Accrued interest receivable | 1,461 | 1,079 | |
BMO Transportation Finance - leased vehicles | 937 | 928 | |
Cash collateral | 2,019 | 3,165 | |
Due from clients, dealers and brokers | 236 | 156 | |
Insurance-related assets | 822 | 644 | |
Precious metals | 1,603 | 582 | |
Total | 14,652 | 13,570 | |
Pension Plans [member] | |||
Disclosure of Other Assets [line items] | |||
Pension asset | 408 | 144 | $ (337) |
Other assets [member] | Pension Plans [member] | |||
Disclosure of Other Assets [line items] | |||
Pension asset | $ 664 | $ 508 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Deposits [Line Items] | ||
Interest bearing | $ 30,192 | $ 24,717 |
Non-interest bearing | 56,729 | 55,876 |
Payables after notice | 157,785 | 152,235 |
Payable on a fixed date | 277,345 | 246,964 |
Total | 522,051 | 479,792 |
Canada [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 21,735 | 21,557 |
Non-interest bearing | 47,231 | 44,380 |
Payables after notice | 82,091 | 81,590 |
Payable on a fixed date | 161,192 | 145,648 |
Total | 312,249 | 293,175 |
United States [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 7,395 | 2,259 |
Non-interest bearing | 9,477 | 11,496 |
Payables after notice | 74,476 | 69,555 |
Payable on a fixed date | 86,805 | 75,517 |
Total | 178,153 | 158,827 |
Other countries [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 1,062 | 901 |
Non-interest bearing | 21 | |
Payables after notice | 1,218 | 1,090 |
Payable on a fixed date | 29,348 | 25,799 |
Total | 31,649 | 27,790 |
Banks [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 1,450 | 818 |
Non-interest bearing | 1,400 | 1,864 |
Payables after notice | 526 | 586 |
Payable on a fixed date | 24,531 | 24,937 |
Total | 27,907 | 28,205 |
Business and governments [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 25,266 | 20,621 |
Non-interest bearing | 33,984 | 33,968 |
Payables after notice | 67,026 | 61,790 |
Payable on a fixed date | 187,024 | 166,897 |
Total | 313,300 | 283,276 |
Individuals [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 3,476 | 3,278 |
Non-interest bearing | 21,345 | 20,044 |
Payables after notice | 90,233 | 89,859 |
Payable on a fixed date | 65,790 | 55,130 |
Total | $ 180,844 | $ 168,311 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Deposits [Line Items] | ||
Total deposits payable on a fixed date | $ 29,673 | $ 30,419 |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 259,747 | 237,127 |
Non USD Non CAD [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | $ 37,427 | $ 27,686 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of deposits from banks [abstract] | ||
Federal funds purchased | $ 55 | $ 707 |
Commercial paper | 9,121 | 8,430 |
Covered bonds | 25,045 | 23,108 |
Fair value of notes on contractual maturity | 15,309 | 13,674 |
Notional amount of notes on contractual maturity | 15,668 | 13,563 |
Decrease in non-interest revenue and trading revenue | 498 | (72) |
Increase (decrease) other comprehensive income before tax | (28) | (169) |
Unrealized loss due to change in credit spread | 331 | 303 |
Unrealized gain (loss) in other comprehensive income due to change in credit spread | $ (255) | $ (227) |
Deposits - Schedule for our Dep
Deposits - Schedule for our Deposits Payable on a Fixed Date (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | $ 277,345 | $ 246,964 |
Within 1 year [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 162,666 | 145,039 |
1-2 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 34,154 | 25,620 |
2 to 3 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 26,107 | 23,323 |
3 to 4 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 16,708 | 19,345 |
4 to 5 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 22,196 | 15,850 |
Over 5 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | $ 15,514 | $ 17,787 |
Deposits - Schedule for our D_2
Deposits - Schedule for our Deposits Payable on a Fixed Date (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 277,345 | $ 246,964 |
Unencumbered liquid assets | 242,612 | 213,757 |
Canada [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 161,192 | 145,648 |
United States [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 86,805 | 75,517 |
Other countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 29,348 | 25,799 |
More Than One Hundred Thousand [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 247,808 | 221,954 |
More Than One Hundred Thousand [Member] | Canada [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 146,697 | 130,197 |
More Than One Hundred Thousand [Member] | Canada [member] | 0 to 3 months [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 55,190 | 41,418 |
More Than One Hundred Thousand [Member] | Canada [member] | 3-6 month [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 3,836 | 7,922 |
More Than One Hundred Thousand [Member] | Canada [member] | Later than six months and not later than one year [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 12,909 | 10,574 |
More Than One Hundred Thousand [Member] | Canada [member] | After 12 months [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 74,762 | 70,283 |
More Than One Hundred Thousand [Member] | United States [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 71,770 | 65,963 |
More Than One Hundred Thousand [Member] | Other countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 29,341 | $ 25,794 |
Other Liabilities - Summary of
Other Liabilities - Summary of Components of Other within Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of Other Liability [Line Items] | |||
Accounts payable, accrued expenses and other items | $ 8,119 | $ 7,894 | |
Accrued interest payable | 1,385 | 1,037 | |
Cash collateral | 4,343 | 3,696 | |
Insurance-related liabilities | 9,585 | 8,959 | $ 7,909 |
Liabilities of subsidiaries, other than deposits | 9,283 | 6,931 | |
Payable to brokers, dealers and clients | 1,898 | 2,177 | |
Total | 35,829 | 32,361 | |
Other employee future benefit plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | 960 | 1,303 | 1,343 |
Pension Plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | (408) | (144) | $ 337 |
Other liabilities [member] | Other employee future benefit plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | 960 | 1,303 | |
Other liabilities [member] | Pension Plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | $ 256 | $ 364 |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure Of Investment Contracts Liabilities Measured At Fair Value [Abstract] | |||
Fair value of investment in contract liabilities | $ 800 | $ 749 | |
Change in fair value of investment contract liabilities | (28) | (41) | $ 55 |
Gain (loss) recorded in other comprehensive income due to changes in credit spread | $ (2) | $ (32) | $ (7) |
Other Liabilities - Reconciliat
Other Liabilities - Reconciliation of Change in Insurance-Related Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of types of insurance contracts [abstract] | ||
Insurance-related liabilities, beginning of year | $ 8,959 | $ 7,909 |
Increase (decrease) in life insurance policy benefit liabilities from: | ||
New business | 742 | 545 |
In-force policies | (400) | 66 |
Changes in actuarial assumptions and methodology | 3 | (52) |
Foreign currency | (1) | |
Net increase in life insurance policy benefit liabilities | 345 | 558 |
Change in other insurance-related liabilities | 281 | 492 |
Insurance-related liabilities, end of year | $ 9,585 | $ 8,959 |
Other Liabilities - Summary o_2
Other Liabilities - Summary of Reinsurance Premiums Ceded (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Net premiums | $ 1,828 | $ 1,593 | $ 1,290 |
Direct premium income [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Net premiums | 1,976 | 1,750 | 1,561 |
Ceded premiums [member] | |||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | |||
Net premiums | $ (148) | $ (157) | $ (271) |
Subordinated Debt - Summary of
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2018USD ($) | Oct. 31, 2018CAD ($) | Oct. 05, 2018USD ($) | Dec. 12, 2017USD ($) | Oct. 31, 2017USD ($) | Oct. 31, 2017CAD ($) | |
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 5,800,058 | $ 4,707,717 | ||||
Total | 6,782 | 5,029 | ||||
Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Total | 6,782 | 5,029 | ||||
Subordinated debt [member] | Debentures series 20 [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 150 | 150 | ||||
Maturity date | December 2025 to 2040 | |||||
Interest rate (%) | 8.25% | 8.25% | ||||
Redeemable at our option beginning in | Not redeemable | |||||
Total | $ 143 | 148 | ||||
Subordinated debt [member] | Series F Medium Term Notes First Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 900 | 900 | ||||
Maturity date | March 2,023 | |||||
Interest rate (%) | 6.17% | 6.17% | ||||
Redeemable at our option beginning in | March 2,018 | |||||
Total | 905 | |||||
Subordinated debt [member] | Series H Medium Term Notes First Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,000 | 1,000 | ||||
Maturity date | September 2,024 | |||||
Interest rate (%) | 3.12% | 3.12% | ||||
Redeemable at our option beginning in | September 2,019 | |||||
Total | $ 1,003 | 1,016 | ||||
Subordinated debt [member] | Series H Medium Term Notes Second Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,000 | 1,000 | ||||
Maturity date | December 2,025 | |||||
Interest rate (%) | 3.34% | 3.34% | ||||
Redeemable at our option beginning in | December 2,020 | |||||
Total | $ 916 | 969 | ||||
Subordinated debt [member] | Series I Medium Term Notes First Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | 1,250 | ||||
Maturity date | June 2,026 | |||||
Interest rate (%) | 3.32% | 3.32% | ||||
Redeemable at our option beginning in | June 2,021 | |||||
Total | $ 1,222 | 1,178 | ||||
Subordinated debt [member] | Series I Medium Term Notes Second Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 850 | 850 | ||||
Maturity date | June 2,027 | |||||
Interest rate (%) | 2.57% | 2.57% | ||||
Redeemable at our option beginning in | June 2,022 | |||||
Total | $ 813 | $ 813 | ||||
Subordinated debt [member] | Three point eight zero three percentage Subordinated Notes due 2032 [Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | $ 1,250 | $ 1,250 | |||
Maturity date | December 2,032 | |||||
Interest rate (%) | 3.80% | 3.80% | 3.803% | |||
Redeemable at our option beginning in | December 2,027 | |||||
Total | $ 1,573 | |||||
Subordinated debt [member] | Four point three three eight percentage Subordinated Notes due 2028[Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 850 | $ 850 | $ 850 | |||
Maturity date | October 2,028 | |||||
Interest rate (%) | 4.34% | 4.34% | 4.338% | |||
Redeemable at our option beginning in | October 2,023 | |||||
Total | $ 1,112 |
Subordinated Debt - Summary o_2
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Parenthetical) (Detail) $ / shares in Units, $ in Millions, $ in Millions | Mar. 28, 2018CAD ($) | Oct. 31, 2018CAD ($) | Oct. 31, 2017CAD ($) | Oct. 31, 2018USD ($) | Oct. 31, 2018CAD ($)$ / shares | Oct. 05, 2018USD ($) | Dec. 12, 2017USD ($) | Oct. 31, 2017USD ($) | Oct. 31, 2017CAD ($) |
Subordinated Liabilities [Line Items] | |||||||||
Face value | $ 5,800,058 | $ 4,707,717 | |||||||
Subordinated debt [member] | |||||||||
Subordinated Liabilities [Line Items] | |||||||||
Increase (Decrease) in Subordinated Long Term Debt | $ 233 | $ (121) | |||||||
Bottom of range [member] | Subordinated debt [member] | |||||||||
Subordinated Liabilities [Line Items] | |||||||||
Common stock conversion price | $ / shares | $ 5 | ||||||||
Series F Medium Term Notes First Tranche [member] | Subordinated debt [member] | |||||||||
Subordinated Liabilities [Line Items] | |||||||||
Face value | $ 900 | $ 900 | |||||||
Interest rate | 6.17% | 6.17% | |||||||
Series F Medium Term Notes First Tranche [member] | Subordinated debt [member] | Redeemed Subordinate Debt [member] | |||||||||
Subordinated Liabilities [Line Items] | |||||||||
Face value | $ 900 | ||||||||
Percentage of notes redeemed | 100.00% | ||||||||
Three point eight zero three percentage Subordinated Notes due 2032 [Member] | Subordinated debt [member] | |||||||||
Subordinated Liabilities [Line Items] | |||||||||
Face value | $ 1,250 | $ 1,250 | $ 1,250 | ||||||
Interest rate | 3.80% | 3.80% | 3.803% | ||||||
Four point three three eight percentage Subordinated Notes due 2028[Member] | Subordinated debt [member] | |||||||||
Subordinated Liabilities [Line Items] | |||||||||
Face value | $ 850 | $ 850 | $ 850 | ||||||
Interest rate | 4.34% | 4.34% | 4.338% |
Equity - Summary of Classes of
Equity - Summary of Classes of Share Capital (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | $ 44,354 | $ 42,328 | |
Balance at End of Year | $ 45,727 | $ 44,354 | $ 42,328 |
Class B Series 14 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 10,000,000 | ||
Balance at End of Year | 10,000,000 | ||
Dividend declared per share | $ 0.66 | ||
Class B Series15 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 10,000,000 | ||
Balance at End of Year | 10,000,000 | ||
Dividend declared per share | $ 0.73 | ||
Class B Series 16 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 6,267,391 | ||
Balance at End of Year | 6,267,391 | 6,267,391 | |
Balance at beginning of year | $ 157 | ||
Balance at End of Year | $ 157 | ||
Dividend declared per share | $ 0.64 | $ 0.85 | |
Class B Series 17 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 5,732,609 | ||
Balance at End of Year | 5,732,609 | 5,732,609 | |
Balance at beginning of year | $ 143 | ||
Balance at End of Year | $ 143 | ||
Dividend declared per share | $ 0.52 | $ 0.55 | |
Class B Series 42 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 16,000,000 | ||
Balance at End of Year | 16,000,000 | 16,000,000 | |
Balance at beginning of year | $ 400 | ||
Balance at End of Year | $ 400 | $ 400 | |
Dividend declared per share | $ 1.10 | $ 0.45 | |
Class B Series 44 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at End of Year | 16,000,000 | ||
Balance at End of Year | $ 400 | ||
Class B Series 25 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 9,425,607 | ||
Balance at End of Year | 9,425,607 | 9,425,607 | |
Balance at beginning of year | $ 236 | ||
Balance at End of Year | $ 236 | $ 236 | |
Dividend declared per share | $ 0.45 | $ 0.45 | |
Class B Series 26 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 2,174,393 | ||
Balance at End of Year | 2,174,393 | 2,174,393 | |
Balance at beginning of year | $ 54 | ||
Balance at End of Year | $ 54 | $ 54 | |
Dividend declared per share | $ 0.59 | $ 0.43 | |
Class B Series 27 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 20,000,000 | ||
Balance at End of Year | 20,000,000 | 20,000,000 | |
Balance at beginning of year | $ 500 | ||
Balance at End of Year | $ 500 | $ 500 | |
Dividend declared per share | $ 1 | $ 1 | |
Class B Series 29 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 16,000,000 | ||
Balance at End of Year | 16,000,000 | 16,000,000 | |
Balance at beginning of year | $ 400 | ||
Balance at End of Year | $ 400 | $ 400 | |
Dividend declared per share | $ 0.98 | $ 0.98 | |
Class B Series 31 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 12,000,000 | ||
Balance at End of Year | 12,000,000 | 12,000,000 | |
Balance at beginning of year | $ 300 | ||
Balance at End of Year | $ 300 | $ 300 | |
Dividend declared per share | $ 0.95 | $ 0.95 | |
Class B Series 33 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 8,000,000 | ||
Balance at End of Year | 8,000,000 | 8,000,000 | |
Balance at beginning of year | $ 200 | ||
Balance at End of Year | $ 200 | $ 200 | |
Dividend declared per share | $ 0.95 | $ 0.95 | |
Class B Series 35 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 6,000,000 | ||
Balance at End of Year | 6,000,000 | 6,000,000 | |
Balance at beginning of year | $ 150 | ||
Balance at End of Year | $ 150 | $ 150 | |
Dividend declared per share | $ 1.25 | $ 1.25 | |
Class B Series 36 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 600,000 | ||
Balance at End of Year | 600,000 | 600,000 | |
Balance at beginning of year | $ 600 | ||
Balance at End of Year | $ 600 | $ 600 | |
Dividend declared per share | $ 58.50 | $ 58.50 | |
Class B Series 38 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 24,000,000 | ||
Balance at End of Year | 24,000,000 | 24,000,000 | |
Balance at beginning of year | $ 600 | ||
Balance at End of Year | $ 600 | $ 600 | |
Dividend declared per share | $ 1.21 | $ 1.33 | |
Class B Series 40 [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 20,000,000 | ||
Balance at End of Year | 20,000,000 | 20,000,000 | |
Balance at beginning of year | $ 500 | ||
Balance at End of Year | $ 500 | $ 500 | |
