Cover Page
Cover Page | 9 Months Ended |
Jul. 31, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jul. 31, 2021 |
Document Fiscal Year Focus | 2021 |
Document Fiscal Period Focus | Q3 |
Entity Registrant Name | BANK OF MONTREAL /CAN/ |
Entity Central Index Key | 0000927971 |
Current Fiscal Year End Date | --10-31 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Interest, Dividend and Fee Income | |||||
Loans | $ 3,916 | $ 3,849 | $ 4,204 | $ 11,794 | $ 13,856 |
Securities (Note 2) | 929 | 1,002 | 1,249 | 2,921 | 3,971 |
Deposits with banks | 50 | 50 | 49 | 144 | 343 |
Interest, Dividend and Fee Income | 4,895 | 4,901 | 5,502 | 14,859 | 18,170 |
Interest Expense | |||||
Deposits | 745 | 817 | 1,292 | 2,483 | 5,157 |
Subordinated debt | 44 | 51 | 65 | 153 | 201 |
Other liabilities | 585 | 578 | 610 | 1,669 | 2,371 |
Interest Expense | 1,374 | 1,446 | 1,967 | 4,305 | 7,729 |
Net Interest Income | 3,521 | 3,455 | 3,535 | 10,554 | 10,441 |
Non-Interest Revenue | |||||
Securities commissions and fees | 264 | 300 | 260 | 849 | 789 |
Deposit and payment service charges | 319 | 306 | 299 | 930 | 916 |
Trading revenues | 135 | 47 | 68 | 394 | (8) |
Lending fees | 348 | 343 | 309 | 1,047 | 956 |
Card fees | 113 | 122 | 85 | 316 | 264 |
Investment management and custodial fees | 502 | 476 | 455 | 1,460 | 1,341 |
Mutual fund revenues | 406 | 396 | 348 | 1,176 | 1,062 |
Underwriting and advisory fees | 411 | 404 | 287 | 1,073 | 811 |
Securities gains, other than trading | 198 | 111 | 31 | 411 | 84 |
Foreign exchange gains, other than trading | 41 | 63 | 21 | 128 | 89 |
Insurance revenues | 1,137 | (163) | 1,321 | 1,718 | 2,035 |
Investments in associates and joint ventures | 67 | 60 | 52 | 183 | 112 |
Other | 100 | 156 | 118 | 374 | 308 |
Non-Interest Revenue | 4,041 | 2,621 | 3,654 | 10,059 | 8,759 |
Total Revenue | 7,562 | 6,076 | 7,189 | 20,613 | 19,200 |
Provision for Credit Losses (Note 3) | (70) | 60 | 1,054 | 146 | 2,521 |
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities | 984 | (283) | 1,189 | 1,302 | 1,708 |
Non-Interest Expense | |||||
Employee compensation (Note 8) | 2,102 | 2,042 | 1,964 | 6,263 | 5,994 |
Premises and equipment | 829 | 863 | 785 | 2,496 | 2,348 |
Amortization of intangible assets | 157 | 158 | 154 | 471 | 461 |
Travel and business development | 101 | 97 | 57 | 264 | 296 |
Communications | 63 | 72 | 71 | 199 | 233 |
Professional fees | 140 | 147 | 135 | 423 | 396 |
Other (Note 12) | 292 | 1,030 | 278 | 1,590 | 901 |
Non-Interest Expense | 3,684 | 4,409 | 3,444 | 11,706 | 10,629 |
Income Before Provision for Income Taxes | 2,964 | 1,890 | 1,502 | 7,459 | 4,342 |
Provision for income taxes (Note 10) | 689 | 587 | 270 | 1,864 | 829 |
Net Income | $ 2,275 | $ 1,303 | $ 1,232 | $ 5,595 | $ 3,513 |
Earnings Per Share (Canadian $) (Note 9) | |||||
Basic | $ 3.42 | $ 1.91 | $ 1.81 | $ 8.36 | $ 5.18 |
Diluted | 3.41 | 1.91 | 1.81 | 8.35 | 5.18 |
Common shares [member] | |||||
Earnings Per Share (Canadian $) (Note 9) | |||||
Dividends per common share | $ 1.06 | $ 1.06 | $ 1.06 | $ 3.18 | $ 3.18 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | ||
Statement [Line Items] | ||||||
Net Income | $ 2,275 | $ 1,303 | $ 1,232 | $ 5,595 | $ 3,513 | |
Other Comprehensive Income (Loss), net of taxes | ||||||
Reclassification to earnings of (gains) in the period | [1] | (5) | (19) | (18) | (33) | (74) |
Other comprehensive income net of tax OCI debt financial assets | 17 | (108) | 123 | (43) | 347 | |
Net change in unrealized gains (losses) on cash flow hedges | ||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period | [2] | 218 | (479) | 83 | (392) | 1,673 |
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | [3] | (116) | (86) | (37) | (279) | 8 |
Other comprehensive income net of tax cash flow hedges | 102 | (565) | 46 | (671) | 1,681 | |
Net gains (losses) on translation of net foreign operations | ||||||
Unrealized gains (losses) on translation of net foreign operations | 521 | (1,304) | (1,180) | (1,914) | 516 | |
Unrealized gains (losses) on hedges of net foreign operations | [4] | (139) | 316 | 206 | 398 | (145) |
Other comprehensive income, net of taxes, translation of net foreign operations | 382 | (988) | (974) | (1,516) | 371 | |
Items that will not be reclassified to net income | ||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | [5] | 54 | 436 | (189) | 765 | (244) |
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | [6] | 22 | 3 | (330) | (220) | (49) |
Unrealized gains on fair value through OCI equity securities arising during the period | [7] | 7 | 0 | 0 | 7 | 0 |
Items that will not be reclassified to net income | 83 | 439 | (519) | 552 | (293) | |
Other Comprehensive Income (Loss), net of taxes | 584 | (1,222) | (1,324) | (1,678) | 2,106 | |
Total Comprehensive Income (Loss) | 2,859 | 81 | (92) | 3,917 | 5,619 | |
Debt securities [member] | ||||||
Other Comprehensive Income (Loss), net of taxes | ||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | [8] | $ 22 | $ (89) | $ 141 | $ (10) | $ 421 |
[1] | Net of income tax provision of $2 million, $6 million, $6 million for the three months ended, and $11 million, $23 million for the nine months ended, respectively. | |||||
[2] | Net of income tax (provision) recovery of $(72) million, $173 million, $(27) million for the three months ended, and $147 million, $(600) million for the nine months ended, respectively. | |||||
[3] | Net of income tax provision (recovery) of $41 million, $31 million, $13 million for the three months ended, and $100 million, $(3) million for the nine months ended, respectively. | |||||
[4] | Net of income tax (provision) recovery of $50 million, $(115) million, $(74) million for the three months ended, and $(145) million, $53 million for the nine months ended, respectively. | |||||
[5] | Net of income tax (provision) recovery of $(26) million, $(158) million, $65 million for the three months ended, and $(283) million, $85 million for the nine months ended, respectively. | |||||
[6] | Net of income tax (provision) recovery of $(9) million, $(1) million, $120 million for the three months ended, and $79 million, $18 million for the nine months ended, respectively. | |||||
[7] | Net of income tax (provision) recovery of $(2) million, $nil, $nil for the three months ended, and $(2) million, $nil for the nine months ended, respectively. | |||||
[8] | Net of income tax (provision) recovery of $(7) million, $32 million, $(47) million for the three months ended, and $5 million, $(147) million for the nine months ended, respectively. |
Consolidated Statement of Com_2
Consolidated Statement of Comprehensive Income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Statement [Line Items] | |||||
Net of income tax provision, reclassification to earnings of (gains) | $ 2 | $ 6 | $ 6 | $ 11 | $ 23 |
Net of income tax (provision) gains on derivatives designated as cash flow hedges | (72) | 173 | (27) | 147 | (600) |
Net of income tax provision (recovery), reclassification to earnings of losses on derivatives designated as cash flow hedges | 41 | 31 | 13 | 100 | (3) |
Net of income tax (provision) recovery, unrealized gains on hedges of net foreign operations | 50 | (115) | (74) | (145) | 53 |
Net of income tax (provision) recovery, gains (losses) on remeasurement of pension and other employee future benefit plans | (26) | (158) | 65 | (283) | 85 |
Net of income tax (provision) recovery, gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (9) | (1) | 120 | 79 | 18 |
Net of income tax (provision) recovery, unrealized gains on fair value through OCI equity securities arising during the period | (2) | 0 | 0 | (2) | 0 |
Debt securities [member] | |||||
Statement [Line Items] | |||||
Net of income tax (provision), unrealized gains on fair value through OCI securities | $ (7) | $ 32 | $ (47) | $ 5 | $ (147) |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Assets | |||
Cash and Cash Equivalents | $ 83,825 | $ 98,593 | $ 57,408 |
Interest Bearing Deposits with Banks | 8,793 | 8,955 | 9,035 |
Securities (Note 2) | |||
Trading | 102,169 | 90,566 | 97,834 |
Fair value through profit or loss | 14,239 | 13,331 | 13,568 |
Fair value through other comprehensive income | 64,553 | 61,172 | 73,407 |
Debt securities at amortized cost | 48,727 | 46,744 | 48,466 |
Investments in associates and joint ventures | 1,088 | 1,054 | 985 |
Securities, net | 230,776 | 212,867 | 234,260 |
Securities Borrowed or Purchased Under Resale Agreements | 104,738 | 98,327 | 111,878 |
Loans | |||
Residential mortgages | 134,374 | 130,529 | 127,024 |
Consumer instalment and other personal | 75,092 | 71,918 | 70,148 |
Credit cards | 7,866 | 7,488 | 7,889 |
Business and government | 241,108 | 237,702 | 245,662 |
Loans gross of allowance for loan losses | 458,440 | 447,637 | 450,723 |
Allowance for credit losses (Note 3) | (2,824) | (3,028) | (3,303) |
Loans,net | 455,616 | 444,609 | 447,420 |
Other Assets | |||
Derivative instruments | 36,331 | 37,998 | 36,815 |
Customers' liability under acceptances | 14,263 | 11,952 | 13,493 |
Premises and equipment | 4,266 | 4,298 | 4,183 |
Goodwill | 5,450 | 5,375 | 6,535 |
Intangible assets | 2,298 | 2,323 | 2,442 |
Current tax assets | 1,145 | 1,141 | 1,260 |
Deferred tax assets | 1,209 | 1,294 | 1,473 |
Other | 22,648 | 22,107 | 23,059 |
Other assets | 87,610 | 86,488 | 89,260 |
Total Assets | 971,358 | 949,839 | 949,261 |
Liabilities and Equity | |||
Deposits (Note 4) | 680,553 | 657,201 | 659,034 |
Other Liabilities | |||
Derivative instruments | 29,167 | 33,218 | 30,375 |
Acceptances | 14,263 | 11,952 | 13,493 |
Securities sold but not yet purchased | 28,497 | 32,540 | 29,376 |
Securities lent or sold under repurchase agreements | 92,990 | 87,703 | 88,658 |
Securitization and structured entities' liabilities | 23,927 | 25,657 | 26,889 |
Current tax liabilities | 154 | 193 | 126 |
Deferred tax liabilities | 188 | 163 | 108 |
Other | 36,950 | 38,554 | 36,193 |
Other liabilities | 226,136 | 229,980 | 225,218 |
Subordinated debt | 6,973 | 7,144 | 8,416 |
Equity | |||
Contributed surplus | 310 | 313 | 302 |
Retained earnings | 34,089 | 32,561 | 30,745 |
Accumulated other comprehensive income | 3,840 | 3,256 | 5,518 |
Total Equity | 57,696 | 55,514 | 56,593 |
Total Liabilities and Equity | 971,358 | 949,839 | 949,261 |
Preferred shares and other equity instruments [member] | |||
Equity | |||
Issued capital | 5,848 | 5,848 | 6,598 |
Total Equity | 5,848 | 5,848 | 6,598 |
Common shares [member] | |||
Equity | |||
Issued capital | 13,609 | 13,536 | 13,430 |
Total Equity | $ 13,609 | $ 13,536 | $ 13,430 |
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 Fair Value through OCI Debt Securities, net of taxes [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 Pension and Other Employee Future Benefit Plans, 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] | Preferred shares and other equity instruments [member] | Common shares [member] | |
Balance at beginning of year at Oct. 31, 2019 | $ 303 | $ 28,725 | $ 26 | $ 513 | $ 3,703 | $ (383) | $ (130) | $ 5,348 | $ 12,971 | |||
Statement [Line Items] | ||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 214 | |||||||||||
Issued under the Stock Option Plan | 30 | |||||||||||
Treasury shares or repurchase of common shares for cancellation | (15) | |||||||||||
Impact from adopting IFRS 16 | (59) | |||||||||||
Net income | $ 3,513 | 3,513 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (195) | |||||||||||
Dividends on common shares | (2,038) | |||||||||||
Stock option expense, net of options exercised | (1) | |||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period | 1,673 | [1] | 1,673 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | 516 | 516 | ||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | (244) | [2] | (244) | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (49) | [3] | (49) | |||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | 421 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | 8 | [4] | 8 | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | (145) | [5] | (145) | |||||||||
Net premium (discount) on sale of treasury shares | (44) | |||||||||||
Reclassification to earnings of (gains) during the period | (74) | [6] | (74) | |||||||||
Balance at end of year at Jul. 31, 2020 | 54,587 | 302 | 29,902 | 373 | 2,194 | 4,074 | (627) | (179) | $ 5,835 | 5,348 | 13,200 | |
Balance at beginning of year at Apr. 30, 2020 | 301 | 29,426 | 250 | 2,148 | 5,048 | (438) | 151 | 5,348 | 13,000 | |||
Statement [Line Items] | ||||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 214 | |||||||||||
Issued under the Stock Option Plan | 1 | |||||||||||
Treasury shares or repurchase of common shares for cancellation | (15) | |||||||||||
Net income | 1,232 | 1,232 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (73) | |||||||||||
Dividends on common shares | (682) | |||||||||||
Stock option expense, net of options exercised | 1 | |||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period | 83 | [1] | 83 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (1,180) | (1,180) | ||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | (189) | [2] | (189) | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (330) | [3] | (330) | |||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | 141 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | (37) | [4] | (37) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 206 | [5] | 206 | |||||||||
Net premium (discount) on sale of treasury shares | (1) | |||||||||||
Reclassification to earnings of (gains) during the period | (18) | [6] | (18) | |||||||||
Balance at end of year at Jul. 31, 2020 | 54,587 | 302 | 29,902 | 373 | 2,194 | 4,074 | (627) | (179) | 5,835 | 5,348 | 13,200 | |
Balance at beginning of year at Oct. 31, 2020 | 56,593 | 302 | 30,745 | 355 | 1,979 | 3,980 | (638) | (158) | 6,598 | 13,430 | ||
Statement [Line Items] | ||||||||||||
Issued under the Stock Option Plan | 99 | |||||||||||
Treasury shares or repurchase of common shares for cancellation | 80 | |||||||||||
Net income | 5,595 | 5,595 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (185) | |||||||||||
Dividends on common shares | (2,058) | |||||||||||
Stock option expense, net of options exercised | 7 | |||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period | (392) | [1] | (392) | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (1,914) | (1,914) | ||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | 765 | [2] | 765 | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (220) | [3] | (220) | |||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | (10) | |||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 7 | |||||||||||
Redeemed during the period | (750) | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | (279) | [4] | (279) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 398 | [5] | 398 | |||||||||
Equity issue expense and premium paid on redemption of preferred shares | (6) | |||||||||||
Net premium (discount) on sale of treasury shares | (2) | |||||||||||
Reclassification to earnings of (gains) during the period | (33) | [6] | (33) | |||||||||
Other | 1 | |||||||||||
Balance at end of year at Jul. 31, 2021 | 57,696 | 310 | 34,089 | 319 | 1,308 | 2,464 | 127 | (378) | 3,840 | 5,848 | 13,609 | |
Balance at beginning of year at Apr. 30, 2021 | 55,514 | 313 | 32,561 | 295 | 1,206 | 2,082 | 73 | (400) | 5,848 | 13,536 | ||
Statement [Line Items] | ||||||||||||
Issued under the Stock Option Plan | 40 | |||||||||||
Treasury shares or repurchase of common shares for cancellation | 33 | |||||||||||
Net income | 2,275 | 2,275 | ||||||||||
Dividends on preferred shares and distributions payable on other equity instruments | (61) | |||||||||||
Dividends on common shares | (686) | |||||||||||
Gains (losses) on derivatives designated as cash flow hedges arising during the period | 218 | [1] | 218 | |||||||||
Unrealized gains (losses) on translation of net foreign operations | 521 | 521 | ||||||||||
Gains (losses) on remeasurement of pension and other employee future benefit plans | 54 | [2] | 54 | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 22 | [3] | 22 | |||||||||
Unrealized gains (losses) on fair value through OCI debt securities arising during the period | 22 | |||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 7 | |||||||||||
Reclassification to earnings of (gains) losses on derivatives designated as cash flow hedges in the period | (116) | [4] | (116) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | (139) | [5] | (139) | |||||||||
Net premium (discount) on sale of treasury shares | (3) | |||||||||||
Reclassification to earnings of (gains) during the period | (5) | [6] | (5) | |||||||||
Balance at end of year at Jul. 31, 2021 | $ 57,696 | $ 310 | $ 34,089 | $ 319 | $ 1,308 | $ 2,464 | $ 127 | $ (378) | $ 3,840 | $ 5,848 | $ 13,609 | |
[1] | Net of income tax (provision) recovery of $(72) million, $173 million, $(27) million for the three months ended, and $147 million, $(600) million for the nine months ended, respectively. | |||||||||||
[2] | Net of income tax (provision) recovery of $(26) million, $(158) million, $65 million for the three months ended, and $(283) million, $85 million for the nine months ended, respectively. | |||||||||||
[3] | Net of income tax (provision) recovery of $(9) million, $(1) million, $120 million for the three months ended, and $79 million, $18 million for the nine months ended, respectively. | |||||||||||
[4] | Net of income tax provision (recovery) of $41 million, $31 million, $13 million for the three months ended, and $100 million, $(3) million for the nine months ended, respectively. | |||||||||||
[5] | Net of income tax (provision) recovery of $50 million, $(115) million, $(74) million for the three months ended, and $(145) million, $53 million for the nine months ended, respectively. | |||||||||||
[6] | Net of income tax provision of $2 million, $6 million, $6 million for the three months ended, and $11 million, $23 million for the nine months ended, respectively. |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Cash Flows from Operating Activities | ||||
Net Income | $ 2,275 | $ 1,232 | $ 5,595 | $ 3,513 |
Adjustments to determine net cash flows provided by (used in) operating activities | ||||
Provision on securities, other than trading | 0 | 1 | (1) | 2 |
Net (gain) on securities, other than trading | (198) | (32) | (410) | (86) |
Net (increase) in trading securities | (10,335) | (7,319) | (7,415) | (1,624) |
Provision (recovery) for credit losses (Note 3) | (70) | 1,054 | 146 | 2,521 |
Change in derivative instruments – (increase) decrease in derivative asset | 2,648 | 5,863 | 1,779 | (14,158) |
Increase (decrease) in derivative liability | (5,367) | (6,918) | (1,683) | 15,342 |
Amortization of premises and equipment | 195 | 198 | 588 | 598 |
Amortization of other assets | 32 | 48 | 110 | 152 |
Amortization of intangible assets | 157 | 154 | 471 | 461 |
Write-down of goodwill | 8 | 0 | 755 | 0 |
Net (increase) decrease in deferred income tax asset | 91 | (90) | 212 | 132 |
Net increase (decrease) in deferred income tax liability | 24 | 16 | 80 | (1) |
Net (increase) decrease in current income tax asset | 53 | 90 | (56) | (492) |
Net increase (decrease) in current income tax liability | (43) | (19) | 70 | (9) |
Change in accrued interest – decrease in interest receivable | 67 | 242 | 267 | 319 |
Change in accrued interest – increase (decrease) in interest payable | (32) | 14 | (434) | (198) |
Changes in other items and accruals, net | (2,233) | 891 | (549) | (5,623) |
Net increase in deposits | 17,752 | 19,630 | 45,947 | 85,368 |
Net (increase) decrease in loans | (8,222) | 13,713 | (19,737) | (20,574) |
Net increase (decrease) in securities sold but not yet purchased | (4,243) | 724 | (159) | 4,081 |
Net increase (decrease) in securities lent or sold under repurchase agreements | 4,232 | (3,645) | 7,661 | 11,616 |
Net (increase) decrease in securities borrowed or purchased under resale agreements | (5,480) | (1,979) | 2,972 | (13,514) |
Net increase (decrease) in securitization and structured entities' liabilities | (1,822) | (101) | (2,591) | 191 |
Net Cash Provided by (Used in) Operating Activities | (10,511) | 23,767 | 33,618 | 68,017 |
Cash Flows from Financing Activities | ||||
Net (decrease) in liabilities of subsidiaries | (5,326) | (8,113) | ||
Proceeds from issuance of covered bonds | 1,837 | 1,837 | 4,425 | |
Redemption/buyback of covered bonds | (1,860) | (1,371) | (4,074) | (3,868) |
Proceeds from issuance of subordinated debt (Note 15) | 1,000 | 1,250 | 1,000 | 1,250 |
Repayment of subordinated debt (Note 4) | (1,250) | (2,250) | ||
Redemption of preferred shares (Note 5) | (756) | |||
Net proceeds from issuance of common shares and sale of treasury shares (Note 5) | 71 | (15) | 172 | (48) |
Cash dividends and distributions paid | (755) | (516) | (2,234) | (1,974) |
Repayment of lease liabilities | (82) | (82) | (244) | (250) |
Net Cash (Used in) Financing Activities | (1,039) | (6,060) | (6,549) | (8,578) |
Cash Flows from Investing Activities | ||||
Net (increase) decrease in interest bearing deposits with banks | 300 | (950) | (265) | (280) |
Purchases of securities, other than trading | (14,397) | (20,449) | (38,783) | (73,897) |
Maturities of securities, other than trading | 7,266 | 5,050 | 21,530 | 12,539 |
Proceeds from sales of securities, other than trading | 2,998 | 5,223 | 19,417 | 30,556 |
Premises and equipment – net (purchases) | (124) | (74) | (327) | (273) |
Purchased and developed software – net (purchases) | (118) | (125) | (358) | (490) |
Acquisitions | 0 | 0 | 0 | (186) |
Proceeds from divestitures (Note 12) | 63 | 0 | 63 | 0 |
Net Cash Provided by (Used in) Investing Activities | (4,012) | (11,325) | 1,277 | (32,031) |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 794 | (1,385) | (1,929) | 379 |
Net increase (decrease) in Cash and Cash Equivalents | (14,768) | 4,997 | 26,417 | 27,787 |
Cash and Cash Equivalents at Beginning of Period | 98,593 | 71,593 | 57,408 | 48,803 |
Cash and Cash Equivalents at End of Period | 83,825 | 76,590 | 83,825 | 76,590 |
Net cash provided by operating activities includes: | ||||
Interest paid in the period | 1,373 | 1,974 | 4,679 | 7,905 |
Income taxes paid in the period | 650 | 140 | 1,476 | 1,732 |
Interest received in the period | 4,562 | 5,241 | 13,936 | 16,988 |
Dividends received in the period | $ 415 | $ 466 | $ 1,255 | $ 1,289 |
Basis of Presentation
Basis of Presentation | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
