Cover Page
Cover Page | 12 Months Ended |
Oct. 31, 2022 shares | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | false |
Document Registration Statement | false |
Document Annual Report | true |
Document Period End Date | Oct. 31, 2022 |
Document Fiscal Year Focus | 2022 |
Document Fiscal Period Focus | FY |
Trading Symbol | BMO |
Entity Registrant Name | BANK OF MONTREAL |
Entity Central Index Key | 0000927971 |
Current Fiscal Year End Date | --10-31 |
Entity Current Reporting Status | Yes |
Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 677,281,567 |
Entity Interactive Data Current | Yes |
Security Exchange Name | NYSE |
Title of 12(b) Security | Common Shares |
Entity Address, Address Line One | 100 King Street West |
Entity Address, Address Line Two | 1 First Canadian Place |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Country | CA |
Entity File Number | 001-13354 |
Entity Incorporation, State or Country Code | Z4 |
Entity Address, Postal Zip Code | M5X 1A1 |
City Area Code | 416 |
Local Phone Number | 867-6785 |
Annual Information Form | true |
Audited Annual Financial Statements | true |
ICFR Auditor Attestation Flag | true |
Auditor Name | KPMG LLP |
Auditor Location | Toronto, Ontario, Canada |
Auditor Firm ID | 85 |
Business Contact [Member] | |
Document Information [Line Items] | |
Contact Personnel Name | Colleen Hennessy |
Entity Address, Address Line One | 115 S. LaSalle Street |
Entity Address, Address Line Two | Floor 18W |
Entity Address, City or Town | Chicago |
Entity Address, State or Province | IL |
Entity Address, Postal Zip Code | 60603 |
City Area Code | 312 |
Local Phone Number | 497-6153 |
Consolidated Statement of Incom
Consolidated Statement of Income - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Interest, Dividend and Fee Income | |||
Loans | $ 20,464 | $ 15,727 | |
Securities (Note 3) | [1] | 5,590 | 3,963 |
Deposits with banks | 843 | 197 | |
Interest, Dividend and Fee Income | 26,897 | 19,887 | |
Interest Expense | |||
Deposits | 6,711 | 3,220 | |
Subordinated debt | 227 | 195 | |
Other liabilities (Note 14) | 4,074 | 2,162 | |
Interest Expense | 11,012 | 5,577 | |
Net Interest Income | 15,885 | 14,310 | |
Non-Interest Revenue | |||
Securities commissions and fees | 1,082 | 1,107 | |
Deposit and payment service charges | 1,318 | 1,243 | |
Trading revenues (Notes 10 and 17) | 8,250 | 296 | |
Lending fees | 1,440 | 1,391 | |
Card fees | 548 | 442 | |
Investment management and custodial fees | 1,770 | 1,982 | |
Mutual fund revenues | 1,312 | 1,595 | |
Underwriting and advisory fees | 1,193 | 1,421 | |
Securities gains, other than trading (Note 3) | 281 | 591 | |
Foreign exchange gains, other than trading | 181 | 167 | |
Insurance revenue | (157) | 1,941 | |
Share of profit (loss) in associates and joint ventures | 274 | 248 | |
Other | 333 | 452 | |
Non-Interest Revenue | 17,825 | 12,876 | |
Total Revenue | 33,710 | 27,186 | |
Provision for Credit Losses (Note 4) | 313 | 20 | |
Insurance Claims, Commissions and Changes in Policy Benefit Liabilities (Note 14) | (683) | 1,399 | |
Non-Interest Expense | |||
Employee compensation (Notes 20 and 21) | 8,795 | 8,322 | |
Premises and equipment (Note 9) | 3,635 | 3,396 | |
Amortization of intangible assets (Note 11) | 604 | 634 | |
Advertising and business development | 517 | 397 | |
Communications | 278 | 264 | |
Professional fees | 788 | 607 | |
Other | 1,577 | 1,889 | |
Non-Interest Expense | 16,194 | 15,509 | |
Income Before Provision for Income Taxes | 17,886 | 10,258 | |
Provision for income taxes (Note 22) | 4,349 | 2,504 | |
Net Income | $ 13,537 | $ 7,754 | |
Earnings Per Common Share (Canadian $) (Note 23) | |||
Basic | $ 20.04 | $ 11.6 | |
Diluted | 19.99 | 11.58 | |
Common shares [member] | |||
Earnings Per Common Share (Canadian $) (Note 23) | |||
Dividends per common share | $ 5.44 | $ 4.24 | |
[1]Includes interest income on securities measured at fair value through other comprehensive income and amortized cost, calculated using the effective interest rate method, of $1,945 million for the year ended October 31, 2022 ($889 million in 2021). |
Consolidated Statement of Inc_2
Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Operating Income Expenses [abstract] | ||
Interest income, calculated using the effective interest rate method | $ 1,945 | $ 889 |
Consolidated Statement of Compr
Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Statement [Line Items] | ||
Net Income | $ 13,537 | $ 7,754 |
Other Comprehensive Income (Loss), net of taxes (Note 22) | ||
Reclassification to earnings of (gains) during the year | (11) | (43) |
Other comprehensive income net of tax OCI debt financial assets | (531) | (204) |
Net change in unrealized gains (losses) on cash flow hedges | ||
(Losses) on derivatives designated as cash flow hedges arising during the year | (4,999) | (1,380) |
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges during the year | (315) | (414) |
Other comprehensive income net of tax cash flow hedges | (5,314) | (1,794) |
Net gains (losses) on translation of net foreign operations | ||
Unrealized gains (losses) on translation of net foreign operations | 3,202 | (2,207) |
Unrealized gains (losses) on hedges of net foreign operations | (332) | 496 |
Reclassification to earnings of net losses related to divestitures (Note 10) | 29 | |
Other comprehensive income, net of taxes, translation of net foreign operations | 2,899 | (1,711) |
Items that will not be reclassified to net income | ||
Unrealized gains on fair value through OCI equity securities arising during the year | 1 | 20 |
Gains on remeasurement of pension and other employee future benefit plans | 659 | 923 |
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 1,282 | (196) |
Items that will not be reclassified to net income | 1,942 | 747 |
Other Comprehensive (Loss), net of taxes (Note 22) | (1,004) | (2,962) |
Total Comprehensive Income | 12,533 | 4,792 |
Debt securities [member] | ||
Other Comprehensive Income (Loss), net of taxes (Note 22) | ||
Unrealized (losses) on fair value through OCI debt securities arising during the year | $ (520) | $ (161) |
Consolidated Balance Sheet
Consolidated Balance Sheet - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Assets | ||
Cash and Cash Equivalents (Note 2) | $ 87,466 | $ 93,261 |
Interest Bearing Deposits with Banks (Note 2) | 5,734 | 8,303 |
Securities (Note 3) | ||
Trading | 108,177 | 104,411 |
Fair value through profit or loss | 13,641 | 14,210 |
Fair value through other comprehensive income | 43,561 | 63,123 |
Debt securities at amortized cost | 106,590 | 49,970 |
Investments in associates and joint ventures | 1,293 | 1,135 |
Securities, net | 273,262 | 232,849 |
Securities Borrowed or Purchased Under Resale Agreements (Note 4) | 113,194 | 107,382 |
Loans (Notes 4 and 6) | ||
Residential mortgages | 148,880 | 135,750 |
Consumer instalment and other personal | 86,103 | 77,164 |
Credit cards | 9,663 | 8,103 |
Business and government | 309,310 | 239,809 |
Loans gross of allowance for loan losses | 553,956 | 460,826 |
Allowance for credit losses (Note 4) | (2,617) | (2,564) |
Loans,net | 551,339 | 458,262 |
Other Assets | ||
Derivative instruments (Note 8) | 48,160 | 36,713 |
Customers' liability under acceptances (Note 12) | 13,235 | 14,021 |
Premises and equipment (Notes 1 and 9) | 4,841 | 4,454 |
Goodwill (Note 11) | 5,285 | 5,378 |
Intangible assets (Note 11) | 2,193 | 2,266 |
Current tax assets | 1,421 | 1,588 |
Deferred tax assets (Note 22) | 1,175 | 1,287 |
Other (Note 12) | 31,894 | 22,411 |
Other assets | 108,204 | 88,118 |
Total Assets | 1,139,199 | 988,175 |
Liabilities and Equity | ||
Deposits (Note 13) | 769,478 | 685,631 |
Other Liabilities | ||
Derivative instruments (Note 8) | 59,956 | 30,815 |
Acceptances (Note 14) | 13,235 | 14,021 |
Securities sold but not yet purchased (Note 14) | 40,979 | 32,073 |
Securities lent or sold under repurchase agreements (Note 6) | 103,963 | 97,556 |
Securitization and structured entities' liabilities (Notes 6 and 7) | 27,068 | 25,486 |
Current tax liabilities | 425 | 221 |
Deferred tax liabilities (Note 22) | 102 | 192 |
Other (Notes 14) | 44,805 | 37,764 |
Other liabilities | 290,533 | 238,128 |
Subordinated Debt (Note 15) | 8,150 | 6,893 |
Total Liabilities | 1,068,161 | 930,652 |
Equity | ||
Contributed surplus | 317 | 313 |
Retained earnings | 45,117 | 35,497 |
Accumulated other comprehensive income | 1,552 | 2,556 |
Total Equity | 71,038 | 57,523 |
Total Liabilities and Equity | 1,139,199 | 988,175 |
Preferred shares and other equity instruments [member] | ||
Equity | ||
Issued capital | 6,308 | 5,558 |
Total Equity | 6,308 | 5,558 |
Common shares [member] | ||
Equity | ||
Issued capital | 17,744 | 13,599 |
Total Equity | $ 17,744 | $ 13,599 |
Consolidated Statement of Chang
Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Total | Contributed Surplus [member] | Retained earnings [member] | Accumulated Other Comprehensive Income (Loss) on Fair Value through OCI Securities, net of taxes | Accumulated Other Comprehensive Income (Loss) on Cash Flow Hedges, net of taxes | 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, 2020 | $ 302 | $ 30,745 | $ 355 | $ 1,979 | $ 3,980 | $ (638) | $ (158) | $ 6,598 | $ 13,430 | ||
Statement [Line Items] | |||||||||||
Issued under the Stock Option Plan | 122 | ||||||||||
Treasury shares sold/purchased | 47 | ||||||||||
Net income | $ 7,754 | 7,754 | |||||||||
Dividends on preferred shares and distributions payable on other equity instruments (Note 16) | (244) | ||||||||||
Dividends on common shares (Note 16) | (2,746) | ||||||||||
Stock option expense, net of options exercised (Note 20) | 10 | ||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | (1,380) | (1,380) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | (2,207) | 496 | |||||||||
Gains on remeasurement of pension and other employee future benefit plans (Note 21) | 923 | 923 | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | (196) | (196) | |||||||||
Unrealized (losses) on fair value through OCI debt securities arising during the year | (161) | ||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 20 | ||||||||||
Redeemed during the year | (1,040) | ||||||||||
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges in the year | (414) | (414) | |||||||||
Unrealized gains (losses) on translation of net foreign operations | 496 | (2,207) | |||||||||
Equity issue expense and premium paid on redemption of preferred shares | (6) | ||||||||||
Net discount on sale of treasury shares | (6) | ||||||||||
Reclassification to earnings of (gains) during the year | (43) | (43) | |||||||||
Other | 1 | ||||||||||
Balance at end of year at Oct. 31, 2021 | 57,523 | 313 | 35,497 | 171 | 185 | 2,269 | 285 | (354) | $ 2,556 | 5,558 | 13,599 |
Statement [Line Items] | |||||||||||
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 999 | ||||||||||
Issued under the Stock Option Plan | 57 | ||||||||||
Treasury shares sold/purchased | (17) | ||||||||||
Issued to finance a portion of the announced acquisition (Notes 10 and 16) | 3,106 | ||||||||||
Net income | 13,537 | 13,537 | |||||||||
Dividends on preferred shares and distributions payable on other equity instruments (Note 16) | (231) | ||||||||||
Dividends on common shares (Note 16) | (3,634) | ||||||||||
Issued during the year | 2,250 | ||||||||||
Stock option expense, net of options exercised (Note 20) | 3 | ||||||||||
(Losses) on derivatives designated as cash flow hedges arising during the year (Note 8) | (4,999) | (4,999) | |||||||||
Unrealized gains (losses) on hedges of net foreign operations | 3,202 | (332) | |||||||||
Gains on remeasurement of pension and other employee future benefit plans (Note 21) | 659 | 659 | |||||||||
Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 1,282 | 1,282 | |||||||||
Unrealized (losses) on fair value through OCI debt securities arising during the year | (520) | ||||||||||
Unrealized gains on fair value through OCI equity securities arising during the year | 1 | ||||||||||
Redeemed during the year | (1,500) | ||||||||||
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges in the year | (315) | (315) | |||||||||
Unrealized gains (losses) on translation of net foreign operations | (332) | 3,202 | |||||||||
Equity issue expense and premium paid on redemption of preferred shares | (52) | ||||||||||
Reclassification to earnings of net losses related to divestitures (Note 10) | (29) | 29 | |||||||||
Reclassification to earnings of (gains) during the year | (11) | (11) | |||||||||
Other | 1 | ||||||||||
Balance at end of year at Oct. 31, 2022 | $ 71,038 | $ 317 | $ 45,117 | $ (359) | $ (5,129) | $ 5,168 | $ 944 | $ 928 | $ 1,552 | $ 6,308 | $ 17,744 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Cash Flows from Operating Activities | |||
Net Income | $ 13,537 | $ 7,754 | |
Adjustments to determine net cash flows provided by (used in) operating activities | |||
Securities (gains), other than trading (Note 3) | (281) | (591) | |
Depreciation of premises and equipment (Note 9) | 780 | 791 | |
Depreciation of other assets | 96 | 140 | |
Amortization of intangible assets (Note 11) | 604 | 634 | |
Write-down of goodwill (Notes 10 and 11) | 779 | ||
Provision for credit losses (Note 4) | 313 | 20 | |
Deferred taxes (Note 22) | 475 | 184 | |
Net loss on divestitures (Note 10) | 29 | ||
Changes in operating assets and liabilities: | |||
Net (increase) decrease in trading securities | 1,698 | (10,447) | |
Change in derivative instruments – (Increase) decrease in derivative asset | (13,376) | 542 | |
Change in derivative instruments – Increase in derivative liability | 27,800 | 529 | |
Net (increase) decrease in current tax asset | 328 | (539) | |
Net increase in current tax liability | 156 | 143 | |
Change in accrued interest – (Increase) decrease in interest receivable | (1,170) | 75 | |
Change in accrued interest – Increase (decrease) in interest payable | 1,312 | (366) | |
Changes in other items and accruals, net | (6,222) | 751 | |
Net increase in deposits | 45,232 | 52,244 | |
Net (increase) in loans | (74,748) | (23,748) | |
Net increase in securities sold but not yet purchased | 7,515 | 3,545 | |
Net increase in securities lent or sold under repurchase agreements | 810 | 12,866 | |
Net (increase) in securities borrowed or purchased under resale agreements | (954) | (289) | |
Net (decrease) in securitization and structured entities' liabilities | 1,023 | (968) | |
Net Cash Provided by Operating Activities | 4,957 | 44,049 | |
Cash Flows from Financing Activities | |||
Net increase in liabilities of subsidiaries | 6,927 | ||
Proceeds from issuance of covered bonds (Note 13) | 12,443 | 4,396 | |
Redemption/buyback of covered bonds (Note 13) | (5,829) | (4,074) | |
Proceeds from issuance of subordinated debt (Note 15) | 2,337 | 1,000 | |
Repayment of subordinated debt (Note 15) | (850) | (2,250) | |
Proceeds from issuance of preferred shares and other equity instruments, net of issuance costs (Note 16) | 2,245 | ||
Redemption of preferred shares (Note 16) | (1,500) | (1,046) | |
Net proceeds from issuance of common shares (Note 16) | 3,113 | 112 | |
Net proceeds from the sale (purchase) of treasury shares (Note 16) | (17) | 47 | |
Cash dividends and distributions paid | (2,595) | (2,980) | |
Repayment of lease liabilities | (294) | (327) | |
Net Cash Provided by (Used in) Financing Activities | 15,980 | (5,122) | |
Cash Flows from Investing Activities | |||
Net decrease in interest bearing deposits with banks | 3,316 | 144 | |
Purchases of securities, other than trading | (96,598) | (49,620) | |
Maturities of securities, other than trading | 21,204 | 27,377 | |
Proceeds from sales of securities, other than trading | 42,829 | 22,720 | |
Premises and equipment – net (purchases) (Note 9) | (777) | (484) | |
Purchased and developed software – net (purchases) (Note 11) | (671) | (499) | |
Net proceeds from divestitures (Note 10) | 1,226 | 63 | |
Net Cash (Used in) Investing Activities | (29,471) | (299) | |
Effect of Exchange Rate Changes on Cash and Cash Equivalents | 2,739 | (2,775) | |
Net increase (decrease) in Cash and Cash Equivalents | (5,795) | 35,853 | |
Cash and Cash Equivalents at Beginning of Year | 93,261 | 57,408 | |
Cash and Cash Equivalents at End of Year (Note 2) | 87,466 | 93,261 | |
Net cash provided by operating activities includes: | |||
Interest paid in the year | [1] | 9,557 | 5,864 |
Income taxes paid in the year | 2,374 | 2,167 | |
Interest received in the year | 24,046 | 18,323 | |
Dividends received in the year | $ 1,823 | $ 1,732 | |
[1]Includes dividends paid on securities sold but not yet purchased. |
IFRS 7 Disclosure
IFRS 7 Disclosure | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
IFRS 7 Disclosure | Text and tables presented in a blue-tinted font in the Enterprise-Wide Risk Management section of the MD&A form an integral part of the 2022 audited annual consolidated financial statements. They present required disclosures as set out by the International Accounting Standards Board in IFRS 7, Financial Instruments – Disclosures Credit and Counterparty Risk Credit and Counterparty Risk Governance The Credit Risk Management Framework seeks to ensure that all material credit risks to which the enterprise is exposed are identified, assessed, managed, monitored, and reported. The Risk Review Committee (RRC) has oversight of the management of all material risks that we face at BMO, including the Credit Risk Management Framework. The framework incorporates governing principles that are defined in a series of corporate policies and standards and are applied through specific operating procedures. These policies and standards are reviewed on a regular basis and modified as necessary, so that they are current and consistent with our risk appetite. The structure, limits (both notional and capital-based), collateral requirements, monitoring, reporting and ongoing management of credit exposures are all governed by these credit risk management principles. Lending officers in the operating groups are responsible for recommending credit decisions based on the completion of appropriate due diligence, and they assume accountability for the related risks. In some instances, relatively small transactions may be assessed by an automated decision-making process, or they may be approved by first-line underwriters with appropriate training, independence and oversight. Credit officers in Enterprise Risk Portfolio Management (ERPM) approve larger transactions or transactions involving greater risk and are accountable for providing an objective independent assessment of the relevant lending recommendations and risks assumed by the lending officers. All of these individuals in the first and second lines of defence are subject to a lending qualification process and operate in a disciplined environment with clear delegation of decision-making authority, including individually delegated lending limits where appropriate, which are reviewed annually or more frequently, as needed. The Board of Directors annually delegates to the CEO discretionary lending limits for further specific delegation to senior officers. Credit decision-making is conducted at the management level appropriate to the size and risk of each transaction, in accordance with an extensive range of corporate policies, standards and procedures governing the conduct of activities in which credit risk arises. Corporate Audit Division reviews and tests management processes and controls and samples credit transactions in order to assess adherence to acceptable lending standards as set out in BMO’s Risk Appetite Statement, as well as compliance with all applicable corporate policies, standards and procedures. For corporate and commercial borrowers presenting a higher than normal risk of default, we have in place formal policies that outline the framework for managing such accounts and specialized groups that manage them. We strive to identify borrowers facing financial difficulty early, and every effort is made to bring such accounts back to an acceptable level of risk through the exercise of good business judgment and the implementation of sound and constructive workout solutions. Borrowers are managed on a case-by-case All credit risk exposures are subject to regular monitoring. Performing corporate and commercial accounts are reviewed on a regular basis, no less frequently than annually, with most subject to internal monitoring of triggers that, if breached, result in an interim review. The frequency of review increases in accordance with the likelihood and size of potential credit losses, and deteriorating higher-risk situations are referred to specialized account management groups for closer attention, as appropriate. In addition, regular portfolio and sector reviews are conducted, including stress testing and scenario analysis based on current, emerging or prospective risks. Reporting is provided at least quarterly, and more frequently where appropriate, to the Board and senior management committees in order to keep them informed of credit risk developments in our portfolios, including changes in credit risk concentrations, watchlist accounts, impaired loans, provisions for credit losses, negative credit migration and significant emerging credit risk issues. This supports RRC and senior management committees in any related decisions they may make. Counterparty credit risk (CCR) involves a bilateral risk of loss because the market value of a transaction can be positive or negative for either counterparty. CCR exposures are subject to the credit oversight, limit framework and approval process outlined above. However, given the nature of the risk, CCR exposures are also monitored under the market risk framework. In order to reduce our exposure to CCR, transactions are often collateralized, and trades may be cleared through a regulated central counterparty (CCP), which reduces overall systemic risk by standing between counterparties, maximizing netting across trades and insulating counterparties from each other’s defaults. CCPs mitigate the risk of default by any member through margin requirements (both initial and variation) and a default management process, including a default fund and other provisions. Our exposures to CCPs are subject to the same credit risk governance, monitoring and rating framework we apply to all other corporate accounts. Credit and Counterparty Risk Management Collateral Management Collateral is used for credit risk mitigation purposes in order to minimize losses that would otherwise be incurred in the event of a default. Depending on the type of borrower or counterparty, the assets available and the structure and term of the credit obligations, collateral can take various forms. For corporate and commercial borrowers, collateral can take the form of pledges of the assets of a business, such as accounts receivable, inventory, machinery or real estate, or personal assets pledged in support of guarantees. For trading counterparties, BMO may enter into legally enforceable netting agreements for on-balance Collateral for BMO’s derivatives trading counterparty exposures primarily comprises cash and eligible liquid securities that are monitored and revalued on a daily basis. Collateral is obtained under the contractual terms of standardized industry documentation. With limited exceptions, we utilize the Master Agreement provided by International Swaps and Derivatives Association Inc., frequently with a Credit Support Annex, to document our collateralized trading relationships with counterparties for over-the-counter A Credit Support Annex entitles a party to demand a transfer of collateral (or other credit support) when its exposure to OTC derivatives of the other party exceeds an agreed threshold. Collateral to be transferred can include variation margin or initial and variation margin. Credit Support Annexes contain, among other measures, certain thresholds and provisions setting out acceptable types of collateral, a method for their valuation (discounts are often applied to market values), whether or not the collateral can be re-pledged To document our contractual securities financing relationships with counterparties, we utilize master repurchase agreements for repurchase transactions, and master securities lending agreements for securities lending transactions. On a periodic basis, collateral is subject to revaluation based on the specific asset type. For loans, the value of collateral is initially established at the time of origination, and the frequency of revaluation is dependent on the type of collateral. For commercial real estate collateral, a full external appraisal of the property is typically obtained at the time of loan origination, unless the exposure is below a specified threshold amount, in which case an internal evaluation and a site inspection are conducted. Internal evaluations may consider property tax assessments, purchase prices, real estate listings or realtor opinions. The case for an updated appraisal is reviewed annually, with consideration given to the borrower risk rating, existing tenants and lease contracts, as well as current market conditions. In the event a loan is classified as impaired, and depending on its size, a current external appraisal, valuation or restricted use appraisal is obtained and updated every 12 months, as long as the loan remains classified as impaired. In Canada, for residential real estate that has a loan-to-value in BMO’s loan portfolio. For certain real estate loans originated for sale to government-sponsored agencies , the requirement may be waived based on an existing valuation already on file with that agency. We may use an external service provided by Canada Mortgage and Housing Corporation or an automated valuation model from a third-party appraisal management provider to assist in determining either the current value of a property or the need for a full property appraisal. For insured residential mortgages in Canada with an LTV ratio greater than 80%, the default insurer is responsible for confirming the current value of the property. Portfolio Management and Concentrations of Credit and Counterparty Risk Our credit risk governance policies require an acceptable level of diversification to help ensure we avoid undue concentrations of credit risk. Concentrations of credit risk may exist when a relatively large number of clients are engaged in similar activities, are located in the same geographic region or have similar economic characteristics such that their ability to meet contractual obligations could be similarly affected by changes in economic, political or other conditions. Limits may be specified for several portfolio dimensions, including industry, specialty segment (e.g., commercial real estate), country, product and single-name concentrations. We use a range of tools to reduce the credit risk exposures in our loan portfolio. These include asset sales, traditional securitizations, or the purchase of credit protection in the form of credit default swaps or credit insurance and risk transfer transactions. Credit risk is mitigated by obtaining protection from better-rated counterparties or high-quality collateral. Credit risk mitigation activities support our management of capital, and individual and portfolio credit concentration. Our credit assets consist of a well-diversified portfolio representing millions of clients, the majority of them individual consumers and small to medium-sized Total credit exposures at default by type and industry sector, as at October 31, 2022 and 2021, based on the Basel III classifications, are as follows: (Canadian $ in millions) Drawn (3) Commitments (undrawn) (3) OTC derivatives (4) Other off-balance sheet items (3) Repo-style Total (1) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Individual 245,673 224,348 62,697 55,655 – – 76 84 – – 308,446 280,087 Financial institutions 175,770 187,011 22,535 26,933 19,030 16,331 7,887 6,808 24,311 28,968 249,533 266,051 Governments 99,498 67,207 1,863 1,606 5,500 4,011 434 400 3,173 3,226 110,468 76,450 Manufacturing 36,274 27,002 20,237 16,470 1,643 1,649 2,067 1,784 – – 60,221 46,905 Real estate 53,531 43,524 13,325 9,830 459 1,032 1,295 1,189 – – 68,610 55,575 Retail trade 24,040 16,270 5,235 4,646 248 289 548 592 – – 30,071 21,797 Service industries 54,750 44,367 18,603 16,126 695 1,238 3,169 2,998 – – 77,217 64,729 Wholesale trade 20,220 14,372 7,859 5,199 336 282 773 694 – – 29,188 20,547 Oil and gas 4,084 6,075 4,967 5,468 6,066 10,281 1,341 1,377 – – 16,458 23,201 Utilities 9,954 7,412 13,740 10,864 2,087 1,273 4,364 2,950 – – 30,145 22,499 Others (2) 48,441 37,071 17,548 17,177 1,649 1,588 5,248 4,732 – – 72,886 60,568 Total exposure at default (6) 772,235 674,659 188,609 169,974 37,713 37,974 27,202 23,608 27,484 32,194 1,053,243 938,409 (1) Credit exposure excluding equity, securitization and other assets, such as non-significant investments, goodwill, deferred tax assets and intangibles. (2) Includes remaining industries that individually comprise less than (3) Represents gross credit exposures without accounting for collateral. (4) Credit exposure at default is inclusive of collateral. (5) Impact of collateral on the credit exposure for repo-style transactions is $215,806 million ($208,635 million in 2021). (6) Excludes exposures arising from derivative and repo-style transactions that are cleared through CCPs totalling $13,698 million ($18,440 million in 2021). Risk Rating Systems BMO’s risk rating systems are designed to assess and measure the risk of any exposure. Retail (Consumer and Small Business) The retail portfolios comprise a diversified group of individual customer accounts and include residential mortgages, personal loans, credit cards, auto loans and small business loans. These loans are managed in pools of homogeneous risk exposures for risk rating purposes. Decision support systems are developed using established statistical techniques and expert systems for underwriting and monitoring purposes. Adjudication models, behavioural scorecards, decision trees and expert knowledge are combined to generate optimal credit decisions in a centralized and automated environment. Retail Credit Probability of Default Bands by Risk Rating Risk profile Probability of default band Exceptionally low ≤ Very low > 0.05% to 0.20% Low > 0.20% to 0.75% Medium > 0.75% to 7.00% High > 7.00% to 99.99% Default 100% Wholesale (Sovereign, Bank, Corporate and Commercial) Within our wholesale portfolios, an enterprise-wide risk rating framework is applied to all sovereign, bank, corporate and commercial counterparties. One key element of this framework is the assignment of appropriate borrower or counterparty risk ratings (BRRs). We have a range of internally designed general and sector-specific BRR models, as well as portfolio-level LGD and EAD models for each of the sovereign, bank, corporate and commercial portfolios. The BRR models capture the key financial and non-financial low-default Credit Quality Information Portfolio Review Total enterprise-wide outstanding credit risk exposures were $1,053.2 billion as at October 31, 2022, with $550.5 billion recorded in Canada, $456.1 billion in the United States and $46.6 billion in other jurisdictions. This represented an increase of $114.8 billion or 12% from the prior year. Market Risk Market risk arises from our trading and underwriting activities, as well as our structural banking activities. The magnitude and importance of these activities to the enterprise, along with the potential volatility of market variables, call for diligent governance and a robust market risk management framework that seeks to provide effective identification, measurement, reporting and control of market risk exposures. Trading and Underwriting Market Risk Governance Our market risk-taking activities are subject to an extensive governance framework. The Risk Review Committee (RRC) exercises oversight of the management of market risk on behalf of the Board of Directors and approves limits governing market risk exposures that are consistent with our risk appetite. The Risk Management Committee (RMC) regularly reviews and discusses significant market risk exposures and positions, and provides ongoing senior management oversight of our risk-taking activities. Both of these committees are kept apprised of specific market risk exposures and other factors that could expose us to unusual, unexpected or unquantified risks associated with market exposures, as well as other current and emerging market risks. In addition, all businesses and individuals authorized to conduct trading and underwriting activities on behalf of BMO are required to work within our governance framework and, as part of their first-line-of-defence Trading and Underwriting Market Risk Our trading and underwriting businesses give rise to market risk associated with buying and selling financial products in the course of meeting our customers’ needs, including market-making and related financing activities, and assisting clients to raise funds by way of securities issuance. Identification and Assessment of Trading and Underwriting Market Risk As the first step in the management of market risk, thorough assessment processes are in place to identify market risk exposures associated with both new products and the evolving risk profile of existing products, including on- off-balance non-trading Various metrics and techniques are then employed to measure identified market risk exposures. These metrics primarily include Value at Risk, Stressed Value at Risk and Incremental Risk Charge, as defined below, as well as stress testing. Other techniques include sensitivity analysis of our trading and underwriting portfolios to market risk factors, and the review of position concentrations, notional values and trading revenues. Risk models support the measurement of our risk exposure. We use a variety of methods to verify the integrity of our risk models, including the application of back-testing against hypothetical losses and approval by an independent model validation team. This testing is aligned with defined regulatory expectations, and its results confirm the reliability of our models. The data and correlations that underpin our models are updated frequently, so that risk metrics reflect current conditions. Selection of the period of significant financial stress for SVaR incorporates historical events, including the 2008 global financial crisis, the current conflict in Ukraine and the COVID-19 Probabilistic stress testing and scenario analysis are used to determine the potential impact of low-frequency, VaR, SVaR, IRC and stress testing should not be viewed as definitive predictors of the maximum amount of losses that could occur in any one day, as their results are based on models and estimates and are subject to confidence levels, and the estimates could be exceeded under unforeseen market conditions. Back-testing processes assume there are no changes in the previous day’s closing positions and then isolate the effects of each day’s price movements against those closing positions. Our VaR model is back-tested daily, and the one-day Although it is a useful indicator of risk, VaR has limitations , These include Monitoring and Control of Trading and Underwriting Market Risk Limits are applied to VaR, stress tests and other risk metrics, and the limits are subject to regular monitoring and reporting, with breaches escalated to the appropriate level of management. Risk profiles of our trading and underwriting activities are maintained within our risk appetite and supporting limits, and are monitored and reported to traders, management, senior executives and Board committees. Other significant controls include the independent valuation of financial assets and liabilities, as well as compliance with our Model Risk Management Framework to mitigate model risk. Trading Market Risk Measures Trading VaR and SVaR Total Trading Value at Risk (VaR) Summary (1) (2) As at or for the year ended October 31 (Pre-tax Canadian $ equivalent in millions) 2022 2021 Year-end Average High Low Year-end Average High Low Commodity VaR 1.6 3.1 5.5 1.0 1.8 2.7 6.2 1.1 Equity VaR 14.1 13.1 18.4 8.5 10.8 14.9 24.9 10.0 Foreign exchange VaR 2.3 1.8 5.2 0.5 0.5 2.2 6.4 0.5 Interest rate VaR (3) 22.1 18.0 26.5 12.4 15.2 27.1 52.5 9.8 Debt-specific risk 10.2 5.7 10.5 1.8 3.0 3.3 5.4 1.9 Diversification (15.0 ) (15.1 ) nm nm (12.8 ) (19.7 ) nm nm Total Trading VaR 35.3 26.6 38.2 18.1 18.5 30.5 53.5 15.3 Total Trading SVaR 64.4 53.6 70.8 34.2 55.8 45.7 65.4 36.3 (1) One-day measure using a 99% confidence interval. Gains are presented in brackets and losses are presented as positive numbers. (2) Stressed VaR is produced weekly. (3) Interest rate VaR includes general credit spread risk. nm – not meaningful Structural (Non-Trading) Structural market risk comprises interest rate risk arising from our banking activities (such as loans and deposits) and foreign exchange risk arising from our foreign currency operations and exposures. Structural Market Risk Governance BMO’s Corporate Treasury group is responsible for the ongoing management of structural market risk across the enterprise, with independent oversight provided by the Market Risk group. In addition to Board-approved limits on earnings at risk and economic value sensitivities to changes in interest rates, more granular management limits are in place to guide the daily management of this risk. The RRC oversees structural market risk management, regularly reviews structural market risk positions and annually approves the structural market risk plan and limits. The RMC and Asset Liability Committee provide ongoing senior management oversight of risk positions and activity. Structural Market Risk Measurement Interest Rate Risk Structural interest rate risk arises when changes in interest rates affect the market value, cash flows and earnings of assets and liabilities related to our banking activities. The objective of structural interest rate risk management is to maintain high-quality earnings and maximize sustainable product spreads, while managing any risk to the economic value of our net assets arising from changes in interest rates. Structural interest rate risk primarily comprises interest rate mismatch risk and product embedded option risk. Interest rate mismatch risk arises when there are differences in the scheduled maturities, repricing dates or reference rates of assets, liabilities and derivatives. The net interest rate mismatch, representing residual assets funded by common shareholders’ equity, is managed to align with a target profile through interest rate swaps and securities. Product embedded option risk arises when product features allow customers to alter cash flows, such as scheduled maturity or repricing dates, usually in response to changes in market conditions. Product embedded options include loan prepayments, deposit redemption privileges and committed rates on unadvanced mortgages. Product embedded options and associated customer behaviours are captured in risk modelling, and hedging programs may be used to manage this risk to low levels. Structural interest rate risk is measured using simulations, earnings sensitivity and economic value sensitivity analysis, stress testing and gap analysis, in addition to other risk metrics. Earnings Sensitivity ed Economic Value Sensitivity Structural Interest Rate Sensitivity (1) Economic value sensitivity Earnings sensitivity over the next 12 months (Pre-tax Canadian $ equivalent in millions) October 31, 2022 October 31, 2021 October 31, 2022 October 31, 2021 Canada United States Total Total Canada United States Total Total 100 basis point increase (683.6 ) (306.6 ) (990.2 ) (1,459.1 ) 232.0 266.9 498.9 383.7 25 basis point decrease 159.7 42.0 201.6 264.9 (59.8 ) (79.8 ) (139.6 ) (141.6 ) 100 basis point decrease (2) 599.1 48.7 647.9 na (246.0 ) (349.2 ) (595.2 ) na (1) Losses are presented in brackets and gains are presented as positive numbers. (2) Due to the low interest rate environment that prevailed between April 30, 2020 and April 30, 2022, economic value sensitivity and earnings sensitivity to declining interest rates are measured using a decrease of 25 basis points. Not applicable for October 31, 2021. (3) Includes Canadian dollar and other currencies. na – not applicable Insurance Market Risk Insurance market risk includes interest rate and equity market risk arising from our insurance business activities. A 100 basis point increase in interest rates as at October 31, 2022 would result in an increase in earnings before tax of $35 million ($40 million as at July 31, 2022 and $48 million as at October 31, 2021). A 25 basis point decrease in interest rates as at October 31, 2022 would result in a decrease in earnings before tax of $9 million ($9 million as at July 31, 2022 and $12 million as at October 31, 2021). A 10% increase in equity market values as at October 31, 2022 would result in an increase in earnings before tax of $13 million ($17 million as at July 31, 2022 and $22 million as at October 31, 2021). A 10% decrease in equity market values as at October 31, 2022 would result in a decrease in earnings before tax of $13 million ($16 million as at July 31, 2022 and $22 million as at October 31, 2021). We may enter into hedging arrangements to offset the impact of changes in equity market values on our earnings, and we did so during the 2022 fiscal year. The impact of insurance market risk on earnings is reflected in insurance claims, commissions and changes in policy benefit liabilities in our Consolidated Statement of Income, and the corresponding change in the fair value of BMO’s policy benefit liabilities is reflected in other liabilities in our Consolidated Balance Sheet. The impact of insurance market risk is not reflected in the table above. Non-Trading Structural foreign exchange risk arises primarily from translation risk related to our net investment in U.S. operations and from transaction risk associated with U.S.-dollar-denominated net income. that for hedge the impact of movements related . , we did not enter into any hedging arrangements arrangements Liquidity and Funding Risk Managing liquidity and funding risk is integral to maintaining enterprise soundness and safety, depositor confidence and earnings stability. It is BMO’s policy to maintain sufficient liquid assets and funding capacity to meet our financial commitments, even in times of stress. Liquidity and Funding Risk Governance The Corporate Treasury group and the operating groups, as the first line of defence, are responsible for the ongoing identification, assessment and management of liquidity and funding risk. The Corporate Treasury group is responsible for monitoring and reporting liquidity and funding risk across the enterprise, and develops and recommends for approval the Liquidity and Funding Risk Management Framework and the related risk appetite and limits, monitors compliance with relevant corporate policies, and assesses the impact of market events on liquidity and funding requirements on an ongoing basis. Enterprise Risk and Portfolio Management, as the second line of defence, exercises oversight, independent risk assessment and effective challenge of liquidity and funding management frameworks, policies, limits, monitoring and reporting across the enterprise. The Risk Management Committee (RMC) and Asset Liability Committee (ALCO) provide senior management oversight, and review and discuss significant liquidity and funding policies, issues and developments that arise in the pursuit of BMO’s strategic priorities. The Risk Review Committee (RRC) exercises oversight of the management of liquidity and funding risk, annually approves the applicable policies, limits and contingency plan, and regularly reviews liquidity and funding positions. Liquidity and Funding Risk Management BMO’s Liquidity and Funding Risk Management Framework is defined and authorized under Board-approved corporate policies and management-approved standards. These policies and standards set out key management principles, liquidity and funding metrics and related limits, as well as roles and responsibilities for the management of liquidity and funding risk across the enterprise. We have a robust limit structure in place in order to manage liquidity and funding risk. These limits define risk appetite for the key Stress Net Liquidity Position (Stress NLP) measure, regulatory liquidity ratios, secured and unsecured funding appetite (for both trading and structural activities), and enterprise collateral pledging. Limits also establish the tolerance for concentrations of maturities, as well as requirements for counterparty liability diversification, business pledging activity, and the size and type of uncommitted and committed credit and liquidity facilities that may be outstanding. Operating within these limits helps to confirm that liquidity and funding risk is appropriately managed. An enterprise-wide contingency plan designed to facilitate effective risk management in the event of a disruption is also in place. Early warning indicators identified in the contingency plan are regularly monitored in order to detect any signs of rising levels of liquidity or funding risk in the market, or other risks specific to BMO. Liquidity and Funding Risk Measurement A key component of liquidity risk management is the measurement of liquidity risk under stress. We use Stress NLP as a key measure of liquidity risk. Stress NLP represents the amount by which liquid assets exceed potential funding needs under a severe combined enterprise-specific and systemic stress scenario. Potential funding needs may arise from obligations to repay retail, commercial and wholesale deposits that are withdrawn or not renewed, or to fund drawdowns on available credit and liquidity lines, as well as from obligations to pledge collateral due to ratings downgrades or market volatility, along with the continuing need to fund new assets and strategic investments. Potential funding needs are quantified by applying factors to various business activities based on management’s view of the relative level of liquidity risk related to each activity. These factors vary by deposit classification (e.g., retail, small business, non-financial non-operational Stress testing results are evaluated against our stated risk tolerance and are considered in management’s decisions on limit-setting and internal liquidity transfer pricing, and they also help to inform and shape the design of business plans and contingency plans. The Liquidity and Funding Risk Management Framework is integrated with enterprise-wide stress testing. In addition to Stress NLP, we regularly monitor positions in relation to the limits and liquidity ratios noted in the Liquidity and Funding Risk Management section above. These include regulatory metrics such as LCR, Net Cumulative Cash Flow and NSFR. Unencumbered Liquid Assets non-financial Funding Strategy BMO’s funding strategy requires that secured and unsecured wholesale funding used to support loans and less liquid assets must have a term (typically maturing in two to ten years) that will support the effective term to maturity of these assets. Secured and unsecured wholesale funding for liquid trading assets is largely shorter term (maturing in one year or less), is aligned with the liquidity of the assets being funded, and is subject to limits on aggregate maturities across different periods. Supplemental liquidity pools are funded largely with wholesale term funding. Contractual Maturities of Assets and Liabilities and Off-Balance The tables below show the remaining contractual maturities of on-balance off-balance 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total On-Balance Sheet Financial Instruments Assets Cash and cash equivalents 86,003 – – – – – – – 1,463 87,466 Interest bearing deposits with banks 3,844 1,662 86 44 98 – – – – 5,734 Securities 4,189 4,284 5,480 5,375 6,060 18,272 68,521 108,072 53,009 273,262 Securities borrowed or purchased under resale agreements 83,861 21,736 5,101 2,448 48 – – – – 113,194 Loans (1) Residential mortgages 526 1,519 3,708 5,778 6,501 14,665 105,285 10,810 88 148,880 Consumer instalment and other personal 211 553 940 1,693 1,537 4,844 37,742 14,084 24,499 86,103 Credit cards – – – – – – – – 9,663 9,663 Business and government 13,003 9,595 11,724 9,300 11,394 37,250 105,009 17,776 94,259 309,310 Allowance for credit losses – – – – – – – – (2,617 ) (2,617 ) Total loans, net of allowance 13,740 11,667 16,372 16,771 19,432 56,759 248,036 42,670 125,892 551,339 Other Assets Derivative instruments 5,362 7,147 3,359 2,552 2,225 7,787 11,636 8,092 – 48,160 Customers’ liabilities under acceptances 9,752 3,461 19 3 – – – – – 13,235 Other 2,735 625 225 21 2 10 19 5,817 37,355 46,809 Total other assets 17,849 11,233 3,603 2,576 2,227 7,797 11,655 13,909 37,355 108,204 Total Assets 209,486 50,582 30,642 27,214 27,865 82,828 328,212 164,651 217,719 1,139,199 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Liabilities and Equity Deposits (2) (3) 38,064 44,637 49,626 47,908 48,444 39,992 62,978 16,265 421,564 769,478 Other liabil |
Basis of Presentation
Basis of Presentation | 12 Months Ended |
Oct. 31, 2022 | |
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) We have prepared these consolidated financial statements in accordance with International Financial Reporting Standards (IFRS) as issued by the International Accounting Standards Board (IASB). We also comply with interpretations of IFRS by our regulator, the Office of the Superintendent of Financial Institutions of Canada (OSFI). Our consolidated financial statements have been prepared on a historic cost basis, except for the revaluation of the following items: assets and liabilities held for trading; financial assets and liabilities measured or designated at fair value through profit or loss (FVTPL); financial assets measured or designated at fair value through other comprehensive income (FVOCI); financial assets and financial liabilities designated as hedged items in qualifying fair value hedge relationships; cash-settled share-based payment liabilities; defined benefit pension and other employee future benefit liabilities; and insurance-related liabilities. These consolidated financial statements were authorized for issue by the Board of Directors on December 1, 2022. Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2022. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (SEs), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates , of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures, which are entities where we exercise joint control through an agreement with other shareholders. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of investee’s net income or loss, including other comprehensive income or loss. Additional information regarding accounting for investments in associates and joint ventures is included in Note 3. Significant Accounting Policies To facilitate a better understanding of our consolidated financial statements, we have disclosed our significant accounting policies throughout the following notes with the related financial disclosures by major caption: Note Topic Page 1 Basis of Presentation 146 2 Cash and Interest Bearing Deposits with Banks 152 3 Securities 152 4 Loans and Allowance for Credit Losses 155 5 Risk Management 162 6 Transfers of Financial Assets 162 7 Structured Entities 163 8 Derivative Instruments 166 9 Premises and Equipment 175 10 Acquisitions and Divestitures 176 11 Goodwill and Intangible Assets 177 12 Other Assets 178 13 Deposits 179 14 Other Liabilities 180 15 Subordinated Debt 182 Note Topic Page 16 Equity 183 17 Fair Value of Financial Instruments and Trading-Related 186 18 Offsetting of Financial Assets and Financial Liabilities 192 19 Capital Management 193 20 Employee Compensation – Share-Based Compensation 194 21 Employee Compensation – Pension and Other Employee Future Benefits 196 22 Income Taxes 201 23 Earnings Per Share 203 24 Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities 203 25 Operating and Geographic Segmentation 206 26 Significant Subsidiaries 208 27 Related Party Transactions 209 Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gains (losses) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the translation gain (loss) and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange gains, other than trading, in our Consolidated Statement of Income as they arise. From time to time, we enter into foreign exchange hedge contracts to reduce our exposure to changes in the value of foreign currencies. Realized and unrealized gains and losses that arise on the mark-to-market non-interest Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees merger-and-acquisition Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Otherwise they are classified as operating leases, as we retain substantially all the risks and rewards of asset ownership. As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Refer to Note 9 for our policy on lessee accounting. Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest Changes in Accounting Policies Interbank Offered Rate (IBOR) Reform – Phase 2 Amendments 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 exemption from the requirement to discontinue hedge accounting when changes to hedge documentation are solely the result of IBOR reform. With the cessation dates for London Interbank Offered Rate (LIBOR) determined and the transition from IBORs to alternative reference rates (ARRs) well underway, and as both a holder and an issuer of IBOR-based instruments, BMO continues to be exposed to financial, operational, legal and regulatory, and reputational risks. These risks arise principally from amending legacy contracts from LIBOR to an ARR or existing fallback clauses for new ARRs and the resulting impact on economic risk management, as well as updating hedge designations as the new ARRs emerge. Our enterprise IBOR Transition Office (ITO) continues 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 has a global mandate, including to address the bank’s industry and regulatory engagement, internal and external communications, technology and operations modifications, introduction of new products, migration of existing client contracts, program strategy and governance, and to evaluate financial reporting impacts, including impacts on hedge accounting. As the market continues to develop, we have added and will continue 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) has been permanently discontinued or is temporarily unavailable. 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. 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 planned, BMO transitioned all exposure to Sterling, Euro, Swiss Franc and Japanese Yen LIBOR, as well as the 1-week and 2-month USD LIBOR to ARRs, in advance of the December 31, 2021 discontinuation of such settings. In addition, BMO ceased issuing new USD LIBOR-based loans and financial instruments after December 31, 2021, except in permitted circumstances, in compliance with U.S. prudential regulator supervisory guidance. As we approach the June 30, 2023 cessation date for the remaining USD LIBOR settings, overall USD LIBOR exposures are being reduced and existing USD LIBOR derivative exposures are expected to largely transition when central counterparties convert existing LIBOR trades to Secured Overnight Financing Rate by the cessation date. On December 16, 2021, the Canadian Alternative Reference Rate working group (CARR) recommended the administrator, Refinitiv Benchmark Services UK Limited (RBSL), to cease publication of Canadian Dollar Offered Rate (CDOR) settings immediately after June 28, 2024, using a two-stage transition approach. By the end of the first stage on June 30, 2023, CARR expects that all new derivative contracts and securities will use the Canadian Overnight Repo Rate Average (CORRA), with the exception of derivatives that hedge or reduce CDOR exposures from derivatives or securities transacted before June 30, 2023, or loan agreements entered into before June 28, 2024. All remaining CDOR exposures should be transitioned to CORRA by June 28, 2024, marking the end of the second stage. On May 16, 2022, following public consultation, RBSL announced that all remaining CDOR settings will cease publication immediately after June 28, 2024, in line with CARR recommendations. The ITO adjusted all affected project plans as a result of the RBSL announcement. The following table presents quantitative information for financial instruments that referenced certain IBORs as at October 31, 2021, which were either due to mature after June 30, 2023 for USD LIBOR settings other than 1-week 2-month in-scope plans. (Canadian $ in millions) 2022 2021 USD LIBOR CDOR USD LIBOR GBP LIBOR Other (1) Non-derivative (2) 48,162 37,101 91,991 730 884 Non-derivative (2) 3,335 4,583 3,043 678 – Derivative notional amounts (3)(4) 1,870,472 1,554,518 1,340,121 28,385 4,898 Authorized and committed loan commitments (5)(6)(7) 90,797 26,106 62,174 241 15,047 (1) Includes CHF LIBOR, EONIA and JPY LIBOR, which have been discontinued after December 31, 2021. (2) All amounts are presented based on contractual amounts outstanding with the exception of securities, recorded in non-derivative (3) Notional amounts 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 legs currently reference an IBOR. For those derivatives, the table above includes the notional amounts 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 IBORs for the foreign currency, including those that are in scope of IBOR reform. (7) Commitments also include backstop liquidity facilities provided by the bank to external parties. 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 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; transfers of financial assets and consolidation of structured entities. We make judgments in assessing the business model for financial assets as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. The economic outlook for Canada and the U.S. is subject to several risks that could lead to a severe downturn, including, persistent high inflation and significant further increases in interest rates, an escalation of the conflict in Ukraine, rising geopolitical tensions between the U.S. and China, and the pandemic. A significant housing market correction could also occur if monetary policy becomes overly restrictive to control inflation. The impact on BMO’s business, results of operations, reputation, financial performance and condition, including the potential for credit, counterparty and mark-to-market Allowance for Credit Losses The expected credit loss (ECL) 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 (PD) between origination and reporting date, assessed using probability-weighted scenarios as well as certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of expected credit losses, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the allowance for credit losses. The calculation of expected credit losses includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States (U.S.) and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts which are probability-weighted in the determination of the final expected credit loss. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the allowance for credit losses is included in Note 4. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities, and are also used in performing impairment testing on certain non-financial Additional information regarding our fair value measurement techniques is included in Note 17. Pension and Other Employee Future Benefits Our pension and other employee future benefit expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefit expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review investments in associates and joint ventures at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the expected credit loss model. For securities determined to have low credit risk, the allowance for credit losses is measured at a 12-month Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and investments in associates and joint ventures, allowance for credit losses and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations and assumptions differ from those of tax authorities or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences or unused tax losses and tax credits may be utilized. We are required to assess whether it is probable that our deferred tax assets will be realized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the remaining expiration period of tax loss carryforwards and tax credits. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (CGUs), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and value in use. In determining fair value less costs to sell, we employ a discounted cash flow model consistent with those used when we acquire businesses. This model is dependent on assumptions related to revenue growth, discount rates, synergies achieved on acquisition and the availability of comparable acquisition data. Changes in any of these assumptions would affect the determination of fair value for each of the business units in a different manner. Management must exercise judgment and make assumptions in determining fair value less costs to sell, and differences in judgment and assumptions could affect the determination of fair value and any resulting impairment write-down. Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions A provision, including for legal proceedings and restructuring charges, is recognized if, as a result of a past event, the bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recorded at the best estimate of the amounts required to settle the obligation as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Management and external experts are involved in estimating any provision, as necessary. The actual costs of settling some obligations may be substantially higher or lower than the amounts of the provisions. Additional information regarding provisions is included in Note 24. Transfer of Assets We enter into transactions in which we transfer assets, typically mortgage loans, mortgage-backed securities and credit card loans, to a structured entity or third party to obtain alternate sources of funding or as part of our trading activities. We assess whether substantially all of the risks and rewards of or control over the assets have been transferred to determine if they qualify for derecognition. Where we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized assets, they do not qualify for derecognition. We continue to recognize the assets and the related cash proceeds as secured financings in our Consolidated Balance Sheet. Transferred assets are discussed in greater detail in Note 6. Consolidation of Structured Entities For securitization vehicles sponsored by the bank, the vehicles typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and the funding of their activities. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits from their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest of less than 50%. This may be the case when we are the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Structured entities are discussed in greater detail in Notes 7 and 20. Future Changes in IFRS Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts Insurance Contracts IFRS 17 will change the fundamental principles used to recognize and measure insurance contracts, including life insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. Key differences from IFRS 4 are as follows: IFRS 17 requires us to measure groups of contracts based on our estimates of the present value of future cash flows that are expected to arise as we fulfill the contracts, an explicit risk adjustment for non-financial The discount rate we use under IFRS 4 is connected to the assets held to support insurance contract liabilities. Under IFRS 17, the discount rate will reflect the characteristics of the insurance contract liabilities. We have an accounting policy choice under IFRS 17 to recognize changes in the discount rate on insurance contract liabilities, either through other comprehensive income or in our statement of income. On transition, we will either apply a full retrospective approach where we restate prior periods as if we had always applied IFRS 17, a modified retrospective approach where we apply specific modifications to the full retrospective application, or a full fair value method where we measure the contracts at fair value to determine a value for the CSM. |