Dividend declared per share | $ 1.13 | $ 0.80 | |
Preferred shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | $ 4,240 | $ 3,840 | 3,240 |
Balance at End of Year | $ 4,340 | $ 4,240 | $ 3,840 |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | 647,816,318 | 645,761,333 | |
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 4,821,184 | ||
Issued/cancelled under the Stock Option Plan and other stock-based compensation plans (Note 21) | 1,513,307 | 2,233,801 | |
Repurchased for cancellation | (10,000,000) | (5,000,000) | |
Balance at End of Year | 639,329,625 | 647,816,318 | 645,761,333 |
Balance at beginning of year | $ 13,032 | $ 12,539 | $ 12,313 |
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 448 | ||
Issued/cancelled under the Stock Option Plan and other stock-based compensation plans | 99 | 146 | |
Repurchased for cancellation | (202) | (101) | |
Balance at End of Year | $ 12,929 | $ 13,032 | $ 12,539 |
Dividend declared per share | $ 3.78 | $ 3.56 | $ 3.40 |
Ordinary and preference shares [Member] | |||
Disclosure of classes of share capital [line items] | |||
Balance at beginning of year | $ 17,272 | ||
Balance at End of Year | $ 17,269 | $ 17,272 |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Share Capital (Parenthetical) (Detail) - CAD ($) $ / shares in Units, $ in Millions | Sep. 17, 2018 | Jun. 29, 2017 | Mar. 09, 2017 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | Aug. 25, 2018 | May 25, 2017 |
Disclosure of classes of share capital [line items] | ||||||||
Gross proceeds | $ 400 | $ 900 | $ 600 | |||||
Class B Series 14 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | 10,000,000 | |||||||
Redemption price per share | $ 25 | |||||||
Dividends declared per share | $ 0.66 | |||||||
Number of shares | 10,000,000 | |||||||
Class B Series15 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | 10,000,000 | |||||||
Redemption price per share | $ 25 | |||||||
Dividends declared per share | $ 0.73 | |||||||
Number of shares | 10,000,000 | |||||||
Class B Series 16 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | 6,267,391 | |||||||
Redemption price per share | $ 25 | |||||||
Dividends declared per share | $ 0.64 | $ 0.85 | ||||||
Number of shares | 6,267,391 | 6,267,391 | ||||||
Class B Series 17 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Number of shares redeemed | 5,732,609 | |||||||
Redemption price per share | $ 25 | |||||||
Dividends declared per share | $ 0.52 | $ 0.55 | ||||||
Number of shares | 5,732,609 | 5,732,609 | ||||||
Class B Series 40 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 25 | |||||||
Number of shares issued | 20,000,000 | |||||||
Preferred shares issued price per share | $ 25 | |||||||
Gross proceeds | $ 500 | |||||||
Class B Series 42 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | 25 | |||||||
Dividends declared per share | $ 1.10 | $ 0.45 | ||||||
Number of shares | 16,000,000 | 16,000,000 | ||||||
Number of shares issued | 16,000,000 | |||||||
Preferred shares issued price per share | $ 25 | |||||||
Gross proceeds | $ 400 | |||||||
Class B Series 44 [member] | ||||||||
Disclosure of classes of share capital [line items] | ||||||||
Redemption price per share | $ 25 | |||||||
Number of shares | 16,000,000 | |||||||
Number of shares issued | 16,000,000 | |||||||
Preferred shares issued price per share | $ 25 | |||||||
Gross proceeds | $ 400 |
Equity - Summary of Prefered Sh
Equity - Summary of Prefered Share Rights and Privileges (Detail) - $ / shares | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Class B Series 25 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | $ 25 | |
Quarterly non-cumulative dividend | $ 0.45 | $ 0.45 |
Reset premium | 1.15% | |
Date redeemable / convertible | August 25, 2021 | |
Convertible to | Class B - Series 26 | |
Class B Series 25 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.112813 | |
Class B Series 26 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 0.59 | 0.43 |
Reset premium | 1.15% | |
Date redeemable / convertible | August 25, 2021 | |
Convertible to | Class B - Series 25 | |
Class B Series 26 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | Floating | |
Class B Series 27 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | $ 25 | |
Quarterly non-cumulative dividend | $ 1 | 1 |
Reset premium | 2.33% | |
Date redeemable / convertible | May 25, 2019 | |
Convertible to | Class B - Series 28 | |
Class B Series 27 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.250000 | |
Class B Series 29 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 0.98 | 0.98 |
Reset premium | 2.24% | |
Date redeemable / convertible | August 25, 2019 | |
Convertible to | Class B - Series 30 | |
Class B Series 29 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.243750 | |
Class B Series 31 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 0.95 | 0.95 |
Reset premium | 2.22% | |
Date redeemable / convertible | November 25, 2019 | |
Convertible to | Class B - Series 32 | |
Class B Series 31 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.237500 | |
Class B Series 33 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 0.95 | 0.95 |
Reset premium | 2.71% | |
Date redeemable / convertible | August 25, 2020 | |
Convertible to | Class B - Series 34 | |
Class B Series 33 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.237500 | |
Class B Series 35 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 1.25 | 1.25 |
Date redeemable / convertible | August 25, 2020 | |
Convertible to | Not convertible | |
Reset premium | Does not reset | |
Class B Series 35 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.312500 | |
Class B Series 36 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 1,000 | |
Quarterly non-cumulative dividend | $ 58.50 | 58.50 |
Reset premium | 4.97% | |
Date redeemable / convertible | November 25, 2020 | |
Convertible to | Class B - Series 37 | |
Class B Series 36 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 14.625000 | |
Class B Series 38 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 1.21 | 1.33 |
Reset premium | 4.06% | |
Date redeemable / convertible | February 25, 2022 | |
Convertible to | Class B - Series 39 | |
Class B Series 38 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.303125 | |
Class B Series 40 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | $ 25 | |
Reset premium | 3.33% | |
Date redeemable / convertible | May 25, 2022 | |
Convertible to | Class B - Series 41 | |
Class B Series 40 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.281250 | |
Class B Series 42 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | 25 | |
Quarterly non-cumulative dividend | $ 1.10 | $ 0.45 |
Reset premium | 3.17% | |
Date redeemable / convertible | August 25, 2022 | |
Convertible to | Class B - Series 43 | |
Class B Series 42 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.275000 | |
Class B Series 44 [member] | ||
Disclosure of classes of share capital [line items] | ||
Redemption amount | $ 25 | |
Reset premium | 2.68% | |
Date redeemable / convertible | November 25, 2023 | |
Convertible to | Class B - Series 45 | |
Class B Series 44 [member] | Quarterly dividend [Member] | ||
Disclosure of classes of share capital [line items] | ||
Quarterly non-cumulative dividend | $ 0.303125 |
Equity - Additional Information
Equity - Additional Information (Detail) - $ / shares | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of classes of share capital [line items] | ||
Floor price | $ 5 | |
Description of conversion of preferred shares to common shares | Each preferred share is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted average trading price of our common shares on the TSX. | |
Stock Option Plan [member] | ||
Disclosure of classes of share capital [line items] | ||
Common shares reserved for potential issuance | 6,095,201 | 7,525,296 |
Dividend reinvestment and share purchase plan [member] | ||
Disclosure of classes of share capital [line items] | ||
Common shares reserved for potential issuance | 39,947,147 | 39,947,147 |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Purchase of common shares for cancellation | 10,000,000 | 5,000,000 |
Number of shares issued | 4,821,184 | |
Common shares [member] | Dividend reinvestment and share purchase plan [member] | ||
Disclosure of classes of share capital [line items] | ||
Percentage of discount for shares issued from treasury | 2.00% | |
Number of shares issued | 4,821,184 | |
Number of shares purchased | 1,995,353 | 504,873 |
Normal course issuer bid [member] | ||
Disclosure of classes of share capital [line items] | ||
Purchase of common shares for cancellation | 10,000,000 | 5,000,000 |
Normal course issuer bid [member] | Top of range [member] | ||
Disclosure of classes of share capital [line items] | ||
Purchase of common shares for cancellation | 20,000,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Securities | ||
Amortized cost | $ 6,485 | |
Held to maturity | $ 9,094 | |
Loans | ||
Consumer instalment and other personal | 63,225 | 61,944 |
Credit cards | 8,329 | 8,071 |
Business and government | 194,456 | 175,067 |
Loans gross of allowance for loan losses | 385,630 | 360,340 |
Deposits | 522,051 | 479,792 |
Securitization and structured entities' liabilities | 25,051 | 23,054 |
Subordinated debt | 6,782 | 5,029 |
Fair Value [Member] | ||
Securities | ||
Amortized cost | 6,288 | |
Held to maturity | 9,096 | |
Not Carried At Fair Value [Member] | At carrying value [member] | ||
Securities | ||
Amortized cost | 6,485 | |
Held to maturity | 9,094 | |
Loans | ||
Residential mortgages | 119,544 | 115,165 |
Consumer instalment and other personal | 62,687 | 61,465 |
Credit cards | 8,099 | 7,828 |
Business and government | 192,225 | 174,084 |
Loans gross of allowance for loan losses | 382,555 | 358,542 |
Deposits | 506,742 | 466,118 |
Securitization and structured entities' liabilities | 25,051 | 23,054 |
Subordinated debt | 6,782 | 5,029 |
Not Carried At Fair Value [Member] | Fair Value [Member] | ||
Securities | ||
Amortized cost | 6,288 | |
Held to maturity | 9,096 | |
Loans | ||
Residential mortgages | 118,609 | 114,821 |
Consumer instalment and other personal | 62,618 | 61,470 |
Credit cards | 8,099 | 7,828 |
Business and government | 191,989 | 174,105 |
Loans gross of allowance for loan losses | 381,315 | 358,224 |
Deposits | 506,581 | 466,441 |
Securitization and structured entities' liabilities | 24,838 | 23,148 |
Subordinated debt | 6,834 | 5,255 |
Not Carried At Fair Value [Member] | Fair Value [Member] | Valued using quoted market prices [member] | ||
Securities | ||
Amortized cost | 429 | |
Held to maturity | 2,522 | |
Not Carried At Fair Value [Member] | Fair Value [Member] | Valued using models (with observable inputs) [member] | ||
Securities | ||
Amortized cost | 5,795 | |
Held to maturity | 6,574 | |
Loans | ||
Residential mortgages | 118,609 | 114,821 |
Consumer instalment and other personal | 62,618 | 61,470 |
Credit cards | 8,099 | 7,828 |
Business and government | 191,989 | 174,105 |
Loans gross of allowance for loan losses | 381,315 | 358,224 |
Deposits | 506,581 | 466,441 |
Securitization and structured entities' liabilities | 24,838 | 23,148 |
Subordinated debt | 6,834 | $ 5,255 |
Not Carried At Fair Value [Member] | Fair Value [Member] | Valued using models (without observable inputs) [member] | ||
Securities | ||
Amortized cost | $ 64 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Fair value of financial instruments not carried at fair value on the balance sheet [line items] | ||
Business and government | $ 194,456 | $ 175,067 |
Deposits | 522,051 | 479,792 |
Financial assets at fair value through profit or loss [member] | ||
Fair value of financial instruments not carried at fair value on the balance sheet [line items] | ||
Business and government | 1,450 | |
Deposits | $ 15,309 | $ 13,674 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | $ 99,697 | |
Other Securities | 702 | $ 960 |
FVTPL Securities | 11,611 | |
FVOCI securities | 62,440 | |
Business and Government Loans | 194,456 | 175,067 |
Derivative Assets | ||
Derivative Assets | 26,204 | 28,951 |
Derivative Liabilities | ||
Derivative Liabilities | 24,411 | 27,804 |
Trading Securities | 99,069 | |
Available for Sale Securities | 54,075 | |
IAS 39 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Securities sold but not yet purchased | 25,163 | |
Structured note liabilities and other note liabilities | 13,674 | |
Annuity liabilities | 749 | |
Fair value liabilities | 39,586 | |
Derivative Assets | ||
Derivative Assets | 28,951 | |
Derivative Liabilities | ||
Derivative Liabilities | 27,804 | |
Trading Securities | 99,069 | |
Available for Sale Securities | 54,075 | |
IAS 39 [member] | Measured at fair value [Member] | Canadian federal government [member] | ||
Derivative Liabilities | ||
Trading Securities | 10,827 | |
Available for Sale Securities | 9,180 | |
IAS 39 [member] | Measured at fair value [Member] | Canadian government provincia [member] | ||
Derivative Liabilities | ||
Trading Securities | 7,327 | |
Available for Sale Securities | 3,627 | |
IAS 39 [member] | Measured at fair value [Member] | U.S. federal government [member] | ||
Derivative Liabilities | ||
Trading Securities | 9,473 | |
Available for Sale Securities | 14,269 | |
IAS 39 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Derivative Liabilities | ||
Trading Securities | 2,131 | |
Available for Sale Securities | 4,096 | |
IAS 39 [member] | Measured at fair value [Member] | Other governments [member] | ||
Derivative Liabilities | ||
Trading Securities | 823 | |
Available for Sale Securities | 3,558 | |
IAS 39 [member] | Measured at fair value [Member] | NHA MBS US Agency MBS And CMO [member] | ||
Derivative Liabilities | ||
Trading Securities | 931 | |
Available for Sale Securities | 13,216 | |
IAS 39 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Derivative Liabilities | ||
Trading Securities | 11,763 | |
Available for Sale Securities | 4,525 | |
IAS 39 [member] | Measured at fair value [Member] | Loans held for trading [member] | ||
Derivative Liabilities | ||
Trading Securities | 153 | |
IAS 39 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Derivative Liabilities | ||
Trading Securities | 55,641 | |
Available for Sale Securities | 1,604 | |
IAS 39 [member] | Measured at fair value [Member] | Other equity securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Other Securities | 333 | |
IAS 39 [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 9,227 | |
Derivative Liabilities | ||
Derivative Liabilities | 8,316 | |
IAS 39 [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 17,213 | |
Derivative Liabilities | ||
Derivative Liabilities | 14,973 | |
IAS 39 [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 1,078 | |
Derivative Liabilities | ||
Derivative Liabilities | 1,074 | |
IAS 39 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 1,426 | |
Derivative Liabilities | ||
Derivative Liabilities | 3,386 | |
IAS 39 [member] | Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Assets | ||
Derivative Assets | 7 | |
Derivative Liabilities | ||
Derivative Liabilities | 55 | |
IFRS9 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 99,697 | |
FVTPL Securities | 11,611 | |
FVOCI securities | 62,440 | |
Business and Government Loans | 1,450 | |
Securities sold but not yet purchased | 28,804 | |
Structured note liabilities and other note liabilities | 15,309 | |
Annuity liabilities | 800 | |
Fair value liabilities | 44,913 | |
Derivative Assets | ||
Derivative Assets | 26,204 | |
Derivative Liabilities | ||
Derivative Liabilities | 24,411 | |
IFRS9 [member] | Measured at fair value [Member] | Canadian federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 10,320 | |
FVTPL Securities | 431 | |
FVOCI securities | 12,805 | |
IFRS9 [member] | Measured at fair value [Member] | Canadian government provincia [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 8,702 | |
FVTPL Securities | 946 | |
FVOCI securities | 6,862 | |
IFRS9 [member] | Measured at fair value [Member] | U.S. federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 9,517 | |
FVTPL Securities | 69 | |
FVOCI securities | 16,823 | |
IFRS9 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 1,216 | |
FVOCI securities | 3,655 | |
IFRS9 [member] | Measured at fair value [Member] | Other governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 1,411 | |
FVOCI securities | 4,790 | |
IFRS9 [member] | Measured at fair value [Member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 9,184 | |
FVTPL Securities | 7 | |
FVOCI securities | 13,687 | |
IFRS9 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 9,198 | |
FVTPL Securities | 6,821 | |