Basis of Presentation | Note 1: Basis of Presentation Bank of Montreal (the bank or BMO) is a chartered bank under the Bank Act (Canada) These condensed interim consolidated financial statements have been prepared in accordance with International Accounting Standard 34, Interim Financial Reporting Changes in Accounting Policy Interbank Offered Rate (IBOR) Reform Effective November 1, 2020, we early adopted the IASB’s IBOR Phase 2 amendments to IFRS 9 Financial Instruments Financial Instruments: Recognition and Measurement Financial Instruments: Disclosures Insurance Contracts Leases For financial instruments at amortized cost, the amendments introduce a practical expedient such that if a change in the contractual cash flows is as a direct consequence of IBOR reform and occurs on an economically equivalent basis, the change will be accounted for by updating the effective interest rate with no immediate gain or loss recognized. The amendments also provide additional temporary relief from applying specific IAS 39 hedge accounting requirements to hedging relationships affected by IBOR reform. For example, there is an exception from the requirement to discontinue hedge accounting as a result of changes to hedge documentation required solely by IBOR reform. As a result of the transition from IBORs to alternative reference rates (ARRs), certain benchmark rates may be subject to discontinuance, changes in methodology, increased volatility or decreased liquidity. The bank, both as a holder and an issuer of IBOR-based instruments, is exposed to increased financial, operational, legal and regulatory, and reputational risks as the rates transition. These risks arise principally from updating systems and processes to capture new ARRs, amending contracts or existing fallback clauses for new ARRs, managing the client transition to ARRs and the resulting impact on economic risk management, as well as updating hedge designations as the new ARRs emerge. In order to manage those risks, we have established an enterprise IBOR Transition Office (ITO) to coordinate and oversee the transition from IBORs to ARRs, with a focus on managing and mitigating internal risks as well as managing our client relationships. The ITO, sponsored and supported by senior management, is responsible for running the enterprise-wide program, covering all of BMO’s lines of business and corporate function areas. The ITO has a global mandate to ensure that we properly prepare for the discontinuation or unavailability of LIBOR and other IBORs. As part of its mandate, the ITO continues to address the bank’s industry and regulatory engagement, client and financial contract changes, internal and external communications, technology and operations modifications, introduction of new products, migration of existing clients, program strategy, and governance and evaluate financial reporting impacts, including for hedge accounting. In addition, the ITO continues to monitor the development and usage of ARRs across the industry, including the Alternative Reference Rate Committee’s formal recommendation of the CME Group’s forward-looking Secured Overnight Financing Rate (SOFR) Term Rates. As the market continues to develop we have begun to add ARR-based We adhered to the International Swaps and Derivatives Association Fallbacks Protocol (ISDA Protocol), which took effect on January 25, 2021. The ISDA Protocol provides specific fallbacks depending on whether the relevant IBOR (for example, USD LIBOR or GBP LIBOR) has been permanently discontinued or is temporarily unavailable. It provides an efficient amendment mechanism for mutually adhering counterparties to incorporate these fallback provisions into legacy derivative contracts. Also, we continue to incorporate contractual fallback provisions in new IBOR based cash products in order to ensure there is an alternative benchmark rate at the time of the relevant IBOR cessation. The table below presents quantitative information for financial instruments that referenced certain IBORs as at November 1, 2020, the date of adoption for Phase 2 relief, and were either due to mature after December 31, 2021 or demand facilities that will be subject to remediation to amend the benchmark interest rate. Our GBP LIBOR and other LIBOR exposures have not materially changed since November 1, 2020. (Canadian $ in millions) November 1, 2020 USD LIBOR GBP LIBOR Other (1) Non-derivative 100,521 868 1,225 Non-derivative 7,435 692 - Derivative notional amounts (3)(4) 1,570,534 20,972 6,702 Authorized and committed loan commitments (5)(6) 68,449 194 23,633 (1) Includes CHF LIBOR, EONIA and JPY LIBOR. (2) All amounts are presented based on contractual amounts outstanding with the exception of securities, in non-derivative (3) Notionals 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. (4) Includes certain cross-currency swap positions where both the pay and receive leg currently reference an IBOR. For those derivatives, the table above includes the notional for both the pay and receive legs in the relevant columns aligning with the IBOR exposure. (5) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. 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. (6) Other includes loan commitments where our customers have the option to draw from their facility in multiple currencies. Amounts drawn will be subject to prevailing interbank offered rates for the foreign currency, including those that are in scope of IBOR reform. Financial instruments that reference rates in multi-rate jurisdictions, including the Canadian Dollar Offered Rate (CDOR), the EURO Interbank Offered Rate and Australian Bank Bill Swap Rate, are excluded from the table above. In the case of CDOR, financial instruments indexed to 6-month 12-month On March 5, 2021, the Financial Conduct Authority (FCA) confirmed that LIBOR settings will cease to be provided by any administrator immediately after December 31, 2021 for all sterling, euro, Swiss franc and Japanese yen settings as well as the 1-week 2-month As a result of extending the cessation date of certain USD LIBOR settings, more contracts will expire prior to cessation and therefore the number and value of contracts that will be subject to remediation efforts has reduced. The following table presents the value of financial instruments impacted by the FCA extension as at April 30, 2023 as presented in our second quarter financial statements, that is, ones that reference USD LIBOR (with the exception of the 1 week and 2-month (Canadian $ in millions) April 30, 2021 USD LIBOR Non-derivative 75,455 Non-derivative 2,933 Derivative notional amounts (2) 1,112,747 Authorized and committed loan commitments (3)(4) 45,794 (1) All amounts are presented based on contractual amounts outstanding with the exception of securities, in non-derivative (2) Notionals 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. (3) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. 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. (4) Excludes $8,746 million of loan commitments where the customer’s option to draw in another currency impacted by IBOR reform is limited to USD. Any amounts drawn under the option will be subject to USD LIBOR, which will be impacted by the June 30, 2023 cessation date. Changes in our exposures during the third quarter ended July 31, 2021, did not result in significant changes to the risks arising from transition since we previously disclosed our IBOR exposures. In the normal course of business, our exposures may continue to fluctuate with no significant impact expected to our IBOR conversion plans. Conceptual Framework Effective November 1, 2020, we adopted 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 had no impact on our accounting policies. Use of Estimates and Judgments The preparation of the interim 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 and judgments include the allowance for credit losses; financial instruments measured at fair value; pension and other employee future benefits; impairment of securities; income taxes and deferred tax assets; goodwill and intangible assets; insurance-related liabilities; provisions including legal proceedings and restructuring charges; leases; and transfer of financial assets and consolidation of structured entities. If actual results were to differ from the estimates, the impact would be recorded in future periods. The extent to which the COVID-19 Allowance for Credit Losses As detailed further in Note 1 of our annual consolidated financial statements for the year ended October 31, 2020, the allowance for credit losses (ACL) consists of allowances on impaired loans, which represent estimated losses related to impaired loans in the portfolio provided for but not yet written off, and allowances on performing loans, which is our best estimate of impairment in the existing portfolio for loans that have not yet been individually identified as impaired. The expected credit loss model requires the recognition of credit losses generally based on 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 bank’s methodology for determining significant increase in credit risk is based on the change in probability of default between origination, and reporting date, assessed using probability weighted scenarios as well as certain other criteria, such as 30-day The judgments we apply in determining the ACL reflect the impact of uncertainties in the economic environment on credit conditions 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. Additional information regarding the allowance for credit losses is included in Note 3. |
Securities
Securities | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
Securities | Note 2: Securities Classification of Securities The bank’s fair value through profit or loss (FVTPL) securities of $14,239 million ($13,568 million as at October 31, 2020) are comprised of $2,788 million mandatorily measured at fair value and $11,451 million investment securities held by insurance subsidiaries designated at fair value ($2,420 million and $11,148 million, respectively, as at October 31, 2020). Our fair value through other comprehensive income (FVOCI) securities totalling $64,553 million ($73,407 million as at October 31, 2020), are net of an allowance for credit losses of $3 million ($4 million as at October 31, 2020). Amortized cost securities totalling $48,727 million ($48,466 million as at October 31, 2020), are net of an allowance for credit losses of $1 million ($1 million as at October 31, 2020). Unrealized Gains and Losses on FVOCI Securities The following table summarizes the unrealized gains and losses: (Canadian $ in millions) July 31, 2021 October 31, 2020 Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Issued or guaranteed by: Canadian federal government 14,503 124 17 14,610 22,240 211 1 22,450 Canadian provincial and municipal governments 2,630 45 1 2,674 4,628 119 - 4,747 U.S. federal government 20,183 590 77 20,696 16,881 844 31 17,694 U.S. states, municipalities and agencies 4,296 117 1 4,412 5,132 147 3 5,276 Other governments 6,520 88 11 6,597 7,222 168 9 7,381 National Housing Act (NHA) mortgage-backed securities (MBS) 1,287 13 1 1,299 1,583 46 - 1,629 U.S. agency MBS and collateralized mortgage obligations (CMO) 11,323 242 11 11,554 10,600 307 4 10,903 Corporate debt 2,561 43 6 2,598 3,153 91 10 3,234 Corporate equity 101 12 - 113 90 3 - 93 Total 63,404 1,274 125 64,553 71,529 1,936 58 73,407 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest Income on Debt Securities The following table presents interest income calculated using the effective interest method: (Canadian $ in millions) For the three months ended For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 FVOCI - Debt 114 185 366 823 Amortized cost 101 144 309 455 Total 215 329 675 1,278 |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 9 Months Ended |
Jul. 31, 2021 | |
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Loans and Allowance for Credit Losses | Note 3: Loans and Allowance for Credit Losses Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at July 31, 2021 and October 31, 2020. Stage 1 represents those performing loans carried with up to 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) July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 2 - - 2 1 - - 1 Very low 91,813 417 - 92,230 79,295 429 - 79,724 Low 22,578 2,605 - 25,183 24,490 2,481 - 26,971 Medium 11,544 3,475 - 15,019 11,560 6,461 - 18,021 High 112 303 - 415 172 446 - 618 Not rated 1,088 53 - 1,141 1,132 148 - 1,280 Impaired - - 384 384 - - 409 409 Allowance for credit losses 51 37 13 101 51 75 16 142 Carrying amount 127,086 6,816 371 134,273 116,599 9,890 393 126,882 Loans: Consumer instalment and other personal Exceptionally low 1,468 28 - 1,496 1,550 31 - 1,581 Very low 29,735 28 - 29,763 26,645 37 - 26,682 Low 23,142 505 - 23,647 20,935 585 - 21,520 Medium 10,953 3,769 - 14,722 10,324 4,334 - 14,658 High 465 1,288 - 1,753 429 1,470 - 1,899 Not rated 3,363 49 - 3,412 3,372 96 - 3,468 Impaired - - 299 299 - - 340 340 Allowance for credit losses 127 362 98 587 134 429 105 668 Carrying amount 68,999 5,305 201 74,505 63,121 6,124 235 69,480 Loans: Credit cards (1) Exceptionally low 2,468 - - 2,468 2,252 - - 2,252 Very low 412 1 - 413 1,106 15 - 1,121 Low 1,636 136 - 1,772 899 148 - 1,047 Medium 1,649 725 - 2,374 1,611 899 - 2,510 High 60 297 - 357 58 377 - 435 Not rated 482 - - 482 524 - - 524 Impaired - - - - - - - - Allowance for credit losses 60 233 - 293 61 272 - 333 Carrying amount 6,647 926 - 7,573 6,389 1,167 - 7,556 Loans: Business and government (2) Acceptable Investment grade 146,024 1,515 - 147,539 129,100 3,242 - 132,342 Sub-investment 82,986 16,173 - 99,159 85,197 30,106 - 115,303 Watchlist - 6,926 - 6,926 - 8,621 - 8,621 Impaired - - 1,747 1,747 - - 2,889 2,889 Allowance for credit losses 584 832 427 1,843 510 1,044 606 2,160 Carrying amount 228,426 23,782 1,320 253,528 213,787 40,925 2,283 256,995 Commitments and financial guarantee contracts Acceptable Investment grade 148,061 1,024 - 149,085 138,141 1,628 - 139,769 Sub-investment 44,769 10,139 - 54,908 41,650 20,421 - 62,071 Watchlist - 2,979 - 2,979 - 4,861 - 4,861 Impaired - - 792 792 - - 1,261 1,261 Allowance for credit losses 209 191 24 424 211 288 12 511 Carrying amount (3)(4) 192,621 13,951 768 207,340 179,580 26,622 1,249 207,451 (1) Credit card loans are immediately written off when principal or interest payments are 180 days past due, and as a result are not reported as impaired in Stage 3. (2) Includes customers’ liability under acceptances. (3) Represents the total contractual amounts of undrawn credit facilities and other off-balance (4) Certain commercial borrower commitments are conditional and may include recourse with other parties. Certain comparative figures have been reclassified to conform with the current period’s presentation. Allowance for Credit Losses The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $3,248 million at July 31, 2021 ($3,814 million as at October 31, 2020) of which $2,824 million ($3,303 million as at October 31, 2020) was recorded in loans and $424 million ($511 million as at October 31, 2020) was recorded in other liabilities in our Consolidated Balance Sheet. Significant changes in the gross balances, including originations, maturities and repayments in the normal course of operations, impact the allowance for credit losses. The following tables show the continuity in the loss allowance by product type for the three and nine months ended July 31, 2021 and July 31, 2020. Transfers represent the amount of expected credit loss (ECL) that moved between stages during the period, for example, moving from a 12-month (Canadian $ in millions) For the three months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 60 53 22 135 29 37 27 93 Transfer to Stage 1 14 (13 ) (1 ) - 8 (7 ) (1 ) - Transfer to Stage 2 (1 ) 3 (2 ) - (1 ) 4 (3 ) - Transfer to Stage 3 - (2 ) 2 - - (1 ) 1 - Net remeasurement of loss allowance (35 ) - 3 (32 ) 27 30 10 67 Loan originations 15 - - 15 4 - - 4 Derecognitions and maturities (2 ) (3 ) - (5 ) - (2 ) - (2 ) Model changes - - - - (1 ) (3 ) - (4 ) Total Provision for Credit Losses (PCL) (1) (9 ) (15 ) 2 (22 ) 37 21 7 65 Write-offs (2) - - (3 ) (3 ) - - (3 ) (3 ) Recoveries of previous write-offs - - 4 4 - - 2 2 Foreign exchange and other - - (3 ) (3 ) (1 ) - (6 ) (7 ) Balance as at end of period 51 38 22 111 65 58 27 150 Loans: Consumer instalment and other personal Balance as at beginning of period 141 401 101 643 116 407 125 648 Transfer to Stage 1 58 (56 ) (2 ) - 59 (57 ) (2 ) - Transfer to Stage 2 (5 ) 16 (11 ) - (10 ) 21 (11 ) - Transfer to Stage 3 (3 ) (24 ) 27 - (1 ) (27 ) 28 - Net remeasurement of loss allowance (64 ) 60 18 14 (50 ) 103 56 109 Loan originations 23 - - 23 9 - - 9 Derecognitions and maturities (8 ) (13 ) - (21 ) (4 ) (9 ) - (13 ) Model changes - - - - 11 8 - 19 Total PCL (1) 1 (17 ) 32 16 14 39 71 124 Write-offs (2) - - (55 ) (55 ) - - (81 ) (81 ) Recoveries of previous write-offs - - 24 24 - - 22 22 Foreign exchange and other - 2 (4 ) (2 ) (3 ) (3 ) (10 ) (16 ) Balance as at end of period 142 386 98 626 127 443 127 697 Loans: Credit cards Balance as at beginning of period 106 284 - 390 115 319 - 434 Transfer to Stage 1 42 (42 ) - - 50 (50 ) - - Transfer to Stage 2 (6 ) 6 - - (9 ) 9 - - Transfer to Stage 3 - (47 ) 47 - - (48 ) 48 - Net remeasurement of loss allowance (39 ) 84 2 47 (44 ) 105 20 81 Loan originations 11 - - 11 5 - - 5 Derecognitions and maturities (3 ) (7 ) - (10 ) (1 ) (7 ) - (8 ) Model changes - - - - (1 ) (10 ) - (11 ) Total PCL (1) 5 (6 ) 49 48 - (1 ) 68 67 Write-offs (2) - - (70 ) (70 ) - - (80 ) (80 ) Recoveries of previous write-offs - - 26 26 - - 19 19 Foreign exchange and other (1 ) (1 ) (5 ) (7 ) (3 ) (1 ) (7 ) (11 ) Balance as at end of period 110 277 - 387 112 317 - 429 Loans: Business and government Balance as at beginning of period 689 1,075 541 2,305 580 795 586 1,961 Transfer to Stage 1 114 (113 ) (1 ) - 45 (45 ) - - Transfer to Stage 2 (23 ) 63 (40 ) - (65 ) 66 (1 ) - Transfer to Stage 3 - (17 ) 17 - (4 ) (163 ) 167 - Net remeasurement of loss allowance (112 ) 13 12 (87 ) 145 510 134 789 Loan originations 87 - - 87 53 - - 53 Derecognitions and maturities (36 ) (72 ) - (108 ) (21 ) (36 ) - (57 ) Model changes - - - - (7 ) (4 ) - (11 ) Total PCL (1) 30 (126 ) (12 ) (108 ) 146 328 300 774 Write-offs (2) - - (101 ) (101 ) - - (300 ) (300 ) Recoveries of previous write-offs - - 13 13 - - 37 37 Foreign exchange and other 9 5 1 15 (5 ) 10 (46 ) (41 ) Balance as at end of period 728 954 442 2,124 721 1,133 577 2,431 Total as at end of period 1,031 1,655 562 3,248 1,025 1,951 731 3,707 Comprised of: Loans 822 1,464 538 2,824 813 1,719 719 3,251 Other credit instruments (3) 209 191 24 424 212 232 12 456 (1) Excludes PCL on other assets of $(4) million for the three months ended July 31, 2021 ($24 million for the three months ended July 31, 2020). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Other credit instruments, including off-balance (Canadian $ in millions) For the nine months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 51 75 26 152 15 33 38 86 Transfer to Stage 1 48 (39 ) (9 ) - 19 (17 ) (2 ) - Transfer to Stage 2 (3 ) 20 (17 ) - (2 ) 7 (5 ) - Transfer to Stage 3 - (11 ) 11 - - (4 ) 4 - Net remeasurement of loss allowance (68 ) 5 29 (34 ) 29 47 17 93 Loan originations 28 - - 28 8 - - 8 Derecognitions and maturities (5 ) (10 ) - (15 ) (1 ) (4 ) - (5 ) Model changes - - - - (3 ) (5 ) - (8 ) Total PCL (1) - (35 ) 14 (21 ) 50 24 14 88 Write-offs (2) - - (9 ) (9 ) - - (9 ) (9 ) Recoveries of previous write-offs - - 8 8 - - 6 6 Foreign exchange and other - (2 ) (17 ) (19 ) - 1 (22 ) (21 ) Balance as at end of period 51 38 22 111 65 58 27 150 Loans: Consumer instalment and other personal Balance as at beginning of period 148 454 105 707 89 333 136 558 Transfer to Stage 1 175 (168 ) (7 ) - 138 (131 ) (7 ) - Transfer to Stage 2 (21 ) 50 (29 ) - (20 ) 66 (46 ) - Transfer to Stage 3 (6 ) (76 ) 82 - (3 ) (79 ) 82 - Net remeasurement of loss allowance (197 ) 169 77 49 (112 ) 247 162 297 Loan originations 66 - - 66 32 - - 32 Derecognitions and maturities (21 ) (37 ) - (58 ) (12 ) (27 ) - (39 ) Model changes - - - - 16 33 - 49 Total PCL (1) (4 ) (62 ) 123 57 39 109 191 339 Write-offs (2) - - (184 ) (184 ) - - (248 ) (248 ) Recoveries of previous write-offs - - 70 70 - - 64 64 Foreign exchange and other (2 ) (6 ) (16 ) (24 ) (1 ) 1 (16 ) (16 ) Balance as at end of period 142 386 98 626 127 443 127 697 Loans: Credit cards Balance as at beginning of period 110 321 - 431 80 225 - 305 Transfer to Stage 1 141 (141 ) - - 107 (107 ) - - Transfer to Stage 2 (21 ) 21 - - (25 ) 25 - - Transfer to Stage 3 (1 ) (134 ) 135 - (1 ) (129 ) 130 - Net remeasurement of loss allowance (139 ) 234 22 117 (57 ) 332 68 343 Loan originations 28 - - 28 13 - - 13 Derecognitions and maturities (6 ) (22 ) - (28 ) (3 ) (19 ) - (22 ) Model changes - - - - (1 ) (10 ) - (11 ) Total PCL (1) 2 (42 ) 157 117 33 92 198 323 Write-offs (2) - - (212 ) (212 ) - - (257 ) (257 ) Recoveries of previous write-offs - - 73 73 - - 66 66 Foreign exchange and other (2 ) (2 ) (18 ) (22 ) (1 ) - (7 ) (8 ) Balance as at end of period 110 277 - 387 112 317 - 429 Loans: Business and government Balance as at beginning of period 658 1,258 608 2,524 338 496 311 1,145 Transfer to Stage 1 385 (380 ) (5 ) - 109 (102 ) (7 ) - Transfer to Stage 2 (86 ) 138 (52 ) - (118 ) 121 (3 ) - Transfer to Stage 3 (2 ) (83 ) 85 - (6 ) (226 ) 232 - Net remeasurement of loss allowance (327 ) 268 119 60 321 883 558 1,762 Loan originations 232 - - 232 153 - - 153 Derecognitions and maturities (102 ) (165 ) - (267 ) (63 ) (86 ) - (149 ) Model changes (5 ) (19 ) - (24 ) (30 ) 8 - (22 ) Total PCL (1) 95 (241 ) 147 1 366 598 780 1,744 Write-offs (2) - - (285 ) (285 ) - - (516 ) (516 ) Recoveries of previous write-offs - - 40 40 - - 60 60 Foreign exchange and other (25 ) (63 ) (68 ) (156 ) 17 39 (58 ) (2 ) Balance as at end of period 728 954 442 2,124 721 1,133 577 2,431 Total as at end of period 1,031 1,655 562 3,248 1,025 1,951 731 3,707 Comprised of: Loans 822 1,464 538 2,824 813 1,719 719 3,251 Other credit instruments (3) 209 191 24 424 212 232 12 456 (1) Excludes PCL on other assets of $(8) million for the nine months ended July 31, 2021 ($27 million for the nine months ended July 31, 2020). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Other credit instruments, including off-balance Loans and allowance for credit losses by geographic region as at July 31, 2021 and October 31, 2020 are as follows: (Canadian $ in millions) July 31, 2021 October 31, 2020 Gross Allowance for credit losses Allowance for credit losses Net a Gross Allowance for credit losses Allowance for credit losses Net a By geographic region (1): Canada 293,558 352 1,269 291,937 276,975 303 1,323 275,349 United States 156,332 186 996 155,150 161,725 410 1,225 160,090 Other countries 8,550 - 21 8,529 12,023 14 28 11,981 Total 458,440 538 2,286 455,616 450,723 727 2,576 447,420 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $24 million for other credit instruments, which is included in other liabilities ($12 million as at October 31, 2020). (3) Excludes allowance for credit losses on performing loans of $400 million for other credit instruments, which is included in other liabilities ($499 million as at October 31, 2020). Certain comparative figures have been reclassified to conform with the current period’s presentation. Impaired (Stage 3) loans, including the related allowances, as at July 31, 2021 and October 31, 2020 are as follows: (Canadian $ in millions) July 31, 2021 October 31, 2020 Gross impaired Allowance for credit losses on Net impaired Gross impaired Allowance for credit losses Net impaired Residential mortgages 384 13 371 409 16 393 Consumer instalment and other personal 299 98 201 340 105 235 Business and government (1) 1,747 427 1,320 2,889 606 2,283 Total 2,430 538 1,892 3,638 727 2,911 By geographic region (2): Canada 1,207 352 855 1,343 303 1,040 United States 1,223 186 1,037 2,211 410 1,801 Other countries - - - 84 14 70 Total 2,430 538 1,892 3,638 727 2,911 (1) Includes customers’ liability under acceptances. (2) Geographic region is based upon the country of ultimate risk. (3) Gross impaired loans and net impaired loans exclude purchased credit impaired loans. (4) Excludes allowance for credit losses on impaired loans of $24 million for other credit instruments, which is included in other liabilities ($12 million as at October 31, 2020). 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 loans which are held at fair value. The following table presents loans that are past due but not classified as impaired as at July 31, 2021 and October 31, 2020. Loans less than 30 days past due are excluded as they are not generally representative of the borrower’s ability to meet their payment obligations. (Canadian $ in millions) July 31, 2021 October 31, 2020 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more Total Residential mortgages 341 16 357 543 43 586 Credit card, consumer instalment and other personal 317 64 381 345 65 410 Business and government 219 32 251 330 22 352 Total 877 112 989 1,218 130 1,348 Fully secured loans with amounts past due between 90 and 180 days that we have not classified as impaired totalled $42 million and $53 million as at July 31, 2021 and October 31, 2020, respectively. ECL Sensitivity and Key Economic Variables The expected credit loss model requires the recognition of credit losses generally based on 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 allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We apply experienced credit judgment to reflect factors not captured in the ECL models, as we deem necessary. We have applied experienced credit judgment to reflect the impact of the extraordinary and highly uncertain environment on credit conditions and the economy as a result of the COVID-19 As at July 31, 2021, our base case scenario depicts a stronger economic forecast in both Canada and the U.S. In Canada, annual real GDP growth averages 7.3% over the next 12 months and 3.9% over the following 12 months. The U.S. economy follows a similar trajectory, but with a higher level of growth compared to Canada, given a larger policy stimulus and an initially faster vaccine rollout. Our base case economic forecast as at October 31, 2020 depicted moderate economic growth in both Canada and the U.S. over the near-term projection period. 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 on performing loans would be approximately $1,850 million as at July 31, 2021 ($2,375 million as at October 31, 2020), compared to the reported allowance for performing loans of $2,686 million ($3,075 million as at October 31, 2020). As at July 31, 2021, the adverse case economic scenario depicts de minimis annual average real GDP growth in both Canada and the U.S. over the next 12 months, with both contracting at a rate of 1.1% in the following 12 months as shown in the table below. The adverse case scenario assumes a sustained and large increase in COVID-19 When we measure changes in economic performance in our forecasts, we use real GDP as the basis, which acts as the key driver for movements in many of the other economic and market variables used, including VIX equity volatility index, corporate BBB credit spreads, unemployment rates, housing price indices and consumer credit. Many of the variables have a high degree of interdependency and as such, there is no one single factor to which loan impairment allowances as a whole are sensitive. The following table shows certain key economic variables used to estimate the allowance on performing loans during the forecast period. This table is typically provided on an annual basis; however, given the continued level of uncertainty in the forward-looking information due to the impact of COVID-19, As at July 31, 2021 As at October 31, 2020 All figures are average annual values Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Second 12 First 12 Second 12 First 12 Second 12 First 12 Second 12 First 12 Second 12 First 12 Second 12 Real GDP growth rates (1) Canada 9.6% 5.5% 7.3% 3.9% 0.7% (1.1)% 3.7% 6.4% 1.8% 4.2% (4.4)% (1.1)% United States 10.9% 4.6% 8.7% 3.3% 0.1% (1.1)% 1.6% 6.0% (0.4)% 4.0% (5.1)% (1.2)% Corporate BBB 10-year Canada 1.5% 1.9% 1.9% 2.2% 3.6% 4.4% 1.8% 1.9% 2.2% 2.2% 3.6% 4.5% United States 1.0% 1.2% 1.3% 1.6% 4.2% 4.5% 1.7% 1.7% 2.0% 2.0% 3.9% 4.1% Unemployment rates Canada 5.9% 4.8% 7.1% 5.8% 11.2% 13.1% 7.4% 6.1% 8.9% 7.5% 12.7% 13.9% United States 4.3% 3.2% 4.9% 3.7% 9.1% 11.6% 6.4% 4.8% 8.0% 6.0% 11.5% 12.8% Housing Price Index (1) Canada (2) 24.0% 10.9% 20.9% 6.0% (8.6)% (18.0)% 10.3% 7.7% 7.2% 2.8% (1.2)% (8.7)% United States (3) 13.8% 7.0% 11.5% 4.5% (7.4)% (15.5)% 4.6% 4.5% 2.4% 2.1% (2.4)% (6.2)% (1) Real gross domestic product and housing price index are year-over-year growth rates. (2) In Canada, we use the HPI Benchmark Composite. (3) In the United States, we use the National Case-Shiller House Price Index. The ECL approach requires the recognition of credit losses generally based on 12 months of expected losses for performing loans (Stage 1) and the recognition of lifetime expected losses for performing loans that have experienced a significant increase in credit risk since origination (Stage 2). Under our current probability-weighted scenarios and based on the current risk profile of our loan exposures, if all our performing loans were in Stage 1, our allowance for performing loans would be approximately $1,925 million ($2,300 million as at October 31, 2020), compared with the reported allowance for performing loans of $2,686 million ($3,075 million as at October 31, 2020). |