Cash and Interest Bearing Depos
Cash and Interest Bearing Deposits with Banks | 12 Months Ended |
Oct. 31, 2022 | |
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Cash and Interest Bearing Deposits with Banks | Note 2: Cash and Interest Bearing Deposits with Banks Cash and Cash Equivalents (Canadian $ in millions) 2022 2021 Cash and deposits with banks (1) 85,234 91,377 Cheques and other items in transit, net 2,232 1,884 Total cash and cash equivalents 87,466 93,261 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. Cheques and Other Items in Transit, Net Cheques and other items in transit are recorded at cost and represent the net position of the uncleared cheques and other items in transit between us and other banks. Cash Restrictions Certain of our foreign operations are required to maintain reserves or minimum balances with central banks in their respective countries of operation, totalling $87 million as at October 31, 2022 ($110 million as at October 31, 2021). Interest Bearing Deposits with Banks Deposits with banks are recorded at amortized cost and include acceptances we have purchased that were issued by other banks. Interest income earned on these deposits is recorded on an accrual basis. |
Securities
Securities | 12 Months Ended |
Oct. 31, 2022 | |
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Securities | Note 3: Securities Securities are divided into six types, each with a different purpose and accounting treatment. The types of securities we hold are as follows: Trading securities Fair value through profit or loss securities Securities Designated at FVTPL In order to qualify for this designation, the security must have a reliably measurable fair value, and the designation eliminates or significantly reduces the inconsistent treatment that would otherwise arise from measuring the gains and losses on a different basis. Securities must be designated on initial recognition, and the designation is irrevocable. If these securities were not designated at FVTPL, they would be accounted for at either FVOCI or amortized cost. We designate certain securities held by our insurance subsidiaries that support our insurance liabilities at FVTPL, since the actuarial calculation of insurance liabilities is based on the fair value of the investments supporting them. This designation aligns the accounting result with the way the portfolio is managed on a fair value basis. The change in fair value of the securities is recorded in non-interest revenue, insurance revenue, and the change in fair value of the liabilities is recorded in insurance claims, commissions and changes in policy benefit liabilities. The fair value of these investments of $ million as at October 31, 2022 ($ million as at October 31, 2021) is recorded in securities in our Consolidated Balance Sheet. The impact of recording these investments at fair value through profit or loss was a decrease of $ million in non-interest revenue, insurance revenue, for the year ended October 31, 2022 (a decrease of $ million in 2021). Securities Mandatorily Measured at FVTPL Securities managed on a fair value basis, but not held for trading, or debt securities with cash flows that do not represent solely payments of principal and interest and equity securities not held for trading or designated at FVOCI , Debt securities at FVOCI , , Debt securities measured at FVOCI are initially recorded at fair value plus transaction costs. They are subsequently measured at fair value, with unrealized gains and losses recorded in our Consolidated Statement of Comprehensive Income until the security is sold or impaired. Gains and losses on disposal and impairment losses (recoveries) are recorded in our Consolidated Statement of Income in non-interest Equity securities at FVOCI Debt securities at amortized cost non-interest Investments in associates and joint ventures non-interest We account for all of our securities transactions using settlement date accounting in our Consolidated Balance Sheet. Impairment Review Debt securities at amortized cost or FVOCI are assessed for impairment using the ECL model, with the exception of those determined to have low credit risk, where the allowance for credit losses is measured at a 12-month Debt securities at amortized cost totalling $106,590 million as at October 31, 2022 ($49,970 million as at October 31, 2021) are net of allowances for credit losses of $3 million as at October 31, 2022 ($2 million as at October 31, 2021). Debt securities at FVOCI totalling $43,408 million as at October 31, 2022 ($ million as at October 31, 2021) are net of allowances for credit losses of $ million as at October 31, 2022 ($ million as at October 31, 2021). Fair Value Measurement For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Where market quotes are not available, we use estimation techniques to determine fair value. Additional information regarding fair value measurement techniques is included in Note 17. Remaining Term to Maturity of Securities The following table shows the remaining term to maturity of securities. (Canadian $ in millions, except as noted) Term to maturity 2022 2021 Within 1 1 to 3 3 to 5 5 to 10 Over 10 No Total Total Trading Securities Issued or guaranteed by: Canadian federal government 3,361 3,617 759 1,815 1,384 – 10,936 7,596 Canadian provincial and municipal governments 1,247 826 390 876 2,771 – 6,110 5,838 U.S. federal government 2,269 6,034 3,051 3,572 1,773 – 16,699 9,582 U.S. states, municipalities and agencies – 60 42 16 21 – 139 458 Other governments 1,337 1,432 742 367 92 – 3,970 1,898 NHA MBS, U.S. agency MBS and CMO (1) 32 165 432 176 13,507 – 14,312 14,054 Corporate debt 2,375 1,685 2,117 2,521 894 – 9,592 9,894 Trading loans – 96 49 201 – – 346 160 Corporate equity – – – – – 46,073 46,073 54,931 Total trading securities 10,621 13,915 7,582 9,544 20,442 46,073 108,177 104,411 FVTPL Securities Issued or guaranteed by: Canadian federal government 319 2 9 – 163 – 493 863 Canadian provincial and municipal governments 36 10 8 90 936 – 1,080 1,380 U.S. federal government 4 – – – – – 4 38 Other governments 39 48 – – – – 87 92 NHA MBS, U.S. agency MBS and CMO (1) – – – 8 – – 8 9 Corporate debt 136 152 285 937 4,969 – 6,479 7,704 Corporate equity – – – – – 5,490 5,490 4,124 Total FVTPL securities 534 212 302 1,035 6,068 5,490 13,641 14,210 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 2,235 843 6,261 3,159 – – 12,498 13,087 Fair value 2,229 816 6,122 3,134 – – 12,301 13,065 Yield (%) 2.08 1.68 1.65 3.29 – – 2.14 1.48 Canadian provincial and municipal governments Amortized cost 720 632 1,360 1,929 83 – 4,724 2,973 Fair value 714 611 1,300 1,866 80 – 4,571 2,987 Yield (%) 1.22 2.51 2.74 3.21 4.29 – 2.70 1.45 U.S. federal government Amortized cost 1,006 49 751 1,249 348 – 3,403 21,041 Fair value 989 46 680 1,067 328 – 3,110 21,026 Yield (%) 2.65 1.02 1.67 1.50 4.05 – 2.13 1.48 U.S. states, municipalities and agencies Amortized cost 485 1,062 602 864 850 – 3,863 4,034 Fair value 483 1,030 567 809 825 – 3,714 4,114 Yield (%) 2.26 2.16 2.31 2.37 2.44 – 2.30 1.91 Other governments Amortized cost 3,385 1,420 1,589 138 – – 6,532 6,476 Fair value 3,377 1,390 1,511 133 – – 6,411 6,502 Yield (%) 0.86 1.95 2.64 5.04 – – 1.62 1.19 NHA MBS (1) Amortized cost 25 102 1,212 – 37 – 1,376 1,122 Fair value 21 102 1,204 – 36 – 1,363 1,125 Yield (%) 0.46 0.85 2.22 – 1.53 – 2.07 1.23 U.S. agency MBS and CMO (1) Amortized cost 70 44 78 1,215 6,789 – 8,196 10,894 Fair value 70 42 72 1,181 6,540 – 7,905 11,011 Yield (%) 3.42 2.96 2.67 2.34 2.38 – 2.39 1.22 Corporate debt Amortized cost 1,439 1,249 1,084 238 193 – 4,203 3,147 Fair value 1,391 1,221 1,024 206 191 – 4,033 3,161 Yield (%) 0.82 3.28 2.34 4.74 3.59 – 2.29 1.37 Corporate equity Amortized cost – – – – – 122 122 103 Fair value – – – – – 153 153 132 Total cost or amortized cost 9,365 5,401 12,937 8,792 8,300 122 44,917 62,877 Total fair value 9,274 5,258 12,480 8,396 8,000 153 43,561 63,123 Yield (%) 1.45 2.30 2.04 2.86 2.50 – 2.19 1.42 Amortized Cost Securities Issued or guaranteed by: Canadian federal government Amortized cost 2,146 3,537 1,319 134 – – 7,136 7,084 Fair value 2,223 3,513 1,267 126 – – 7,129 7,120 Yield (%) 0.89 1.85 1.71 2.66 – – 1.55 1.49 Canadian provincial and municipal governments Amortized cost 984 2,113 1,345 1,146 – – 5,588 5,642 Fair value 1,044 2,133 1,299 1,107 – – 5,583 5,723 Yield (%) 2.71 1.91 2.32 2.90 – – 2.35 2.07 U.S. federal government Amortized cost 924 15,825 15,098 23,511 3,887 – 59,245 5,633 Fair value 942 14,785 13,414 19,703 2,873 – 51,717 5,589 Yield (%) 0.94 1.46 1.29 1.56 2.05 – 1.49 1.51 U.S. states, municipalities and agencies Amortized cost – – – 109 – – 109 – Fair value – – – 105 – – 105 – Yield (%) – – – 4.26 – – 4.26 – Other governments Amortized cost 419 577 376 15 – – 1,387 1,413 Fair value 456 544 364 13 – – 1,377 1,420 Yield (%) 1.44 1.31 2.46 1.00 – – 1.66 1.24 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 79 1,757 3,579 2,747 22,851 – 31,013 28,557 Fair value 77 1,675 3,254 2,383 19,475 – 26,864 28,307 Yield (%) 1.10 1.47 1.65 1.73 1.57 – 1.59 1.30 Corporate debt Amortized cost 407 530 988 128 59 – 2,112 1,641 Fair value 457 501 919 125 55 – 2,057 1,651 Yield (%) 1.05 1.59 2.39 1.54 0.22 – 1.82 1.30 Total amortized cost 4,959 24,339 22,705 27,790 26,797 – 106,590 49,970 Total fair value 5,199 23,151 20,517 23,562 22,403 – 94,832 49,810 Yield (%) 1.32 1.56 1.50 1.65 1.64 – 1.58 1.44 Investments in Associates and Joint Ventures Carrying value – – – – – 1,293 1,293 1,135 Total carrying value or amortized cost of securities 25,479 43,867 43,526 47,161 61,607 52,978 274,618 232,603 Total carrying value of securities 25,388 43,724 43,069 46,765 61,307 53,009 273,262 232,849 Total by Currency Canadian dollar 13,049 13,167 14,499 10,823 10,895 25,203 87,636 85,933 U.S. dollar 9,620 29,363 28,094 35,743 50,334 24,217 177,371 140,422 Other currencies 2,719 1,194 476 199 78 3,589 8,255 6,494 Total securities 25,388 43,724 43,069 46,765 61,307 53,009 273,262 232,849 (1) These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. Yields in the table above are calculated using the cost of the security and the contractual interest rate associated with each security, adjusted for any amortization of premiums and discounts. Tax effects are not taken into consideration. The term to maturity included in the table above is based on the contractual maturity date of the security. Actual maturities could differ, as issuers may have the right to call or prepay obligations. Unrealized Gains and Losses on FVOCI Securities The following table summarizes u (Canadian $ in millions) 2022 2021 Cost or Gross Gross Fair Cost or Gross Gross Fair Issued or guaranteed by: Canadian federal government 12,498 11 208 12,301 13,087 62 84 13,065 Canadian provincial and municipal governments 4,724 6 159 4,571 2,973 29 15 2,987 U.S. federal government 3,403 – 293 3,110 21,041 282 297 21,026 U.S. states, municipalities and agencies 3,863 5 154 3,714 4,034 85 5 4,114 Other governments 6,532 4 125 6,411 6,476 55 29 6,502 NHA MBS 1,376 1 14 1,363 1,122 6 3 1,125 U.S. a 8,196 12 303 7,905 10,894 151 34 11,011 Corporate debt 4,203 25 195 4,033 3,147 34 20 3,161 Corporate equity 122 31 – 153 103 29 – 132 Total 44,917 95 1,451 43,561 62,877 733 487 63,123 Unrealized gains (losses) may be offset by related (losses) gains on hedge contracts. Interest, Dividend and Fee Income Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows, excluding our share of profit (loss) in associates and joint ventures and trading securities. Related income for trading securities is included under trading-related revenue in Note 17. (Canadian $ in millions) 2022 2021 FVTPL 28 22 FVOCI 650 470 Amortized cost 1,295 419 Total 1,973 911 Non-Interest Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) 2022 2021 FVTPL securities 268 535 FVOCI securities – realized gains (losses) (1) 14 57 Impairment losses (1 ) (1 ) Securities gains, other than trading 281 591 (1) Gains (losses) are net of (losses) gains on hedge contracts. Gains and losses on trading securities are included in trading-related revenue in Note 17. Interest and dividend income and gains (losses) on securities held in our insurance business are recorded in non-interest • Interest and dividend income of $397 million for the year ended October 31, 2022 ( for the year ended October 31, 2021). Interest income is calculated using the effective interest method; • Gains (losses) from securities designated a t • Realized gains (losses) from FVOCI securities of $nil million for the year ended October 31, 2022 ($1 million for the year ended October 31, 2021). |
Loans and Allowance for Credit
Loans and Allowance for Credit Losses | 12 Months Ended |
Oct. 31, 2022 | |
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Loans and Allowance for Credit Losses | Note 4: Loans and Allowance for Credit Losses Loans Loans are initially measured at fair value plus directly attributable costs, and are subsequently measured at amortized cost using the effective interest method where the cash flows of those loans represent solely payments of principal and interest, otherwise those loans are measured at FVTPL. Where the loans are held with the objective of both collecting contractual cash flows and selling the loans, and the cash flows represent solely payments of principal and interest, these loans are measured at FVOCI. The effective interest method allocates interest income over the expected term of the loan by applying the effective interest rate to the carrying amount of the loan. The effective interest rate is defined as the rate that exactly discounts estimated future cash receipts through the expected term of the loan to the net carrying amount of the loan. Under the effective interest method, the amount recognized in interest, dividend and fee income, loans, varies over the term of the loan based on the principal outstanding. The treatment of interest income for impaired loans is described below. Securities Borrowed or Purchased Under Resale Agreements Securities borrowed or purchased under resale agreements represent the amounts we will receive as a result of our commitment to return or resell securities that we have borrowed or purchased, back to the original lender or seller, on a specified date at a specified price. We account for these instruments as if they were loans. Lending Fees Lending fees primarily arise in Personal and Commercial Banking and BMO Capital Markets. The accounting treatment for lending fees varies depending on the transaction. Some loan origination, restructuring and renegotiation fees are recorded as interest income over the term of the loan, while other lending fees are taken into income at the time of loan origination. Commitment fees are calculated as a percentage of the facility balance at the end of each period. The fees are recorded as interest income over the term of the loan, unless we believe the loan commitment will not be used. In the latter case, commitment fees are recorded as lending fees earned over the commitment period. Loan syndication fees are payable and included in lending fees at the time the syndication is completed, unless the yield on any loans we retain is less than that of other comparable lenders involved in the financing. In the latter case, an appropriate portion of the syndication fee is recorded as interest income over the term of the loan. Impaired Loans We classify a loan as impaired (Stage 3) when one or more loss events have occurred, such as bankruptcy, payment default or when collection of the full amount of principal and interest is no longer reasonably assured. Loans are in default when the borrower is unlikely to pay its credit obligations in full without recourse by the bank, such as realizing security, or when the borrower’s payments are more than a defined number of days past due. Generally, consumer loans in both Canada and the U.S. are classified as impaired when payment is contractually 90 days past due, or one year past due for residential mortgages if guaranteed by the Government of Canada. Credit card loans are immediately written off when principal or interest payments are 180 days past due, and are not reported as impaired. In Canada, consumer instalment loans, other personal loans and some small business loans are normally written off when they are one year past due. In the U.S., all consumer loans are generally written off when they are 180 days past due, except for non-real Corporate and commercial loans are classified as impaired when we determine there is no longer reasonable assurance that principal or interest will be collected in their entirety on a timely basis. Generally, we consider corporate and commercial loans to be impaired when payments are 90 days past due. Corporate and commercial loans are written off following a review on an individual loan basis that confirms all reasonable recovery attempts have been exhausted. Overdrafts are considered to be past due once the customer has breached an advised limit or has been advised of a limit lower than currently outstanding or, in the case of retail overdrafts, has not brought the overdraft down to a $nil balance within a specified time period. A loan will be reclassified to performing status when we determine that there is reasonable assurance of full and timely repayment of interest and principal in accordance with the terms and conditions of the loan, and that none of the criteria for classification of the loan as impaired continues to apply. Once a loan is identified as impaired, we continue to recognize interest income based on the original effective interest rate on the loan amount net of its related allowance. In the periods following the recognition of impairment, adjustments to the allowance for these loans reflecting the time value of money are recognized as interest income. Interest income on impaired loans of $55 million was recognized for the year ended October 31, 2022 ($71 million in 2021). During the year ended October 31, 2022, we recorded a net gain written-off Allowance for Credit Losses (ACL) The allowance for credit losses recorded in our Consolidated Balance Sheet is maintained at a level that we consider adequate to absorb credit-related losses on our loans and other credit instruments. The allowance for credit losses amounted to $ 2,998 million as at October 31, 2022 ($ 2,958 million as at October 31, 2021), of which $ 2,617 million ($2,564 million as at October 31, 2021) was recorded in loans and $ 381 million ($394 million as at October 31, 2021) 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. Allowance on Performing Loans We maintain an allowance in order to cover impairment in the existing portfolio for loans that have not yet been individually identified as impaired. Our approach to establishing and maintaining the allowance on performing loans is based on the requirements of IFRS, considering guidelines issued by OSFI. Under the IFRS 9 ECL methodology, an allowance is recorded for expected credit losses on financial assets regardless of whether there has been an actual impairment. We recognize a loss allowance at an amount generally equal to 12-month 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 (PD) between origination and reporting date, assessed using probability-weighted scenarios as well as certain other criteria, such as 30-day For each exposure, ECL is a function of PD, exposure at default (EAD) and loss given default (LGD), with the timing of the loss also considered, and is estimated by incorporating forward-looking economic information and through the use of experienced credit judgment to reflect factors not captured in ECL models. PD represents the likelihood that a loan will not be repaid and will go into default in either a 12-month EAD is modelled based on historical data and represents an estimate of the amount of credit exposure outstanding at the time a default may occur. For off-balance LGD is the amount that may not be recovered in the event of default and is modelled based on historical data and reasonable and supportable information about future economic conditions, where appropriate. LGD takes into consideration the amount and quality of any collateral held. We consider past events, current market conditions and reasonable and In considering the lifetime of a loan, the contractual period of the loan, including prepayment, extension and other options, is generally used. For revolving instruments, such as credit cards, which may not have a defined contractual period, the lifetime is based on historical behaviour. Our ECL methodology also requires the use of experienced credit judgment to incorporate the estimated impact of factors that are not captured in the modelled ECL results. We applied experienced credit judgment to reflect the continuing impact of the uncertain environment on credit conditions and the economy as a result of the pandemic, as well as the estimated impacts of high inflation and supply-chain disruptions. Allowance on Impaired Loans We review our loans on an ongoing basis to assess whether any loans should be classified as impaired and whether an allowance or write-off Individually Significant Impaired Loans To determine the amount we expect to recover from an individually significant impaired loan, we use the value of the estimated future cash flows discounted at the loan’s original effective interest rate. The determination of estimated future cash flows of a collateralized impaired loan reflects the expected realization of the underlying security, net of expected costs and any amounts legally required to be paid to the borrower. Security can vary by type of loan and may include cash, securities, real estate properties, accounts receivable, guarantees, inventory or other capital assets. Individually Insignificant Impaired Loans Residential mortgages and consumer instalment and other personal loans are individually insignificant and may be assessed individually or collectively for losses at the time of impairment, taking into account historical loss experience and expectations of future economic conditions. Collectively assessed loans are grouped together by similar risk characteristics, such as type of instrument, geographic location, industry, type of collateral and term to maturity. Loans: Credit Risk Exposure The following table sets out our credit risk exposure for all loans carried at amortized cost, FVOCI or FVTPL as at October 31, 2022 and 2021. Stage 1 represents those performing loans carried with up to a 12-month (Canadian $ in millions) 2022 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (5) Total Loans: Residential mortgages Exceptionally low 7 – – 7 4 – – 4 Very low 94,743 81 – 94,824 94,566 179 – 94,745 Low 31,617 3,134 – 34,751 23,471 1,293 – 24,764 Medium 13,474 3,871 – 17,345 12,066 2,250 – 14,316 High 138 341 – 479 167 306 – 473 Not rated 1,126 53 – 1,179 1,051 46 – 1,097 Impaired – – 295 295 – – 351 351 Gross residential mortgages 141,105 7,480 295 148,880 131,325 4,074 351 135,750 Allowance for credit losses 59 66 10 135 46 39 12 97 Carrying amount 141,046 7,414 285 148,745 131,279 4,035 339 135,653 Loans: Consumer instalment and other personal Exceptionally low 1,792 35 – 1,827 1,487 37 – 1,524 Very low 33,554 83 – 33,637 30,672 8 – 30,680 Low 24,369 1,307 – 25,676 21,660 534 – 22,194 Medium 13,536 4,633 – 18,169 13,336 3,607 – 16,943 High 873 1,525 – 2,398 661 1,375 – 2,036 Not rated 4,052 32 – 4,084 3,450 50 – 3,500 Impaired – – 312 312 – – 287 287 Gross consumer instalment and other personal 78,176 7,615 312 86,103 71,266 5,611 287 77,164 Allowance for credit losses 101 288 102 491 113 333 91 537 Carrying amount 78,075 7,327 210 85,612 71,153 5,278 196 76,627 Loans: Credit cards (1) Exceptionally low 2,920 – – 2,920 2,532 – – 2,532 Very low 442 1 – 443 450 – – 450 Low 1,569 51 – 1,620 1,801 66 – 1,867 Medium 2,918 792 – 3,710 1,743 663 – 2,406 High 316 563 – 879 75 287 – 362 Not rated 90 1 – 91 486 – – 486 Impaired – – – – – – – – Gross credit cards 8,255 1,408 – 9,663 7,087 1,016 – 8,103 Allowance for credit losses 69 207 – 276 67 209 – 276 Carrying amount 8,186 1,201 – 9,387 7,020 807 – 7,827 Loans: Business and government (2) Acceptable Investment grade 187,245 6,765 – 194,010 144,807 1,446 – 146,253 Sub-investment 98,451 22,390 – 120,841 85,375 14,534 – 99,909 Watchlist – 6,310 – 6,310 – 6,137 – 6,137 Impaired – – 1,384 1,384 – – 1,531 1,531 Gross business and government 285,696 35,465 1,384 322,545 230,182 22,117 1,531 253,830 Allowance for credit losses 608 675 432 1,715 529 730 395 1,654 Carrying amount 285,088 34,790 952 320,830 229,653 21,387 1,136 252,176 Gross total loans and acceptances 513,232 51,968 1,991 567,191 439,860 32,818 2,169 474,847 Net total loans and acceptances 512,395 50,732 1,447 564,574 439,105 31,507 1,671 472,283 Commitments and financial guarantee contracts Acceptable Investment grade 182,153 5,134 – 187,287 154,975 2,367 – 157,342 Sub-investment 45,920 14,047 – 59,967 46,827 8,164 – 54,991 Watchlist 2 2,176 – 2,178 – 2,453 – 2,453 Impaired – – 292 292 – – 682 682 Allowance for credit losses 194 174 13 381 195 186 13 394 Carrying amount (3)(4) 227,881 21,183 279 249,343 201,607 12,798 669 215,074 (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 to counterparties . (5) 92% of Stage 3 loans were either fully or partially collateralized as at October 31, 2022 (92% as at October 31, 2021). The following table shows the continuity in the loss allowance, by product type, for the years ended October 31, 2022 and 2021. Transfers represent the amount of ECL that moved between stages during the year, for example, moving from a 12-month (Canadian $ in millions) 2022 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of year 46 40 19 105 51 75 26 152 Transfer to Stage 1 39 (37 ) (2 ) – 62 (53 ) (9 ) – Transfer to Stage 2 (4 ) 10 (6 ) – (4 ) 21 (17 ) – Transfer to Stage 3 – (7 ) 7 – – (13 ) 13 – Net remeasurement of loss allowance (52 ) 61 8 17 (93 ) 24 29 (40 ) Loan originations 34 – – 34 38 – – 38 Derecognitions and maturities (5 ) (7 ) – (12 ) (7 ) (12 ) – (19 ) Model changes 2 5 – 7 – – – – Total Provision for Credit Losses (PCL) (1) 14 25 7 46 (4 ) (33 ) 16 (21 ) Write-offs (2) – – (5 ) (5 ) – – (12 ) (12 ) Recoveries of previous write-offs – – 7 7 – – 11 11 Foreign exchange and other (1 ) 2 (12 ) (11 ) (1 ) (2 ) (22 ) (25 ) Balance as at end of year 59 67 16 142 46 40 19 105 Loans: Consumer instalment and other personal Balance as at beginning of year 128 357 91 576 148 454 105 707 Transfer to Stage 1 230 (221 ) (9 ) – 297 (287 ) (10 ) – Transfer to Stage 2 (41 ) 71 (30 ) – (30 ) 66 (36 ) – Transfer to Stage 3 (5 ) (82 ) 87 – (7 ) (94 ) 101 – Net remeasurement of loss allowance (263 ) 226 103 66 (289 ) 247 103 61 Loan originations 92 – – 92 86 – – 86 Derecognitions and maturities (22 ) (39 ) – (61 ) (27 ) (49 ) – (76 ) Model changes (9 ) (13 ) – (22 ) (48 ) 26 – (22 ) Total PCL (1) (18 ) (58 ) 151 75 (18 ) (91 ) 158 49 Write-offs (2) – – (205 ) (205 ) – – (236 ) (236 ) Recoveries of previous write-offs – – 80 80 – – 86 86 Foreign exchange and other 1 5 (15 ) (9 ) (2 ) (6 ) (22 ) (30 ) Balance as at end of year 111 304 102 517 128 357 91 576 Loans: Credit cards Balance as at beginning of year 114 245 – 359 110 321 – 431 Transfer to Stage 1 149 (149 ) – – 194 (194 ) – – Transfer to Stage 2 (34 ) 34 – – (28 ) 28 – – Transfer to Stage 3 (2 ) (114 ) 116 – (1 ) (172 ) 173 – Net remeasurement of loss allowance (156 ) 236 74 154 (191 ) 292 21 122 Loan originations 54 – – 54 39 – – 39 Derecognitions and maturities (5 ) (23 ) – (28 ) (7 ) (29 ) – (36 ) Model changes (6 ) 18 – 12 – – – – Total PCL (1) – 2 190 192 6 (75 ) 194 125 Write-offs (2) – – (249 ) (249 ) – – (266 ) (266 ) Recoveries of previous write-offs – – 78 78 – – 94 94 Foreign exchange and other 1 3 (19 ) (15 ) (2 ) (1 ) (22 ) (25 ) Balance as at end of year 115 250 – 365 114 245 – 359 Loans: Business and government Balance as at beginning of year 662 855 401 1,918 658 1,258 608 2,524 Transfer to Stage 1 313 (267 ) (46 ) – 505 (496 ) (9 ) – Transfer to Stage 2 (166 ) 243 (77 ) – (101 ) 172 (71 ) – Transfer to Stage 3 (1 ) (52 ) 53 – (2 ) (97 ) 99 – Net remeasurement of loss allowance (437 ) 127 224 (86 ) (549 ) 334 138 (77 ) Loan originations 488 – – 488 329 – – 329 Derecognitions and maturities (223 ) (168 ) – (391 ) (140 ) (214 ) – (354 ) Model changes 19 (32 ) – (13 ) (5 ) (19 ) – (24 ) Total PCL (1) (7 ) (149 ) 154 (2 ) 37 (320 ) 157 (126 ) Write-offs (2) – – (153 ) (153 ) – – (336 ) (336 ) Recoveries of previous write-offs – – 50 50 – – 42 42 Foreign exchange and other 91 83 (13 ) 161 (33 ) (83 ) (70 ) (186 ) Balance as at end of year 746 789 439 1,974 662 855 401 1,918 Total as at end of year 1,031 1,410 557 2,998 950 1,497 511 2,958 Comprised of: Loans 837 1,236 544 2,617 755 1,311 498 2,564 Other credit instruments (3) 194 174 13 381 195 186 13 394 (1) Excludes PCL on other assets of $2 million for the year ended October 31, 2022 ($(7) million for the year ended October 31, 2021). (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 October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 2021 Gross Allowance for Allowance for Net Gross Allowance for Allowance for Net By geographic region (1) Canada 342,430 363 1,102 340,965 299,905 345 1,143 298,417 United States 200,439 176 959 199,304 153,479 153 910 152,416 Other countries 11,087 5 12 11,070 7,442 – 13 7,429 Total 553,956 544 2,073 551,339 460,826 498 2,066 458,262 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). (3) Excludes allowance for credit losses on performing loans of $368 million for other credit instruments, which is included in other liabilities ($381 million as at October 31, 2021). Impaired (Stage 3) loans, including the related allowances, as at October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 2021 Gross impaired Allowance for credit losses on impaired loans Net impaired Gross impaired Allowance for credit losses on impaired loans (4) Net impaired Residential mortgages 295 10 285 351 12 339 Consumer instalment and other personal 312 102 210 287 91 196 Business and government (1) 1,384 432 952 1,531 395 1,136 Total 1,991 544 1,447 2,169 498 1,671 By geographic region (2) Canada 1,158 363 795 1,195 345 850 United States 820 176 644 974 153 821 Other countries 13 5 8 – – – Total 1,991 544 1,447 2,169 498 1,671 (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 $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). 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 October 31, 2022 and 2021. Loans less than 30 days past due are excluded as they are not generally representative of the borrowers’ ability to meet their payment obligations. (Canadian $ in millions) 2022 2021 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more Total Residential mortgages 411 19 430 404 14 418 Credit card, consumer instalment and other personal 392 84 476 279 59 338 Business and government 198 38 236 264 33 297 Total 1,001 141 1,142 947 106 1,053 Fully secured loans with amounts between 90 and 180 days past due that we have not classified as impaired totalled $43 million as at October 31, 2022 ($36 million as at October 31, 2021). ECL Sensitivity and Key Economic Variables The allowance for performing loans is sensitive to changes in both economic forecasts and the probability-weight assigned to each forecast scenario. Many of the factors have a high degree of interdependency, although there is no single factor to which loan impairment allowances as a whole are sensitive. As at October 31, 2022, our benign scenario involves a materially stronger economic environment than the base case forecast due to a resolution of the Ukraine war and a stronger response of households to elevated savings, with a considerably lower unemployment rate. As at October 31, 2022, our base case scenario depicts a weak economy in both Canada and the U.S., as growth is tempered by high inflation, rapidly-rising interest rates, lingering supply-chain disruptions, and weaker global demand. In contrast, our base case economic forecast as at October 31, 2021, depicted a stronger economic forecast in both Canada and the U.S. over the 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 for performing loans would be approximately $1,900 million as at October 31, 2022 ($1,725 million as at October 31, 2021) compared to the reported allowance for performing loans of $2,441 million ($2,447 million as at October 31, 2021). As at October 31, 2022, our adverse economic scenario depicts a contracting economy with annual average real GDP declining in both Canada and the U.S. in response to a potential escalation of the war in Ukraine. The adverse case as at October 31, 202 1 slightly weaker economic environment in Canada and the U.S. due to higher initial levels for the unemployment rates . If we assumed a 100% adverse economic forecast and included the impact of loan migration by restaging, with other assumptions held constant including the application of experienced credit judgment, the allowance for performing loans would be approximately $3,250 million as at October 31, 2022 ($3,825 million as at October 31, 2021) compared to the reported allowance for performing loans of $2,441 million ($2,447 million as at October 31, 2021). Actual results in a recession will differ as our portfolio will change through time due to migration, growth, risk mitigation actions and other factors. In addition, our allowance will reflect the three economic scenarios used in assessing the allowance, with weightings attached to adverse and benign scenarios often unequally weighted and the weightings will change through time. The following table shows the key economic variables used to estimate the allowance on performing loans forecast over the next 12 months or lifetime measurement period. While the values disclosed below are national variables, we use regional variables in the underlying models and consider factors impacting particular industries where appropriate. As at October 31, 2022 As at October 31, 2021 All figures are average annual values Benign scenario Base s Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Remaining horizon First 12 Remaining horizon First 12 Remaining horizon First 12 Remaining horizon (1) First 12 Remaining horizon (1) First 12 Remaining horizon (1) Real GDP growth rates ( 2 Canada 3.7% 2.2% 1.5% 1.1% (2.3)% 0.4% 6.3% 4.0% 4.0% 2.9% (2.7)% 0.4% United States 2.4% 2.1% 0.2% 1.3% (3.3)% 0.6% 7.1% 3.2% 4.8% 2.4% (1.2)% 0.6% Corporate BBB 10-year Canada 1.9% 1.9% 2.4% 2.2% 3.7% 3.9% 1.4% 1.8% 1.8% 2.0% 3.6% 3.9% United States 1.8% 1.9% 2.2% 2.2% 4.2% 3.9% 0.9% 1.3% 1.2% 1.6% 4.2% 3.9% Unemployment rates Canada 4.3% 3.6% 5.9% 6.5% 8.0% 9.9% 6.0% 4.8% 6.6% 5.6% 10.8% 12.4% United States 3.2% 2.6% 4.2% 4.8% 6.5% 8.4% 4.2% 3.0% 4.7% 3.6% 8.5% 10.6% Housing Price Index (2) Canada (3) (6.7)% 2.1% (10.0)% (1.0)% (13.6)% (8.0)% 18.2% 7.1% 15.1% 4.0% (6.4)% (9.5)% United States (4) 1.6% (0.7)% (0.9)% (2.6)% (7.5)% (8.4)% 14.6% 5.7% 12.3% 3.8% (6.1)% (7.8)% (1) The remaining forecast period is two years. (2) Real gross domestic product (GDP) and housing price index are averages of quarterly (3) In Canada, we use the HPI Benchmark Composite. (4) In the United States, we use the National Case-Shiller House Price Index. Certain comparative figures have been reclassified to conform with the current year’s presentation. The ECL million compared to the reported allowance for performing loans of $2,441 million as at October 31, 2022 ($ million compared to the reported allowance for performing loans of $ million as at October 31, 2021). Renegotiated Loans From time to time we modify the contractual terms of a loan due to the poor financial condition of the borrower. We assess renegotiated loans for impairment consistent with our existing policies for impairment. When renegotiation leads to significant concessions being granted, and the concessions are for economic or legal reasons related to the borrower’s financial difficulty that we would not otherwise consider, the loan is classified as impaired. We consider one or a combination of the following to be significant concessions: (1) a reduction of the stated interest rate, (2) an extension of the maturity date or dates at a stated interest rate lower than the current market rate for a new loan with similar terms, or (3) forgiveness of principal or accrued interest. Renegotiated loans remain in performing status if the modifications are not considered to be significant or are returned to performing status when none of the criteria for classification as impaired continues to apply. The carrying value of loans with lifetime allowance for credit losses modified during the year ended October 31, 2022 was $91 million ($37 million in 2021). Modified loans of $16 million ($21 million in 2021) were written off during the year ended October 31, 2022. As at October 31, 2022, $13 million ($29 million as at October 31, 2021) of loans previously modified saw their loss allowance during the year change from lifetime to 12-month Foreclosed Assets Property or other assets that we receive from borrowers to satisfy their loan commitments are classified as either held for own use or held-for-sale according to management’s intention, recorded initially at fair value for assets held for own use and at the lower of carrying value or fair value less costs to sell for any assets held-for-sale. Assets held for own use are subsequently accounted for in accordance with the relevant asset classification and assets held-for-sale are assessed for impairment. During the year ended October 31, 2022, we foreclosed on impaired loans and received $24 million of real estate properties that we classified as held-for-sale ($27 million in 2021). As at October 31, 2022, real estate properties held - - totalled $13 million ($11 million as at October 31, 2021). These properties are disposed of when considered appropriate. Collateral Collateral is used to manage credit risk related to securities borrowed or purchased under resale agreements, residential mortgages, consumer instalment and other personal loans, and business and government loans. Additional information on our collateral requirements is included in Notes 14 and 24, as well as in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. |
Risk Management
Risk Management | 12 Months Ended |
Oct. 31, 2022 | |
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Risk Management | Note 5: Risk Management We have an enterprise-wide approach to the identification, measurement, monitoring and control of risks faced across our organization. The key risks related to our financial instruments are classified as credit and counterparty, market, and liquidity and funding risk. The pandemic and economic headwinds, including rising interest rates and inflation, impact certain risks as outlined in the Enterprise-Wide Risk Management section of our Management’s Discussion and Analysis and where those risks are related to financial instruments, they have been included in the blue-tinted font as referenced below. Credit and Counterparty Risk Credit and counterparty risk is the potential for loss due to the failure of a borrower, endorser, guarantor or counterparty to repay a loan or honour another predetermined financial obligation. Credit risk arises predominantly with respect to loans, over-the-counter Our risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. Additional information on credit risk related to loans and derivatives is included in Notes 4 and 8, respectively. Market Risk Market risk is the potential for adverse changes in the value of our assets and liabilities resulting from changes in market variables such as interest rates, credit spreads, foreign exchange rates, equity and commodity prices and their implied volatilities, and includes the risk of credit migration and default in our trading book. We incur market risk in our trading and underwriting activities, as well as in our structural banking activities. Our market risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. Liquidity and Funding Risk Liquidity and funding risk is the potential for loss if we are unable to meet our financial commitments in a timely manner at reasonable prices as they become due. It is our policy to ensure that sufficient liquid assets and funding capacity are available to meet financial commitments, including liabilities to depositors and suppliers, as well as lending, investment and pledging commitments, even in times of stress. Managing liquidity and funding risk is essential to maintaining enterprise soundness and safety, depositor confidence and earnings stability. Our liquidity and funding risk management practices and key measures are disclosed in the blue-tinted font in the Enterprise-Wide Risk Management section of Management’s Discussion and Analysis within this report. |
Transfers of Financial Assets
Transfers of Financial Assets | 12 Months Ended |
Oct. 31, 2022 | |
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Transfers of Financial Assets | Note 6: Transfers of Financial Assets Transfers of Financial Assets that do not Qualify for Derecognition Loan Securitization We sell Canadian residential mortgages to third-party Canadian securitization programs, including the Canada Mortgage Bond program, and directly to third-party investors under the National Housing Act Mortgage-Backed Securities (NHA MBS) program. In 2020, we also participated in the Government of Canada’s Insured Mortgage Purchase Program, launched as part of its response to COVID-19. Under these programs, we are entitled to the payment over time of the excess of the sum of interest and fees collected from customers, in connection with the mortgages that were sold, over the yield paid to investors, less credit losses and other costs. We also act as counterparty in interest rate swap agreements, where we pay the interest due to Canada Mortgage Bond holders and receive the interest on the underlying mortgages, which are converted into MBS through the NHA MBS program and sold to Canada Housing Trust. Since we continue to be exposed to substantially all the prepayment, interest rate and credit risk associated with the securitized mortgages, they do not qualify for derecognition. We continue to recognize the mortgages in our Consolidated Balance Sheet and the related cash proceeds are recognized as secured financing as part of securitization and structured entities’ liabilities in our Consolidated Balance Sheet. The interest and fees collected, net of the yield paid to investors, are recorded in net interest income using the effective interest method over the term of the securitization. Credit losses associated with the mortgages are recorded in the provision for credit losses. During the year ended October 31, 2022, we sold $ million of mortgages to these programs ($ million in 2021). Securities Lent or Sold Under Repurchase Agreements Securities lent or sold under repurchase agreements represent short-term funding transactions in which we sell securities that we own and simultaneously commit to repurchase the same securities at a specified price on a specified date in the future. We retain substantially all the risks and rewards associated with the securities and we continue to recognize them in our Consolidated Balance Sheet, with the obligation to repurchase these securities recorded as secured borrowing transactions at the amount owing. The carrying value of these securities approximates the carrying value of the associated liabilities due to their short-term nature. As at October 31, 2022, the carrying values of securities lent and securities sold under repurchase agreements were $13,473 million and $90,490 million, respectively ($9,662 million and $87,894 million, respectively, as at October 31, 2021). The interest expense related to these liabilities is recorded on an accrual basis in interest expense, other liabilities, in our Consolidated Statement of Income. The following table presents the carrying value and fair values of transferred assets that did not qualify for derecognition and the associated (Canadian $ in millions) 2022 2021 Carrying value Fair value Carrying value Fair value Assets Trading securities (2) 1,062 – 997 – Residential mortgages 7,503 – 7,847 – Other related assets (3) 10,012 – 10,009 – Total 18,577 17,764 18,853 18,859 Associated liabilities (4) 17,471 16,846 18,208 18,323 (1) Carrying value of loans is net of allowance, where applicable. (2) Trading securities represent collateralized mortgage obligations issued by third-party sponsored vehicles, where we do not substantially transfer all the risks and rewards of ownership to third-party investors. (3) Other related assets represent payments received on account of mortgages pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held in permitted instruments on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying amount of the securitized assets in the table above. (4) Associated liabilities are recognized in securitization and structured entities’ liabilities and securities lent or sold under repurchase agreements in our Consolidated Balance Sheet. Continuing Involvement in Transferred Financial Assets that Qualify for Derecognition We retain the mortgage servicing rights, representing our continuing involvement, for certain mortgage loans purchased or originated in the U.S. which are sold and derecognized. During the year ended October 31, 2022, we sold and derecognized $556 million of these loans ($631 million in 2021) and recognized a $17 million gain ($32 million in 2021) in non-interest We retain the residual interests, representing our continuing involvement , for certain commercial mortgage loans purchased or originated in the U.S. which are sold million amortized cost were $8 million and $37 million, respectively, as at October 31, 2022 ($7 million and $7 million as at October 31, 2021). Fair value was equal to carrying value on these In addition, we hold U.S. government agency collateralized mortgage obligations (CMOs) issued by third-party sponsored vehicles, which we may further securitize by packaging them into new CMOs prior to selling to third-party investors. Where we do not substantially transfer all the risks and rewards of ownership to third-party investors, we continue to recognize these CMOs and the related cash proceeds as secured financing in our Consolidated Balance Sheet. During the year, we sold CMOs that qualified for derecognition, where retained interests represent our continuing involvement and are managed as part of larger portfolios held for either trading, liquidity or hedging purposes. Where we sold these CMOs, associated gains and losses are recognized in non-interest s Transferred Financial Assets that Qualify for Derecognition The Canadian government launched the Canada Emergency Business Account Program in 2020 as part of its response to COVID-19, |
Structured Entities
Structured Entities | 12 Months Ended |
Oct. 31, 2022 | |
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Structured Entities | Note 7: Structured Entities We enter into certain transactions in the ordinary course of business which involve the establishment of structured entities (SEs) to facilitate or secure customer transactions and to obtain alternate sources of funding. We are required to consolidate a SE if we control the entity. We control a SE when we have power over the SE, exposure to variable returns as a result of our involvement, and the ability to exercise power to affect the amount of our returns. In assessing whether we control a SE, we consider the entire arrangement to determine the purpose and design of the SE, the nature of any rights held through contractual arrangements, and whether we are acting as principal or agent. We perform a reassessment of consolidation if facts and circumstances indicate that there have been changes to one or more of the elements of control over the SE. In the event such reassessment results in a loss of control, we will derecognize the related assets (including goodwill), liabilities and non-controlling Consolidated Structured Entities Bank Securitization Vehicles We use securitization vehicles to securitize our Canadian credit card loans, Canadian real estate lines of credit, Canadian auto loans and U.S. equipment loans in order to obtain alternate sources of funding. The structure of these vehicles limits the activities they can undertake and the types of assets they can hold, and the vehicles have limited decision-making authority. The vehicles issue term asset-backed securities (ABS) to fund their activities. We control and consolidate these vehicles, as we have the key decision-making powers necessary to obtain the majority of the benefits of their activities. The following table presents the carrying value and fair values of transferred assets that did not qualify for derecognition and the associated liabilities issued by our bank securitization vehicles: (Canadian $ in millions) 2022 2021 Carrying value Fair value Carrying value Fair value Assets Credit cards 8,223 8,223 7,106 7,106 Consumer instalment and other personal (2) 4,769 4,738 5,228 5,238 Business and government 125 124 250 253 Total 13,117 13,085 12,584 12,597 Associated liabilities (3) 9,274 9,072 7,278 7,341 (1) Carrying value of loans is net of allowance. (2) Includes real estate lines of credit and auto loans . (3) Associated liabilities are recognized in s Capital and Funding Vehicles We sponsor the Trust established in connection with the issuance of $1,250 million 4.3% Limited Recourse Capital Notes , LRCNs), LRCNs) and $1,000 million 7.325% Limited Recourse Capital Notes, Series 3 (Series 3 LRCNs), which Non-Cumulative, 5- Y (Non-Viability , Non-Cumulative , 5-Year 49 (NVCC) and $1,000 million of BMO issued Non-Cumulative 5-Year Rate Reset Class B Preferred Shares, Series 51 (NVCC), issued concurrently with the Series 1, Series 2 and Series 3 LRCNs, respectively. We determined that we control and therefore consolidate this vehicle as we are exposed to its variable returns and have key decision-making powers over its activities. Refer to Note 16 for further information. We have a funding vehicle, created under the covered bond program, that was established to guarantee payments due to bondholders on bonds issued by us. We sell assets to this funding vehicle in exchange for an intercompany loan. Refer to Note 13 for further information on our covered bond deposit liabilities. We may also use capital vehicles to transfer our credit exposure on certain loan assets. We purchase credit protection against eligible credit events from these vehicles. The vehicles collateralize their obligation through the issuance of guarantee-linked notes. Loan assets are not sold or assigned to the vehicles and remain on our Consolidated Balance Sheet. During fiscal 2021, we redeemed all guarantee-linked notes issued by these vehicles. For those vehicles that purchase assets from us or are designed to pass on our credit risk, we have determined that, based on the rights of the arrangements or through our equity interest, we have significant exposure to the variable returns of the vehicles, and we control and therefore consolidate these vehicles. Additional information related to notes issued by, and assets sold to, these vehicles is provided in Notes 13 and 24, respectively. Other We have other consolidated structured entities, created to meet the bank’s and customers’ needs. Aside from the exposure resulting from our involvement as a sponsor, the bank does not have other contractual or non-contractual Unconsolidated Structured Entities The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2022 2021 Customer Capital vehicles Other Customer Capital vehicles Other Interests recorded on our Consolidated Balance Sheet Financial Assets Cash and cash equivalents 68 3,483 – 63 1,210 – Trading securities 573 – 1,795 24 – 58 FVTPL securities 119 – – 218 – – FVOCI securities 1,079 – – 464 – – Amortized cost securities – – – – – 93 Derivatives – – – 2 – – Other 11 – 80 5 – – Total 1,850 3,483 1,875 776 1,210 151 Financial Liabilities Deposits 68 3,483 – 63 1,210 – Derivatives 17 – – – – – Other – 48 – – 22 – Total 85 3,531 – 63 1,232 – Maximum exposure to loss (2) 20,141 1 1,875 14,208 – 151 Total assets of the entities 12,364 3,531 11,845 8,116 1,234 5,686 (1) Securities held that are issued by our Canadian and U.S. customer securitization vehicles are comprised of asset-backed commercial paper and are classified as either trading securities, FVTPL securities or FVOCI securities. (2) Maximum exposure to loss represents securities held, undrawn liquidity facilities, any remaining unfunded committed amounts to the BMO funded vehicle, derivative assets and other assets. Customer Securitization Vehicles We sponsor customer securitization vehicles (also referred to as bank-sponsored multi-seller conduits) that provide our customers with alternate sources of funding through the securitization of their assets. These vehicles provide clients with access to financing either from BMO or in the asset-backed commercial paper (ABCP) markets by allowing them to either sell their assets directly into the vehicle or indirectly by selling an interest in the securitized assets into the vehicle, which then issues ABCP to either investors or BMO to fund the purchases. The sellers remain responsible for servicing the transferred assets and are first to absorb any losses realized on those assets. We are not responsible for servicing or absorbing the first loss and none of the sellers are affiliated with BMO. We earn fees for providing services related to the securitizations, including liquidity, distribution and financial arrangement fees for supporting the ongoing operations of the vehicles. We have determined that we do not control these vehicles because either we do not service the program assets, the key relevant activity, or we do not have any exposure to variable returns. We provide liquidity facilities to the market-funded vehicles, which may require that we provide additional financing to the vehicles should certain events occur. The was 7,114 million ($5,400 m Effective October 31, 2021, our relationship with Fairway Financial Company LLC (a customer securitization vehicle in the U.S.) changed from principal to agent as reflected primarily in the change to our exposure to variable returns. At that point, we concluded we no longer control the entity and as a result, we deconsolidated our investment. No gain or loss was recognized in our Consolidated Statement of Income as a result of deconsolidating this entity. We continue to provide liquidity facilities to this vehicle, which may require that we provide additional financing to the vehicle in the event that certain events occur. The total committed undrawn amount under these facilities as at October 31, 2022 was $11,245 million ($8,095 million as at October 31, 2021). Our interest in this vehicle as at October 31, 2022 and 2021 has been included in the Unconsolidated Structured Entities table above. Capital Vehicles We also use capital vehicles to pass our credit risk to security holders of the vehicles. In these situations, we are not exposed to significant default or credit risk. Our remaining exposure to variable returns is less than that of the note holders in these vehicles, who are exposed to our default and credit risk. We are not required to consolidate these vehicles. Other Securitization Vehicles Other securitization vehicles include holdings in asset-backed securitizations. Where we sponsor SEs that securitize MBS into CMOs, we may have interests through our holdings of CMOs but do not consolidate the SEs as we do not have power to direct their relevant activities. These include government-sponsored agency securities such as U.S. government agency issuances. In determining whether we are a sponsor of a SE, we consider both qualitative and quantitative factors, including the purpose and nature of the entity, and our initial and continuing involvement. Subsequent to the securitization, we sell the CMOs to third parties. Our maximum exposure to loss is limited to our on-balance Where the asset-backed instruments in these securitizations are transferred to third parties, but we do not substantially transfer all risks and rewards of ownership to the third-party investors, we continue to recognize the transferred assets with the related cash proceeds recorded as secured financing in our Consolidated Balance Sheet in other liabilities, securitization and structured entities’ liabilities. As at October 31, 2022, these transferred assets were carried at fair value totalling $ 1,385 million ($53 million as at October 31, 2021) with $323 million ($nil million as at October 31, 2021) recognized in securitization and structured entities’ liabilities, also carried at fair value. Where the asset-backed instruments in these securitizations are transferred to third parties and qualify for derecognition, we record the related gains or losses in non-interest s million as at October 31, 2021) carried at fair value on our Consolidated Balance Sheet in securities, trading. During the year ended October 31, 2022, we sold $8,342 million of MBS to these sponsored securitization vehicles ($2,549 million in 2021), where we divested all interests in the securitized MBSs and any gains and losses were recorded in non-interest s We retain residual interests in certain commercial mortgage loans that are either purchased or originated in the U.S. which are then sold and derecognized through bank sponsored SEs that securitize these loans into MBS. During the year ended October 31, 2022, we sold and derecognized million in 2021). The carrying values of our retained interests classified as loans million as at October 31, 2022 ($ million as at October 31, 2021). Fair value was equal to carrying value on these dates. BMO Managed Funds We have established a number of funds that we also manage. We assess whether or not we control these funds based on the economic interest we have in the funds, million as at October 31, 2022 ($ million as at October 31, 2021), with million, respectively, as at October 31, 2021) in our Consolidated Balance Sheet. Other Structured Entities We purchase and hold investments in a variety of third-party SEs, including exchange-traded funds, mutual funds, limited partnerships investment trusts and government-sponsored ABS vehicles, which are recorded in securities in our Consolidated Balance Sheet. We are considered to have an interest in these entities through our holdings and because we may act as a counterparty in certain derivatives contracts. We are not the investment manager or the sponsor of any of these entities. We are generally a passive investor and do not have power over the key decision-making activities of these entities. Our maximum exposure to loss from our investments is limited to the carrying amounts of our investments in these entities and any unutilized commitment we have provided. Sponsored Structured Entities We may be deemed to be the sponsor of a SE if we are involved in its design, legal set-up Financial Support Provided to Structured Entities During the years ended October 31, 2022 and 2021, we did not provide any financial or non-financial |