FVOCI securities | 3,756 | |
IFRS9 [member] | Measured at fair value [Member] | Loans held for trading [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 199 | |
IFRS9 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 49,950 | |
FVTPL Securities | 3,337 | |
FVOCI securities | 62 | |
IFRS9 [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 8,977 | |
Derivative Liabilities | ||
Derivative Liabilities | 8,634 | |
IFRS9 [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 12,999 | |
Derivative Liabilities | ||
Derivative Liabilities | 11,854 | |
IFRS9 [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 2,060 | |
Derivative Liabilities | ||
Derivative Liabilities | 1,456 | |
IFRS9 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 2,158 | |
Derivative Liabilities | ||
Derivative Liabilities | 2,430 | |
IFRS9 [member] | Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Assets | ||
Derivative Assets | 10 | |
Derivative Liabilities | ||
Derivative Liabilities | 37 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Securities sold but not yet purchased | 22,992 | |
Fair value liabilities | 22,992 | |
Derivative Assets | ||
Derivative Assets | 346 | |
Derivative Liabilities | ||
Derivative Liabilities | 418 | |
Trading Securities | 79,253 | |
Available for Sale Securities | 27,368 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Canadian federal government [member] | ||
Derivative Liabilities | ||
Trading Securities | 8,712 | |
Available for Sale Securities | 8,283 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Canadian government provincia [member] | ||
Derivative Liabilities | ||
Trading Securities | 3,177 | |
Available for Sale Securities | 920 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | U.S. federal government [member] | ||
Derivative Liabilities | ||
Trading Securities | 9,417 | |
Available for Sale Securities | 14,269 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Derivative Liabilities | ||
Trading Securities | 189 | |
Available for Sale Securities | 18 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Other governments [member] | ||
Derivative Liabilities | ||
Trading Securities | 630 | |
Available for Sale Securities | 2,290 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Derivative Liabilities | ||
Trading Securities | 1,485 | |
Available for Sale Securities | 1,551 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Loans held for trading [member] | ||
Derivative Liabilities | ||
Trading Securities | 3 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Derivative Liabilities | ||
Trading Securities | 55,640 | |
Available for Sale Securities | 37 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 4 | |
Derivative Liabilities | ||
Derivative Liabilities | 7 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 17 | |
Derivative Liabilities | ||
Derivative Liabilities | 6 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 232 | |
Derivative Liabilities | ||
Derivative Liabilities | 239 | |
Valued using quoted market prices [member] | IAS 39 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 93 | |
Derivative Liabilities | ||
Derivative Liabilities | 166 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 76,852 | |
FVTPL Securities | 2,172 | |
FVOCI securities | 37,232 | |
Securities sold but not yet purchased | 26,336 | |
Fair value liabilities | 26,336 | |
Derivative Assets | ||
Derivative Assets | 486 | |
Derivative Liabilities | ||
Derivative Liabilities | 557 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Canadian federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 9,107 | |
FVTPL Securities | 328 | |
FVOCI securities | 11,978 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Canadian government provincia [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 4,013 | |
FVTPL Securities | 219 | |
FVOCI securities | 3,315 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | U.S. federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 9,465 | |
FVTPL Securities | 69 | |
FVOCI securities | 16,823 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 78 | |
FVOCI securities | 14 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Other governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 1,210 | |
FVOCI securities | 3,143 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 60 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 2,973 | |
FVTPL Securities | 178 | |
FVOCI securities | 1,959 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 49,946 | |
FVTPL Securities | 1,378 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 18 | |
Derivative Liabilities | ||
Derivative Liabilities | 14 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 16 | |
Derivative Liabilities | ||
Derivative Liabilities | 2 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 166 | |
Derivative Liabilities | ||
Derivative Liabilities | 295 | |
Valued using quoted market prices [member] | IFRS9 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 286 | |
Derivative Liabilities | ||
Derivative Liabilities | 246 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Securities sold but not yet purchased | 2,171 | |
Structured note liabilities and other note liabilities | 13,674 | |
Annuity liabilities | 749 | |
Fair value liabilities | 16,594 | |
Derivative Assets | ||
Derivative Assets | 28,605 | |
Derivative Liabilities | ||
Derivative Liabilities | 27,386 | |
Trading Securities | 19,816 | |
Available for Sale Securities | 25,263 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Canadian federal government [member] | ||
Derivative Liabilities | ||
Trading Securities | 2,115 | |
Available for Sale Securities | 897 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Canadian government provincia [member] | ||
Derivative Liabilities | ||
Trading Securities | 4,150 | |
Available for Sale Securities | 2,707 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | U.S. federal government [member] | ||
Derivative Liabilities | ||
Trading Securities | 56 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Derivative Liabilities | ||
Trading Securities | 1,942 | |
Available for Sale Securities | 4,077 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Other governments [member] | ||
Derivative Liabilities | ||
Trading Securities | 193 | |
Available for Sale Securities | 1,268 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | NHA MBS US Agency MBS And CMO [member] | ||
Derivative Liabilities | ||
Trading Securities | 931 | |
Available for Sale Securities | 13,216 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Derivative Liabilities | ||
Trading Securities | 10,278 | |
Available for Sale Securities | 2,972 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Loans held for trading [member] | ||
Derivative Liabilities | ||
Trading Securities | 150 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Derivative Liabilities | ||
Trading Securities | 1 | |
Available for Sale Securities | 126 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 9,223 | |
Derivative Liabilities | ||
Derivative Liabilities | 8,309 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 17,196 | |
Derivative Liabilities | ||
Derivative Liabilities | 14,967 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 846 | |
Derivative Liabilities | ||
Derivative Liabilities | 835 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 1,333 | |
Derivative Liabilities | ||
Derivative Liabilities | 3,220 | |
Valued using models (with observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Assets | ||
Derivative Assets | 7 | |
Derivative Liabilities | ||
Derivative Liabilities | 55 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 22,583 | |
FVTPL Securities | 7,614 | |
FVOCI securities | 25,145 | |
Securities sold but not yet purchased | 2,468 | |
Structured note liabilities and other note liabilities | 15,309 | |
Annuity liabilities | 800 | |
Fair value liabilities | 18,577 | |
Derivative Assets | ||
Derivative Assets | 25,718 | |
Derivative Liabilities | ||
Derivative Liabilities | 23,852 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Canadian federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 1,213 | |
FVTPL Securities | 103 | |
FVOCI securities | 827 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Canadian government provincia [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 4,689 | |
FVTPL Securities | 727 | |
FVOCI securities | 3,547 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | U.S. federal government [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 52 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 1,138 | |
FVOCI securities | 3,640 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Other governments [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 201 | |
FVOCI securities | 1,647 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 8,869 | |
FVTPL Securities | 7 | |
FVOCI securities | 13,687 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 6,218 | |
FVTPL Securities | 6,643 | |
FVOCI securities | 1,797 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Loans held for trading [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 199 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 4 | |
FVTPL Securities | 134 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Interest rate contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 8,959 | |
Derivative Liabilities | ||
Derivative Liabilities | 8,620 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 12,983 | |
Derivative Liabilities | ||
Derivative Liabilities | 11,852 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Commodity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 1,894 | |
Derivative Liabilities | ||
Derivative Liabilities | 1,161 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Assets | ||
Derivative Assets | 1,872 | |
Derivative Liabilities | ||
Derivative Liabilities | 2,183 | |
Valued using models (with observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Assets | ||
Derivative Assets | 10 | |
Derivative Liabilities | ||
Derivative Liabilities | 36 | |
Valued using models (without observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | ||
Derivative Liabilities | ||
Available for Sale Securities | 1,444 | |
Valued using models (without observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Derivative Liabilities | ||
Available for Sale Securities | 1 | |
Valued using models (without observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Derivative Liabilities | ||
Available for Sale Securities | 2 | |
Valued using models (without observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Derivative Liabilities | ||
Available for Sale Securities | 1,441 | |
Valued using models (without observable inputs) [member] | IAS 39 [member] | Measured at fair value [Member] | Other equity securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Other Securities | $ 333 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 262 | |
FVTPL Securities | 1,825 | |
FVOCI securities | 63 | |
Business and Government Loans | 1,450 | |
Derivative Liabilities | ||
Derivative Liabilities | 2 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
FVOCI securities | 1 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 255 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Corporate debt [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Trading Securities | 7 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Corporate equity [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
FVTPL Securities | 1,825 | |
FVOCI securities | 62 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Equity contracts [member] | ||
Derivative Liabilities | ||
Derivative Liabilities | 1 | |
Valued using models (without observable inputs) [member] | IFRS9 [member] | Measured at fair value [Member] | Credit default swaps [member] | ||
Derivative Liabilities | ||
Derivative Liabilities | $ 1 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Detail) - Valued using models (without observable inputs) [member] $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Corporate equity [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Fair value of assets | $ 1,825 |
Corporate equity [member] | Bottom of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
EV/EBITDA multiple range of input values | 6x |
Corporate equity [member] | Top of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
EV/EBITDA multiple range of input values | 18x |
Loan [Member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Change in fair value reasonably possible alternatives | $ 3 |
Fair value of assets | $ 1,450 |
Loan [Member] | Bottom of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Discount range of input values | 0.50% |
Loan [Member] | Top of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Discount range of input values | 1.75% |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Basis point increase or decrease in discount margin for business and government loans | 0.10% |
Federal reserve stock and federal home loan bank stock [member] | Corporate equity [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Federal reserve stock and federal home loan bank stock | $ 889 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments - Additional Information (Detail) - CAD ($) | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Available for sales securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | $ 107,000,000 | |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 56,000,000 | |
Transfers out of Level 3 of fair value hierarchy | $ 0 | 33,000,000 |
Trading securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 2,578,000,000 | 176,000,000 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 4,122,000,000 | $ 156,000,000 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 2,266,000,000 | |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 4,044,000,000 | |
Financial assets at fair value through profit or loss [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 714,000,000 | |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 742,000,000 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Corporate equity [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at end of period | $ 1,825 | |
Trading securities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Change in fair value included in earnings | (1) | |
Change in fair value included in other comprehensive income | 4 | |
Purchases | 313 | |
Sales | (54) | |
Assets at end of period | 262 | |
Change in unrealized gains (losses) recorded in income for instruments still held | (5) | |
Trading securities [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Change in fair value included in earnings | (1) | |
Change in fair value included in other comprehensive income | 4 | |
Purchases | 306 | |
Sales | (54) | |
Assets at end of period | 255 | |
Change in unrealized gains (losses) recorded in income for instruments still held | (5) | |
Trading securities [member] | Corporate debt [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Purchases | 7 | |
Assets at end of period | 7 | |
Financial assets at fair value through profit or loss [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 1,774 | |
Change in fair value included in earnings | 12 | |
Change in fair value included in other comprehensive income | 27 | |
Purchases | 312 | |
Sales | (161) | |
Maturities/Settlement | (2) | |
Transfers out of Level 3 | (137) | |
Assets at end of period | 1,825 | $ 1,774 |
Change in unrealized gains (losses) recorded in income for instruments still held | 5 | |
Financial assets at fair value through profit or loss [member] | Corporate debt [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 73 | |
Change in fair value included in other comprehensive income | (4) | |
Purchases | 5 | |
Transfers out of Level 3 | (74) | |
Assets at end of period | 73 | |
Financial assets at fair value through profit or loss [member] | Corporate equity [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 1,701 | |
Change in fair value included in earnings | 12 | |
Change in fair value included in other comprehensive income | 31 | |
Purchases | 307 | |
Sales | (161) | |
Maturities/Settlement | (2) | |
Transfers out of Level 3 | (63) | |
Assets at end of period | 1,825 | 1,701 |
Change in unrealized gains (losses) recorded in income for instruments still held | 5 | |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 3 | |
Purchases | 62 | |
Maturities/Settlement | (2) | |
Assets at end of period | 63 | 3 |
Financial assets at fair value through other comprehensive income, category [member] | Corporate debt [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 2 | |
Maturities/Settlement | (2) | |