Deposits and Subordinated Debt
Deposits and Subordinated Debt | 9 Months Ended |
Jul. 31, 2021 | |
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Deposits and Subordinated Debt | Note 4: Deposits and Subordinated Debt Deposits Payable on demand Payable Payable on (Canadian $ in millions) Interest bearing Non-interest after notice a fixed date (4)(5) Total July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, Deposits by: Banks (1) 5,830 3,594 1,998 2,460 769 1,231 20,630 31,540 29,227 38,825 Business and government 50,810 44,111 50,659 44,258 144,468 124,813 188,817 187,497 434,754 400,679 Individuals 4,934 4,661 35,927 30,369 117,314 111,905 58,397 72,595 216,572 219,530 Total (2) (3) 61,574 52,366 88,584 77,087 262,551 237,949 267,844 291,632 680,553 659,034 Booked in: Canada 52,667 41,855 79,560 67,873 126,999 112,543 163,465 185,655 422,691 407,926 United States 8,594 8,818 8,959 9,170 134,231 124,129 75,851 78,175 227,635 220,292 Other countries 313 1,693 65 44 1,321 1,277 28,528 27,802 30,227 30,816 Total 61,574 52,366 88,584 77,087 262,551 237,949 267,844 291,632 680,553 659,034 (1) Includes regulated and central banks. (2) Includes structured notes and metals deposits designated at FVTPL (Note 6). (3) Included in deposits as at July 31, 2021 and October 31, 2020 are $340,368 million and $322,951 million, respectively, of deposits denominated in U.S. dollars, and $28,815 million and $32,254 million, respectively, of deposits denominated in other foreign currencies. (4) Includes $31,727 million of senior unsecured debt as at July 31, 2021 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (5) Deposits totalling $21,108 million as at July 31, 2021 ($27,353 million as at October 31, 2020) can be early redeemed (either fully or partially) by customers without penalty. As we do not expect a significant amount to be redeemed before maturity, we have classified them as payable on a fixed date. The following table presents deposits payable on a fixed date and greater than one hundred thousand dollars: (Canadian $ in millions) Canada United States Other Total As at July 31, 2021 140,159 71,589 28,526 240,274 As at October 31, 2020 158,475 72,186 27,799 258,460 The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars, which are booked in Canada: (Canadian $ in millions) Less than 3 months 3 to 6 months 6 to 12 months Over 12 months Total As at July 31, 2021 22,423 13,274 23,840 80,622 140,159 As at October 31, 2020 18,081 29,679 28,109 82,606 158,475 Subordinated Debt On July 22, 2021, we issued $1,000 million of 1.928% non-viability contingent capital (NVCC) subordinated notes under our Canadian Medium-Term Note Program. The Series K Medium-Term Notes are due July 22, 2031. The notes reset to a floating rate on July 22, 2026. On June 1, 2021, we redeemed all of our $1,250 million 3.32% Series I Medium-Term Notes First Tranche (NVCC), at a redemption price of 100 percent of the principal amount plus unpaid accrued interest to, but excluding, the redemption date. On December 8, 2020, we redeemed all of our outstanding $1,000 million, Series H Medium-Term Notes Second Tranche (NVCC), at a redemption price of 100 percent of the principal amount plus unpaid accrued interest to, but excluding, the redemption date. |
Equity
Equity | 9 Months Ended |
Jul. 31, 2021 | |
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Equity | Note 5: Equity Preferred and Common Shares Outstanding and Other Equity Instruments (1) (Canadian $ in millions, except as noted) July 31, 2021 October 31, 2020 Number of Amount Number of Amount Convertible into... Preferred Shares - Classified as Equity Class B – Series 25 9,425,607 236 9,425,607 236 Class B - Series 26 (2) Class B – Series 26 2,174,393 54 2,174,393 54 Class B - Series 25 (2) Class B – Series 27 20,000,000 500 20,000,000 500 Class B - Series 28 (2)(3) Class B – Series 29 16,000,000 400 16,000,000 400 Class B - Series 30 (2)(3) Class B – Series 31 12,000,000 300 12,000,000 300 Class B - Series 32 (2)(3) Class B – Series 33 8,000,000 200 8,000,000 200 Class B - Series 34 (2)(3) Class B – Series 35 - - 6,000,000 150 Not convertible (8) Class B – Series 36 - - 600,000 600 Class B - Series 37 (8) Class B – Series 38 24,000,000 600 24,000,000 600 Class B - Series 39 (2)(3) Class B – Series 40 20,000,000 500 20,000,000 500 Class B - Series 41 (2)(3) Class B – Series 42 16,000,000 400 16,000,000 400 Class B - Series 43 (2)(3) Class B – Series 44 16,000,000 400 16,000,000 400 Class B - Series 45 (2)(3) Class B – Series 46 14,000,000 350 14,000,000 350 Class B - Series 47 (2)(3) Preferred Shares - Classified as Equity 3,940 4,690 Other Equity Instruments 4.8% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 Common shares (3) 4.3% Limited Recourse Capital Notes, Series 1 (LRCNs) 1,250 1,250 Common shares (3)(4) Other Equity Instruments 1,908 1,908 Preferred Shares and Other Equity Instruments 5,848 6,598 Common Shares (5) (6) (7) 648,094,938 13,609 645,889,396 13,430 (1) For additional information refer to Notes 16 and 20 of our annual consolidated financial statements for the year ended October 31, 2020. (2) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (3) The instruments issued include a NVCC provision, which is necessary for the preferred shares, AT1 Notes and by virtue of the recourse to Preferred Shares Series 48, the LRCNs (see (4) below) to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable non-viability. (4) Non-deferrable Non-payment (5) The stock options issued under the Stock Option Plan are convertible into 6,077,912 common shares as at July 31, 2021 (6,446,110 common shares as at October 31, 2020). (6) During the three and nine months ended July 31, 2021, we did not issue common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan and we issued 503,580 and 1,330,160 common shares, respectively, under the Stock Option Plan. (7) Common shares are net of 222,652 treasury shares as at July 31, 2021 (652,730 treasury shares as at October 31, 2020). (8) Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. Other Equity Instruments The bank’s US$500 million (CAD $658 million) 4.8% Additional Tier 1 Capital Notes (AT1 Notes) and $1,250 million 4.3% Limited Recourse Capital Notes Series 1 (LRCNs) are classified as equity and form part of our additional Tier 1 non-viability contingent capital. Both the AT1 Notes and LRCNs are compound financial instruments that have both equity and liability features. On the date of issuance, we assigned an insignificant value to the liability components of both instruments and, as a result, the full amount of proceeds has been classified as equity. Semi-annual distributions on the AT1 Notes and LRCNs are recognized as a reduction in equity when payable. The AT1 Notes and LRCNs are subordinate to the claims of the depositors and certain other creditors in right of payment. Preferred Shares On July 16, 2021, we announced our intention to redeem all of our 9,425,607 outstanding Non-Cumulative 5 Year Rate Reset Class B Preferred Shares, Series 25 for an aggregate total of approximately $236 million and all of our 2,174,393 outstanding Non-Cumulative Floating Rate Class B Preferred Shares, Series 26 for an aggregate total of approximately $54 million on August 25, 2021. On November 25, 2020, we redeemed all of our 6 million issued and outstanding Non-Cumulative Non-Cumulative 5-Year Normal Course Issuer Bid Our previous normal course issuer bid (NCIB) expired on June 2, 2020. Our plan, subject to approval of OSFI and the Toronto Stock Exchange, was to establish a new NCIB over a 12-month Shareholder Dividend Reinvestment and Share Purchase Plan Until further notice, common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan are purchased on the open market without a discount. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 9 Months Ended |
Jul. 31, 2021 | |
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Fair Value of Financial Instruments | Note 6: Fair Value of Financial Instruments Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following table are the amounts that would be reported if all financial assets and liabilities not currently carried at fair value were reported at their fair values. Refer to Note 17 to our annual consolidated financial statements for the year ended October 31, 2020 for further discussion on the determination of fair value. (Canadian $ in millions) July 31, 2021 October 31, 2020 Carrying value Fair value Carrying value Fair value Securities (1) Amortized cost 48,727 49,105 48,466 49,009 Loans (1) Residential mortgages 134,273 134,914 126,882 128,815 Consumer instalment and other personal 74,505 74,945 69,480 70,192 Credit cards 7,573 7,573 7,556 7,556 Business and government (2) 232,459 233,753 238,239 239,929 448,810 451,185 442,157 446,492 Deposits (3) 658,175 659,636 640,961 643,156 Securitization and structured entities’ liabilities (4) 23,298 23,709 26,889 27,506 Subordinated debt 6,973 7,275 8,416 8,727 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. (1) Carrying value is net of allowances for credit losses. (2) Excludes $6,738 million of loans classified as FVTPL and $140 million of loans classified as FVOCI as at July 31, 2021, respectively ($5,306 million and $51 million, respectively, as at October 31, 2020). (3) Excludes $22,085 million of structured note liabilities ($18,073 million as at October 31, 2020) and $293 million of metals deposits ($nil as at October 31, 2020) designated at FVTPL. (4) Excludes $629 million of securitization and structured entities’ liabilities classified at FVTPL ($nil as at October 31, 2020). Certain comparative figures have been reclassified to conform with the current period’s presentation. 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. 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 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 and FVOCI securities are primarily valued using discounted cash flow models with observable spreads or broker quotes and other third-party vendor quotes. Level 2 structured note liabilities are valued using models with observable market information. Level 2 derivative assets and liabilities are valued using industry standard models and observable market information. 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, business and government loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: (Canadian $ in millions) July 31, 2021 October 31, 2020 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total 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 5,031 1,264 - 6,295 6,529 4,371 - 10,900 Canadian provincial and municipal governments 3,368 2,863 - 6,231 1,868 6,467 - 8,335 U.S. federal government 5,581 2,581 - 8,162 5,702 2,716 - 8,418 U.S. states, municipalities and agencies 30 264 - 294 16 487 - 503 Other governments 1,152 404 - 1,556 1,021 1,495 - 2,516 NHA MBS, U.S. agency MBS and CMO - 13,282 794 14,076 7 11,487 803 12,297 Corporate debt 2,711 6,747 2 9,460 3,767 7,274 - 11,041 Trading loans - 194 - 194 - 67 - 67 Corporate equity 55,901 - - 55,901 43,757 - - 43,757 73,774 27,599 796 102,169 62,667 34,364 803 97,834 FVTPL Securities Issued or guaranteed by: Canadian federal government 781 221 - 1,002 452 149 - 601 Canadian provincial and municipal governments 469 885 - 1,354 180 1,249 - 1,429 U.S. federal government 1 48 - 49 - 44 - 44 Other governments - 93 - 93 - 94 - 94 NHA MBS, U.S. agency MBS and CMO - 11 - 11 - 3 - 3 Corporate debt 141 7,611 - 7,752 70 7,827 - 7,897 Corporate equity 1,690 12 2,276 3,978 1,587 10 1,903 3,500 3,082 8,881 2,276 14,239 2,289 9,376 1,903 13,568 FVOCI Securities Issued or guaranteed by: Canadian federal government 13,627 983 - 14,610 20,765 1,685 - 22,450 Canadian provincial and municipal governments 1,655 1,019 - 2,674 2,604 2,143 - 4,747 U.S. federal government 17,166 3,529 - 20,695 14,852 2,842 - 17,694 U.S. states, municipalities and agencies 93 4,318 1 4,412 8 5,267 1 5,276 Other governments 3,126 3,471 - 6,597 3,643 3,738 - 7,381 NHA MBS, U.S. agency MBS and CMO - 12,853 - 12,853 - 12,532 - 12,532 Corporate debt 654 1,945 - 2,599 792 2,442 - 3,234 Corporate equity - - 113 113 - - 93 93 36,321 28,118 114 64,553 42,664 30,649 94 73,407 Business and government loans - 4,573 2,305 6,878 - 3,412 1,945 5,357 Other Assets (1) 3,274 85 - 3,359 5,328 117 - 5,445 Fair Value Liabilities Securities sold but not yet purchased 21,383 7,114 - 28,497 19,740 9,636 - 29,376 Structured note liabilities (2) - 22,085 - 22,085 - 18,073 - 18,073 Other liabilities (3) - 2,087 13 2,100 - 1,285 - 1,285 21,383 31,286 13 52,682 19,740 28,994 - 48,734 Derivative Assets Interest rate contracts 12 10,213 - 10,225 13 14,916 - 14,929 Foreign exchange contracts 3 15,667 - 15,670 1 10,825 - 10,826 Commodity contracts 352 5,582 - 5,934 123 2,465 - 2,588 Equity contracts 965 3,534 - 4,499 750 7,711 - 8,461 Credit default swaps - 3 - 3 - 11 - 11 1,332 34,999 - 36,331 887 35,928 - 36,815 Derivative Liabilities Interest rate contracts 6 7,761 - 7,767 22 10,871 - 10,893 Foreign exchange contracts 11 11,998 - 12,009 3 10,609 - 10,612 Commodity contracts 638 1,042 - 1,680 350 1,983 - 2,333 Equity contracts 565 7,140 - 7,705 456 6,067 - 6,523 Credit default swaps - 2 4 6 - 10 4 14 1,220 27,943 4 29,167 831 29,540 4 30,375 (1) Other assets include precious metals and certain receivables measured at fair value included in other assets, other, in our Consolidated Balance Sheet. (2) These structured note liabilities included in deposits have been designated at FVTPL. (3) Other liabilities include investment contract liabilities in our insurance business, certain payables and metals deposits that have been designated at FVTPL, as well as certain securitization and structured entities’ liabilities measured at FVTPL. Certain comparative figures have been reclassified to conform with the current period’s presentation. Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments that are measured at fair value on a recurring basis, 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 assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. Range of input values (1) As at July 31, 2021 (Canadian $ in millions, except as noted) Reporting line in fair value hierarchy table Fair value Valuation techniques Significant unobservable inputs Low High Private equity (2) Corporate equity 2,276 Net Asset Value Net Asset Value na na EV/EBITDA Multiple 6 16 Loans (3) Business and government loans 2,305 Discounted cash flows Discount margin 50bps 144bps NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 794 Discounted cash flows Prepayment rate 4% 38% Market Comparable Comparability Adjustment (4) (4.64) 4.53 (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 each 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) Included in private equity is $457 million of Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost as at July 31, 2021 ($487 million as at October 31, 2020), which approximates fair value, and are held to meet regulatory requirements. (3) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans is $4 million as at July 31, 2021 ($3 million as at October 31, 2020). (4) Range of input values represents price per security adjustment. na - not applicable 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. Transfers from Level 1 to Level 2 were due to reduced observability of the inputs used to value the securities. Transfers from Level 2 to Level 1 were due to increased availability of quoted prices in active markets. The following table presents significant transfers between Level 1 and Level 2 for the three and nine months ended July 31, 2021 and July 31, 2020. (Canadian $ in millions) For the three months ended July 31, 2021 July 31, 2020 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 639 1,473 994 2,682 FVTPL Securities 153 403 19 241 FVOCI Securities 1,016 1,917 1,768 4,294 Securities sold but not yet purchased 197 648 681 2,067 (Canadian $ in millions) For the nine months ended July 31, 2021 July 31, 2020 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 4,067 11,009 5,761 3,952 FVTPL Securities 361 804 518 302 FVOCI Securities 6,856 10,890 9,032 7,012 Securities sold but not yet purchased 1,198 5,905 4,432 2,982 Changes in Level 3 Fair Value Measurements The tables below present a reconciliation of all changes in Level 3 financial instruments for the three and nine months ended July 31, 2021 and July 31, 2020, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value For the three months ended July 31, 2021 (Canadian $ in millions) Balance April 30, 2021 Included in Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2021 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 702 (78 ) 11 441 (255 ) - 35 (62 ) 794 5 Corporate debt 3 - - - (1 ) - - - 2 - Total trading securities 705 (78 ) 11 441 (256 ) - 35 (62 ) 796 5 FVTPL Securities Corporate equity 2,048 158 20 175 (106 ) - - (19 ) 2,276 149 Total FVTPL securities 2,048 158 20 175 (106 ) - - (19 ) 2,276 149 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 100 - 9 4 - - - - 113 na Total FVOCI securities 101 - 9 4 - - - - 114 na Business and government loans 2,841 - 45 113 - (694 ) - - 2,305 - Other Liabilities - - - - - - 13 - 13 - Derivative Liabilities Credit default swaps 4 - - - - - - - 4 - Total derivative liabilities 4 - - - - - - - 4 - Change in fair value For the nine months ended July 31, 2021 (Canadian $ in millions) Balance October 31, 2020 Included in earnings Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2021 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 803 (172 ) (50 ) 1,206 (938 ) - 106 (161 ) 794 24 Corporate debt - - - 3 (1 ) - - - 2 - Total trading securities 803 (172 ) (50 ) 1,209 (939 ) - 106 (161 ) 796 24 FVTPL Securities Corporate equity 1,903 217 (81 ) 453 (193 ) (4 ) - (19 ) 2,276 262 Total FVTPL 1,903 217 (81 ) 453 (193 ) (4 ) - (19 ) 2,276 262 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 93 - 9 11 - - - - 113 na Total FVOCI securities 94 - 9 11 - - - - 114 na Business and government loans 1,945 - (150 ) 1,812 - (1,302 ) - - 2,305 - Other Liabilities - - - - - - 13 - 13 - Derivative Liabilities Credit default swaps 4 - - - - - - - 4 - Total derivative liabilities 4 - - - - - - - 4 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2021 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable Change in fair value For the three months ended July 31, 2020 (Canadian $ in millions) Balance Included in earnings Included in other comprehensive Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2020 Change in unrealized gains (losses) recorded for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 487 (115 ) (18 ) 362 (151 ) - 41 (22 ) 584 (74 ) Corporate debt 48 10 (2 ) - (56 ) - - - - - Total trading securities 535 (105 ) (20 ) 362 (207 ) - 41 (22 ) 584 (74 ) FVTPL Securities Corporate equity 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 Total FVTPL 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 83 - - 4 - - - - 87 na Total FVOCI securities 84 - - 4 - - - - 88 na Business and government loans 2,028 - 95 765 - (685 ) - - 2,203 - Other Liabilities - - - - - - - - - - Derivative Liabilities Credit default swaps 4 - - - - - - (1 ) 3 - Total derivative liabilities 4 - - - - - - (1 ) 3 - Change in fair value For the nine months ended July 31, 2020 (Canadian $ in millions) Balance October 31, 2019 Included in earnings Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2020 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 538 (245 ) 12 811 (540 ) - 202 (194 ) 584 (158 ) Corporate debt 7 10 (2 ) 50 (68 ) - 3 - - (1 ) Total trading securities 545 (235 ) 10 861 (608 ) - 205 (194 ) 584 (159 ) FVTPL Securities Corporate equity 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 Total FVTPL 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 81 - - 6 - - - - 87 na Total FVOCI securities 82 - - 6 - - - - 88 na Business and government loans 1,736 (3 ) 183 1,705 - (1,418 ) - - 2,203 - Other Liabilities - - - - - - - - - - Derivative Liabilities Credit default swaps 1 - - - - - 3 (1 ) 3 - Total derivative liabilities 1 - - - - - 3 (1 ) 3 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2020 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable |
Capital Management
Capital Management | 9 Months Ended |
Jul. 31, 2021 | |
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Capital Management | Note 7: 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; underpins our operating groups’ business strategies; supports depositor, investor and regulator confidence, while building long-term shareholder value; and is consistent with our target credit ratings. As at July 31, 2021, we met OSFI’s target capital ratio requirements, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Surcharge for Domestic Systemically Important Banks (D-SIBs), D-SIBs. Regulatory Capital Measures, Risk-Weighted Assets and Leverage Exposures (Canadian $ in millions, except as noted) July 31, 2021 October 31, 2020 Common Equity Tier 1 (CET1) Capital 43,349 40,077 Tier 1 Capital 48,826 45,840 Total Capital 56,203 54,661 Risk-Weighted Assets 322,529 336,607 Leverage Exposures 969,824 953,640 CET 1 Capital Ratio 13.4% 11.9% Tier 1 Capital Ratio 15.1% 13.6% Total Capital Ratio 17.4% 16.2% Leverage Ratio 5.0% 4.8% |
Employee Compensation
Employee Compensation | 9 Months Ended |
Jul. 31, 2021 | |
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Employee Compensation | Note 8: Employee Compensation Stock Options We did not grant any stock options during the three months ended July 31, 2021 and 2020. During the nine months ended July 31, 2021, we granted a total of 984,943 stock options (976,087 stock options during the nine months ended July 31, 2020). The weighted-average fair value of options granted during the nine months ended July 31, 2021 was $10.75 per option ($9.46 per option for the nine months ended July 31, 2020). To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption: For stock options granted during the nine months ended July 31, 2021 July 31, 2020 Expected dividend yield 4.9% 4.3% Expected share price volatility 20.6% - 20.7% 15.4% Risk-free rate of return 1.0% 1.9% - 2.0% Expected period until exercise (in years) 6.5 - 7.0 6.5 - 7.0 Exercise price ($) 97.14 101.47 Changes to the input assumptions can result in different fair value estimates. 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 For the three months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Current service cost 67 62 2 2 Net interest expense on net defined benefit (asset) liability 2 1 8 8 Administrative expenses 1 1 - - Benefits expense 70 64 10 10 Canada and Quebec pension plan expense 24 22 - - Defined contribution expense 33 37 - - Total pension and other employee future benefit expenses 127 123 10 10 (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Current service cost 201 187 6 8 Net interest expense on net defined benefit (asset) liability 6 1 23 24 Administrative expenses 3 3 - - Benefits expense 210 191 29 32 Canada and Quebec pension plan expense 76 75 - - Defined contribution expense 126 135 - - Total pension and other employee future benefit expenses 412 401 29 32 |
Earnings Per Share
Earnings Per Share | 9 Months Ended |
Jul. 31, 2021 | |
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Earnings Per Share | Note 9: Earnings Per Share Basic earnings per share is calculated by dividing net income, after deducting dividends payable on preferred shares and distributions payable on other equity instruments, by the daily average number of fully paid common shares outstanding throughout the period. 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 tables present our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Net income 2,275 1,232 5,595 3,513 Dividends on preferred shares and distributions payable on other equity instruments (61 ) (73 ) (185 ) (195) Net income available to common shareholders 2,214 1,159 5,410 3,318 Weighted-average number of common shares outstanding (in thousands) 647,178 641,300 646,808 640,129 Basic earnings per common share (Canadian $) 3.42 1.81 8.36 5.18 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 2,214 1,159 5,410 3,318 Weighted-average number of common shares outstanding (in thousands) 647,178 641,300 646,808 640,129 Effect of dilutive instruments Stock options potentially exercisable (1) 6,213 2,400 6,585 3,473 Common shares potentially repurchased (4,394 ) (2,046 ) (5,229 ) (2,721) Weighted-average number of diluted common shares outstanding (in thousands) 648,997 641,654 648,164 640,881 Diluted earnings per common share (Canadian $) 3.41 1.81 8.35 5.18 (1) In computing diluted earnings per share, we did not exclude any stock options outstanding for the three and |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2021 | |