Derivative Instruments
Derivative Instruments | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Derivative Instruments | Note 8: Derivative Instruments Derivative instruments are financial contracts that derive their value from underlying changes in interest rates, foreign exchange rates or other financial or commodity prices or indices. Derivative instruments are either regulated exchange-traded contracts or negotiated over-the-counter Types of Derivatives Swaps Swaps are contractual agreements between two parties to exchange a series of cash flows. The various swap agreements that we enter into are as follows: • Interest rate swaps – counterparties generally exchange fixed and floating rate interest payments based on a notional value in a single currency. • Cross-currency swaps – fixed rate interest payments and principal amounts are exchanged in different currencies. • Cross-currency interest rate swaps – fixed and/or floating rate interest payments and principal amounts are exchanged in different currencies. • Commodity swaps – counterparties generally exchange fixed and floating rate payments based on a notional value of a single commodity. • Equity swaps – counterparties exchange the return on an equity security or a group of equity securities for the return based on a fixed or floating interest rate or the return on another equity security or group of equity securities. • Credit default swaps – one counterparty pays the other a fee in exchange for that other counterparty agreeing to make a payment if a credit event occurs, such as bankruptcy or failure to pay. • Total return swaps – one counterparty agrees to pay or receive from the other cash amounts based on changes in the value of a reference asset or group of assets, including any returns such as interest earned on these assets, in exchange for amounts that are based on prevailing market funding rates. Forwards and Futures Forwards and futures are contractual agreements to either buy or sell a specified amount of a currency, commodity, interest rate-sensitive financial instrument or security at a specified price and date in the future. Forwards are customized contracts transacted in the over-the-counter Options Options are contractual agreements that convey to the purchaser the right but not the obligation to either buy or sell a specified amount of a currency, commodity, interest rate-sensitive financial instrument or security at a fixed future date or at any time within a fixed future period. For options written by us, we receive a premium from the purchaser for accepting market risk. For options purchased by us, we pay a premium for the right to exercise the option. Since we have no obligation to exercise the option, our primary exposure to risk is the potential credit risk if the writer of an over-the-counter Caps, collars and floors are specialized types of written and purchased options. They are contractual agreements in which the writer agrees to pay the purchaser, based on a specified notional amount, the difference between the market rate and the prescribed rate of the cap, collar or floor. The writer receives a premium for selling this instrument. A swaption is an option granting its owner the right but not the obligation to enter into an underlying swap. A futures option is an option contract in which the underlying instrument is a single futures contract. The main risks associated with these derivative instruments are related to exposure to movements in interest rates, foreign exchange rates, credit quality, value of the underlying financial instrument or commodity, as applicable, and the possible inability of counterparties to meet the terms of the contracts. Embedded Derivatives From time to time, we purchase or issue financial instruments containing embedded derivatives. The embedded derivative in a financial liability is separated from the host contract and carried at fair value if the economic characteristics of the derivative are not closely related to those of the host contract, the terms of the embedded derivative are the same as those of a stand-alone derivative, and the combined contract is not measured at fair value. To the extent that we cannot reliably identify and measure the embedded derivative, the entire contract is carried at fair value, with changes in fair value reflected in our Consolidated Statement of Income. Embedded derivatives in certain of our GIC deposits are accounted for separately from the host instrument and presented within deposits in our Consolidated Balance Sheet. Contingent Features Certain over-the-counter as at October 31, 2021). Risks Hedged Interest Rate Risk We manage interest rate risk through interest rate futures, interest rate swaps and options, which are linked to and adjust the interest rate sensitivity of a specific asset, liability, forecasted transaction or firm commitment, or a specific pool of transactions with similar risk characteristics. Foreign Currency Risk We manage foreign currency risk through currency futures, foreign currency options, cross-currency swaps, foreign exchange spot transactions, forward contracts and deposits denominated in foreign currencies. Equity Price Risk We manage equity price risk through total return swaps. Trading Derivatives Trading derivatives include derivatives entered into with customers to accommodate their risk management needs, market-making to facilitate customer-driven We structure and market derivative products to enable customers to transfer, modify or reduce current or expected exposure to risks. Principal trading activities include market-making and positioning activities. Market-making involves quoting bid and offer prices to other market participants with the intention of generating revenues based on spread and volume. Positioning activities involve managing market risk positions with the expectation of profiting from favourable movements in prices, rates or indices. We may also economically hedge a portion of our U.S. dollar earnings through forward foreign exchange contracts and/or options to minimize fluctuations in our consolidated net income due to the translation of our U.S. dollar earnings. These contracts are recorded at fair value, with changes in fair value recorded in non-interest revenue, trading revenues, in our Consolidated Statement of Income. We entered into economic hedges in relation to the announced definitive agreement with BNP Paribas to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details. Trading derivatives are recorded at fair value. Realized and unrealized gains and losses are generally recorded in non-interest Sheet. Fair Value of Trading and Hedging Derivatives Fair value represents point-in-time . Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2022 2021 Gross assets Gross Net Gross assets Gross Net Trading Interest Rate Contracts Swaps (1) 7,176 (4,249 ) 2,927 6,132 (4,323 ) 1,809 Forward rate agreements 437 (120 ) 317 42 (105 ) (63 ) Purchased options 3,157 – 3,157 641 – 641 Written options – (2,391 ) (2,391 ) – (520 ) (520 ) Futures 16 (27 ) (11 ) – (3 ) (3 ) Foreign Exchange Contracts (2) Cross-currency swaps 1,688 (2,096 ) (408 ) 1,438 (1,207 ) 231 Cross-currency interest rate swaps 10,722 (11,254 ) (532 ) 8,595 (5,827 ) 2,768 Forward foreign exchange contracts 8,387 (7,267 ) 1,120 3,505 (3,925 ) (420 ) Purchased options 1,096 – 1,096 381 – 381 Written options – (1,151 ) (1,151 ) – (384 ) (384 ) Commodity Contracts Swaps 4,198 (1,725 ) 2,473 5,916 (1,256 ) 4,660 Purchased options 1,851 – 1,851 1,383 – 1,383 Written options – (1,627 ) (1,627 ) – (815 ) (815 ) Futures 275 (237 ) 38 319 (120 ) 199 Equity Contracts 6,473 (14,584 ) (8,111 ) 5,998 (9,383 ) (3,385 ) Credit Contracts Purchased 27 (3 ) 24 – (3 ) (3 ) Written 34 (72 ) (38 ) – (4 ) (4 ) Total fair value – trading derivatives 45,537 (46,803 ) (1,266 ) 34,350 (27,875 ) 6,475 Hedging Interest Rate Contracts (3) Cash flow hedges – swaps 41 (6,824 ) (6,783 ) 354 (1,166 ) (812 ) Fair value hedges – swaps 1,935 (2,987 ) (1,052 ) 903 (662 ) 241 Total swaps 1,976 (9,811 ) (7,835 ) 1,257 (1,828 ) (571 ) Foreign Exchange Contracts (4) Cash flow hedges (1) 629 (3,342 ) (2,713 ) 1,020 (1,112 ) (92 ) Net investment hedges – – – 46 – 46 Total foreign exchange contracts 629 (3,342 ) (2,713 ) 1,066 (1,112 ) (46 ) Equity Contracts Cash flow hedges 18 – 18 40 – 40 Total equity contracts 18 – 18 40 – 40 Total fair value – hedging derivatives (5) 2,623 (13,153 ) (10,530 ) 2,363 (2,940 ) (577 ) Total fair value – trading and hedging derivatives 48,160 (59,956 ) (11,796 ) 36,713 (30,815 ) 5,898 Less: impact of master netting agreements (31,878 ) 31,878 – (20,952 ) 20,952 – Total 16,282 (28,078 ) (11,796 ) 15,761 (9,863 ) 5,898 (1) Includes derivatives entered in t o in (2) Gold contracts are included in foreign exchange contracts. (3) Includes the fair value of bond futures in fair value hedges rounded down to $nil million as at October 31, 2022 (we held no bond futures as at October 31, 2021). (4) Includes the fair value of USD-EUR cross-currency swaps in fair value hedges rounded down to $nil million as at October 31, 2022 (we held no USD-EUR cross-currency swaps as at October 31, 2021). (5) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance Assets are shown net of liabilities to customers where we have a legally enforceable right to offset amounts and we intend to settle contracts on a net basis. Notional Amounts of Trading Derivatives The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (Canadian $ in millions) 2022 2021 Exchange traded Over-the-counter Total Exchange traded Over-the-counter Total Interest Rate Contracts Swaps (1) – 5,683,145 5,683,145 – 3,976,428 3,976,428 Forward rate agreements – 22,397 22,397 – 147,657 147,657 Purchased options 23,854 98,113 121,967 10,611 69,491 80,102 Written options 11,073 87,941 99,014 3,621 68,155 71,776 Futures 401,965 – 401,965 232,972 – 232,972 Total interest rate contracts 436,892 5,891,596 6,328,488 247,204 4,261,731 4,508,935 Foreign Exchange Contracts (2) Cross-currency swaps – 53,837 53,837 – 45,482 45,482 Cross-currency interest rate swaps – 578,685 578,685 – 506,791 506,791 Forward foreign exchange contracts – 481,773 481,773 – 489,081 489,081 Purchased options 1,127 72,733 73,860 1,762 54,145 55,907 Written options 5,421 74,041 79,462 4,735 54,147 58,882 Futures 1,032 – 1,032 222 – 222 Total foreign exchange contracts 7,580 1,261,069 1,268,649 6,719 1,149,646 1,156,365 Commodity Contracts Swaps – 24,525 24,525 – 28,892 28,892 Purchased options 34,177 5,686 39,863 10,020 4,526 14,546 Written options 34,245 5,011 39,256 11,000 3,132 14,132 Futures 44,836 – 44,836 39,448 – 39,448 Total commodity contracts 113,258 35,222 148,480 60,468 36,550 97,018 Equity Contracts 162,102 104,825 266,927 106,302 98,962 205,264 Credit Contracts Purchased – 16,771 16,771 – 12,358 12,358 Written – 11,099 11,099 – 5,158 5,158 Total 719,832 7,320,582 8,040,414 420,693 5,564,405 5,985,098 (1) Includes derivatives entered in t o in (2) Gold contracts are included with foreign exchange contracts. Table excludes loan commitment derivatives with notionals of $4,183 million ($5,613 million as at October 31, 2021). Derivatives Used in Hedge Accounting The bank applies the requirements of IAS 39 Financial Instruments: Recognition and Measurement When the hedged item is accounted for at FVTPL, there is a natural offset within the income statement with the related derivative. However, when we manage risks incumbent in instruments that are accounted for at amortized cost, including loans and deposits, or FVOCI debt securities, we use hedge accounting in order to eliminate the mismatch between the hedged item and the mark-to-market derivative. To the extent these instruments used to manage risk qualify for hedge accounting, we designate them in accounting hedge relationships. Our structural market risk strategies, including our approach to managing interest rate and foreign exchange risk, are included in the blue-tinted font in the Structural (Non-Trading) Market Risk section of Management’s Discussion and Analysis within this report. In addition, our exposure to foreign exchange rate risk is discussed in the Non-Trading By using derivatives to hedge exposures to changes in interest rates, foreign currency exchange rates, and equity prices, we are also exposed to the credit risk of the derivative counterparty. We mitigate credit risk by entering into transactions with high-quality counterparties, requiring the counterparties to post collateral, entering into master netting agreements, or settling through centrally cleared counterparties. In order to qualify as an accounting hedge, the hedging relationship must be designated and formally documented at its inception, detailing the particular risk management objective and strategy for the hedge and the specific asset, liability or cash flow being hedged, as well as how effectiveness is to be assessed. Changes in the fair value of the derivative must be highly effective in offsetting changes in the fair value or changes in the amount of future cash flows of the hedged item. We evaluate hedge effectiveness at the inception of the hedging relationship and on an ongoing basis, retrospectively and prospectively, primarily using a quantitative statistical regression analysis. We consider a hedging relationship highly effective when all of the following criteria are met: correlation between the variables in the regression is at least 0.8; the slope of the regression is within a 0.8 to 1.25 range; and the confidence level of the slope is at least 95%. The practice is different for our net investment hedge, which is discussed in the Net Investment Hedges section below. Any ineffectiveness in the hedging relationship is recognized as it arises in non-interest Under the IASB’s Phase 1 Amendments to IAS 39 and IFRS 7, certain hedge accounting requirements were modified to provide relief from the uncertainty arising from IBOR reform during the period prior to replacement of IBORs. These amendments include allowing us to assume the interest rate benchmarks that are the basis for cash flows of the hedged item and hedging instrument are not altered as a result of IBOR reform, thereby allowing hedge accounting to continue. They also provide an exception from the requirement to discontinue hedge accounting if a hedging relationship does not meet the effectiveness requirements solely as a result of IBOR reform. We continue to apply these amendments as at October 31, 2022, with application ending at the earlier of the discontinuation of the impacted hedge relationship and when there is no longer uncertainty arising from IBOR reform over the timing and amount of IBOR-based cash flows. The following table outlines the notional amounts, and average rates of derivatives and the carrying amounts of deposits designated as hedging instruments, by term to maturity, hedge type, and risk type, where applicable. Remaining term to maturity 2022 2021 (Canadian $ in millions, except as noted) Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total Total Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount (1) 54,197 29,562 41,475 41,028 1,683 167,945 94,152 Average fixed interest rate 3.87 % 3.37 % 2.30 % 2.56 % 2.42 % 3.06 % 1.06 % Foreign exchange risk – Cross-currency swaps (2) CAD-USD (3) Notional amount 33,018 12,436 9,943 6,979 327 62,703 38,292 Average fixed interest rate 0.60 % 2.10 % 2.45 % 1.58 % 3.42 % 1.31 % 1.91 % Average exchange rate: CAD-USD 1.3329 1.3076 1.2757 1.3407 1.3076 1.3196 1.3137 CAD-EUR Notional amount 6,710 1,924 8,756 1,839 200 19,429 14,517 Average fixed interest rate 1.76 % 2.41 % 3.12 % 1.89 % 2.97 % 2.47 % 2.10 % Average exchange rate: CAD-EUR 1.4919 1.5395 1.3904 1.4711 1.4870 1.4489 1.5078 Other currency pairs (4) Notional amount (5) 1,801 2,077 3,621 143 76 7,718 10,055 Average fixed interest rate 3.15 % 2.35 % 1.96 % 4.33 % 5.24 % 2.42 % 2.39 % Average exchange rate: CAD-Non USD/EUR 1.0536 1.2744 1.6947 0.1500 0.9038 1.3956 1.4606 Equity price risk – Total return swap (6) Notional amount – 455 – – – 455 515 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount (7) 31,073 31,604 24,011 14,692 2,291 103,671 80,711 Average fixed interest rate 2.85 % 2.01 % 2.28 % 2.56 % 2.90 % 2.42 % 1.21 % Interest rate risk – Bond futures (exchange-traded derivatives) Notional amount 109 – – – – 109 – Average price in dollars 104 – – – – 104 – Foreign exchange risk – Cross-currency swaps USD-EUR Notional amount (8) – 19 – – – 19 – Average fixed interest rate – 3.25 % – – – 3.25 % – Average exchange rate: USD-EUR – 0.9706 – – – 0.9706 – Net Investment Hedges Foreign exchange risk – Cross-currency swaps CAD-GBP Notional amount – – – – – – 1,285 Foreign exchange risk – Deposit liabilities USD denominated deposit – carrying amount 1,251 – – – – 1,251 5,964 GBP denominated deposit – carrying amount – – – – – – 728 (1) The notional amount of the interest rate swaps likely subject to IBOR reform was $22,689 million of USD LIBOR maturing after June 30, 2023 and $49,560 million IBOR (2) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EURO-USD EURO-CAD CAD-USD CAD-foreign (3) Includes derivatives entered in t o in ( 4 Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP, CAD-HKD, CAD-JPY, or CAD-NOK cross-currency swaps where applicable. The notional amount of the cross-currency swaps likely subject to IBOR reform was $ million of USD LIBOR as at October 31, 2021, likely subject to IBOR reform that were to mature after ( 5 The notional amount of the cross-currency swaps likely subject to IBOR reform that mature after December 31, 2021 was $nil million of GBP LIBOR as at October 31, 2022 ($718 million as at October 31, 2021). ( 6 The notional amount of the total return swaps likely subject to IBOR reform that mature after June 28, 2024 was $455 million of CDOR as at October 31, 2022. ( 7 The notional amount of the interest rate swaps likely subject to IBOR reform was $31,455 million of USD LIBOR maturing after June 30, 2023 and $21,043 million of CDOR maturing after June 28, 2024 as at October 31, 2022. We had a notional amount of $43,642 million of USD LIBOR as at October 31, 2021, likely subject to IBOR reform that were to mature after December 31, 2021, the cessation date at the time of adoption of the Phase 1 amendments. The notional amount of GBP LIBOR interest rate swaps that mature after December 31, 2021 was $nil million as at October 31, 2022 ($nil million as at October 31, 2021). ( 8 The notional amount of the cross-currency swaps likely subject to IBOR reform was $nil million of USD LIBOR maturing after June 30, 2023 and $nil million of CDOR maturing after June 28, 2024 as at October 31, 2022. We had a notional amount of $nil million of USD LIBOR as at October 31, 2021, likely subject to IBOR reform that were to mature after December 31, 2021, the cessation date at the time of adoption of the Phase 1 amendments. Cash Flow Hedges Cash flow hedges modify exposure to variability in cash flows for variable interest rate bearing instruments, foreign currency denominated assets and liabilities and certain cash-settled share-based payment grants subject to equity price risk. We use interest rate swaps with or without embedded options, cross-currency swaps, forwards and total return swaps to hedge this variability. We hedge the full amount of foreign exchange risk, but interest rate risk is hedged only to the extent of benchmark interest rates. The benchmark interest rate is a component of interest rate risk that is observable in the relevant financial markets, for example LIBOR, bankers’ acceptance (BA) rates or Secured Overnight Financing Rate (SOFR). We determine the amount of the exposure to which hedge accounting is applied by assessing the potential impact of changes in interest rates, foreign exchange rates, and equity prices on the future cash flows of floating rate loans and deposits, foreign currency denominated assets and liabilities and certain cash-settled share-based payments. This assessment is performed using analytical techniques, such as simulation, sensitivity analysis, stress testing and gap analysis. We record interest that we pay or receive on these cash flow hedge derivatives as an adjustment to net interest income in our Consolidated Statement of Income over the life of the hedge. We entered into forward contracts, to hedge variability in the fixed cash USD purchase price we will pay BNP Paribas to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details. The accounting mismatch that would otherwise occur is eliminated by recording changes in the fair value of the derivative that offset changes in the fair value of the hedged item for the designated hedged risk in other comprehensive income. Hedge ineffectiveness, the portion of the change in fair value of the derivative that does not offset changes in the fair value of the hedged item, is recorded directly in non-interest For cash flow hedges that are discontinued before the end of the original hedge term, the cumulative unrealized gain or loss recorded in other comprehensive income is amortized to our Consolidated Statement of Income in net interest income for interest rate swaps and in employee compensation for total return swaps as the hedged item is recorded in earnings. If the hedged item is sold or settled, the entire unrealized gain or loss is recognized immediately in net interest income in our Consolidated Statement of Income. In general, we do not terminate our foreign exchange hedges before maturity. For cash flow hedges, we use a hypothetical derivative to measure the hedged risk of floating rate loans, deposits, foreign currency denominated assets and liabilities, or share-based payment grants. This hypothetical derivative matches the critical terms of the hedged items identically, and it perfectly offsets the hedged cash flow. In our cash flow hedge relationships, the main sources of ineffectiveness are differences in interest rate indices, tenor and reset/settlement frequencies between the hedging instrument and the hedged item. Net Investment Hedges Net investment hedges mitigate our exposure to foreign currency exchange rate fluctuations related to our net investment in foreign operations. Deposits denominated in foreign currencies, cross-currency swaps, foreign exchange forwards and options are designated as a hedging instrument for a portion of the net investment in foreign operations. We designate the spot rate component of our hedging instrument in net investment hedges. The foreign currency translation of our net investment in foreign operations and the effective portion of the corresponding hedging instrument are recorded in unrealized gains (losses) on translation of net foreign operations in other comprehensive income, instead of through the income statement in the case of the hedging instrument if hedge accounting had not been elected. The effectiveness of our net investment hedge is determined using the dollar offset method with spot foreign currency rates. As the notional amount of the hedging instruments and the hedged net investment in foreign operations are the same, there is no source of ineffectiveness in these hedging relationships. For cash flow hedges and net investment hedges, the following table contains information related to items designated as hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2022 and October 31, 2021. (Canadian $ in millions) 2022 Carrying amount of Hedge ineffectiveness Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash Flow Hedges Interest rate risk – Interest rate swaps 41 (6,824 ) (8,481 ) 8,588 (33 ) Foreign exchange risk – Cross-currency swaps, (3) 629 (3,342 ) 1,684 (1,684 ) – Equity price risk – Total return swaps 18 – (29 ) 29 – 688 (10,166 ) (6,826 ) 6,933 (33 ) Net Investment Hedges Foreign exchange risk – Cross-currency swaps, – – 429 (429 ) – Foreign exchange risk – Deposit liabilities – (1,251 ) (886 ) 886 – Total 688 (11,417 ) (7,283 ) 7,390 (33 ) 2021 Cash Flow Hedges Interest rate risk – Interest rate swaps 354 (1,166 ) (2,467 ) 2,447 (5 ) Foreign exchange risk – Cross-currency swaps, 1,020 (1,112 ) 276 (276 ) – Equity price risk – Total return swaps 40 – 313 (313 ) – 1,414 (2,278 ) (1,878 ) 1,858 (5 ) Net Investment Hedges Foreign exchange risk – Cross-currency swaps, 46 – 29 (29 ) – Foreign exchange risk – Deposit liabilities – (6,692 ) 647 (647 ) – Total 1,460 (8,970 ) (1,202 ) 1,182 (5 ) (1) Represents unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. (2) Represents life to date amounts. (3) Includes derivatives entered in t o in The following tables provide a reconciliation related to the impacts of our cash flow hedges and net investment hedges in our Consolidated Statement of Other Comprehensive Income, on a pre-tax (Canadian $ in millions) 2022 Gains / (losses) in OCI Amount reclassified to Balance in cash flow hedge AOCI / Balance Balance Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk 578 (8,448 ) (334 ) (8,204 ) (6,713 ) (1,491 ) Foreign exchange risk (3) (483 ) 1,684 22 1,223 1,168 55 Equity price risk 179 (29 ) (117 ) 33 33 – 274 (6,793 ) (429 ) (6,948 ) (5,512 ) (1,436 ) Net Investment Hedges Foreign exchange risk (1,263 ) (457 ) (3 ) (1,723 ) (1,723 ) – Total (989 ) (7,250 ) (432 ) (8,671 ) (7,235 ) (1,436 ) 2021 Gains / Amount reclassified to Balance in cash flow hedge AOCI / Balance Balance October 31, 2021 (1)(2) Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk 3,529 (2,462 ) (489 ) 578 (921 ) 1,499 Foreign exchange risk (759 ) 266 10 (483 ) (483 ) – Equity price risk (50 ) 313 (84 ) 179 179 – 2,720 (1,883 ) (563 ) 274 (1,225 ) 1,499 Net Investment Hedges Foreign exchange risk (1,939 ) 676 – (1,263 ) (1,263 ) – Total 781 (1,207 ) (563 ) (989 ) (2,488 ) 1,499 (1) Tax balance related to cash flow hedge s (89 ) (2) Tax balance related to net investment hedges accumulated other comprehensive income was $466 million (3) Includes derivatives entered in t o in Fair Value Hedges Fair value hedges modify exposure to changes in a fixed rate instrument’s fair value caused by changes in interest rates. These hedges economically convert fixed rate assets and liabilities to floating rate. We use cross-currency swaps, interest rate swaps and bond futures to hedge foreign exchange risk and interest rate risk, including benchmark interest rates, inherent in fixed rate securities, a portfolio of mortgages, deposits and subordinated debt and other liabilities. The carrying value of fixed rate assets or liabilities that are part of a hedging relationship is adjusted for the change in value of the risk being hedged. To the extent that the change in the fair value of the derivative does not offset changes in the fair value of the hedged item for the risk being hedged, the net amount (hedge ineffectiveness) is recorded directly in non-interest For fair value hedges that are discontinued, we cease adjusting the hedged item. The cumulative fair value adjustment of the hedged item is then amortized to net interest income over the hedged item’s remaining term to maturity. If the hedged item is sold or settled, the cumulative fair value adjustment is included in the gain or loss on sale or settlement. In our fair value hedge relationships, the main sources of ineffectiveness are our own credit risk on the fair value of the swap, and the difference in terms such as fixed interest rate or reset/settlement frequency between the swap and the hedged item. The amounts related to derivatives designated as fair value hedging instruments, hedged items and hedge ineffectiveness for the years ended October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Carrying amount Active hedges Discontinued Fair Value Hedge (3) Interest rate swaps 1,935 (2,987 ) – – – – – – Securities and loans – – 2,633 (2,625 ) 8 36,394 (2,603 ) 122 Deposits, subordinated debt – – (3,113 ) 3,128 15 (61,307 ) 2,841 425 Total 1,935 (2,987 ) (480 ) 503 23 (24,913 ) 238 547 2021 Fair V H (3) Interest rate swaps 903 (662 ) – – – – – – Securities and loans – – 1,649 (1,654 ) (5 ) 49,789 156 62 Deposits, subordinated debt and other liabilities – – (644 ) 638 (6 ) (31,530 ) (121 ) (91 ) Total 903 (662 ) 1,005 (1,016 ) (11 ) 18,259 35 (29 ) (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. (3) Includes the fair value of USD-EUR cross-currency swaps and rounded ow n to $nil million as at October 31, 2022 (we held no USD-EUR cross-currency swaps and bond futures as at October 31, 2021). Derivative-Related Market Risk Derivative instruments are subject to market risk. Market risk arises from the potential for a negative impact on the balance sheet and/or statement of income due to adverse changes in the value of derivative instruments as a result of changes in certain market variables. These variables include interest rates, credit spreads, foreign exchange rates, equity and commodity prices and their implied volatilities, credit migration and default. We strive to limit market risk by employing comprehensive governance and management processes for all market risk-taking activities. Derivative-Related Credit Risk Derivative instruments are subject to credit risk arising from the possibility that counterparties may default on their obligations. The credit risk associated with a derivative is normally a small fraction of the notional amount of the derivative instrument. Derivative contracts generally expose us to potential credit loss if changes in market rates affect the counterparty’s position unfavourably and the counterparty defaults on payment. The credit risk is represented by the positive fair value of the derivative instrument. We strive to limit credit risk by dealing with counterparties that we believe are creditworthy, and we manage our credit risk for derivatives using the same credit risk process that is applied to loans and other credit assets. We also pursue opportunities to reduce our exposure to credit losses on derivative instruments, by securing collateral and by entering into master netting agreements with counterparties. The credit risk associated with favourable contracts is mitigated by legally enforceable master netting agreements to the extent that unfavourable contracts with the same counterparty must be settled concurrently with favourable contracts. Exchange-traded derivatives have limited potential for credit risk exposure, as they are settled net daily with each exchange. Terms used in the credit risk tables below are as follows: Replacement cost captures the loss that would occur if a counterparty were to default in the present or at a future time, assuming that the closeout and replacement of transactions occur instantaneously, and assuming no recovery on the value of those transactions in bankruptcy. Credit risk equivalent Risk-weighted assets (Canadian $ in millions) 2022 2021 Replacement Credit risk Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Over-the-counter Swaps 4,133 8,718 764 2,636 6,936 1,422 Forward rate agreements 943 1,773 430 667 2,545 826 Purchased options 48 170 46 16 72 81 Written options 4 131 67 20 105 70 5,128 10,792 1,307 3,339 9,658 2,399 Exchange traded Futures 231 359 7 71 141 3 Purchased options 159 227 5 2 4 – Written options 7 11 – 2 4 – 397 597 12 75 149 3 Total interest rate contracts 5,525 11,389 1,319 3,414 9,807 2,402 Foreign Exchange Contracts (2) Over-the-counter Swaps 1,645 5,535 880 1,087 4,609 987 Forward foreign exchange contracts 2,250 8,339 1,237 769 6,649 883 Purchased options 321 681 183 93 270 104 Written options 2 |
Premises and Equipment
Premises and Equipment | 12 Months Ended |
Oct. 31, 2022 | |
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Premises and Equipment | Note 9: Premises and Equipment We record all owned premises and equipment at cost less accumulated depreciation, and less any accumulated impairment, except land, which is recorded at cost. Buildings, computer equipment and operating system software, other equipment and leasehold improvements are depreciated on a straight-line basis over their estimated useful lives. When the major components of a building have different useful lives, they are accounted for separately and depreciated over each component’s estimated useful life. The maximum estimated useful lives we use to depreciate our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 to 7 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years Depreciation methods, useful lives and the residual values of premises and equipment are reviewed annually for any change in circumstances and are adjusted if appropriate. At each reporting period, we review whether there are any indications that premises and equipment need to be tested for impairment. If there is an indication that an asset may be impaired, we test for impairment by comparing the asset’s carrying value to its recoverable amount. The recoverable amount is calculated as the higher of value in use and fair value less costs to sell. Value in use is the present value of the future cash flows expected to be derived from the asset. An impairment charge is recorded when the recoverable amount is less than the carrying value. There were write-downs of premises and equipment non-interest Leases When we enter into a new arrangement as a lessee, a right-of-use right-of-use The right-of-use The lease liability accretes interest over the lease term, using the effective interest method, with the associated interest expense recognized in interest expense, other liabilities, in our Consolidated Statement of Income. We make estimates in determining the incremental borrowing rate that is used to discount lease liabilities, based on our expected costs of secured borrowing for the lease term. The lease term is based on the non-cancellable period and includes any options to extend or terminate which we are reasonably certain to exercise. The lease liability is remeasured when decisions are made to exercise options under the lease arrangement or when the likelihood of exercising an option within the lease changes. Refer to Note 14 for further information. Amounts related to leases of low value are expensed when incurred in non-interest The total cost and associated accumulated depreciation for premises and equipment owned and leased are set out below: (Canadian $ in millions) 2022 2021 Land Buildings Computer Other Leasehold Right-of-use Total Land Buildings Computer Other Leasehold Right-of-use Total Cost Balance at beginning of year 99 1,354 2,292 685 1,941 3,201 9,572 112 1,454 2,481 904 1,769 2,580 9,300 Additions/lease modifications 18 59 319 105 281 329 1,111 – 52 193 53 192 731 1,221 Disposals (1) (8 ) (44 ) (53 ) (29 ) (246 ) (235 ) (615 ) (6 ) (44 ) (349 ) (245 ) (44 ) (29 ) (717 ) Foreign exchange and other 10 319 113 184 78 140 844 (7 ) (108 ) (33 ) (27 ) 24 (81 ) (232 ) Balance at end of year 119 1,688 2,671 945 2,054 3,435 10,912 99 1,354 2,292 685 1,941 3,201 9,572 Accumulated Depreciation and Balance at beginning of year – 867 1,724 471 1,338 718 5,118 – 936 1,888 680 1,250 363 5,117 Disposals (1) – (35 ) (48 ) (25 ) (243 ) (153 ) (504 ) – (46 ) (345 ) (245 ) (41 ) (29 ) (706 ) Depreciation – 50 225 53 116 336 780 – 52 217 51 105 366 791 Foreign exchange and other (2) – 306 106 168 59 38 677 – (75 ) (36 ) (15 ) 24 18 (84 ) Balance at end of year – 1,188 2,007 667 1,270 939 6,071 – 867 1,724 471 1,338 718 5,118 Net carrying value 119 500 664 278 784 2,496 4,841 99 487 568 214 603 2,483 4,454 (1) Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10. (2) Includes impairment charges. |
Acquisitions and Divestitures
Acquisitions and Divestitures | 12 Months Ended |
Oct. 31, 2022 | |
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Acquisitions and Divestitures | Note 10: Acquisitions and Divestitures Acquisitions The cost of an acquisition is measured at the fair value of the consideration transferred, including contingent consideration. Acquisition-related costs are recognized as an expense in the period in which they are incurred. The identifiable assets acquired and liabilities assumed and contingent consideration are measured at their fair values at the date of acquisition. Goodwill is measured as the excess of the aggregate of the consideration transferred over the net of the fair value of identifiable assets acquired and liabilities assumed. The results of operations of acquired businesses are included in our consolidated financial statements beginning on the date of acquisition. Bank of the West On December 20, 2021, we announced a definitive agreement with BNP Paribas to acquire Bank of the West and its subsidiaries for a cash purchase price of US$16.3 billion, or US$13.4 billion net of an estimated US$2.9 billion of excess capital (at closing). Bank of the West provides a broad range of banking products and services primarily in the Western and Midwestern parts of the U.S. Subject to customary closing conditions, including regulatory approvals, the transaction is expected to close in the first calendar quarter of 2023 and will primarily be part of our U.S. P&C reporting segment. When the transaction closes, the purchase price will be allocated to the identifiable assets and liabilities of Bank of the West, on the basis of their relative fair values, with the difference recorded as goodwill. The goodwill will not be tax deductible. The fair value of fixed rate loans, securities and deposits is largely dependent on interest rates. If interest rates increase, the fair value of the acquired fixed rate assets (in particular, loans and securities) will decrease, resulting in higher goodwill. If interest rates decrease, the opposite would be true. Conversely, the fair value of floating rate assets (liabilities) and non-maturity . Changes in goodwill relative to our original assumptions announced on December 20, 2021 will impact capital ratios at close, because goodwill is treated as a deduction from capital under OSFI Basel III rules. In addition, since the purchase price of the acquisition is in U.S. dollars, any change in foreign exchange translation between the Canadian dollar relative to the U.S. dollar between the announcement and the close of the acquisition will result in a change to the Canadian dollar-equivalent goodwill. To mitigate the impact of changes in interest rates between announcement and close, we entered into pay fixed/receive float interest rate swaps and purchased a portfolio of matched-duration government debt securities and other balance sheet instruments that generate interest income (the impact of which is recorded in Corporate Services). We recorded mark-to-market f million on the swaps for the year ended October 31, 2022 in our Consolidated Statement of Income in non-interest million in our Consolidated Statement of Income in interest, dividend and fee income, securities, for the year ended October 31, 2022. To mitigate the effects of any changes in the Canadian dollar equivalent of the purchase price on close, we entered into forward contracts, which qualify for hedge accounting. Changes in the fair value of these forward contracts o f $638 million for the year ended October 31, 2022 are recorded in Other Comprehensive Income until close of the transaction. Radicle Group Inc. On July 20, 2022, we announced a definitive agreement to acquire Radicle Group Inc. (Radicle), a Calgary-based leader in sustainability advisory services and solutions, and technology-driven emissions measurement and management. All regulatory approvals for the acquisition have been received and the acquisition is expected to close on December 1, 2022. Radicle will form part of our BMO Capital Markets reporting segment. The impact of this acquisition is not expected to be material to the bank. Divestitures Non-current non-financial held-for-sale held-for-sale Non-current non-financial held-for-sale non-interest non-interest non-interest revenue . EMEA and U.S. Asset Management On November 8, 2021, we completed the sale of our EMEA Asset Management all-cash the non-interest Taplin, Canida & Habacht, LLC On January 27, 2022, we completed the sale of Taplin, Canida & Habacht, LLC, part of our U.S. asset management business to Loop Capital. The business sold was not considered material to the bank. Private Bank, Asia On April 30, 2021, we completed the sale of our Private Banking business in Hong Kong and Singapore, part of our BMO Wealth Management operating segment, to J. Safra Sarasin Group. The business sold was not considered material to the bank. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 12 Months Ended |
Oct. 31, 2022 | |
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Goodwill and Intangible Assets | Note 11: Goodwill and Intangible Assets Goodwill When we complete an acquisition, we allocate the purchase price paid to the assets acquired, including identifiable intangible assets, and the liabilities assumed. Any portion of the consideration transferred that is in excess of the fair value of those net assets is considered to be goodwill. Goodwill is not amortized and is instead tested for impairment annually. In performing the impairment test, we utilize the fair value less costs to sell for each group of CGUs based on discounted cash flow projections. Cash flows were projected for the first 10 years based on actual operating results, expected future business performance and past experience. Beyond 10 years, cash flows were assumed to grow at perpetual annual rates of up to 3.0% (3.0% in 2021). The discount rates we applied in determining the recoverable amounts in 2022 ranged from 6.8% to 11.2% (6.8% to 11.0% in 2021) and were based on our estimate of the cost of capital for each CGU. The cost of capital for each CGU was estimated using the Capital Asset Pricing Model, based on the historical betas of publicly traded peer companies that are comparable to the CGU. We use significant judgment to determine inputs to the discounted cash flow model, which is The key assumptions described above may change as market and economic conditions change. However, we estimate that reasonably possible changes in these assumptions are not expected to cause the recoverable amounts of our CGUs to decline below their carrying amounts. A continuity of our goodwill by group of CGUs for the years ended October 31, 2021 and 2022 is as follows: (Canadian $ in millions) Personal and Commercial Banking BMO Wealth Management BMO Capital Markets Total Canadian U.S. Total Wealth and Insurance Total Balance – October 31, 2020 97 3,841 3,938 2,168 2 2,170 427 6,535 Dispositions during the year – – – (21 ) – (21 ) – (21 ) Foreign exchange and other (1) – (274 ) (274 ) (837 ) (7) – (837 ) (25 ) (1,136 ) Balance – October 31, 2021 97 3,567 3,664 1,310 2 1,312 402 5,378 Dispositions during the year – – – (538 ) – (538 ) – (538 ) Foreign exchange and other (1) – 362 362 50 – 50 33 445 Balance – October 31, 2022 97 (2) 3,929 (3) 4,026 822 (4) 2 (5) 824 435 (6) 5,285 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I and GE Transportation Finance. (4) Relates primarily to BMO Nesbitt Burns Inc., Guardian Group of Funds Ltd., M&I, myCFO, Inc., Stoker Ostler Wealth Advisors, Inc. and CTC Consulting LLC. The Private Banking business in Hong Kong and Singapore was disposed in fiscal 2021. Pyrford International Limited, LGM Investments Limited and F&C Asset Management plc were disposed in fiscal 2022. Refer to Note 10 for further information. (5) Relates to AIG Life Holdings (Canada), ULC. (6) Relates to Gerard Klauer Mattison, BMO Nesbitt Burns Inc., Paloma Securities L.L.C., M&I, Greene Holcomb Fisher, KGS-Alpha (7) Includes a write-down of $779 million of goodwill attributable to the sale of our EMEA Asset Management Intangible Assets Intangible assets related to our acquisitions are initially recorded at their fair value at the acquisition date and subsequently at cost less accumulated amortization. Software is recorded at cost less accumulated amortization. Amortization expense is recorded in amortization of intangible assets in our Consolidated Statement of Income. The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Cost as at October 31, 2020 767 962 5,416 280 621 8,046 Additions – – 65 430 30 525 Transfers – – 498 (498 ) – – Disposals (2) (9 ) – (313 ) (4 ) (28 ) (354 ) Foreign exchange and other (39 ) (68 ) (118 ) (4 ) (22 ) (251 ) Cost as at October 31, 2021 719 894 5,548 (1) 204 601 7,966 Additions – – 11 662 20 693 Transfers – – 611 (611 ) – – Disposals (2) (247 ) – (53 ) (1 ) (319 ) (620 ) Foreign exchange and other 49 84 120 5 20 278 Cost as at October 31, 2022 521 978 6,237 (1) 259 322 8,317 (1) Includes $5,486 (2) Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10 for further information. The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Accumulated amortization at October 31, 2020 616 933 3,681 – 374 5,604 Amortization 35 27 530 – 42 634 Disposals (2)(3) (5 ) – (308 ) – (28 ) (341 ) Foreign exchange and other (30 ) (66 ) (82 ) – (19 ) (197 ) Accumulated amortization at October 31, 2021 616 894 3,821 (1) – 369 5,700 Amortization 22 – 556 – 26 604 Disposals (2)(3) (247 ) – (49 ) – (123 ) (419 ) Foreign exchange and other 44 84 94 – 17 239 Accumulated amortization at October 31, 2022 435 978 4,422 (1) – 289 6,124 Carrying value at October 31, 2022 86 – 1,815 259 33 2,193 Carrying value at October 31, 2021 103 – 1,727 204 232 2,266 (1) Includes $3,819 (2) Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10 for further information. (3) Includes impairment charges. Intangible assets are amortized to income over the period during which we believe the assets will benefit us, on either a straight-line or an accelerated basis, over a period not to exceed 15 years. We have $nil million as at October 31, 2022 ($166 million as at October 31, 2021) in intangible assets with indefinite lives that relate primarily to fund management contracts. The useful lives of intangible assets are reviewed annually for any changes in circumstances. We test definite-life intangible assets for impairment when events or changes in circumstances indicate that their carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell. There were write-downs of software-related intangible assets of $5 million during the year ended October 31, 2022 ($9 million in 2021). |
Other Assets
Other Assets | 12 Months Ended |
Oct. 31, 2022 | |
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Other Assets | Note 12: Other Assets Customers’ Liability Under Acceptances Acceptances represent a form of negotiable short-term debt issued by our customers, which we guarantee for a fee. The fees earned are recorded in non-interest Other The components of other within other assets are as follows: (Canadian $ in millions) 2022 2021 Accounts receivable, prepaid expenses and other items 3,634 3,302 Accrued interest receivable 2,726 1,452 Bank owned life insurance policies 4,509 4,096 Leased vehicles, net of accumulated amortization 263 415 Cash collateral 13,586 6,436 Due from clients, dealers and brokers 313 353 Insurance-related assets (1) 2,575 2,080 Other employee future benefits assets (Note 21) 51 40 Pension asset (Note 21) 1,267 947 Precious metals (2) 2,970 3,290 Total 31,894 22,411 (1) Includes $1,001 million of investment properties ($881 million as at October 31, 2021) carried at cost less accumulated amortization. These investment properties support our insurance contract liabilities. The fair value, determined by external independent property valuers for disclosure purposes, is $1,195 million and categorized as Level 3 using models with unobservable market inputs ($1,033 million as at October 31, 2021). (2) Precious metals are recorded at fair value based on quoted prices in active markets. |
Deposits
Deposits | 12 Months Ended |
Oct. 31, 2022 | |
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Deposits | Note 13: Deposits Payable on demand (Canadian $ in millions) Interest bearing Non-interest Payable Payable on 2022 2021 Deposits by: Banks (1) 4,938 2,096 1,417 22,450 30,901 26,611 Business and government 49,074 52,355 151,298 243,104 495,831 442,248 Individuals 4,435 36,822 119,129 82,360 242,746 216,772 Total (3) 58,447 91,273 271,844 347,914 769,478 685,631 Booked in: Canada 48,260 81,726 126,204 259,100 515,290 427,316 United States 9,851 9,478 143,819 54,572 217,720 232,830 Other countries 336 69 1,821 34,242 36,468 25,485 Total 58,447 91,273 271,844 347,914 769,478 685,631 (1) Includes regulated and central banks. (2) Includes $51,746 million of senior unsecured debt as at October 31, 2022 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (3) Included in deposits as at October 31, 2022 and 2021 are $384,080 million and $342,967 million, respectively, of deposits denominated in U.S. dollars, and $46,830 million and $29,937 million, respectively, of deposits denominated in other foreign currencies. Deposits are measured at amortized cost, except for structured notes, structured deposits and metal deposits, which are measured at FVTPL. Deposits payable on demand are comprised primarily of our customers’ chequing accounts, on some of which we pay interest. Our customers need not notify us prior to withdrawing money from their chequing accounts. Deposits payable after notice are comprised primarily of our customers’ savings accounts, on which we pay interest. Deposits payable on a fixed date are comprised of: • Various investment instruments purchased by our customers to earn interest over a fixed period, such as retail and small business term deposits, wholesale funding and guaranteed investment certificates. Deposits totalling $29,966 million as at October 31, 2022 ($20,991 million as at October 31, 2021) can be early redeemed , either fully or partially , by customers without penalty. These are classified as payable on a fixed date, based on their remaining contractual maturities. • Commercial paper, which totalled $42,138 million as at October 31, 2022 ($13,834 million as at October 31, 2021). • Covered bonds, which totalled $29,076 million as at October 31, 2022 million as at October 31, 2021). The following table presents the maturity schedule for deposits payable on a fixed date: (Canadian $ in millions) Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total As at October 31, 2022 228,679 39,992 23,445 16,665 22,868 16,265 347,914 As at October 31, 2021 163,370 33,778 24,826 8,908 11,995 19,925 262,802 We have unencumbered liquid assets of $335,299 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 October 31, 2022 230,475 50,542 34,241 315,258 As at October 31, 2021 140,002 72,399 23,921 236,322 The following table presents the maturity schedule for deposits payable on a fixed date and greater than one hundred thousand dollars, that 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 October 31, 2022 46,792 28,826 55,288 99,569 230,475 As at October 31, 2021 20,626 12,761 20,933 85,682 140,002 Structured Note Liabilities Most of our structured note liabilities included in deposits have been designated at fair value through profit or loss, which aligns the accounting result with the way the portfolio is managed. The change in fair value of these structured notes is recorded in non-interest The following table presents fair value and changes in fair value of structured note liabilities: (Canadian $ in millions) Fair value Notional amount due at contractual Change in fair value Consolidated Change in fair value due to own credit risk recorded in OCI (before tax) Cumulative change in credit risk recorded in AOCI (before tax) As at October 31, 2022 26,305 32,507 4,617 1,653 1,245 As at October 31, 2021 22,665 22,448 (1,310 ) (240 ) (408 ) (1) Change in fair value may be offset by related change in fair value on hedge contracts. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Oct. 31, 2022 | |
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Other Liabilities | Note 14: Other Liabilities Acceptances Acceptances represent a form of negotiable short-term debt that is issued by our customers, which we guarantee for a fee. The fees earned are recorded in non-interest Securities Lending and Borrowing Securities lending and borrowing transactions are generally collateralized by securities or cash. Cash advanced or received as collateral is recorded in securities borrowed or purchased under resale agreements, or other liabilities, securities lent or sold under repurchase agreements, respectively. Interest earned on cash collateral is recorded in interest, dividend and fee income in our Consolidated Statement of Income, and interest expense on cash collateral is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. The transfer of the securities to counterparties is only reflected in our Consolidated Balance Sheet if the risks and rewards of ownership have also been transferred. Securities borrowed are not recognized in our Consolidated Balance Sheet unless they are then sold to third parties, in which case the obligation to return the securities is recorded at fair value in securities sold but not yet purchased, with any gains or losses recorded in non-interest Securities Sold But Not Yet Purchased Securities sold but not yet purchased represent our obligations to deliver securities that we did not own at the time of sale. These obligations are recorded at their fair value. Adjustments to fair value as at the balance sheet date and gains and losses on the settlement of these obligations are recorded in trading revenues in our Consolidated Statement of Income. Securitization and Structured Entities’ Liabilities Securitization and structured entities’ liabilities include notes issued by our consolidated bank securitization vehicles and liabilities associated with the securitization of our Canadian mortgage loans as part of the Canada Mortgage Bond program, the National Housing Act Mortgage-Backed Securities program and our own programs. Additional information on our securitization programs and associated liabilities is provided in Notes 6 and 7. These liabilities are initially measured at fair value plus any directly attributable costs and are subsequently measured at amortized cost. The interest expense related to these liabilities is recorded in interest expense, other liabilities, in our Consolidated Statement of Income. Other The components of other within other liabilities are as follows: (Canadian $ in millions) 2022 2021 Accounts payable, accrued expenses and other items 11,647 9,444 Accrued interest payable 2,319 960 Allowance for credit losses on off-balance 381 394 Cash collateral 5,042 6,733 Insurance-related liabilities 11,201 12,845 Lease liabilities 2,835 2,743 Liabilities of subsidiaries 7,494 – Other employee future benefits liability (Note 21) 832 1,094 Payable to brokers, dealers and clients 2,966 3,413 Pension liability (Note 21) 88 138 Total 44,805 37,764 Insurance-Related Liabilities We are engaged in insurance businesses related to life insurance, annuities, which includes pension risk, accident and sickness, creditor insurance, and reinsurance. We designate the obligations related to certain investment contracts in our insurance business at fair value through profit or loss, which eliminates a measurement inconsistency that would otherwise arise from measuring the investment contract liabilities and offsetting changes in the fair value of the investments supporting them on a different basis. The change in fair value of these investment contract liabilities is recorded in insurance claims, commissions and changes in policy benefit liabilities, with the exception of changes in our own credit risk recognized in other comprehensive income. The impact of changes in our own credit risk is measured based on movements in our own credit spread year over year. Changes in the fair value of investments backing these investment contract liabilities are recorded in non-interest The following table presents the fair value and changes in fair value in our investment contract liabilities: (Canadian $ in millions) Fair value Notional amount due at Change in fair value Consolidated Change in fair value due to own credit risk recorded Cumulative change in credit risk recognized As at October 31, 2022 770 1,459 (114 ) 94 22 As at October 31, 2021 1,046 1,526 (81 ) (26 ) (72 ) Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2022 2021 Insurance-related liabilities, beginning of year 12,845 12,441 Increase (decrease) in life insurance policy benefit liabilities from: New business 354 765 In-force (1,938 ) (306 ) Changes in actuarial assumptions and methodology 201 (72 ) Foreign currency 3 (2 ) Net increase (decrease) in life insurance policy benefit liabilities (1,380 ) 385 Change in other insurance-related liabilities (264 ) 19 Insurance-related liabilities, end of year 11,201 12,845 Reinsurance In the ordinary course of business, our insurance subsidiaries reinsure risks to other insurance and reinsurance companies in order to provide greater diversification, limit loss exposure to large risks, and provide additional capacity for future growth. These ceding reinsurance arrangements do not relieve our insurance subsidiaries of their direct obligation to the insured parties. We evaluate the financial condition of the reinsurers and monitor their credit ratings to minimize our exposure to losses from reinsurer insolvency. Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest below: (Canadian $ in millions) 2022 2021 Direct premium income 1,623 2,050 Ceded premiums (399 ) (408 ) 1,224 1,642 Lease Liabilities W million ($383 million in 2021). Variable lease payments (for example maintenance, utilities and property taxes) not included in the measurement of lease liabilities for the year ended October 31, 2022 were The maturity profile of our undiscounted lease liabilities is $350 million for 2023, $342 million for 2024, $323 million for 2025, $298 million for 2026, $275 million for $1,643 million for 2028 and thereafter. |