Assets at end of period | 2 | |
Financial assets at fair value through other comprehensive income, category [member] | Corporate equity [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Purchases | 62 | |
Assets at end of period | 62 | |
Financial assets at fair value through other comprehensive income, category [member] | US States, municipalities and agencies [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 1 | |
Assets at end of period | 1 | 1 |
Business and government loans [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 2,372 | |
Change in fair value included in earnings | (2) | |
Change in fair value included in other comprehensive income | (24) | |
Purchases | 604 | |
Maturities/Settlement | (1,548) | |
Assets at end of period | 1,450 | 2,372 |
Financial assets available-for-sale, category [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 1,444 | 1,461 |
Change in fair value included in earnings | (40) | |
Change in fair value included in other comprehensive income | (15) | |
Purchases | 190 | |
Sales | (118) | |
Maturities/Settlement | (1) | |
Transfers out of Level 3 | (33) | |
Assets at end of period | 1,444 | |
Financial assets available-for-sale, category [member] | Corporate debt [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 2 | 4 |
Sales | (1) | |
Maturities/Settlement | (1) | |
Assets at end of period | 2 | |
Financial assets available-for-sale, category [member] | Corporate equity [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 1,441 | 1,456 |
Change in fair value included in earnings | (40) | |
Change in fair value included in other comprehensive income | (15) | |
Purchases | 190 | |
Sales | (117) | |
Transfers out of Level 3 | (33) | |
Assets at end of period | 1,441 | |
Financial assets available-for-sale, category [member] | US States, municipalities and agencies [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 1 | 1 |
Assets at end of period | 1 | |
Trading securities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 91 | |
Change in fair value included in earnings | 1 | |
Change in fair value included in other comprehensive income | 1 | |
Maturities/Settlement | (93) | |
Trading securities [member] | Corporate debt [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 91 | |
Change in fair value included in earnings | 1 | |
Change in fair value included in other comprehensive income | 1 | |
Maturities/Settlement | (93) | |
Other securities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Assets at beginning of period | 333 | 320 |
Change in fair value included in earnings | (9) | |
Change in fair value included in other comprehensive income | (7) | |
Purchases | 134 | |
Sales | (102) | |
Maturities/Settlement | (3) | |
Assets at end of period | 333 | |
Change in unrealized gains (losses) recorded in income for instruments still held | $ (8) | |
Derivatives Liabilities [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Change in fair value included in earnings | 0 | |
Change in fair value included in other comprehensive income | 0 | |
Purchases | 0 | |
Sales | 0 | |
Maturities/Settlement | 0 | |
Transfers into Level 3 | 2 | |
Transfers out of Level 3 | 0 | |
Liabilities at end of period | 2 | |
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | |
Derivatives Liabilities [member] | Equity contracts [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Change in fair value included in earnings | 0 | |
Change in fair value included in other comprehensive income | 0 | |
Purchases | 0 | |
Sales | 0 | |
Maturities/Settlement | 0 | |
Transfers into Level 3 | 1 | |
Transfers out of Level 3 | 0 | |
Liabilities at end of period | 1 | |
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | |
Derivatives Liabilities [member] | Credit default swaps [member] | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||
Change in fair value included in earnings | 0 | |
Change in fair value included in other comprehensive income | 0 | |
Purchases | 0 | |
Sales | 0 | |
Maturities/Settlement | 0 | |
Transfers into Level 3 | 1 | |
Transfers out of Level 3 | 0 | |
Liabilities at end of period | 1 | |
Change in unrealized gains (losses) recorded in income for instruments still held | $ 0 |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Changes in Level 3 Instruments Carried At Fair Value (Parenthetical) (Detail) - IFRS9 [member] $ in Millions | Oct. 31, 2018CAD ($) |
Corporate debt [member] | |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |
Financial instruments reclassified from Other Securities to FVTPL upon adoption of IFRS 9. | $ 73 |
Corporate equity [member] | |
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |
Financial instruments reclassified from Other Securities to FVTPL upon adoption of IFRS 9. | 260 |
Financial instruments reclassified from available-for-sale to FVTPL upon adoption of IFRS 9 | $ 1,441 |
Fair Value of Financial Inst_11
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Trading Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Trading revenue [abstract] | |||
Interest rates | $ 437 | $ 480 | $ 663 |
Foreign exchange | 377 | 369 | 349 |
Equities | 449 | 239 | 188 |
Commodities | 63 | 84 | 66 |
Other | 82 | 47 | 25 |
Total trading revenue | 1,408 | 1,219 | 1,291 |
Net interest income | (422) | (133) | 99 |
Non-interest revenue - trading revenue | 1,830 | 1,352 | 1,192 |
Total trading revenue | $ 1,408 | $ 1,219 | $ 1,291 |
Offsetting of Financial Asset_3
Offsetting of Financial Assets and Financial Liabilities - Summary of Amounts Not Offset in the Consolidated Balance Sheet (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts | $ 139,445 | $ 126,012 |
Amounts offset in | 28,190 | 22,014 |
Net amounts presented in balance sheet | 111,255 | 103,998 |
Impact of master netting agreements | 28,930 | 29,291 |
Securities received as collateral | 71,145 | 65,977 |
Cash collateral | 3,576 | 2,903 |
Net amount | 7,604 | 5,827 |
Gross amounts | 119,285 | 104,937 |
Amounts offset in | 28,190 | 22,014 |
Net amounts presented in balance sheet | 91,095 | 82,923 |
Impact of master netting agreements | 28,930 | 29,291 |
Securities pledged as collateral | 53,626 | 46,699 |
Cash collateral | 1,492 | 1,642 |
Net amount | 7,047 | 5,291 |
Securities purchased under resale agreements and securities borrowed [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts | 86,635 | 80,948 |
Amounts offset in | 1,584 | 5,901 |
Net amounts presented in balance sheet | 85,051 | 75,047 |
Impact of master netting agreements | 13,355 | 9,382 |
Securities received as collateral | 70,640 | 65,044 |
Net amount | 1,056 | 621 |
Derivative financial instruments assets 1 [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts | 52,810 | 45,064 |
Amounts offset in | 26,606 | 16,113 |
Net amounts presented in balance sheet | 26,204 | 28,951 |
Impact of master netting agreements | 15,575 | 19,909 |
Securities received as collateral | 505 | 933 |
Cash collateral | 3,576 | 2,903 |
Net amount | 6,548 | 5,206 |
Derivative financial instruments liabilities 1 [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts | 51,017 | 43,917 |
Amounts offset in | 26,606 | 16,113 |
Net amounts presented in balance sheet | 24,411 | 27,804 |
Impact of master netting agreements | 15,575 | 19,909 |
Securities pledged as collateral | 555 | 1,263 |
Cash collateral | 1,492 | 1,642 |
Net amount | 6,789 | 4,990 |
Obligations related to securities sold under repurchase agreements and securities lent [member] | ||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | ||
Gross amounts | 68,268 | 61,020 |
Amounts offset in | 1,584 | 5,901 |
Net amounts presented in balance sheet | 66,684 | 55,119 |
Impact of master netting agreements | 13,355 | 9,382 |
Securities pledged as collateral | 53,071 | 45,436 |
Net amount | $ 258 | $ 301 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure of capital management [abstract] | |
Capital conservation buffer, percentage | 2.50% |
Common equity surcharge, percentage | 1.00% |
Domestic stability buffer, percentage | 1.50% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital Measure and Risk-Weighted Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Fixed Rate of Instruments [Abstract] | ||
Common Equity Tier 1 Capital | $ 32,721 | $ 30,633 |
Tier 1 Capital | 37,220 | 35,108 |
Total Capital | 44,116 | 40,596 |
Common Equity Tier 1 Capital Risk-Weighted Assets | 289,237 | 269,466 |
Tier 1 Capital Risk-Weighted Assets | 289,420 | 269,466 |
Total Capital Risk-Weighted Assets | $ 289,604 | $ 269,466 |
Common Equity Tier 1 Capital Ratio | 11.30% | 11.40% |
Tier 1 Capital Ratio | 12.90% | 13.00% |
Total Capital Ratio | 15.20% | 15.10% |
Leverage Ratio | 4.20% | 4.40% |
Employee Compensation - Share_3
Employee Compensation - Share-Based Compensation - Additional Information (Detail) shares in Millions | 12 Months Ended | ||
Oct. 31, 2018CAD ($)shares | Oct. 31, 2017CAD ($)shares | Oct. 31, 2016CAD ($)shares | |
Disclosure of Sharebased Payment [Line Items] | |||
Option life, share options granted | 10 | ||
Employee compensation expense | $ 7,459,000,000 | $ 7,467,000,000 | $ 7,382,000,000 |
Aggregate intrinsic value of stock options outstanding | 162,000,000 | 232,000,000 | 211,000,000 |
Aggregate intrinsic value of stock options exercisable | 140,000,000 | 174,000,000 | 146,000,000 |
Weighted average fair value of options granted | 11.30 | 11.62 | 7.60 |
Weighted average exercise price, options | 100.63 | 96.90 | 77.23 |
Other liabilities | 35,829,000,000 | 32,361,000,000 | |
Payments under deferred incentive plan | 4,000,000 | 4,000,000 | |
Assets 1 [member] | Compensation trusts [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Assets recognised | 1,752,000,000 | 1,805,000,000 | |
Third party [Member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | 0 | (7,000,000) | 26,000,000 |
Employee compensation expense | 0 | (5,000,000) | 19,000,000 |
Employee Stock Option Plan [Member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | 7,000,000 | 8,000,000 | 6,000,000 |
Employee compensation expense | 7,000,000 | 7,000,000 | 6,000,000 |
Share purchase plan [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | $ 51,000,000 | $ 53,000,000 | $ 51,000,000 |
Percentage of employer matching contribution for contribution up to 6% | 50.00% | ||
Percentage of employee contribution towards share ownership plans | 6.00% | ||
Share purchase plan contribution vesting period | 2 years | ||
Individual gross salary for employees contribution | $ 100,000 | ||
Description of employee ownership plan contribution | We match 50% of employee contributions up to 6% of their individual gross salary to a maximum of $100,000. Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. | ||
Common shares held in plan | shares | 17.8 | 18.3 | 18.9 |
Midstream incentive plan [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | $ 595,000,000 | $ 703,000,000 | $ 537,000,000 |
Employee compensation expense | 437,000,000 | 516,000,000 | 397,000,000 |
Weighted average fair value of options granted | $ 581,000,000 | $ 515,000,000 | $ 492,000,000 |
Units granted | 5,900,000 | 5,900,000 | 6,400,000 |
Gains on hedge contract | $ 51,000,000 | $ 183,000,000 | $ 111,000,000 |
Deferred incentive plan outstanding | 17,100,000 | 17,000,000 | 17,000,000 |
Intrinsic value of share other than options vested | $ 1,269,000,000 | $ 1,253,000,000 | $ 883,000,000 |
Cash payments made in relation to liabilities | 598,000,000 | 343,000,000 | 131,000,000 |
Midstream incentive plan [member] | Equity contracts [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | 544,000,000 | 520,000,000 | 426,000,000 |
Deferred incentive plans [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense before tax | 27,000,000 | 91,000,000 | 67,000,000 |
Employee compensation expense | $ 20,000,000 | $ 67,000,000 | $ 50,000,000 |
Deferred incentive plan outstanding | 4,900,000 | 5,000,000 | 4,800,000 |
Deferred incentive plan units granted | 300,000 | 300,000 | 400,000 |
Weighted average fair value at measurement date | $ 33,000,000 | $ 32,000,000 | $ 28,000,000 |
Other liabilities | 485,000,000 | 499,000,000 | |
Payments under deferred incentive plan | 60,000,000 | 32,000,000 | 53,000,000 |
Gains on derivatives | 8,000,000 | 78,000,000 | 57,000,000 |
gains resulted in net employee compensation expense before tax | 19,000,000 | 13,000,000 | 10,000,000 |
gains resulted in net employee compensation expense | $ 14,000,000 | $ 10,000,000 | $ 7,000,000 |
Options granted after to december two thousand thirteen [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Options granted vesting percentage | 50.00% | ||
Options granted vesting period | Vest in equal tranches of 50% on the third and fourth anniversaries of their grant date | ||
Options granted prior to december two thousand thirteen [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Options granted vesting period | Vest in tranches over a four-year period starting from their grant date |
Employee Compensation - Share_4
Employee Compensation - Share-Based Compensation - Summary of Information about our Stock Option Plan (Detail) | 12 Months Ended | ||
Oct. 31, 2018CAD ($)shares | Oct. 31, 2017CAD ($)shares | Oct. 31, 2016CAD ($)shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | |||
Weighted-average exercise price,Granted | $ 100.63 | $ 96.90 | $ 77.23 |
Employee Stock Options [Member] | |||
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | |||
Number of stock options, Outstanding at beginning of year | 7,525,296 | 9,805,299 | 12,111,153 |
Number of stock options, Granted | 705,398 | 723,431 | 754,714 |
Number of stock options, Exercised | 1,513,307 | 2,233,801 | 2,103,391 |
Number of stock options, Forfeited/cancelled | 152,417 | 13,243 | 104,606 |
Number of stock options, Expired | 469,769 | 756,390 | 852,571 |
Number of stock options, Outstanding at end of year | 6,095,201 | 7,525,296 | 9,805,299 |
Number of stock options, Exercisable at end of year | 3,782,481 | 4,584,375 | 5,605,485 |
Number of stock options, Available for grant | shares | 3,405,239 | 3,811,157 | 4,151,676 |
Weighted-average exercise price, Outstanding at beginning of year | $ 72.05 | $ 77.41 | $ 80.19 |
Weighted-average exercise price,Granted | 100.63 | 96.90 | 77.23 |
Weighted-average exercise price,Exercised | 58.40 | 57.80 | 55.32 |
Weighted-average exercise price,Forfeited/cancelled | 86.85 | 66.89 | 71.76 |
Weighted-average exercise price,Expired | 153.40 | 195.02 | 179.53 |
Weighted-average exercise price,Outstanding at end of year | 72.19 | 72.05 | 77.41 |
Weighted-average exercise price,Exercisable at end of year | $ 61.39 | $ 67.42 | $ 83.34 |
Employee Compensation - Share_5
Employee Compensation - Share-Based Compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) - Employee Stock Options [Member] | 12 Months Ended | |||
Oct. 31, 2018CAD ($)yr | Oct. 31, 2017CAD ($) | Oct. 31, 2016CAD ($) | Oct. 31, 2015CAD ($) | |
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 6,095,201 | 7,525,296 | 9,805,299 | 12,111,153 |
Weighted- average exercise price | $ 72.19 | $ 72.05 | $ 77.41 | $ 80.19 |
Number of stock options | 3,782,481 | 4,584,375 | 5,605,485 | |
Weighted- average exercise price | $ 61.39 | $ 67.42 | $ 83.34 | |
Range of exercise prices $30.01 to $40.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 13,690 | |||
Weighted- average remaining contractual life (years) | yr | 0.1 | |||
Weighted- average exercise price | $ 34.13 | |||
Number of stock options | 13,690 | |||
Weighted- average remaining contractual life (years) | 0.1 | |||
Weighted- average exercise price | $ 34.13 | |||
Range of exercise prices $50.01 to $60.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 1,736,930 | |||
Weighted- average remaining contractual life (years) | yr | 2.3 | |||
Weighted- average exercise price | $ 55.88 | |||
Number of stock options | 1,736,930 | |||
Weighted- average remaining contractual life (years) | 2.3 | |||
Weighted- average exercise price | $ 55.88 | |||
Range of exercise prices $60.01 to $70.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 1,798,219 | |||
Weighted- average remaining contractual life (years) | yr | 4.7 | |||
Weighted- average exercise price | $ 64.68 | |||
Number of stock options | 1,798,219 | |||
Weighted- average remaining contractual life (years) | 4.7 | |||
Weighted- average exercise price | $ 64.68 | |||
Range of exercise prices $70.01 and over [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 2,546,362 | |||
Weighted- average remaining contractual life (years) | yr | 7.7 | |||
Weighted- average exercise price | $ 88.83 | |||
Number of stock options | 233,642 | |||
Weighted- average remaining contractual life (years) | 6 | |||
Weighted- average exercise price | $ 78.62 |
Employee Compensation - Share_6