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Income Taxes | Note 10: Income Taxes Canadian Taxing Authorities have reassessed us for additional income tax and interest in an amount of approximately $1,210 million, to date, in respect of certain 2011-2016 Canadian corporate dividends. Those reassessments denied certain dividend deductions on the basis that the dividends were received as part of a “dividend rental arrangement”. The tax rules raised by the Canadian Taxing Authorities were prospectively addressed in the 2015 and 2018 Canadian Federal Budgets. In the future, we expect to be reassessed for significant income tax for similar activities. We remain of the view that our tax filing positions were appropriate and intend to challenge all reassessments. However, if such challenges are unsuccessful, the additional expense would negatively impact our net income. |
Operating Segmentation
Operating Segmentation | 9 Months Ended |
Jul. 31, 2021 | |
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Operating Segmentation | Note 11: Operating Segmentation Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. Our operating groups are Personal and Commercial Banking (P&C) (comprised of Canadian Personal and Commercial Banking (Canadian P&C) and U.S. Personal and Commercial Banking (U.S. P&C)), BMO Wealth Management (BMO WM) and BMO Capital Markets (BMO CM), along with a Corporate Services unit. For additional information refer to Note 25 of our annual consolidated financial statements for the year ended October 31, 2020. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) For the three months ended July 31, 2021 Canadian P&C U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,660 1,048 247 696 (130 ) 3,521 Non-interest 581 304 2,179 888 89 4,041 Total Revenue 2,241 1,352 2,426 1,584 (41 ) 7,562 Provision for (recovery of) credit losses on impaired loans 101 (9 ) - (19 ) (2 ) 71 Recovery of credit losses on performing loans (7 ) (53 ) (2 ) (75 ) (4 ) (141 ) Total provision for (recovery of) credit losses 94 (62 ) (2 ) (94 ) (6 ) (70 ) Insurance claims, commissions and changes in policy benefit liabilities - - 984 - - 984 Depreciation and amortization 131 119 66 68 - 384 Other non-interest 915 570 847 850 118 3,300 Income (loss) before taxes 1,101 725 531 760 (153 ) 2,964 Provision for (recovery of) income taxes 286 172 130 202 (101 ) 689 Reported net income (loss) 815 553 401 558 (52 ) 2,275 Average Assets 265,639 125,840 48,053 367,900 162,811 970,243 For the three months ended July 31, 2020 Canadian P&C U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,509 1,107 229 952 (262 ) 3,535 Non-interest 453 292 2,255 576 78 3,654 Total Revenue 1,962 1,399 2,484 1,528 (184 ) 7,189 Provision for credit losses on impaired loans 257 109 1 79 - 446 Provision for credit losses on performing loans 313 223 7 58 7 608 Total provision for credit losses 570 332 8 137 7 1,054 Insurance claims, commissions and changes in policy benefit liabilities - - 1,189 - - 1,189 Depreciation and amortization 126 137 73 64 - 400 Other non-interest 835 615 764 761 69 3,044 Income (loss) before taxes 431 315 450 566 (260 ) 1,502 Provision for (recovery of) income taxes 112 52 109 140 (143 ) 270 Reported net income (loss) 319 263 341 426 (117 ) 1,232 Average Assets 252,028 140,615 46,308 379,131 159,682 977,764 (Canadian $ in millions) For the nine months ended July 31, 2021 Canadian P&C U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 4,849 3,194 723 2,242 (454 ) 10,554 Non-interest 1,633 935 4,795 2,454 242 10,059 Total Revenue 6,482 4,129 5,518 4,696 (212 ) 20,613 Provision for (recovery of) credit losses on impaired loans 404 17 3 20 (3 ) 441 Recovery of credit losses on performing loans (22 ) (133 ) (10 ) (126 ) (4 ) (295 ) Total provision for (recovery of) credit losses 382 (116 ) (7 ) (106 ) (7 ) 146 Insurance claims, commissions and changes in policy benefit liabilities - - 1,302 - - 1,302 Depreciation and amortization 390 365 213 201 - 1,169 Non-interest 2,582 1,689 2,547 2,432 1,287 10,537 Income (loss) before taxes 3,128 2,191 1,463 2,169 (1,492 ) 7,459 Provision for (recovery of) income taxes 812 514 358 565 (385 ) 1,864 Reported net income (loss) 2,316 1,677 1,105 1,604 (1,107 ) 5,595 Average Assets 259,813 128,722 47,761 371,046 166,462 973,804 For the nine months ended July 31, 2020 Canadian U.S. P&C BMO WM BMO CM Corporate Total Net interest income (2) 4,561 3,287 672 2,503 (582 ) 10,441 Non-interest 1,443 912 4,727 1,445 232 8,759 Total Revenue 6,004 4,199 5,399 3,948 (350 ) 19,200 Provision for credit losses on impaired loans 607 365 4 205 2 1,183 Provision for credit losses on performing loans 612 315 13 390 8 1,338 Provision for credit losses 1,219 680 17 595 10 2,521 Insurance claims, commissions and changes in policy benefit liabilities - - 1,708 - - 1,708 Depreciation and amortization 385 427 220 179 - 1,211 Non-interest 2,539 1,903 2,417 2,256 303 9,418 Income (loss) before taxes 1,861 1,189 1,037 918 (663 ) 4,342 Provision for (recovery of) income taxes 481 236 261 210 (359 ) 829 Reported net income (loss) 1,380 953 776 708 (304 ) 3,513 Average Assets 251,325 139,196 45,234 370,363 129,399 935,517 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis (teb). Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Divestitures
Divestitures | 9 Months Ended |
Jul. 31, 2021 | |
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Divestitures | Note 12: Divestitures On April 30, 2021, we completed the sale of our Private Banking business in Hong Kong and Singapore, part of our BMO WM operating segment, to J. Safra Sarasin Group. The business sold is not considered material to the bank. On April 12, 2021, we entered into an agreement with Ameriprise Financial Inc. (Ameriprise) to sell BMO’s EMEA asset management business, part of our BMO WM operating segment, for £615 million (CAD$1,066 million) in an all-cash held-for-sale, million in the second quarter of 2021. In the current quarter, we recognized an additional write-down of goodwill of million based on updated assumptions. The write-down is included in non-interest On July 27, 2021, we entered into an agreement to sell Taplin, Canida & Habacht, LLC, part of our U.S. asset management business to Loop Capital. The transaction is expected to close in the first quarter of fiscal 2022, subject to customary closing conditions. The business sold is not considered material to the bank. |
Legal Proceedings
Legal Proceedings | 9 Months Ended |
Jul. 31, 2021 | |
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Legal Proceedings | Note 13: Legal Proceedings BMO and its subsidiaries are named as defendants or are otherwise involved in a substantial number of legal proceedings. BMO Harris Bank N.A. (BMO Harris), as successor to M&I Marshall and Ilsley Bank (M&I), has been named as the defendant in a lawsuit filed in the U.S. Bankruptcy Court for the District of Minnesota (Bankruptcy Court) in connection with a Ponzi scheme carried out by Thomas J. Petters and certain affiliated individuals and entities (collectively, Petters) between 1994 and 2008. The lawsuit, brought by a Trustee in bankruptcy proceedings for certain Petters entities, alleges that, between 1999 and 2008, M&I (and a predecessor bank) facilitated the Ponzi scheme operated by Petters. BMO denies these allegations and continues to defend itself vigorously. The Trustee seeks US$ billion in compensatory damages, plus prejudgment interest, punitive damages, and attorneys’ fees. The Bankruptcy Court: (i) denied BMO Harris’s motion for summary judgment; (ii) granted the Trustee’s motion for sanctions based on the alleged spoliation of evidence; and (iii) transferred the case to the U.S. District Court for the District of Minnesota (District Court) for trial. BMO Harris filed an objection to the spoliation sanctions, which is still pending before the District Court. BMO Harris anticipates that the trial in this case may take place in the first half of 2022. While it is inherently difficult to predict the ultimate outcome of this or other proceedings, BMO 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 operation of the bank . |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
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Summary of quantitative information for financial instruments | The table below presents quantitative information for financial instruments that referenced certain IBORs as at November 1, 2020, the date of adoption for Phase 2 relief, and were either due to mature after December 31, 2021 or demand facilities that will be subject to remediation to amend the benchmark interest rate. Our GBP LIBOR and other LIBOR exposures have not materially changed since November 1, 2020. (Canadian $ in millions) November 1, 2020 USD LIBOR GBP LIBOR Other (1) Non-derivative 100,521 868 1,225 Non-derivative 7,435 692 - Derivative notional amounts (3)(4) 1,570,534 20,972 6,702 Authorized and committed loan commitments (5)(6) 68,449 194 23,633 (1) Includes CHF LIBOR, EONIA and JPY LIBOR. (2) All amounts are presented based on contractual amounts outstanding with the exception of securities, in non-derivative (3) Notionals 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. (4) Includes certain cross-currency swap positions where both the pay and receive leg currently reference an IBOR. For those derivatives, the table above includes the notional for both the pay and receive legs in the relevant columns aligning with the IBOR exposure. (5) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. 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. (6) Other includes loan commitments where our customers have the option to draw from their facility in multiple currencies. Amounts drawn will be subject to prevailing interbank offered rates for the foreign currency, including those that are in scope of IBOR reform. As a result of extending the cessation date of certain USD LIBOR settings, more contracts will expire prior to cessation and therefore the number and value of contracts that will be subject to remediation efforts has reduced. The following table presents the value of financial instruments impacted by the FCA extension as at April 30, 2023 as presented in our second quarter financial statements, that is, ones that reference USD LIBOR (with the exception of the 1 week and 2-month (Canadian $ in millions) April 30, 2021 USD LIBOR Non-derivative 75,455 Non-derivative 2,933 Derivative notional amounts (2) 1,112,747 Authorized and committed loan commitments (3)(4) 45,794 (1) All amounts are presented based on contractual amounts outstanding with the exception of securities, in non-derivative (2) Notionals 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. (3) Excludes personal lines of credit and credit cards that are unconditionally cancellable at our discretion. 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. (4) Excludes $8,746 million of loan commitments where the customer’s option to draw in another currency impacted by IBOR reform is limited to USD. Any amounts drawn under the option will be subject to USD LIBOR, which will be impacted by the June 30, 2023 cessation date. |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
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Unrealized Gains and Losses On Securities at Fair Value Through Other Comprehensive Income | The following table summarizes the unrealized gains and losses: (Canadian $ in millions) July 31, 2021 October 31, 2020 Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Cost/ Amortized cost Gross unrealized gains Gross unrealized losses Fair value Issued or guaranteed by: Canadian federal government 14,503 124 17 14,610 22,240 211 1 22,450 Canadian provincial and municipal governments 2,630 45 1 2,674 4,628 119 - 4,747 U.S. federal government 20,183 590 77 20,696 16,881 844 31 17,694 U.S. states, municipalities and agencies 4,296 117 1 4,412 5,132 147 3 5,276 Other governments 6,520 88 11 6,597 7,222 168 9 7,381 National Housing Act (NHA) mortgage-backed securities (MBS) 1,287 13 1 1,299 1,583 46 - 1,629 U.S. agency MBS and collateralized mortgage obligations (CMO) 11,323 242 11 11,554 10,600 307 4 10,903 Corporate debt 2,561 43 6 2,598 3,153 91 10 3,234 Corporate equity 101 12 - 113 90 3 - 93 Total 63,404 1,274 125 64,553 71,529 1,936 58 73,407 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. |
Summary of Interest, Dividend and Fee Income | The following table presents interest income calculated using the effective interest method: (Canadian $ in millions) For the three months ended For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 FVOCI - Debt 114 185 366 823 Amortized cost 101 144 309 455 Total 215 329 675 1,278 |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
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Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL | The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at July 31, 2021 and October 31, 2020. Stage 1 represents those performing loans carried with up to 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) July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Exceptionally low 2 - - 2 1 - - 1 Very low 91,813 417 - 92,230 79,295 429 - 79,724 Low 22,578 2,605 - 25,183 24,490 2,481 - 26,971 Medium 11,544 3,475 - 15,019 11,560 6,461 - 18,021 High 112 303 - 415 172 446 - 618 Not rated 1,088 53 - 1,141 1,132 148 - 1,280 Impaired - - 384 384 - - 409 409 Allowance for credit losses 51 37 13 101 51 75 16 142 Carrying amount 127,086 6,816 371 134,273 116,599 9,890 393 126,882 Loans: Consumer instalment and other personal Exceptionally low 1,468 28 - 1,496 1,550 31 - 1,581 Very low 29,735 28 - 29,763 26,645 37 - 26,682 Low 23,142 505 - 23,647 20,935 585 - 21,520 Medium 10,953 3,769 - 14,722 10,324 4,334 - 14,658 High 465 1,288 - 1,753 429 1,470 - 1,899 Not rated 3,363 49 - 3,412 3,372 96 - 3,468 Impaired - - 299 299 - - 340 340 Allowance for credit losses 127 362 98 587 134 429 105 668 Carrying amount 68,999 5,305 201 74,505 63,121 6,124 235 69,480 Loans: Credit cards (1) Exceptionally low 2,468 - - 2,468 2,252 - - 2,252 Very low 412 1 - 413 1,106 15 - 1,121 Low 1,636 136 - 1,772 899 148 - 1,047 Medium 1,649 725 - 2,374 1,611 899 - 2,510 High 60 297 - 357 58 377 - 435 Not rated 482 - - 482 524 - - 524 Impaired - - - - - - - - Allowance for credit losses 60 233 - 293 61 272 - 333 Carrying amount 6,647 926 - 7,573 6,389 1,167 - 7,556 Loans: Business and government (2) Acceptable Investment grade 146,024 1,515 - 147,539 129,100 3,242 - 132,342 Sub-investment 82,986 16,173 - 99,159 85,197 30,106 - 115,303 Watchlist - 6,926 - 6,926 - 8,621 - 8,621 Impaired - - 1,747 1,747 - - 2,889 2,889 Allowance for credit losses 584 832 427 1,843 510 1,044 606 2,160 Carrying amount 228,426 23,782 1,320 253,528 213,787 40,925 2,283 256,995 Commitments and financial guarantee contracts Acceptable Investment grade 148,061 1,024 - 149,085 138,141 1,628 - 139,769 Sub-investment 44,769 10,139 - 54,908 41,650 20,421 - 62,071 Watchlist - 2,979 - 2,979 - 4,861 - 4,861 Impaired - - 792 792 - - 1,261 1,261 Allowance for credit losses 209 191 24 424 211 288 12 511 Carrying amount (3)(4) 192,621 13,951 768 207,340 179,580 26,622 1,249 207,451 (1) Credit card loans are immediately written off when principal or interest payments are 180 days past due, and as a result are not reported as impaired in Stage 3. (2) Includes customers’ liability under acceptances. (3) Represents the total contractual amounts of undrawn credit facilities and other off-balance (4) Certain commercial borrower commitments are conditional and may include recourse with other parties. |
Summary of Continuity in Loss Allowance by Each Product Type | The following tables show the continuity in the loss allowance by product type for the three and nine months ended July 31, 2021 and July 31, 2020. Transfers represent the amount of expected credit loss (ECL) that moved between stages during the period, for example, moving from a 12-month (Canadian $ in millions) For the three months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 60 53 22 135 29 37 27 93 Transfer to Stage 1 14 (13 ) (1 ) - 8 (7 ) (1 ) - Transfer to Stage 2 (1 ) 3 (2 ) - (1 ) 4 (3 ) - Transfer to Stage 3 - (2 ) 2 - - (1 ) 1 - Net remeasurement of loss allowance (35 ) - 3 (32 ) 27 30 10 67 Loan originations 15 - - 15 4 - - 4 Derecognitions and maturities (2 ) (3 ) - (5 ) - (2 ) - (2 ) Model changes - - - - (1 ) (3 ) - (4 ) Total Provision for Credit Losses (PCL) (1) (9 ) (15 ) 2 (22 ) 37 21 7 65 Write-offs (2) - - (3 ) (3 ) - - (3 ) (3 ) Recoveries of previous write-offs - - 4 4 - - 2 2 Foreign exchange and other - - (3 ) (3 ) (1 ) - (6 ) (7 ) Balance as at end of period 51 38 22 111 65 58 27 150 Loans: Consumer instalment and other personal Balance as at beginning of period 141 401 101 643 116 407 125 648 Transfer to Stage 1 58 (56 ) (2 ) - 59 (57 ) (2 ) - Transfer to Stage 2 (5 ) 16 (11 ) - (10 ) 21 (11 ) - Transfer to Stage 3 (3 ) (24 ) 27 - (1 ) (27 ) 28 - Net remeasurement of loss allowance (64 ) 60 18 14 (50 ) 103 56 109 Loan originations 23 - - 23 9 - - 9 Derecognitions and maturities (8 ) (13 ) - (21 ) (4 ) (9 ) - (13 ) Model changes - - - - 11 8 - 19 Total PCL (1) 1 (17 ) 32 16 14 39 71 124 Write-offs (2) - - (55 ) (55 ) - - (81 ) (81 ) Recoveries of previous write-offs - - 24 24 - - 22 22 Foreign exchange and other - 2 (4 ) (2 ) (3 ) (3 ) (10 ) (16 ) Balance as at end of period 142 386 98 626 127 443 127 697 Loans: Credit cards Balance as at beginning of period 106 284 - 390 115 319 - 434 Transfer to Stage 1 42 (42 ) - - 50 (50 ) - - Transfer to Stage 2 (6 ) 6 - - (9 ) 9 - - Transfer to Stage 3 - (47 ) 47 - - (48 ) 48 - Net remeasurement of loss allowance (39 ) 84 2 47 (44 ) 105 20 81 Loan originations 11 - - 11 5 - - 5 Derecognitions and maturities (3 ) (7 ) - (10 ) (1 ) (7 ) - (8 ) Model changes - - - - (1 ) (10 ) - (11 ) Total PCL (1) 5 (6 ) 49 48 - (1 ) 68 67 Write-offs (2) - - (70 ) (70 ) - - (80 ) (80 ) Recoveries of previous write-offs - - 26 26 - - 19 19 Foreign exchange and other (1 ) (1 ) (5 ) (7 ) (3 ) (1 ) (7 ) (11 ) Balance as at end of period 110 277 - 387 112 317 - 429 Loans: Business and government Balance as at beginning of period 689 1,075 541 2,305 580 795 586 1,961 Transfer to Stage 1 114 (113 ) (1 ) - 45 (45 ) - - Transfer to Stage 2 (23 ) 63 (40 ) - (65 ) 66 (1 ) - Transfer to Stage 3 - (17 ) 17 - (4 ) (163 ) 167 - Net remeasurement of loss allowance (112 ) 13 12 (87 ) 145 510 134 789 Loan originations 87 - - 87 53 - - 53 Derecognitions and maturities (36 ) (72 ) - (108 ) (21 ) (36 ) - (57 ) Model changes - - - - (7 ) (4 ) - (11 ) Total PCL (1) 30 (126 ) (12 ) (108 ) 146 328 300 774 Write-offs (2) - - (101 ) (101 ) - - (300 ) (300 ) Recoveries of previous write-offs - - 13 13 - - 37 37 Foreign exchange and other 9 5 1 15 (5 ) 10 (46 ) (41 ) Balance as at end of period 728 954 442 2,124 721 1,133 577 2,431 Total as at end of period 1,031 1,655 562 3,248 1,025 1,951 731 3,707 Comprised of: Loans 822 1,464 538 2,824 813 1,719 719 3,251 Other credit instruments (3) 209 191 24 424 212 232 12 456 (1) Excludes PCL on other assets of $(4) million for the three months ended July 31, 2021 ($24 million for the three months ended July 31, 2020). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Other credit instruments, including off-balance (Canadian $ in millions) For the nine months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of period 51 75 26 152 15 33 38 86 Transfer to Stage 1 48 (39 ) (9 ) - 19 (17 ) (2 ) - Transfer to Stage 2 (3 ) 20 (17 ) - (2 ) 7 (5 ) - Transfer to Stage 3 - (11 ) 11 - - (4 ) 4 - Net remeasurement of loss allowance (68 ) 5 29 (34 ) 29 47 17 93 Loan originations 28 - - 28 8 - - 8 Derecognitions and maturities (5 ) (10 ) - (15 ) (1 ) (4 ) - (5 ) Model changes - - - - (3 ) (5 ) - (8 ) Total PCL (1) - (35 ) 14 (21 ) 50 24 14 88 Write-offs (2) - - (9 ) (9 ) - - (9 ) (9 ) Recoveries of previous write-offs - - 8 8 - - 6 6 Foreign exchange and other - (2 ) (17 ) (19 ) - 1 (22 ) (21 ) Balance as at end of period 51 38 22 111 65 58 27 150 Loans: Consumer instalment and other personal Balance as at beginning of period 148 454 105 707 89 333 136 558 Transfer to Stage 1 175 (168 ) (7 ) - 138 (131 ) (7 ) - Transfer to Stage 2 (21 ) 50 (29 ) - (20 ) 66 (46 ) - Transfer to Stage 3 (6 ) (76 ) 82 - (3 ) (79 ) 82 - Net remeasurement of loss allowance (197 ) 169 77 49 (112 ) 247 162 297 Loan originations 66 - - 66 32 - - 32 Derecognitions and maturities (21 ) (37 ) - (58 ) (12 ) (27 ) - (39 ) Model changes - - - - 16 33 - 49 Total PCL (1) (4 ) (62 ) 123 57 39 109 191 339 Write-offs (2) - - (184 ) (184 ) - - (248 ) (248 ) Recoveries of previous write-offs - - 70 70 - - 64 64 Foreign exchange and other (2 ) (6 ) (16 ) (24 ) (1 ) 1 (16 ) (16 ) Balance as at end of period 142 386 98 626 127 443 127 697 Loans: Credit cards Balance as at beginning of period 110 321 - 431 80 225 - 305 Transfer to Stage 1 141 (141 ) - - 107 (107 ) - - Transfer to Stage 2 (21 ) 21 - - (25 ) 25 - - Transfer to Stage 3 (1 ) (134 ) 135 - (1 ) (129 ) 130 - Net remeasurement of loss allowance (139 ) 234 22 117 (57 ) 332 68 343 Loan originations 28 - - 28 13 - - 13 Derecognitions and maturities (6 ) (22 ) - (28 ) (3 ) (19 ) - (22 ) Model changes - - - - (1 ) (10 ) - (11 ) Total PCL (1) 2 (42 ) 157 117 33 92 198 323 Write-offs (2) - - (212 ) (212 ) - - (257 ) (257 ) Recoveries of previous write-offs - - 73 73 - - 66 66 Foreign exchange and other (2 ) (2 ) (18 ) (22 ) (1 ) - (7 ) (8 ) Balance as at end of period 110 277 - 387 112 317 - 429 Loans: Business and government Balance as at beginning of period 658 1,258 608 2,524 338 496 311 1,145 Transfer to Stage 1 385 (380 ) (5 ) - 109 (102 ) (7 ) - Transfer to Stage 2 (86 ) 138 (52 ) - (118 ) 121 (3 ) - Transfer to Stage 3 (2 ) (83 ) 85 - (6 ) (226 ) 232 - Net remeasurement of loss allowance (327 ) 268 119 60 321 883 558 1,762 Loan originations 232 - - 232 153 - - 153 Derecognitions and maturities (102 ) (165 ) - (267 ) (63 ) (86 ) - (149 ) Model changes (5 ) (19 ) - (24 ) (30 ) 8 - (22 ) Total PCL (1) 95 (241 ) 147 1 366 598 780 1,744 Write-offs (2) - - (285 ) (285 ) - - (516 ) (516 ) Recoveries of previous write-offs - - 40 40 - - 60 60 Foreign exchange and other (25 ) (63 ) (68 ) (156 ) 17 39 (58 ) (2 ) Balance as at end of period 728 954 442 2,124 721 1,133 577 2,431 Total as at end of period 1,031 1,655 562 3,248 1,025 1,951 731 3,707 Comprised of: Loans 822 1,464 538 2,824 813 1,719 719 3,251 Other credit instruments (3) 209 191 24 424 212 232 12 456 (1) Excludes PCL on other assets of $(8) million for the nine months ended July 31, 2021 ($27 million for the nine months ended July 31, 2020). (2) Generally, we continue to seek recovery on amounts that were written off during the year, unless the loan is sold, we no longer have the right to collect or we have exhausted all reasonable efforts to collect. (3) Other credit instruments, including off-balance |
Schedule of Loans and Allowance for Credit Losses by Geographic Region | Loans and allowance for credit losses by geographic region as at July 31, 2021 and October 31, 2020 are as follows: (Canadian $ in millions) July 31, 2021 October 31, 2020 Gross Allowance for credit losses Allowance for credit losses Net a Gross Allowance for credit losses Allowance for credit losses Net a By geographic region (1): Canada 293,558 352 1,269 291,937 276,975 303 1,323 275,349 United States 156,332 186 996 155,150 161,725 410 1,225 160,090 Other countries 8,550 - 21 8,529 12,023 14 28 11,981 Total 458,440 538 2,286 455,616 450,723 727 2,576 447,420 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $24 million for other credit instruments, which is included in other liabilities ($12 million as at October 31, 2020). (3) Excludes allowance for credit losses on performing loans of $400 million for other credit instruments, which is included in other liabilities ($499 million as at October 31, 2020). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired (Stage 3) loans, including the related allowances, as at July 31, 2021 and October 31, 2020 are as follows: (Canadian $ in millions) July 31, 2021 October 31, 2020 Gross impaired Allowance for credit losses on Net impaired Gross impaired Allowance for credit losses Net impaired Residential mortgages 384 13 371 409 16 393 Consumer instalment and other personal 299 98 201 340 105 235 Business and government (1) 1,747 427 1,320 2,889 606 2,283 Total 2,430 538 1,892 3,638 727 2,911 By geographic region (2): Canada 1,207 352 855 1,343 303 1,040 United States 1,223 186 1,037 2,211 410 1,801 Other countries - - - 84 14 70 Total 2,430 538 1,892 3,638 727 2,911 (1) Includes customers’ liability under acceptances. (2) Geographic region is based upon the country of ultimate risk. (3) Gross impaired loans and net impaired loans exclude purchased credit impaired loans. (4) Excludes allowance for credit losses on impaired loans of $24 million for other credit instruments, which is included in other liabilities ($12 million as at October 31, 2020). |
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 July 31, 2021 and October 31, 2020. (Canadian $ in millions) July 31, 2021 October 31, 2020 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more Total Residential mortgages 341 16 357 543 43 586 Credit card, consumer instalment and other personal 317 64 381 345 65 410 Business and government 219 32 251 330 22 352 Total 877 112 989 1,218 130 1,348 Fully secured loans with amounts past due between 90 and 180 days that we have not classified as impaired totalled $42 million and $53 million as at July 31, 2021 and October 31, 2020, respectively. |
Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period | The following table shows certain key economic variables used to estimate the allowance on performing loans during the forecast period. This table is typically provided on an annual basis; however, given the continued level of uncertainty in the forward-looking information due to the impact of COVID-19, As at July 31, 2021 As at October 31, 2020 All figures are average annual values Benign scenario Base scenario Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Second 12 First 12 Second 12 First 12 Second 12 First 12 Second 12 First 12 Second 12 First 12 Second 12 Real GDP growth rates (1) Canada 9.6% 5.5% 7.3% 3.9% 0.7% (1.1)% 3.7% 6.4% 1.8% 4.2% (4.4)% (1.1)% United States 10.9% 4.6% 8.7% 3.3% 0.1% (1.1)% 1.6% 6.0% (0.4)% 4.0% (5.1)% (1.2)% Corporate BBB 10-year Canada 1.5% 1.9% 1.9% 2.2% 3.6% 4.4% 1.8% 1.9% 2.2% 2.2% 3.6% 4.5% United States 1.0% 1.2% 1.3% 1.6% 4.2% 4.5% 1.7% 1.7% 2.0% 2.0% 3.9% 4.1% Unemployment rates Canada 5.9% 4.8% 7.1% 5.8% 11.2% 13.1% 7.4% 6.1% 8.9% 7.5% 12.7% 13.9% United States 4.3% 3.2% 4.9% 3.7% 9.1% 11.6% 6.4% 4.8% 8.0% 6.0% 11.5% 12.8% Housing Price Index (1) Canada (2) 24.0% 10.9% 20.9% 6.0% (8.6)% (18.0)% 10.3% 7.7% 7.2% 2.8% (1.2)% (8.7)% United States (3) 13.8% 7.0% 11.5% 4.5% (7.4)% (15.5)% 4.6% 4.5% 2.4% 2.1% (2.4)% (6.2)% (1) Real gross domestic product and housing price index are year-over-year growth rates. (2) In Canada, we use the HPI Benchmark Composite. (3) In the United States, we use the National Case-Shiller House Price Index. |
Deposits and Subordinated Debt
Deposits and Subordinated Debt (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure Of Deposits [Line Items] | |
Summary of Deposits | Payable on demand Payable Payable on (Canadian $ in millions) Interest bearing Non-interest after notice a fixed date (4)(5) Total July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, July 31, October 31, Deposits by: Banks (1) 5,830 3,594 1,998 2,460 769 1,231 20,630 31,540 29,227 38,825 Business and government 50,810 44,111 50,659 44,258 144,468 124,813 188,817 187,497 434,754 400,679 Individuals 4,934 4,661 35,927 30,369 117,314 111,905 58,397 72,595 216,572 219,530 Total (2) (3) 61,574 52,366 88,584 77,087 262,551 237,949 267,844 291,632 680,553 659,034 Booked in: Canada 52,667 41,855 79,560 67,873 126,999 112,543 163,465 185,655 422,691 407,926 United States 8,594 8,818 8,959 9,170 134,231 124,129 75,851 78,175 227,635 220,292 Other countries 313 1,693 65 44 1,321 1,277 28,528 27,802 30,227 30,816 Total 61,574 52,366 88,584 77,087 262,551 237,949 267,844 291,632 680,553 659,034 (1) Includes regulated and central banks. (2) Includes structured notes and metals deposits designated at FVTPL (Note 6). (3) Included in deposits as at July 31, 2021 and October 31, 2020 are $340,368 million and $322,951 million, respectively, of deposits denominated in U.S. dollars, and $28,815 million and $32,254 million, respectively, of deposits denominated in other foreign currencies. (4) Includes $31,727 million of senior unsecured debt as at July 31, 2021 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (5) Deposits totalling $21,108 million as at July 31, 2021 ($27,353 million as at October 31, 2020) can be early redeemed (either fully or partially) by customers without penalty. As we do not expect a significant amount to be redeemed before maturity, we have classified them as payable on a fixed date. |
Summary of Deposits Payable On a Fixed Date | The following table presents deposits payable on a fixed date and greater than one hundred thousand dollars: (Canadian $ in millions) Canada United States Other Total As at July 31, 2021 140,159 71,589 28,526 240,274 As at October 31, 2020 158,475 72,186 27,799 258,460 |
Summary of Maturity Schedule for Deposits Greater Than One Hundred Thousand Dollars Booked In Canada | The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars, which are booked in Canada: (Canadian $ in millions) Less than 3 months 3 to 6 months 6 to 12 months Over 12 months Total As at July 31, 2021 22,423 13,274 23,840 80,622 140,159 As at October 31, 2020 18,081 29,679 28,109 82,606 158,475 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding and Other Equity Instruments | Preferred and Common Shares Outstanding and Other Equity Instruments (1) (Canadian $ in millions, except as noted) July 31, 2021 October 31, 2020 Number of Amount Number of Amount Convertible into... Preferred Shares - Classified as Equity Class B – Series 25 9,425,607 236 9,425,607 236 Class B - Series 26 (2) Class B – Series 26 2,174,393 54 2,174,393 54 Class B - Series 25 (2) Class B – Series 27 20,000,000 500 20,000,000 500 Class B - Series 28 (2)(3) Class B – Series 29 16,000,000 400 16,000,000 400 Class B - Series 30 (2)(3) Class B – Series 31 12,000,000 300 12,000,000 300 Class B - Series 32 (2)(3) Class B – Series 33 8,000,000 200 8,000,000 200 Class B - Series 34 (2)(3) Class B – Series 35 - - 6,000,000 150 Not convertible (8) Class B – Series 36 - - 600,000 600 Class B - Series 37 (8) Class B – Series 38 24,000,000 600 24,000,000 600 Class B - Series 39 (2)(3) Class B – Series 40 20,000,000 500 20,000,000 500 Class B - Series 41 (2)(3) Class B – Series 42 16,000,000 400 16,000,000 400 Class B - Series 43 (2)(3) Class B – Series 44 16,000,000 400 16,000,000 400 Class B - Series 45 (2)(3) Class B – Series 46 14,000,000 350 14,000,000 350 Class B - Series 47 (2)(3) Preferred Shares - Classified as Equity 3,940 4,690 Other Equity Instruments 4.8% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 Common shares (3) 4.3% Limited Recourse Capital Notes, Series 1 (LRCNs) 1,250 1,250 Common shares (3)(4) Other Equity Instruments 1,908 1,908 Preferred Shares and Other Equity Instruments 5,848 6,598 Common Shares (5) (6) (7) 648,094,938 13,609 645,889,396 13,430 (1) For additional information refer to Notes 16 and 20 of our annual consolidated financial statements for the year ended October 31, 2020. (2) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (3) The instruments issued include a NVCC provision, which is necessary for the preferred shares, AT1 Notes and by virtue of the recourse to Preferred Shares Series 48, the LRCNs (see (4) below) to qualify as regulatory capital under Basel III. As such, they are convertible into a variable number of our common shares if OSFI announces that the bank is, or is about to become, non-viable non-viability. (4) Non-deferrable Non-payment (5) The stock options issued under the Stock Option Plan are convertible into 6,077,912 common shares as at July 31, 2021 (6,446,110 common shares as at October 31, 2020). (6) During the three and nine months ended July 31, 2021, we did not issue common shares under the Shareholder Dividend Reinvestment and Share Purchase Plan and we issued 503,580 and 1,330,160 common shares, respectively, under the Stock Option Plan. (7) Common shares are net of 222,652 treasury shares as at July 31, 2021 (652,730 treasury shares as at October 31, 2020). (8) Series 35 and Series 36 were redeemed and final dividends were paid on November 25, 2020. |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
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 table are the amounts that would be reported if all financial assets and liabilities not currently carried at fair value were reported at their fair values. Refer to Note 17 to our annual consolidated financial statements for the year ended October 31, 2020 for further discussion on the determination of fair value. (Canadian $ in millions) July 31, 2021 October 31, 2020 Carrying value Fair value Carrying value Fair value Securities (1) Amortized cost 48,727 49,105 48,466 49,009 Loans (1) Residential mortgages 134,273 134,914 126,882 128,815 Consumer instalment and other personal 74,505 74,945 69,480 70,192 Credit cards 7,573 7,573 7,556 7,556 Business and government (2) 232,459 233,753 238,239 239,929 448,810 451,185 442,157 446,492 Deposits (3) 658,175 659,636 640,961 643,156 Securitization and structured entities’ liabilities (4) 23,298 23,709 26,889 27,506 Subordinated debt 6,973 7,275 8,416 8,727 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. (1) Carrying value is net of allowances for credit losses. (2) Excludes $6,738 million of loans classified as FVTPL and $140 million of loans classified as FVOCI as at July 31, 2021, respectively ($5,306 million and $51 million, respectively, as at October 31, 2020). (3) Excludes $22,085 million of structured note liabilities ($18,073 million as at October 31, 2020) and $293 million of metals deposits ($nil as at October 31, 2020) designated at FVTPL. (4) Excludes $629 million of securitization and structured entities’ liabilities classified at FVTPL ($nil as at October 31, 2020). Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Summary of Assets and Liabilities categorized by the Fair Value Hierarchy | 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, business and government loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following tables: (Canadian $ in millions) July 31, 2021 October 31, 2020 Valued using quoted market prices Valued using models (with observable inputs) Valued using models (without observable inputs) Total 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 5,031 1,264 - 6,295 6,529 4,371 - 10,900 Canadian provincial and municipal governments 3,368 2,863 - 6,231 1,868 6,467 - 8,335 U.S. federal government 5,581 2,581 - 8,162 5,702 2,716 - 8,418 U.S. states, municipalities and agencies 30 264 - 294 16 487 - 503 Other governments 1,152 404 - 1,556 1,021 1,495 - 2,516 NHA MBS, U.S. agency MBS and CMO - 13,282 794 14,076 7 11,487 803 12,297 Corporate debt 2,711 6,747 2 9,460 3,767 7,274 - 11,041 Trading loans - 194 - 194 - 67 - 67 Corporate equity 55,901 - - 55,901 43,757 - - 43,757 73,774 27,599 796 102,169 62,667 34,364 803 97,834 FVTPL Securities Issued or guaranteed by: Canadian federal government 781 221 - 1,002 452 149 - 601 Canadian provincial and municipal governments 469 885 - 1,354 180 1,249 - 1,429 U.S. federal government 1 48 - 49 - 44 - 44 Other governments - 93 - 93 - 94 - 94 NHA MBS, U.S. agency MBS and CMO - 11 - 11 - 3 - 3 Corporate debt 141 7,611 - 7,752 70 7,827 - 7,897 Corporate equity 1,690 12 2,276 3,978 1,587 10 1,903 3,500 3,082 8,881 2,276 14,239 2,289 9,376 1,903 13,568 FVOCI Securities Issued or guaranteed by: Canadian federal government 13,627 983 - 14,610 20,765 1,685 - 22,450 Canadian provincial and municipal governments 1,655 1,019 - 2,674 2,604 2,143 - 4,747 U.S. federal government 17,166 3,529 - 20,695 14,852 2,842 - 17,694 U.S. states, municipalities and agencies 93 4,318 1 4,412 8 5,267 1 5,276 Other governments 3,126 3,471 - 6,597 3,643 3,738 - 7,381 NHA MBS, U.S. agency MBS and CMO - 12,853 - 12,853 - 12,532 - 12,532 Corporate debt 654 1,945 - 2,599 792 2,442 - 3,234 Corporate equity - - 113 113 - - 93 93 36,321 28,118 114 64,553 42,664 30,649 94 73,407 Business and government loans - 4,573 2,305 6,878 - 3,412 1,945 5,357 Other Assets (1) 3,274 85 - 3,359 5,328 117 - 5,445 Fair Value Liabilities Securities sold but not yet purchased 21,383 7,114 - 28,497 19,740 9,636 - 29,376 Structured note liabilities (2) - 22,085 - 22,085 - 18,073 - 18,073 Other liabilities (3) - 2,087 13 2,100 - 1,285 - 1,285 21,383 31,286 13 52,682 19,740 28,994 - 48,734 Derivative Assets Interest rate contracts 12 10,213 - 10,225 13 14,916 - 14,929 Foreign exchange contracts 3 15,667 - 15,670 1 10,825 - 10,826 Commodity contracts 352 5,582 - 5,934 123 2,465 - 2,588 Equity contracts 965 3,534 - 4,499 750 7,711 - 8,461 Credit default swaps - 3 - 3 - 11 - 11 1,332 34,999 - 36,331 887 35,928 - 36,815 Derivative Liabilities Interest rate contracts 6 7,761 - 7,767 22 10,871 - 10,893 Foreign exchange contracts 11 11,998 - 12,009 3 10,609 - 10,612 Commodity contracts 638 1,042 - 1,680 350 1,983 - 2,333 Equity contracts 565 7,140 - 7,705 456 6,067 - 6,523 Credit default swaps - 2 4 6 - 10 4 14 1,220 27,943 4 29,167 831 29,540 4 30,375 (1) Other assets include precious metals and certain receivables measured at fair value included in other assets, other, in our Consolidated Balance Sheet. (2) These structured note liabilities included in deposits have been designated at FVTPL. (3) Other liabilities include investment contract liabilities in our insurance business, certain payables and metals deposits that have been designated at FVTPL, as well as certain securitization and structured entities’ liabilities measured at FVTPL. Certain comparative figures have been reclassified to conform with the current period’s presentation. |
Significant Unobservable Inputs in Level 3 Instrument Valuations | Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments that are measured at fair value on a recurring basis, 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 assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. Range of input values (1) As at July 31, 2021 (Canadian $ in millions, except as noted) Reporting line in fair value hierarchy table Fair value Valuation techniques Significant unobservable inputs Low High Private equity (2) Corporate equity 2,276 Net Asset Value Net Asset Value na na EV/EBITDA Multiple 6 16 Loans (3) Business and government loans 2,305 Discounted cash flows Discount margin 50bps 144bps NHA MBS and U.S. agency MBS and CMO NHA MBS and U.S. agency MBS and CMO 794 Discounted cash flows Prepayment rate 4% 38% Market Comparable Comparability Adjustment (4) (4.64) 4.53 (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 each 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) Included in private equity is $457 million of Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost as at July 31, 2021 ($487 million as at October 31, 2020), which approximates fair value, and are held to meet regulatory requirements. (3) The impact of assuming a 10 basis point increase or decrease in discount margin for business and government loans is $4 million as at July 31, 2021 ($3 million as at October 31, 2020). (4) Range of input values represents price per security adjustment. na - not applicable |
Summary of Transfers Between Level 1 and Level 2 | The following table presents significant transfers between Level 1 and Level 2 for the three and nine months ended July 31, 2021 and July 31, 2020. (Canadian $ in millions) For the three months ended July 31, 2021 July 31, 2020 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 639 1,473 994 2,682 FVTPL Securities 153 403 19 241 FVOCI Securities 1,016 1,917 1,768 4,294 Securities sold but not yet purchased 197 648 681 2,067 (Canadian $ in millions) For the nine months ended July 31, 2021 July 31, 2020 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading Securities 4,067 11,009 5,761 3,952 FVTPL Securities 361 804 518 302 FVOCI Securities 6,856 10,890 9,032 7,012 Securities sold but not yet purchased 1,198 5,905 4,432 2,982 |
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 for the three and nine months ended July 31, 2021 and July 31, 2020, including realized and unrealized gains (losses) included in earnings and other comprehensive income as well as transfers into and out of Level 3. Transfers from Level 2 into Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 into Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value For the three months ended July 31, 2021 (Canadian $ in millions) Balance April 30, 2021 Included in Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2021 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 702 (78 ) 11 441 (255 ) - 35 (62 ) 794 5 Corporate debt 3 - - - (1 ) - - - 2 - Total trading securities 705 (78 ) 11 441 (256 ) - 35 (62 ) 796 5 FVTPL Securities Corporate equity 2,048 158 20 175 (106 ) - - (19 ) 2,276 149 Total FVTPL securities 2,048 158 20 175 (106 ) - - (19 ) 2,276 149 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 100 - 9 4 - - - - 113 na Total FVOCI securities 101 - 9 4 - - - - 114 na Business and government loans 2,841 - 45 113 - (694 ) - - 2,305 - Other Liabilities - - - - - - 13 - 13 - Derivative Liabilities Credit default swaps 4 - - - - - - - 4 - Total derivative liabilities 4 - - - - - - - 4 - Change in fair value For the nine months ended July 31, 2021 (Canadian $ in millions) Balance October 31, 2020 Included in earnings Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2021 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 803 (172 ) (50 ) 1,206 (938 ) - 106 (161 ) 794 24 Corporate debt - - - 3 (1 ) - - - 2 - Total trading securities 803 (172 ) (50 ) 1,209 (939 ) - 106 (161 ) 796 24 FVTPL Securities Corporate equity 1,903 217 (81 ) 453 (193 ) (4 ) - (19 ) 2,276 262 Total FVTPL 1,903 217 (81 ) 453 (193 ) (4 ) - (19 ) 2,276 262 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 93 - 9 11 - - - - 113 na Total FVOCI securities 94 - 9 11 - - - - 114 na Business and government loans 1,945 - (150 ) 1,812 - (1,302 ) - - 2,305 - Other Liabilities - - - - - - 13 - 13 - Derivative Liabilities Credit default swaps 4 - - - - - - - 4 - Total derivative liabilities 4 - - - - - - - 4 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2021 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable Change in fair value For the three months ended July 31, 2020 (Canadian $ in millions) Balance Included in earnings Included in other comprehensive Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2020 Change in unrealized gains (losses) recorded for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 487 (115 ) (18 ) 362 (151 ) - 41 (22 ) 584 (74 ) Corporate debt 48 10 (2 ) - (56 ) - - - - - Total trading securities 535 (105 ) (20 ) 362 (207 ) - 41 (22 ) 584 (74 ) FVTPL Securities Corporate equity 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 Total FVTPL 2,062 (23 ) (57 ) 58 (233 ) - - - 1,807 2 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 83 - - 4 - - - - 87 na Total FVOCI securities 84 - - 4 - - - - 88 na Business and government loans 2,028 - 95 765 - (685 ) - - 2,203 - Other Liabilities - - - - - - - - - - Derivative Liabilities Credit default swaps 4 - - - - - - (1 ) 3 - Total derivative liabilities 4 - - - - - - (1 ) 3 - Change in fair value For the nine months ended July 31, 2020 (Canadian $ in millions) Balance October 31, 2019 Included in earnings Included in other comprehensive income (1) Issuances/ Purchases Sales (2) Maturities/ Settlement Transfers into Level 3 Transfers out of Level 3 Fair Value as at July 31, 2020 Change in unrealized gains (losses) recorded in income for instruments still held (3) Trading Securities NHA MBS and U.S. agency MBS and CMO 538 (245 ) 12 811 (540 ) - 202 (194 ) 584 (158 ) Corporate debt 7 10 (2 ) 50 (68 ) - 3 - - (1 ) Total trading securities 545 (235 ) 10 861 (608 ) - 205 (194 ) 584 (159 ) FVTPL Securities Corporate equity 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 Total FVTPL 1,984 (27 ) 23 244 (418 ) - 1 - 1,807 7 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and agencies 1 - - - - - - - 1 na Corporate equity 81 - - 6 - - - - 87 na Total FVOCI securities 82 - - 6 - - - - 88 na Business and government loans 1,736 (3 ) 183 1,705 - (1,418 ) - - 2,203 - Other Liabilities - - - - - - - - - - Derivative Liabilities Credit default swaps 1 - - - - - 3 (1 ) 3 - Total derivative liabilities 1 - - - - - 3 (1 ) 3 - (1) Foreign exchange translation on trading securities held by foreign subsidiaries is included in other comprehensive income, net foreign operations. (2) Includes proceeds received on securities sold but not yet purchased. (3) Changes in unrealized gains (losses) on Trading and FVTPL securities still held on July 31, 2020 are included in earnings for the period. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable |
Capital Management (Tables)
Capital Management (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
Summary of Regulatory Capital Measure and Risk-Weighted Assets | Regulatory Capital Measures, Risk-Weighted Assets and Leverage Exposures (Canadian $ in millions, except as noted) July 31, 2021 October 31, 2020 Common Equity Tier 1 (CET1) Capital 43,349 40,077 Tier 1 Capital 48,826 45,840 Total Capital 56,203 54,661 Risk-Weighted Assets 322,529 336,607 Leverage Exposures 969,824 953,640 CET 1 Capital Ratio 13.4% 11.9% Tier 1 Capital Ratio 15.1% 13.6% Total Capital Ratio 17.4% 16.2% Leverage Ratio 5.0% 4.8% |
Employee Compensation (Tables)
Employee Compensation (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
Summary of Ranges of Values used for each Option Pricing Assumption | To determine the fair value of the stock option tranches (i.e. the portion that vests each year) on the grant date, the following ranges of values were used for each option pricing assumption: For stock options granted during the nine months ended July 31, 2021 July 31, 2020 Expected dividend yield 4.9% 4.3% Expected share price volatility 20.6% - 20.7% 15.4% Risk-free rate of return 1.0% 1.9% - 2.0% Expected period until exercise (in years) 6.5 - 7.0 6.5 - 7.0 Exercise price ($) 97.14 101.47 |
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 For the three months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Current service cost 67 62 2 2 Net interest expense on net defined benefit (asset) liability 2 1 8 8 Administrative expenses 1 1 - - Benefits expense 70 64 10 10 Canada and Quebec pension plan expense 24 22 - - Defined contribution expense 33 37 - - Total pension and other employee future benefit expenses 127 123 10 10 (Canadian $ in millions) Pension benefit plans Other employee future benefit plans For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Current service cost 201 187 6 8 Net interest expense on net defined benefit (asset) liability 6 1 23 24 Administrative expenses 3 3 - - Benefits expense 210 191 29 32 Canada and Quebec pension plan expense 76 75 - - Defined contribution expense 126 135 - - Total pension and other employee future benefit expenses 412 401 29 32 |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | Basic Earnings Per Common Share (Canadian $ in millions, except as noted) For the three months ended For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Net income 2,275 1,232 5,595 3,513 Dividends on preferred shares and distributions payable on other equity instruments (61 ) (73 ) (185 ) (195) Net income available to common shareholders 2,214 1,159 5,410 3,318 Weighted-average number of common shares outstanding (in thousands) 647,178 641,300 646,808 640,129 Basic earnings per common share (Canadian $) 3.42 1.81 8.36 5.18 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 2,214 1,159 5,410 3,318 Weighted-average number of common shares outstanding (in thousands) 647,178 641,300 646,808 640,129 Effect of dilutive instruments Stock options potentially exercisable (1) 6,213 2,400 6,585 3,473 Common shares potentially repurchased (4,394 ) (2,046 ) (5,229 ) (2,721) Weighted-average number of diluted common shares outstanding (in thousands) 648,997 641,654 648,164 640,881 Diluted earnings per common share (Canadian $) 3.41 1.81 8.35 5.18 (1) In computing diluted earnings per share, we did not exclude any stock options outstanding for the three and |
Operating Segmentation (Tables)
Operating Segmentation (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) For the three months ended July 31, 2021 Canadian P&C U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,660 1,048 247 696 (130 ) 3,521 Non-interest 581 304 2,179 888 89 4,041 Total Revenue 2,241 1,352 2,426 1,584 (41 ) 7,562 Provision for (recovery of) credit losses on impaired loans 101 (9 ) - (19 ) (2 ) 71 Recovery of credit losses on performing loans (7 ) (53 ) (2 ) (75 ) (4 ) (141 ) Total provision for (recovery of) credit losses 94 (62 ) (2 ) (94 ) (6 ) (70 ) Insurance claims, commissions and changes in policy benefit liabilities - - 984 - - 984 Depreciation and amortization 131 119 66 68 - 384 Other non-interest 915 570 847 850 118 3,300 Income (loss) before taxes 1,101 725 531 760 (153 ) 2,964 Provision for (recovery of) income taxes 286 172 130 202 (101 ) 689 Reported net income (loss) 815 553 401 558 (52 ) 2,275 Average Assets 265,639 125,840 48,053 367,900 162,811 970,243 For the three months ended July 31, 2020 Canadian P&C U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 1,509 1,107 229 952 (262 ) 3,535 Non-interest 453 292 2,255 576 78 3,654 Total Revenue 1,962 1,399 2,484 1,528 (184 ) 7,189 Provision for credit losses on impaired loans 257 109 1 79 - 446 Provision for credit losses on performing loans 313 223 7 58 7 608 Total provision for credit losses 570 332 8 137 7 1,054 Insurance claims, commissions and changes in policy benefit liabilities - - 1,189 - - 1,189 Depreciation and amortization 126 137 73 64 - 400 Other non-interest 835 615 764 761 69 3,044 Income (loss) before taxes 431 315 450 566 (260 ) 1,502 Provision for (recovery of) income taxes 112 52 109 140 (143 ) 270 Reported net income (loss) 319 263 341 426 (117 ) 1,232 Average Assets 252,028 140,615 46,308 379,131 159,682 977,764 (Canadian $ in millions) For the nine months ended July 31, 2021 Canadian P&C U.S. P&C BMO WM BMO CM Corporate Services (1) Total Net interest income (2) 4,849 3,194 723 2,242 (454 ) 10,554 Non-interest 1,633 935 4,795 2,454 242 10,059 Total Revenue 6,482 4,129 5,518 4,696 (212 ) 20,613 Provision for (recovery of) credit losses on impaired loans 404 17 3 20 (3 ) 441 Recovery of credit losses on performing loans (22 ) (133 ) (10 ) (126 ) (4 ) (295 ) Total provision for (recovery of) credit losses 382 (116 ) (7 ) (106 ) (7 ) 146 Insurance claims, commissions and changes in policy benefit liabilities - - 1,302 - - 1,302 Depreciation and amortization 390 365 213 201 - 1,169 Non-interest 2,582 1,689 2,547 2,432 1,287 10,537 Income (loss) before taxes 3,128 2,191 1,463 2,169 (1,492 ) 7,459 Provision for (recovery of) income taxes 812 514 358 565 (385 ) 1,864 Reported net income (loss) 2,316 1,677 1,105 1,604 (1,107 ) 5,595 Average Assets 259,813 128,722 47,761 371,046 166,462 973,804 For the nine months ended July 31, 2020 Canadian U.S. P&C BMO WM BMO CM Corporate Total Net interest income (2) 4,561 3,287 672 2,503 (582 ) 10,441 Non-interest 1,443 912 4,727 1,445 232 8,759 Total Revenue 6,004 4,199 5,399 3,948 (350 ) 19,200 Provision for credit losses on impaired loans 607 365 4 205 2 1,183 Provision for credit losses on performing loans 612 315 13 390 8 1,338 Provision for credit losses 1,219 680 17 595 10 2,521 Insurance claims, commissions and changes in policy benefit liabilities - - 1,708 - - 1,708 Depreciation and amortization 385 427 220 179 - 1,211 Non-interest 2,539 1,903 2,417 2,256 303 9,418 Income (loss) before taxes 1,861 1,189 1,037 918 (663 ) 4,342 Provision for (recovery of) income taxes 481 236 261 210 (359 ) 829 Reported net income (loss) 1,380 953 776 708 (304 ) 3,513 Average Assets 251,325 139,196 45,234 370,363 129,399 935,517 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis (teb). Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt |
Basis of Presentation - Summary
Basis of Presentation - Summary of Quantitative Information for Financial Instruments (Detail) - Interbank Offer Rate Reform [Member] - CAD ($) $ in Millions | Apr. 30, 2021 | Nov. 01, 2020 |
Libor [Member] | U.S. dollars [member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | $ 75,455 | $ 100,521 |
Non-derivative liabilities | 2,933 | 7,435 |
Derivative notional amounts | 1,112,747 | 1,570,534 |
Authorized and committed loan commitments | $ 45,794 | 68,449 |
Libor [Member] | GBP [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 868 | |
Non-derivative liabilities | 692 | |
Derivative notional amounts | 20,972 | |
Authorized and committed loan commitments | 194 | |
Others [Member] | Other Currencies [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 1,225 | |
Derivative notional amounts | 6,702 | |
Authorized and committed loan commitments | $ 23,633 |
Basis of Presentation - Summa_2
Basis of Presentation - Summary of Quantitative Information for Financial Instruments (Parenthetical) (Detail) $ in Millions | Jul. 31, 2021CAD ($) |
United States of America, Dollar [member] | Loan Commitments Currently Referencing Other Libor Exposures [Member] | Impact in June 30, 2023 Cessation Date [Member] | |
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | |
Authorized loan commitments | $ 8,746 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 14,239 | $ 13,331 | $ 13,568 |
Amortized cost | 48,727 | 46,744 | 48,466 |
FVOCI Securities | 64,553 | $ 61,172 | 73,407 |
Debt securities [member] | |||
Disclosure of financial assets [line items] | |||
Allowance for credit losses of amortized cost | 1 | 1 | |
Allowance for credit losses of FVOCI securities | 3 | 4 | |
Mandatorily measured at fair value [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | 2,788 | 2,420 | |
Related to securities held by insurance subsidiaries [member] | |||
Disclosure of financial assets [line items] | |||
Fair value through profit or loss ("FVTPL") securities | $ 11,451 | $ 11,148 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 64,553 | $ 61,172 | $ 73,407 |
Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 63,404 | 71,529 | |
Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,274 | 1,936 | |
Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 125 | 58 | |
Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 64,553 | 73,407 | |
Canadian federal government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14,503 | 22,240 | |
Canadian federal government [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 124 | 211 | |
Canadian federal government [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 17 | 1 | |
Canadian federal government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 14,610 | 22,450 | |
Canadian Provincial And Municipal Governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,630 | 4,628 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 45 | 119 | |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1 | ||
Canadian Provincial And Municipal Governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,674 | 4,747 | |
US federal Government [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20,183 | 16,881 | |
US federal Government [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 590 | 844 | |
US federal Government [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 77 | 31 | |
US federal Government [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 20,696 | 17,694 | |
US State Municipal And Agencies Debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4,296 | 5,132 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 117 | 147 | |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1 | 3 | |
US State Municipal And Agencies Debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 4,412 | 5,276 | |
Other governments [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,520 | 7,222 | |
Other governments [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 88 | 168 | |
Other governments [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 11 | 9 | |
Other governments [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6,597 | 7,381 | |
National housing act mortgage backed securities [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,287 | 1,583 | |
National housing act mortgage backed securities [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 13 | 46 | |
National housing act mortgage backed securities [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1 | ||
National housing act mortgage backed securities [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 1,299 | 1,629 | |
US agency MBS and CMO [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 11,323 | 10,600 | |
US agency MBS and CMO [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 242 | 307 | |
US agency MBS and CMO [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 11 | 4 | |
US agency MBS and CMO [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 11,554 | 10,903 | |
Corporate debt [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,561 | 3,153 | |
Corporate debt [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 43 | 91 | |
Corporate debt [member] | Gross Unrealized Losses [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 6 | 10 | |
Corporate debt [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 2,598 | 3,234 | |
Corporate equity [member] | Cost/Amortized cost [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 101 | 90 | |
Corporate equity [member] | Gross Unrealized Gains [Member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | 12 | 3 | |
Corporate equity [member] | Fair value [member] | |||
Disclosure of financial assets [line items] | |||
FVOCI Securities | $ 113 | $ 93 |
Securities - Summary of Interes
Securities - Summary of Interest Income Calculated Using Effective Interest Method (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure Of interest, dividend and fee income [Line Items] | ||||
Total | $ 215 | $ 329 | $ 675 | $ 1,278 |
Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure Of interest, dividend and fee income [Line Items] | ||||
Total | 114 | 185 | 366 | 823 |
Financial assets at amortised cost, category [member] | ||||
Disclosure Of interest, dividend and fee income [Line Items] | ||||
Total | $ 101 | $ 144 | $ 309 | $ 455 |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 9 Months Ended | |
Jul. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | $ 3,248 | $ 3,814 |
2021 [member] | Adverse scenario [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 3.00% | |
2021 [member] | Adverse scenario [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 3.00% | |
2020 [member] | Adverse scenario [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 5.00% | |
2020 [member] | Adverse scenario [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 5.00% | |
Over 12 months [member] | Base case scenario [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 7.30% | |
Over 12 months [member] | Base case scenario [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 7.30% | |
Over 12 months [member] | Adverse scenario [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 1.10% | |
Within 1 year [member] | Base case scenario [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 3.90% | |
Within 1 year [member] | Base case scenario [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 3.90% | |
Within 1 year [member] | Adverse scenario [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Percentage contraction in real gdp | 1.10% | |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | $ 2,824 | 3,303 |
Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 424 | 511 |
Related to performing loans, assuming 100% base case scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,686 | 3,075 |
Modelled allowance account for credit losses of financial assets based on assumptions | 1,850 | 2,375 |
Related to performing loans, assuming 100% adverse scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,686 | 3,075 |
Modelled allowance account for credit losses of financial assets based on assumptions | 4,225 | 4,875 |
Performing loans, stage one scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,686 | 3,075 |
Modelled allowance account for credit losses of financial assets based on assumptions | $ 1,925 | $ 2,300 |
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, FVOCI or FVTPL (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | $ 3,248 | $ 3,814 |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 134,273 | 126,882 |
Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 101 | 142 |
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 384 | 409 |
Residential mortgages [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2 | 1 |
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 | 92,230 | 79,724 |
Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 25,183 | 26,971 |
Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 15,019 | 18,021 |
Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 415 | 618 |
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,141 | 1,280 |
Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 74,505 | 69,480 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 587 | 668 |
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 | 299 | 340 |
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 | 1,496 | 1,581 |
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 | 29,763 | 26,682 |
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 | 23,647 | 21,520 |
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 | 14,722 | 14,658 |
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 | 1,753 | 1,899 |
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 | 3,412 | 3,468 |
Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,573 | 7,556 |
Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 293 | 333 |
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 | 2,468 | 2,252 |
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 | 413 | 1,121 |
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 | 1,772 | 1,047 |
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 | 2,374 | 2,510 |
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 | 357 | 435 |
Credit Card Loans [Member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 482 | 524 |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 253,528 | 256,995 |
Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 1,843 | 2,160 |
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 | 1,747 | 2,889 |
Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 147,539 | 132,342 |
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 | 99,159 | 115,303 |
Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,926 | 8,621 |
Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 207,340 | 207,451 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 424 | 511 |
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 | 792 | 1,261 |
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 | 149,085 | 139,769 |
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 | 54,908 | 62,071 |
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 | 2,979 | 4,861 |
Stage One [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 127,086 | 116,599 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 51 | 51 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | Exceptionally low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 2 | 1 |
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 | 91,813 | 79,295 |
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 | 22,578 | 24,490 |
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 | 11,544 | 11,560 |
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 | 112 | 172 |
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 | 1,088 | 1,132 |
Stage One [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 68,999 | 63,121 |
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 | 127 | 134 |
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 | 1,468 | 1,550 |
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 | 29,735 | 26,645 |
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 | 23,142 | 20,935 |
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 | 10,953 | 10,324 |
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 | 465 | 429 |
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 | 3,363 | 3,372 |
Stage One [member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,647 | 6,389 |
Stage One [member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 60 | 61 |
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 | 2,468 | 2,252 |
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 | 412 | 1,106 |
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 | 1,636 | 899 |
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 | 1,649 | 1,611 |
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 | 60 | 58 |
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 | 482 | 524 |
Stage One [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 228,426 | 213,787 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 584 | 510 |
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 | 146,024 | 129,100 |
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 | 82,986 | 85,197 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 192,621 | 179,580 |
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 | 209 | 211 |
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 | 148,061 | 138,141 |
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 | 44,769 | 41,650 |
Stage Two [Member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,816 | 9,890 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 37 | 75 |
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 | 417 | 429 |
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 | 2,605 | 2,481 |
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 | 3,475 | 6,461 |
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 | 303 | 446 |
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 | 53 | 148 |
Stage Two [Member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 5,305 | 6,124 |
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 | 362 | 429 |
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 | 28 | 31 |
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 | 28 | 37 |
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 | 505 | 585 |
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 | 3,769 | 4,334 |
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 | 1,288 | 1,470 |
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 | 49 | 96 |
Stage Two [Member] | Credit Card Loans [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 926 | 1,167 |
Stage Two [Member] | Credit Card Loans [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 233 | 272 |
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 | 1 | 15 |
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 | 136 | 148 |
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 | 725 | 899 |
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 | 297 | 377 |
Stage Two [Member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 23,782 | 40,925 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 832 | 1,044 |
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 | 1,515 | 3,242 |
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 | 16,173 | 30,106 |
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 | 6,926 | 8,621 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 13,951 | 26,622 |
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 | 191 | 288 |
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 | 1,024 | 1,628 |
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 | 10,139 | 20,421 |
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 | 2,979 | 4,861 |
Stage three [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 371 | 393 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 13 | 16 |
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 | 384 | 409 |
Stage three [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 201 | 235 |
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 | 98 | 105 |
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 | 299 | 340 |
Stage three [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,320 | 2,283 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 427 | 606 |
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 | 1,747 | 2,889 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 768 | 1,249 |
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 | 24 | 12 |
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 | $ 792 | $ 1,261 |
Loans and Allowance for Credi_5
Loans and Allowance for Credit Losses - Summary of Credit Risk Exposures for Loans Carried at Amortized Cost, FVOCI or FVTPL (Parenthetical) (Detail) - Credit Card Loans [Member] - Bottom of range [member] - 90 days or more [member] | 9 Months Ended |
Jul. 31, 2021 | |
Principal [Member] | |
Disclosure of credit risk exposure [line items] | |
Number of days for which the loan receivable is overdue for the loans to be written off | 180 days |
Interest [Member] | |
Disclosure of credit risk exposure [line items] | |
Number of days for which the loan receivable is overdue for the loans to be written off | 180 days |
Loans and Allowance for Credi_6
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | $ 3,814 | |||
Ending balance | $ 3,248 | 3,248 | ||
IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 3,248 | $ 3,707 | 3,248 | $ 3,707 |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 2,824 | 3,251 | 2,824 | 3,251 |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 424 | 456 | 424 | 456 |
Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 135 | 93 | 152 | 86 |
Net remeasurement of loss allowance | (32) | 67 | (34) | 93 |
Loan originations | 15 | 4 | 28 | 8 |
Derecognitions and maturities | (5) | (2) | (15) | (5) |
Model changes | (4) | (8) | ||
Total PCL | (22) | 65 | (21) | 88 |
Write-offs | (3) | (3) | (9) | (9) |
Recoveries of previous write-offs | 4 | 2 | 8 | 6 |
Foreign exchange and other | (3) | (7) | (19) | (21) |
Ending balance | 111 | 150 | 111 | 150 |
Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 643 | 648 | 707 | 558 |
Net remeasurement of loss allowance | 14 | 109 | 49 | 297 |
Loan originations | 23 | 9 | 66 | 32 |
Derecognitions and maturities | (21) | (13) | (58) | (39) |
Model changes | 19 | 49 | ||
Total PCL | 16 | 124 | 57 | 339 |
Write-offs | (55) | (81) | (184) | (248) |
Recoveries of previous write-offs | 24 | 22 | 70 | 64 |
Foreign exchange and other | (2) | (16) | (24) | (16) |
Ending balance | 626 | 697 | 626 | 697 |
Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 390 | 434 | 431 | 305 |
Net remeasurement of loss allowance | 47 | 81 | 117 | 343 |
Loan originations | 11 | 5 | 28 | 13 |
Derecognitions and maturities | (10) | (8) | (28) | (22) |
Model changes | (11) | (11) | ||
Total PCL | 48 | 67 | 117 | 323 |
Write-offs | (70) | (80) | (212) | (257) |
Recoveries of previous write-offs | 26 | 19 | 73 | 66 |
Foreign exchange and other | (7) | (11) | (22) | (8) |
Ending balance | 387 | 429 | 387 | 429 |
Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 2,305 | 1,961 | 2,524 | 1,145 |
Net remeasurement of loss allowance | (87) | 789 | 60 | 1,762 |
Loan originations | 87 | 53 | 232 | 153 |
Derecognitions and maturities | (108) | (57) | (267) | (149) |
Model changes | (11) | (24) | (22) | |
Total PCL | (108) | 774 | 1 | 1,744 |
Write-offs | (101) | (300) | (285) | (516) |
Recoveries of previous write-offs | 13 | 37 | 40 | 60 |
Foreign exchange and other | 15 | (41) | (156) | (2) |
Ending balance | 2,124 | 2,431 | 2,124 | 2,431 |
Stage One [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 1,031 | 1,025 | 1,031 | 1,025 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 822 | 813 | 822 | 813 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 209 | 212 | 209 | 212 |
Stage One [member] | Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 60 | 29 | 51 | 15 |
Transfer to Stage 1 | 14 | 8 | 48 | 19 |
Transfer to Stage 2 | (1) | (1) | (3) | (2) |
Net remeasurement of loss allowance | (35) | 27 | (68) | 29 |
Loan originations | 15 | 4 | 28 | 8 |
Derecognitions and maturities | (2) | (5) | (1) | |
Model changes | (1) | (3) | ||
Total PCL | (9) | 37 | 50 | |
Foreign exchange and other | (1) | |||
Ending balance | 51 | 65 | 51 | 65 |
Stage One [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 141 | 116 | 148 | 89 |
Transfer to Stage 1 | 58 | 59 | 175 | 138 |
Transfer to Stage 2 | (5) | (10) | (21) | (20) |
Transfer to Stage 3 | (3) | (1) | (6) | (3) |
Net remeasurement of loss allowance | (64) | (50) | (197) | (112) |
Loan originations | 23 | 9 | 66 | 32 |
Derecognitions and maturities | (8) | (4) | (21) | (12) |
Model changes | 11 | 16 | ||
Total PCL | 1 | 14 | (4) | 39 |
Foreign exchange and other | (3) | (2) | (1) | |
Ending balance | 142 | 127 | 142 | 127 |
Stage One [member] | Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 106 | 115 | 110 | 80 |
Transfer to Stage 1 | 42 | 50 | 141 | 107 |
Transfer to Stage 2 | (6) | (9) | (21) | (25) |
Transfer to Stage 3 | (1) | (1) | ||
Net remeasurement of loss allowance | (39) | (44) | (139) | (57) |
Loan originations | 11 | 5 | 28 | 13 |
Derecognitions and maturities | (3) | (1) | (6) | (3) |
Model changes | (1) | (1) | ||
Total PCL | 5 | 2 | 33 | |
Foreign exchange and other | (1) | (3) | (2) | (1) |
Ending balance | 110 | 112 | 110 | 112 |
Stage One [member] | Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 689 | 580 | 658 | 338 |
Transfer to Stage 1 | 114 | 45 | 385 | 109 |
Transfer to Stage 2 | (23) | (65) | (86) | (118) |
Transfer to Stage 3 | (4) | (2) | (6) | |
Net remeasurement of loss allowance | (112) | 145 | (327) | 321 |
Loan originations | 87 | 53 | 232 | 153 |
Derecognitions and maturities | (36) | (21) | (102) | (63) |
Model changes | (7) | (5) | (30) | |
Total PCL | 30 | 146 | 95 | 366 |
Foreign exchange and other | 9 | (5) | (25) | 17 |
Ending balance | 728 | 721 | 728 | 721 |
Stage Two [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 1,655 | 1,951 | 1,655 | 1,951 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 1,464 | 1,719 | 1,464 | 1,719 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 191 | 232 | 191 | 232 |
Stage Two [Member] | Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 53 | 37 | 75 | 33 |
Transfer to Stage 1 | (13) | (7) | (39) | (17) |
Transfer to Stage 2 | 3 | 4 | 20 | 7 |
Transfer to Stage 3 | (2) | (1) | (11) | (4) |
Net remeasurement of loss allowance | 30 | 5 | 47 | |
Derecognitions and maturities | (3) | (2) | (10) | (4) |
Model changes | (3) | (5) | ||
Total PCL | (15) | 21 | (35) | 24 |
Foreign exchange and other | (2) | 1 | ||
Ending balance | 38 | 58 | 38 | 58 |
Stage Two [Member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 401 | 407 | 454 | 333 |
Transfer to Stage 1 | (56) | (57) | (168) | (131) |
Transfer to Stage 2 | 16 | 21 | 50 | 66 |
Transfer to Stage 3 | (24) | (27) | (76) | (79) |
Net remeasurement of loss allowance | 60 | 103 | 169 | 247 |
Derecognitions and maturities | (13) | (9) | (37) | (27) |
Model changes | 8 | 33 | ||
Total PCL | (17) | 39 | (62) | 109 |
Foreign exchange and other | 2 | (3) | (6) | 1 |
Ending balance | 386 | 443 | 386 | 443 |
Stage Two [Member] | Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 284 | 319 | 321 | 225 |
Transfer to Stage 1 | (42) | (50) | (141) | (107) |
Transfer to Stage 2 | 6 | 9 | 21 | 25 |
Transfer to Stage 3 | (47) | (48) | (134) | (129) |
Net remeasurement of loss allowance | 84 | 105 | 234 | 332 |
Derecognitions and maturities | (7) | (7) | (22) | (19) |
Model changes | (10) | (10) | ||
Total PCL | (6) | (1) | (42) | 92 |
Foreign exchange and other | (1) | (1) | (2) | 0 |
Ending balance | 277 | 317 | 277 | 317 |
Stage Two [Member] | Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 1,075 | 795 | 1,258 | 496 |
Transfer to Stage 1 | (113) | (45) | (380) | (102) |
Transfer to Stage 2 | 63 | 66 | 138 | 121 |
Transfer to Stage 3 | (17) | (163) | (83) | (226) |
Net remeasurement of loss allowance | 13 | 510 | 268 | 883 |
Derecognitions and maturities | (72) | (36) | (165) | (86) |
Model changes | (4) | (19) | 8 | |
Total PCL | (126) | 328 | (241) | 598 |
Foreign exchange and other | 5 | 10 | (63) | 39 |
Ending balance | 954 | 1,133 | 954 | 1,133 |
Stage three [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 562 | 731 | 562 | 731 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 538 | 719 | 538 | 719 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Ending balance | 24 | 12 | 24 | 12 |
Stage three [member] | Residential mortgages [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 22 | 27 | 26 | 38 |
Transfer to Stage 1 | (1) | (1) | (9) | (2) |
Transfer to Stage 2 | (2) | (3) | (17) | (5) |