Subordinated Debt
Subordinated Debt | 12 Months Ended |
Oct. 31, 2022 | |
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Subordinated Debt | Note 15: Subordinated Debt Subordinated debt represents our direct unsecured obligations to our debt holders, in the form of notes and debentures, and forms part of our regulatory capital. Subordinated debt is recorded at amortized cost using the effective interest rate method. Where appropriate, we enter into fair value hedges to hedge the risks caused by changes in interest rates (see Note 8). The rights of the holders of our notes and debentures are subordinate to the claims of depositors and certain other creditors. We require approval from OSFI before we can redeem any part of our subordinated debt. The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Redeemable at our option 2022 2021 Debentures Series 20 150 December 2025 to 2040 8.25 Not redeemable 146 146 Series I Medium-Term Notes, Second Tranche (1) 850 June 2027 2.57 June 2022 (2) – 843 3.803% Subordinated Notes due 2032 (1) US 1,250 December 2032 3.80 December 2027 (3) 1,497 1,567 4.338% Subordinated Notes due 2028 (1) US October 2028 4.34 October 2023 (4) 1,135 1,096 Series J Medium-Term Notes, First Tranche (1) 1,000 September 2029 2.88 September 2024 (5) 998 998 Series J Medium-Term Notes, Second Tranche (1) 1,250 June 2030 2.08 June 2025 (6) 1,248 1,248 Series K Medium-Term Notes, First Tranche (1) 1,000 July 2031 1.93 July 2026 (7) 984 995 3.088% Subordinated Notes due 2037 (1) US 1,250 January 2037 3.09 January 2032 (8) 1,393 – Series L Medium-Term , First Tranche (1) 750 October 2032 6.53 October 2027 (9) 749 – Total (10) 8,150 6,893 (1) These notes include a non-viability non-viable non-viability. and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. The number of common shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then applying the multiplier. (2) All $850 million Series I Medium-Term Notes Second Tranche were redeemed on June 1, 2022 for 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. (3) Redeemable at par on December 15, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (4) Redeemable at par on October 5, 2023 together with accrued and unpaid interest to, but excluding, the redemption date. (5) Redeemable at par on September 17, 2024 together with accrued and unpaid interest to, but excluding, the redemption date. (6) Redeemable at par on June 17, 2025 together with accrued and unpaid interest to, but excluding, the redemption date. (7) Redeemable at par on July 22, 2026 together with accrued and unpaid interest to, but excluding, the redemption date. (8) On January 10, 2022, we issued US$ 1,250 (9) On October 27, 2022, we issued $750 million of unsecured subordinated debt through our Canadian Medium - . These notes are redeemable at par on October 27, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (10) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together d e The aggregate remaining maturities of our subordinated debt, based on the maturity dates under the terms of issue, can be found in the blue-tinted font in the Contractual Maturities of Assets and Liabilities and Off-Balance |
Equity
Equity | 12 Months Ended |
Oct. 31, 2022 | |
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Equity | Note 16: Equity Preferred and Common Shares Outstanding and Other Equity Instruments (Canadian $ in millions, except as noted) 2022 2021 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 27 20,000,000 500 0.96 20,000,000 500 0.96 Class B – Series 29 16,000,000 400 0.91 16,000,000 400 0.91 Class B – Series 31 12,000,000 300 0.96 12,000,000 300 0.96 Class B – Series 33 8,000,000 200 0.76 8,000,000 200 0.76 Class B – Series 38 (1) – – 0.30 24,000,000 600 1.21 Class B – Series 40 (2) – – 0.56 20,000,000 500 1.13 Class B – Series 42 (3) – – 0.83 16,000,000 400 1.10 Class B – Series 44 16,000,000 400 1.21 16,000,000 400 1.21 Class B – Series 46 14,000,000 350 1.28 14,000,000 350 1.28 Class B – Series 50 (4) 500,000 500 24.64 – – – Preferred Shares – Classified as Equity 2,650 3,650 Other Equity Instruments 4.800% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 4.300% Limited Recourse Capital Notes, Series 1 1,250 1,250 5.625% Limited Recourse Capital Notes, Series 2 (5) 750 – 7.325% Limited Recourse Capital Notes, Series 3 (6) 1,000 – Preferred Shares and Other Equity Instruments 6,308 5,558 Common Shares Balance at beginning of year 648,136,472 13,599 645,889,396 13,430 Issued to finance a portion of the announced (Note 10) 20,843,750 3,106 – – Issued under the Shareholder Dividend 7,531,233 999 – – Issued/cancelled under the Stock Option Plan and other stock-based compensation (Note 20) 733,591 57 1,630,867 122 Treasury shares sold/(purchased) (138,168 ) (17 ) 616,209 47 Balance at End of Year (7) 677,106,878 17,744 5.44 648,136,472 13,599 4.24 (1) Series 38 was redeemed and final dividends were paid on February 25, 2022. (2) Series 40 was redeemed and final dividends were paid on May 25, 2022. (3) Series 42 was redeemed and final dividends were paid on August 25, 2022. (4) On July 27, 2022, we issued Class B Series 50 Preferred Shares for $500 million. (5) On March 15, 2022, we issued Series 2 LRCNs for $750 million. (6) On September 13, 2022, we issued Series 3 LRCNs for $1,000 million. ( 7) Common shares are net of 174,689 treasury shares as at October 31, 2022 (36,521 treasury shares as at October 31, 2021). Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount N Reset premium Date redeemable / convertible Convertible to Class B – Series 27 25.00 $ 0.24075 (2) 2.33% May 25, 2024 (3)(4) Class B – Series 28 (5)(6) Class B – Series 29 25.00 $ 0.2265 (2) 2.24% August 25, 2024 (3)(4) Class B – Series 30 (5)(6) Class B – Series 31 25.00 $ 0.240688 (2) 2.22% November 25, 2024 (3)(4) Class B – Series 32 (5)(6) Class B – Series 33 25.00 $ 0.190875 (2) 2.71% August 25, 2025 (3)(4) Class B – Series 34 (5)(6) Class B – Series 44 25.00 $ 0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (5)(6) Class B – Series 46 25.00 $ 0.31875 (2) 3.51% May 25, 2024 (3)(4) Class B – Series 47 (5)(6) Class B – Series 50 1,000.00 $ 24.64400 (2) 4.25% November 26, 2027 (3) Not convertible (6) (1) Non-cumulative dividends are payable quarterly as and when declared by the Board of Directors , except for Class B – Series 50 preferred shares which are payable semi-annually (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become floating rate preferred shares. (5) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (6) The shares issued include a non-viability Non-Viability On August 25, 2022, we redeemed all of our outstanding 16 million Non-Cumulative 5-Year (Non-Viability On July 27, 2022, we issued 500,000 Non-Cumulative 5-Year 5-year On May 25, 2022, we redeemed all of our outstanding 20 million Non-Cumulative 5-Year Class 40 On February 25, 2022, we redeemed all of our outstanding 24 million Non-Cumulative 5-Year Other Equity Instruments On March 15, 2022 and September 13, 2022, we issued $750 million 5.625% Limited Recourse Capital Notes, Series 2 (Series 2 LRCNs) (NVCC) and $1,000 million 7.325% Limited Recourse Capital Notes, Series 3 (Series 3 LRCNs) (NVCC), respectively. Together with the $1,250 million 4.300 % Limited Recourse Capital Notes, Series 1 ( Series 1 LRCNs) (NVCC), these LRCNs are classified as equity and form part of our Additional Tier 1 capital. Upon the occurrence of a recourse event, the noteholders will have recourse to assets held in a consolidated trust managed by a third-party trustee. The trust assets are currently million of BMO issued The US$500 million 4.800% Additional Tier 1 Capital Notes (AT1 Notes) (NVCC), are also classified as equity and form part of our Additional Tier 1 capital. The LRCNs and AT1 Notes 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 types of instrument and, as a result, the full amount of proceeds has been classified as equity. Semi-annual distributions on the LRCNs and AT1 Notes will be recorded when payable. The LRCNs and AT1 Notes are subordinate to the claims of the depositors and certain other creditors in right of payment. The following table shows the details of our AT1 Notes and LRCNs as at October 31, 2022 and 2021. (Canadian $ in millions, except as noted) 2022 2021 Face value Interest rate (%) Redeemable at our option Convertible to Total Total 4.8 00 US$ 500 4.800 (1) August 2024 (2) Variable number of common shares (3) 658 658 4.300% Limited Recourse Capital Notes, Series 1 $1,250 4.300 (4) November 2025 (2) Variable number of common shares (4) 1,250 1,250 5.625% Limited Recourse Capital Notes, Series 2 $ 750 5.625 (4) May 2027 (2) Variable number of common shares (4) 750 – 7.325% Limited Recourse Capital Notes, Series 3 $1,000 7.325 (4) November 2027 (2) Variable number of common shares (4) 1,000 – Total 3,658 1,908 (1) Non-cumulative (2) The notes are redeemable at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest, in whole or in part, at our option on any interest payment date on or after the first interest reset date or following certain regulatory or tax events. The bank may, at any time, purchase the notes at any price in the open market. (3) The notes issued include a non-viability Non-Viability (4) Non-deferrable Non-payment Common Shares On March 29, 2022, we issued 20,843,750 3,106 Authorized Share Capital We classify financial instruments that we issue as financial liabilities, equity instruments or compound instruments. Financial instruments that will be settled by a variable number of our common shares upon conversion by the holders are classified as liabilities in our Consolidated Balance Sheet. Dividends and interest payments on financial liabilities are classified as interest expense in our Consolidated Statement of Income. Financial instruments are classified as equity instruments when there is no contractual obligation to transfer cash or other financial assets. Issued instruments that are not mandatorily redeemable, or that are not convertible into a variable number of our common shares at the holder’s option, are classified as equity and presented in share capital. Dividend payments on equity instruments are recognized as a reduction in equity. Common Shares We are authorized by our shareholders to issue an unlimited number of our common shares, without par value, for unlimited consideration. Our common shares are not redeemable or convertible. Dividends are declared by our Board of Directors at their discretion. Historically, the Board of Directors has declared dividends on a quarterly basis and the amount can vary from quarter to quarter. Preferred Shares We are authorized by our shareholders to issue an unlimited number of Class A Preferred Shares and Class B Preferred Shares, without par value, in series, for unlimited consideration. Class B Preferred Shares may be issued in a foreign currency. Treasury Shares When we purchase our common shares as part of our trading business, we record the cost of those shares as a reduction in shareholders’ equity. If those shares are resold at a price higher than their cost, the premium is recorded as an increase in contributed surplus. If those shares are resold at a price below their cost, the discount is recorded as a reduction first to contributed surplus and then to retained earnings for any amount in excess of the total contributed surplus related to treasury shares. Non-Viability Class B – Series 27, Class B – Series 29, Class B – Series 31, Class B – Series 33, Class B – Series 44, Class B – Series 46 and Class B – Series 50 preferred share issues, the AT1 Notes and, by virtue of the recourse to the Preferred Shares Series 48, Preferred Shares Series 49 and Preferred Shares Series 51 for Series 1, Series 2 and Series 3 LRCNs, respectively, the LRCNs include a non-viability non-viable non-viability. Normal Course Issuer Bid On December 3, 2021, we announced our intention, subject to the approval of OSFI and the TSX, to purchase for cancellation up to 22.5 million of our common shares under a normal course issuer bid (NCIB). Together with the announcement of the Bank of the West acquisition, we noted that we would not proceed with establishing a NCIB and did not expect to repurchase shares prior to the closing of the acquisition. Share Redemption and Dividend Restrictions OSFI must approve any plan to redeem any of our preferred share issues or other equity instruments for cash. We are prohibited from declaring dividends on our preferred or common shares when we would be, as a result of paying such a dividend, in contravention of the capital adequacy, liquidity or any other regulatory directive issued under the Bank Act (Canada) In addition, if the bank does not pay the interest in full on the AT1 Notes, the bank will not declare dividends on its common shares or preferred shares, or redeem, purchase or otherwise retire such shares, until the month commencing after the bank resumes full interest payments on the AT1 Notes. Currently, these limitations do not restrict the payment of dividends on common or preferred shares. Shareholder Dividend Reinvestment and Share Purchase Plan We offer a Dividend Reinvestment and Share Purchase Plan (the Plan) for our shareholders. Participation in the Plan On January 10, 2022, we announced the offering of a 2% discount on the common shares issued from treasury under the dividend reinvestment feature of the Plan. Commencing with the common share dividend declared for the first quarter of fiscal 2022, and subsequently until further notice, common shares under the Plan will be issued by the bank from treasury with a 2% discount, calculated in accordance with the terms of the Plan. The discount will not apply to common shares purchased under the Optional Cash Payment feature of the Plan. We issued 7,531,233 common shares under the Plan for the year ended October 31, 2022 (nil for the year ended October 31, 2021). Potential Share Issuances As at October 31, 2022, we had reserved 25,669,677 common shares (33,200,910 as at October 31, 2021) for potential issuance in respect of the Plan Note 20. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments and Trading-Related Revenue | 12 Months Ended |
Oct. 31, 2022 | |
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Fair Value of Financial Instruments and Trading-Related Revenue | Note 17: Fair Value of Financial Instruments and Trading-Related Revenue We record assets and liabilities held for trading, assets and liabilities designated at fair value, derivatives, certain equity and debt securities and securities sold but not yet purchased at fair value, and other non-trading Fair value represents an estimate of the amount that we would receive, or would be payable in the case of a liability, in an orderly transaction between willing parties at the measurement date. The fair value amounts disclosed represent point-in-time Governance Over the Determination of Fair Value Senior executive oversight of our valuation processes is provided through various valuation and risk committees. In order to ensure that all financial instruments carried at fair value are reasonably measured for risk management and financial reporting purposes, we have established governance structures and controls, such as model validation and approval, independent price verification (IPV) and profit or loss attribution analysis (PAA), consistent with industry practice. These controls are applied independently of the relevant operating groups. We establish valuation methodologies for each financial instrument that is required to be measured at fair value. The application of valuation models for products or portfolios is subject to independent approval to ensure only validated models are used. The impact of known limitations of models and data inputs is also monitored on an ongoing basis. IPV is a process that regularly and independently verifies the accuracy and appropriateness of market prices or model inputs used in the valuation of financial instruments. This process assesses fair values using a variety of different approaches to verify and validate the valuations. PAA is a daily process carried out by management to identify and explain changes in fair value positions across all operating lines of business within BMO Capital Markets. This process works in concert with other processes to ensure that the fair values being reported are reasonable and appropriate. Securities For traded securities, quoted market value is considered to be fair value. Quoted market value is based on bid or ask prices, depending on which is the most appropriate to measure fair value. Securities for which no active market exists are valued using all reasonably available market information. Our fair value methodologies are described below. Government Securities The fair value of debt securities issued or guaranteed by governments in active markets is determined by reference to recent transaction prices, broker quotes or third-party vendor prices. The fair value of securities that are not traded in an active market is modelled using implied yields derived from the prices of similar actively traded government securities and observable spreads. Mortgage-Backed Securities and Collateralized Mortgage Obligations The fair value of mortgage-backed securities (MBS) and collateralized mortgage obligations (CMOs) is determined using prices obtained from independent third-party vendors, broker quotes and relevant market indices, as applicable. If such prices are not available, fair value is determined using cash flow models that make maximum use of observable market inputs or benchmark prices for similar instruments. Valuation assumptions for mortgage-backed securities and collateralized mortgage obligations include discount rates, default rates, expected prepayments, credit spreads and recoveries. Corporate Debt Securities The fair value of corporate debt securities is determined using prices observed in the most recent transactions. When observable quoted prices are not available, fair value is determined based on discounted cash flow models using discounting curves and spreads obtained from independent dealers, brokers and third-party vendors. Trading Loans The fair value of trading loans is determined by referring to current market prices for the same or similar instruments. Corporate Equity Securities The fair value of corporate equity securities is based on quoted prices in active markets, where available. Where quoted prices in active markets are not readily available, fair value is determined using either quoted market prices for similar securities or using valuation techniques, which include discounted cash flow analysis and earnings multiples. Privately Issued Securities Privately issued debt and equity securities are valued using prices observed in recent market transactions, where available. Otherwise, fair value is derived from valuation models using a market or income approach. These models consider various factors, including projected cash flows, earnings, revenue and other third-party evidence, as available. The fair value of our privately issued securities includes net asset values published by third-party fund managers as applicable. Prices from dealers, brokers and third-party vendors are corroborated as part of our independent review process, which may include using valuation techniques or obtaining consensus or composite prices from other pricing services. We validate the estimates of fair value by independently obtaining multiple quotes for external market prices and input values. We review the approach taken by third-party vendors to ensure that vendors employ a valuation model that maximizes the use of observable inputs such as benchmark yields, bid-ask Loans In determining the fair value of our fixed rate performing loans, other than credit card loans, we discount the remaining contractual cash flows, adjusted for estimated prepayment, at market interest rates currently offered for loans with similar terms and credit risks. For credit card performing loans, fair value is considered to be equal to carrying value, due to their short-term nature. For floating rate performing loans, changes in interest rates have minimal impact on fair value since interest rates are repriced or reset frequently. On that basis, fair value is assumed to be equal to carrying value. The fair value of loans is not adjusted for the value of any credit protection purchased to mitigate credit risk. Derivative Instruments A number of valuation techniques are employed to estimate fair value, including discounted cash flow analysis, the Black-Scholes model, Monte Carlo simulation and other accepted market models. These independently validated models incorporate current market data for interest rates, foreign currency exchange rates, equity and commodity prices and indices, credit spreads, recovery rates, corresponding market volatility levels, spot prices, correlation levels and other market-based pricing factors. Option implied volatilities, an input into many valuation models, are either obtained directly from market sources or calculated from market prices. Multi-contributor pricing sources are used wherever possible. In determining the fair value of complex and customized derivatives, we consider all reasonably available information, including dealer and broker quotes, multi-contributor pricing sources and any relevant observable market inputs. Our models calculate fair value based on inputs specific to the type of contract, which may include stock prices, correlation for multiple assets, interest rates, foreign currency exchange rates, yield curves and volatilities. We calculate a credit valuation adjustment (CVA) to recognize the credit risk that the bank’s counterparty may not ultimately be able to fulfill its derivative obligations. The CVA is derived from market-observed credit spreads or proxy credit spreads and our assessment of the net counterparty credit risk exposure, taking into account credit mitigants such as collateral, master netting agreements and novation to central counterparties. We also calculate a funding valuation adjustment (FVA) to recognize the implicit funding costs associated with over-the-counter Deposits In determining the fair value of our deposits, we incorporate the following assumptions: • For fixed rate, fixed maturity deposits, we discount the remaining contractual cash flows related to these deposits, adjusted for expected redemptions, at market interest rates currently offered for deposits with similar terms and risks. The fair value of our senior note liabilities and covered bonds is determined by referring to current market prices for similar instruments or using valuation techniques, such as discounted cash flow models that use market interest rate yield curves and funding spreads. • For fixed rate deposits with no defined maturities, we consider fair value to equal carrying value, since carrying value is equivalent to the amount payable on the reporting date. • For floating rate deposits, changes in interest rates have minimal impact on fair value, since deposits reprice to market frequently. On that basis, fair value is considered to equal carrying value. Certain of our structured note liabilities that have coupons or repayment terms linked to the performance of interest rates, foreign currencies, commodities or equity securities have been designated at fair value through profit or loss. The fair value of these structured notes is estimated using internally validated valuation models and incorporates observable market prices for identical or comparable securities, as well as other inputs, such as interest rate yield curves, option volatilities and foreign exchange rates, where appropriate. Where observable prices or inputs are not available, management judgment is required to determine the fair value by assessing other relevant sources of information, such as historical data and proxy information from similar transactions. Securities Sold But Not Yet Purchased The fair value of these obligations is based on the fair value of the underlying securities, which can be equity or debt securities. As these obligations are fully collateralized, the method used to determine fair value would be the same as that used for the relevant underlying equity or debt securities. Securitization and Structured Entities’ Liabilities The determination of the fair value of our securitization and structured entities’ liabilities is based on quoted market prices or quoted market prices for similar financial instruments, where available. Where quoted prices are not available, fair value is determined using valuation techniques, such as discounted cash flow models, that maximize the use of observable inputs. Subordinated Debt The fair value of our subordinated debt is determined by referring to current market prices for the same or similar instruments. Financial Instruments with a Carrying Value Approximating Fair Value Carrying value is considered to be a reasonable estimate of fair value for our cash and cash equivalents. The carrying value of certain financial assets and liabilities, such as interest bearing deposits with banks, securities borrowed or purchased under resale agreements, customers’ liability under acceptances, certain other assets, acceptances, securities lent or sold under repurchase agreements and certain other liabilities, is a reasonable estimate of fair value due to their short-term nature or because they are frequently repriced to current market rates. These items are therefore excluded from the table below. Fair Value Hierarchy We use a fair value hierarchy to categorize financial instruments according to the inputs we use in valuation techniques to measure fair value. Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet Set out in the following table (Canadian $ in millions) 2022 2021 Carrying Fair Carrying Fair Securities (1) Amortized cost 106,590 94,832 49,970 49,810 Loans (1)(2) Residential mortgages 148,569 142,526 135,653 135,461 Consumer instalment and other personal 85,612 83,948 76,627 76,791 Credit cards 9,387 9,387 7,827 7,827 Business and government 302,079 300,173 233,066 233,670 545,647 536,034 453,173 453,749 Deposits (3) 742,419 739,339 662,050 662,781 Securitization and structured entities’ liabilities (4) 25,816 24,989 24,631 24,809 Other liabilities (5) 4,088 3,181 – – Subordinated debt 8,150 7,743 6,893 7,087 (1) Carrying value is net of allowances for credit losses. (2) Excludes $176 million of residential mortgages classified as FVTPL, $5,496 million of business and government loans classified as FVTPL and , (3) Excludes $26,305 million as at October 31, 2021), million of structured deposits ($777 million as at October 31, 2021) and $218 million of metal deposits million as at October (4) Excludes $1,252 million of securitization and structured entities’ liabilities classified a s million as at October 31, 2021). (5) Other liabilities include certain other liabilities of subsidiaries . (6) If financial instruments not carried at fair value were categorized based on the fair value hierarchy, all of these financial instruments would be categorized as Level 2, except for amortized cost securities, which would have $39,622 million categorized as Level 1 ($14,117 million as at October 31, 2021), and $55,210 million categorized as Level 2 ($35,693 million as at October 31, 2021). 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 yields Our Level 2 trading securities are primarily valued using discounted cash flow models with observable spreads or broker quotes. The fair value of Level 2 FVOCI securities is determined using discounted cash flow models with observable spreads or 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, residential mortgages, business and government loans classified as FVTPL and FVOCI, other assets, fair value liabilities, derivative assets and derivative liabilities is presented in the following table: (Canadian $ in millions) 2022 2021 Valued using Valued using Valued using Total Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 6,981 3,955 – 10,936 3,123 4,473 – 7,596 Canadian provincial and municipal governments 1,120 4,990 – 6,110 2,183 3,655 – 5,838 U.S. federal government 7,326 9,373 – 16,699 6,050 3,532 – 9,582 U.S. states, municipalities and agencies 56 83 – 139 – 458 – 458 Other governments 1,085 2,885 – 3,970 1,307 591 – 1,898 NHA MBS, and U.S. agency MBS and CMO – 13,327 985 14,312 – 13,379 675 14,054 Corporate debt 1,445 8,144 3 9,592 2,231 7,656 7 9,894 Trading loans – 346 – 346 – 160 – 160 Corporate equity 46,073 – – 46,073 54,931 – – 54,931 64,086 43,103 988 108,177 69,825 33,904 682 104,411 FVTPL Securities Issued or guaranteed by: Canadian federal government 319 174 – 493 704 159 – 863 Canadian provincial and municipal governments 36 1,044 – 1,080 137 1,243 – 1,380 U.S. federal government – 4 – 4 – 38 – 38 Other governments – 87 – 87 – 92 – 92 NHA MBS, and U.S. agency MBS and CMO – 8 – 8 – 9 – 9 Corporate debt 62 6,409 8 6,479 160 7,544 – 7,704 Corporate equity 1,440 6 4,044 5,490 1,670 12 2,442 4,124 1,857 7,732 4,052 13,641 2,671 9,097 2,442 14,210 FVOCI Securities Issued or guaranteed by: Canadian federal government 3,544 8,757 – 12,301 9,138 3,927 – 13,065 Canadian provincial and municipal governments 972 3,599 – 4,571 1,438 1,549 – 2,987 U.S. federal government 1,443 1,667 – 3,110 18,873 2,153 – 21,026 U.S. states, municipalities and agencies – 3,713 1 3,714 – 4,113 1 4,114 Other governments 1,795 4,616 – 6,411 2,803 3,699 – 6,502 NHA MBS, and U.S. agency MBS and CMO – 9,268 – 9,268 – 12,136 – 12,136 Corporate debt 355 3,678 – 4,033 812 2,349 – 3,161 Corporate equity – – 153 153 – – 132 132 8,109 35,298 154 43,561 33,064 29,926 133 63,123 Loans Residential m – 176 – 176 – – – – Business and government loans – 5,536 20 5,556 – 5,150 6 5,156 – 5,712 20 5,732 – 5,150 6 5,156 Other Assets (1) 4,148 60 49 4,257 4,392 85 – 4,477 Fair Value Liabilities Securities sold but not yet purchased 18,465 22,514 – 40,979 17,424 14,649 – 32,073 Structured note liabilities (2) – 26,305 – 26,305 – 22,665 – 22,665 Structured deposits (3) – 536 – 536 – 777 – 777 Other liabilities (4) 1,179 2,298 2 3,479 1,106 2,125 – 3,231 19,644 51,653 2 71,299 18,530 40,216 – 58,746 Derivative Assets Interest rate contracts 80 12,682 – 12,762 6 8,066 – 8,072 Foreign exchange contracts 21 22,475 26 22,522 3 14,982 – 14,985 Commodity contracts 1,514 4,810 – 6,324 642 6,976 – 7,618 Equity contracts 939 5,552 – 6,491 1,381 4,657 – 6,038 Credit default swaps – 61 – 61 – – – – 2,554 45,580 26 48,160 2,032 34,681 – 36,713 Derivative Liabilities Interest rate contracts 58 16,540 – 16,598 6 6,773 – 6,779 Foreign exchange contracts 2 25,108 – 25,110 4 12,451 – 12,455 Commodity contracts 1,523 2,066 – 3,589 746 1,445 – 2,191 Equity contracts 1,203 13,381 – 14,584 1,581 7,802 – 9,383 Credit default swaps – 73 2 75 – 5 2 7 2,786 57,168 2 59,956 2,337 28,476 2 30,815 (1) Other assets include precious metals, segregated fund assets in our insurance business, certain receivables and other items measured at fair value. (2) These structured note liabilities included in deposits have been designated at FVTPL. (3) This represents certain embedded options related to structured deposits carried at amortized cost. (4) Other liabilities include investment contract liabilities and segregated fund 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. Quantitative Information about Level 3 Fair Value Measurements The table below presents the fair values of our significant Level 3 financial instruments, the valuation techniques used to determine their fair values and the value ranges of significant unobservable inputs used in the valuations. We have not applied any other reasonably possible alternative assumptions to the significant Level 3 categories of private equity investments, as the net asset values are provided by the investment or fund managers. (Canadian $ in millions except as noted) 2022 Reporting line in fair value hierarchy table Fair value of assets Valuation techniques Significant unobservable inputs Range of input values (1) Low High Private equity (2) Corporate equity 4,044 Net asset value Net asset value na na EV/EBITDA Multiple 5x 19x NHA MBS, U.S. agency MBS and CMO NHA MBS , 985 Discounted cash flows Prepayment rate 3% 47% Market Comparable Comparability Adjustment ( 3 (3.83 ) 6.82 2021 Private equity (2) Corporate equity 2,442 Net asset value Net asset value na na EV/EBITDA Multiple 6x 19x NHA MBS, U.S. agency MBS and CMO NHA MBS , 675 Discounted cash flows Prepayment rate 4% 47% Market Comparable Comparability Adjustment ( 3 (5.56 ) 5.85 (1) The low and high input values represent the lowest and highest 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 $832 million of U.S. Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost ($453 million as at October 31, 2021), which approximates fair value, and are held to meet regulatory requirements. (3) Range of input values represents price per security adjustment (Canadian $). na – not applicable Significant Unobservable Inputs in Level 3 Instrument Valuations Net Asset Value Net asset value represents the estimated value of a security based on valuations received from the investment or fund manager. The valuation of certain private equity securities is based on the economic benefit we derive from our investment. EV/EBITDA Multiple The fair value of private equity and merchant banking investments is derived by calculating an enterprise value (EV) using the EV/EBITDA multiple and then proceeding through a waterfall of the company’s capital structure to determine the value of the assets or securities we hold. The EV/EBITDA multiple is determined using judgment in considering factors such as multiples for comparable listed companies, recent transactions and company-specific factors, as well as liquidity discounts that account for the lack of active trading in these assets and securities. Prepayment Rates Discounted cash flow models are used to fair value our NHA MBS and U.S. agency MBS and CMOs. The cash flow model includes assumptions related to conditional prepayment rates, constant default rates and percentage loss on default. Prepayment rates impact our estimate of future cash flows. Changes in the prepayment rate tend to be negatively correlated with interest rates. In other words, an increase in the prepayment rate will result in a higher fair value when the asset interest rate is lower than the current reinvestment rate. A decrease in the prepayment rate will result in a lower fair value when the asset interest rate is higher than the current reinvestment rate. Comparability Adjustment Market comparable pricing is used to evaluate the fair value of NHA MBS and U.S. agency MBS and CMOs. This technique involves sourcing prices from third parties for similar instruments and applying adjustments to reflect recent transaction prices and instrument specific characteristics. 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 years ended October 31, 2022 and October 31, 2021. (Canadian $ in millions) 2022 2021 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading securities 10,983 13,062 7,863 11,421 FVTPL securities 607 522 871 902 FVOCI securities 16,452 11,895 11,028 13,542 Securities sold but not yet purchased 9,499 14,623 7,764 5,950 Changes in Level 3 Fair Value Measurements The tables below present a reconciliation of all changes in Level 3 financial instruments for the years ended October 31, 2022 and 2021, 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 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value Movements Transfers For the year ended October 31, 2022 Balance Included in Included Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS 675 (237 ) 76 1,045 (657 ) – 444 (361 ) 985 (45 ) Corporate debt 7 (2 ) (1 ) 11 (5 ) – 2 (9 ) 3 (1 ) Total trading securities 682 (239 ) 75 1,056 (662 ) – 446 (370 ) 988 (46 ) FVTPL Securities Corporate debt – – – 8 – – – – 8 – Corporate equity 2,442 231 176 1,450 (321 ) – 66 – 4,044 274 Total FVTPL securities 2,442 231 176 1,458 (321 ) – 66 – 4,052 274 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and 1 – – – – – – – 1 na Corporate equity 132 – 1 15 (1 ) – 6 – 153 na Total FVOCI securities 133 – 1 15 (1 ) – 6 – 154 na Business and Government Loans 6 – – 15 – (1 ) – – 20 – Other Assets – – – 49 – – – – 49 – Derivative Assets Foreign exchange contracts – – – 26 – – – – 26 – Total derivative assets – – – 26 – – – – 26 – Other Liabilities – – – 2 – – – – 2 – Derivative Liabilities Credit default swaps 2 – – – – – 3 (3 ) 2 – Total derivative liabilities 2 – – – – – 3 (3 ) 2 – Change in fair value Movements Transfers For the year ended October 31, 2021 (Canadian $ in millions) Balance Included in Included in other Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS and CMO 803 (222 ) (56 ) 1,465 (1,253 ) – 169 (231 ) 675 38 Corporate debt – – – 10 (3 ) – – – 7 – Total trading securities 803 (222 ) (56 ) 1,475 (1,256 ) – 169 (231 ) 682 38 FVTPL Securities Corporate debt – – – – – – – – – – Corporate equity 1,903 315 (92 ) 628 (276 ) (4 ) – (32 ) 2,442 374 Total FVTPL securities 1,903 315 (92 ) 628 (276 ) (4 ) – (32 ) 2,442 374 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and 1 – – – – – – – 1 na Corporate equity 93 – 26 13 – – – – 132 na Total FVOCI securities 94 – 26 13 – – – – 133 na Business and Government Loans 1,945 – (150 ) 1,812 – (1,302 ) – (2,299 ) 6 – Other Assets – – – – – – – – – – Derivative Assets Foreign exchange contracts – – – – – – – – – – Total derivative assets – – – – – – – – – – Other Liabilities – – – – (13 ) – 13 – – – Derivative Liabilities Credit default swaps 4 – – – – – – (2 ) 2 – Total derivative liabilities 4 – – – – – – (2 ) 2 – (1) Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2022 and 2021 are included in earnings for the year. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable Trading-Related Revenue Trading assets and liabilities, including derivatives, securities and financial instruments designated at FVTPL, are measured at fair value, with gains and losses recognized in trading revenues, non-interest non-interest (Canadian $ in millions) 2022 2021 Interest rates 893 1,017 Foreign exchange 571 416 Equities 713 567 Commodities 189 147 Other (1) 7,556 2 Total trading-related revenue 9,922 2,149 Reported as: Net interest income 1,672 1,853 Non-interest (1) 8,250 296 Total trading-related revenue 9,922 2,149 (1) Includes management of fair value changes on the purchase of Bank of the West. Refer to Note 10 for further information. |
Offsetting of Financial Assets
Offsetting of Financial Assets and Financial Liabilities | 12 Months Ended |
Oct. 31, 2022 | |
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Offsetting of Financial Assets and Financial Liabilities | Note 18: Offsetting of Financial Assets and Financial Liabilities Financial assets and financial liabilities are offset and the net amount is reported in our Consolidated Balance Sheet when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis or realize the asset and settle the liability simultaneously. The following table presents the amounts that have been offset in our Consolidated Balance Sheet, including securities purchased under resale agreements, securities sold under repurchase agreements and derivative instruments, generally under a market settlement mechanism (e.g. an exchange or clearing house) where simultaneous net settlement can be achieved to eliminate credit and liquidity risk between counterparties. Also presented are amounts not offset in the Consolidated Balance Sheet related to transactions where a master netting agreement or similar arrangement is in place with a right to offset the amounts only in the event of default, insolvency or bankruptcy, or where the offset criteria are otherwise not met. (Canadian $ in millions) 2022 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities )( Cash Net Financial Assets Securities borrowed or purchased under resale agreements 116,309 3,115 113,194 11,757 99,736 4 1,697 Derivative instruments 48,494 334 48,160 31,878 3,282 3,201 9,799 164,803 3,449 161,354 43,635 103,018 3,205 11,496 Financial Liabilities Derivative instruments 60,290 334 59,956 31,878 7,212 8,843 12,023 Securities lent or sold under repurchase agreements 107,078 3,115 103,963 11,757 91,494 176 536 167,368 3,449 163,919 43,635 98,706 9,019 12,559 2021 Financial Assets Securities borrowed or purchased under resale agreements 108,799 1,417 107,382 15,779 90,389 9 1,205 Derivative instruments 37,054 341 36,713 20,952 2,377 4,823 8,561 145,853 1,758 144,095 36,731 92,766 4,832 9,766 Financial Liabilities Derivative instruments 31,156 341 30,815 20,952 1,865 1,906 6,092 Securities lent or sold under repurchase agreements 98,973 1,417 97,556 15,779 81,411 108 258 130,129 1,758 128,371 36,731 83,276 2,014 6,350 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management
Capital Management | 12 Months Ended |
Oct. 31, 2022 | |
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Capital Management | Note 19: 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 . Our approach includes establishing limits, targets and performance measures that are used to manage balance sheet positions, risk levels and capital requirements, as well as issuing and redeeming capital instruments to achieve a cost-effective capital structure. Regulatory capital requirements for the bank are determined in accordance with guidelines issued by OSFI, which are based on the Basel III framework developed by the Basel Committee on Banking Supervision. To address the market disruption posed by the pandemic, OSFI announced a suite of modifications to regulatory capital requirements in fiscal 2020, with those that were temporary in nature being unwound during the course of fiscal 2021, except for the temporary exclusion of certain exposures from the Leverage Ratio exposure measures which expired on December 31, 2021. Refer to the Enterprise-Wide Capital Management section of Management’s Discussion and Analysis within this report for more details. Common Equity Tier 1 (CET1) capital is the most permanent form of capital. It is comprised of common shareholders’ equity and may include a portion of expected credit loss provisions, less deductions for goodwill, intangible assets and certain other items. Tier 1 capital is primarily comprised of CET1 capital, preferred shares and other equity instruments, less regulatory deductions. Tier 2 capital is primarily comprised of subordinated debentures and may include a portion of expected credit loss provisions, less regulatory deductions. Total capital includes Tier 1 and Tier 2 capital. Total Loss-Absorbing Capacity (TLAC) is comprised of Total capital and other TLAC instruments including eligible bail-in The primary regulatory capital measures are the CET1 Ratio, Tier 1 Capital Ratio, Total Capital Ratio, TLAC Ratio, Leverage Ratio and TLAC Leverage Ratio. • Regulatory capital ratios are calculated by dividing CET1, Tier 1, Total capital and TLAC by their respective risk-weighted assets. • The Leverage Ratio is defined as Tier 1 capital divided by leverage exposures, which consist of on-balance off-balance The defined as As at October 31, 2022, we met OSFI’s required target regulatory capital ratios, which include a 2.5% Capital Conservation Buffer, a 1.0% Common Equity Tier 1 Surcharge for domestic systemically important banks, a Countercyclical Buffer and a 2.5% Domestic Stability Buffer. Regulatory Capital and Total Loss-Absorbing Capacity Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) 2022 2021 CET1 Capital 60,891 44,491 Tier 1 Capital 67,121 49,966 Total Capital 75,309 57,201 Total Loss - Absorbing Capacity (TLAC) 120,663 90,353 Risk-Weighted Assets 363,997 325,433 Leverage Exposures 1,189,990 976,690 CET1 Ratio 16.7% 13.7% Tier 1 Capital Ratio 18.4% 15.4% Total Capital Ratio 20.7% 17.6% TLAC Ratio 33.1% 27.8% Leverage Ratio 5.6% 5.1% TLAC Leverage Ratio 10.1% 9.3% (1) Calculated in accordance with OSFI’s Capital Adequacy Requirements Guideline, Leverage Requirements Guideline and Total Loss-Absorbing Capacity Guideline, as applicable. |
Employee Compensation - Share-B
Employee Compensation - Share-Based Compensation | 12 Months Ended |
Oct. 31, 2022 | |
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Employee Compensation - Share-Based Compensation | Note 20: Employee Compensation – Share-Based Compensation Stock Option Plan We maintain a Stock Option Plan for designated officers and employees. Options are granted at an exercise price equal to the closing price of our common shares on the day before the grant date. Stock options granted vest in equal tranches of 50% on the third and fourth anniversaries of their grant date. Each tranche is treated as a separate award with a different vesting period. In general, options expire 10 years from their grant date. We determine the fair value of stock options on their grant date and record this amount as compensation expense over the period that the stock options vest, with a corresponding increase to contributed surplus. When these stock options are exercised, we issue shares and record the amount of proceeds, together with the amount recorded in contributed surplus, in share capital. The estimated grant date fair value of stock options granted to employees who are eligible to retire is expensed at the date of grant. The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2022 2021 Number of Weighted- Number of stock options Weighted- Outstanding at beginning of year 5,682,206 87.79 6,446,110 81.50 Granted 1,028,255 135.58 984,943 97.14 Exercised 733,591 70.64 1,630,867 67.88 Forfeited/cancelled – – 117,980 97.03 Expired – – – – Outstanding at end of year 5,976,870 98.12 5,682,206 87.79 Exercisable at end of year 2,648,426 84.14 2,616,750 77.34 Available for grant 11,680,041 12,708,296 Employee compensation expense related to this plan for the years ended October 31, 2022 and 2021 was $12 million and $10 million, respectively. Options outstanding and exercisable at October 31, 2022 by range of exercise price were as follows: (Canadian $, except as noted) 2022 Options outstanding Options exercisable Range of exercise prices Number of Weighted- Weighted-average Number of Weighted-average $60.01 to $70.00 674,235 0.9 66.34 674,235 66.34 $70.01 to $80.00 647,910 2.7 77.58 647,910 77.58 $80.01 to $90.00 809,181 6.1 89.90 369,978 89.90 $90.01 to $100.00 1,389,356 6.9 97.06 439,034 96.90 $ 10 2,456,188 7.6 115.57 517,269 100.63 The following table summarizes additional information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2022 2021 Unrecognized compensation cost for non-vested 9 7 Cash proceeds from stock options exercised 52 111 Weighted-average share price for stock options exercised (in dollars) 141.50 115.42 The fair value of options granted was estimated using a binomial option pricing model. The weighted-average fair value of options granted during the years ended October 31, 2022 and 2021 was $14.17 and $10.75, respectively. To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used as inputs for each option pricing assumption: 2022 2021 Expected dividend yield 4.2% 4.9% Expected share price volatility 16.8% 20.6% – 20.7% Risk-free rate of return 1.8% – 1.9% 1% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 Changes to the input assumptions can result in different fair value estimates. Expected dividend yield is based on market expectations of future dividends on our common shares. Expected share price volatility is determined based on the market consensus implied volatility for traded options on our common shares. The risk-free rate is based on the yields of a Canadian swap curve with maturities similar to the expected period until exercise of the options. The weighted-average exercise price on the grant date for the years ended October 31, 2022 and 2021 was $135.58 and $97.14, respectively. Other Share-Based Compensation Share Purchase Plans We offer various employee share purchase plans. The largest of these plans provides employees with the option of directing a portion of their gross salary toward the purchase of our common shares. We match 50% of employee contributions up to 6% of their individual gross salary to a maximum of $75,000 ($100,000 prior to December 31, 2020). Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. The shares held in the employee share purchase plan are purchased on the open market and are considered outstanding for purposes of computing earnings per share. The dividends earned on our common shares held by the plan are used to purchase additional common shares on the open market. We account for our contributions as employee compensation expense when they are contributed to the plan. Employee compensation expense related to these plans for the years ended October 31, 2022 and 2021 was $45 million and $46 million, respectively. There were 17.8 million and 18.0 million common shares held in these plans for the years ended October 31, 2022 and 2021, respectively. Compensation Trusts We sponsor various share ownership arrangements, certain of which are administered through trusts into which our matching contributions are paid. We are not required to consolidate our compensation trusts. Total assets held under our share ownership arrangements amounted to $2,239 million as at October 31, 2022 ($2,425 million as at October 31, 2021). Mid-Term We offer mid-term Mid-term The weighted-average fair value of these units granted during the years ended October 31, 2022 and 2021 was $139.04 and $91.62, respectively, and we recorded employee compensation expense of $719 million and $1,234 million, respectively. We hedge the impact of the change in market value of our common shares by entering into total return swaps. We also enter into foreign currency swaps to manage the foreign exchange translation from our U.S. businesses. Gains (losses) on total return swaps and foreign currency swaps recognized for the years ended October 31, 2022 and 2021 were $3 million and $719 million , A total of 16.6 million and 17.6 million mid-term Deferred Incentive Plans We offer deferred incentive plans for members of our Board of Directors, executives and key employees in BMO Capital Markets and BMO Wealth Management. Under these plans, fees, annual incentive payments and/or commissions can be deferred as share units of our common shares. These share units are typically either fully vested on the grant date or vest at the end of three years. The value of these share units is adjusted to reflect reinvested dividends and changes in the market value of our common shares. Deferred incentive plan payments are paid in cash upon the participant’s departure from the bank. Employee compensation expense for these plans is recorded in the year the fees, incentive payments and/or commissions are earned. Changes in the amount of the incentive plan payments as a result of dividends and share price movements are recorded as increases or decreases in employee compensation expense in the period of the change. Deferred incentive plan units granted during the years ended October 31, 2022 and 2021 totalled 0.2 million and 0.4 million, respectively, and the weighted-average fair value of these units granted during the years ended October 31, 2022 and 2021 was $136.74 and $113.08, respectively. Liabilities related to these plans are recorded in other liabilities in our Consolidated Balance Sheet and totalled $585 million and $609 million as at October 31, 2022 and 2021, respectively. Employee compensation expense related to these plans for the years ended October 31, 2022 and 2021 was $(16) million and $279 million, respectively. We have entered into derivative instruments to hedge our exposure related to these plans. Changes in the fair value of these derivatives are recorded as employee compensation expense in the period in which they arise. Gains (losses) on these derivatives recognized for the years ended October 31, 2022 and 2021 were $(30) million and $271 million, respectively. These gains (losses) resulted in net employee compensation expense for the years ended October 31, 2022 and 2021 of $14 million and $8 million, respectively. A total of 4.7 million and 4.6 million deferred incentive plan units were outstanding as at October 31, 2022 and 2021, respectively. |
Employee Compensation - Pension
Employee Compensation - Pension and Other Employee Future Benefits | 12 Months Ended |
Oct. 31, 2022 | |