Employee Compensation - Share-Based Compensation - Summary of Further Information about our Stock Option Plan (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of number and weighted average exercise price of share options [abstract] | |||
Unrecognized compensation cost for non-vested stock option awards | $ 5 | $ 5 | $ 4 |
Weighted-average period over which this cost will be recognized(in years) | 2 years 7 months 6 days | 2 years 8 months 12 days | 2 years 6 months |
Total intrinsic value of stock options exercised | $ 67 | $ 90 | $ 55 |
Cash proceeds from stock options exercised | $ 88 | $ 129 | $ 116 |
Weighted-average share price for stock options exercised (in dollars) | $ 102.55 | $ 98.05 | $ 81.41 |
Employee Compensation - Share_7
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) | 12 Months Ended | ||
Oct. 31, 2018yr | Oct. 31, 2017yr | Oct. 31, 2016yr | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected dividend yield | 4.10% | 4.30% | 5.50% |
Risk-free rate of return | 2.10% | ||
Expected period until exercise (in years) | 10 | ||
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected share price volatility | 17.00% | 18.40% | 19.80% |
Risk-free rate of return | 1.70% | 1.30% | |
Expected period until exercise (in years) | 6.5 | 6.5 | 6.5 |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Expected share price volatility | 17.30% | 18.80% | 20.00% |
Risk-free rate of return | 1.80% | 1.40% | |
Expected period until exercise (in years) | 7 | 7 | 7 |
Employee Compensation - Pensi_3
Employee Compensation - Pension and Other Employee Future Benefits - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of defined benefit plans [line items] | ||
Curtailment gain in non-interest expense, employee compensation | $ 52 | |
Past service gain | 277 | |
Benefit payments for fiscal 2018 estimated | 486 | |
payment to bank and certain subsidiaries for investment management, record-keeping, custodial and administrative services rendered | 4 | $ 4 |
Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Past service gain | (7) | |
Benefit payments for fiscal 2018 estimated | 246 | |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Past service gain | 277 | |
Benefit payments for fiscal 2018 estimated | 41 | |
Canadian plans [member] | Common shares [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets | $ 15 | $ 3 |
Employee Compensation - Summary
Employee Compensation - Summary of Asset Allocation Ranges and Weighted-average Actual Asset Allocations (Detail) - Pension Plans [member] | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Equity Securities 1 [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 37.00% | 40.00% |
Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 46.00% | 46.00% |
Other securities [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 17.00% | 14.00% |
Bottom of range [member] | Equity Securities 1 [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 25.00% | |
Bottom of range [member] | Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 25.00% | |
Bottom of range [member] | Other securities [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 10.00% | |
Top of range [member] | Equity Securities 1 [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 50.00% | |
Top of range [member] | Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 55.00% | |
Top of range [member] | Other securities [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 40.00% |
Employee Compensation - Summa_2
Employee Compensation - Summary of Plan Information for the Past Three Years (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of defined benefit plans [line items] | |||
Fair value of plan assets | $ 7,559 | $ 7,757 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 8,311 | 8,846 | $ 8,992 |
Fair value of plan assets | 8,719 | 8,990 | 8,655 |
Surplus (deficit) and net defined benefit asset (liability) | 408 | 144 | (337) |
Pension Plans [member] | Funded plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) | 573 | 339 | (127) |
Pension Plans [member] | Unfunded plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) | (165) | (195) | (210) |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation | 1,113 | 1,460 | 1,493 |
Fair value of plan assets | 153 | 157 | 150 |
Surplus (deficit) and net defined benefit asset (liability) | (960) | (1,303) | (1,343) |
Other employee future benefit plans [member] | Funded plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) | 37 | 28 | 7 |
Other employee future benefit plans [member] | Unfunded plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) | $ (997) | $ (1,331) | $ (1,350) |
Employee Compensation - Summa_3
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Annual benefits expense | |||
Past service cost (income) | $ (277) | ||
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 7,459 | $ 7,467 | $ 7,382 |
Pension Plans [member] | |||
Annual benefits expense | |||
Current service cost | 210 | 254 | 224 |
Net interest (income) expense on net defined benefit (asset) liability | (10) | 7 | (10) |
Past service cost (income) | 7 | ||
Administrative expenses | 5 | 5 | 5 |
Benefits expense | 212 | 266 | 219 |
Defined contribution expense | 153 | 123 | 96 |
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 441 | 464 | 388 |
Pension Plans [member] | Canada and Quebec [member] | |||
Annual benefits expense | |||
Benefits expense | 76 | 75 | 73 |
Other employee future benefit plans [member] | |||
Annual benefits expense | |||
Current service cost | 26 | 32 | 25 |
Net interest (income) expense on net defined benefit (asset) liability | 45 | 47 | 52 |
Past service cost (income) | (277) | ||
Remeasurement of other long-term benefits | (10) | (6) | 6 |
Benefits expense | (216) | 73 | 83 |
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ (216) | $ 73 | $ 83 |
Employee Compensation - Summa_4
Employee Compensation - Summary of Weighted-average Assumptions Used to Determine Benefit Expenses (Detail) | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate at beginning of year | 3.50% | 3.40% | 4.20% |
Rate of compensation increase | 2.40% | 2.80% | 2.70% |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate at beginning of year | 3.60% | 3.60% | 4.40% |
Rate of compensation increase | 2.00% | 2.40% | 2.40% |
Assumed overall health care cost trend rate | 4.90% | 5.20% | 5.30% |
Employee Compensation - Summa_5
Employee Compensation - Summary of Weighted-average Assumptions Used to Determine Benefit Expenses (Parenthetical) (Detail) | Oct. 31, 2040 | Oct. 31, 2031 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Pension Plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 3.50% | 3.40% | 4.20% | ||
Pension Plans [member] | Current service costs [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 3.70% | 3.68% | |||
Other employee future benefit plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.90% | 5.20% | 5.30% | ||
Actuarial assumption of discount rates | 3.60% | 3.60% | 4.40% | ||
Other employee future benefit plans [member] | Current service costs [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Actuarial assumption of discount rates | 3.76% | 3.78% | |||
Scenario, Forecast [Member] | Other employee future benefit plans [member] | Actuarial assumption of medical cost trend rates [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.10% | 4.50% |
Employee Compensation - Summa_6
Employee Compensation - Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations (Detail) | Oct. 31, 2018 | Oct. 31, 2017 |
Canada [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.7 | 23.6 |
Canada [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24 | 24 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.6 | 24.6 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 25 | 24.9 |
United States [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 21.9 | 22 |
United States [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.4 | 23.4 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.1 | 23.2 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.5 | 24.6 |
Employee Compensation - Summa_7
Employee Compensation - Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of defined benefit plans [line items] | |||
Past service cost (income) | $ 277 | ||
Benefits paid | 4 | $ 4 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) at end of year | 408 | 144 | $ (337) |
Current service cost | (210) | (254) | (224) |
Past service cost (income) | (7) | ||
Interest cost | 10 | (7) | $ 10 |
Changes in demographic assumptions | 50 | 127 | |
Changes in financial assumptions | 562 | 150 | |
Plan member experience | (16) | (45) | |
Foreign exchange and other | 6 | (3) | |
Actuarial gains recognized in other comprehensive income for the year | $ 279 | $ 506 | |
Discount rate at end of year | 3.50% | 3.40% | 4.20% |
Rate of compensation increase | 2.40% | 2.80% | 2.70% |
Pension Plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 8,846 | $ 8,992 | |
Current service cost | 210 | 254 | |
Past service cost (income) | 7 | ||
Interest cost | 299 | 300 | |
Benefits paid | (492) | (448) | |
Employee contributions | 15 | 15 | |
Changes in demographic assumptions | (50) | (127) | |
Changes in financial assumptions | (562) | (150) | |
Plan member experience | 16 | 45 | |
Foreign exchange and other | 22 | (35) | |
Defined benefit obligation at end of year | 8,311 | 8,846 | $ 8,992 |
Wholly or partially funded defined benefit obligation | 8,146 | 8,651 | |
Unfunded defined benefit obligation | $ 165 | $ 195 | |
Discount rate at end of year | 4.00% | 3.50% | |
Rate of compensation increase | 2.40% | 2.40% | |
Pension Plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 8,990 | $ 8,655 | |
Interest cost | 309 | 293 | |
Benefits paid | (492) | (448) | |
Return on plan assets (excluding interest income) | (323) | 277 | |
Employer contributions | 213 | 219 | |
Employee contributions | 15 | 15 | |
Administrative expenses | (5) | (5) | |
Foreign exchange and other | 12 | (16) | |
Defined benefit obligation at end of year | 8,719 | 8,990 | 8,655 |
Actuarial gains recognized in other comprehensive income for the year | (323) | 277 | |
Pension Plans [member] | Other assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) at end of year | 664 | 508 | |
Pension Plans [member] | Other liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) at end of year | (256) | (364) | |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) at end of year | (960) | (1,303) | (1,343) |
Current service cost | (26) | (32) | (25) |
Past service cost (income) | 277 | ||
Interest cost | (45) | (47) | $ (52) |
Changes in demographic assumptions | 30 | 104 | |
Changes in financial assumptions | 72 | ||
Plan member experience | 1 | (41) | |
Actuarial gains recognized in other comprehensive income for the year | $ 93 | $ 71 | |
Discount rate at end of year | 3.60% | 3.60% | 4.40% |
Rate of compensation increase | 2.00% | 2.40% | 2.40% |
Assumed overall health care cost trend rate | 4.90% | 5.20% | 5.30% |
Other employee future benefit plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 1,460 | $ 1,493 | |
Current service cost | 26 | 32 | |
Past service cost (income) | (277) | ||
Interest cost | 51 | 52 | |
Benefits paid | (43) | (45) | |
Employee contributions | 5 | 5 | |
Changes in demographic assumptions | (31) | (107) | |
Changes in financial assumptions | (77) | (2) | |
Plan member experience | (4) | 39 | |
Foreign exchange and other | 3 | (7) | |
Defined benefit obligation at end of year | 1,113 | 1,460 | $ 1,493 |
Wholly or partially funded defined benefit obligation | 116 | 129 | |
Unfunded defined benefit obligation | $ 997 | $ 1,331 | |
Discount rate at end of year | 4.10% | 3.60% | |
Rate of compensation increase | 2.00% | 2.00% | |
Assumed overall health care cost trend rate | 4.90% | 5.20% | |
Other employee future benefit plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 157 | $ 150 | |
Interest cost | 6 | 5 | |
Benefits paid | (43) | (45) | |
Return on plan assets (excluding interest income) | (10) | 8 | |
Employer contributions | 35 | 40 | |
Employee contributions | 5 | 5 | |
Foreign exchange and other | 3 | (6) | |
Defined benefit obligation at end of year | 153 | 157 | $ 150 |
Actuarial gains recognized in other comprehensive income for the year | (10) | 8 | |
Other employee future benefit plans [member] | Other liabilities [member] | |||
Disclosure of defined benefit plans [line items] | |||
Surplus (deficit) and net defined benefit asset (liability) at end of year | $ (960) | $ (1,303) |
Employee Compensation - Summa_8
Employee Compensation - Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans (Parenthetical) (Detail) - Other employee future benefit plans [member] | Oct. 31, 2040 | Oct. 31, 2031 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.90% | 5.20% | 5.30% | ||
Scenario, Forecast [Member] | Actuarial assumption of medical cost trend rates [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.10% | 4.50% |
Employee Compensation - Summa_9
Employee Compensation - Summary of Fair Values of Plan Assets Held (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | $ (13) | $ (28) |
Fair value of plan assets | 7,559 | 7,757 |
Cash and money market funds. | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 114 | 155 |
Canadian federal government [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 149 | 190 |
Canadian Provincial And Municipal Governments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 528 | 791 |
US federal Government [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 297 | 327 |
US State Municipal And Agencies Debt [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 12 | 16 |
Pooled asset funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 4,306 | 3,755 |
Corporate debt [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,061 | 1,260 |
Corporate equity [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | 1,105 | 1,291 |
Canadian plans [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | 1 | |
Fair value of plan assets | 3,441 | |
Canadian plans [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | (14) | |
Fair value of plan assets | 4,118 | |
Canadian plans [member] | Cash and money market funds. | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 114 | |
Canadian plans [member] | Canadian federal government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 108 | |
Canadian plans [member] | Canadian federal government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 41 | |
Canadian plans [member] | Canadian Provincial And Municipal Governments [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 219 | |
Canadian plans [member] | Canadian Provincial And Municipal Governments [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 309 | |
Canadian plans [member] | US federal Government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 297 | |
Canadian plans [member] | US State Municipal And Agencies Debt [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 12 | |
Canadian plans [member] | Pooled asset funds [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 1,591 | |
Canadian plans [member] | Pooled asset funds [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 2,715 | |
Canadian plans [member] | Corporate debt [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 6 | |
Canadian plans [member] | Corporate debt [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,055 | |
Canadian plans [member] | Corporate equity [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | $ 1,105 | |
Foreign defined benefit plans [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | 1 | |
Fair value of plan assets | 4,115 | |
Foreign defined benefit plans [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | (29) | |
Fair value of plan assets | 3,642 | |
Foreign defined benefit plans [member] | Cash and money market funds. | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 150 | |
Foreign defined benefit plans [member] | Cash and money market funds. | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 5 | |
Foreign defined benefit plans [member] | Canadian federal government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 143 | |
Foreign defined benefit plans [member] | Canadian federal government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 47 | |
Foreign defined benefit plans [member] | Canadian Provincial And Municipal Governments [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 471 | |
Foreign defined benefit plans [member] | Canadian Provincial And Municipal Governments [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 320 | |
Foreign defined benefit plans [member] | US federal Government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 307 | |