Transfer to Stage 3 | 2 | 1 | 11 | 4 |
Net remeasurement of loss allowance | 3 | 10 | 29 | 17 |
Total PCL | 2 | 7 | 14 | 14 |
Write-offs | (3) | (3) | (9) | (9) |
Recoveries of previous write-offs | 4 | 2 | 8 | 6 |
Foreign exchange and other | (3) | (6) | (17) | (22) |
Ending balance | 22 | 27 | 22 | 27 |
Stage three [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 101 | 125 | 105 | 136 |
Transfer to Stage 1 | (2) | (2) | (7) | (7) |
Transfer to Stage 2 | (11) | (11) | (29) | (46) |
Transfer to Stage 3 | 27 | 28 | 82 | 82 |
Net remeasurement of loss allowance | 18 | 56 | 77 | 162 |
Total PCL | 32 | 71 | 123 | 191 |
Write-offs | (55) | (81) | (184) | (248) |
Recoveries of previous write-offs | 24 | 22 | 70 | 64 |
Foreign exchange and other | (4) | (10) | (16) | (16) |
Ending balance | 98 | 127 | 98 | 127 |
Stage three [member] | Credit Card Loans [Member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Transfer to Stage 3 | 47 | 48 | 135 | 130 |
Net remeasurement of loss allowance | 2 | 20 | 22 | 68 |
Total PCL | 49 | 68 | 157 | 198 |
Write-offs | (70) | (80) | (212) | (257) |
Recoveries of previous write-offs | 26 | 19 | 73 | 66 |
Foreign exchange and other | (5) | (7) | (18) | (7) |
Stage three [member] | Business and government loans [member] | IFRS9 [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Beginning balance | 541 | 586 | 608 | 311 |
Transfer to Stage 1 | (1) | (5) | (7) | |
Transfer to Stage 2 | (40) | (1) | (52) | (3) |
Transfer to Stage 3 | 17 | 167 | 85 | 232 |
Net remeasurement of loss allowance | 12 | 134 | 119 | 558 |
Total PCL | (12) | 300 | 147 | 780 |
Write-offs | (101) | (300) | (285) | (516) |
Recoveries of previous write-offs | 13 | 37 | 40 | 60 |
Foreign exchange and other | 1 | (46) | (68) | (58) |
Ending balance | $ 442 | $ 577 | $ 442 | $ 577 |
Loans and Allowance for Credi_7
Loans and Allowance for Credit Losses - Summary of Continuity in Loss Allowance by Each Product Type (Parenthetical) (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Other assets [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Provision for credit losses | $ (4) | $ 24 | $ (8) | $ 27 |
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 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | $ 458,440 | $ 447,637 | $ 450,723 |
Allowance for credit losses | 2,824 | 3,028 | 3,303 |
Loans, Net amount | 455,616 | $ 444,609 | 447,420 |
Allowance for credit losses related to loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 458,440 | 450,723 | |
Loans, Net amount | 455,616 | 447,420 | |
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 | 538 | 727 | |
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 | 2,286 | 2,576 | |
Allowance for credit losses related to loans [member] | Canada [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 293,558 | 276,975 | |
Loans, Net amount | 291,937 | 275,349 | |
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 | 352 | 303 | |
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 | 1,269 | 1,323 | |
Allowance for credit losses related to loans [member] | United States [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 156,332 | 161,725 | |
Loans, Net amount | 155,150 | 160,090 | |
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 | 186 | 410 | |
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 | 996 | 1,225 | |
Allowance for credit losses related to loans [member] | Other countries [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Loans, Gross amount | 8,550 | 12,023 | |
Loans, Net amount | 8,529 | 11,981 | |
Allowance for credit losses related to loans [member] | Other countries [member] | Related to impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Allowance for credit losses | 14 | ||
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 | $ 21 | $ 28 |
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 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 36,950 | $ 38,554 | $ 36,193 |
Allowance for credit losses on impaired loans, other credit instruments [Member] | Related to impaired loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | 24 | 12 | |
Allowance for credit losses on performing loans, other credit instruments [member] | Related to performing loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 400 | $ 499 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,892 | $ 2,911 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 855 | 1,040 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,037 | 1,801 |
Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 70 | |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 371 | 393 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 201 | 235 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,320 | 2,283 |
Accumulated impairment [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 538 | 727 |
Accumulated impairment [member] | Related to specific allowances [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 352 | 303 |
Accumulated impairment [member] | Related to specific allowances [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 186 | 410 |
Accumulated impairment [member] | Related to specific allowances [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 14 | |
Accumulated impairment [member] | Residential mortgages [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 13 | 16 |
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 | 98 | 105 |
Accumulated impairment [member] | Business and government loans [member] | Related to specific allowances [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 427 | 606 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 2,430 | 3,638 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,207 | 1,343 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,223 | 2,211 |
Gross carrying amount [member] | Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 84 | |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 384 | 409 |
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 | 299 | 340 |
Gross carrying amount [member] | Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,747 | $ 2,889 |
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 | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | |||
Other liabilities | $ 36,950 | $ 38,554 | $ 36,193 |
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 | $ 24 | $ 12 |
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 | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 989 | $ 1,348 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 357 | 586 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 381 | 410 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 251 | 352 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 112 | 130 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 16 | 43 |
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 | 64 | 65 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 32 | 22 |
30-89 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 877 | 1,218 |
30-89 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 341 | 543 |
30-89 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 317 | 345 |
30-89 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 219 | $ 330 |
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) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Financial assets | $ 42 | $ 53 |
Loans and Allowance for Cred_14
Loans and Allowance for Credit Losses - Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period (Detail) | 3 Months Ended | |
Jul. 31, 2021 | Oct. 31, 2020 | |
Benign scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 9.60% | 3.70% |
Corporate BBB | 1.50% | 1.80% |
Unemployment rates | 5.90% | 7.40% |
Housing Price Index | 24.00% | 10.30% |
Benign scenario [member] | Canada [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 5.50% | 6.40% |
Corporate BBB | 1.90% | 1.90% |
Unemployment rates | 4.80% | 6.10% |
Housing Price Index | 10.90% | 7.70% |
Benign scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 10.90% | 1.60% |
Corporate BBB | 1.00% | 1.70% |
Unemployment rates | 4.30% | 6.40% |
Housing Price Index | 13.80% | 4.60% |
Benign scenario [member] | United States [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 4.60% | 6.00% |
Corporate BBB | 1.20% | 1.70% |
Unemployment rates | 3.20% | 4.80% |
Housing Price Index | 7.00% | 4.50% |
Base Scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 7.30% | 1.80% |
Corporate BBB | 1.90% | 2.20% |
Unemployment rates | 7.10% | 8.90% |
Housing Price Index | 20.90% | 7.20% |
Base Scenario [member] | Canada [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 3.90% | 4.20% |
Corporate BBB | 2.20% | 2.20% |
Unemployment rates | 5.80% | 7.50% |
Housing Price Index | 6.00% | 2.80% |
Base Scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 8.70% | (0.40%) |
Corporate BBB | 1.30% | 2.00% |
Unemployment rates | 4.90% | 8.00% |
Housing Price Index | 11.50% | 2.40% |
Base Scenario [member] | United States [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 3.30% | 4.00% |
Corporate BBB | 1.60% | 2.00% |
Unemployment rates | 3.70% | 6.00% |
Housing Price Index | 4.50% | 2.10% |
Adverse scenario [member] | Canada [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 0.70% | (4.40%) |
Corporate BBB | 3.60% | 3.60% |
Unemployment rates | 11.20% | 12.70% |
Housing Price Index | (8.60%) | (1.20%) |
Adverse scenario [member] | Canada [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (1.10%) | (1.10%) |
Corporate BBB | 4.40% | 4.50% |
Unemployment rates | 13.10% | 13.90% |
Housing Price Index | (18.00%) | (8.70%) |
Adverse scenario [member] | United States [member] | First 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 0.10% | (5.10%) |
Corporate BBB | 4.20% | 3.90% |
Unemployment rates | 9.10% | 11.50% |
Housing Price Index | (7.40%) | (2.40%) |
Adverse scenario [member] | United States [member] | Second 12 months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (1.10%) | (1.20%) |
Corporate BBB | 4.50% | 4.10% |
Unemployment rates | 11.60% | 12.80% |
Housing Price Index | (15.50%) | (6.20%) |
Deposits and Subordinated Deb_2
Deposits and Subordinated Debt - Summary of Deposits (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line Items] | |||
Interest bearing | $ 61,574 | $ 52,366 | |
Non-interest bearing | 88,584 | 77,087 | |
Payables after notice | 262,551 | 237,949 | |
Payable on a fixed date | 267,844 | 291,632 | |
Total | 680,553 | $ 657,201 | 659,034 |
Canada [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 52,667 | 41,855 | |
Non-interest bearing | 79,560 | 67,873 | |
Payables after notice | 126,999 | 112,543 | |
Payable on a fixed date | 163,465 | 185,655 | |
Total | 422,691 | 407,926 | |
United States [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 8,594 | 8,818 | |
Non-interest bearing | 8,959 | 9,170 | |
Payables after notice | 134,231 | 124,129 | |
Payable on a fixed date | 75,851 | 78,175 | |
Total | 227,635 | 220,292 | |
Other countries [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 313 | 1,693 | |
Non-interest bearing | 65 | 44 | |
Payables after notice | 1,321 | 1,277 | |
Payable on a fixed date | 28,528 | 27,802 | |
Total | 30,227 | 30,816 | |
Banks [Member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 5,830 | 3,594 | |
Non-interest bearing | 1,998 | 2,460 | |
Payables after notice | 769 | 1,231 | |
Payable on a fixed date | 20,630 | 31,540 | |
Total | 29,227 | 38,825 | |
Business and governments [member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 50,810 | 44,111 | |
Non-interest bearing | 50,659 | 44,258 | |
Payables after notice | 144,468 | 124,813 | |
Payable on a fixed date | 188,817 | 187,497 | |
Total | 434,754 | 400,679 | |
Individuals [Member] | |||
Disclosure Of Deposits [Line Items] | |||
Interest bearing | 4,934 | 4,661 | |
Non-interest bearing | 35,927 | 30,369 | |
Payables after notice | 117,314 | 111,905 | |
Payable on a fixed date | 58,397 | 72,595 | |
Total | $ 216,572 | $ 219,530 |
Deposits and Subordinated Deb_3
Deposits and Subordinated Debt - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 267,844 | $ 291,632 |
Deposits eligible for early redemption without penalty | 21,108 | 27,353 |
Bank Recapitalization (Bail-In) Regime [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 31,727 | 25,651 |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 340,368 | 322,951 |
Non USD Non CAD [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | $ 28,815 | $ 32,254 |
Deposits and Subordinated Deb_4
Deposits and Subordinated Debt - Subordinated Debt - Additional Information (Detail) - CAD ($) $ in Millions | Jul. 22, 2021 | Jun. 01, 2021 | Dec. 08, 2020 | Jul. 31, 2021 | Jul. 31, 2021 |
Disclosure Of Deposits [Line Items] | |||||
Repayments of subordinated liabilities | $ 1,250 | $ 2,250 | |||
Series H Medium Term Notes Second Tranche [member] | |||||
Disclosure Of Deposits [Line Items] | |||||
Repayments of subordinated liabilities | $ 1,000 | ||||
Percentage of redemption of principal amount plus unpaid accrued interest | 100.00% | ||||
Series I Medium Term Notes First Tranche [member] | |||||
Disclosure Of Deposits [Line Items] | |||||
Interest rate | 3.32% | ||||
Repayments of subordinated liabilities | $ 1,250 | ||||
Percentage of redemption of principal amount plus unpaid accrued interest | 100.00% | ||||
Series K Medium Term Notes [member] | |||||
Disclosure Of Deposits [Line Items] | |||||
Maturity date | July 22, 2031 | ||||
Floating rate reset date | Jul. 22, 2026 | ||||
Subordinated debt [member] | 1.928% Subordinated Notes Due 2031 [member] | |||||
Disclosure Of Deposits [Line Items] | |||||
Face value | $ 1,000 | ||||
Interest rate | 1.928% |
Deposits and Subordinated Deb_5
Deposits and Subordinated Debt - Summary of Deposits payable on a fixed (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 267,844 | $ 291,632 |
Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 240,274 | 258,460 |
Canada | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 163,465 | 185,655 |
Canada | Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 140,159 | 158,475 |
United States | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 75,851 | 78,175 |
United States | Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 71,589 | 72,186 |
Other Countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 28,528 | 27,802 |
Other Countries [member] | Deposits More Than One Hundred Thousand Dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 28,526 | $ 27,799 |
Deposits and Subordinated Deb_6
Deposits and Subordinated Debt - Summary of maturity schedule for deposits greater than one hundred thousand dollars booked in Canada (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | $ 680,553 | $ 657,201 | $ 659,034 |
CANADA | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 422,691 | 407,926 | |
CANADA | Deposits more than one hundred thousand dollar [Member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 140,159 | 158,475 | |
CANADA | Less than 3 months [member] | Deposits more than one hundred thousand dollar [Member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 22,423 | 18,081 | |
CANADA | 3 to 6 months [member] | Deposits more than one hundred thousand dollar [Member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 13,274 | 29,679 | |
CANADA | 6 to 12 months [member] | Deposits more than one hundred thousand dollar [Member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | 23,840 | 28,109 | |
CANADA | Over 12 months [member] | Deposits more than one hundred thousand dollar [Member] | |||
Disclosure of deposits payable to customers on a fixed date [line items] | |||
Deposits | $ 80,622 | $ 82,606 |
Equity - Summary of Classes of
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Detail) - CAD ($) $ in Millions | 9 Months Ended | |||||
Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 | |
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 57,696 | $ 55,514 | $ 56,593 | $ 54,587 | ||
Class B Series 25 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 9,425,607 | 9,425,607 | ||||
Balance at End of Period | $ 236 | $ 236 | ||||
Convertible into | Class B - Series 26 | |||||
Class B Series 26 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 2,174,393 | 2,174,393 | ||||
Balance at End of Period | $ 54 | $ 54 | ||||
Convertible into | Class B - Series 25 | |||||
Class B Series 27 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 20,000,000 | 20,000,000 | ||||
Balance at End of Period | $ 500 | $ 500 | ||||
Convertible into | Class B - Series 28 | |||||
Class B Series 29 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||||
Balance at End of Period | $ 400 | $ 400 | ||||
Convertible into | Class B - Series 30 | |||||
Class B Series 31 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 12,000,000 | 12,000,000 | ||||
Balance at End of Period | $ 300 | $ 300 | ||||
Convertible into | Class B - Series 32 | |||||
Class B Series 33 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 8,000,000 | 8,000,000 | ||||
Balance at End of Period | $ 200 | $ 200 | ||||
Convertible into | Class B - Series 34 | |||||
Class B Series 35 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 6,000,000 | |||||
Balance at End of Period | $ 150 | |||||
Convertible into | Not convertible | |||||
Class B Series 36 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 600,000 | |||||
Balance at End of Period | $ 600 | |||||
Convertible into | Class B - Series 37 | |||||
Class B Series 38 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 24,000,000 | 24,000,000 | ||||
Balance at End of Period | $ 600 | $ 600 | ||||
Convertible into | Class B - Series 39 | |||||
Class B Series 40 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 20,000,000 | 20,000,000 | ||||
Balance at End of Period | $ 500 | $ 500 | ||||
Convertible into | Class B - Series 41 | |||||
Class B Series 42 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||||
Balance at End of Period | $ 400 | $ 400 | ||||
Convertible into | Class B - Series 43 | |||||
Class B Series 44 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 16,000,000 | 16,000,000 | ||||
Balance at End of Period | $ 400 | $ 400 | ||||
Convertible into | Class B - Series 45 | |||||
Class B Series 46 [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 14,000,000 | 14,000,000 | ||||
Balance at End of Period | $ 350 | $ 350 | ||||
Convertible into | Class B - Series 47 | |||||
Preferred shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 3,940 | 4,690 | ||||
Other Equity Instrument [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 1,908 | $ 1,908 | ||||
Common shares [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 648,094,938 | 645,889,396 | ||||
Balance at End of Period | $ 13,609 | 13,536 | $ 13,430 | 13,200 | $ 13,000 | $ 12,971 |
Preferred Shares and Other Equity Instruments [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | 5,848 | $ 5,848 | 6,598 | $ 5,348 | $ 5,348 | $ 5,348 |
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 658 | 658 | ||||
Convertible into | Common shares | |||||
4.3% Limited Recourse Capital Notes Series 1 [Member] | ||||||
Disclosure of classes of share capital [line items] | ||||||
Balance at End of Period | $ 1,250 | $ 1,250 | ||||
Convertible into | Common shares |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Parenthetical) (Detail) - $ / shares | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2021 | Oct. 31, 2020 | Jul. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||
Common stock conversion price | $ 5 | $ 5 | |
Number of shares issued | 1,330,160 | 1,330,160 | |
Common shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 648,094,938 | 645,889,396 | 648,094,938 |
Number of shares issued | 503,580 | 503,580 | |
Stock options issued, convertible shares | 0 | 0 | |
Common shares [member] | Stock Option Plan [member] | |||
Disclosure of classes of share capital [line items] | |||
Stock options issued, convertible shares | (6,446,110) | 6,077,912 | |
Treasury shares [member] | |||
Disclosure of classes of share capital [line items] | |||
Number of shares | 222,652 | (652,730) | 222,652 |
Equity - Additional Information
Equity - Additional Information (Detail) $ in Millions, $ in Millions | Jul. 16, 2021CAD ($)shares | Nov. 25, 2020CAD ($)shares | Jul. 31, 2021USD ($) | Jul. 31, 2021CAD ($) |
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | ||||
Disclosure of classes of share capital [line items] | ||||
Note Issued Face Value | $ 500 | $ 658 | ||
Interest Rate | 4.80% | |||
4.3% Limited Recourse Capital Notes [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Note Issued Face Value | $ 1,250 | |||
Interest Rate | 4.30% | |||
Class B series thiry five preferred shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Number of shares redeemed | shares | 6,000,000 | |||
Redemption aggregate value | $ 156 | |||
Class B series thiry six preferred shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Dividend rate reset term | 5 years | |||
Number of shares redeemed | shares | 600,000 | |||
Redemption aggregate value | $ 600 | |||
Class B series twenty five preferred shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Dividend rate reset term | 5 years | |||
Redemption aggregate value | $ 236 | |||
Number of shares intend to redeem | shares | 9,425,607 | |||
Class B series twenty six preferred shares [Member] | ||||
Disclosure of classes of share capital [line items] | ||||
Redemption aggregate value | $ 54 | |||
Number of shares intend to redeem | shares | 2,174,393 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Securities | |||
Amortized cost | $ 48,727 | $ 46,744 | $ 48,466 |
Loans | |||
Consumer instalment and other personal | 75,092 | 71,918 | 70,148 |
Credit cards | 7,866 | 7,488 | 7,889 |
Business and government | 241,108 | 237,702 | 245,662 |
Loans gross of allowance for loan losses | 458,440 | 447,637 | 450,723 |
Deposits | 680,553 | 657,201 | 659,034 |
Securitization and structured entities' liabilities | 23,927 | 25,657 | 26,889 |
Subordinated Debt | 6,973 | $ 7,144 | 8,416 |
Not Carried At Fair Value [member] | At carrying value [member] | |||
Securities | |||
Amortized cost | 48,727 | 48,466 | |
Loans | |||
Residential mortgages | 134,273 | 126,882 | |
Consumer instalment and other personal | 74,505 | 69,480 | |
Credit cards | 7,573 | 7,556 | |
Business and government | 232,459 | 238,239 | |
Loans gross of allowance for loan losses | 448,810 | 442,157 | |
Deposits | 658,175 | 640,961 | |
Securitization and structured entities' liabilities | 23,298 | 26,889 | |
Subordinated Debt | 6,973 | 8,416 | |
Not Carried At Fair Value [member] | Fair Value [Member] | |||
Securities | |||
Amortized cost | 49,105 | 49,009 | |
Loans | |||
Residential mortgages | 134,914 | 128,815 | |
Consumer instalment and other personal | 74,945 | 70,192 | |
Credit cards | 7,573 | 7,556 | |
Business and government | 233,753 | 239,929 | |
Loans gross of allowance for loan losses | 451,185 | 446,492 | |
Deposits | 659,636 | 643,156 | |
Securitization and structured entities' liabilities | 23,709 | 27,506 | |
Subordinated Debt | $ 7,275 | $ 8,727 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | $ 241,108 | $ 237,702 | $ 245,662 |
Deposits | 680,553 | 657,201 | 659,034 |
Securitization and structured entities' liabilities | 23,927 | $ 25,657 | 26,889 |
Financial assets at fair value through profit or loss [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | 6,738 | 5,306 | |
Financial assets at fair value through profit or loss [member] | Not Carried At Fair Value [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Deposits | 22,085 | 18,073 | |
Metal deposits | 293 | 0 | |
Securitization and structured entities' liabilities | 629 | 0 | |
Financial assets at fair value through other comprehensive income [member] | |||
Fair value of financial instruments on balance sheet [line items] | |||
Business and government | $ 140 | $ 51 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 |
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | $ 102,169 | $ 90,566 | $ 97,834 |
FVTPL Securities | 14,239 | 13,331 | 13,568 |
FVOCI Securities | 64,553 | 61,172 | 73,407 |
Business and Government Loans | 241,108 | 237,702 | 245,662 |
Other Assets | 22,648 | 22,107 | 23,059 |
Derivative Assets | |||
Derivative Assets | 36,331 | 37,998 | 36,815 |
Derivative Liabilities | |||
Derivative Liabilities | 29,167 | $ 33,218 | 30,375 |
Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 102,169 | 97,834 | |
FVTPL Securities | 14,239 | 13,568 | |
FVOCI Securities | 64,553 | 73,407 | |
Business and Government Loans | 6,878 | 5,357 | |
Other Assets | 3,359 | 5,445 | |
Fair value liabilities | 52,682 | 48,734 | |
Securities sold but not yet purchased | 28,497 | 29,376 | |
Structured note liabilities | 22,085 | 18,073 | |
Other liabilities | 2,100 | 1,285 | |
Derivative Assets | |||
Derivative Assets | 36,331 | 36,815 | |
Derivative Liabilities | |||
Derivative Liabilities | 29,167 | 30,375 | |
Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,295 | 10,900 | |
FVTPL Securities | 1,002 | 601 | |
FVOCI Securities | 14,610 | 22,450 | |
Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,231 | 8,335 | |
FVTPL Securities | 1,354 | 1,429 | |
FVOCI Securities | 2,674 | 4,747 | |
Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 8,162 | 8,418 | |
FVTPL Securities | 49 | 44 | |
FVOCI Securities | 20,695 | 17,694 | |
Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 294 | 503 | |
FVOCI Securities | 4,412 | 5,276 | |
Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,556 | 2,516 | |
FVTPL Securities | 93 | 94 | |
FVOCI Securities | 6,597 | 7,381 | |
Measured at fair value [Member] | NHA MBS U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 14,076 | 12,297 | |
FVTPL Securities | 11 | 3 | |