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Employee Compensation - Pension and Other Employee Future Benefits | Note 21: Employee Compensation – Pension and Other Employee Future Benefits Pension and Other Employee Future Benefit Plans We sponsor a number of arrangements globally that provide pension and other employee future benefits to our retired and current employees. The largest of these arrangements, by defined benefit obligation, are the primary defined benefit pension plans for employees in Canada and the United States and the primary other employee future benefit plan for employees in Canada. Pension arrangements include defined benefit pension plans, as well as supplementary arrangements that provide pension benefits in excess of statutory limits. Generally, under these plans we provide retirement benefits based on an employee’s years of service and average annual earnings over a period of time prior to retirement. Our pension and other employee future benefit expenses, recorded in employee compensation expense, mainly comprise the current service cost plus or minus the interest on net defined benefit assets or liabilities. In addition, we provide defined contribution pension plans to our employees. The costs of these plans, recorded in employee compensation expense, are equal to our contributions to the plans. Effective December 31, 2020, the primary defined benefit pension plan for employees in Canada was closed to new employees hired after that date. Employees hired or transferred to BMO Canada on or after January 1, 2021 are eligible to participate in a defined contribution pension plan once they have completed the waiting period of six months of continuous service. We also provide other employee future benefits, including health and dental care benefits and life insurance, for eligible current and retired employees. Short-term employee benefits, such as salaries, paid absences, bonuses and other benefits, are accounted for on an accrual basis over the period in which the employees provide the related services. Investment Policy The defined benefit pension plans are administered under a defined governance structure, with oversight resting with the Board of Directors. The plans are managed under a framework that considers both assets and liabilities in the development of an investment policy and in managing risk. Over the past several years, we have implemented a liability-driven investment strategy for the primary Canadian plan to enhance risk-adjusted returns while reducing the plan’s surplus volatility. This strategy has reduced the impact of the plan on our regulatory capital. The plans invest in asset classes that include equities, fixed income and alternative strategies, under established investment guidelines. Plan assets are diversified across asset classes and by geographic exposure. They are managed by asset management firms that are responsible for the selection of investment securities. Derivative instruments are permitted under policy guidelines and are generally used to hedge foreign currency exposures, manage interest rate exposures or replicate the return of an asset. Asset Allocations The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on fair market values at October 31, are as follows: Pension benefit plans Target range Actual Actual Equities 20% – 40% 25% 30% Fixed income investments 40% – 55% 43% 47% Alternative strategies 15% – 40% 32% 23% Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. Risk Management The defined benefit pension plans are exposed to various risks, including market risk (interest rate, equity and foreign currency risks), credit risk, operational risk, surplus risk and longevity risk. We follow a number of approaches to monitor and actively manage these risks, including: • monitoring surplus-at-risk, • stress testing and scenario analyses to evaluate the volatility of the plans’ financial positions and any potential impact on the bank; • hedging of currency exposures and interest rate risk within policy limits; • controls related to asset mix allocations, geographic allocations, portfolio duration, credit quality of debt securities, sector guidelines, issuer/counterparty limits and others; and • ongoing monitoring of exposures, performance and risk levels. Pension and Other Employee Future Benefit Liabilities Our actuaries perform valuations of our defined benefit obligations for pension and other employee future benefits as at October 31 of each year using the projected unit credit method based on management’s assumptions about discount rates, rates of compensation increase, retirement age, mortality and health care cost trend rates. The discount rates for the primary Canadian and U.S. pension and other employee future benefit plans were selected based on the yields of high-quality AA rated corporate bonds with terms matching the plans’ cash flows. The fair value of plan assets is deducted from the defined benefit obligation to determine the net defined benefit asset or liability. For defined benefit pension plans that are in a net defined benefit asset position, the recognized asset is limited to the present value of economic benefits available in the form of future refunds from the plan or reductions in future contributions to the plan (the asset ceiling). Changes in the asset ceiling are recognized in other comprehensive income. Components of the change in our net defined benefit assets or liabilities and our pension and other employee future benefit expenses are as follows: Current service cost Interest on net defined benefit asset or liability Actuarial gains and losses Plan amendments Settlements Funding of Pension and Other Employee Future Benefit Plans We fund our defined benefit pension plans in Canada and the United States in accordance with statutory requirements, and the assets in these plans are used to pay benefits to retirees and other employees. Some groups of employees are also eligible to make voluntary contributions in order to receive enhanced benefits. Our supplementary pension plan in Canada is funded, while the supplementary pension plan in the U.S. is unfunded. Our other employee future benefit plans in Canada and the United States are either funded or unfunded. Benefit payments related to these plans are paid either through the respective plan or directly by us. We measure the fair value of plan assets for our plans in Canada and the United States as at October 31. In addition to actuarial valuations for accounting purposes, we are required to prepare valuations for determining our minimum funding requirements for our pension arrangements in accordance with the relevant statutory framework (our funding valuation). An annual funding valuation is performed for our plans in Canada and the United States. The most recent funding valuation for our primary Canadian pension plan was performed as at October 31, 2022 and the most recent funding valuation for our primary U.S. pension plan was performed as at January 1, 2021. A summary of plan information for the past two years is as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Defined benefit obligation 7,082 9,716 928 1,220 Fair value of plan assets 8,261 10,525 147 166 Surplus (deficit) and net defined benefit asset (liability) 1,179 809 (781 ) (1,054 ) Surplus (deficit) is comprised of: Funded or partially funded plans 1,267 939 51 40 Unfunded plans (88 ) (130 ) (832 ) (1,094 ) Surplus (deficit) and net defined benefit asset (liability) 1,179 809 (781 ) (1,054 ) 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 2022 2021 2022 2021 Annual benefits expense Current service cost 237 268 8 9 Net interest (income) expense on net defined benefit (asset) liability (27 ) 7 35 30 Past service cost (income) (2 ) – – – Gain on settlement (1 ) – – – Administrative expenses 4 5 – – Remeasurement of other long-term benefits – – (18 ) (11 ) Benefits expense 211 280 25 28 Government pension plans expense (1) 252 216 – – Defined contribution expense 176 160 – – Total annual pension and other employee future benefit expenses 639 656 25 28 1) Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act. Certain comparative figures have been reclassified to conform with the current year’s presentation. Weighted-Average Assumptions Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Defined Benefit Expenses Discount rate at beginning of year (1)(2) 3.2 % 2.7 % 3.3 % 2.7 % Rate of compensation increase 2.2 % 2.1 % na 2.0 % Assumed overall health care cost trend rate na na 4.8 % ( 3 4.8 % (3) Defined Benefit Obligation Discount rate at end of year 5.5 % 3.2 % 5.5 % 3.3 % Rate of compensation increase 2.3 % 2.2 % na na (4) Assumed overall health care cost trend rate na na 4.7 % ( 3 4.8 % (3) (1) The pension benefit current service cost was calculated using a separate discount rate of 3.7% and 3.0% for 2022 and 2021 , (2) The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.6% and 3.0% for 2022 and 2021, respectively. (3) Trending to 4.0% in 204 1 (4) Rate of compensation increase is not applicable, since the new flat dollar retiree plan benefit is no longer dependent on compensation. na – not applicable Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2022 2021 2022 2021 Life expectancy for those currently age 65 Males 23.9 23.8 21.8 21.8 Females 24.2 24.2 23.2 23.2 Life expectancy at age 65 for those currently age 45 Males 24.8 24.8 23.0 23.0 Females 25.1 25.1 24.4 24.4 Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Defined benefit obligation Defined benefit obligation at beginning of year 9,716 10,493 1,220 1,290 Divestiture of defined benefit obligation (1) (532 ) – – – Current service cost 237 268 8 9 Interest cost 290 269 39 34 Past service (income) (2 ) – – – (Gain) on settlements (1 ) – – – Benefits paid (578 ) (525 ) (49 ) (50 ) Employee contributions 18 17 6 5 Actuarial (gains) losses due to: Changes in demographic assumptions – 11 (60 ) (4 ) Changes in financial assumptions (2,386 ) (700 ) (244 ) (89 ) Plan member experience 207 29 (9 ) 39 Foreign exchange and other 113 (146 ) 17 (14 ) Defined benefit obligation at end of year 7,082 9,716 928 1,220 Wholly or partially funded defined benefit obligation 6,994 9,586 96 126 Unfunded defined benefit obligation 88 130 832 1,094 Total defined benefit obligation 7,082 9,716 928 1,220 Fair value of plan assets Fair value of plan assets at beginning of year 10,525 10,064 166 181 Divestiture of plan assets (1) (647 ) – – – Interest income 317 262 4 4 Return on plan assets (excluding interest income) (1,524 ) 542 (37 ) (1 ) Employer contributions 58 298 40 40 Employee contributions 18 17 6 5 Benefits paid (578 ) (525 ) (49 ) (50 ) Administrative expenses (4 ) (5 ) – – Foreign exchange and other 96 (128 ) 17 (13 ) Fair value of plan assets at end of year 8,261 10,525 147 166 Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,179 809 (781 ) (1,054 ) Recorded in: Other assets 1,267 947 51 40 Other liabilities (88 ) (138 ) (832 ) (1,094 ) Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,179 809 (781 ) (1,054 ) Actuarial gains (losses) recognized in other comprehensive income Net actuarial gains (losses) on plan assets (1,524 ) 542 (37 ) (1 ) Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions – (11 ) 56 4 Changes in financial assumptions 2,386 700 228 84 Plan member experience (207 ) (29 ) 10 (45 ) Foreign exchange and other (14 ) 20 – – Actuarial gains recognized in other comprehensive income for the year 641 1,222 257 42 (1) Relates to the defined benefit plan included in the sale of our EMEA Asset Management business in fiscal 2022. Refer to Note 10 for further information. Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The fair values of plan assets held by our primary plans as at October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 2021 Quoted Unquoted Total Quoted Unquoted Total Cash and money market funds 185 – 185 144 1 145 Securities issued or guaranteed by: Canadian federal government 11 41 52 26 41 67 Canadian provincial and municipal governments 156 303 459 191 364 555 U.S. federal government 108 – 108 297 4 301 Pooled funds 704 4,034 4,738 1,071 4,014 5,085 Derivative instruments – (53 ) (53 ) – 43 43 Corporate debt – 1,157 1,157 3 1,391 1,394 Corporate equity 1,187 – 1,187 1,655 – 1,655 2,351 5,482 7,833 3,387 5,858 9,245 No plan assets are directly invested in the bank’s or related parties’ securities as at October 31, 2022 and 2021. As at October 31, 2022 our primary Canadian plan indirectly held, through pooled funds, less than $1 million ($11 million as at October 31, 2021) of our common shares and fixed income securities. The plans do not hold any property we occupy or other assets we use. Sensitivity of Assumptions Key weighted-average assumptions for 2022 used in measuring the defined benefit obligations for our primary plans are outlined in the following table. The sensitivity analysis provided in the table should be used with caution, as it is hypothetical and the impact of changes in each key assumption may not be linear. The sensitivities to changes in each key variable have been calculated independently of the impact of changes in other key variables. Actual experience may result in simultaneous changes in a number of key assumptions, which would amplify or reduce certain sensitivities. Defined benefit obligation (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans Discount rate (%) 5.5 5.5 Impact of: 1% increase ($) (681 ) (69 ) ($) 836 85 Rate of compensation increase (%) 2.3 na Impact of: 0.25% increase ($) 30 na ($) (29 ) na Mortality Impact of: 1 year shorter life expectancy ($) (119 ) (17 ) ($) 116 17 Assumed overall health care cost trend rate (%) na 4.7 ( 1 Impact of: 1% increase ($) na 35 ($) na (31 ) (1) Trending to 4.00% in 2041 and remaining at that level thereafter. na – not applicable Maturity Profile The duration of the defined benefit obligation for our primary plans is as follows: (Years) 2022 2021 Canadian pension plans 12.1 14.5 U.S. pension plan s 7.5 9.5 Canadian other employee future benefit plans 12.5 13.7 Cash Flows Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Contributions to defined benefit plans 24 254 – – Contributions to defined contribution plans 176 160 – – Benefits paid directly to pensioners 34 44 40 40 234 458 40 40 Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2023 is approximately $69 million for our defined benefit pension plans and $46 million for our other employee future benefit plans. Benefit payments from our defined benefit plans to retirees for the year ending October 31, 2023 are estimated to be |
Income Taxes
Income Taxes | 12 Months Ended |
Oct. 31, 2022 | |
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Income Taxes | Note 22: Income Taxes We report our provision for income taxes in our Consolidated Statement of Income based upon transactions recorded in our consolidated financial statements regardless of when they are recognized for income tax purposes, with the exception of repatriation of retained earnings from our subsidiaries, as noted below. In addition, we record an income tax expense or benefit in other comprehensive income or directly in equity when the taxes relate to amounts recorded in other comprehensive income or equity. For example, income tax expense (recovery) on hedging gains (losses) related to our net investment in foreign operations is recorded in our Consolidated Statement of Comprehensive Income as part of net gains (losses) on translation of net foreign operations. Current tax is the amount of income tax recoverable (payable) in respect of the taxable loss (profit) for a period. Deferred tax is recognized on temporary differences between the carrying amounts of assets and liabilities for accounting and tax purposes. Deferred tax assets and liabilities are measured at the tax rates expected to apply when temporary differences reverse. Changes in deferred tax assets and liabilities related to a change in tax rates are recorded in income in the period the tax rate is substantively enacted, except to the extent that the tax arises from a transaction or event which is recognized either in other comprehensive income or directly in equity. Current and deferred taxes are offset only when they are levied by the same tax authority, on the same entity or group of entities, and when there is a legal right to offset. Included in deferred tax assets is $10 million ($9 million as at October 31, 2021) related to both U.S. tax loss carryforwards and tax credits that will expire in various amounts in U.S. taxation years from 2022 through 2040. On the evidence available, including management projections of income, we believe it is probable that Income that we earn through our foreign subsidiaries is generally taxed in the foreign country in which they operate. Income that we earn through our foreign branches is also generally taxed in the foreign country in which they operate. Canada also taxes the income we earn through foreign branches and a credit is allowed for certain foreign taxes paid on such income. Repatriation of earnings from certain foreign subsidiaries would require us to pay tax on certain of these earnings. As repatriation of such earnings is not planned in the foreseeable future, we have not recorded a related deferred tax liability. The taxable temporary differences associated with the repatriation of earnings from investments in certain subsidiaries, branches, associates and interests in joint ventures for which deferred tax liabilities have not been recognized total led $24 billion as at October 31, 2022 ($17 billion in 2021). Provision for Income Taxes (Canadian $ in millions) 2022 2021 Consolidated Statement of Income Current Provision for income taxes for the current period 3,889 2,334 Adjustments for prior periods (15 ) (14 ) Deferred Origination and reversal of temporary differences 475 173 Effect of changes in tax rates – 11 4,349 2,504 Other Comprehensive Income and Equity Income tax expense (recovery) related to: Unrealized (losses) on FVOCI debt securities (182 ) (58 ) Reclassification to earnings of (gains) on FVOCI debt securities (5 ) (14 ) (Losses) on derivatives designated as cash flow hedges (1,794 ) (504 ) Reclassification to earnings of (gains) on derivatives designated as cash flow hedges (114 ) (149 ) Unrealized gains (losses) on hedges of net foreign operations (124 ) 180 Gains on remeasurement of pension and other employee future benefit plans 239 341 Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value 465 (70 ) Unrealized gains on FVOCI equity securities 1 6 Share-based compensation 5 (10 ) (1,509 ) (278 ) Total provision for income taxes 2,840 2,226 Components of Total Provision for Income Taxes (Canadian $ in millions) 2022 2021 Canada: Current taxes 1,178 650 672 373 1,850 1,023 Canada: Deferred taxes 148 233 85 134 233 367 Total Canadian 2,083 1,390 Foreign: Current taxes 953 940 (196 ) (104 ) Total foreign 757 836 Total provision for income taxes 2,840 2,226 Reconciliation to Statutory Tax Rate Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2022 2021 Combined Canadian federal and provincial income taxes at the statutory tax rate 4,757 26.6 % 2,729 26.6 % Increase (decrease) resulting from: Tax-exempt (200 ) (1.1 ) (232 ) (2.3 ) Foreign operations subject to different tax rates (160 ) (0.9 ) (137 ) (1.3 ) Write-down of goodwill – – 202 2.0 Change in tax rate for deferred taxes – – 11 0.1 Income attributable to investments in associates and joint ventures (57 ) (0.3 ) (56 ) (0.6 ) Other 9 – (13 ) (0.1 ) Provision for income taxes in the Consolidated Statement of Income 4,349 24.3 % 2,504 24.4 % Components of Deferred Tax Balances (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 651 (52 ) – 6 605 Employee future benefits 330 (10 ) (65 ) 1 256 Deferred compensation benefits 685 18 – 5 708 Other comprehensive income (108 ) (1 ) 682 – 573 Tax loss carryforwards 34 (23 ) – – 11 Tax credits – – – – – Premises and equipment (400 ) (59 ) – (1 ) (460 ) Pension benefits (148 ) (47 ) (174 ) (1 ) (370 ) Goodwill and intangible assets (241 ) 1 – (4 ) (244 ) Securities (51 ) 193 – – 142 Other (1) 343 (495 ) (5 ) 9 (148 ) Net deferred tax assets (liabilities) 1,095 (475 ) 438 15 1,073 Comprising Deferred tax assets 1,287 1,175 Deferred tax liabilities (192 ) (102 ) Net deferred tax assets (liabilities) 1,095 – – – 1,073 (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 849 (194 ) – (4 ) 651 Employee future benefits 337 2 (9 ) – 330 Deferred compensation benefits 416 270 – (1 ) 685 Other comprehensive income (358 ) – 250 – (108 ) Tax loss carryforwards 87 (53 ) – – 34 Tax credits 31 (31 ) – – – Premises and equipment (361 ) (39 ) – – (400 ) Pension benefits 78 104 (330 ) – (148 ) Goodwill and intangible assets (237 ) (6 ) – 2 (241 ) Securities 11 (62 ) – – (51 ) Other 512 (175 ) 10 (4 ) 343 Net deferred tax assets (liabilities) 1,365 (184 ) (79 ) (7 ) 1,095 Comprising Deferred tax assets 1,473 1,287 Deferred tax liabilities (108 ) (192 ) Net deferred tax assets (liabilities) 1,365 – – – 1,095 (1) Includes the tax impact of the interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates on our announced acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of the legal provision recorded in relation to the lawsuit described in Note 24. Canadian tax authorities have reassessed us for additional income tax and interest in an amount of approximately $1,425 million, to date, in respect of certain 2011 – 2017 Canadian corporate dividends. Those reassessments denied certain dividend deductions on the basis that the dividends were received as part of a “dividend rental arrangement”. In general, the tax rules raised by the Canadian tax authorities were prospectively addressed in the 2015 and 2018 Canadian Federal Budgets. We filed Notices of Appeal with the Tax Court of Canada and the matter is in litigation. We expect to be reassessed for income tax in respect of similar activities undertaken in 2018. 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. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Oct. 31, 2022 | |
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Earnings Per Share | Note 23: 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 year. Diluted earnings per share is calculated in the same manner, with further adjustments made to reflect the dilutive impact of instruments convertible into our common shares. The following table presents our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) 2022 2021 Net income 13,537 7,754 Dividends on preferred shares and distributions on other equity instruments (231 ) (244 ) Net income available to common shareholders 13,306 7,510 Weighted-average number of common shares outstanding (in thousands) 663,990 647,163 Basic earnings per common share (Canadian $) 20.04 11.60 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 13,306 7,510 Weighted-average number of common shares outstanding (in thousands) 663,990 647,163 Effect of dilutive instruments Stock options potentially exercisable (1) 5,178 6,403 Common shares potentially repurchased (3,461 ) (4,890 ) Weighted-average number of diluted common shares outstanding (in thousands) 665,707 648,676 Diluted earnings per common share (Canadian $) 19.99 11.58 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 943,741 with a weighted - exercise price of $143.52 for the year ended October 31, 2022. For the year ended October 31, 2021, we did not |
Commitments, Guarantees, Pledge
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | 12 Months Ended |
Oct. 31, 2022 | |
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Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities | Note 24: Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities In the normal course of business, we enter into a variety of contracts under which we may be required to make payments to reimburse a counterparty for a loss if a third party does not perform according to the terms of a contract or does not make payments when due under the terms of a debt instrument, and contracts under which we provide indirect guarantees of the indebtedness of another party, all of which are considered guarantees. Guarantees that qualify as derivatives are accounted for in accordance with the policy for derivative instruments (refer to Note 8). For guarantees that do not qualify as derivatives, the liability is initially recorded at fair value, which is generally the fee received. Subsequently, guarantees are recorded at the higher of the initial fair value, less amortization to recognize any fee income earned over the period, and our best estimate of the amount required to settle the obligation. Any change in the liability is reported in our Consolidated Statement of Income. We enter into a variety of commitments, including off-balance A large majority of these commitments expire without being drawn upon. As a result, the total contractual amounts may not be representative of the funding likely to be required for these commitments. We strive to limit credit risk by dealing only with counterparties that we believe are creditworthy, and we manage our credit risk for these instruments using the same credit risk process that is applied to loans and other credit assets. We also previously facilitated securities lending transactions for our customers but we divested this business in fiscal 2022. The maximum amount payable related to our various commitments is as follows: (Canadian $ in millions) 2022 2021 Financial Guarantees Standby letters of credit 26,019 22,165 Credit default swaps (1) 11,099 5,158 Other Credit Instruments Backstop liquidity facilities 17,330 12,895 Securities lending ( 2 – 3,909 Documentary and commercial letters of credit 1,351 1,481 Commitments to extend credit ( 3 200,814 174,327 Other commitments ( 4 7,075 8,070 Total 263,688 228,005 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $(38) ($ (4) million as at October 31, 2021). (2) In fiscal 2022, we divested the securities lending agency business. (3) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. ( 4 Other commitments include $783 million as at October 31, 2022 ($1,649 million as at October 31, 2021) of underwriting commitments that are extended but not yet accepted by the borrower. Financial Guarantees Standby letters of credit represent our obligation to make payments to third parties on behalf of customers if they are unable to make the required payments or meet other contractual requirements. The majority have a term of one year or less. Collateral requirements for standby letters of credit and guarantees are consistent with our collateral requirements for loans. Standby letters of credit and guarantees include our guarantee of a subsidiary’s debt provided directly to a third party. Written credit default swaps require us to compensate a counterparty following the occurrence of a credit event in relation to a specified reference obligation, such as a bond or a loan. The terms of these contracts range from less than 1 year to over 10 years. Refer to Note 8 for details. Other Credit Instruments Backstop liquidity facilities are provided to ABCP programs administered by us as an alternative source of financing when ABCP markets cannot be accessed. The terms of the backstop liquidity facilities do not require us to advance money to these programs in the event of insolvency of the borrower. The average term of these liquidity facilities is approximately 1 We lend eligible customers’ securities to third-party borrowers who have been evaluated for credit risk using the same credit risk process that is applied to loans and other credit assets. In connection with these activities, we may provide indemnification to clients against losses resulting from the failure of the borrower to return loaned securities when due. All borrowings are fully collateralized with cash or marketable securities. As securities are loaned, we require borrowers to maintain collateral that is equal to or in excess of 100% of the fair value of the securities borrowed. The collateral is revalued on a daily basis. In fiscal 2022 , the Documentary and commercial letters of credit represent our agreement to honour drafts presented by a third party upon completion of specific activities. Commitments to extend credit represent our commitment to Other commitments include commitments to fund external private equity funds and investments in equity and debt securities at market value at the time the commitments are drawn. In addition, we act as underwriter for certain new issuances under which we, alone or together with a syndicate of financial institutions, purchase the new issue for resale to investors. Indemnification Agreements In the normal course of operations, we enter into various agreements that provide general indemnifications. These indemnifications typically occur in connection with sales of assets, securities offerings, service contracts, director contracts, membership agreements, clearing arrangements, derivative contracts and leasing transactions. Based on historical experience, we expect the risk of loss to be remote. Exchange and Clearinghouse Guarantees We are a member of several securities and futures exchanges and central counterparties. Membership in certain of these organizations may require us to pay a pro rata share of the losses incurred by the organization in the event of default of another member. It is difficult to estimate our maximum exposure under these membership agreements, since this would require an assessment of future claims that may be made against us that have not yet occurred. Based on historical experience, we expect the risk of material loss to be remote. Pledged Assets and Collateral In the ordinary course of business, we enter into trading, lending and borrowing activities that require us to pledge assets or provide collateral. Pledging and collateral transactions are typically conducted under terms and conditions that are usual and customary to these activities. If there is no default, the securities or their equivalents must be returned by the pledgee upon satisfaction of the obligation. The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2022 2021 Bank Assets Cash and due from banks 87 110 Securities (1) 95,194 82,975 Loans 71,795 54,656 Other assets 13,991 6,436 181,067 144,177 Third-party Assets (2) Collateral received and available for sale or repledging 177,300 180,705 Less: Collateral not sold or re-pledged (42,237 ) (46,278 ) 135,063 134,427 316,130 278,604 (Canadian $ in millions) 2022 2021 Uses of pledged assets and collateral Clearing systems, payment systems and depositories 19,082 9,464 Foreign governments and central banks 87 110 Obligations related to securities sold short 40,979 32,073 Obligations related to securities sold under repurchase agreements 90,490 87,894 Securities borrowing and lending (3) 69,525 77,456 Derivatives transactions 16,341 11,439 Securitization 27,499 26,075 Covered bonds 33,175 26,340 Other 18,952 7,753 Total pledged assets and collateral 316,130 278,604 (1) Includes NHA mortgage-backed securities of $5,277 million, which are included in loans in our Consolidated Balance Sheet ($4,519 million as at October 31, 2021). (2) Includes on-balance off-balance (3) Includes off-balance Lease Commitments We have entered into a number of non-cancellable Provisions and Contingent Liabilities Provisions are recognized when we have a legal or constructive obligation as a result of past events, such as contractual commitments, legal or other obligations for which we can reliably estimate the obligation, and it is probable we will be required to settle the obligation. We recognize as a provision our best estimate of the amount required to settle the obligations as of the balance sheet date, taking into account the risks and uncertainties surrounding the obligations. Provisions are recorded in other liabilities on the Consolidated Balance Sheet. Contingent liabilities are potential obligations arising from past events, the existence of which will only be confirmed by the occurrence or non-occurrence Legal Proceedings The bank and its subsidiaries are party to legal proceedings, including regulatory investigations, in the ordinary course of business. We review the status of these proceedings regularly and establish provisions when in our judgment it becomes probable that we will incur a loss and the amount can be reliably estimated. The bank’s provisions represent our best estimates based upon currently available information for proceedings for which estimates can be made. However, the bank’s provisions may differ significantly from actual losses as a result of, for example, the inherent uncertainty of the various potential outcomes of such proceedings; the varying stages of the proceedings; the existence of multiple defendants whose share of liability may not yet be determined; unresolved issues in such proceedings, some of which involve novel legal theories and interpretations; the fact that the underlying matters will change from time to time; and such proceedings may involve very large or indeterminate damages. While it is inherently difficult to predict the ultimate outcome of these proceedings, based on our current knowledge, we do not expect the outcome of any of these proceedings, individually or in the aggregate, to have a material adverse effect on the consolidated financial position or the results of operations of the bank. However, because of the factors listed above, as well as other uncertainties inherent in litigation and regulatory matters, there is a possibility that the ultimate resolution of legal proceedings or regulatory investigations may be material to the bank’s consolidated financial position or its results of operations for any particular reporting period. BMO Harris Bank N.A. (BMO Harris), as successor to M&I Marshall and Ilsley Bank (M&I), was 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). The lawsuit, brought by a Trustee in bankruptcy proceedings for certain Petters entities, alleged that between 1999 and 2008, M&I (and a predecessor bank) helped facilitate the Ponzi scheme operated by Petters. The trial took place from October 12 to November 8, 2022 and on November 8, 2022, the jury awarded damages of approximately US$564 million against BMO Harris. This amount does not include prejudgment interest which could be as much as US$484 million. BMO Harris strongly denies the plaintiff’s allegations and will continue to defend itself vigorously, including by bringing an appeal to the United States Court of Appeals for the Eight h non-interest Restructuring Charges Provisions for restructuring charges as at October 31, 2022 are $94 million ($136 million as at October 31, 2021), primarily severance-related costs. This represents our best estimate of the amount that will ultimately be paid out. Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2022 2021 Balance at beginning of year 248 472 Additional provisions/increase in provisions 1,201 166 Provisions utilized (155 ) (340 ) Amounts reversed (20 ) (44 ) Foreign exchange and other 3 (6 ) Balance at end of year (1) 1,277 248 (1) Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segmen
Operating and Geographic Segmentation | 12 Months Ended |
Oct. 31, 2022 | |
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Operating and Geographic Segmentation | Note 25: Operating and Geographic Segmentation Operating Groups We conduct our business through three operating groups, each of which has a distinct mandate. We determine our operating groups based on our management structure and therefore these groups, and the results attributed to them, may not be comparable with those of other financial services companies. We evaluate the performance of our operating non-interest expense-to-revenue Personal and Commercial Banking Personal and Commercial Banking (P&C) is comprised of two operating segments: Canadian Personal and Commercial Banking and U.S. Personal and Commercial Banking. Canadian Personal and Commercial Banking Canadian Personal and Commercial Banking (Canadian P&C) provides a full range of financial products and services to eight million customers. Personal Banking provides financial solutions through a network of almost 900 branches, contact centres, digital banking platforms and over 3,200 automated teller machines. Commercial Banking serves clients across Canada and delivers sector and industry expertise, as well as a local presence. U.S. Personal and Commercial Banking U.S. Personal and Commercial Banking (U.S. P&C) offers a broad range of products and services. Our retail and small and mid-sized BMO Wealth Management BMO’s group of wealth management businesses (BMO WM) serves a full range of client segments, from mainstream to ultra high net worth and institutional, with a broad offering of wealth management products and services, including insurance products. BMO Capital Markets BMO Capital Markets (BMO CM) is a North American-based financial services provider offering a complete range of products and services to corporate, institutional and government clients. Through our Investment and Corporate Banking and Global Markets lines of business, we operate in 32 locations around the world, including 18 offices in North America. Corporate Services Corporate Services consists of Corporate Units and Technology and Operations (T&O). Corporate Units provide enterprise-wide expertise, governance and support in a variety of areas, including strategic planning, risk management, finance, legal and regulatory compliance, human resources, communications, marketing, real estate and procurement. T&O develops, monitors, manages and maintains governance of information technology including data and analytics, and also provides cybersecurity and operations services. The costs of these Corporate Units and T&O services are largely transferred to the three operating groups (P&C, BMO WM and BMO CM), with any remaining amounts retained in Corporate Services results. As such, Corporate Services results largely reflect the impact of residual treasury-related activities, the elimination of taxable equivalent adjustments and residual unallocated expenses. Basis of Presentation The results of these operating groups are based on our internal financial reporting systems. The accounting policies used in these segments are generally consistent with those followed in the preparation of our consolidated financial statements, as disclosed in Note 1 and throughout the consolidated financial statements. Income taxes presented below may not be reflective of taxes paid in each jurisdiction in which we operate. Income taxes are generally applied to each segment based on a statutory tax rate and may be adjusted for items and activities specific to each segment. A notable accounting measurement difference is the taxable equivalent basis adjustment, as described below. Periodically, certain business lines and units within the business lines are transferred between client and corporate support groups to more closely align our organizational structure with our strategic priorities. In addition, revenue and expense allocations are updated to more accurately align with current experience. Results for prior periods are restated to conform with the current year’s presentation. Taxable Equivalent Basis We analyze revenue on a taxable equivalent basis (teb) at the operating group level. Revenue and the provision for income taxes are increased on tax-exempt before-tax tax-exempt Inter-Group Allocations Various estimates and allocation methodologies are used in the preparation of the operating groups’ financial information. Overhead expenses are allocated to operating groups using allocation formulas applied on a consistent basis. Operating group net interest income reflects internal funding charges and credits on the groups’ assets, liabilities and capital at market rates, taking into account relevant terms and currency considerations. The offset of the net impact of these charges and credits is reflected in Corporate Services. These inter-group allocations are also applied to the geographic segmentation. Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate (1) 2022 Total Net interest income (2) 7,449 5,037 1,188 3,197 (986 ) 15,885 Non-interest 2,419 1,265 3,336 2,975 7,830 17,825 Total Revenue 9,868 6,302 4,524 6,172 6,844 33,710 Provision for (recovery of) credit losses on impaired loans 432 107 2 (32 ) (7 ) 502 Provision for (recovery of) credit losses on performing loans (91 ) (90 ) (4 ) (11 ) 7 (189 ) Total provision for (recovery of) credit losses 341 17 (2 ) (43 ) – 313 Insurance claims, commissions and changes in policy benefit liabilities – – (683 ) – – (683 ) Depreciation and amortization 516 424 258 282 – 1,480 Non-interest 3,833 2,619 3,306 3,573 1,383 14,714 Income before taxes 5,178 3,242 1,645 2,360 5,461 17,886 Provision for income taxes 1,352 745 394 588 1,270 4,349 Reported net income 3,826 2,497 1,251 1,772 4,191 13,537 Average assets (3) 292,087 145,187 50,488 404,728 180,007 1,072,497 Canadian U.S. P&C BMO WM BMO CM Corporate 2021 Total Net interest income (2) 6,561 4,268 982 3,115 (616 ) 14,310 Non-interest 2,225 1,243 6,071 3,011 326 12,876 Total Revenue 8,786 5,511 7,053 6,126 (290 ) 27,186 Provision for (recovery of) credit losses on impaired loans 493 22 4 11 (5 ) 525 (Recovery of) credit losses on performing loans (116 ) (166 ) (16 ) (205 ) (2 ) (505 ) Total provision for (recovery of) credit losses 377 (144 ) (12 ) (194 ) (7 ) 20 Insurance claims, commissions and changes in policy benefit liabilities – – 1,399 – – 1,399 Depreciation and amortization 486 475 323 281 – 1,565 Non-interest 3,482 2,338 3,520 3,181 1,423 13,944 Income (loss) before taxes 4,441 2,842 1,823 2,858 (1,706 ) 10,258 Provision for (recovery of) income taxes 1,153 666 441 738 (494 ) 2,504 Reported net income (loss) 3,288 2,176 1,382 2,120 (1,212 ) 7,754 Average assets (3) 263,004 129,009 48,232 372,475 168,420 981,140 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis – see Basis of Presentation section. (3) Included within average assets are average earning assets, which are comprised of deposits with other banks, deposits at central banks, reverse repos, loans and securities. Total average earning assets for 2022 are $979,341 million, including $278,022 million for Canadian P&C, $138,094 million for U.S. P&C, and $563,225 million for all other operating segments including Corporate Services Effective the first quarter of fiscal 2022, certain expense allocations were updated within our operating segments to better align with current experience, with no impact to total bank results. Certain comparative figures have been reclassified to conform with the current year’s presentation. Geographic Information We operate primarily in Canada and the United States, but we also have operations in the United Kingdom, Europe, the Caribbean and Asia, which are grouped in other countries in the table below. We allocate our results by geographic region based on the location of the unit responsible for managing the related assets, liabilities, revenues and expenses. Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) 2022 Canada United States Other countries Total Total Revenue 15,977 16,980 753 33,710 Income before taxes 7,335 10,526 25 17,886 Reported net income 5,557 7,894 86 13,537 Average Assets 600,607 416,885 55,005 1,072,497 2021 Total Revenue 15,983 9,242 1,961 27,186 Income (loss) 6,242 4,224 (208 ) 10,258 Reported net income (loss) 4,809 3,254 (309 ) 7,754 Average Assets 544,652 376,102 60,386 981,140 |
Significant Subsidiaries
Significant Subsidiaries | 12 Months Ended |
Oct. 31, 2022 | |
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Significant Subsidiaries | Note 26: Significant Subsidiaries As at October 31, 2022, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant S Head or principal office Book value of shares owned by the Bank of Montreal (China) Co. Ltd. Beijing, China 463 Bank of Montreal Europe plc Dublin, Ireland 1,130 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 36,913 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michael, Barbados BMO Nesbitt Burns Inc. Toronto, Canada BMO Investments Inc. Toronto, Canada BMO InvestorLine Inc. Toronto, Canada BMO Capital Markets Limited London, England 289 BMO Financial Corp. and subsidiaries, including: Chicago, United States 32,490 BMO Asset Management Corp. and subsidiaries Chicago, United States BMO Capital Markets Corp. New York, United States BMO Harris Bank National Association and subsidiaries, including: Chicago, United States BMO Harris Investment Company LLC Chicago, United States BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,610 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 597 BMO Japan Securities Ltd. Tokyo, Japan 6 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp. and BMO Capital Markets Corp., which are incorporated under the laws of the state of Delaware, United States. BMO Harris Investment Company LLC is organized under the laws of the state of Nevada, United States. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. Significant Restrictions Our ability to transfer funds between our subsidiaries may be restricted by statutory, contractual, capital and regulatory requirements. Restrictions include: • Assets pledged as security for various liabilities we incur. Refer to Note 24 for details • Assets of our consolidated structured entities that are held for the benefit of the note holders. Refer to Note 7 for details. • Assets held by our insurance subsidiaries. Refer to Note 12 for details. • Regulatory and statutory requirements that reflect capital and liquidity requirements. • Funds required to be held with central banks. Refer to Note 2 for details. |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Oct. 31, 2022 | |
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Related Party Transactions | Note 27: Related Party Transactions Related parties include subsidiaries, joint ventures, associates, employee future benefit plans and key management personnel and their close family members. Close family members include spouses, common-law Key Management Personnel and Their Close Family Members Key management personnel is defined as those persons having authority and responsibility for planning, directing and/or controlling the activities of an entity, being the members of our Board of Directors (directors) and certain senior executives. The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2022 2021 Base salary and incentive s 25 22 Post-employment benefit s 3 3 Share-based payments (1) 45 32 Total key management personnel compensation 73 57 (1) Amounts included in share-based payments are the fair values of awards granted in the year. We offer senior executives market interest rates on credit card balances, a fee-based as at October 31, h a d at October 31, 2022 and 2021. Directors receive a specified amount of their annual retainer in deferred stock units. Until a director’s shareholdings (including deferred stock units) are eleven times greater than their annual retainer, they are required to take 100% of their annual retainer and other fees in the form of either our common shares or deferred stock units. Once the shareholding requirements have been met, directors may elect to receive the remainder of such retainer fees and other remuneration in cash, common shares or deferred stock units. Directors of our wholly owned subsidiary, BMO Financial Corp., are required to take a specified minimum amount of their annual retainer and other fees in the form of deferred stock units. Joint Ventures and Associates We provide banking services to our joint ventures and associates on the same terms offered to our customers for these services. The following table presents the carrying amount of our interests in joint ventures and associates accounted for under the equity method, as well as our share of the income of those entities: (Canadian $ in millions) Joint ventures Associates 2022 2021 2022 2021 Carrying amount 585 474 708 661 Share of net income 126 107 148 141 We do not have any joint ventures or associates that are individually material to our consolidated financial statements. The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2022 2021 Loans (1) 1,190 791 Deposits 202 117 Fees paid for services received 61 59 Guarantees and commitments 93 73 (1) Includes customers’ liability under acceptances. |
Accounting Policies (Policies)
Accounting Policies (Policies) | 12 Months Ended |
Oct. 31, 2022 | |
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Basis of Consolidation | Basis of Consolidation These consolidated financial statements are inclusive of the financial statements of our subsidiaries as at October 31, 2022. We conduct business through a variety of corporate structures, including subsidiaries, structured entities (SEs), associates and joint ventures. Subsidiaries are those entities where we exercise control through our ownership of the majority of the voting shares. We also hold interests in SEs, which we consolidate when we control the SEs. These are more fully described in Note 7. All of the assets, liabilities, revenues and expenses of our subsidiaries and consolidated SEs are included in our consolidated financial statements. All intercompany transactions and balances are eliminated on consolidation. We hold investments in associates , of the voting shares). These are accounted for using the equity method. The equity method is also applied to our investments in joint ventures, which are entities where we exercise joint control through an agreement with other shareholders. Under the equity method of accounting, investments are initially recorded at cost, and the carrying amount is increased or decreased to recognize our share of investee’s net income or loss, including other comprehensive income or loss. Additional information regarding accounting for investments in associates and joint ventures is included in Note 3. |
Translation of Foreign Currencies | Translation of Foreign Currencies We conduct business in a variety of foreign currencies and present our consolidated financial statements in Canadian dollars, which is our functional currency. Monetary assets and liabilities, as well as non-monetary Non-monetary Unrealized gains and losses arising from translating our net investment in foreign operations into Canadian dollars, net of related hedging activities and applicable income taxes, are included in our Consolidated Statement of Comprehensive Income within net gains (losses) on translation of net foreign operations. When we dispose of a foreign operation such that control, significant influence or joint control is lost, the cumulative amount of the translation gain (loss) and any applicable hedging activities and related income taxes is reclassified to our Consolidated Statement of Income as part of the gain or loss on disposition. Foreign currency translation gains and losses on equity securities measured at FVOCI that are denominated in foreign currencies are included in accumulated other comprehensive income on FVOCI equity securities, net of taxes, in our Consolidated Statement of Changes in Equity. All other foreign currency translation gains and losses are included in foreign exchange gains, other than trading, in our Consolidated Statement of Income as they arise. From time to time, we enter into foreign exchange hedge contracts to reduce our exposure to changes in the value of foreign currencies. Realized and unrealized gains and losses that arise on the mark-to-market non-interest |
Revenue | Revenue Dividend Income Dividend income is recognized when the right to receive payment is established. This is the ex-dividend Fee Income Securities commissions and fees Deposit and payment service charges Card fees Investment management and custodial fees Mutual fund revenues Underwriting and advisory fees merger-and-acquisition |
Leases – Bank as a lessor | Leases We are lessors in both financing leases and operating leases. Leases are classified as financing leases if they transfer substantially all the risks and rewards incidental to ownership of the leased asset to the lessee. Otherwise they are classified as operating leases, as we retain substantially all the risks and rewards of asset ownership. As lessor in a financing lease, a loan is recognized equal to the investment in the lease, which is calculated as the present value of the minimum payments to be received from the lessee, discounted at the interest rate implicit in the lease, plus any unguaranteed residual value we expect to recover at the end of the lease. Finance lease income is recognized in interest, dividend and fee income, loans, in our Consolidated Statement of Income. Assets under operating leases are recorded in other assets in our Consolidated Balance Sheet. Rental income is recognized on a straight-line basis over the term of the lease in non-interest non-interest Refer to Note 9 for our policy on lessee accounting. |
Assets Held-for-Sale | Assets Held-for-Sale Non-current non-financial held-for-sale non-current non-interest |
Changes in Accounting Policies | Changes in Accounting Policies Interbank Offered Rate (IBOR) Reform – Phase 2 Amendments 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 exemption from the requirement to discontinue hedge accounting when changes to hedge documentation are solely the result of IBOR reform. With the cessation dates for London Interbank Offered Rate (LIBOR) determined and the transition from IBORs to alternative reference rates (ARRs) well underway, and as both a holder and an issuer of IBOR-based instruments, BMO continues to be exposed to financial, operational, legal and regulatory, and reputational risks. These risks arise principally from amending legacy contracts from LIBOR to an ARR or existing fallback clauses for new ARRs and the resulting impact on economic risk management, as well as updating hedge designations as the new ARRs emerge. Our enterprise IBOR Transition Office (ITO) continues 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 has a global mandate, including to address the bank’s industry and regulatory engagement, internal and external communications, technology and operations modifications, introduction of new products, migration of existing client contracts, program strategy and governance, and to evaluate financial reporting impacts, including impacts on hedge accounting. As the market continues to develop, we have added and will continue 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) has been permanently discontinued or is temporarily unavailable. 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. 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 planned, BMO transitioned all exposure to Sterling, Euro, Swiss Franc and Japanese Yen LIBOR, as well as the 1-week and 2-month USD LIBOR to ARRs, in advance of the December 31, 2021 discontinuation of such settings. In addition, BMO ceased issuing new USD LIBOR-based loans and financial instruments after December 31, 2021, except in permitted circumstances, in compliance with U.S. prudential regulator supervisory guidance. As we approach the June 30, 2023 cessation date for the remaining USD LIBOR settings, overall USD LIBOR exposures are being reduced and existing USD LIBOR derivative exposures are expected to largely transition when central counterparties convert existing LIBOR trades to Secured Overnight Financing Rate by the cessation date. On December 16, 2021, the Canadian Alternative Reference Rate working group (CARR) recommended the administrator, Refinitiv Benchmark Services UK Limited (RBSL), to cease publication of Canadian Dollar Offered Rate (CDOR) settings immediately after June 28, 2024, using a two-stage transition approach. By the end of the first stage on June 30, 2023, CARR expects that all new derivative contracts and securities will use the Canadian Overnight Repo Rate Average (CORRA), with the exception of derivatives that hedge or reduce CDOR exposures from derivatives or securities transacted before June 30, 2023, or loan agreements entered into before June 28, 2024. All remaining CDOR exposures should be transitioned to CORRA by June 28, 2024, marking the end of the second stage. On May 16, 2022, following public consultation, RBSL announced that all remaining CDOR settings will cease publication immediately after June 28, 2024, in line with CARR recommendations. The ITO adjusted all affected project plans as a result of the RBSL announcement. The following table presents quantitative information for financial instruments that referenced certain IBORs as at October 31, 2021, which were either due to mature after June 30, 2023 for USD LIBOR settings other than 1-week 2-month in-scope plans. (Canadian $ in millions) 2022 2021 USD LIBOR CDOR USD LIBOR GBP LIBOR Other (1) Non-derivative (2) 48,162 37,101 91,991 730 884 Non-derivative (2) 3,335 4,583 3,043 678 – Derivative notional amounts (3)(4) 1,870,472 1,554,518 1,340,121 28,385 4,898 Authorized and committed loan commitments (5)(6)(7) 90,797 26,106 62,174 241 15,047 (1) Includes CHF LIBOR, EONIA and JPY LIBOR, which have been discontinued after December 31, 2021. (2) All amounts are presented based on contractual amounts outstanding with the exception of securities, recorded in non-derivative (3) Notional amounts 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 legs currently reference an IBOR. For those derivatives, the table above includes the notional amounts 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 IBORs for the foreign currency, including those that are in scope of IBOR reform. (7) Commitments also include backstop liquidity facilities provided by the bank to external parties. 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 | Use of Estimates and Judgments The preparation of the consolidated financial statements requires management to use estimates and assumptions that affect the carrying amounts of certain assets and liabilities, certain amounts reported in net income and other related disclosures. The most significant assets and liabilities for which we must make estimates 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; transfers of financial assets and consolidation of structured entities. We make judgments in assessing the business model for financial assets as well as whether substantially all risks and rewards have been transferred in respect of transfers of financial assets and whether we control SEs, as discussed in Notes 6 and 7, respectively. If actual results were to differ from the estimates, the impact would be recorded in future periods. The economic outlook for Canada and the U.S. is subject to several risks that could lead to a severe downturn, including, persistent high inflation and significant further increases in interest rates, an escalation of the conflict in Ukraine, rising geopolitical tensions between the U.S. and China, and the pandemic. A significant housing market correction could also occur if monetary policy becomes overly restrictive to control inflation. The impact on BMO’s business, results of operations, reputation, financial performance and condition, including the potential for credit, counterparty and mark-to-market Allowance for Credit Losses The expected credit loss (ECL) 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 (PD) between origination and reporting date, assessed using probability-weighted scenarios as well as certain other criteria, such as 30-day In determining whether there has been a significant increase in credit risk and in calculating the amount of expected credit losses, we must rely on estimates and exercise judgment regarding matters for which the ultimate outcome is unknown. These judgments include changes in circumstances that may cause future assessments of credit risk to be materially different from current assessments, which could require an increase or decrease in the allowance for credit losses. The calculation of expected credit losses includes the explicit incorporation of forecasts of future economic conditions. We have developed models incorporating specific macroeconomic variables that are relevant to each portfolio. Key economic variables for our retail portfolios include primary operating markets of Canada, the United States (U.S.) and regional markets where considered significant. Forecasts are developed internally by our Economics group, considering external data and our view of future economic conditions. We exercise experienced credit judgment to incorporate multiple economic forecasts which are probability-weighted in the determination of the final expected credit loss. The allowance is sensitive to changes in both economic forecasts and the probability weight assigned to each forecast scenario. Additional information regarding the allowance for credit losses is included in Note 4. Financial Instruments Measured at Fair Value Fair value measurement techniques are used to value various financial assets and financial liabilities, and are also used in performing impairment testing on certain non-financial Additional information regarding our fair value measurement techniques is included in Note 17. Pension and Other Employee Future Benefits Our pension and other employee future benefit expense is calculated by our independent actuaries using assumptions determined by management. If actual experience were to differ from the assumptions used, we would recognize this difference in other comprehensive income. Pension and other employee future benefit expense, plan assets and defined benefit obligations are also sensitive to changes in discount rates. We determine discount rates for all of our plans using high-quality AA rated corporate bond yields with terms matching the plans’ specific cash flows. Additional information regarding our accounting for pension and other employee future benefits is included in Note 21. Impairment of Securities We review investments in associates and joint ventures at each quarter-end Debt securities measured at amortized cost or FVOCI are assessed for impairment using the expected credit loss model. For securities determined to have low credit risk, the allowance for credit losses is measured at a 12-month Additional information regarding our accounting for debt securities measured at amortized cost or FVOCI and investments in associates and joint ventures, allowance for credit losses and the determination of fair value is included in Notes 3 and 17. Income Taxes and Deferred Tax Assets The provision for income taxes is calculated based on the expected tax treatment of transactions recorded in either our Consolidated Statement of Income or Consolidated Statement of Changes in Equity. In determining the provision for income taxes, we interpret tax legislation, case law and administrative positions in numerous jurisdictions and, based on our judgment, record our estimate of the amount required to settle tax obligations. We also make assumptions about the expected timing of the reversal of deferred tax assets and liabilities. If our interpretations and assumptions differ from those of tax authorities or if the timing of reversals is not as expected, our provision for income taxes could increase or decrease in future periods. The amount of any such increase or decrease cannot be reasonably estimated. Deferred tax assets are recognized only when it is probable that sufficient taxable profit will be available in future periods against which deductible temporary differences or unused tax losses and tax credits may be utilized. We are required to assess whether it is probable that our deferred tax assets will be realized. The factors used to assess the probability of realization are our past experience of income and capital gains, our forecast of future net income before taxes, and the remaining expiration period of tax loss carryforwards and tax credits. Changes in our assessment of these factors could increase or decrease our provision for income taxes in future periods. Additional information regarding our accounting for income taxes is included in Note 22. Goodwill and Intangible Assets For the purpose of impairment testing, goodwill is allocated to our groups of cash-generating units (CGUs), which represent the lowest level within the bank at which goodwill is monitored for internal management purposes. Impairment testing is performed at least annually, by comparing the carrying values and the recoverable amounts of the CGUs to which goodwill has been allocated to determine whether the recoverable amount of each group is greater than its carrying value. If the carrying value of the group were to exceed its recoverable amount, an impairment calculation would be performed. The recoverable amount of a CGU is the higher of its fair value less costs to sell and value in use. In determining fair value less costs to sell, we employ a discounted cash flow model consistent with those used when we acquire businesses. This model is dependent on assumptions related to revenue growth, discount rates, synergies achieved on acquisition and the availability of comparable acquisition data. Changes in any of these assumptions would affect the determination of fair value for each of the business units in a different manner. Management must exercise judgment and make assumptions in determining fair value less costs to sell, and differences in judgment and assumptions could affect the determination of fair value and any resulting impairment write-down. Intangible assets with a definite life are amortized to income on either a straight-line or an accelerated basis over a period not exceeding 15 years, depending on the nature of the asset. We test definite-life intangible assets for impairment when circumstances indicate the carrying value may not be recoverable. Indefinite-life intangible assets are tested annually for impairment. If any intangible assets are determined to be impaired, we write them down to their recoverable amount, the higher of value in use and fair value less costs to sell, when this is less than the carrying value. Additional information regarding goodwill and intangible assets is included in Note 11. Insurance-Related Liabilities Insurance claims and policy benefit liabilities represent current claims and estimates of future insurance policy benefit liabilities. Liabilities for life insurance contracts are determined using the Canadian Asset Liability Method, which incorporates best-estimate assumptions for mortality, morbidity, policy lapses, surrenders, future investment yields, policy dividends, administration costs and margins for adverse deviation. These assumptions are reviewed at least annually and updated to reflect actual experience and market conditions. The most significant impact on the valuation of a liability would result from a change in the assumption for future investment yields. Additional information regarding insurance-related liabilities is included in Note 14. Provisions A provision, including for legal proceedings and restructuring charges, is recognized if, as a result of a past event, the bank has a present legal or constructive obligation that can be estimated reliably, and it is probable that an outflow of economic benefits will be required to settle the obligation. Provisions are recorded at the best estimate of the amounts required to settle the obligation as at the balance sheet date, taking into account the risks and uncertainties associated with the obligation. Management and external experts are involved in estimating any provision, as necessary. The actual costs of settling some obligations may be substantially higher or lower than the amounts of the provisions. Additional information regarding provisions is included in Note 24. Transfer of Assets We enter into transactions in which we transfer assets, typically mortgage loans, mortgage-backed securities and credit card loans, to a structured entity or third party to obtain alternate sources of funding or as part of our trading activities. We assess whether substantially all of the risks and rewards of or control over the assets have been transferred to determine if they qualify for derecognition. Where we continue to be exposed to substantially all of the repayment, interest rate and/or credit risk associated with the securitized assets, they do not qualify for derecognition. We continue to recognize the assets and the related cash proceeds as secured financings in our Consolidated Balance Sheet. Transferred assets are discussed in greater detail in Note 6. Consolidation of Structured Entities For securitization vehicles sponsored by the bank, the vehicles typically have limited decision-making authority. The structure of these vehicles limits the activities they can undertake, the types of assets they can hold and the funding of their activities. We control and consolidate these vehicles when we have the key decision-making powers necessary to obtain the majority of the benefits from their activities. For certain investments in limited partnerships, we exercise judgment in determining whether we control an entity. Based on an assessment of our interests and rights, we have determined that we do not control certain entities, even though we may have an ownership interest greater than 50%. This may be the case when we are not the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Additionally, we have determined that we control certain entities despite having an ownership interest of less than 50%. This may be the case when we are the general partner in an arrangement and the general partner’s rights most significantly affect the returns of the entity. Structured entities are discussed in greater detail in Notes 7 and 20. |