Foreign defined benefit plans [member] | US federal Government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 20 | |
Foreign defined benefit plans [member] | US State Municipal And Agencies Debt [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 16 | |
Foreign defined benefit plans [member] | Pooled asset funds [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 1,743 | |
Foreign defined benefit plans [member] | Pooled asset funds [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 2,012 | |
Foreign defined benefit plans [member] | Corporate debt [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 9 | |
Foreign defined benefit plans [member] | Corporate debt [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,251 | |
Foreign defined benefit plans [member] | Corporate equity [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | $ 1,291 |
Employee Compensation - Summ_10
Employee Compensation - Summary of Changes in Number of Key Assumption (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 3.50% | 3.40% | 4.20% |
Actuarial assumption of discount rates | 2.40% | 2.80% | 2.70% |
Pension Plans [member] | Actuarial assumption of discount rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 4.00% | ||
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (811) | ||
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 1,016 | ||
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 2.40% | ||
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% increase [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 39 | ||
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% decrease [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | (38) | ||
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | (138) | ||
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 135 | ||
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 3.60% | 3.60% | 4.40% |
Actuarial assumption of discount rates | 2.00% | 2.40% | 2.40% |
Actuarial assumption of discount rates | 4.90% | 5.20% | 5.30% |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 4.10% | ||
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (102) | ||
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 126 | ||
Other employee future benefit plans [member] | Actuarial assumption of expected rates of salary increases [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 2.00% | ||
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (23) | ||
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 23 | ||
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 4.90% | ||
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% increase [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 47 | ||
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% decrease [member] | |||
Disclosure of defined benefit plans [line items] | |||
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ (48) |
Employee Compensation - Summ_11
Employee Compensation - Summary of Changes in Number of Key Assumption (Parenthetical) (Detail) - Other employee future benefit plans [member] | Oct. 31, 2040 | Oct. 31, 2031 | Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.90% | 5.20% | 5.30% | ||
Scenario, Forecast [Member] | Actuarial assumption of medical cost trend rates [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Assumed overall health care cost trend rate | 4.10% | 4.50% |
Employee Compensation - Summ_12
Employee Compensation - Summary of Duration of Defined Benefit Obligation (Detail) - Years | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Pension Plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 14 | 14.7 |
Pension Plans [member] | United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 7.2 | 8 |
Other employee future benefit plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 14.3 | 16.5 |
Employee Compensation - Summ_13
Employee Compensation - Summary of Cash payments in connection with employee future benefit plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Pension Plans [member] | |||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | |||
Contributions to defined benefit plans | $ 154 | $ 187 | $ 192 |
Contributions to defined contribution plans | 153 | 123 | 96 |
Benefits paid directly to pensioners | 59 | 32 | 43 |
Cash payments made for employee future benefit plans | 366 | 342 | 331 |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | |||
Benefits paid directly to pensioners | 35 | 40 | 38 |
Cash payments made for employee future benefit plans | $ 35 | $ 40 | $ 38 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 2,037,000,000 | $ 2,865,000,000 | |
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | 132,000,000 | 282,000,000 | |
Amount of unrecognized tax loss carryforwards | 8,000,000 | 53,000,000 | |
Temporary differences associated with repatriation of earnings from investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 13,000,000,000 | 12,000,000,000 | |
Revaluation of income tax | 483,000,000 | ||
Income tax expense | 425,000,000 | ||
Income tax charge in Other Compresensive Income and Shareholder's Equity | 58,000,000 | ||
2012 taxation years [Member] | |||
Disclosure of Income Tax [Line items] | |||
Additional income tax expense and interest | 116,000,000 | ||
2011 taxation years [Member] | |||
Disclosure of Income Tax [Line items] | |||
Additional income tax expense and interest | $ 76,000,000 | ||
2013 taxation years [Member] | |||
Disclosure of Income Tax [Line items] | |||
Additional income tax expense and interest | 169,000,000 | ||
Canada [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 42,000,000 | 126,000,000 | |
Deferred income tax assets loss carryforwards expiration period | 2,037 | ||
United States [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 962,000,000 | 1,545,000,000 | |
Deferred income tax assets loss carryforwards expiration, start of year | 2,026 | ||
Deferred income tax assets loss carryforwards expiration, end of year | 2,038 | ||
United Kingdom [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 17,000,000 | $ 16,000,000 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure representing major components of tax expense income [line items] | |||
Current income taxes | $ 1,331 | $ 1,254 | $ 927 |
Adjustments in respect of current tax for prior periods | 20 | 18 | 8 |
Origination and reversal of temporary differences | 276 | 80 | 183 |
Effect of changes in tax rates | 425 | (2) | (2) |
Previously unrecognized tax loss, tax credit or temporary difference for a prior period | (92) | (54) | (15) |
Provision for income taxes | 1,960 | 1,296 | 1,101 |
Unrealized gains (losses) on FVOCI securities | (69) | 21 | 64 |
Reclassification to earnings of (gains) on FVOCI securities | (23) | (36) | (11) |
Gains (losses) on derivatives designated as cash flow hedges | (432) | (322) | 4 |
Reclassification to earnings of losses on derivatives designated as cash flow hedges | 121 | 21 | 6 |
Hedging of unrealized (gains) losses on translation of net foreign operations | (56) | 8 | 10 |
Gains (losses) on remeasurement of pension and other employee future benefit plans | 111 | 157 | (156) |
(Losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (6) | (53) | (55) |
Share-based compensation | 10 | (12) | |
Total provision for income taxes | 1,616 | 1,080 | 963 |
Canada [member] | |||
Disclosure representing major components of tax expense income [line items] | |||
Federal current income taxes | 501 | 470 | 434 |
Provincial current income taxes | 299 | 272 | 248 |
Current income taxes | 800 | 742 | 682 |
Federal Deferred income taxes | (45) | 2 | (120) |
Provincial deferred income taxes | (27) | (67) | |
Deferred income taxes | (72) | 2 | (187) |
Total provision for income taxes | 728 | 744 | 495 |
Foreign countries [member] | |||
Disclosure representing major components of tax expense income [line items] | |||
Current income taxes | 224 | 281 | 220 |
Deferred income taxes | 664 | 55 | 248 |
Total provision for income taxes | $ 888 | $ 336 | $ 468 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rates (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | |||
Combined Canadian federal and provincial income taxes at the statutory tax rate | $ 1,971 | $ 1,768 | $ 1,525 |
Tax-exempt income from securities | (226) | (409) | (367) |
Foreign operations subject to different tax rates | (110) | 22 | 13 |
Change in tax rate for deferred income taxes | 425 | (2) | (2) |
Previously unrecognized tax loss, tax credit or temporary difference for a prior period | (92) | (54) | (15) |
Income attributable to investments in associates and joint ventures | (39) | (103) | (47) |
Adjustments in respect of current tax for prior periods | 20 | 18 | 8 |
Other | 11 | 56 | (14) |
Provision for income taxes and effective tax rate | $ 1,960 | $ 1,296 | $ 1,101 |
Combined Canadian federal and provincial income taxes at the statutory tax rate | 26.60% | 26.60% | 26.60% |
Tax-exempt income from securities | (3.00%) | (6.20%) | (6.40%) |
Foreign operations subject to different tax rates | (1.50%) | 0.30% | 0.30% |
Change in tax rate for deferred income taxes | 5.70% | ||
Previously unrecognized tax loss, tax credit or temporary difference for a prior period | (1.20%) | (0.80%) | (0.30%) |
Income attributable to investments in associates and joint ventures | (0.50%) | (1.50%) | (0.80%) |
Adjustments in respect of current tax for prior periods | 0.30% | 0.20% | 0.10% |
Other | 0.10% | 0.90% | (0.30%) |
Provision for income taxes and effective tax rate | 26.50% | 19.50% | 19.20% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Income Tax Balances (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | $ 2,632 | $ 2,859 |
Benefit (expense) to income statement | (24) | |
Benefit (expense) to equity | (33) | |
Translation and other | (170) | |
Ending balance of net asset | 2,632 | |
IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 2,606 | |
Benefit (expense) to income statement | (609) | |
Benefit (expense) to equity | 17 | |
Translation and other | (51) | |
Ending balance of net asset | 1,963 | 2,606 |
Allowance for credit losses [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 710 | 883 |
Benefit (expense) to income statement | (118) | |
Translation and other | (55) | |
Ending balance of net asset | 710 | |
Allowance for credit losses [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 684 | |
Benefit (expense) to income statement | (150) | |
Translation and other | (50) | |
Ending balance of net asset | 484 | 684 |
Employee future benefits [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 416 | 424 |
Benefit (expense) to income statement | 12 | |
Benefit (expense) to equity | (14) | |
Translation and other | (6) | |
Ending balance of net asset | 416 | |
Employee future benefits [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 416 | |
Benefit (expense) to income statement | (111) | |
Benefit (expense) to equity | (23) | |
Ending balance of net asset | 282 | 416 |
Deferred compensation benefits [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 545 | 462 |
Benefit (expense) to income statement | 102 | |
Translation and other | (19) | |
Ending balance of net asset | 545 | |
Deferred compensation benefits [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 545 | |
Benefit (expense) to income statement | (50) | |
Translation and other | (1) | |
Ending balance of net asset | 494 | 545 |
Other comprehensive income [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 27 | (82) |
Benefit (expense) to equity | 112 | |
Translation and other | (3) | |
Ending balance of net asset | 27 | |
Other comprehensive income [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 50 | |
Benefit (expense) to equity | 138 | |
Translation and other | 7 | |
Ending balance of net asset | 195 | 50 |
Tax loss carryforwards [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 1,233 | 1,343 |
Benefit (expense) to income statement | (18) | |
Translation and other | (92) | |
Ending balance of net asset | 1,233 | |
Tax loss carryforwards [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 1,233 | |
Benefit (expense) to income statement | (628) | |
Translation and other | 1 | |
Ending balance of net asset | 606 | 1,233 |
Tax credits [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 454 | 407 |
Benefit (expense) to income statement | 64 | |
Translation and other | (17) | |
Ending balance of net asset | 454 | |
Tax credits [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 454 | |
Benefit (expense) to income statement | (39) | |
Ending balance of net asset | 415 | 454 |
Premises and equipment [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | (664) | (613) |
Benefit (expense) to income statement | (83) | |
Translation and other | 32 | |
Ending balance of net asset | (664) | |
Premises and equipment [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | (664) | |
Benefit (expense) to income statement | 148 | |
Translation and other | 1 | |
Ending balance of net asset | (515) | (664) |
Pension benefits [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | (52) | 89 |
Benefit (expense) to income statement | 5 | |
Benefit (expense) to equity | (143) | |
Translation and other | (3) | |
Ending balance of net asset | (52) | |
Pension benefits [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | (52) | |
Benefit (expense) to income statement | 19 | |
Benefit (expense) to equity | (88) | |
Ending balance of net asset | (121) | (52) |
Goodwill and intangible assets [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | (261) | (253) |
Benefit (expense) to income statement | (23) | |
Translation and other | 15 | |
Ending balance of net asset | (261) | |
Goodwill and intangible assets [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | (261) | |
Benefit (expense) to income statement | 60 | |
Ending balance of net asset | (201) | (261) |
Securities [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 21 | 12 |
Benefit (expense) to income statement | 11 | |
Translation and other | (2) | |
Ending balance of net asset | 21 | |
Securities [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 21 | |
Benefit (expense) to income statement | 17 | |
Ending balance of net asset | 38 | 21 |
Deferred Tax Asset Liability Other [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 203 | 187 |
Benefit (expense) to income statement | 24 | |
Benefit (expense) to equity | 12 | |
Translation and other | (20) | |
Ending balance of net asset | 203 | |
Deferred Tax Asset Liability Other [member] | IFRS9 [member] | ||
Disclosure of components of deferred tax assets and liabilities [line items] | ||
Beginning balance of net asset | 180 | |
Benefit (expense) to income statement | 125 | |
Benefit (expense) to equity | (10) | |
Translation and other | (9) | |
Ending balance of net asset | $ 286 | $ 180 |
Income Taxes - Summary of Com_2
Income Taxes - Summary of Components of Deferred Income Tax Balances (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Reconciliation of changes in deferred tax liability (asset) [abstract] | ||
Deferred tax assets | $ 2,037 | $ 2,865 |
Deferred tax liabilities | $ 74 | $ 233 |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Basic Earnings per Share | |||
Net income attributable to bank shareholders | $ 5,450 | $ 5,348 | $ 4,622 |
Dividends on preferred shares | (184) | (184) | (150) |
Net income available to common shareholders | $ 5,266 | $ 5,164 | $ 4,472 |
Weighted-average number of common shares outstanding | 642,930 | 649,650 | 644,049 |
Basic earnings per share | $ 8.19 | $ 7.95 | $ 6.94 |
Diluted Earnings per Share | |||
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 5,266 | $ 5,164 | $ 4,472 |
Weighted-average number of common shares outstanding | 642,930 | 649,650 | 644,049 |
Effect of dilutive instruments | |||
Stock options potentially exercisable | 5,876 | 6,859 | 8,706 |
Common shares potentially repurchased | (3,893) | (4,548) | (6,629) |
Weighted-average number of diluted common shares outstanding | 644,913 | 651,961 | 646,126 |
Diluted earnings per share | $ 8.17 | $ 7.92 | $ 6.92 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - CAD ($) | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Earnings per share [line items] | |||
Outstanding options excluded from calculation of diluted earnings per share | 1,101,938 | 1,330,564 | 1,353,464 |
Dilutive potential shares from stock options [Member] | |||
Earnings per share [line items] | |||
Exercise price of outstanding share options | $ 127.45 | $ 182.70 | $ 238.45 |
Commitments, Guarantees, Pled_3
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 177,660 | $ 157,194 |
Financial Guarantees [Member] | Standby letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 18,458 | 18,126 |