FVOCI Securities | 12,853 | 12,532 | |
Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,460 | 11,041 | |
FVTPL Securities | 7,752 | 7,897 | |
FVOCI Securities | 2,599 | 3,234 | |
Measured at fair value [Member] | Loans held for trading [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 194 | 67 | |
Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 55,901 | 43,757 | |
FVTPL Securities | 3,978 | 3,500 | |
FVOCI Securities | 113 | 93 | |
Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 10,225 | 14,929 | |
Derivative Liabilities | |||
Derivative Liabilities | 7,767 | 10,893 | |
Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 15,670 | 10,826 | |
Derivative Liabilities | |||
Derivative Liabilities | 12,009 | 10,612 | |
Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 5,934 | 2,588 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,680 | 2,333 | |
Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 4,499 | 8,461 | |
Derivative Liabilities | |||
Derivative Liabilities | 7,705 | 6,523 | |
Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 3 | 11 | |
Derivative Liabilities | |||
Derivative Liabilities | 6 | 14 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 73,774 | 62,667 | |
FVTPL Securities | 3,082 | 2,289 | |
FVOCI Securities | 36,321 | 42,664 | |
Other Assets | 3,274 | 5,328 | |
Fair value liabilities | 21,383 | 19,740 | |
Securities sold but not yet purchased | 21,383 | 19,740 | |
Derivative Assets | |||
Derivative Assets | 1,332 | 887 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,220 | 831 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 5,031 | 6,529 | |
FVTPL Securities | 781 | 452 | |
FVOCI Securities | 13,627 | 20,765 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,368 | 1,868 | |
FVTPL Securities | 469 | 180 | |
FVOCI Securities | 1,655 | 2,604 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 5,581 | 5,702 | |
FVTPL Securities | 1 | ||
FVOCI Securities | 17,166 | 14,852 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 30 | 16 | |
FVOCI Securities | 93 | 8 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,152 | 1,021 | |
FVOCI Securities | 3,126 | 3,643 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | NHA MBS U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 7 | ||
Valued using quoted market prices [member] | Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2,711 | 3,767 | |
FVTPL Securities | 141 | 70 | |
FVOCI Securities | 654 | 792 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 55,901 | 43,757 | |
FVTPL Securities | 1,690 | 1,587 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 12 | 13 | |
Derivative Liabilities | |||
Derivative Liabilities | 6 | 22 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 3 | 1 | |
Derivative Liabilities | |||
Derivative Liabilities | 11 | 3 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 352 | 123 | |
Derivative Liabilities | |||
Derivative Liabilities | 638 | 350 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 965 | 750 | |
Derivative Liabilities | |||
Derivative Liabilities | 565 | 456 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 27,599 | 34,364 | |
FVTPL Securities | 8,881 | 9,376 | |
FVOCI Securities | 28,118 | 30,649 | |
Business and Government Loans | 4,573 | 3,412 | |
Other Assets | 85 | 117 | |
Fair value liabilities | 31,286 | 28,994 | |
Securities sold but not yet purchased | 7,114 | 9,636 | |
Structured note liabilities | 22,085 | 18,073 | |
Other liabilities | 2,087 | 1,285 | |
Derivative Assets | |||
Derivative Assets | 34,999 | 35,928 | |
Derivative Liabilities | |||
Derivative Liabilities | 27,943 | 29,540 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,264 | 4,371 | |
FVTPL Securities | 221 | 149 | |
FVOCI Securities | 983 | 1,685 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian government provincial [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2,863 | 6,467 | |
FVTPL Securities | 885 | 1,249 | |
FVOCI Securities | 1,019 | 2,143 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2,581 | 2,716 | |
FVTPL Securities | 48 | 44 | |
FVOCI Securities | 3,529 | 2,842 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 264 | 487 | |
FVOCI Securities | 4,318 | 5,267 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 404 | 1,495 | |
FVTPL Securities | 93 | 94 | |
FVOCI Securities | 3,471 | 3,738 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | NHA MBS U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 13,282 | 11,487 | |
FVTPL Securities | 11 | 3 | |
FVOCI Securities | 12,853 | 12,532 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,747 | 7,274 | |
FVTPL Securities | 7,611 | 7,827 | |
FVOCI Securities | 1,945 | 2,442 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Loans held for trading [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 194 | 67 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
FVTPL Securities | 12 | 10 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 10,213 | 14,916 | |
Derivative Liabilities | |||
Derivative Liabilities | 7,761 | 10,871 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 15,667 | 10,825 | |
Derivative Liabilities | |||
Derivative Liabilities | 11,998 | 10,609 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 5,582 | 2,465 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,042 | 1,983 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 3,534 | 7,711 | |
Derivative Liabilities | |||
Derivative Liabilities | 7,140 | 6,067 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 3 | 11 | |
Derivative Liabilities | |||
Derivative Liabilities | 2 | 10 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 796 | 803 | |
FVTPL Securities | 2,276 | 1,903 | |
FVOCI Securities | 114 | 94 | |
Business and Government Loans | 2,305 | 1,945 | |
Fair value liabilities | 13 | ||
Other liabilities | 13 | ||
Derivative Liabilities | |||
Derivative Liabilities | 4 | 4 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | U.S. states, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
FVOCI Securities | 1 | 1 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | NHA MBS U.S. agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 794 | 803 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 2 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
FVTPL Securities | 2,276 | 1,903 | |
FVOCI Securities | 113 | 93 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Liabilities | |||
Derivative Liabilities | $ 4 | $ 4 |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Investment (Detail) $ in Millions | 9 Months Ended |
Jul. 31, 2021CAD ($)bps | |
Corporate equity [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Fair value of assets | $ 2,276 |
Corporate equity [member] | Bottom of range [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
EV/EBITDA multiple range of input values | 6 |
Corporate equity [member] | Top of range [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
EV/EBITDA multiple range of input values | 16 |
Loan [Member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Fair value of assets | $ 2,305 |
Loan [Member] | Bottom of range [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Discount range of input values | bps | 50 |
Loan [Member] | Top of range [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Discount range of input values | bps | 144 |
NHA MBS US Agency MBS And CMO [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Fair value of assets | $ 794 |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Comparability adjustment | (4.64) |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Discounted cash flows and Prepayment rate changes in percentage | 4.00% |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Comparability adjustment | 4.53 |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | Valued using models (without observable inputs) [member] | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | |
Discounted cash flows and Prepayment rate changes in percentage | 38.00% |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments - Summary of Fair Value Measurement of Investment (Parenthetical) (Detail) - CAD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Oct. 31, 2020 | |
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Basis point increase or decrease in discount margin for business and government loans | 10.00% | 10.00% |
Increase or decrease in business and government loans | $ 4 | $ 3 |
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 | $ 457 | $ 487 |
Fair Value of Financial Instr_8
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Transfers Between Level 1 and Level 2 (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Trading securities [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | $ 639 | $ 994 | $ 4,067 | $ 5,761 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 1,473 | 2,682 | 11,009 | 3,952 |
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 | 153 | 19 | 361 | 518 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 403 | 241 | 804 | 302 |
Financial assets at fair value through other comprehensive income [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 1,016 | 1,768 | 6,856 | 9,032 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 1,917 | 4,294 | 10,890 | 7,012 |
Securities sold but not yet purchased [member] | ||||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||||
Transfers out of Level 1 into Level 2 of fair value hierarchy | 197 | 681 | 1,198 | 4,432 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 648 | $ 2,067 | $ 5,905 | $ 2,982 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
NHA MBS US Agency MBS And CMO [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at end of period | $ 794 | $ 794 | ||
Corporate equity [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at end of period | 2,276 | 2,276 | ||
Trading securities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 705 | $ 535 | 803 | $ 545 |
Change in fair value included in earnings | (78) | (105) | (172) | (235) |
Change in fair value included in other comprehensive income | 11 | (20) | (50) | 10 |
Purchases/Issuances | 441 | 362 | 1,209 | 861 |
Sales | (256) | (207) | (939) | (608) |
Transfers into Level 3 | 35 | 41 | 106 | 205 |
Transfers out of Level 3 | (62) | (22) | (161) | (194) |
Assets at end of period | 796 | 584 | 796 | 584 |
Change in unrealized gains (losses) recorded in income for instruments still held | 5 | (74) | 24 | (159) |
Trading securities [member] | NHA MBS US Agency MBS And CMO [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 702 | 487 | 803 | 538 |
Change in fair value included in earnings | (78) | (115) | (172) | (245) |
Change in fair value included in other comprehensive income | 11 | (18) | (50) | 12 |
Purchases/Issuances | 441 | 362 | 1,206 | 811 |
Sales | (255) | (151) | (938) | (540) |
Transfers into Level 3 | 35 | 41 | 106 | 202 |
Transfers out of Level 3 | (62) | (22) | (161) | (194) |
Assets at end of period | 794 | 584 | 794 | 584 |
Change in unrealized gains (losses) recorded in income for instruments still held | 5 | (74) | 24 | (158) |
Trading securities [member] | Corporate debt [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Assets at beginning of period | 3 | 48 | 7 | |
Change in fair value included in earnings | 10 | 10 | ||
Change in fair value included in other comprehensive income | (2) | (2) | ||
Purchases/Issuances | 3 | 50 | ||
Sales | (1) | (56) | (1) | (68) |
Transfers into Level 3 | 3 | |||
Assets at end of period | 2 | 2 | ||
Change in unrealized gains (losses) recorded in income for instruments still held | (1) | |||
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 | 2,048 | 2,062 | 1,903 | 1,984 |
Change in fair value included in earnings | 158 | (23) | 217 | (27) |
Change in fair value included in other comprehensive income | 20 | (57) | (81) | 23 |
Purchases/Issuances | 175 | 58 | 453 | 244 |
Sales | (106) | (233) | (193) | (418) |
Maturities/Settlement | (4) | |||
Transfers into Level 3 | 1 | |||
Transfers out of Level 3 | (19) | (19) | ||
Assets at end of period | 2,276 | 1,807 | 2,276 | 1,807 |
Change in unrealized gains (losses) recorded in income for instruments still held | 149 | 2 | 262 | 7 |
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 | 2,048 | 2,062 | 1,903 | 1,984 |
Change in fair value included in earnings | 158 | (23) | 217 | (27) |
Change in fair value included in other comprehensive income | 20 | (57) | (81) | 23 |
Purchases/Issuances | 175 | 58 | 453 | 244 |
Sales | (106) | (233) | (193) | (418) |
Maturities/Settlement | (4) | |||
Transfers into Level 3 | 1 | |||
Transfers out of Level 3 | (19) | (19) | ||
Assets at end of period | 2,276 | 1,807 | 2,276 | 1,807 |
Change in unrealized gains (losses) recorded in income for instruments still held | 149 | 2 | 262 | 7 |
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 | 101 | 84 | 94 | 82 |
Change in fair value included in other comprehensive income | 9 | 9 | ||
Purchases/Issuances | 4 | 4 | 11 | 6 |
Assets at end of period | 114 | 88 | 114 | 88 |
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] | ||||
Assets at beginning of period | 100 | 83 | 93 | 81 |
Change in fair value included in other comprehensive income | 9 | 9 | ||
Purchases/Issuances | 4 | 4 | 11 | 6 |
Assets at end of period | 113 | 87 | 113 | 87 |
Financial assets at fair value through other comprehensive income, category [member] | U.S. 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 | 1 | 1 |
Assets at end of period | 1 | 1 | 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 | 2,841 | 2,028 | 1,945 | 1,736 |
Change in fair value included in earnings | (3) | |||
Change in fair value included in other comprehensive income | 45 | 95 | (150) | 183 |
Purchases/Issuances | 113 | 765 | 1,812 | 1,705 |
Maturities/Settlement | (694) | (685) | (1,302) | (1,418) |
Assets at end of period | 2,305 | 2,203 | 2,305 | 2,203 |
Change in unrealized gains (losses) recorded in income for instruments still held | 0 | |||
Fair Value Liabilities [Member] | Other Liabilities [Member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Transfers into Level 3 | 13 | 13 | ||
Assets at end of period | 13 | 13 | ||
Derivatives Liabilities [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 4 | 4 | 4 | 1 |
Transfers into Level 3 | 3 | |||
Transfers out of Level 3 | (1) | (1) | ||
Liabilities at end of period | 4 | 3 | 4 | 3 |
Derivatives Liabilities [member] | Credit default swaps [member] | ||||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | ||||
Liabilities at beginning of period | 4 | 4 | 4 | 1 |
Transfers into Level 3 | 3 | |||
Transfers out of Level 3 | (1) | (1) | ||
Liabilities at end of period | $ 4 | $ 3 | $ 4 | $ 3 |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of capital management [abstract] | |
Capital conservation buffer, percentage | 2.50% |
Common equity surcharge, percentage | 1.00% |
Domestic stability buffer, percentage | 1.00% |
Future change in domestic stability buffer percentage | 2.50% |
Domestic stability buffer effective date | Oct. 31, 2021 |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital Measure and Risk-Weighted Assets (Detail) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Fixed Rate of Instruments [Abstract] | ||
CET1 Capital | $ 43,349 | $ 40,077 |
Tier 1 Capital | 48,826 | 45,840 |
Total Capital | 56,203 | 54,661 |
Risk-Weighted Assets | 322,529 | 336,607 |
Leverage Exposures | $ 969,824 | $ 953,640 |
CET1 Capital Ratio | 13.40% | 11.90% |
Tier 1 Capital Ratio | 15.10% | 13.60% |
Total Capital Ratio | 17.40% | 16.20% |
Leverage Ratio | 5.00% | 4.80% |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation - Additional Information (Detail) | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021CAD ($) | Jul. 31, 2020CAD ($) | Jul. 31, 2021CAD ($) | Jul. 31, 2020CAD ($) | |
Disclosure of Sharebased Payment [Line Items] | ||||
Number of stock options, Granted | 0 | 0 | 984,943 | 976,087 |
Weighted average fair value of options granted | $ 10.75 | $ 9.46 | $ 10.75 | $ 9.46 |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) | 9 Months Ended | |
Jul. 31, 2021yr$ / shares | Jul. 31, 2020yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.90% | 4.30% |
Expected share price volatility | 15.40% | |
Risk-free rate of return | 1.00% | |
Exercise price | $ / shares | $ 97.14 | $ 101.47 |
Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected share price volatility | 20.60% | |
Risk-free rate of return | 1.90% | |
Expected period until exercise (in years) | 6.5 | 6.5 |
Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected share price volatility | 20.70% | |
Risk-free rate of return | 2.00% | |
Expected period until exercise (in years) | 7 | 7 |
Employee Compensation - Summary
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of defined benefit plans [line items] | |||||
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 2,102 | $ 2,042 | $ 1,964 | $ 6,263 | $ 5,994 |
Pension Plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Current service cost | 67 | 62 | 201 | 187 | |
Net interest expense on net defined benefit (asset) liability | 2 | 1 | 6 | 1 | |
Administrative expenses | 1 | 1 | 3 | 3 | |
Benefits expense | 70 | 64 | 210 | 191 | |
Canada and Quebec pension plan expense | 24 | 22 | 76 | 75 | |
Defined contribution expense | 33 | 37 | 126 | 135 | |
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 127 | 123 | 412 | 401 | |
Other employee future benefit plans [member] | |||||
Disclosure of defined benefit plans [line items] | |||||
Current service cost | 2 | 2 | 6 | 8 | |
Net interest expense on net defined benefit (asset) liability | 8 | 8 | 23 | 24 | |
Benefits expense | 10 | 10 | 29 | 32 | |
Total quarter pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 10 | $ 10 | $ 29 | $ 32 |
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 | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Basic Earnings Per Common Share | |||||
Net income | $ 2,275 | $ 1,303 | $ 1,232 | $ 5,595 | $ 3,513 |
Dividends on preferred shares and distributions payable on other equity instruments | (61) | (73) | (185) | (195) | |
Net income available to common shareholders | $ 2,214 | $ 1,159 | $ 5,410 | $ 3,318 | |
Weighted-average number of common shares outstanding | 647,178 | 641,300 | 646,808 | 640,129 | |
Basic earnings per common share | $ 3.42 | $ 1.91 | $ 1.81 | $ 8.36 | $ 5.18 |
Effect of dilutive instruments | |||||
Stock options potentially exercisable | 6,213 | 2,400 | 6,585 | 3,473 | |
Common shares potentially repurchased | (4,394) | (2,046) | (5,229) | (2,721) | |
Weighted-average number of diluted common shares outstanding | 648,997 | 641,654 | 648,164 | 640,881 | |
Diluted Earnings Per Common Share | |||||
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 2,214 | $ 1,159 | $ 5,410 | $ 3,318 | |
Weighted-average number of common shares outstanding | 647,178 | 641,300 | 646,808 | 640,129 | |
Diluted earnings per common share | $ 3.41 | $ 1.91 | $ 1.81 | $ 8.35 | $ 5.18 |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - Dilutive potential shares from stock options [Member] - $ / shares | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Earnings per share [line items] | ||||
Outstanding options excluded from calculation of diluted earnings per share | 4,238,334 | 3,124,912 | ||
Weighted-average exercise price | $ 0 | $ 94.30 | $ 0 | $ 99.72 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) $ in Millions | 9 Months Ended |
Jul. 31, 2021CAD ($) | |
2011 - 2016 taxation years [member] | |
Disclosure of Income Tax [Line items] | |
Additional income tax expense and interest | $ 1,210 |
Operating Segmentation - Additi
Operating Segmentation - Additional Information (Detail) | 9 Months Ended |
Jul. 31, 2021Business | |
Disclosure of operating segments [line items] | |
Number of operating groups | 3 |
Operating Segmentation - Summar
Operating Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of operating segments [line items] | |||||
Net interest income | $ 3,521 | $ 3,535 | $ 10,554 | $ 10,441 | |
Non-interest revenue | 4,041 | 3,654 | 10,059 | 8,759 | |
Total Revenue | 7,562 | $ 6,076 | 7,189 | 20,613 | 19,200 |
Total provision for credit losses | (70) | 60 | 1,054 | 146 | 2,521 |
Insurance claims, commissions and changes in policy benefit liabilities | 984 | (283) | 1,189 | 1,302 | 1,708 |
Depreciation and amortization | 384 | 400 | 1,169 | 1,211 | |
Other non-interest expense | 3,300 | 3,044 | 10,537 | 9,418 | |
Income Before Provision for Income Taxes | 2,964 | 1,890 | 1,502 | 7,459 | 4,342 |
Provision for (recovery of) income taxes | 689 | 587 | 270 | 1,864 | 829 |
Reported net income (loss) | 2,275 | $ 1,303 | 1,232 | 5,595 | 3,513 |
Average Assets | 970,243 | 977,764 | 973,804 | 935,517 | |
Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | 71 | 446 | 441 | 1,183 | |
Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (141) | 608 | (295) | 1,338 | |
Canadian P&C [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,660 | 1,509 | 4,849 | 4,561 | |
Non-interest revenue | 581 | 453 | 1,633 | 1,443 | |
Total Revenue | 2,241 | 1,962 | 6,482 | 6,004 | |
Total provision for credit losses | 94 | 570 | 382 | 1,219 | |
Depreciation and amortization | 131 | 126 | 390 | 385 | |
Other non-interest expense | 915 | 835 | 2,582 | 2,539 | |
Income Before Provision for Income Taxes | 1,101 | 431 | 3,128 | 1,861 | |
Provision for (recovery of) income taxes | 286 | 112 | 812 | 481 | |
Reported net income (loss) | 815 | 319 | 2,316 | 1,380 | |
Average Assets | 265,639 | 252,028 | 259,813 | 251,325 | |
Canadian P&C [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | 101 | 257 | 404 | 607 | |
Canadian P&C [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (7) | 313 | (22) | 612 | |
US P&C [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 1,048 | 1,107 | 3,194 | 3,287 | |
Non-interest revenue | 304 | 292 | 935 | 912 | |
Total Revenue | 1,352 | 1,399 | 4,129 | 4,199 | |
Total provision for credit losses | (62) | 332 | (116) | 680 | |
Depreciation and amortization | 119 | 137 | 365 | 427 | |
Other non-interest expense | 570 | 615 | 1,689 | 1,903 | |
Income Before Provision for Income Taxes | 725 | 315 | 2,191 | 1,189 | |
Provision for (recovery of) income taxes | 172 | 52 | 514 | 236 | |
Reported net income (loss) | 553 | 263 | 1,677 | 953 | |
Average Assets | 125,840 | 140,615 | 128,722 | 139,196 | |
US P&C [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (9) | 109 | 17 | 365 | |
US P&C [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (53) | 223 | (133) | 315 | |
BMO WM [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 247 | 229 | 723 | 672 | |
Non-interest revenue | 2,179 | 2,255 | 4,795 | 4,727 | |
Total Revenue | 2,426 | 2,484 | 5,518 | 5,399 | |
Total provision for credit losses | (2) | 8 | (7) | 17 | |
Insurance claims, commissions and changes in policy benefit liabilities | 984 | 1,189 | 1,302 | 1,708 | |
Depreciation and amortization | 66 | 73 | 213 | 220 | |
Other non-interest expense | 847 | 764 | 2,547 | 2,417 | |
Income Before Provision for Income Taxes | 531 | 450 | 1,463 | 1,037 | |
Provision for (recovery of) income taxes | 130 | 109 | 358 | 261 | |
Reported net income (loss) | 401 | 341 | 1,105 | 776 | |
Average Assets | 48,053 | 46,308 | 47,761 | 45,234 | |
BMO WM [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | 1 | 3 | 4 | ||
BMO WM [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (2) | 7 | (10) | 13 | |
BMO CM [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | 696 | 952 | 2,242 | 2,503 | |
Non-interest revenue | 888 | 576 | 2,454 | 1,445 | |
Total Revenue | 1,584 | 1,528 | 4,696 | 3,948 | |
Total provision for credit losses | (94) | 137 | (106) | 595 | |
Depreciation and amortization | 68 | 64 | 201 | 179 | |
Other non-interest expense | 850 | 761 | 2,432 | 2,256 | |
Income Before Provision for Income Taxes | 760 | 566 | 2,169 | 918 | |
Provision for (recovery of) income taxes | 202 | 140 | 565 | 210 | |
Reported net income (loss) | 558 | 426 | 1,604 | 708 | |
Average Assets | 367,900 | 379,131 | 371,046 | 370,363 | |
BMO CM [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (19) | 79 | 20 | 205 | |
BMO CM [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (75) | 58 | (126) | 390 | |
Corporate services [member] | |||||
Disclosure of operating segments [line items] | |||||
Net interest income | (130) | (262) | (454) | (582) | |
Non-interest revenue | 89 | 78 | 242 | 232 | |
Total Revenue | (41) | (184) | (212) | (350) | |
Total provision for credit losses | (6) | 7 | (7) | 10 | |
Depreciation and amortization | 1,287 | ||||
Other non-interest expense | 118 | 69 | (1,492) | 303 | |
Income Before Provision for Income Taxes | (153) | (260) | (663) | ||
Provision for (recovery of) income taxes | (101) | (143) | (385) | (359) | |
Reported net income (loss) | (52) | (117) | (1,107) | (304) | |
Average Assets | 162,811 | 159,682 | 166,462 | 129,399 | |
Corporate services [member] | Impaired Loans [Member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | (2) | (3) | 2 | ||
Corporate services [member] | Performing loans [member] | |||||
Disclosure of operating segments [line items] | |||||
Total provision for credit losses | $ (4) | $ 7 | $ (4) | $ 8 |
Divestitures - Additional Infor
Divestitures - Additional Information (Detail) £ in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Apr. 30, 2021CAD ($) | Jul. 31, 2021CAD ($) | Apr. 12, 2021GBP (£) | Apr. 12, 2021CAD ($) | |
Statement [Line Items] | ||||
Consideration in cash | £ 615 | $ 1,066 | ||
Goodwill written down value | $ 747 | $ 8 |
Legal Proceedings - Additional
Legal Proceedings - Additional Information (Detail) $ in Billions | Oct. 31, 2020USD ($) |
Legal proceedings provision [abstract] | |
Legal proceedings provision | $ 1.9 |