Future Changes in IFRS | Future Changes in IFRS Insurance Contracts In May 2017, the IASB issued IFRS 17 Insurance Contracts Insurance Contracts IFRS 17 will change the fundamental principles used to recognize and measure insurance contracts, including life insurance contracts, reinsurance contracts and investment contracts with discretionary participation features. Key differences from IFRS 4 are as follows: IFRS 17 requires us to measure groups of contracts based on our estimates of the present value of future cash flows that are expected to arise as we fulfill the contracts, an explicit risk adjustment for non-financial The discount rate we use under IFRS 4 is connected to the assets held to support insurance contract liabilities. Under IFRS 17, the discount rate will reflect the characteristics of the insurance contract liabilities. We have an accounting policy choice under IFRS 17 to recognize changes in the discount rate on insurance contract liabilities, either through other comprehensive income or in our statement of income. On transition, we will either apply a full retrospective approach where we restate prior periods as if we had always applied IFRS 17, a modified retrospective approach where we apply specific modifications to the full retrospective application, or a full fair value method where we measure the contracts at fair value to determine a value for the CSM. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
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Schedule of Total Credit Risk Exposures | Total credit exposures at default by type and industry sector, as at October 31, 2022 and 2021, based on the Basel III classifications, are as follows: (Canadian $ in millions) Drawn (3) Commitments (undrawn) (3) OTC derivatives (4) Other off-balance sheet items (3) Repo-style Total (1) 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 2022 2021 Individual 245,673 224,348 62,697 55,655 – – 76 84 – – 308,446 280,087 Financial institutions 175,770 187,011 22,535 26,933 19,030 16,331 7,887 6,808 24,311 28,968 249,533 266,051 Governments 99,498 67,207 1,863 1,606 5,500 4,011 434 400 3,173 3,226 110,468 76,450 Manufacturing 36,274 27,002 20,237 16,470 1,643 1,649 2,067 1,784 – – 60,221 46,905 Real estate 53,531 43,524 13,325 9,830 459 1,032 1,295 1,189 – – 68,610 55,575 Retail trade 24,040 16,270 5,235 4,646 248 289 548 592 – – 30,071 21,797 Service industries 54,750 44,367 18,603 16,126 695 1,238 3,169 2,998 – – 77,217 64,729 Wholesale trade 20,220 14,372 7,859 5,199 336 282 773 694 – – 29,188 20,547 Oil and gas 4,084 6,075 4,967 5,468 6,066 10,281 1,341 1,377 – – 16,458 23,201 Utilities 9,954 7,412 13,740 10,864 2,087 1,273 4,364 2,950 – – 30,145 22,499 Others (2) 48,441 37,071 17,548 17,177 1,649 1,588 5,248 4,732 – – 72,886 60,568 Total exposure at default (6) 772,235 674,659 188,609 169,974 37,713 37,974 27,202 23,608 27,484 32,194 1,053,243 938,409 (1) Credit exposure excluding equity, securitization and other assets, such as non-significant investments, goodwill, deferred tax assets and intangibles. (2) Includes remaining industries that individually comprise less than (3) Represents gross credit exposures without accounting for collateral. (4) Credit exposure at default is inclusive of collateral. (5) Impact of collateral on the credit exposure for repo-style transactions is $215,806 million ($208,635 million in 2021). (6) Excludes exposures arising from derivative and repo-style transactions that are cleared through CCPs totalling $13,698 million ($18,440 million in 2021). |
Summary Total Trading Value at Risk (VaR) Summary | As at or for the year ended October 31 (Pre-tax Canadian $ equivalent in millions) 2022 2021 Year-end Average High Low Year-end Average High Low Commodity VaR 1.6 3.1 5.5 1.0 1.8 2.7 6.2 1.1 Equity VaR 14.1 13.1 18.4 8.5 10.8 14.9 24.9 10.0 Foreign exchange VaR 2.3 1.8 5.2 0.5 0.5 2.2 6.4 0.5 Interest rate VaR (3) 22.1 18.0 26.5 12.4 15.2 27.1 52.5 9.8 Debt-specific risk 10.2 5.7 10.5 1.8 3.0 3.3 5.4 1.9 Diversification (15.0 ) (15.1 ) nm nm (12.8 ) (19.7 ) nm nm Total Trading VaR 35.3 26.6 38.2 18.1 18.5 30.5 53.5 15.3 Total Trading SVaR 64.4 53.6 70.8 34.2 55.8 45.7 65.4 36.3 (1) One-day measure using a 99% confidence interval. Gains are presented in brackets and losses are presented as positive numbers. (2) Stressed VaR is produced weekly. (3) Interest rate VaR includes general credit spread risk. nm – not meaningful |
Structural Interest Rate Sensitivity | Structural Interest Rate Sensitivity (1) Economic value sensitivity Earnings sensitivity over the next 12 months (Pre-tax Canadian $ equivalent in millions) October 31, 2022 October 31, 2021 October 31, 2022 October 31, 2021 Canada United States Total Total Canada United States Total Total 100 basis point increase (683.6 ) (306.6 ) (990.2 ) (1,459.1 ) 232.0 266.9 498.9 383.7 25 basis point decrease 159.7 42.0 201.6 264.9 (59.8 ) (79.8 ) (139.6 ) (141.6 ) 100 basis point decrease (2) 599.1 48.7 647.9 na (246.0 ) (349.2 ) (595.2 ) na (1) Losses are presented in brackets and gains are presented as positive numbers. (2) Due to the low interest rate environment that prevailed between April 30, 2020 and April 30, 2022, economic value sensitivity and earnings sensitivity to declining interest rates are measured using a decrease of 25 basis points. Not applicable for October 31, 2021. (3) Includes Canadian dollar and other currencies. na – not applicable |
Summary of Remaining Contractual Maturity | 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total On-Balance Sheet Financial Instruments Assets Cash and cash equivalents 86,003 – – – – – – – 1,463 87,466 Interest bearing deposits with banks 3,844 1,662 86 44 98 – – – – 5,734 Securities 4,189 4,284 5,480 5,375 6,060 18,272 68,521 108,072 53,009 273,262 Securities borrowed or purchased under resale agreements 83,861 21,736 5,101 2,448 48 – – – – 113,194 Loans (1) Residential mortgages 526 1,519 3,708 5,778 6,501 14,665 105,285 10,810 88 148,880 Consumer instalment and other personal 211 553 940 1,693 1,537 4,844 37,742 14,084 24,499 86,103 Credit cards – – – – – – – – 9,663 9,663 Business and government 13,003 9,595 11,724 9,300 11,394 37,250 105,009 17,776 94,259 309,310 Allowance for credit losses – – – – – – – – (2,617 ) (2,617 ) Total loans, net of allowance 13,740 11,667 16,372 16,771 19,432 56,759 248,036 42,670 125,892 551,339 Other Assets Derivative instruments 5,362 7,147 3,359 2,552 2,225 7,787 11,636 8,092 – 48,160 Customers’ liabilities under acceptances 9,752 3,461 19 3 – – – – – 13,235 Other 2,735 625 225 21 2 10 19 5,817 37,355 46,809 Total other assets 17,849 11,233 3,603 2,576 2,227 7,797 11,655 13,909 37,355 108,204 Total Assets 209,486 50,582 30,642 27,214 27,865 82,828 328,212 164,651 217,719 1,139,199 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Liabilities and Equity Deposits (2) (3) 38,064 44,637 49,626 47,908 48,444 39,992 62,978 16,265 421,564 769,478 Other liabilities Derivative instruments 3,370 11,764 4,399 3,814 2,895 7,619 14,092 12,003 – 59,956 Acceptances 9,752 3,461 19 3 – – – – – 13,235 Securities sold but not yet purchased (4) 40,979 – – – – – – – – 40,979 Securities lent or sold under repurchase agreements (4) 94,215 6,476 1,046 2,226 – – – – – 103,963 Securitization and liabilities related to structured entities 14 2,803 1,300 794 1,673 5,136 9,342 6,006 – 27,068 Other 12,143 4,980 101 97 146 872 2,558 5,722 18,713 45,332 Total other liabilities 160,473 29,484 6,865 6,934 4,714 13,627 25,992 23,731 18,713 290,533 Subordinated debt – – – – – – 25 8,125 – 8,150 Total Equity – – – – – – – – 71,038 71,038 Total Liabilities and Equity 198,537 74,121 56,491 54,842 53,158 53,619 88,995 48,121 511,315 1,139,199 (1) Loans receivable on demand have been included under no maturity. (2) Deposits payable on demand and payable after notice have been included under no maturity. (3) Deposits totalling $ 29,966 (4) Presented based on their earliest maturity date. 2022 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Off-Balance Sheet Commitments Commitments to extend credit (1) 1,932 3,610 10,461 13,373 14,753 38,057 119,430 5,490 – 207,106 Letters of credit (2) 1,680 4,601 4,936 4,662 4,922 2,832 3,680 57 – 27,370 Backstop liquidity facilities – 585 393 1,438 1,275 3,465 9,189 985 – 17,330 Leases – – – – – 3 44 256 – 303 Securities lending – – – – – – – – – – Purchase obligations 27 98 55 55 58 217 309 22 – 841 (1) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s 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. (2) Letters of credit can be drawn down at any time. These are classified based on their stated contractual maturity date. 2021 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total On-Balance Sheet Financial Instruments Assets Cash and cash equivalents 91,736 – – – – – – – 1,525 93,261 Interest bearing deposits with banks 3,529 1,440 1,172 1,753 409 – – – – 8,303 Securities 5,286 4,742 5,116 3,383 2,692 17,512 43,571 90,225 60,322 232,849 Securities borrowed or purchased under resale a 70,080 22,873 11,362 1,602 766 699 – – – 107,382 Loans (1) Residential mortgages 458 1,081 2,109 4,373 4,879 22,170 91,146 9,396 138 135,750 Consumer instalment and other personal 215 419 639 1,166 1,110 5,732 31,613 13,518 22,752 77,164 Credit cards – – – – – – – – 8,103 8,103 Business and government 12,082 7,667 7,697 10,496 10,213 29,303 81,377 14,413 66,561 239,809 Allowance for credit losses – – – – – – – – (2,564 ) (2,564 ) Total loans, net of allowance 12,755 9,167 10,445 16,035 16,202 57,205 204,136 37,327 94,990 458,262 Other Assets Derivative instruments 2,752 4,924 2,187 1,809 1,634 7,525 8,787 7,095 – 36,713 Customers’ liabilities under acceptances 11,574 2,428 19 – – – – – – 14,021 Other 2,002 461 140 4 3 5 1 5,097 29,671 37,384 Total other assets 16,328 7,813 2,346 1,813 1,637 7,530 8,788 12,192 29,671 88,118 Total Assets 199,714 46,035 30,441 24,586 21,706 82,946 256,495 139,744 186,508 988,175 2021 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Liabilities and Equity Deposits (2) (3) 29,885 37,841 42,488 28,857 24,299 33,778 45,729 19,925 422,829 685,631 Other liabilities Derivative instruments 2,771 3,651 2,379 1,508 1,444 5,723 7,140 6,199 – 30,815 Acceptances 11,574 2,428 19 – – – – – – 14,021 Securities sold but not yet purchased (4) 32,073 – – – – – – – – 32,073 Securities lent or sold under repurchase agreements (4) 73,190 17,199 3,994 3,103 70 – – – – 97,556 Securitization and liabilities related to structured entities 21 1,737 1,527 648 486 7,240 9,791 4,036 – 25,486 Other 10,121 1,632 116 109 162 944 1,277 3,509 20,307 38,177 Total other liabilities 129,750 26,647 8,035 5,368 2,162 13,907 18,208 13,744 20,307 238,128 Subordinated debt – – – – – – 25 6,868 – 6,893 Total Equity – – – – – – – – 57,523 57,523 Total Liabilities and Equity 159,635 64,488 50,523 34,225 26,461 47,685 63,962 40,537 500,659 988,175 (1) Loans receivable on demand have been included under no maturity . (2) Deposits payable on demand and payable after notice have been included under no maturity . (3) Deposits totalling $20,991 million as at October 31, 2021 have a fixed maturity date; however, they can be redeemed early (either fully or partially) by customers without penalty. These are classified as payable on a fixed date due to their stated contractual maturity date. (4) Presented based on their earliest maturity date. 2021 (Canadian $ in millions) 0 to 1 1 to 3 3 to 6 6 to 9 9 to 12 1 to 2 2 to 5 Over 5 No Total Off-Balance Sheet Commitments Commitments to extend credit (1) 1,674 4,935 8,374 13,308 14,498 33,749 99,639 4,571 – 180,748 Letters of credit (2) 1,196 4,083 4,358 3,815 4,806 1,980 3,304 104 – 23,646 Backstop liquidity facilities 189 137 293 1,073 1,578 2,709 6,088 828 – 12,895 Leases – – – – 1 3 22 222 – 248 Securities lending 3,909 – – – – – – – – 3,909 Purchase obligations 16 38 47 44 60 139 217 41 – 602 (1) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at BMO’s 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. (2) Letters of credit can be drawn down at any time. These are classified based on their stated contractual maturity date. |
Basis of Presentation (Tables)
Basis of Presentation (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
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Summary of quantitative information for financial instruments | The following table presents quantitative information for financial instruments that referenced certain IBORs as at October 31, 2021, which were either due to mature after June 30, 2023 for USD LIBOR settings other than 1-week 2-month in-scope plans. (Canadian $ in millions) 2022 2021 USD LIBOR CDOR USD LIBOR GBP LIBOR Other (1) Non-derivative (2) 48,162 37,101 91,991 730 884 Non-derivative (2) 3,335 4,583 3,043 678 – Derivative notional amounts (3)(4) 1,870,472 1,554,518 1,340,121 28,385 4,898 Authorized and committed loan commitments (5)(6)(7) 90,797 26,106 62,174 241 15,047 (1) Includes CHF LIBOR, EONIA and JPY LIBOR, which have been discontinued after December 31, 2021. (2) All amounts are presented based on contractual amounts outstanding with the exception of securities, recorded in non-derivative (3) Notional amounts 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 legs currently reference an IBOR. For those derivatives, the table above includes the notional amounts 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 IBORs for the foreign currency, including those that are in scope of IBOR reform. (7) Commitments also include backstop liquidity facilities provided by the bank to external parties. |
Cash and Interest Bearing Dep_2
Cash and Interest Bearing Deposits with Banks (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
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Disclosure of Cash and Interest Bearing Deposits with Banks | Cash and Cash Equivalents (Canadian $ in millions) 2022 2021 Cash and deposits with banks (1) 85,234 91,377 Cheques and other items in transit, net 2,232 1,884 Total cash and cash equivalents 87,466 93,261 (1) Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. |
Securities (Tables)
Securities (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
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Summary of Fair Value Measurement | The following table shows the remaining term to maturity of securities. (Canadian $ in millions, except as noted) Term to maturity 2022 2021 Within 1 1 to 3 3 to 5 5 to 10 Over 10 No Total Total Trading Securities Issued or guaranteed by: Canadian federal government 3,361 3,617 759 1,815 1,384 – 10,936 7,596 Canadian provincial and municipal governments 1,247 826 390 876 2,771 – 6,110 5,838 U.S. federal government 2,269 6,034 3,051 3,572 1,773 – 16,699 9,582 U.S. states, municipalities and agencies – 60 42 16 21 – 139 458 Other governments 1,337 1,432 742 367 92 – 3,970 1,898 NHA MBS, U.S. agency MBS and CMO (1) 32 165 432 176 13,507 – 14,312 14,054 Corporate debt 2,375 1,685 2,117 2,521 894 – 9,592 9,894 Trading loans – 96 49 201 – – 346 160 Corporate equity – – – – – 46,073 46,073 54,931 Total trading securities 10,621 13,915 7,582 9,544 20,442 46,073 108,177 104,411 FVTPL Securities Issued or guaranteed by: Canadian federal government 319 2 9 – 163 – 493 863 Canadian provincial and municipal governments 36 10 8 90 936 – 1,080 1,380 U.S. federal government 4 – – – – – 4 38 Other governments 39 48 – – – – 87 92 NHA MBS, U.S. agency MBS and CMO (1) – – – 8 – – 8 9 Corporate debt 136 152 285 937 4,969 – 6,479 7,704 Corporate equity – – – – – 5,490 5,490 4,124 Total FVTPL securities 534 212 302 1,035 6,068 5,490 13,641 14,210 FVOCI Securities Issued or guaranteed by: Canadian federal government Amortized cost 2,235 843 6,261 3,159 – – 12,498 13,087 Fair value 2,229 816 6,122 3,134 – – 12,301 13,065 Yield (%) 2.08 1.68 1.65 3.29 – – 2.14 1.48 Canadian provincial and municipal governments Amortized cost 720 632 1,360 1,929 83 – 4,724 2,973 Fair value 714 611 1,300 1,866 80 – 4,571 2,987 Yield (%) 1.22 2.51 2.74 3.21 4.29 – 2.70 1.45 U.S. federal government Amortized cost 1,006 49 751 1,249 348 – 3,403 21,041 Fair value 989 46 680 1,067 328 – 3,110 21,026 Yield (%) 2.65 1.02 1.67 1.50 4.05 – 2.13 1.48 U.S. states, municipalities and agencies Amortized cost 485 1,062 602 864 850 – 3,863 4,034 Fair value 483 1,030 567 809 825 – 3,714 4,114 Yield (%) 2.26 2.16 2.31 2.37 2.44 – 2.30 1.91 Other governments Amortized cost 3,385 1,420 1,589 138 – – 6,532 6,476 Fair value 3,377 1,390 1,511 133 – – 6,411 6,502 Yield (%) 0.86 1.95 2.64 5.04 – – 1.62 1.19 NHA MBS (1) Amortized cost 25 102 1,212 – 37 – 1,376 1,122 Fair value 21 102 1,204 – 36 – 1,363 1,125 Yield (%) 0.46 0.85 2.22 – 1.53 – 2.07 1.23 U.S. agency MBS and CMO (1) Amortized cost 70 44 78 1,215 6,789 – 8,196 10,894 Fair value 70 42 72 1,181 6,540 – 7,905 11,011 Yield (%) 3.42 2.96 2.67 2.34 2.38 – 2.39 1.22 Corporate debt Amortized cost 1,439 1,249 1,084 238 193 – 4,203 3,147 Fair value 1,391 1,221 1,024 206 191 – 4,033 3,161 Yield (%) 0.82 3.28 2.34 4.74 3.59 – 2.29 1.37 Corporate equity Amortized cost – – – – – 122 122 103 Fair value – – – – – 153 153 132 Total cost or amortized cost 9,365 5,401 12,937 8,792 8,300 122 44,917 62,877 Total fair value 9,274 5,258 12,480 8,396 8,000 153 43,561 63,123 Yield (%) 1.45 2.30 2.04 2.86 2.50 – 2.19 1.42 Amortized Cost Securities Issued or guaranteed by: Canadian federal government Amortized cost 2,146 3,537 1,319 134 – – 7,136 7,084 Fair value 2,223 3,513 1,267 126 – – 7,129 7,120 Yield (%) 0.89 1.85 1.71 2.66 – – 1.55 1.49 Canadian provincial and municipal governments Amortized cost 984 2,113 1,345 1,146 – – 5,588 5,642 Fair value 1,044 2,133 1,299 1,107 – – 5,583 5,723 Yield (%) 2.71 1.91 2.32 2.90 – – 2.35 2.07 U.S. federal government Amortized cost 924 15,825 15,098 23,511 3,887 – 59,245 5,633 Fair value 942 14,785 13,414 19,703 2,873 – 51,717 5,589 Yield (%) 0.94 1.46 1.29 1.56 2.05 – 1.49 1.51 U.S. states, municipalities and agencies Amortized cost – – – 109 – – 109 – Fair value – – – 105 – – 105 – Yield (%) – – – 4.26 – – 4.26 – Other governments Amortized cost 419 577 376 15 – – 1,387 1,413 Fair value 456 544 364 13 – – 1,377 1,420 Yield (%) 1.44 1.31 2.46 1.00 – – 1.66 1.24 NHA MBS, U.S. agency MBS and CMO (1) Amortized cost 79 1,757 3,579 2,747 22,851 – 31,013 28,557 Fair value 77 1,675 3,254 2,383 19,475 – 26,864 28,307 Yield (%) 1.10 1.47 1.65 1.73 1.57 – 1.59 1.30 Corporate debt Amortized cost 407 530 988 128 59 – 2,112 1,641 Fair value 457 501 919 125 55 – 2,057 1,651 Yield (%) 1.05 1.59 2.39 1.54 0.22 – 1.82 1.30 Total amortized cost 4,959 24,339 22,705 27,790 26,797 – 106,590 49,970 Total fair value 5,199 23,151 20,517 23,562 22,403 – 94,832 49,810 Yield (%) 1.32 1.56 1.50 1.65 1.64 – 1.58 1.44 Investments in Associates and Joint Ventures Carrying value – – – – – 1,293 1,293 1,135 Total carrying value or amortized cost of securities 25,479 43,867 43,526 47,161 61,607 52,978 274,618 232,603 Total carrying value of securities 25,388 43,724 43,069 46,765 61,307 53,009 273,262 232,849 Total by Currency Canadian dollar 13,049 13,167 14,499 10,823 10,895 25,203 87,636 85,933 U.S. dollar 9,620 29,363 28,094 35,743 50,334 24,217 177,371 140,422 Other currencies 2,719 1,194 476 199 78 3,589 8,255 6,494 Total securities 25,388 43,724 43,069 46,765 61,307 53,009 273,262 232,849 (1) These amounts are either supported by insured mortgages or issued by U.S. agencies and government-sponsored enterprises. NHA refers to the National Housing Act, MBS refers to mortgage-backed securities and CMO refers to collateralized mortgage obligations. |
Unrealized gains and losses on securities at fair value through other comprehensive income | The following table summarizes u (Canadian $ in millions) 2022 2021 Cost or Gross Gross Fair Cost or Gross Gross Fair Issued or guaranteed by: Canadian federal government 12,498 11 208 12,301 13,087 62 84 13,065 Canadian provincial and municipal governments 4,724 6 159 4,571 2,973 29 15 2,987 U.S. federal government 3,403 – 293 3,110 21,041 282 297 21,026 U.S. states, municipalities and agencies 3,863 5 154 3,714 4,034 85 5 4,114 Other governments 6,532 4 125 6,411 6,476 55 29 6,502 NHA MBS 1,376 1 14 1,363 1,122 6 3 1,125 U.S. a 8,196 12 303 7,905 10,894 151 34 11,011 Corporate debt 4,203 25 195 4,033 3,147 34 20 3,161 Corporate equity 122 31 – 153 103 29 – 132 Total 44,917 95 1,451 43,561 62,877 733 487 63,123 |
Summary of Interest, Dividend and Fee Income | Interest, dividend and fee income has been included in our Consolidated Statement of Income as follows, excluding our share of profit (loss) in associates and joint ventures and trading securities. Related income for trading securities is included under trading-related revenue in Note 17. (Canadian $ in millions) 2022 2021 FVTPL 28 22 FVOCI 650 470 Amortized cost 1,295 419 Total 1,973 911 |
Summary of Non Interest Revenue | Net gains and losses from securities, excluding gains and losses on trading securities, have been included in our Consolidated Statement of Income as follows: (Canadian $ in millions) 2022 2021 FVTPL securities 268 535 FVOCI securities – realized gains (losses) (1) 14 57 Impairment losses (1 ) (1 ) Securities gains, other than trading 281 591 (1) Gains (losses) are net of (losses) gains on hedge contracts. |
Loans and Allowance for Credi_2
Loans and Allowance for Credit Losses (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
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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 October 31, 2022 and 2021. Stage 1 represents those performing loans carried with up to a 12-month (Canadian $ in millions) 2022 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 (5) Total Loans: Residential mortgages Exceptionally low 7 – – 7 4 – – 4 Very low 94,743 81 – 94,824 94,566 179 – 94,745 Low 31,617 3,134 – 34,751 23,471 1,293 – 24,764 Medium 13,474 3,871 – 17,345 12,066 2,250 – 14,316 High 138 341 – 479 167 306 – 473 Not rated 1,126 53 – 1,179 1,051 46 – 1,097 Impaired – – 295 295 – – 351 351 Gross residential mortgages 141,105 7,480 295 148,880 131,325 4,074 351 135,750 Allowance for credit losses 59 66 10 135 46 39 12 97 Carrying amount 141,046 7,414 285 148,745 131,279 4,035 339 135,653 Loans: Consumer instalment and other personal Exceptionally low 1,792 35 – 1,827 1,487 37 – 1,524 Very low 33,554 83 – 33,637 30,672 8 – 30,680 Low 24,369 1,307 – 25,676 21,660 534 – 22,194 Medium 13,536 4,633 – 18,169 13,336 3,607 – 16,943 High 873 1,525 – 2,398 661 1,375 – 2,036 Not rated 4,052 32 – 4,084 3,450 50 – 3,500 Impaired – – 312 312 – – 287 287 Gross consumer instalment and other personal 78,176 7,615 312 86,103 71,266 5,611 287 77,164 Allowance for credit losses 101 288 102 491 113 333 91 537 Carrying amount 78,075 7,327 210 85,612 71,153 5,278 196 76,627 Loans: Credit cards (1) Exceptionally low 2,920 – – 2,920 2,532 – – 2,532 Very low 442 1 – 443 450 – – 450 Low 1,569 51 – 1,620 1,801 66 – 1,867 Medium 2,918 792 – 3,710 1,743 663 – 2,406 High 316 563 – 879 75 287 – 362 Not rated 90 1 – 91 486 – – 486 Impaired – – – – – – – – Gross credit cards 8,255 1,408 – 9,663 7,087 1,016 – 8,103 Allowance for credit losses 69 207 – 276 67 209 – 276 Carrying amount 8,186 1,201 – 9,387 7,020 807 – 7,827 Loans: Business and government (2) Acceptable Investment grade 187,245 6,765 – 194,010 144,807 1,446 – 146,253 Sub-investment 98,451 22,390 – 120,841 85,375 14,534 – 99,909 Watchlist – 6,310 – 6,310 – 6,137 – 6,137 Impaired – – 1,384 1,384 – – 1,531 1,531 Gross business and government 285,696 35,465 1,384 322,545 230,182 22,117 1,531 253,830 Allowance for credit losses 608 675 432 1,715 529 730 395 1,654 Carrying amount 285,088 34,790 952 320,830 229,653 21,387 1,136 252,176 Gross total loans and acceptances 513,232 51,968 1,991 567,191 439,860 32,818 2,169 474,847 Net total loans and acceptances 512,395 50,732 1,447 564,574 439,105 31,507 1,671 472,283 Commitments and financial guarantee contracts Acceptable Investment grade 182,153 5,134 – 187,287 154,975 2,367 – 157,342 Sub-investment 45,920 14,047 – 59,967 46,827 8,164 – 54,991 Watchlist 2 2,176 – 2,178 – 2,453 – 2,453 Impaired – – 292 292 – – 682 682 Allowance for credit losses 194 174 13 381 195 186 13 394 Carrying amount (3)(4) 227,881 21,183 279 249,343 201,607 12,798 669 215,074 (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 to counterparties . (5) 92% of Stage 3 loans were either fully or partially collateralized as at October 31, 2022 (92% as at October 31, 2021). |
Summary of Continuity in Loss Allowance by Each Product Type | The following table shows the continuity in the loss allowance, by product type, for the years ended October 31, 2022 and 2021. Transfers represent the amount of ECL that moved between stages during the year, for example, moving from a 12-month (Canadian $ in millions) 2022 2021 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Loans: Residential mortgages Balance as at beginning of year 46 40 19 105 51 75 26 152 Transfer to Stage 1 39 (37 ) (2 ) – 62 (53 ) (9 ) – Transfer to Stage 2 (4 ) 10 (6 ) – (4 ) 21 (17 ) – Transfer to Stage 3 – (7 ) 7 – – (13 ) 13 – Net remeasurement of loss allowance (52 ) 61 8 17 (93 ) 24 29 (40 ) Loan originations 34 – – 34 38 – – 38 Derecognitions and maturities (5 ) (7 ) – (12 ) (7 ) (12 ) – (19 ) Model changes 2 5 – 7 – – – – Total Provision for Credit Losses (PCL) (1) 14 25 7 46 (4 ) (33 ) 16 (21 ) Write-offs (2) – – (5 ) (5 ) – – (12 ) (12 ) Recoveries of previous write-offs – – 7 7 – – 11 11 Foreign exchange and other (1 ) 2 (12 ) (11 ) (1 ) (2 ) (22 ) (25 ) Balance as at end of year 59 67 16 142 46 40 19 105 Loans: Consumer instalment and other personal Balance as at beginning of year 128 357 91 576 148 454 105 707 Transfer to Stage 1 230 (221 ) (9 ) – 297 (287 ) (10 ) – Transfer to Stage 2 (41 ) 71 (30 ) – (30 ) 66 (36 ) – Transfer to Stage 3 (5 ) (82 ) 87 – (7 ) (94 ) 101 – Net remeasurement of loss allowance (263 ) 226 103 66 (289 ) 247 103 61 Loan originations 92 – – 92 86 – – 86 Derecognitions and maturities (22 ) (39 ) – (61 ) (27 ) (49 ) – (76 ) Model changes (9 ) (13 ) – (22 ) (48 ) 26 – (22 ) Total PCL (1) (18 ) (58 ) 151 75 (18 ) (91 ) 158 49 Write-offs (2) – – (205 ) (205 ) – – (236 ) (236 ) Recoveries of previous write-offs – – 80 80 – – 86 86 Foreign exchange and other 1 5 (15 ) (9 ) (2 ) (6 ) (22 ) (30 ) Balance as at end of year 111 304 102 517 128 357 91 576 Loans: Credit cards Balance as at beginning of year 114 245 – 359 110 321 – 431 Transfer to Stage 1 149 (149 ) – – 194 (194 ) – – Transfer to Stage 2 (34 ) 34 – – (28 ) 28 – – Transfer to Stage 3 (2 ) (114 ) 116 – (1 ) (172 ) 173 – Net remeasurement of loss allowance (156 ) 236 74 154 (191 ) 292 21 122 Loan originations 54 – – 54 39 – – 39 Derecognitions and maturities (5 ) (23 ) – (28 ) (7 ) (29 ) – (36 ) Model changes (6 ) 18 – 12 – – – – Total PCL (1) – 2 190 192 6 (75 ) 194 125 Write-offs (2) – – (249 ) (249 ) – – (266 ) (266 ) Recoveries of previous write-offs – – 78 78 – – 94 94 Foreign exchange and other 1 3 (19 ) (15 ) (2 ) (1 ) (22 ) (25 ) Balance as at end of year 115 250 – 365 114 245 – 359 Loans: Business and government Balance as at beginning of year 662 855 401 1,918 658 1,258 608 2,524 Transfer to Stage 1 313 (267 ) (46 ) – 505 (496 ) (9 ) – Transfer to Stage 2 (166 ) 243 (77 ) – (101 ) 172 (71 ) – Transfer to Stage 3 (1 ) (52 ) 53 – (2 ) (97 ) 99 – Net remeasurement of loss allowance (437 ) 127 224 (86 ) (549 ) 334 138 (77 ) Loan originations 488 – – 488 329 – – 329 Derecognitions and maturities (223 ) (168 ) – (391 ) (140 ) (214 ) – (354 ) Model changes 19 (32 ) – (13 ) (5 ) (19 ) – (24 ) Total PCL (1) (7 ) (149 ) 154 (2 ) 37 (320 ) 157 (126 ) Write-offs (2) – – (153 ) (153 ) – – (336 ) (336 ) Recoveries of previous write-offs – – 50 50 – – 42 42 Foreign exchange and other 91 83 (13 ) 161 (33 ) (83 ) (70 ) (186 ) Balance as at end of year 746 789 439 1,974 662 855 401 1,918 Total as at end of year 1,031 1,410 557 2,998 950 1,497 511 2,958 Comprised of: Loans 837 1,236 544 2,617 755 1,311 498 2,564 Other credit instruments (3) 194 174 13 381 195 186 13 394 (1) Excludes PCL on other assets of $2 million for the year ended October 31, 2022 ($(7) million for the year ended October 31, 2021). (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 October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 2021 Gross Allowance for Allowance for Net Gross Allowance for Allowance for Net By geographic region (1) Canada 342,430 363 1,102 340,965 299,905 345 1,143 298,417 United States 200,439 176 959 199,304 153,479 153 910 152,416 Other countries 11,087 5 12 11,070 7,442 – 13 7,429 Total 553,956 544 2,073 551,339 460,826 498 2,066 458,262 (1) Geographic region is based upon the country of ultimate risk. (2) Excludes allowance for credit losses on impaired loans of $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). (3) Excludes allowance for credit losses on performing loans of $368 million for other credit instruments, which is included in other liabilities ($381 million as at October 31, 2021). |
Schedule of Impaired Loans, Including the Related Allowances | Impaired (Stage 3) loans, including the related allowances, as at October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 2021 Gross impaired Allowance for credit losses on impaired loans Net impaired Gross impaired Allowance for credit losses on impaired loans (4) Net impaired Residential mortgages 295 10 285 351 12 339 Consumer instalment and other personal 312 102 210 287 91 196 Business and government (1) 1,384 432 952 1,531 395 1,136 Total 1,991 544 1,447 2,169 498 1,671 By geographic region (2) Canada 1,158 363 795 1,195 345 850 United States 820 176 644 974 153 821 Other countries 13 5 8 – – – Total 1,991 544 1,447 2,169 498 1,671 (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 $13 million for other credit instruments, which is included in other liabilities ($13 million as at October 31, 2021). |
Disclosure Of Financial Assets That Are Past Due But Not Impaired | The following table presents loans that are past due but not classified as impaired as at October 31, 2022 and 2021. Loans less than 30 days past due are excluded as they are not generally representative of the borrowers’ ability to meet their payment obligations. (Canadian $ in millions) 2022 2021 30 to 89 days 90 days or more Total 30 to 89 days 90 days or more Total Residential mortgages 411 19 430 404 14 418 Credit card, consumer instalment and other personal 392 84 476 279 59 338 Business and government 198 38 236 264 33 297 Total 1,001 141 1,142 947 106 1,053 Fully secured loans with amounts between 90 and 180 days past due that we have not classified as impaired totalled $43 million as at October 31, 2022 ($36 million as at October 31, 2021). |
Summary of Key Economic Variables Used to Estimate Allowance on Performing Loans During Forecast Period | The following table shows the key economic variables used to estimate the allowance on performing loans forecast over the next 12 months or lifetime measurement period. While the values disclosed below are national variables, we use regional variables in the underlying models and consider factors impacting particular industries where appropriate. As at October 31, 2022 As at October 31, 2021 All figures are average annual values Benign scenario Base s Adverse scenario Benign scenario Base scenario Adverse scenario First 12 Remaining horizon First 12 Remaining horizon First 12 Remaining horizon First 12 Remaining horizon (1) First 12 Remaining horizon (1) First 12 Remaining horizon (1) Real GDP growth rates ( 2 Canada 3.7% 2.2% 1.5% 1.1% (2.3)% 0.4% 6.3% 4.0% 4.0% 2.9% (2.7)% 0.4% United States 2.4% 2.1% 0.2% 1.3% (3.3)% 0.6% 7.1% 3.2% 4.8% 2.4% (1.2)% 0.6% Corporate BBB 10-year Canada 1.9% 1.9% 2.4% 2.2% 3.7% 3.9% 1.4% 1.8% 1.8% 2.0% 3.6% 3.9% United States 1.8% 1.9% 2.2% 2.2% 4.2% 3.9% 0.9% 1.3% 1.2% 1.6% 4.2% 3.9% Unemployment rates Canada 4.3% 3.6% 5.9% 6.5% 8.0% 9.9% 6.0% 4.8% 6.6% 5.6% 10.8% 12.4% United States 3.2% 2.6% 4.2% 4.8% 6.5% 8.4% 4.2% 3.0% 4.7% 3.6% 8.5% 10.6% Housing Price Index (2) Canada (3) (6.7)% 2.1% (10.0)% (1.0)% (13.6)% (8.0)% 18.2% 7.1% 15.1% 4.0% (6.4)% (9.5)% United States (4) 1.6% (0.7)% (0.9)% (2.6)% (7.5)% (8.4)% 14.6% 5.7% 12.3% 3.8% (6.1)% (7.8)% (1) The remaining forecast period is two years. (2) Real gross domestic product (GDP) and housing price index are averages of quarterly (3) In Canada, we use the HPI Benchmark Composite. (4) In the United States, we use the National Case-Shiller House Price Index. |
Transfers of Financial Assets (
Transfers of Financial Assets (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Fair Value [Member] | |
Statement [Line Items] | |
Summary of Carrying Value and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying value and fair values of transferred assets that did not qualify for derecognition and the associated (Canadian $ in millions) 2022 2021 Carrying value Fair value Carrying value Fair value Assets Trading securities (2) 1,062 – 997 – Residential mortgages 7,503 – 7,847 – Other related assets (3) 10,012 – 10,009 – Total 18,577 17,764 18,853 18,859 Associated liabilities (4) 17,471 16,846 18,208 18,323 (1) Carrying value of loans is net of allowance, where applicable. (2) Trading securities represent collateralized mortgage obligations issued by third-party sponsored vehicles, where we do not substantially transfer all the risks and rewards of ownership to third-party investors. (3) Other related assets represent payments received on account of mortgages pledged under securitization programs that have not yet been applied against the associated liabilities. The payments received are held in permitted instruments on behalf of the investors in the securitization vehicles until principal payments are required to be made on the associated liabilities. In order to compare all assets supporting the associated liabilities, this amount is added to the carrying amount of the securitized assets in the table above. (4) Associated liabilities are recognized in securitization and structured entities’ liabilities and securities lent or sold under repurchase agreements in our Consolidated Balance Sheet. |
Structured Entities (Tables)
Structured Entities (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Statement [Line Items] | |
Summary of Unconsolidated Structured Entities | The table below presents amounts related to our interests in unconsolidated SEs: (Canadian $ in millions) 2022 2021 Customer Capital vehicles Other Customer Capital vehicles Other Interests recorded on our Consolidated Balance Sheet Financial Assets Cash and cash equivalents 68 3,483 – 63 1,210 – Trading securities 573 – 1,795 24 – 58 FVTPL securities 119 – – 218 – – FVOCI securities 1,079 – – 464 – – Amortized cost securities – – – – – 93 Derivatives – – – 2 – – Other 11 – 80 5 – – Total 1,850 3,483 1,875 776 1,210 151 Financial Liabilities Deposits 68 3,483 – 63 1,210 – Derivatives 17 – – – – – Other – 48 – – 22 – Total 85 3,531 – 63 1,232 – Maximum exposure to loss (2) 20,141 1 1,875 14,208 – 151 Total assets of the entities 12,364 3,531 11,845 8,116 1,234 5,686 (1) Securities held that are issued by our Canadian and U.S. customer securitization vehicles are comprised of asset-backed commercial paper and are classified as either trading securities, FVTPL securities or FVOCI securities. (2) Maximum exposure to loss represents securities held, undrawn liquidity facilities, any remaining unfunded committed amounts to the BMO funded vehicle, derivative assets and other assets. |
Consolidated structured entities [member] | |
Statement [Line Items] | |
Summary of Carrying Value and Fair Value of Transferred Assets That Did Not Qualify for Derecognition and Associated Liabilities | The following table presents the carrying value and fair values of transferred assets that did not qualify for derecognition and the associated liabilities issued by our bank securitization vehicles: (Canadian $ in millions) 2022 2021 Carrying value Fair value Carrying value Fair value Assets Credit cards 8,223 8,223 7,106 7,106 Consumer instalment and other personal (2) 4,769 4,738 5,228 5,238 Business and government 125 124 250 253 Total 13,117 13,085 12,584 12,597 Associated liabilities (3) 9,274 9,072 7,278 7,341 (1) Carrying value of loans is net of allowance. (2) Includes real estate lines of credit and auto loans . (3) Associated liabilities are recognized in s |
Derivative Instruments (Tables)
Derivative Instruments (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Fair Value of Derivative Instruments | Fair values of our derivative instruments are as follows: (Canadian $ in millions) 2022 2021 Gross assets Gross Net Gross assets Gross Net Trading Interest Rate Contracts Swaps (1) 7,176 (4,249 ) 2,927 6,132 (4,323 ) 1,809 Forward rate agreements 437 (120 ) 317 42 (105 ) (63 ) Purchased options 3,157 – 3,157 641 – 641 Written options – (2,391 ) (2,391 ) – (520 ) (520 ) Futures 16 (27 ) (11 ) – (3 ) (3 ) Foreign Exchange Contracts (2) Cross-currency swaps 1,688 (2,096 ) (408 ) 1,438 (1,207 ) 231 Cross-currency interest rate swaps 10,722 (11,254 ) (532 ) 8,595 (5,827 ) 2,768 Forward foreign exchange contracts 8,387 (7,267 ) 1,120 3,505 (3,925 ) (420 ) Purchased options 1,096 – 1,096 381 – 381 Written options – (1,151 ) (1,151 ) – (384 ) (384 ) Commodity Contracts Swaps 4,198 (1,725 ) 2,473 5,916 (1,256 ) 4,660 Purchased options 1,851 – 1,851 1,383 – 1,383 Written options – (1,627 ) (1,627 ) – (815 ) (815 ) Futures 275 (237 ) 38 319 (120 ) 199 Equity Contracts 6,473 (14,584 ) (8,111 ) 5,998 (9,383 ) (3,385 ) Credit Contracts Purchased 27 (3 ) 24 – (3 ) (3 ) Written 34 (72 ) (38 ) – (4 ) (4 ) Total fair value – trading derivatives 45,537 (46,803 ) (1,266 ) 34,350 (27,875 ) 6,475 Hedging Interest Rate Contracts (3) Cash flow hedges – swaps 41 (6,824 ) (6,783 ) 354 (1,166 ) (812 ) Fair value hedges – swaps 1,935 (2,987 ) (1,052 ) 903 (662 ) 241 Total swaps 1,976 (9,811 ) (7,835 ) 1,257 (1,828 ) (571 ) Foreign Exchange Contracts (4) Cash flow hedges (1) 629 (3,342 ) (2,713 ) 1,020 (1,112 ) (92 ) Net investment hedges – – – 46 – 46 Total foreign exchange contracts 629 (3,342 ) (2,713 ) 1,066 (1,112 ) (46 ) Equity Contracts Cash flow hedges 18 – 18 40 – 40 Total equity contracts 18 – 18 40 – 40 Total fair value – hedging derivatives (5) 2,623 (13,153 ) (10,530 ) 2,363 (2,940 ) (577 ) Total fair value – trading and hedging derivatives 48,160 (59,956 ) (11,796 ) 36,713 (30,815 ) 5,898 Less: impact of master netting agreements (31,878 ) 31,878 – (20,952 ) 20,952 – Total 16,282 (28,078 ) (11,796 ) 15,761 (9,863 ) 5,898 (1) Includes derivatives entered in t o in (2) Gold contracts are included in foreign exchange contracts. (3) Includes the fair value of bond futures in fair value hedges rounded down to $nil million as at October 31, 2022 (we held no bond futures as at October 31, 2021). (4) Includes the fair value of USD-EUR cross-currency swaps in fair value hedges rounded down to $nil million as at October 31, 2022 (we held no USD-EUR cross-currency swaps as at October 31, 2021). (5) The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance |
Schedule of Notional Amounts of Trading Derivatives | The notional amounts of our derivatives represent the amount to which a rate or price is applied in order to calculate the amount of cash that must be exchanged under the contract. Notional amounts do not represent assets or liabilities and therefore are not recorded in our Consolidated Balance Sheet. (Canadian $ in millions) 2022 2021 Exchange traded Over-the-counter Total Exchange traded Over-the-counter Total Interest Rate Contracts Swaps (1) – 5,683,145 5,683,145 – 3,976,428 3,976,428 Forward rate agreements – 22,397 22,397 – 147,657 147,657 Purchased options 23,854 98,113 121,967 10,611 69,491 80,102 Written options 11,073 87,941 99,014 3,621 68,155 71,776 Futures 401,965 – 401,965 232,972 – 232,972 Total interest rate contracts 436,892 5,891,596 6,328,488 247,204 4,261,731 4,508,935 Foreign Exchange Contracts (2) Cross-currency swaps – 53,837 53,837 – 45,482 45,482 Cross-currency interest rate swaps – 578,685 578,685 – 506,791 506,791 Forward foreign exchange contracts – 481,773 481,773 – 489,081 489,081 Purchased options 1,127 72,733 73,860 1,762 54,145 55,907 Written options 5,421 74,041 79,462 4,735 54,147 58,882 Futures 1,032 – 1,032 222 – 222 Total foreign exchange contracts 7,580 1,261,069 1,268,649 6,719 1,149,646 1,156,365 Commodity Contracts Swaps – 24,525 24,525 – 28,892 28,892 Purchased options 34,177 5,686 39,863 10,020 4,526 14,546 Written options 34,245 5,011 39,256 11,000 3,132 14,132 Futures 44,836 – 44,836 39,448 – 39,448 Total commodity contracts 113,258 35,222 148,480 60,468 36,550 97,018 Equity Contracts 162,102 104,825 266,927 106,302 98,962 205,264 Credit Contracts Purchased – 16,771 16,771 – 12,358 12,358 Written – 11,099 11,099 – 5,158 5,158 Total 719,832 7,320,582 8,040,414 420,693 5,564,405 5,985,098 (1) Includes derivatives entered in t o in (2) Gold contracts are included with foreign exchange contracts. Table excludes loan commitment derivatives with notionals of $4,183 million ($5,613 million as at October 31, 2021). |
Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity | Remaining term to maturity 2022 2021 (Canadian $ in millions, except as noted) Within 1 year 1 to 3 years 3 to 5 years 5 to 10 years Over 10 years Total Total Cash Flow Hedges Interest rate risk – Interest rate swaps Notional amount (1) 54,197 29,562 41,475 41,028 1,683 167,945 94,152 Average fixed interest rate 3.87 % 3.37 % 2.30 % 2.56 % 2.42 % 3.06 % 1.06 % Foreign exchange risk – Cross-currency swaps (2) CAD-USD (3) Notional amount 33,018 12,436 9,943 6,979 327 62,703 38,292 Average fixed interest rate 0.60 % 2.10 % 2.45 % 1.58 % 3.42 % 1.31 % 1.91 % Average exchange rate: CAD-USD 1.3329 1.3076 1.2757 1.3407 1.3076 1.3196 1.3137 CAD-EUR Notional amount 6,710 1,924 8,756 1,839 200 19,429 14,517 Average fixed interest rate 1.76 % 2.41 % 3.12 % 1.89 % 2.97 % 2.47 % 2.10 % Average exchange rate: CAD-EUR 1.4919 1.5395 1.3904 1.4711 1.4870 1.4489 1.5078 Other currency pairs (4) Notional amount (5) 1,801 2,077 3,621 143 76 7,718 10,055 Average fixed interest rate 3.15 % 2.35 % 1.96 % 4.33 % 5.24 % 2.42 % 2.39 % Average exchange rate: CAD-Non USD/EUR 1.0536 1.2744 1.6947 0.1500 0.9038 1.3956 1.4606 Equity price risk – Total return swap (6) Notional amount – 455 – – – 455 515 Fair Value Hedges Interest rate risk – Interest rate swaps Notional amount (7) 31,073 31,604 24,011 14,692 2,291 103,671 80,711 Average fixed interest rate 2.85 % 2.01 % 2.28 % 2.56 % 2.90 % 2.42 % 1.21 % Interest rate risk – Bond futures (exchange-traded derivatives) Notional amount 109 – – – – 109 – Average price in dollars 104 – – – – 104 – Foreign exchange risk – Cross-currency swaps USD-EUR Notional amount (8) – 19 – – – 19 – Average fixed interest rate – 3.25 % – – – 3.25 % – Average exchange rate: USD-EUR – 0.9706 – – – 0.9706 – Net Investment Hedges Foreign exchange risk – Cross-currency swaps CAD-GBP Notional amount – – – – – – 1,285 Foreign exchange risk – Deposit liabilities USD denominated deposit – carrying amount 1,251 – – – – 1,251 5,964 GBP denominated deposit – carrying amount – – – – – – 728 (1) The notional amount of the interest rate swaps likely subject to IBOR reform was $22,689 million of USD LIBOR maturing after June 30, 2023 and $49,560 million IBOR (2) Under certain hedge strategies using cross-currency swaps, a CAD leg is inserted to create two swaps designated as separate hedges (for example, a EURO-USD EURO-CAD CAD-USD CAD-foreign (3) Includes derivatives entered in t o in ( 4 Includes CAD-AUD, CAD-CHF, CAD-CNH, CAD-GBP, CAD-HKD, CAD-JPY, or CAD-NOK cross-currency swaps where applicable. The notional amount of the cross-currency swaps likely subject to IBOR reform was $ million of USD LIBOR as at October 31, 2021, likely subject to IBOR reform that were to mature after ( 5 The notional amount of the cross-currency swaps likely subject to IBOR reform that mature after December 31, 2021 was $nil million of GBP LIBOR as at October 31, 2022 ($718 million as at October 31, 2021). ( 6 The notional amount of the total return swaps likely subject to IBOR reform that mature after June 28, 2024 was $455 million of CDOR as at October 31, 2022. ( 7 The notional amount of the interest rate swaps likely subject to IBOR reform was $31,455 million of USD LIBOR maturing after June 30, 2023 and $21,043 million of CDOR maturing after June 28, 2024 as at October 31, 2022. We had a notional amount of $43,642 million of USD LIBOR as at October 31, 2021, likely subject to IBOR reform that were to mature after December 31, 2021, the cessation date at the time of adoption of the Phase 1 amendments. The notional amount of GBP LIBOR interest rate swaps that mature after December 31, 2021 was $nil million as at October 31, 2022 ($nil million as at October 31, 2021). ( 8 The notional amount of the cross-currency swaps likely subject to IBOR reform was $nil million of USD LIBOR maturing after June 30, 2023 and $nil million of CDOR maturing after June 28, 2024 as at October 31, 2022. We had a notional amount of $nil million of USD LIBOR as at October 31, 2021, likely subject to IBOR reform that were to mature after December 31, 2021, the cessation date at the time of adoption of the Phase 1 amendments. |
Schedule of Hedging Instrument Impacts on Cash Flow Hedge Ineffectiveness | (Canadian $ in millions) 2022 Carrying amount of Hedge ineffectiveness Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Cash Flow Hedges Interest rate risk – Interest rate swaps 41 (6,824 ) (8,481 ) 8,588 (33 ) Foreign exchange risk – Cross-currency swaps, (3) 629 (3,342 ) 1,684 (1,684 ) – Equity price risk – Total return swaps 18 – (29 ) 29 – 688 (10,166 ) (6,826 ) 6,933 (33 ) Net Investment Hedges Foreign exchange risk – Cross-currency swaps, – – 429 (429 ) – Foreign exchange risk – Deposit liabilities – (1,251 ) (886 ) 886 – Total 688 (11,417 ) (7,283 ) 7,390 (33 ) 2021 Cash Flow Hedges Interest rate risk – Interest rate swaps 354 (1,166 ) (2,467 ) 2,447 (5 ) Foreign exchange risk – Cross-currency swaps, 1,020 (1,112 ) 276 (276 ) – Equity price risk – Total return swaps 40 – 313 (313 ) – 1,414 (2,278 ) (1,878 ) 1,858 (5 ) Net Investment Hedges Foreign exchange risk – Cross-currency swaps, 46 – 29 (29 ) – Foreign exchange risk – Deposit liabilities – (6,692 ) 647 (647 ) – Total 1,460 (8,970 ) (1,202 ) 1,182 (5 ) (1) Represents unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet. (2) Represents life to date amounts. (3) Includes derivatives entered in t o in |
Schedule of Hedging Instrument Impacts on Consolidated Statement of Other Comprehensive Income on Pre-Tax Basis | (Canadian $ in millions) 2022 Gains / (losses) in OCI Amount reclassified to Balance in cash flow hedge AOCI / Balance Balance Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk 578 (8,448 ) (334 ) (8,204 ) (6,713 ) (1,491 ) Foreign exchange risk (3) (483 ) 1,684 22 1,223 1,168 55 Equity price risk 179 (29 ) (117 ) 33 33 – 274 (6,793 ) (429 ) (6,948 ) (5,512 ) (1,436 ) Net Investment Hedges Foreign exchange risk (1,263 ) (457 ) (3 ) (1,723 ) (1,723 ) – Total (989 ) (7,250 ) (432 ) (8,671 ) (7,235 ) (1,436 ) 2021 Gains / Amount reclassified to Balance in cash flow hedge AOCI / Balance Balance October 31, 2021 (1)(2) Active hedges Discontinued hedges Cash Flow Hedges Interest rate risk 3,529 (2,462 ) (489 ) 578 (921 ) 1,499 Foreign exchange risk (759 ) 266 10 (483 ) (483 ) – Equity price risk (50 ) 313 (84 ) 179 179 – 2,720 (1,883 ) (563 ) 274 (1,225 ) 1,499 Net Investment Hedges Foreign exchange risk (1,939 ) 676 – (1,263 ) (1,263 ) – Total 781 (1,207 ) (563 ) (989 ) (2,488 ) 1,499 (1) Tax balance related to cash flow hedge s (89 ) (2) Tax balance related to net investment hedges accumulated other comprehensive income was $466 million (3) Includes derivatives entered in t o in |
Schedule of Hedging Instrument Impacts on Fair Value Hedge Ineffectiveness | (Canadian $ in millions) 2022 Carrying amount of Hedge ineffectiveness Accumulated amount of fair value Asset Liability Gains (losses) on Gains (losses) on Ineffectiveness non-interest Carrying amount Active hedges Discontinued Fair Value Hedge (3) Interest rate swaps 1,935 (2,987 ) – – – – – – Securities and loans – – 2,633 (2,625 ) 8 36,394 (2,603 ) 122 Deposits, subordinated debt – – (3,113 ) 3,128 15 (61,307 ) 2,841 425 Total 1,935 (2,987 ) (480 ) 503 23 (24,913 ) 238 547 2021 Fair V H (3) Interest rate swaps 903 (662 ) – – – – – – Securities and loans – – 1,649 (1,654 ) (5 ) 49,789 156 62 Deposits, subordinated debt and other liabilities – – (644 ) 638 (6 ) (31,530 ) (121 ) (91 ) Total 903 (662 ) 1,005 (1,016 ) (11 ) 18,259 35 (29 ) (1) Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet. (2) Represents the carrying value in the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. (3) Includes the fair value of USD-EUR cross-currency swaps and rounded ow n to $nil million as at October 31, 2022 (we held no USD-EUR cross-currency swaps and bond futures as at October 31, 2021). |
Schedule of Derivative-Related Credit Risk | (Canadian $ in millions) 2022 2021 Replacement Credit risk Risk-weighted Replacement Credit risk Risk-weighted Interest Rate Contracts Over-the-counter Swaps 4,133 8,718 764 2,636 6,936 1,422 Forward rate agreements 943 1,773 430 667 2,545 826 Purchased options 48 170 46 16 72 81 Written options 4 131 67 20 105 70 5,128 10,792 1,307 3,339 9,658 2,399 Exchange traded Futures 231 359 7 71 141 3 Purchased options 159 227 5 2 4 – Written options 7 11 – 2 4 – 397 597 12 75 149 3 Total interest rate contracts 5,525 11,389 1,319 3,414 9,807 2,402 Foreign Exchange Contracts (2) Over-the-counter Swaps 1,645 5,535 880 1,087 4,609 987 Forward foreign exchange contracts 2,250 8,339 1,237 769 6,649 883 Purchased options 321 681 183 93 270 104 Written options 2 88 30 11 115 38 4,218 14,643 2,330 1,960 11,643 2,012 Exchange traded Futures – 2 – 1 2 – Purchased options – 2 – 15 22 – Written options 7 10 – 26 37 1 7 14 – 42 61 1 Total foreign exchange contracts 4,225 14,657 2,330 2,002 11,704 2,013 Commodity Contracts Over-the-counter Swaps 3,160 6,107 1,281 4,357 8,183 2,148 Purchased options 435 936 194 1,537 2,601 457 Written options 126 403 107 6 175 51 3,721 7,446 1,582 5,900 10,959 2,656 Exchange traded Futures 1,122 2,055 41 1,829 3,244 65 Purchased options 356 552 11 474 721 14 Written options 303 471 9 463 727 15 1,781 3,078 61 2,766 4,692 94 Total commodity contracts 5,502 10,524 1,643 8,666 15,651 2,750 Equity Contracts Over-the-counter 582 9,076 2,406 467 9,754 2,663 Exchange traded 1,580 3,888 78 3,873 7,938 159 Total equity contracts 2,162 12,964 2,484 4,340 17,692 2,822 Credit Contracts 97 562 103 277 721 79 Total 17,511 50,096 7,879 18,699 55,575 10,066 (1) Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach Counterparty Credit Risk (SA-CCR) (2) Gold contracts are included in foreign exchange contracts. |
Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts | Our derivative contracts have varying maturity dates. The remaining contractual terms to maturity for the notional amounts of our derivative contracts are set out below: (Canadian $ in millions) Term to maturity 2022 2021 Within 1 1 to 3 years 3 to 5 years 5 to 10 Over 10 Total notional Total notional Interest Rate Contracts Swaps (1 ) 2,458,155 1,520,032 829,127 878,514 268,933 5,954,761 4,151,291 Forward rate agreements, futures and options 418,903 166,623 37,057 19,511 3,358 645,452 532,507 Total interest rate contracts 2,877,058 1,686,655 866,184 898,025 272,291 6,600,213 4,683,798 Foreign Exchange Contracts ( 2 Swaps 179,823 208,539 152,167 124,941 36,598 702,068 599,333 Forward foreign exchange contracts (1 ) 454,751 21,846 3,646 1,514 16 481,773 489,426 Futures 992 40 – – – 1,032 222 Options 139,587 12,230 1,505 – – 153,322 114,789 Total foreign exchange contracts 775,153 242,655 157,318 126,455 36,614 1,338,195 1,203,770 Commodity Contracts Swaps 12,320 10,426 1,661 118 – 24,525 28,892 Futures 25,521 17,094 2,193 28 – 44,836 39,448 Options 53,033 21,345 4,741 – – 79,119 28,678 Total commodity contracts 90,874 48,865 8,595 146 – 148,480 97,018 Equity Contracts 192,539 59,957 13,709 967 210 267,382 205,780 Credit Contracts ( 3 255 640 21,986 3,137 1,852 27,870 17,516 Total notional amount 3,935,879 2,038,772 1,067,792 1,028,730 310,967 8,382,140 6,207,882 (1) Includes derivatives entered into in (2) Gold contracts are included in foreign exchange contracts. (3) Under the SA-CCR, |
Premises and Equipment (Tables)
Premises and Equipment (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Maximum Estimated Useful Lives to Amortize Assets | The maximum estimated useful lives we use to depreciate our assets are as follows: Buildings 10 to 40 years Computer equipment and operating system software 5 to 7 years Other equipment 10 years Leasehold improvements Lease term to a maximum of 10 years |
Summary of Net Rent Expense for Premises and Equipment | The total cost and associated accumulated depreciation for premises and equipment owned and leased are set out below: (Canadian $ in millions) 2022 2021 Land Buildings Computer Other Leasehold Right-of-use Total Land Buildings Computer Other Leasehold Right-of-use Total Cost Balance at beginning of year 99 1,354 2,292 685 1,941 3,201 9,572 112 1,454 2,481 904 1,769 2,580 9,300 Additions/lease modifications 18 59 319 105 281 329 1,111 – 52 193 53 192 731 1,221 Disposals (1) (8 ) (44 ) (53 ) (29 ) (246 ) (235 ) (615 ) (6 ) (44 ) (349 ) (245 ) (44 ) (29 ) (717 ) Foreign exchange and other 10 319 113 184 78 140 844 (7 ) (108 ) (33 ) (27 ) 24 (81 ) (232 ) Balance at end of year 119 1,688 2,671 945 2,054 3,435 10,912 99 1,354 2,292 685 1,941 3,201 9,572 Accumulated Depreciation and Balance at beginning of year – 867 1,724 471 1,338 718 5,118 – 936 1,888 680 1,250 363 5,117 Disposals (1) – (35 ) (48 ) (25 ) (243 ) (153 ) (504 ) – (46 ) (345 ) (245 ) (41 ) (29 ) (706 ) Depreciation – 50 225 53 116 336 780 – 52 217 51 105 366 791 Foreign exchange and other (2) – 306 106 168 59 38 677 – (75 ) (36 ) (15 ) 24 18 (84 ) Balance at end of year – 1,188 2,007 667 1,270 939 6,071 – 867 1,724 471 1,338 718 5,118 Net carrying value 119 500 664 278 784 2,496 4,841 99 487 568 214 603 2,483 4,454 (1) Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10. (2) Includes impairment charges. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Continuity of Goodwill By Group of CGUs | A continuity of our goodwill by group of CGUs for the years ended October 31, 2021 and 2022 is as follows: (Canadian $ in millions) Personal and Commercial Banking BMO Wealth Management BMO Capital Markets Total Canadian U.S. Total Wealth and Insurance Total Balance – October 31, 2020 97 3,841 3,938 2,168 2 2,170 427 6,535 Dispositions during the year – – – (21 ) – (21 ) – (21 ) Foreign exchange and other (1) – (274 ) (274 ) (837 ) (7) – (837 ) (25 ) (1,136 ) Balance – October 31, 2021 97 3,567 3,664 1,310 2 1,312 402 5,378 Dispositions during the year – – – (538 ) – (538 ) – (538 ) Foreign exchange and other (1) – 362 362 50 – 50 33 445 Balance – October 31, 2022 97 (2) 3,929 (3) 4,026 822 (4) 2 (5) 824 435 (6) 5,285 (1) Other changes in goodwill included the effects of translating goodwill denominated in foreign currencies into Canadian dollars and purchase accounting adjustments related to prior-year purchases. (2) Relates primarily to bcpbank Canada, Diners Club, Aver Media LP and GE Transportation Finance. (3) Relates primarily to First National Bank & Trust, Ozaukee Bank, Merchants and Manufacturers Bancorporation, Inc., Diners Club, AMCORE, M&I and GE Transportation Finance. (4) Relates primarily to BMO Nesbitt Burns Inc., Guardian Group of Funds Ltd., M&I, myCFO, Inc., Stoker Ostler Wealth Advisors, Inc. and CTC Consulting LLC. The Private Banking business in Hong Kong and Singapore was disposed in fiscal 2021. Pyrford International Limited, LGM Investments Limited and F&C Asset Management plc were disposed in fiscal 2022. Refer to Note 10 for further information. (5) Relates to AIG Life Holdings (Canada), ULC. (6) Relates to Gerard Klauer Mattison, BMO Nesbitt Burns Inc., Paloma Securities L.L.C., M&I, Greene Holcomb Fisher, KGS-Alpha (7) Includes a write-down of $779 million of goodwill attributable to the sale of our EMEA Asset Management |