Financial Guarantees [Member] | Credit default swaps [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 443 | 448 |
Other Credit Instruments [Member] | Backstop liquidity facilities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 5,627 | 5,044 |
Other Credit Instruments [Member] | Securities lending [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 4,939 | 5,336 |
Other Credit Instruments [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 1,263 | 1,030 |
Other Credit Instruments [Member] | Commitments to extend credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 137,995 | 122,881 |
Other Credit Instruments [Member] | Other commitments [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 8,935 | $ 4,329 |
Commitments, Guarantees, Pled_4
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of commitments guarantees pledged assets provisions and contingent liabilities [Abstract] | ||
Fair value of derivative liabilities | $ 8 | $ 6 |
Commitments, Guarantees, Pled_5
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Oct. 31, 2017 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | $ 190,995 | $ 169,396 |
Central counterparties, payment systems and depositories [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 2,403 | 2,043 |
Foreign governments and central banks [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 3 | 3 |
Obligations related to securities sold under repurchase agreements [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 54,606 | 42,450 |
Securities borrowing and lending [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 50,388 | 51,120 |
Derivative transactions [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 6,120 | 5,924 |
Securitization [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 28,710 | 27,632 |
Covered bonds [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 26,721 | 24,983 |
Others [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 21,519 | 14,516 |
Bank of canada [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 525 | 725 |
Bank assets [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 190,995 | 169,396 |
Bank assets [member] | Cashed securities, government issued or guaranteed [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 7,784 | 11,904 |
Bank assets [member] | Cashed securities,issued or guaranteed by a Canadian province municipality or school corporation [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 7,143 | 6,170 |
Bank assets [member] | Other assets [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | 60,812 | 51,848 |
Bank assets [member] | Mortgages, securities borrowed or purchased under resale agreements and other [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Pledged assets and collateral | $ 115,256 | $ 99,474 |
Commitments, Guarantees, Pled_6
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2018CAD ($)Branch | Oct. 31, 2017CAD ($) | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Fair value of counterparty collateral permitted to sell or repledge | $ 123,782 | $ 118,324 |
Fair value of collateral sold or repledged | 82,392 | 76,909 |
Minimum lease payments receivable under noncancellable operating lease | 2,742 | |
Minimum lease payments receivable under noncancellable operating lease | 404 | |
Minimum lease payments receivable under noncancellable operating lease | 358 | |
Minimum lease payments receivable under noncancellable operating lease | 301 | |
Minimum lease payments receivable under noncancellable operating lease | 254 | |
Minimum lease payments receivable under noncancellable operating lease | 215 | |
Minimum lease payments receivable under noncancellable operating lease | $ 1,210 | |
Number of leased branch locations | Branch | 1,130 | |
ongoing bank- wide [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Restructuring charges | $ 176 | $ 98 |
Commitments, Guarantees, Pled_7
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Changes In Provision Balance (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure Of Changes In Provisions [Abstract] | ||
Balance at beginning of year | $ 170 | $ 268 |
Additional provisions/increase in provisions | 375 | 153 |
Provisions utilized | (250) | (172) |
Amounts reversed | (11) | (75) |
Exchange differences and other movements | (4) | |
Balance at end of year | $ 284 | $ 170 |
Operating and Geographic Segm_3
Operating and Geographic Segmentation - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018CAD ($)BusinessSegments | Oct. 31, 2017CAD ($) | Oct. 31, 2016CAD ($) | |
Disclosure of operating segments [line items] | |||
Number of operating groups | Business | 3 | ||
Taxable equivalent basis adjustment amount | $ | $ 313 | $ 567 | $ 510 |
Personal and commercial banking [member] | |||
Disclosure of operating segments [line items] | |||
Number operating segments | Segments | 2 |
Operating and Geographic Segm_4
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of operating segments [line items] | |||
Net interest income | $ 10,313 | $ 10,007 | $ 9,872 |
Non-interest revenue | 12,724 | 12,253 | 11,215 |
Total Revenue | 23,037 | 22,260 | 21,087 |
Provision for (recovery of) credit losses | 662 | 746 | 771 |
Insurance claims, commissions and changes in policy benefit liabilities | 1,352 | 1,538 | 1,543 |
Amortization | 1,127 | 1,103 | 1,047 |
Non-interest expense | 12,486 | 12,227 | 11,994 |
Income (loss) before taxes and non-controlling interest in subsidiaries | 7,410 | 6,646 | 5,732 |
Provision for (recovery of) income taxes | 1,960 | 1,296 | 1,101 |
Reported net income (loss) | 5,450 | 5,350 | 4,631 |
Non-controlling interest in subsidiaries | 2 | 9 | |
Net Income (loss) attributable to bank shareholders | 5,450 | 5,348 | 4,622 |
Average Assets | 754,295 | 722,626 | 707,122 |
Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | 700 | ||
Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | (38) | ||
Canadian P&C [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 5,541 | 5,261 | 5,080 |
Non-interest revenue | 2,171 | 2,182 | 1,909 |
Total Revenue | 7,712 | 7,443 | 6,989 |
Provision for (recovery of) credit losses | 469 | 483 | 506 |
Amortization | 318 | 309 | 276 |
Non-interest expense | 3,487 | 3,313 | 3,224 |
Income (loss) before taxes and non-controlling interest in subsidiaries | 3,438 | 3,338 | 2,983 |
Provision for (recovery of) income taxes | 884 | 827 | 766 |
Reported net income (loss) | 2,554 | 2,511 | 2,217 |
Net Income (loss) attributable to bank shareholders | 2,554 | 2,511 | 2,217 |
Average Assets | 224,553 | 217,685 | 208,018 |
Canadian P&C [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | 466 | ||
Canadian P&C [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | 3 | ||
US P&C [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 3,843 | 3,551 | 3,491 |
Non-interest revenue | 1,140 | 1,066 | 1,119 |
Total Revenue | 4,983 | 4,617 | 4,610 |
Provision for (recovery of) credit losses | 220 | 289 | 249 |
Amortization | 454 | 434 | 433 |
Non-interest expense | 2,558 | 2,510 | 2,481 |
Income (loss) before taxes and non-controlling interest in subsidiaries | 1,751 | 1,384 | 1,447 |
Provision for (recovery of) income taxes | 357 | 357 | 396 |
Reported net income (loss) | 1,394 | 1,027 | 1,051 |
Net Income (loss) attributable to bank shareholders | 1,394 | 1,027 | 1,051 |
Average Assets | 110,351 | 104,209 | 106,111 |
US P&C [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | 258 | ||
US P&C [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | (38) | ||
Wealth management [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 826 | 722 | 635 |
Non-interest revenue | 5,468 | 5,492 | 5,274 |
Total Revenue | 6,294 | 6,214 | 5,909 |
Provision for (recovery of) credit losses | 6 | 8 | 9 |
Insurance claims, commissions and changes in policy benefit liabilities | 1,352 | 1,538 | 1,543 |
Amortization | 231 | 241 | 233 |
Non-interest expense | 3,278 | 3,110 | 3,104 |
Income (loss) before taxes and non-controlling interest in subsidiaries | 1,427 | 1,317 | 1,020 |
Provision for (recovery of) income taxes | 355 | 350 | 245 |
Reported net income (loss) | 1,072 | 967 | 775 |
Non-controlling interest in subsidiaries | 2 | 2 | |
Net Income (loss) attributable to bank shareholders | 1,072 | 965 | 773 |
Average Assets | 35,913 | 32,562 | 30,642 |
Wealth management [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | 6 | ||
BMO capital markets [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | 659 | 1,233 | 1,459 |
Non-interest revenue | 3,696 | 3,336 | 2,855 |
Total Revenue | 4,355 | 4,569 | 4,314 |
Provision for (recovery of) credit losses | (18) | 44 | 81 |
Amortization | 124 | 119 | 105 |
Non-interest expense | 2,727 | 2,659 | 2,469 |
Income (loss) before taxes and non-controlling interest in subsidiaries | 1,522 | 1,747 | 1,659 |
Provision for (recovery of) income taxes | 366 | 472 | 424 |
Reported net income (loss) | 1,156 | 1,275 | 1,235 |
Net Income (loss) attributable to bank shareholders | 1,156 | 1,275 | 1,235 |
Average Assets | 307,087 | 302,518 | 301,623 |
BMO capital markets [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | (17) | ||
BMO capital markets [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | (1) | ||
Corporate services [member] | |||
Disclosure of operating segments [line items] | |||
Net interest income | (556) | (760) | (793) |
Non-interest revenue | 249 | 177 | 58 |
Total Revenue | (307) | (583) | (735) |
Provision for (recovery of) credit losses | (15) | (78) | (74) |
Non-interest expense | 436 | 635 | 716 |
Income (loss) before taxes and non-controlling interest in subsidiaries | (728) | (1,140) | (1,377) |
Provision for (recovery of) income taxes | (2) | (710) | (730) |
Reported net income (loss) | (726) | (430) | (647) |
Non-controlling interest in subsidiaries | 7 | ||
Net Income (loss) attributable to bank shareholders | (726) | (430) | (654) |
Average Assets | 76,391 | $ 65,652 | $ 60,728 |
Corporate services [member] | Impaired Loans [Member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | (13) | ||
Corporate services [member] | Performing loans [member] | |||
Disclosure of operating segments [line items] | |||
Provision for (recovery of) credit losses | $ (2) |
Operating and Geographic Segm_5
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Geographic Region (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of geographical areas [line items] | |||
Total Revenue | $ 23,037 | $ 22,260 | $ 21,087 |
Income before taxes and non-controlling interest in subsidiaries | 7,410 | 6,646 | 5,732 |
Reported net income | 5,450 | 5,350 | 4,631 |
Average Assets | 754,295 | 722,626 | 707,122 |
Canada [member] | |||
Disclosure of geographical areas [line items] | |||
Total Revenue | 13,733 | 13,469 | 12,868 |
Income before taxes and non-controlling interest in subsidiaries | 4,838 | 4,597 | 3,902 |
Reported net income | 3,795 | 3,817 | 3,286 |
Average Assets | 441,376 | 430,570 | 420,155 |
United States [member] | |||
Disclosure of geographical areas [line items] | |||
Total Revenue | 7,315 | 7,073 | 6,796 |
Income before taxes and non-controlling interest in subsidiaries | 1,870 | 1,588 | 1,499 |
Reported net income | 1,099 | 1,210 | 1,105 |
Average Assets | 277,764 | 264,473 | 260,018 |
Other international non CAN non US [member] | |||
Disclosure of geographical areas [line items] | |||
Total Revenue | 1,989 | 1,718 | 1,423 |
Income before taxes and non-controlling interest in subsidiaries | 702 | 461 | 331 |
Reported net income | 556 | 323 | 240 |
Average Assets | $ 35,155 | $ 27,583 | $ 26,949 |
Significant Subsidiaries - Summ
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2018CAD ($) | |
Bank of Montreal Capital Markets (Holdings) Limited and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Capital Markets (Holdings) Limited and subsidiaries |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 332 |
BMO Capital Markets Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Limited |
Head or principal office | London, England |
Pyrford International Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Pyrford International Limited |
Head or principal office | London, England |
Bank of Montreal (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal (China) Co. Ltd. |
Head or principal office | Beijing, China |
Book value of shares owned by the bank | $ 448 |
Bank of Montreal Holding Inc. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Holding Inc. and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 29,028 |
Bank of Montreal Mortgage Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Mortgage Corporation |
Head or principal office | Calgary, Canada |
BMO Mortgage Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Mortgage Corp. |
Head or principal office | Vancouver, Canada |
BMO Investments Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Limited |
Head or principal office | Hamilton, Bermuda |
BMO Reinsurance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Reinsurance Limited |
Head or principal office | St. Michaels, Barbados |
BMO Nesbitt Burns Holdings Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Nesbitt Burns Holdings Corporation |
Head or principal office | Toronto, Canada |
BMO Nesbitt Burns Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Nesbitt Burns Inc. |
Head or principal office | Toronto, Canada |
BMO Investments Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Inc. |
Head or principal office | Toronto, Canada |
BMO InvestorLine Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO InvestorLine Inc. |
Head or principal office | Toronto, Canada |
Bank of Montreal Ireland plc [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Ireland plc |
Head or principal office | Dublin, Ireland |
Book value of shares owned by the bank | $ 1,022 |
BMO Financial Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Financial Corp. and subsidiaries |
Head or principal office | Chicago, United States |
Book value of shares owned by the bank | $ 21,893 |
BMO Asset Management Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Asset Management Corp. and subsidiaries |
Head or principal office | Chicago, United States |
BMO Capital Markets Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Corp. |
Head or principal office | New York, United States |
BMO Harris Bank National Association and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Bank National Association and subsidiaries |
Head or principal office | Chicago, United States |
BMO Harris Investment Company LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Investment Company LLC |
Head or principal office | Las Vegas, United States |
BMO Harris Financial Advisors, Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Financial Advisors, Inc. |
Head or principal office | Chicago, United States |
BMO Harris Financing, Inc. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Financing, Inc. and subsidiaries |
Head or principal office | Chicago, United States |
CTC my CFO, LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | CTC myCFO, LLC |
Head or principal office | Palo Alto, United States |
BMO Global Asset Management (Europe) Limited and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Global Asset Management (Europe) Limited and subsidiaries |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 692 |
BMO Asset Management (Holdings) plc and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Asset Management (Holdings) plc and subsidiaries |
Head or principal office | London, England |
BMO Life Insurance Company and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Insurance Company and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 1,195 |
BMO Life Holdings (Canada), ULC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Holdings (Canada), ULC |
Head or principal office | Halifax, Canada |
BMO Life Assurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Assurance Company |
Head or principal office | Toronto, Canada |
BMO Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Trust Company |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 768 |
BMO Trustee Asia Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Trustee Asia Limited |
Head or principal office | Hong Kong, China |
Book value of shares owned by the bank | $ 2 |
LGM (Bermuda) Limited and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | LGM (Bermuda) Limited and subsidiaries |
Head or principal office | Hamilton, Bermuda |
Book value of shares owned by the bank | $ 147 |
BMO Global Asset Management (Asia) Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Global Asset Management (Asia) Limited |
Head or principal office | Hong Kong, China |
LGM Investments Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | LGM Investments Limited |