Summary of Intangible Assets | The following table presents the changes in the balance of these intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Cost as at October 31, 2020 767 962 5,416 280 621 8,046 Additions – – 65 430 30 525 Transfers – – 498 (498 ) – – Disposals (2) (9 ) – (313 ) (4 ) (28 ) (354 ) Foreign exchange and other (39 ) (68 ) (118 ) (4 ) (22 ) (251 ) Cost as at October 31, 2021 719 894 5,548 (1) 204 601 7,966 Additions – – 11 662 20 693 Transfers – – 611 (611 ) – – Disposals (2) (247 ) – (53 ) (1 ) (319 ) (620 ) Foreign exchange and other 49 84 120 5 20 278 Cost as at October 31, 2022 521 978 6,237 (1) 259 322 8,317 (1) Includes $5,486 (2) Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10 for further information. The following table presents the accumulated amortization of our intangible assets: (Canadian $ in millions) Customer Core Software – Software under Other Total Accumulated amortization at October 31, 2020 616 933 3,681 – 374 5,604 Amortization 35 27 530 – 42 634 Disposals (2)(3) (5 ) – (308 ) – (28 ) (341 ) Foreign exchange and other (30 ) (66 ) (82 ) – (19 ) (197 ) Accumulated amortization at October 31, 2021 616 894 3,821 (1) – 369 5,700 Amortization 22 – 556 – 26 604 Disposals (2)(3) (247 ) – (49 ) – (123 ) (419 ) Foreign exchange and other 44 84 94 – 17 239 Accumulated amortization at October 31, 2022 435 978 4,422 (1) – 289 6,124 Carrying value at October 31, 2022 86 – 1,815 259 33 2,193 Carrying value at October 31, 2021 103 – 1,727 204 232 2,266 (1) Includes $3,819 (2) Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10 for further information. (3) Includes impairment charges. |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Components of Other within Other Assts | The components of other within other assets are as follows: (Canadian $ in millions) 2022 2021 Accounts receivable, prepaid expenses and other items 3,634 3,302 Accrued interest receivable 2,726 1,452 Bank owned life insurance policies 4,509 4,096 Leased vehicles, net of accumulated amortization 263 415 Cash collateral 13,586 6,436 Due from clients, dealers and brokers 313 353 Insurance-related assets (1) 2,575 2,080 Other employee future benefits assets (Note 21) 51 40 Pension asset (Note 21) 1,267 947 Precious metals (2) 2,970 3,290 Total 31,894 22,411 (1) Includes $1,001 million of investment properties ($881 million as at October 31, 2021) carried at cost less accumulated amortization. These investment properties support our insurance contract liabilities. The fair value, determined by external independent property valuers for disclosure purposes, is $1,195 million and categorized as Level 3 using models with unobservable market inputs ($1,033 million as at October 31, 2021). (2) Precious metals are recorded at fair value based on quoted prices in active markets. |
Deposits (Tables)
Deposits (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Disclosure Of Deposits [Line Items] | |
Summary of Deposits | Payable on demand (Canadian $ in millions) Interest bearing Non-interest Payable Payable on 2022 2021 Deposits by: Banks (1) 4,938 2,096 1,417 22,450 30,901 26,611 Business and government 49,074 52,355 151,298 243,104 495,831 442,248 Individuals 4,435 36,822 119,129 82,360 242,746 216,772 Total (3) 58,447 91,273 271,844 347,914 769,478 685,631 Booked in: Canada 48,260 81,726 126,204 259,100 515,290 427,316 United States 9,851 9,478 143,819 54,572 217,720 232,830 Other countries 336 69 1,821 34,242 36,468 25,485 Total 58,447 91,273 271,844 347,914 769,478 685,631 (1) Includes regulated and central banks. (2) Includes $51,746 million of senior unsecured debt as at October 31, 2022 subject to the Bank Recapitalization (Bail-In) Bail-In non-viable. (3) Included in deposits as at October 31, 2022 and 2021 are $384,080 million and $342,967 million, respectively, of deposits denominated in U.S. dollars, and $46,830 million and $29,937 million, respectively, of deposits denominated in other foreign currencies. |
Summary of Maturity Schedule For Deposits Payable On A Fixed Date | The following table presents the maturity schedule for deposits payable on a fixed date: (Canadian $ in millions) Within 1 year 1 to 2 years 2 to 3 years 3 to 4 years 4 to 5 years Over 5 years Total As at October 31, 2022 228,679 39,992 23,445 16,665 22,868 16,265 347,914 As at October 31, 2021 163,370 33,778 24,826 8,908 11,995 19,925 262,802 We have unencumbered liquid assets of $335,299 |
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 October 31, 2022 230,475 50,542 34,241 315,258 As at October 31, 2021 140,002 72,399 23,921 236,322 |
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, that 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 October 31, 2022 46,792 28,826 55,288 99,569 230,475 As at October 31, 2021 20,626 12,761 20,933 85,682 140,002 |
Summary of fair value and changes in fair value of structured note liabilities | The following table presents fair value and changes in fair value of structured note liabilities: (Canadian $ in millions) Fair value Notional amount due at contractual Change in fair value Consolidated Change in fair value due to own credit risk recorded in OCI (before tax) Cumulative change in credit risk recorded in AOCI (before tax) As at October 31, 2022 26,305 32,507 4,617 1,653 1,245 As at October 31, 2021 22,665 22,448 (1,310 ) (240 ) (408 ) (1) Change in fair value may be offset by related change in fair value on hedge contracts. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Components of Other within Other Liablities | The components of other within other liabilities are as follows: (Canadian $ in millions) 2022 2021 Accounts payable, accrued expenses and other items 11,647 9,444 Accrued interest payable 2,319 960 Allowance for credit losses on off-balance 381 394 Cash collateral 5,042 6,733 Insurance-related liabilities 11,201 12,845 Lease liabilities 2,835 2,743 Liabilities of subsidiaries 7,494 – Other employee future benefits liability (Note 21) 832 1,094 Payable to brokers, dealers and clients 2,966 3,413 Pension liability (Note 21) 88 138 Total 44,805 37,764 |
Summary of Fair Value Changes in Investment Securities | The following table presents the fair value and changes in fair value in our investment contract liabilities: (Canadian $ in millions) Fair value Notional amount due at Change in fair value Consolidated Change in fair value due to own credit risk recorded Cumulative change in credit risk recognized As at October 31, 2022 770 1,459 (114 ) 94 22 As at October 31, 2021 1,046 1,526 (81 ) (26 ) (72 ) |
Summary of Reconciliation of the Change in Insurance Related Liabilities | A reconciliation of the change in insurance-related liabilities is as follows: (Canadian $ in millions) 2022 2021 Insurance-related liabilities, beginning of year 12,845 12,441 Increase (decrease) in life insurance policy benefit liabilities from: New business 354 765 In-force (1,938 ) (306 ) Changes in actuarial assumptions and methodology 201 (72 ) Foreign currency 3 (2 ) Net increase (decrease) in life insurance policy benefit liabilities (1,380 ) 385 Change in other insurance-related liabilities (264 ) 19 Insurance-related liabilities, end of year 11,201 12,845 |
Summary of Reinsurance Premiums Ceded | Reinsurance premiums ceded are recorded net against direct premium income and are included in non-interest below: (Canadian $ in millions) 2022 2021 Direct premium income 1,623 2,050 Ceded premiums (399 ) (408 ) 1,224 1,642 |
Subordinated Debt (Tables)
Subordinated Debt (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Maturities of Subordinated Debt and Repayment | The face values, terms to maturity and carrying values of our subordinated debt are as follows: (Canadian $ in millions, except as noted) Face value Maturity date Interest rate (%) Redeemable at our option 2022 2021 Debentures Series 20 150 December 2025 to 2040 8.25 Not redeemable 146 146 Series I Medium-Term Notes, Second Tranche (1) 850 June 2027 2.57 June 2022 (2) – 843 3.803% Subordinated Notes due 2032 (1) US 1,250 December 2032 3.80 December 2027 (3) 1,497 1,567 4.338% Subordinated Notes due 2028 (1) US October 2028 4.34 October 2023 (4) 1,135 1,096 Series J Medium-Term Notes, First Tranche (1) 1,000 September 2029 2.88 September 2024 (5) 998 998 Series J Medium-Term Notes, Second Tranche (1) 1,250 June 2030 2.08 June 2025 (6) 1,248 1,248 Series K Medium-Term Notes, First Tranche (1) 1,000 July 2031 1.93 July 2026 (7) 984 995 3.088% Subordinated Notes due 2037 (1) US 1,250 January 2037 3.09 January 2032 (8) 1,393 – Series L Medium-Term , First Tranche (1) 750 October 2032 6.53 October 2027 (9) 749 – Total (10) 8,150 6,893 (1) These notes include a non-viability non-viable non-viability. and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. The number of common shares issued is determined by dividing the par value of the note (including accrued and unpaid interest on such note) by the conversion price and then applying the multiplier. (2) All $850 million Series I Medium-Term Notes Second Tranche were redeemed on June 1, 2022 for 100% of the principal amount, plus accrued and unpaid interest to, but excluding, the redemption date. (3) Redeemable at par on December 15, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (4) Redeemable at par on October 5, 2023 together with accrued and unpaid interest to, but excluding, the redemption date. (5) Redeemable at par on September 17, 2024 together with accrued and unpaid interest to, but excluding, the redemption date. (6) Redeemable at par on June 17, 2025 together with accrued and unpaid interest to, but excluding, the redemption date. (7) Redeemable at par on July 22, 2026 together with accrued and unpaid interest to, but excluding, the redemption date. (8) On January 10, 2022, we issued US$ 1,250 (9) On October 27, 2022, we issued $750 million of unsecured subordinated debt through our Canadian Medium - . These notes are redeemable at par on October 27, 2027 together with accrued and unpaid interest to, but excluding, the redemption date. (10) Certain amounts of subordinated debt were issued at a premium or discount and include fair value hedge adjustments, which together d e |
Equity (Tables)
Equity (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | (Canadian $ in millions, except as noted) 2022 2021 Number of Amount Dividends declared Number of Amount Dividends declared Preferred Shares – Classified as Equity Class B – Series 27 20,000,000 500 0.96 20,000,000 500 0.96 Class B – Series 29 16,000,000 400 0.91 16,000,000 400 0.91 Class B – Series 31 12,000,000 300 0.96 12,000,000 300 0.96 Class B – Series 33 8,000,000 200 0.76 8,000,000 200 0.76 Class B – Series 38 (1) – – 0.30 24,000,000 600 1.21 Class B – Series 40 (2) – – 0.56 20,000,000 500 1.13 Class B – Series 42 (3) – – 0.83 16,000,000 400 1.10 Class B – Series 44 16,000,000 400 1.21 16,000,000 400 1.21 Class B – Series 46 14,000,000 350 1.28 14,000,000 350 1.28 Class B – Series 50 (4) 500,000 500 24.64 – – – Preferred Shares – Classified as Equity 2,650 3,650 Other Equity Instruments 4.800% Additional Tier 1 Capital Notes (AT1 Notes) 658 658 4.300% Limited Recourse Capital Notes, Series 1 1,250 1,250 5.625% Limited Recourse Capital Notes, Series 2 (5) 750 – 7.325% Limited Recourse Capital Notes, Series 3 (6) 1,000 – Preferred Shares and Other Equity Instruments 6,308 5,558 Common Shares Balance at beginning of year 648,136,472 13,599 645,889,396 13,430 Issued to finance a portion of the announced (Note 10) 20,843,750 3,106 – – Issued under the Shareholder Dividend 7,531,233 999 – – Issued/cancelled under the Stock Option Plan and other stock-based compensation (Note 20) 733,591 57 1,630,867 122 Treasury shares sold/(purchased) (138,168 ) (17 ) 616,209 47 Balance at End of Year (7) 677,106,878 17,744 5.44 648,136,472 13,599 4.24 (1) Series 38 was redeemed and final dividends were paid on February 25, 2022. (2) Series 40 was redeemed and final dividends were paid on May 25, 2022. (3) Series 42 was redeemed and final dividends were paid on August 25, 2022. (4) On July 27, 2022, we issued Class B Series 50 Preferred Shares for $500 million. (5) On March 15, 2022, we issued Series 2 LRCNs for $750 million. (6) On September 13, 2022, we issued Series 3 LRCNs for $1,000 million. ( 7) Common shares are net of 174,689 treasury shares as at October 31, 2022 (36,521 treasury shares as at October 31, 2021). |
Summary Of Preferred Share Rights And Privileges | Preferred Share Rights and Privileges (Canadian $, except as noted) Redemption amount N Reset premium Date redeemable / convertible Convertible to Class B – Series 27 25.00 $ 0.24075 (2) 2.33% May 25, 2024 (3)(4) Class B – Series 28 (5)(6) Class B – Series 29 25.00 $ 0.2265 (2) 2.24% August 25, 2024 (3)(4) Class B – Series 30 (5)(6) Class B – Series 31 25.00 $ 0.240688 (2) 2.22% November 25, 2024 (3)(4) Class B – Series 32 (5)(6) Class B – Series 33 25.00 $ 0.190875 (2) 2.71% August 25, 2025 (3)(4) Class B – Series 34 (5)(6) Class B – Series 44 25.00 $ 0.303125 (2) 2.68% November 25, 2023 (3)(4) Class B – Series 45 (5)(6) Class B – Series 46 25.00 $ 0.31875 (2) 3.51% May 25, 2024 (3)(4) Class B – Series 47 (5)(6) Class B – Series 50 1,000.00 $ 24.64400 (2) 4.25% November 26, 2027 (3) Not convertible (6) (1) Non-cumulative dividends are payable quarterly as and when declared by the Board of Directors , except for Class B – Series 50 preferred shares which are payable semi-annually (2) The dividend rate will reset on the date redeemable and every five years thereafter at a rate equal to the 5-year 3-month (3) Redeemable on the date noted and every five years thereafter. (4) Convertible on the date noted and every five years thereafter if not redeemed. If converted, the shares will become floating rate preferred shares. (5) If converted, the holders have the option to convert back to the original preferred shares on subsequent redemption dates. (6) The shares issued include a non-viability Non-Viability |
Additional Tier 1 Capital Notes (NVCC) [member] | |
Statement [Line Items] | |
Summary of Classes of Preferred and Common Shares Outstanding | The LRCNs and AT1 Notes 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 types of instrument and, as a result, the full amount of proceeds has been classified as equity. Semi-annual distributions on the LRCNs and AT1 Notes will be recorded when payable. The LRCNs and AT1 Notes are subordinate to the claims of the depositors and certain other creditors in right of payment. The following table shows the details of our AT1 Notes and LRCNs as at October 31, 2022 and 2021. (Canadian $ in millions, except as noted) 2022 2021 Face value Interest rate (%) Redeemable at our option Convertible to Total Total 4.8 00 US$ 500 4.800 (1) August 2024 (2) Variable number of common shares (3) 658 658 4.300% Limited Recourse Capital Notes, Series 1 $1,250 4.300 (4) November 2025 (2) Variable number of common shares (4) 1,250 1,250 5.625% Limited Recourse Capital Notes, Series 2 $ 750 5.625 (4) May 2027 (2) Variable number of common shares (4) 750 – 7.325% Limited Recourse Capital Notes, Series 3 $1,000 7.325 (4) November 2027 (2) Variable number of common shares (4) 1,000 – Total 3,658 1,908 (1) Non-cumulative (2) The notes are redeemable at a redemption price equal to 100% of the principal amount plus any accrued and unpaid interest, in whole or in part, at our option on any interest payment date on or after the first interest reset date or following certain regulatory or tax events. The bank may, at any time, purchase the notes at any price in the open market. (3) The notes issued include a non-viability Non-Viability (4) Non-deferrable Non-payment |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments and Trading-Related Revenue (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Fair Value of Financial Instruments Not Carried at Fair Value on the Balance Sheet | Set out in the following table (Canadian $ in millions) 2022 2021 Carrying Fair Carrying Fair Securities (1) Amortized cost 106,590 94,832 49,970 49,810 Loans (1)(2) Residential mortgages 148,569 142,526 135,653 135,461 Consumer instalment and other personal 85,612 83,948 76,627 76,791 Credit cards 9,387 9,387 7,827 7,827 Business and government 302,079 300,173 233,066 233,670 545,647 536,034 453,173 453,749 Deposits (3) 742,419 739,339 662,050 662,781 Securitization and structured entities’ liabilities (4) 25,816 24,989 24,631 24,809 Other liabilities (5) 4,088 3,181 – – Subordinated debt 8,150 7,743 6,893 7,087 (1) Carrying value is net of allowances for credit losses. (2) Excludes $176 million of residential mortgages classified as FVTPL, $5,496 million of business and government loans classified as FVTPL and , (3) Excludes $26,305 million as at October 31, 2021), million of structured deposits ($777 million as at October 31, 2021) and $218 million of metal deposits million as at October (4) Excludes $1,252 million of securitization and structured entities’ liabilities classified a s million as at October 31, 2021). (5) Other liabilities include certain other liabilities of subsidiaries . (6) If financial instruments not carried at fair value were categorized based on the fair value hierarchy, all of these financial instruments would be categorized as Level 2, except for amortized cost securities, which would have $39,622 million categorized as Level 1 ($14,117 million as at October 31, 2021), and $55,210 million categorized as Level 2 ($35,693 million as at October 31, 2021). |
Summary of Assets and Liabilities categorized by the Fair Value Hierarchy | (Canadian $ in millions) 2022 2021 Valued using Valued using Valued using Total Valued using Valued using Valued using Total Trading Securities Issued or guaranteed by: Canadian federal government 6,981 3,955 – 10,936 3,123 4,473 – 7,596 Canadian provincial and municipal governments 1,120 4,990 – 6,110 2,183 3,655 – 5,838 U.S. federal government 7,326 9,373 – 16,699 6,050 3,532 – 9,582 U.S. states, municipalities and agencies 56 83 – 139 – 458 – 458 Other governments 1,085 2,885 – 3,970 1,307 591 – 1,898 NHA MBS, and U.S. agency MBS and CMO – 13,327 985 14,312 – 13,379 675 14,054 Corporate debt 1,445 8,144 3 9,592 2,231 7,656 7 9,894 Trading loans – 346 – 346 – 160 – 160 Corporate equity 46,073 – – 46,073 54,931 – – 54,931 64,086 43,103 988 108,177 69,825 33,904 682 104,411 FVTPL Securities Issued or guaranteed by: Canadian federal government 319 174 – 493 704 159 – 863 Canadian provincial and municipal governments 36 1,044 – 1,080 137 1,243 – 1,380 U.S. federal government – 4 – 4 – 38 – 38 Other governments – 87 – 87 – 92 – 92 NHA MBS, and U.S. agency MBS and CMO – 8 – 8 – 9 – 9 Corporate debt 62 6,409 8 6,479 160 7,544 – 7,704 Corporate equity 1,440 6 4,044 5,490 1,670 12 2,442 4,124 1,857 7,732 4,052 13,641 2,671 9,097 2,442 14,210 FVOCI Securities Issued or guaranteed by: Canadian federal government 3,544 8,757 – 12,301 9,138 3,927 – 13,065 Canadian provincial and municipal governments 972 3,599 – 4,571 1,438 1,549 – 2,987 U.S. federal government 1,443 1,667 – 3,110 18,873 2,153 – 21,026 U.S. states, municipalities and agencies – 3,713 1 3,714 – 4,113 1 4,114 Other governments 1,795 4,616 – 6,411 2,803 3,699 – 6,502 NHA MBS, and U.S. agency MBS and CMO – 9,268 – 9,268 – 12,136 – 12,136 Corporate debt 355 3,678 – 4,033 812 2,349 – 3,161 Corporate equity – – 153 153 – – 132 132 8,109 35,298 154 43,561 33,064 29,926 133 63,123 Loans Residential m – 176 – 176 – – – – Business and government loans – 5,536 20 5,556 – 5,150 6 5,156 – 5,712 20 5,732 – 5,150 6 5,156 Other Assets (1) 4,148 60 49 4,257 4,392 85 – 4,477 Fair Value Liabilities Securities sold but not yet purchased 18,465 22,514 – 40,979 17,424 14,649 – 32,073 Structured note liabilities (2) – 26,305 – 26,305 – 22,665 – 22,665 Structured deposits (3) – 536 – 536 – 777 – 777 Other liabilities (4) 1,179 2,298 2 3,479 1,106 2,125 – 3,231 19,644 51,653 2 71,299 18,530 40,216 – 58,746 Derivative Assets Interest rate contracts 80 12,682 – 12,762 6 8,066 – 8,072 Foreign exchange contracts 21 22,475 26 22,522 3 14,982 – 14,985 Commodity contracts 1,514 4,810 – 6,324 642 6,976 – 7,618 Equity contracts 939 5,552 – 6,491 1,381 4,657 – 6,038 Credit default swaps – 61 – 61 – – – – 2,554 45,580 26 48,160 2,032 34,681 – 36,713 Derivative Liabilities Interest rate contracts 58 16,540 – 16,598 6 6,773 – 6,779 Foreign exchange contracts 2 25,108 – 25,110 4 12,451 – 12,455 Commodity contracts 1,523 2,066 – 3,589 746 1,445 – 2,191 Equity contracts 1,203 13,381 – 14,584 1,581 7,802 – 9,383 Credit default swaps – 73 2 75 – 5 2 7 2,786 57,168 2 59,956 2,337 28,476 2 30,815 (1) Other assets include precious metals, segregated fund assets in our insurance business, certain receivables and other items measured at fair value. (2) These structured note liabilities included in deposits have been designated at FVTPL. (3) This represents certain embedded options related to structured deposits carried at amortized cost. (4) Other liabilities include investment contract liabilities and segregated fund 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. |
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, 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. (Canadian $ in millions except as noted) 2022 Reporting line in fair value hierarchy table Fair value of assets Valuation techniques Significant unobservable inputs Range of input values (1) Low High Private equity (2) Corporate equity 4,044 Net asset value Net asset value na na EV/EBITDA Multiple 5x 19x NHA MBS, U.S. agency MBS and CMO NHA MBS , 985 Discounted cash flows Prepayment rate 3% 47% Market Comparable Comparability Adjustment ( 3 (3.83 ) 6.82 2021 Private equity (2) Corporate equity 2,442 Net asset value Net asset value na na EV/EBITDA Multiple 6x 19x NHA MBS, U.S. agency MBS and CMO NHA MBS , 675 Discounted cash flows Prepayment rate 4% 47% Market Comparable Comparability Adjustment ( 3 (5.56 ) 5.85 (1) The low and high input values represent the lowest and highest 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 $832 million of U.S. Federal Reserve Bank and U.S. Federal Home Loan Bank shares that we carry at cost ($453 million as at October 31, 2021), which approximates fair value, and are held to meet regulatory requirements. (3) Range of input values represents price per security adjustment (Canadian $). |
Summary of Transfers Between Level 1 and Level 2 | The following table presents significant transfers between Level 1 and Level 2 for the years ended October 31, 2022 and October 31, 2021. (Canadian $ in millions) 2022 2021 Level 1 to Level 2 Level 2 to Level 1 Level 1 to Level 2 Level 2 to Level 1 Trading securities 10,983 13,062 7,863 11,421 FVTPL securities 607 522 871 902 FVOCI securities 16,452 11,895 11,028 13,542 Securities sold but not yet purchased 9,499 14,623 7,764 5,950 |
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 years ended October 31, 2022 and 2021, 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 to Level 3 were due to an increase in unobservable market inputs used in pricing the securities. Transfers out of Level 3 to Level 2 were due to an increase in observable market inputs used in pricing the securities. Change in fair value Movements Transfers For the year ended October 31, 2022 Balance Included in Included Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS 675 (237 ) 76 1,045 (657 ) – 444 (361 ) 985 (45 ) Corporate debt 7 (2 ) (1 ) 11 (5 ) – 2 (9 ) 3 (1 ) Total trading securities 682 (239 ) 75 1,056 (662 ) – 446 (370 ) 988 (46 ) FVTPL Securities Corporate debt – – – 8 – – – – 8 – Corporate equity 2,442 231 176 1,450 (321 ) – 66 – 4,044 274 Total FVTPL securities 2,442 231 176 1,458 (321 ) – 66 – 4,052 274 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and 1 – – – – – – – 1 na Corporate equity 132 – 1 15 (1 ) – 6 – 153 na Total FVOCI securities 133 – 1 15 (1 ) – 6 – 154 na Business and Government Loans 6 – – 15 – (1 ) – – 20 – Other Assets – – – 49 – – – – 49 – Derivative Assets Foreign exchange contracts – – – 26 – – – – 26 – Total derivative assets – – – 26 – – – – 26 – Other Liabilities – – – 2 – – – – 2 – Derivative Liabilities Credit default swaps 2 – – – – – 3 (3 ) 2 – Total derivative liabilities 2 – – – – – 3 (3 ) 2 – Change in fair value Movements Transfers For the year ended October 31, 2021 (Canadian $ in millions) Balance Included in Included in other Purchases/ Sales Maturities/ Transfers Transfers Fair value as Change in Trading Securities NHA MBS and U.S. agency MBS and CMO 803 (222 ) (56 ) 1,465 (1,253 ) – 169 (231 ) 675 38 Corporate debt – – – 10 (3 ) – – – 7 – Total trading securities 803 (222 ) (56 ) 1,475 (1,256 ) – 169 (231 ) 682 38 FVTPL Securities Corporate debt – – – – – – – – – – Corporate equity 1,903 315 (92 ) 628 (276 ) (4 ) – (32 ) 2,442 374 Total FVTPL securities 1,903 315 (92 ) 628 (276 ) (4 ) – (32 ) 2,442 374 FVOCI Securities Issued or guaranteed by: U.S. states, municipalities and 1 – – – – – – – 1 na Corporate equity 93 – 26 13 – – – – 132 na Total FVOCI securities 94 – 26 13 – – – – 133 na Business and Government Loans 1,945 – (150 ) 1,812 – (1,302 ) – (2,299 ) 6 – Other Assets – – – – – – – – – – Derivative Assets Foreign exchange contracts – – – – – – – – – – Total derivative assets – – – – – – – – – – Other Liabilities – – – – (13 ) – 13 – – – Derivative Liabilities Credit default swaps 4 – – – – – – (2 ) 2 – Total derivative liabilities 4 – – – – – – (2 ) 2 – (1) Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations. (2) Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2022 and 2021 are included in earnings for the year. Unrealized gains (losses) recognized on Level 3 financial instruments may be offset by (losses) gains on economic hedge contracts. na – not applicable |
Summary Of Trading Revenue | Net interest income arises from interest and dividends related to trading assets and liabilities and is reported net of interest expense associated with funding these assets and liabilities in the following table. (Canadian $ in millions) 2022 2021 Interest rates 893 1,017 Foreign exchange 571 416 Equities 713 567 Commodities 189 147 Other (1) 7,556 2 Total trading-related revenue 9,922 2,149 Reported as: Net interest income 1,672 1,853 Non-interest (1) 8,250 296 Total trading-related revenue 9,922 2,149 (1) Includes management of fair value changes on the purchase of Bank of the West. Refer to Note 10 for further information. |
Offsetting of Financial Asset_2
Offsetting of Financial Assets and Financial Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Amounts Offset and Not Offset in the Consolidated Balance Sheet | (Canadian $ in millions) 2022 Amounts not offset in the balance sheet Gross Amounts offset in Net amounts Impact of Securities )( Cash Net Financial Assets Securities borrowed or purchased under resale agreements 116,309 3,115 113,194 11,757 99,736 4 1,697 Derivative instruments 48,494 334 48,160 31,878 3,282 3,201 9,799 164,803 3,449 161,354 43,635 103,018 3,205 11,496 Financial Liabilities Derivative instruments 60,290 334 59,956 31,878 7,212 8,843 12,023 Securities lent or sold under repurchase agreements 107,078 3,115 103,963 11,757 91,494 176 536 167,368 3,449 163,919 43,635 98,706 9,019 12,559 2021 Financial Assets Securities borrowed or purchased under resale agreements 108,799 1,417 107,382 15,779 90,389 9 1,205 Derivative instruments 37,054 341 36,713 20,952 2,377 4,823 8,561 145,853 1,758 144,095 36,731 92,766 4,832 9,766 Financial Liabilities Derivative instruments 31,156 341 30,815 20,952 1,865 1,906 6,092 Securities lent or sold under repurchase agreements 98,973 1,417 97,556 15,779 81,411 108 258 130,129 1,758 128,371 36,731 83,276 2,014 6,350 (1) Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table). (2) Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events. (3) Not intended to represent our actual exposure to credit risk. |
Capital Management (Tables)
Capital Management (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Regulatory Capital Measure and Risk-Weighted Assets | Regulatory Capital and Total Loss-Absorbing Capacity Measures, Risk-Weighted Assets and Leverage Exposures (1) (Canadian $ in millions, except as noted) 2022 2021 CET1 Capital 60,891 44,491 Tier 1 Capital 67,121 49,966 Total Capital 75,309 57,201 Total Loss - Absorbing Capacity (TLAC) 120,663 90,353 Risk-Weighted Assets 363,997 325,433 Leverage Exposures 1,189,990 976,690 CET1 Ratio 16.7% 13.7% Tier 1 Capital Ratio 18.4% 15.4% Total Capital Ratio 20.7% 17.6% TLAC Ratio 33.1% 27.8% Leverage Ratio 5.6% 5.1% TLAC Leverage Ratio 10.1% 9.3% (1) Calculated in accordance with OSFI’s Capital Adequacy Requirements Guideline, Leverage Requirements Guideline and Total Loss-Absorbing Capacity Guideline, as applicable. |
Employee Compensation - Share_2
Employee Compensation - Share-Based Compensation (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Information about our Stock Option Plan | The following table summarizes information about our Stock Option Plan: (Canadian $, except as noted) 2022 2021 Number of Weighted- Number of stock options Weighted- Outstanding at beginning of year 5,682,206 87.79 6,446,110 81.50 Granted 1,028,255 135.58 984,943 97.14 Exercised 733,591 70.64 1,630,867 67.88 Forfeited/cancelled – – 117,980 97.03 Expired – – – – Outstanding at end of year 5,976,870 98.12 5,682,206 87.79 Exercisable at end of year 2,648,426 84.14 2,616,750 77.34 Available for grant 11,680,041 12,708,296 |
Summary of Options Outstanding and Exercisable by Range of Exercise Price | Options outstanding and exercisable at October 31, 2022 by range of exercise price were as follows: (Canadian $, except as noted) 2022 Options outstanding Options exercisable Range of exercise prices Number of Weighted- Weighted-average Number of Weighted-average $60.01 to $70.00 674,235 0.9 66.34 674,235 66.34 $70.01 to $80.00 647,910 2.7 77.58 647,910 77.58 $80.01 to $90.00 809,181 6.1 89.90 369,978 89.90 $90.01 to $100.00 1,389,356 6.9 97.06 439,034 96.90 $ 10 2,456,188 7.6 115.57 517,269 100.63 |
Summary of Further Information about our Stock Option Plan | The following table summarizes additional information about our Stock Option Plan: (Canadian $ in millions, except as noted) 2022 2021 Unrecognized compensation cost for non-vested 9 7 Cash proceeds from stock options exercised 52 111 Weighted-average share price for stock options exercised (in dollars) 141.50 115.42 |
Summary of Ranges of Values used for each Option Pricing Assumption | To determine the fair value of the stock option tranches on the grant date, the following ranges of values were used as inputs for each option pricing assumption: 2022 2021 Expected dividend yield 4.2% 4.9% Expected share price volatility 16.8% 20.6% – 20.7% Risk-free rate of return 1.8% – 1.9% 1% Expected period until exercise (in years) 6.5 – 7.0 6.5 – 7.0 |
Employee Compensation - Pensi_2
Employee Compensation - Pension and Other Employee Future Benefits (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Asset Allocation Ranges and Weighted-average Actual Asset Allocations | Asset Allocations The asset allocation ranges and weighted-average actual asset allocations of our primary pension plans, based on fair market values at October 31, are as follows: Pension benefit plans Target range Actual Actual Equities 20% – 40% 25% 30% Fixed income investments 40% – 55% 43% 47% Alternative strategies 15% – 40% 32% 23% Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. |
Summary of Plan Information for Past Two Years | A summary of plan information for the past two years is as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Defined benefit obligation 7,082 9,716 928 1,220 Fair value of plan assets 8,261 10,525 147 166 Surplus (deficit) and net defined benefit asset (liability) 1,179 809 (781 ) (1,054 ) Surplus (deficit) is comprised of: Funded or partially funded plans 1,267 939 51 40 Unfunded plans (88 ) (130 ) (832 ) (1,094 ) Surplus (deficit) and net defined benefit asset (liability) 1,179 809 (781 ) (1,054 ) |
Summary of Pension and Other Employee Future Benefit Expenses | (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Annual benefits expense Current service cost 237 268 8 9 Net interest (income) expense on net defined benefit (asset) liability (27 ) 7 35 30 Past service cost (income) (2 ) – – – Gain on settlement (1 ) – – – Administrative expenses 4 5 – – Remeasurement of other long-term benefits – – (18 ) (11 ) Benefits expense 211 280 25 28 Government pension plans expense (1) 252 216 – – Defined contribution expense 176 160 – – Total annual pension and other employee future benefit expenses 639 656 25 28 1) Includes Canada Pension Plan, Quebec Pension Plan and U.S. Federal Insurance Contribution Act. Certain comparative figures have been reclassified to conform with the current year’s presentation. |
Summary of Weighted-average Assumptions Used to Determine Benefit Expenses | Weighted-Average Assumptions Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Defined Benefit Expenses Discount rate at beginning of year (1)(2) 3.2 % 2.7 % 3.3 % 2.7 % Rate of compensation increase 2.2 % 2.1 % na 2.0 % Assumed overall health care cost trend rate na na 4.8 % ( 3 4.8 % (3) Defined Benefit Obligation Discount rate at end of year 5.5 % 3.2 % 5.5 % 3.3 % Rate of compensation increase 2.3 % 2.2 % na na (4) Assumed overall health care cost trend rate na na 4.7 % ( 3 4.8 % (3) (1) The pension benefit current service cost was calculated using a separate discount rate of 3.7% and 3.0% for 2022 and 2021 , (2) The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.6% and 3.0% for 2022 and 2021, respectively. (3) Trending to 4.0% in 204 1 (4) Rate of compensation increase is not applicable, since the new flat dollar retiree plan benefit is no longer dependent on compensation. na – not applicable |
Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations | Assumptions regarding future mortality are based on published statistics and mortality tables calibrated to plan experience, when applicable. The current life expectancies underlying the amounts of the defined benefit obligations for our primary plans are as follows: (Years) Canada United States 2022 2021 2022 2021 Life expectancy for those currently age 65 Males 23.9 23.8 21.8 21.8 Females 24.2 24.2 23.2 23.2 Life expectancy at age 65 for those currently age 45 Males 24.8 24.8 23.0 23.0 Females 25.1 25.1 24.4 24.4 |
Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans | Changes in the estimated financial positions of our defined benefit pension plans and other employee future benefit plans are as follows: (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Defined benefit obligation Defined benefit obligation at beginning of year 9,716 10,493 1,220 1,290 Divestiture of defined benefit obligation (1) (532 ) – – – Current service cost 237 268 8 9 Interest cost 290 269 39 34 Past service (income) (2 ) – – – (Gain) on settlements (1 ) – – – Benefits paid (578 ) (525 ) (49 ) (50 ) Employee contributions 18 17 6 5 Actuarial (gains) losses due to: Changes in demographic assumptions – 11 (60 ) (4 ) Changes in financial assumptions (2,386 ) (700 ) (244 ) (89 ) Plan member experience 207 29 (9 ) 39 Foreign exchange and other 113 (146 ) 17 (14 ) Defined benefit obligation at end of year 7,082 9,716 928 1,220 Wholly or partially funded defined benefit obligation 6,994 9,586 96 126 Unfunded defined benefit obligation 88 130 832 1,094 Total defined benefit obligation 7,082 9,716 928 1,220 Fair value of plan assets Fair value of plan assets at beginning of year 10,525 10,064 166 181 Divestiture of plan assets (1) (647 ) – – – Interest income 317 262 4 4 Return on plan assets (excluding interest income) (1,524 ) 542 (37 ) (1 ) Employer contributions 58 298 40 40 Employee contributions 18 17 6 5 Benefits paid (578 ) (525 ) (49 ) (50 ) Administrative expenses (4 ) (5 ) – – Foreign exchange and other 96 (128 ) 17 (13 ) Fair value of plan assets at end of year 8,261 10,525 147 166 Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,179 809 (781 ) (1,054 ) Recorded in: Other assets 1,267 947 51 40 Other liabilities (88 ) (138 ) (832 ) (1,094 ) Surplus (Deficit) and net defined benefit asset (liability) at end of year 1,179 809 (781 ) (1,054 ) Actuarial gains (losses) recognized in other comprehensive income Net actuarial gains (losses) on plan assets (1,524 ) 542 (37 ) (1 ) Actuarial gains (losses) on defined benefit obligation due to: Changes in demographic assumptions – (11 ) 56 4 Changes in financial assumptions 2,386 700 228 84 Plan member experience (207 ) (29 ) 10 (45 ) Foreign exchange and other (14 ) 20 – – Actuarial gains recognized in other comprehensive income for the year 641 1,222 257 42 (1) Relates to the defined benefit plan included in the sale of our EMEA Asset Management business in fiscal 2022. Refer to Note 10 for further information. |
Summary of Fair Values of Plan Assets Held | Our pension and other employee future benefit plan assets are measured at fair value on a recurring basis. The fair values of plan assets held by our primary plans as at October 31, 2022 and 2021 are as follows: (Canadian $ in millions) 2022 2021 Quoted Unquoted Total Quoted Unquoted Total Cash and money market funds 185 – 185 144 1 145 Securities issued or guaranteed by: Canadian federal government 11 41 52 26 41 67 Canadian provincial and municipal governments 156 303 459 191 364 555 U.S. federal government 108 – 108 297 4 301 Pooled funds 704 4,034 4,738 1,071 4,014 5,085 Derivative instruments – (53 ) (53 ) – 43 43 Corporate debt – 1,157 1,157 3 1,391 1,394 Corporate equity 1,187 – 1,187 1,655 – 1,655 2,351 5,482 7,833 3,387 5,858 9,245 |
Summary of Changes in Number of Key Assumption | Defined benefit obligation (Canadian $ in millions, except as noted) Pension benefit plans Other employee future benefit plans Discount rate (%) 5.5 5.5 Impact of: 1% increase ($) (681 ) (69 ) ($) 836 85 Rate of compensation increase (%) 2.3 na Impact of: 0.25% increase ($) 30 na ($) (29 ) na Mortality Impact of: 1 year shorter life expectancy ($) (119 ) (17 ) ($) 116 17 Assumed overall health care cost trend rate (%) na 4.7 ( 1 Impact of: 1% increase ($) na 35 ($) na (31 ) (1) Trending to 4.00% in 2041 and remaining at that level thereafter. na – not applicable |
Summary of Duration of Defined Benefit Obligation | The duration of the defined benefit obligation for our primary plans is as follows: (Years) 2022 2021 Canadian pension plans 12.1 14.5 U.S. pension plan s 7.5 9.5 Canadian other employee future benefit plans 12.5 13.7 |
Summary of Cash Payments in Connection with Employee Future Benefit Plans | Cash Flows Cash payments we made during the year in connection with our employee future benefit plans are as follows: (Canadian $ in millions) Pension benefit plans Other employee future benefit plans 2022 2021 2022 2021 Contributions to defined benefit plans 24 254 – – Contributions to defined contribution plans 176 160 – – Benefits paid directly to pensioners 34 44 40 40 234 458 40 40 Our best estimate of the contributions and benefits paid directly to pensioners we expect to make for the year ending October 31, 2023 is approximately $69 million for our defined benefit pension plans and $46 million for our other employee future benefit plans. Benefit payments from our defined benefit plans to retirees for the year ending October 31, 2023 are estimated to be |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Provision for Income Taxes | Provision for Income Taxes (Canadian $ in millions) 2022 2021 Consolidated Statement of Income Current Provision for income taxes for the current period 3,889 2,334 Adjustments for prior periods (15 ) (14 ) Deferred Origination and reversal of temporary differences 475 173 Effect of changes in tax rates – 11 4,349 2,504 Other Comprehensive Income and Equity Income tax expense (recovery) related to: Unrealized (losses) on FVOCI debt securities (182 ) (58 ) Reclassification to earnings of (gains) on FVOCI debt securities (5 ) (14 ) (Losses) on derivatives designated as cash flow hedges (1,794 ) (504 ) Reclassification to earnings of (gains) on derivatives designated as cash flow hedges (114 ) (149 ) Unrealized gains (losses) on hedges of net foreign operations (124 ) 180 Gains on remeasurement of pension and other employee future benefit plans 239 341 Gains (losses) on remeasurement of own credit risk on financial liabilities designated at fair value 465 (70 ) Unrealized gains on FVOCI equity securities 1 6 Share-based compensation 5 (10 ) (1,509 ) (278 ) Total provision for income taxes 2,840 2,226 Components of Total Provision for Income Taxes (Canadian $ in millions) 2022 2021 Canada: Current taxes 1,178 650 672 373 1,850 1,023 Canada: Deferred taxes 148 233 85 134 233 367 Total Canadian 2,083 1,390 Foreign: Current taxes 953 940 (196 ) (104 ) Total foreign 757 836 Total provision for income taxes 2,840 2,226 |
Summary of Reconciliation of Effective Tax Rates | Reconciliation to Statutory Tax Rate Set out below is a reconciliation of our statutory tax rates and income taxes that would be payable at these rates to the effective tax rates and provision for income taxes that we have recorded in our Consolidated Statement of Income: (Canadian $ in millions, except as noted) 2022 2021 Combined Canadian federal and provincial income taxes at the statutory tax rate 4,757 26.6 % 2,729 26.6 % Increase (decrease) resulting from: Tax-exempt (200 ) (1.1 ) (232 ) (2.3 ) Foreign operations subject to different tax rates (160 ) (0.9 ) (137 ) (1.3 ) Write-down of goodwill – – 202 2.0 Change in tax rate for deferred taxes – – 11 0.1 Income attributable to investments in associates and joint ventures (57 ) (0.3 ) (56 ) (0.6 ) Other 9 – (13 ) (0.1 ) Provision for income taxes in the Consolidated Statement of Income 4,349 24.3 % 2,504 24.4 % |
Summary of Components of Deferred Income Tax Balances | Components of Deferred Tax Balances (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 651 (52 ) – 6 605 Employee future benefits 330 (10 ) (65 ) 1 256 Deferred compensation benefits 685 18 – 5 708 Other comprehensive income (108 ) (1 ) 682 – 573 Tax loss carryforwards 34 (23 ) – – 11 Tax credits – – – – – Premises and equipment (400 ) (59 ) – (1 ) (460 ) Pension benefits (148 ) (47 ) (174 ) (1 ) (370 ) Goodwill and intangible assets (241 ) 1 – (4 ) (244 ) Securities (51 ) 193 – – 142 Other (1) 343 (495 ) (5 ) 9 (148 ) Net deferred tax assets (liabilities) 1,095 (475 ) 438 15 1,073 Comprising Deferred tax assets 1,287 1,175 Deferred tax liabilities (192 ) (102 ) Net deferred tax assets (liabilities) 1,095 – – – 1,073 (Canadian $ in millions) Deferred Tax Asset (Liability) Net asset, Benefit (expense) Benefit (expense) Translation Net asset, Allowance for credit losses 849 (194 ) – (4 ) 651 Employee future benefits 337 2 (9 ) – 330 Deferred compensation benefits 416 270 – (1 ) 685 Other comprehensive income (358 ) – 250 – (108 ) Tax loss carryforwards 87 (53 ) – – 34 Tax credits 31 (31 ) – – – Premises and equipment (361 ) (39 ) – – (400 ) Pension benefits 78 104 (330 ) – (148 ) Goodwill and intangible assets (237 ) (6 ) – 2 (241 ) Securities 11 (62 ) – – (51 ) Other 512 (175 ) 10 (4 ) 343 Net deferred tax assets (liabilities) 1,365 (184 ) (79 ) (7 ) 1,095 Comprising Deferred tax assets 1,473 1,287 Deferred tax liabilities (108 ) (192 ) Net deferred tax assets (liabilities) 1,365 – – – 1,095 (1) Includes the tax impact of the interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates on our announced acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of the legal provision recorded in relation to the lawsuit described in Note 24. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Basic and Diluted Earnings Per Share | The following table presents our basic and diluted earnings per share: Basic Earnings Per Common Share (Canadian $ in millions, except as noted) 2022 2021 Net income 13,537 7,754 Dividends on preferred shares and distributions on other equity instruments (231 ) (244 ) Net income available to common shareholders 13,306 7,510 Weighted-average number of common shares outstanding (in thousands) 663,990 647,163 Basic earnings per common share (Canadian $) 20.04 11.60 Diluted Earnings Per Common Share Net income available to common shareholders adjusted for impact of dilutive instruments 13,306 7,510 Weighted-average number of common shares outstanding (in thousands) 663,990 647,163 Effect of dilutive instruments Stock options potentially exercisable (1) 5,178 6,403 Common shares potentially repurchased (3,461 ) (4,890 ) Weighted-average number of diluted common shares outstanding (in thousands) 665,707 648,676 Diluted earnings per common share (Canadian $) 19.99 11.58 (1) In computing diluted earnings per share, we excluded average stock options outstanding of 943,741 with a weighted - exercise price of $143.52 for the year ended October 31, 2022. For the year ended October 31, 2021, we did not |
Commitments, Guarantees, Pled_2
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Maximum Amount Payable Under Various Commitments | The maximum amount payable related to our various commitments is as follows: (Canadian $ in millions) 2022 2021 Financial Guarantees Standby letters of credit 26,019 22,165 Credit default swaps (1) 11,099 5,158 Other Credit Instruments Backstop liquidity facilities 17,330 12,895 Securities lending ( 2 – 3,909 Documentary and commercial letters of credit 1,351 1,481 Commitments to extend credit ( 3 200,814 174,327 Other commitments ( 4 7,075 8,070 Total 263,688 228,005 (1) The fair value of the related derivatives included in our Consolidated Balance Sheet was $(38) ($ (4) million as at October 31, 2021). (2) In fiscal 2022, we divested the securities lending agency business. (3) Commitments to extend credit exclude personal lines of credit and credit cards that are unconditionally cancellable at our discretion. ( 4 Other commitments include $783 million as at October 31, 2022 ($1,649 million as at October 31, 2021) of underwriting commitments that are extended but not yet accepted by the borrower. |
Summary of Pledged Assets and Collateral | The following tables summarize our pledged assets and collateral, and the activities to which they relate: (Canadian $ in millions) 2022 2021 Bank Assets Cash and due from banks 87 110 Securities (1) 95,194 82,975 Loans 71,795 54,656 Other assets 13,991 6,436 181,067 144,177 Third-party Assets (2) Collateral received and available for sale or repledging 177,300 180,705 Less: Collateral not sold or re-pledged (42,237 ) (46,278 ) 135,063 134,427 316,130 278,604 (Canadian $ in millions) 2022 2021 Uses of pledged assets and collateral Clearing systems, payment systems and depositories 19,082 9,464 Foreign governments and central banks 87 110 Obligations related to securities sold short 40,979 32,073 Obligations related to securities sold under repurchase agreements 90,490 87,894 Securities borrowing and lending (3) 69,525 77,456 Derivatives transactions 16,341 11,439 Securitization 27,499 26,075 Covered bonds 33,175 26,340 Other 18,952 7,753 Total pledged assets and collateral 316,130 278,604 (1) Includes NHA mortgage-backed securities of $5,277 million, which are included in loans in our Consolidated Balance Sheet ($4,519 million as at October 31, 2021). (2) Includes on-balance off-balance (3) Includes off-balance |
Summary of Changes In Provision Balance | Changes in the provision balance during the year were as follows: (Canadian $ in millions) 2022 2021 Balance at beginning of year 248 472 Additional provisions/increase in provisions 1,201 166 Provisions utilized (155 ) (340 ) Amounts reversed (20 ) (44 ) Foreign exchange and other 3 (6 ) Balance at end of year (1) 1,277 248 (1) Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segm_2
Operating and Geographic Segmentation (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Schedule of Operating Segments | Our results and average assets, grouped by operating segment, are as follows: (Canadian $ in millions) Canadian U.S. P&C BMO WM BMO CM Corporate (1) 2022 Total Net interest income (2) 7,449 5,037 1,188 3,197 (986 ) 15,885 Non-interest 2,419 1,265 3,336 2,975 7,830 17,825 Total Revenue 9,868 6,302 4,524 6,172 6,844 33,710 Provision for (recovery of) credit losses on impaired loans 432 107 2 (32 ) (7 ) 502 Provision for (recovery of) credit losses on performing loans (91 ) (90 ) (4 ) (11 ) 7 (189 ) Total provision for (recovery of) credit losses 341 17 (2 ) (43 ) – 313 Insurance claims, commissions and changes in policy benefit liabilities – – (683 ) – – (683 ) Depreciation and amortization 516 424 258 282 – 1,480 Non-interest 3,833 2,619 3,306 3,573 1,383 14,714 Income before taxes 5,178 3,242 1,645 2,360 5,461 17,886 Provision for income taxes 1,352 745 394 588 1,270 4,349 Reported net income 3,826 2,497 1,251 1,772 4,191 13,537 Average assets (3) 292,087 145,187 50,488 404,728 180,007 1,072,497 Canadian U.S. P&C BMO WM BMO CM Corporate 2021 Total Net interest income (2) 6,561 4,268 982 3,115 (616 ) 14,310 Non-interest 2,225 1,243 6,071 3,011 326 12,876 Total Revenue 8,786 5,511 7,053 6,126 (290 ) 27,186 Provision for (recovery of) credit losses on impaired loans 493 22 4 11 (5 ) 525 (Recovery of) credit losses on performing loans (116 ) (166 ) (16 ) (205 ) (2 ) (505 ) Total provision for (recovery of) credit losses 377 (144 ) (12 ) (194 ) (7 ) 20 Insurance claims, commissions and changes in policy benefit liabilities – – 1,399 – – 1,399 Depreciation and amortization 486 475 323 281 – 1,565 Non-interest 3,482 2,338 3,520 3,181 1,423 13,944 Income (loss) before taxes 4,441 2,842 1,823 2,858 (1,706 ) 10,258 Provision for (recovery of) income taxes 1,153 666 441 738 (494 ) 2,504 Reported net income (loss) 3,288 2,176 1,382 2,120 (1,212 ) 7,754 Average assets (3) 263,004 129,009 48,232 372,475 168,420 981,140 (1) Corporate Services includes Technology and Operations. (2) Operating groups report on a taxable equivalent basis – see Basis of Presentation section. (3) Included within average assets are average earning assets, which are comprised of deposits with other banks, deposits at central banks, reverse repos, loans and securities. Total average earning assets for 2022 are $979,341 million, including $278,022 million for Canadian P&C, $138,094 million for U.S. P&C, and $563,225 million for all other operating segments including Corporate Services |
Summary of Bank's Financial Results by Geographic Region | Our results and average assets, grouped by geographic region, are as follows: (Canadian $ in millions) 2022 Canada United States Other countries Total Total Revenue 15,977 16,980 753 33,710 Income before taxes 7,335 10,526 25 17,886 Reported net income 5,557 7,894 86 13,537 Average Assets 600,607 416,885 55,005 1,072,497 2021 Total Revenue 15,983 9,242 1,961 27,186 Income (loss) 6,242 4,224 (208 ) 10,258 Reported net income (loss) 4,809 3,254 (309 ) 7,754 Average Assets 544,652 376,102 60,386 981,140 |
Significant Subsidiaries (Table
Significant Subsidiaries (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Significant Operating Subsidiaries | As at October 31, 2022, the bank, either directly or indirectly through its subsidiaries, controls the following significant operating subsidiaries. Significant S Head or principal office Book value of shares owned by the Bank of Montreal (China) Co. Ltd. Beijing, China 463 Bank of Montreal Europe plc Dublin, Ireland 1,130 Bank of Montreal Holding Inc. and subsidiaries, including: Toronto, Canada 36,913 Bank of Montreal Mortgage Corporation Calgary, Canada BMO Mortgage Corp. Vancouver, Canada BMO Investments Limited Hamilton, Bermuda BMO Reinsurance Limited St. Michael, Barbados BMO Nesbitt Burns Inc. Toronto, Canada BMO Investments Inc. Toronto, Canada BMO InvestorLine Inc. Toronto, Canada BMO Capital Markets Limited London, England 289 BMO Financial Corp. and subsidiaries, including: Chicago, United States 32,490 BMO Asset Management Corp. and subsidiaries Chicago, United States BMO Capital Markets Corp. New York, United States BMO Harris Bank National Association and subsidiaries, including: Chicago, United States BMO Harris Investment Company LLC Chicago, United States BMO Life Insurance Company and subsidiaries, including: Toronto, Canada 1,610 BMO Life Holdings (Canada), ULC Halifax, Canada BMO Life Assurance Company Toronto, Canada BMO Trust Company Toronto, Canada 597 BMO Japan Securities Ltd. Tokyo, Japan 6 (1) Each subsidiary is incorporated or organized under the laws of the state or country in which the principal office is situated, except for BMO Financial Corp., BMO Asset Management Corp. and BMO Capital Markets Corp., which are incorporated under the laws of the state of Delaware, United States. BMO Harris Investment Company LLC is organized under the laws of the state of Nevada, United States. (2) Unless otherwise noted, the bank, either directly or indirectly through its subsidiaries, owns 100% of the outstanding voting shares of each subsidiary. |
Related Party Transactions (Tab
Related Party Transactions (Tables) | 12 Months Ended |
Oct. 31, 2022 | |
Text Block [Abstract] | |
Summary of Compensation of Key Management Personnel | The following table presents the compensation of our key management personnel: (Canadian $ in millions) 2022 2021 Base salary and incentive s 25 22 Post-employment benefit s 3 3 Share-based payments (1) 45 32 Total key management personnel compensation 73 57 (1) Amounts included in share-based payments are the fair values of awards granted in the year. |
Summary of Carrying amount in Joint Venture and Associated Companies | The following table presents the carrying amount of our interests in joint ventures and associates accounted for under the equity method, as well as our share of the income of those entities: (Canadian $ in millions) Joint ventures Associates 2022 2021 2022 2021 Carrying amount 585 474 708 661 Share of net income 126 107 148 141 |
Summary of Transaction With Joint Ventures and Associates | The following table presents transactions with our joint ventures and associates: (Canadian $ in millions) 2022 2021 Loans (1) 1,190 791 Deposits 202 117 Fees paid for services received 61 59 Guarantees and commitments 93 73 (1) Includes customers’ liability under acceptances. |
IFRS 7 Disclosure - Credit and
IFRS 7 Disclosure - Credit and Counterparty Risk - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of credit risk exposure [line items] | ||
Credit assets exposure value | $ 308,446 | $ 280,087 |
Outstanding credit exposures | 1,053,200 | |
Outstanding credit exposures increased from prior year | $ 114,800 | |
Outstanding credit exposures increased as percent from prior year | 12% | |
Canada [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | $ 550,500 | |
United States [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | 456,100 | |
Other Jurisdications [member] | ||
Disclosure of credit risk exposure [line items] | ||
Outstanding credit exposures | $ 46,600 | |
Credit risk [member] | Residential real estate loan [member] | ||
Disclosure of credit risk exposure [line items] | ||
Loan to value ratio | 80% |
IFRS 7 Disclosure - Credit an_2
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Credit Risk Exposures (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 1,053,243 | $ 938,409 |
Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 308,446 | 280,087 |
Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 249,533 | 266,051 |
Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 110,468 | 76,450 |
Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 60,221 | 46,905 |
Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 68,610 | 55,575 |
Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 30,071 | 21,797 |
Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 77,217 | 64,729 |
Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 29,188 | 20,547 |
Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 16,458 | 23,201 |
Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 30,145 | 22,499 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 72,886 | 60,568 |
Drawn [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 772,235 | 674,659 |
Drawn [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 245,673 | 224,348 |
Drawn [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 175,770 | 187,011 |
Drawn [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 99,498 | 67,207 |
Drawn [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 36,274 | 27,002 |
Drawn [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 53,531 | 43,524 |
Drawn [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 24,040 | 16,270 |
Drawn [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 54,750 | 44,367 |
Drawn [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 20,220 | 14,372 |
Drawn [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,084 | 6,075 |
Drawn [Member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 9,954 | 7,412 |
Drawn [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 48,441 | 37,071 |
Undrawn commitments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 188,609 | 169,974 |
Undrawn commitments [member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 62,697 | 55,655 |
Undrawn commitments [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 22,535 | 26,933 |
Undrawn commitments [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,863 | 1,606 |
Undrawn commitments [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 20,237 | 16,470 |
Undrawn commitments [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 13,325 | 9,830 |
Undrawn commitments [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 5,235 | 4,646 |
Undrawn commitments [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 18,603 | 16,126 |
Undrawn commitments [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 7,859 | 5,199 |
Undrawn commitments [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,967 | 5,468 |
Undrawn commitments [member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 13,740 | 10,864 |
Undrawn commitments [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 17,548 | 17,177 |
Over the counter derivatives [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 37,713 | 37,974 |
Over the counter derivatives [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 19,030 | 16,331 |
Over the counter derivatives [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 5,500 | 4,011 |
Over the counter derivatives [member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,643 | 1,649 |
Over the counter derivatives [member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 459 | 1,032 |
Over the counter derivatives [member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 248 | 289 |
Over the counter derivatives [member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 695 | 1,238 |
Over the counter derivatives [member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 336 | 282 |
Over the counter derivatives [member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 6,066 | 10,281 |
Over the counter derivatives [member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,087 | 1,273 |
Over the counter derivatives [member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,649 | 1,588 |
Other off balance sheet items [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 27,202 | 23,608 |
Other off balance sheet items [Member] | Individual sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 76 | 84 |
Other off balance sheet items [Member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 7,887 | 6,808 |
Other off balance sheet items [Member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 434 | 400 |
Other off balance sheet items [Member] | Manufacturing sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 2,067 | 1,784 |
Other off balance sheet items [Member] | Real estate sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,295 | 1,189 |
Other off balance sheet items [Member] | Retail trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 548 | 592 |
Other off balance sheet items [Member] | Service industries sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 3,169 | 2,998 |
Other off balance sheet items [Member] | Wholesale trade sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 773 | 694 |
Other off balance sheet items [Member] | Oil and gas sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 1,341 | 1,377 |
Other off balance sheet items [Member] | Utilities sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 4,364 | 2,950 |
Other off balance sheet items [Member] | Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 5,248 | 4,732 |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 27,484 | 32,194 |
Repo style transactions [member] | Financial institutions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | 24,311 | 28,968 |