Head or principal office | London, England |
Significant Subsidiaries - Su_2
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Disclosure of subsidiaries [abstract] | |
Voting rights held in subsidiaries | 100.00% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2018 | Oct. 31, 2017 | Oct. 31, 2016 | |
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Base salary and incentives | $ 21 | $ 23 | $ 22 |
Post-employment benefits | 2 | 1 | 2 |
Share-based payments | 31 | 38 | 32 |
Total key management personnel compensation | $ 54 | $ 62 | $ 56 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Percentage of investment in joint venture | 50.00% | |
Investments in joint ventures | $ 231 | $ 182 |
Investments in associates | 471 | 444 |
Key management personnel directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related party | $ 16 | $ 10 |
Related Party Transactions - _2
Related Party Transactions - Summary of Transaction With Joint Ventures and Associates (Detail) - Associates and joint ventures [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2018 | Oct. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||
Loans | $ 195 | $ 178 |
Deposits | 114 | 132 |
Fees paid for services received | $ 71 | $ 66 |
Transition to IFRS 9 - Summary
Transition to IFRS 9 - Summary of Pre-transition IAS 39 and Corresponding IFRS 9 classification and measurement categories, and reconciles Carrying Amounts for Loans, Securities and Other Financial Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Nov. 01, 2017 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | $ 180,935 | $ 163,198 | ||
Consumer instalment and other | 63,225 | 61,944 | ||
Credit cards | 8,329 | 8,071 | ||
Business and government | 194,456 | 175,067 | ||
Total Loans | 385,630 | 360,340 | ||
Allowance for credit losses | (1,639) | (1,833) | ||
Net amount of loans | 383,991 | 358,507 | ||
Remaining financial assets | 73,624 | 73,739 | ||
Total after-tax Accumulated Other Comprehensive Income | 2,302 | 3,066 | ||
Total after-tax Retained Earnings | 25,856 | 23,709 | ||
Total after-tax Shareholders' Equity | 45,727 | $ 44,354 | $ 42,328 | |
Financial assets at fair value through profit or loss [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Business and government | $ 1,450 | |||
IAS 39 [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | $ 163,198 | |||
Total Loans | 360,340 | |||
Allowance for credit losses | (1,833) | |||
Net amount of loans | 358,507 | |||
Remaining financial assets | 127,706 | |||
Allowance for credit losses on off-balancesheet exposures | 163 | |||
Total after-tax Accumulated Other Comprehensive Income | 3,066 | |||
Total after-tax Retained Earnings | 23,709 | |||
Total after-tax Shareholders' Equity | 44,354 | |||
IAS 39 [member] | Trading securities [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 99,069 | |||
IAS 39 [member] | Financial assets available-for-sale, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 54,075 | |||
IAS 39 [member] | Held-to-maturity investments, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 9,094 | |||
IAS 39 [member] | Other measurement category [Member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 960 | |||
IAS 39 [member] | Financial assets at amortised cost, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Residential mortgages | 115,258 | |||
Consumer instalment and other | 61,944 | |||
Credit cards | 8,071 | |||
Business and government | 175,067 | |||
IFRS9 [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 163,196 | |||
Total Loans | 360,340 | |||
Allowance for credit losses | (1,679) | |||
Net amount of loans | 358,661 | |||
Remaining financial assets | 127,700 | |||
Allowance for credit losses on off-balancesheet exposures | 239 | |||
Total after-tax Accumulated Other Comprehensive Income | 3,011 | |||
Total after-tax Retained Earnings | 23,808 | |||
Total after-tax Shareholders' Equity | 44,398 | |||
IFRS9 [member] | Trading securities [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 90,535 | |||
IFRS9 [member] | Fair value through profit or loss category one [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 8,534 | |||
IFRS9 [member] | Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 51,909 | |||
IFRS9 [member] | Fair value through profit or loss category two [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 2,081 | |||
IFRS9 [member] | Amortized cost [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 85 | |||
IFRS9 [member] | Held-to-maturity investments, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 9,092 | |||
IFRS9 [member] | Other measurement category [Member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 627 | |||
IFRS9 [member] | Fair value through profit or loss category three [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 333 | |||
IFRS9 [member] | Financial assets at amortised cost, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 9,177 | |||
Residential mortgages | 115,258 | |||
Consumer instalment and other | 61,944 | |||
Credit cards | 8,071 | |||
Business and government | 172,695 | |||
IFRS9 [member] | Financial assets at fair value through profit or loss [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 10,948 | |||
Business and government | 2,372 | |||
Reclassification [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Total after-tax Accumulated Other Comprehensive Income | (55) | |||
Total after-tax Retained Earnings | 55 | |||
Reclassification [member] | Trading securities [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | (8,534) | |||
Reclassification [member] | Fair value through profit or loss category one [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 8,534 | |||
Reclassification [member] | Financial assets available-for-sale, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | (54,075) | |||
Reclassification [member] | Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 51,909 | |||
Reclassification [member] | Fair value through profit or loss category two [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 2,081 | |||
Reclassification [member] | Amortized cost [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 85 | |||
Reclassification [member] | Other measurement category [Member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | (333) | |||
Reclassification [member] | Fair value through profit or loss category three [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | 333 | |||
Reclassification [member] | Financial assets at amortised cost, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Business and government | (2,372) | |||
Reclassification [member] | Financial assets at fair value through profit or loss [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Business and government | 2,372 | |||
Remeasurement [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | (2) | |||
Allowance for credit losses | 154 | |||
Net amount of loans | 154 | |||
Remaining financial assets | (6) | |||
Allowance for credit losses on off-balancesheet exposures | 76 | |||
Total pre-tax impact of IFRS 9 adoption | 70 | |||
Total after-tax Retained Earnings | 44 | |||
Total after-tax Shareholders' Equity | 44 | |||
Remeasurement [member] | Held-to-maturity investments, category [member] | ||||
Disclosure of financial assets to which overlay approach is applied [line items] | ||||
Securities | $ (2) |
Transition to IFRS 9 - Summar_2
Transition to IFRS 9 - Summary of Pre-transition IAS 39 and Corresponding IFRS 9 classification and measurement categories, and reconciles Carrying Amounts for Loans, Securities and Other Financial Assets (Parenthetical) (Detail) $ in Millions | Nov. 01, 2017CAD ($) |
Reclassification [member] | |
Disclosure of financial assets to which overlay approach is applied [line items] | |
Pre tax impact on retained earnings | $ 105 |
Remeasurement [member] | |
Disclosure of financial assets to which overlay approach is applied [line items] | |
Pre tax impact on retained earnings | $ 70 |
Transition to IFRS 9 - Summar_3
Transition to IFRS 9 - Summary of Classification of Securities (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Nov. 01, 2017 | Oct. 31, 2017 |
Disclosure of financial assets [line items] | |||
Securities | $ 180,935 | $ 163,198 | |
IFRS9 [member] | |||
Disclosure of financial assets [line items] | |||
Securities | $ 163,196 | ||
IFRS9 [member] | Trading securities [member] | |||
Disclosure of financial assets [line items] | |||
Securities | 90,535 | ||
IFRS9 [member] | Financial assets at fair value through profit or loss [member] | |||
Disclosure of financial assets [line items] | |||
Securities | 10,948 | ||
IFRS9 [member] | Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of financial assets [line items] | |||
Securities | 51,909 | ||
IFRS9 [member] | Financial assets at amortised cost, category [member] | |||
Disclosure of financial assets [line items] | |||
Securities | 9,177 | ||
IFRS9 [member] | Other measurement category [Member] | |||
Disclosure of financial assets [line items] | |||
Securities | $ 627 |
Transition to IFRS 9 - Schedule
Transition to IFRS 9 - Schedule of Impact on Transition to IFRS 9 on Allowance for Credit Loss (Detail) - CAD ($) $ in Millions | Oct. 31, 2018 | Nov. 01, 2017 | Oct. 31, 2017 | Oct. 31, 2016 |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | $ 1,870 | $ 1,996 | $ 2,114 | |
Residential mortgages [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 118 | 130 | ||
Business and government loans [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,155 | $ 1,265 | ||
IAS 39 [member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | $ 1,576 | |||
IAS 39 [member] | Specific Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 420 | |||
IAS 39 [member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,996 | |||
IAS 39 [member] | Residential mortgages [member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 69 | |||
IAS 39 [member] | Residential mortgages [member] | Specific Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 24 | |||
IAS 39 [member] | Residential mortgages [member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 93 | |||
IAS 39 [member] | Consumer installment and other personal [member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 343 | |||
IAS 39 [member] | Consumer installment and other personal [member] | Specific Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 136 | |||
IAS 39 [member] | Consumer installment and other personal [member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 479 | |||
IAS 39 [member] | Credit Card [Member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 243 | |||
IAS 39 [member] | Credit Card [Member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 243 | |||
IAS 39 [member] | Business and government loans [member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 785 | |||
IAS 39 [member] | Business and government loans [member] | Specific Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 233 | |||
IAS 39 [member] | Business and government loans [member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,018 | |||
IAS 39 [member] | Allowance for credit losses related to loans [member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,440 | |||
IAS 39 [member] | Allowance for credit losses related to loans [member] | Specific Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 393 | |||
IAS 39 [member] | Allowance for credit losses related to loans [member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,833 | |||
IAS 39 [member] | Allowance for off balance sheet positions [member] | Collective Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 136 | |||
IAS 39 [member] | Allowance for off balance sheet positions [member] | Specific Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 27 | |||
IAS 39 [member] | Allowance for off balance sheet positions [member] | Allowance [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 163 | |||
Remeasurement [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | (70) | |||
Remeasurement [member] | Residential mortgages [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | (20) | |||
Remeasurement [member] | Consumer installment and other personal [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 71 | |||
Remeasurement [member] | Credit Card [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 41 | |||
Remeasurement [member] | Business and government loans [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | (246) | |||
Remeasurement [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | (154) | |||
Remeasurement [member] | Allowance for remaining financial assets [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 8 | |||
Remeasurement [member] | Allowance for off balance sheet positions [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 76 | |||
IFRS9 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,870 | 1,926 | ||
IFRS9 [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 450 | |||
IFRS9 [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,056 | |||
IFRS9 [member] | Stage 3 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 420 | |||
IFRS9 [member] | Residential mortgages [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 102 | 73 | 99 | |
IFRS9 [member] | Residential mortgages [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 16 | |||
IFRS9 [member] | Residential mortgages [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 33 | |||
IFRS9 [member] | Residential mortgages [member] | Stage 3 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 24 | |||
IFRS9 [member] | Consumer installment and other personal [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 550 | |||
IFRS9 [member] | Consumer installment and other personal [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 70 | |||
IFRS9 [member] | Consumer installment and other personal [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 344 | |||
IFRS9 [member] | Consumer installment and other personal [member] | Stage 3 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 136 | |||
IFRS9 [member] | Credit Card [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 284 | |||
IFRS9 [member] | Credit Card [Member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 63 | |||
IFRS9 [member] | Credit Card [Member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 221 | |||
IFRS9 [member] | Business and government loans [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | $ 915 | 772 | $ 912 | |
IFRS9 [member] | Business and government loans [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 205 | |||
IFRS9 [member] | Business and government loans [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 334 | |||
IFRS9 [member] | Business and government loans [member] | Stage 3 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 233 | |||
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1,679 | |||
IFRS9 [member] | Allowance for credit losses related to loans [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 354 | |||
IFRS9 [member] | Allowance for credit losses related to loans [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 932 | |||
IFRS9 [member] | Allowance for credit losses related to loans [member] | Stage 3 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 393 | |||
IFRS9 [member] | Allowance for remaining financial assets [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 8 | |||
IFRS9 [member] | Allowance for remaining financial assets [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 7 | |||
IFRS9 [member] | Allowance for remaining financial assets [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 1 | |||
IFRS9 [member] | Allowance for off balance sheet positions [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 239 | |||
IFRS9 [member] | Allowance for off balance sheet positions [member] | Stage 1 [member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 89 | |||
IFRS9 [member] | Allowance for off balance sheet positions [member] | Stage 2 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | 123 | |||
IFRS9 [member] | Allowance for off balance sheet positions [member] | Stage 3 [Member] | ||||
Disclosure of expected impact of initial application of new standards or interpretations [line items] | ||||
Allowance for credit losses | $ 27 |
Transition to IFRS 9 - Addition
Transition to IFRS 9 - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2018 | |
Bottom of range [member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Proportion of voting rights held in associate | 20.00% |
Top of range [member] | |
Disclosure of expected impact of initial application of new standards or interpretations [line items] | |
Proportion of voting rights held in associate | 50.00% |