Repo style transactions [member] | Government sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Total exposure at default | $ 3,173 | $ 3,226 |
IFRS 7 Disclosure - Credit an_3
IFRS 7 Disclosure - Credit and Counterparty Risk - Schedule of Total Credit Risk Exposures (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Repo style transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure | $ 215,806 | $ 208,635 |
Derivative and Repo Style Transactions [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure exclusions at default based on Basel III classifications | $ 13,698 | $ 18,440 |
Other sector [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit exposure ratio | 2% |
IFRS 7 Disclosure - Market Risk
IFRS 7 Disclosure - Market Risk - Additional Information (Detail) - CAD ($) $ in Millions | 3 Months Ended | 12 Months Ended | |
Jul. 31, 2022 | Oct. 31, 2022 | Oct. 31, 2021 | |
100 basis point increase [member] | |||
Market Risk [Line Items] | |||
Increase in earnings before tax | $ 40 | $ 35 | $ 48 |
25 basis point decrease [member] | |||
Market Risk [Line Items] | |||
Decrease in earnings before tax | 9 | 9 | 12 |
10% increase in equity market values [member] | |||
Market Risk [Line Items] | |||
Increase in earnings before tax | 17 | 13 | 22 |
10% decrease in equity market values [member] | |||
Market Risk [Line Items] | |||
Decrease in earnings before tax | $ 16 | $ 13 | $ 22 |
Market risk [member] | Value at risk [member] | |||
Market Risk [Line Items] | |||
Percentage of trading and underwriting portfolios | 99% | ||
Value at risk holding period | 1 day | ||
Market risk [member] | Stressed value at risk [member] | |||
Market Risk [Line Items] | |||
Percentage of trading and underwriting portfolios | 99% | ||
Value at risk holding period | 1 day | ||
Foreign exchange risk [member] | |||
Market Risk [Line Items] | |||
Increase (decrease) adjusted net income before income taxes | $ 33 |
IFRS 7 Disclosure - Market Ri_2
IFRS 7 Disclosure - Market Risk - Summary Total Trading Value at Risk (VaR) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Market Risk [Line Items] | ||
Market risk SVaR | $ 64.4 | $ 55.8 |
Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.6 | 1.8 |
Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 14.1 | 10.8 |
Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 2.3 | 0.5 |
Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 22.1 | 15.2 |
Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 10.2 | 3 |
Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (15) | (12.8) |
Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 35.3 | 18.5 |
Average [Member] | ||
Market Risk [Line Items] | ||
Market risk SVaR | 53.6 | 45.7 |
Average [Member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 3.1 | 2.7 |
Average [Member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 13.1 | 14.9 |
Average [Member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.8 | 2.2 |
Average [Member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 18 | 27.1 |
Average [Member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.7 | 3.3 |
Average [Member] | Risk diversification effect [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | (15.1) | (19.7) |
Average [Member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 26.6 | 30.5 |
Top of range [member] | ||
Market Risk [Line Items] | ||
Market risk SVaR | 70.8 | 65.4 |
Top of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.5 | 6.2 |
Top of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 18.4 | 24.9 |
Top of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 5.2 | 6.4 |
Top of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 26.5 | 52.5 |
Top of range [member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 10.5 | 5.4 |
Top of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 38.2 | 53.5 |
Bottom of range [member] | ||
Market Risk [Line Items] | ||
Market risk SVaR | 34.2 | 36.3 |
Bottom of range [member] | Commodity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1 | 1.1 |
Bottom of range [member] | Equity price risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 8.5 | 10 |
Bottom of range [member] | Foreign exchange risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 0.5 | 0.5 |
Bottom of range [member] | Interest rate risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 12.4 | 9.8 |
Bottom of range [member] | Debt-specific risk [Member] | ||
Market Risk [Line Items] | ||
Market risk VaR | 1.8 | 1.9 |
Bottom of range [member] | Market risk [member] | ||
Market Risk [Line Items] | ||
Market risk VaR | $ 18.1 | $ 15.3 |
IFRS 7 Disclosure - Market Ri_3
IFRS 7 Disclosure - Market Risk - Structural Balance Sheet Interest Rate Sensitivity (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Hundred basis point increase [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | $ (990.2) | $ (1,459.1) |
Pre tax earnings sensitivity over the next twelve month | 498.9 | 383.7 |
Hundred basis point increase [member] | Canada [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | (683.6) | |
Pre tax earnings sensitivity over the next twelve month | 232 | |
Hundred basis point increase [member] | United States [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | (306.6) | |
Pre tax earnings sensitivity over the next twelve month | 266.9 | |
Twenty five basis point decrease [Member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 201.6 | 264.9 |
Pre tax earnings sensitivity over the next twelve month | (139.6) | $ (141.6) |
Twenty five basis point decrease [Member] | Canada [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 159.7 | |
Pre tax earnings sensitivity over the next twelve month | (59.8) | |
Twenty five basis point decrease [Member] | United States [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 42 | |
Pre tax earnings sensitivity over the next twelve month | (79.8) | |
Hundred basis point decrease [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 647.9 | |
Pre tax earnings sensitivity over the next twelve month | (595.2) | |
Hundred basis point decrease [member] | Canada [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 599.1 | |
Pre tax earnings sensitivity over the next twelve month | (246) | |
Hundred basis point decrease [member] | United States [member] | ||
Market Risk [Line Items] | ||
Pre tax economic value sensitivity | 48.7 | |
Pre tax earnings sensitivity over the next twelve month | $ (349.2) |
Contractual Maturities of Asset
Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments - Summary of Remaining Contractual Maturity (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Assets | |||
Cash and cash equivalents | $ 87,466 | $ 93,261 | $ 57,408 |
Interest bearing deposits with banks | 5,734 | 8,303 | |
Securities | 273,262 | 232,849 | |
Securities borrowed or purchased under resale agreements | 113,194 | 107,382 | |
Loans | |||
Residential mortgages | 148,880 | 135,750 | |
Consumer instalment and other personal | 86,103 | 77,164 | |
Credit cards | 9,663 | 8,103 | |
Business and government | 309,310 | 239,809 | |
Allowance for credit losses | (2,617) | (2,564) | |
Loans,net | 551,339 | 458,262 | |
Other Assets | |||
Derivative instruments | 48,160 | 36,713 | |
Customers' liability under acceptances | 13,235 | 14,021 | |
Other | 46,809 | 37,384 | |
Other assets | 108,204 | 88,118 | |
Total Assets | 1,139,199 | 988,175 | |
Deposits | |||
Deposits | 769,478 | 685,631 | |
Other liabilities | |||
Derivative instruments | 59,956 | 30,815 | |
Acceptances | 13,235 | 14,021 | |
Securities sold but not yet purchased | 40,979 | 32,073 | |
Securities lent or sold under repurchase agreements | 103,963 | 97,556 | |
Securitization and structured entities' liabilities | 27,068 | 25,486 | |
Other | 45,332 | 38,177 | |
Total other liabilities | 290,533 | 238,128 | |
Subordinated debt | 8,150 | 6,893 | |
Total Equity | 71,038 | 57,523 | |
Total Liabilities and Equity | 1,139,199 | 988,175 | |
Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 207,106 | 180,748 | |
Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 27,370 | 23,646 | |
Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 17,330 | 12,895 | |
Operating lease commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 303 | 248 | |
Securities lending [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,909 | ||
Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 841 | 602 | |
0 -1 month [member] | |||
Assets | |||
Cash and cash equivalents | 86,003 | 91,736 | |
Interest bearing deposits with banks | 3,844 | 3,529 | |
Securities | 4,189 | 5,286 | |
Securities borrowed or purchased under resale agreements | 83,861 | 70,080 | |
Loans | |||
Residential mortgages | 526 | 458 | |
Consumer instalment and other personal | 211 | 215 | |
Business and government | 13,003 | 12,082 | |
Loans,net | 13,740 | 12,755 | |
Other Assets | |||
Derivative instruments | 5,362 | 2,752 | |
Customers' liability under acceptances | 9,752 | 11,574 | |
Other | 2,735 | 2,002 | |
Other assets | 17,849 | 16,328 | |
Total Assets | 209,486 | 199,714 | |
Deposits | |||
Deposits | 38,064 | 29,885 | |
Other liabilities | |||
Derivative instruments | 3,370 | 2,771 | |
Acceptances | 9,752 | 11,574 | |
Securities sold but not yet purchased | 40,979 | 32,073 | |
Securities lent or sold under repurchase agreements | 94,215 | 73,190 | |
Securitization and structured entities' liabilities | 14 | 21 | |
Other | 12,143 | 10,121 | |
Total other liabilities | 160,473 | 129,750 | |
Total Liabilities and Equity | 198,537 | 159,635 | |
0 -1 month [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,932 | 1,674 | |
0 -1 month [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,680 | 1,196 | |
0 -1 month [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 189 | ||
0 -1 month [member] | Securities lending [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,909 | ||
0 -1 month [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 27 | 16 | |
1 - 3 Months [member] | |||
Assets | |||
Interest bearing deposits with banks | 1,662 | 1,440 | |
Securities | 4,284 | 4,742 | |
Securities borrowed or purchased under resale agreements | 21,736 | 22,873 | |
Loans | |||
Residential mortgages | 1,519 | 1,081 | |
Consumer instalment and other personal | 553 | 419 | |
Business and government | 9,595 | 7,667 | |
Loans,net | 11,667 | 9,167 | |
Other Assets | |||
Derivative instruments | 7,147 | 4,924 | |
Customers' liability under acceptances | 3,461 | 2,428 | |
Other | 625 | 461 | |
Other assets | 11,233 | 7,813 | |
Total Assets | 50,582 | 46,035 | |
Deposits | |||
Deposits | 44,637 | 37,841 | |
Other liabilities | |||
Derivative instruments | 11,764 | 3,651 | |
Acceptances | 3,461 | 2,428 | |
Securities lent or sold under repurchase agreements | 6,476 | 17,199 | |
Securitization and structured entities' liabilities | 2,803 | 1,737 | |
Other | 4,980 | 1,632 | |
Total other liabilities | 29,484 | 26,647 | |
Total Liabilities and Equity | 74,121 | 64,488 | |
1 - 3 Months [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,610 | 4,935 | |
1 - 3 Months [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 4,601 | 4,083 | |
1 - 3 Months [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 585 | 137 | |
1 - 3 Months [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 98 | 38 | |
3-6 month [member] | |||
Assets | |||
Interest bearing deposits with banks | 86 | 1,172 | |
Securities | 5,480 | 5,116 | |
Securities borrowed or purchased under resale agreements | 5,101 | 11,362 | |
Loans | |||
Residential mortgages | 3,708 | 2,109 | |
Consumer instalment and other personal | 940 | 639 | |
Business and government | 11,724 | 7,697 | |
Loans,net | 16,372 | 10,445 | |
Other Assets | |||
Derivative instruments | 3,359 | 2,187 | |
Customers' liability under acceptances | 19 | 19 | |
Other | 225 | 140 | |
Other assets | 3,603 | 2,346 | |
Total Assets | 30,642 | 30,441 | |
Deposits | |||
Deposits | 49,626 | 42,488 | |
Other liabilities | |||
Derivative instruments | 4,399 | 2,379 | |
Acceptances | 19 | 19 | |
Securities lent or sold under repurchase agreements | 1,046 | 3,994 | |
Securitization and structured entities' liabilities | 1,300 | 1,527 | |
Other | 101 | 116 | |
Total other liabilities | 6,865 | 8,035 | |
Total Liabilities and Equity | 56,491 | 50,523 | |
3-6 month [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 10,461 | 8,374 | |
3-6 month [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 4,936 | 4,358 | |
3-6 month [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 393 | 293 | |
3-6 month [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 55 | 47 | |
6-9 month [member] | |||
Assets | |||
Interest bearing deposits with banks | 44 | 1,753 | |
Securities | 5,375 | 3,383 | |
Securities borrowed or purchased under resale agreements | 2,448 | 1,602 | |
Loans | |||
Residential mortgages | 5,778 | 4,373 | |
Consumer instalment and other personal | 1,693 | 1,166 | |
Business and government | 9,300 | 10,496 | |
Loans,net | 16,771 | 16,035 | |
Other Assets | |||
Derivative instruments | 2,552 | 1,809 | |
Customers' liability under acceptances | 3 | ||
Other | 21 | 4 | |
Other assets | 2,576 | 1,813 | |
Total Assets | 27,214 | 24,586 | |
Deposits | |||
Deposits | 47,908 | 28,857 | |
Other liabilities | |||
Derivative instruments | 3,814 | 1,508 | |
Acceptances | 3 | ||
Securities lent or sold under repurchase agreements | 2,226 | 3,103 | |
Securitization and structured entities' liabilities | 794 | 648 | |
Other | 97 | 109 | |
Total other liabilities | 6,934 | 5,368 | |
Total Liabilities and Equity | 54,842 | 34,225 | |
6-9 month [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 13,373 | 13,308 | |
6-9 month [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 4,662 | 3,815 | |
6-9 month [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,438 | 1,073 | |
6-9 month [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 55 | 44 | |
9-12 month [Member] | |||
Assets | |||
Interest bearing deposits with banks | 98 | 409 | |
Securities | 6,060 | 2,692 | |
Securities borrowed or purchased under resale agreements | 48 | 766 | |
Loans | |||
Residential mortgages | 6,501 | 4,879 | |
Consumer instalment and other personal | 1,537 | 1,110 | |
Business and government | 11,394 | 10,213 | |
Loans,net | 19,432 | 16,202 | |
Other Assets | |||
Derivative instruments | 2,225 | 1,634 | |
Other | 2 | 3 | |
Other assets | 2,227 | 1,637 | |
Total Assets | 27,865 | 21,706 | |
Deposits | |||
Deposits | 48,444 | 24,299 | |
Other liabilities | |||
Derivative instruments | 2,895 | 1,444 | |
Securities lent or sold under repurchase agreements | 70 | ||
Securitization and structured entities' liabilities | 1,673 | 486 | |
Other | 146 | 162 | |
Total other liabilities | 4,714 | 2,162 | |
Total Liabilities and Equity | 53,158 | 26,461 | |
9-12 month [Member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 14,753 | 14,498 | |
9-12 month [Member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 4,922 | 4,806 | |
9-12 month [Member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1,275 | 1,578 | |
9-12 month [Member] | Operating lease commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 1 | ||
9-12 month [Member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 58 | 60 | |
1-2 years [member] | |||
Assets | |||
Securities | 18,272 | 17,512 | |
Securities borrowed or purchased under resale agreements | 699 | ||
Loans | |||
Residential mortgages | 14,665 | 22,170 | |
Consumer instalment and other personal | 4,844 | 5,732 | |
Business and government | 37,250 | 29,303 | |
Loans,net | 56,759 | 57,205 | |
Other Assets | |||
Derivative instruments | 7,787 | 7,525 | |
Other | 10 | 5 | |
Other assets | 7,797 | 7,530 | |
Total Assets | 82,828 | 82,946 | |
Deposits | |||
Deposits | 39,992 | 33,778 | |
Other liabilities | |||
Derivative instruments | 7,619 | 5,723 | |
Securitization and structured entities' liabilities | 5,136 | 7,240 | |
Other | 872 | 944 | |
Total other liabilities | 13,627 | 13,907 | |
Total Liabilities and Equity | 53,619 | 47,685 | |
1-2 years [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 38,057 | 33,749 | |
1-2 years [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 2,832 | 1,980 | |
1-2 years [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,465 | 2,709 | |
1-2 years [member] | Operating lease commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3 | 3 | |
1-2 years [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 217 | 139 | |
2-5 years [member] | |||
Assets | |||
Securities | 68,521 | 43,571 | |
Loans | |||
Residential mortgages | 105,285 | 91,146 | |
Consumer instalment and other personal | 37,742 | 31,613 | |
Business and government | 105,009 | 81,377 | |
Loans,net | 248,036 | 204,136 | |
Other Assets | |||
Derivative instruments | 11,636 | 8,787 | |
Other | 19 | 1 | |
Other assets | 11,655 | 8,788 | |
Total Assets | 328,212 | 256,495 | |
Deposits | |||
Deposits | 62,978 | 45,729 | |
Other liabilities | |||
Derivative instruments | 14,092 | 7,140 | |
Securitization and structured entities' liabilities | 9,342 | 9,791 | |
Other | 2,558 | 1,277 | |
Total other liabilities | 25,992 | 18,208 | |
Subordinated debt | 25 | 25 | |
Total Liabilities and Equity | 88,995 | 63,962 | |
2-5 years [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 119,430 | 99,639 | |
2-5 years [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 3,680 | 3,304 | |
2-5 years [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 9,189 | 6,088 | |
2-5 years [member] | Operating lease commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 44 | 22 | |
2-5 years [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 309 | 217 | |
Over 5 years [member] | |||
Assets | |||
Securities | 108,072 | 90,225 | |
Loans | |||
Residential mortgages | 10,810 | 9,396 | |
Consumer instalment and other personal | 14,084 | 13,518 | |
Business and government | 17,776 | 14,413 | |
Loans,net | 42,670 | 37,327 | |
Other Assets | |||
Derivative instruments | 8,092 | 7,095 | |
Other | 5,817 | 5,097 | |
Other assets | 13,909 | 12,192 | |
Total Assets | 164,651 | 139,744 | |
Deposits | |||
Deposits | 16,265 | 19,925 | |
Other liabilities | |||
Derivative instruments | 12,003 | 6,199 | |
Securitization and structured entities' liabilities | 6,006 | 4,036 | |
Other | 5,722 | 3,509 | |
Total other liabilities | 23,731 | 13,744 | |
Subordinated debt | 8,125 | 6,868 | |
Total Liabilities and Equity | 48,121 | 40,537 | |
Over 5 years [member] | Commitments to extend credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 5,490 | 4,571 | |
Over 5 years [member] | Letter of credit [Member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 57 | 104 | |
Over 5 years [member] | Backstop liquidity facilities [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 985 | 828 | |
Over 5 years [member] | Operating lease commitments [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 256 | 222 | |
Over 5 years [member] | Purchase obligations [member] | |||
Off-Balance Sheet Commitments | |||
Off-Balance Sheet Commitments | 22 | 41 | |
No maturity [member] | |||
Assets | |||
Cash and cash equivalents | 1,463 | 1,525 | |
Securities | 53,009 | 60,322 | |
Loans | |||
Residential mortgages | 88 | 138 | |
Consumer instalment and other personal | 24,499 | 22,752 | |
Credit cards | 9,663 | 8,103 | |
Business and government | 94,259 | 66,561 | |
Allowance for credit losses | (2,617) | (2,564) | |
Loans,net | 125,892 | 94,990 | |
Other Assets | |||
Other | 37,355 | 29,671 | |
Other assets | 37,355 | 29,671 | |
Total Assets | 217,719 | 186,508 | |
Deposits | |||
Deposits | 421,564 | 422,829 | |
Other liabilities | |||
Other | 18,713 | 20,307 | |
Total other liabilities | 18,713 | 20,307 | |
Total Equity | 71,038 | 57,523 | |
Total Liabilities and Equity | $ 511,315 | $ 500,659 |
Contractual Maturities of Ass_2
Contractual Maturities of Assets and Liabilities and Off-Balance Sheet Commitments - Summary of Remaining Contractual Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of assets and liabilities according to their remaining contractual maturities [Abstract] | ||
Deposits eligible for early redemption without penalty | $ 29,966 | $ 20,991 |
Basis of Presentation - Summary
Basis of Presentation - Summary of Quantitative Information for Financial Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Derivative notional amount | $ 8,382,140 | $ 6,207,882 |
Libor [Member] | U.S. dollars [member] | Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 48,162 | 91,991 |
Non-derivative liabilities | 3,335 | 3,043 |
Derivative notional amount | 1,870,472 | 1,340,121 |
Authorized and committed loan commitments | 90,797 | 62,174 |
Libor [Member] | GBP [Member] | Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 730 | |
Non-derivative liabilities | 678 | |
Derivative notional amount | 28,385 | |
Authorized and committed loan commitments | 241 | |
Others [Member] | Other Currencies [Member] | Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 884 | |
Derivative notional amount | 4,898 | |
Authorized and committed loan commitments | $ 15,047 | |
CDOR [Member] | Other Currencies [Member] | Interbank Offer Rate Reform [Member] | ||
Disclosure Detail Of Quantitative Information for Financial Instruments [Line Items] | ||
Non-derivative assets | 37,101 | |
Non-derivative liabilities | 4,583 | |
Derivative notional amount | 1,554,518 | |
Authorized and committed loan commitments | $ 26,106 |
Basis of Presentation - Additio
Basis of Presentation - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2022 | |
Bottom of range [member] | |
Basis of presentation [line items] | |
Proportion of voting rights held in associate | 20% |
Top of range [member] | |
Basis of presentation [line items] | |
Proportion of voting rights held in associate | 50% |
Useful lives of Intangible assets other than goodwill | 15 years |
Cash and Interest Bearing Dep_3
Cash and Interest Bearing Deposits with Banks - Disclosure of Cash and Interest Bearing Deposits with Banks (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Cash and interest bearing deposits with banks [abstract] | ||||
Cash and deposits with banks | [1] | $ 85,234 | $ 91,377 | |
Cheques and other items in transit, net | 2,232 | 1,884 | ||
Total cash and cash equivalents | $ 87,466 | $ 93,261 | $ 57,408 | |
[1]Includes deposits with the Bank of Canada, the U.S. Federal Reserve and other central banks. |
Cash and Interest Bearing Dep_4
Cash and Interest Bearing Deposits with Banks - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of cash and interest bearing deposits with banks [abstract] | ||
Reserves or minimum balances with central banks | $ 87 | $ 110 |
Securities - Additional Informa
Securities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of financial assets [line items] | ||
Fair value through profit or loss ("FVTPL") securities | $ 13,641 | $ 14,210 |
Amortized cost | 106,590 | 49,970 |
FVOCI Securities | 43,561 | 63,123 |
Gains (losses) on financial assets at fair value through profit or loss that were designated | (1,954) | (202) |
Realized gains from fair value through other comprehensive income securities | 0 | 1 |
Interest and dividend income | $ 397 | 379 |
Bottom of range [member] | ||
Disclosure of financial assets [line items] | ||
Company own voting rights of shares | 20% | |
Top of range [member] | ||
Disclosure of financial assets [line items] | ||
Company own voting rights of shares | 50% | |
Debt securities [member] | ||
Disclosure of financial assets [line items] | ||
Amortized cost | $ 106,590 | 49,970 |
FVOCI Securities | 43,408 | 62,991 |
Allowance for credit losses of amortized cost | 3 | 2 |
Allowance for credit losses of FVOCI securities | 3 | 2 |
Mandatorily measured at fair value [member] | ||
Disclosure of financial assets [line items] | ||
Fair value through profit or loss ("FVTPL") securities | 4,410 | 3,038 |
Unrealized gain loss through profit or loss from securities held by insurance subsidiary [member] | ||
Disclosure of financial assets [line items] | ||
Fair value of investment through profit loss increase (decrease) in non-interest revenue, insurance revenue | (1,954) | (202) |
Related to securities held by insurance subsidiaries [member] | ||
Disclosure of financial assets [line items] | ||
Fair value through profit or loss ("FVTPL") securities | $ 9,231 | $ 11,172 |
Securities - Schedule of Fair V
Securities - Schedule of Fair Value Measurement (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of financial assets [line items] | ||
Trading Securities | $ 108,177 | $ 104,411 |
FVTPL Securities | 13,641 | 14,210 |
FVOCI Securities | 43,561 | 63,123 |
Amortized Cost Securities | 106,590 | 49,970 |
Total securities | 273,262 | 232,849 |
Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 43,561 | 63,123 |
Amortized Cost Securities | 94,832 | 49,810 |
Carrying amount [Member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 1,293 | 1,135 |
Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 273,262 | 232,849 |
Total securities | 273,262 | 232,849 |
Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 87,636 | 85,933 |
United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 177,371 | 140,422 |
Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 8,255 | 6,494 |
Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 44,917 | 62,877 |
Amortized Cost Securities | 106,590 | 49,970 |
Investments in associates and joint ventures | $ 274,618 | $ 232,603 |
Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.19% | 1.42% |
Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.58% | 1.44% |
Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 10,936 | $ 7,596 |
FVTPL Securities | 493 | 863 |
Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,301 | 13,065 |
Amortized Cost Securities | 7,129 | 7,120 |
Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,498 | 13,087 |
Amortized Cost Securities | $ 7,136 | $ 7,084 |
Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.14% | 1.48% |
Canadian federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.55% | 1.49% |
Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 6,110 | $ 5,838 |
FVTPL Securities | 1,080 | 1,380 |
Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,571 | 2,987 |
Amortized Cost Securities | 5,583 | 5,723 |
Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,724 | 2,973 |
Amortized Cost Securities | $ 5,588 | $ 5,642 |
Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.70% | 1.45% |
Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.35% | 2.07% |
US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 16,699 | $ 9,582 |
FVTPL Securities | 4 | 38 |
US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,110 | 21,026 |
Amortized Cost Securities | 51,717 | 5,589 |
US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,403 | 21,041 |
Amortized Cost Securities | $ 59,245 | $ 5,633 |
US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.13% | 1.48% |
US federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.49% | 1.51% |
US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 139 | $ 458 |
US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,714 | 4,114 |
Amortized Cost Securities | 105 | |
US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,863 | $ 4,034 |
Amortized Cost Securities | $ 109 | |
US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.30% | 1.91% |
US state municipal and agencies debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 4.26% | |
Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 3,970 | $ 1,898 |
FVTPL Securities | 87 | 92 |
Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,411 | 6,502 |
Amortized Cost Securities | 1,377 | 1,420 |
Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,532 | 6,476 |
Amortized Cost Securities | $ 1,387 | $ 1,413 |
Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.62% | 1.19% |
Other governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.66% | 1.24% |
NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 14,312 | $ 14,054 |
FVTPL Securities | 8 | 9 |
NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,363 | 1,125 |
Amortized Cost Securities | 26,864 | 28,307 |
NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,376 | 1,122 |
Amortized Cost Securities | $ 31,013 | $ 28,557 |
NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.07% | 1.23% |
NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.59% | 1.30% |
US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 7,905 | $ 11,011 |
US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 8,196 | $ 10,894 |
US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.39% | 1.22% |
Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 9,592 | $ 9,894 |
FVTPL Securities | 6,479 | 7,704 |
Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,033 | 3,161 |
Amortized Cost Securities | 2,057 | 1,651 |
Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,203 | 3,147 |
Amortized Cost Securities | $ 2,112 | $ 1,641 |
Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.29% | 1.37% |
Corporate debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.82% | 1.30% |
Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 346 | $ 160 |
Corporate equity [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 46,073 | 54,931 |
FVTPL Securities | 5,490 | 4,124 |
Corporate equity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 153 | 132 |
Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 122 | 103 |
Within 1 year [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 10,621 | |
FVTPL Securities | 534 | |
Within 1 year [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 9,274 | |
Amortized Cost Securities | 5,199 | |
Within 1 year [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 25,388 | |
Total securities | 25,388 | |
Within 1 year [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 13,049 | |
Within 1 year [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 9,620 | |
Within 1 year [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 2,719 | |
Within 1 year [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 9,365 | |
Amortized Cost Securities | 4,959 | |
Investments in associates and joint ventures | $ 25,479 | |
Within 1 year [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.45% | |
Within 1 year [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.32% | |
Within 1 year [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 3,361 | |
FVTPL Securities | 319 | |
Within 1 year [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 2,229 | |
Amortized Cost Securities | 2,223 | |
Within 1 year [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 2,235 | |
Amortized Cost Securities | $ 2,146 | |
Within 1 year [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.08% | |
Within 1 year [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.89% | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,247 | |
FVTPL Securities | 36 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 714 | |
Amortized Cost Securities | 1,044 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 720 | |
Amortized Cost Securities | $ 984 | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.22% | |
Within 1 year [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.71% | |
Within 1 year [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,269 | |
FVTPL Securities | 4 | |
Within 1 year [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 989 | |
Amortized Cost Securities | 942 | |
Within 1 year [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,006 | |
Amortized Cost Securities | $ 924 | |
Within 1 year [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.65% | |
Within 1 year [member] | US federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.94% | |
Within 1 year [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 483 | |
Within 1 year [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 485 | |
Within 1 year [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.26% | |
Within 1 year [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,337 | |
FVTPL Securities | 39 | |
Within 1 year [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,377 | |
Amortized Cost Securities | 456 | |
Within 1 year [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,385 | |
Amortized Cost Securities | $ 419 | |
Within 1 year [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.86% | |
Within 1 year [member] | Other governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.44% | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 32 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 21 | |
Amortized Cost Securities | 77 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 25 | |
Amortized Cost Securities | $ 79 | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.46% | |
Within 1 year [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.10% | |
Within 1 year [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 70 | |
Within 1 year [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 70 | |
Within 1 year [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.42% | |
Within 1 year [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,375 | |
FVTPL Securities | 136 | |
Within 1 year [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,391 | |
Amortized Cost Securities | 457 | |
Within 1 year [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,439 | |
Amortized Cost Securities | $ 407 | |
Within 1 year [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.82% | |
Within 1 year [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.05% | |
1 to 3 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 13,915 | |
FVTPL Securities | 212 | |
1 to 3 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5,258 | |
Amortized Cost Securities | 23,151 | |
1 to 3 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 43,724 | |
Total securities | 43,724 | |
1 to 3 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 13,167 | |
1 to 3 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 29,363 | |
1 to 3 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 1,194 | |
1 to 3 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5,401 | |
Amortized Cost Securities | 24,339 | |
Investments in associates and joint ventures | $ 43,867 | |
1 to 3 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.30% | |
1 to 3 years [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.56% | |
1 to 3 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 3,617 | |
FVTPL Securities | 2 | |
1 to 3 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 816 | |
Amortized Cost Securities | 3,513 | |
1 to 3 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 843 | |
Amortized Cost Securities | $ 3,537 | |
1 to 3 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.68% | |
1 to 3 years [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.85% | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 826 | |
FVTPL Securities | 10 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 611 | |
Amortized Cost Securities | 2,133 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 632 | |
Amortized Cost Securities | $ 2,113 | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.51% | |
1 to 3 years [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.91% | |
1 to 3 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 6,034 | |
1 to 3 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 46 | |
Amortized Cost Securities | 14,785 | |
1 to 3 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 49 | |
Amortized Cost Securities | $ 15,825 | |
1 to 3 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.02% | |
1 to 3 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.46% | |
1 to 3 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 60 | |
1 to 3 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,030 | |
1 to 3 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,062 | |
1 to 3 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.16% | |
1 to 3 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,432 | |
FVTPL Securities | 48 | |
1 to 3 years [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,390 | |
Amortized Cost Securities | 544 | |
1 to 3 years [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,420 | |
Amortized Cost Securities | $ 577 | |
1 to 3 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.95% | |
1 to 3 years [member] | Other governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.31% | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 165 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 102 | |
Amortized Cost Securities | 1,675 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 102 | |
Amortized Cost Securities | $ 1,757 | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.85% | |
1 to 3 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.47% | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 42 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 44 | |
1 to 3 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.96% | |
1 to 3 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,685 | |
FVTPL Securities | 152 | |
1 to 3 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,221 | |
Amortized Cost Securities | 501 | |
1 to 3 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,249 | |
Amortized Cost Securities | $ 530 | |
1 to 3 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.28% | |
1 to 3 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.59% | |
1 to 3 years [member] | Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 96 | |
3 to 5 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 7,582 | |
FVTPL Securities | 302 | |
3 to 5 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,480 | |
Amortized Cost Securities | 20,517 | |
3 to 5 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 43,069 | |
Total securities | 43,069 | |
3 to 5 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 14,499 | |
3 to 5 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 28,094 | |
3 to 5 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 476 | |
3 to 5 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,937 | |
Amortized Cost Securities | 22,705 | |
Investments in associates and joint ventures | $ 43,526 | |
3 to 5 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.04% | |
3 to 5 years [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.50% | |
3 to 5 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 759 | |
FVTPL Securities | 9 | |
3 to 5 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,122 | |
Amortized Cost Securities | 1,267 | |
3 to 5 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,261 | |
Amortized Cost Securities | $ 1,319 | |
3 to 5 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.65% | |
3 to 5 years [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.71% | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 390 | |
FVTPL Securities | 8 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,300 | |
Amortized Cost Securities | 1,299 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,360 | |
Amortized Cost Securities | $ 1,345 | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.74% | |
3 to 5 years [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.32% | |
3 to 5 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 3,051 | |
3 to 5 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 680 | |
Amortized Cost Securities | 13,414 | |
3 to 5 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 751 | |
Amortized Cost Securities | $ 15,098 | |
3 to 5 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.67% | |
3 to 5 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.29% | |
3 to 5 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 42 | |
3 to 5 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 567 | |
3 to 5 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 602 | |
3 to 5 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.31% | |
3 to 5 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 742 | |
3 to 5 years [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,511 | |
Amortized Cost Securities | 364 | |
3 to 5 years [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,589 | |
Amortized Cost Securities | $ 376 | |
3 to 5 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.64% | |
3 to 5 years [member] | Other governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.46% | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 432 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,204 | |
Amortized Cost Securities | 3,254 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,212 | |
Amortized Cost Securities | $ 3,579 | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.22% | |
3 to 5 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.65% | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 72 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 78 | |
3 to 5 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.67% | |
3 to 5 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,117 | |
FVTPL Securities | 285 | |
3 to 5 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,024 | |
Amortized Cost Securities | 919 | |
3 to 5 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,084 | |
Amortized Cost Securities | $ 988 | |
3 to 5 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.34% | |
3 to 5 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.39% | |
3 to 5 years [member] | Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 49 | |
5 to 10 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 9,544 | |
FVTPL Securities | 1,035 | |
5 to 10 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,396 | |
Amortized Cost Securities | 23,562 | |
5 to 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 46,765 | |
Total securities | 46,765 | |
5 to 10 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 10,823 | |
5 to 10 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 35,743 | |
5 to 10 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 199 | |
5 to 10 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,792 | |
Amortized Cost Securities | 27,790 | |
Investments in associates and joint ventures | $ 47,161 | |
5 to 10 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.86% | |
5 to 10 years [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.65% | |
5 to 10 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,815 | |
5 to 10 years [member] | Canadian federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,134 | |
Amortized Cost Securities | 126 | |
5 to 10 years [member] | Canadian federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,159 | |
Amortized Cost Securities | $ 134 | |
5 to 10 years [member] | Canadian federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.29% | |
5 to 10 years [member] | Canadian federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.66% | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 876 | |
FVTPL Securities | 90 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,866 | |
Amortized Cost Securities | 1,107 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,929 | |
Amortized Cost Securities | $ 1,146 | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.21% | |
5 to 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.90% | |
5 to 10 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 3,572 | |
5 to 10 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,067 | |
Amortized Cost Securities | 19,703 | |
5 to 10 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,249 | |
Amortized Cost Securities | $ 23,511 | |
5 to 10 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.50% | |
5 to 10 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.56% | |
5 to 10 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 16 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 809 | |
Amortized Cost Securities | 105 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 864 | |
Amortized Cost Securities | $ 109 | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.37% | |
5 to 10 years [member] | US state municipal and agencies debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 4.26% | |
5 to 10 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 367 | |
5 to 10 years [member] | Other governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 133 | |
Amortized Cost Securities | 13 | |
5 to 10 years [member] | Other governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 138 | |
Amortized Cost Securities | $ 15 | |
5 to 10 years [member] | Other governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 5.04% | |
5 to 10 years [member] | Other governments [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1% | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 176 | |
FVTPL Securities | 8 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | 2,383 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
Amortized Cost Securities | $ 2,747 | |
5 to 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.73% | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,181 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 1,215 | |
5 to 10 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.34% | |
5 to 10 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 2,521 | |
FVTPL Securities | 937 | |
5 to 10 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 206 | |
Amortized Cost Securities | 125 | |
5 to 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 238 | |
Amortized Cost Securities | $ 128 | |
5 to 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 4.74% | |
5 to 10 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.54% | |
5 to 10 years [member] | Trading loans [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 201 | |
Over 10 years [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 20,442 | |
FVTPL Securities | 6,068 | |
Over 10 years [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,000 | |
Amortized Cost Securities | 22,403 | |
Over 10 years [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 61,307 | |
Total securities | 61,307 | |
Over 10 years [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 10,895 | |
Over 10 years [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 50,334 | |
Over 10 years [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 78 | |
Over 10 years [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,300 | |
Amortized Cost Securities | 26,797 | |
Investments in associates and joint ventures | $ 61,607 | |
Over 10 years [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.50% | |
Over 10 years [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.64% | |
Over 10 years [member] | Canadian federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,384 | |
FVTPL Securities | 163 | |
Over 10 years [member] | Canadian provincial and municipal governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 2,771 | |
FVTPL Securities | 936 | |
Over 10 years [member] | Canadian provincial and municipal governments [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 80 | |
Over 10 years [member] | Canadian provincial and municipal governments [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 83 | |
Over 10 years [member] | Canadian provincial and municipal governments [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 4.29% | |
Over 10 years [member] | US federal government [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 1,773 | |
Over 10 years [member] | US federal government [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 328 | |
Amortized Cost Securities | 2,873 | |
Over 10 years [member] | US federal government [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 348 | |
Amortized Cost Securities | $ 3,887 | |
Over 10 years [member] | US federal government [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 4.05% | |
Over 10 years [member] | US federal government [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.05% | |
Over 10 years [member] | US state municipal and agencies debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 21 | |
Over 10 years [member] | US state municipal and agencies debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 825 | |
Over 10 years [member] | US state municipal and agencies debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 850 | |
Over 10 years [member] | US state municipal and agencies debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.44% | |
Over 10 years [member] | Other governments [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 92 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 13,507 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 36 | |
Amortized Cost Securities | 19,475 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 37 | |
Amortized Cost Securities | $ 22,851 | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.53% | |
Over 10 years [member] | NHA MBS US agency MBS and CMO [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 1.57% | |
Over 10 years [member] | US Agency MBS and CMO [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 6,540 | |
Over 10 years [member] | US Agency MBS and CMO [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 6,789 | |
Over 10 years [member] | US Agency MBS and CMO [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 2.38% | |
Over 10 years [member] | Corporate debt [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 894 | |
FVTPL Securities | 4,969 | |
Over 10 years [member] | Corporate debt [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 191 | |
Amortized Cost Securities | 55 | |
Over 10 years [member] | Corporate debt [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 193 | |
Amortized Cost Securities | $ 59 | |
Over 10 years [member] | Corporate debt [member] | Financial assets at fair value through other comprehensive income [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 3.59% | |
Over 10 years [member] | Corporate debt [member] | Financial assets at amortized cost securities [member] | ||
Disclosure of financial assets [line items] | ||
Yield (%) | 0.22% | |
No maturity [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | $ 46,073 | |
FVTPL Securities | 5,490 | |
Total securities | 53,009 | $ 60,322 |
No maturity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 153 | |
No maturity [member] | Carrying amount [Member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 1,293 | |
No maturity [member] | Total carrying value of securities [member] | ||
Disclosure of financial assets [line items] | ||
Investments in associates and joint ventures | 53,009 | |
Total securities | 53,009 | |
No maturity [member] | Canadian Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 25,203 | |
No maturity [member] | United States of America, Dollar [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 24,217 | |
No maturity [member] | Other Currency [member] | ||
Disclosure of financial assets [line items] | ||
Total securities | 3,589 | |
No maturity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 122 | |
Investments in associates and joint ventures | 52,978 | |
No maturity [member] | Corporate equity [member] | ||
Disclosure of financial assets [line items] | ||
Trading Securities | 46,073 | |
FVTPL Securities | 5,490 | |
No maturity [member] | Corporate equity [member] | Fair Value [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 153 | |
No maturity [member] | Corporate equity [member] | Amortized Cost [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 122 |
Securities - Schedule of Unreal
Securities - Schedule of Unrealized Gains and Losses (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 43,561 | $ 63,123 |
Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 44,917 | 62,877 |
Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 95 | 733 |
Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,451 | 487 |
Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 43,561 | 63,123 |
Canadian federal government [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,498 | 13,087 |
Canadian federal government [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 11 | 62 |
Canadian federal government [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 208 | 84 |
Canadian federal government [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12,301 | 13,065 |
Canadian Provincial And Municipal Governments [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,724 | 2,973 |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6 | 29 |
Canadian Provincial And Municipal Governments [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 159 | 15 |
Canadian Provincial And Municipal Governments [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,571 | 2,987 |
US federal Government [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,403 | 21,041 |
US federal Government [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 282 | |
US federal Government [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 293 | 297 |
US federal Government [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,110 | 21,026 |
US State Municipal And Agencies Debt [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,863 | 4,034 |
US State Municipal And Agencies Debt [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 5 | 85 |
US State Municipal And Agencies Debt [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 154 | 5 |
US State Municipal And Agencies Debt [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 3,714 | 4,114 |
Other governments [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,532 | 6,476 |
Other governments [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4 | 55 |
Other governments [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 125 | 29 |
Other governments [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 6,411 | 6,502 |
National housing act mortgage backed securities [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,376 | 1,122 |
National housing act mortgage backed securities [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1 | 6 |
National housing act mortgage backed securities [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 14 | 3 |
National housing act mortgage backed securities [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 1,363 | 1,125 |
US Agency MBS and CMO [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 8,196 | 10,894 |
US Agency MBS and CMO [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 12 | 151 |
US Agency MBS and CMO [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 303 | 34 |
US Agency MBS and CMO [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 7,905 | 11,011 |
Corporate debt [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,203 | 3,147 |
Corporate debt [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 25 | 34 |
Corporate debt [member] | Gross Unrealized Losses [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 195 | 20 |
Corporate debt [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 4,033 | 3,161 |
Corporate equity [member] | Cost/Amortized cost [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 122 | 103 |
Corporate equity [member] | Gross Unrealized Gains [Member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | 31 | 29 |
Corporate equity [member] | Fair value [member] | ||
Disclosure of financial assets [line items] | ||
FVOCI Securities | $ 153 | $ 132 |
Securities - Summary of Interes
Securities - Summary of Interest Income Calculated Using Effective Interest Method (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | $ 1,973 | $ 911 |
Financial assets at fair value through profit or loss [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | 28 | 22 |
Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | 650 | 470 |
Financial assets at amortised cost, category [member] | ||
Disclosure Of interest, dividend and fee income [Line Items] | ||
Total | $ 1,295 | $ 419 |
Securities - Summary of Non-Int
Securities - Summary of Non-Interest Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Interest Dividend and Fee Income [abstract] | |||
FVTPL securities | $ 268 | $ 535 | |
FVOCI securities – realized gains (losses) | [1] | 14 | 57 |
Impairment losses | (1) | (1) | |
Securities gains, other than trading | $ 281 | $ 591 | |
[1]Gains (losses) are net of (losses) gains on hedge contracts. |
Loans and Allowance for Credi_3
Loans and Allowance for Credit Losses - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Interest income on impaired loans | $ 55 | $ 71 |
Net gain (loss) on sale of impaired and written-off loans | 3 | (10) |
Allowances for credit losses | 2,998 | 2,958 |
Carrying value of renegotiated loans | 91 | 37 |
Renegotiated loans written off | 16 | 21 |
Real estate properties held for sale | $ 13 | 11 |
Base case scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ScenarioWeight | 100% | |
Adverse Scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
ScenarioWeight | 100% | |
12-month expected credit losses [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Carrying value of renegotiated loans | $ 13 | 29 |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,617 | 2,564 |
Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses off balance sheet | 381 | 394 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real estate properties held for sale received on foreclosed impaired loan | 24 | 27 |
Related to performing loans, assuming 100% base case scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,441 | 2,447 |
Modelled allowance account for credit losses of financial assets based on assumptions | 1,900 | 1,725 |
Related to performing loans, assuming 100% adverse scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,441 | 2,447 |
Modelled allowance account for credit losses of financial assets based on assumptions | 3,250 | 3,825 |
Performing loans, stage one scenario [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowances for credit losses | 2,441 | 2,447 |
Modelled allowance account for credit losses of financial assets based on assumptions | $ 1,850 | $ 1,775 |
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 | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | $ 1,053,200 | |
Allowance for credit losses | 2,998 | $ 2,958 |
Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 148,745 | 135,653 |
Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 148,880 | 135,750 |
Allowance for credit losses | 135 | 97 |
Residential mortgages [member] | Gross carrying amount [member] | Default and impaired [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 295 | 351 |
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 | 7 | 4 |
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 | 94,824 | 94,745 |
Residential mortgages [member] | Gross carrying amount [member] | Low probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 34,751 | 24,764 |
Residential mortgages [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 17,345 | 14,316 |
Residential mortgages [member] | Gross carrying amount [member] | High probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 479 | 473 |
Residential mortgages [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,179 | 1,097 |
Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 85,612 | 76,627 |
Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 86,103 | 77,164 |
Allowance for credit losses | 491 | 537 |
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 | 312 | 287 |
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 | 1,827 | 1,524 |
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 | 33,637 | 30,680 |
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 | 25,676 | 22,194 |
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 | 18,169 | 16,943 |
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 | 2,398 | 2,036 |
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 | 4,084 | 3,500 |
Credit Card Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 9,387 | 7,827 |
Credit Card Loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 9,663 | 8,103 |
Allowance for credit losses | 276 | 276 |
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 | 2,920 | 2,532 |
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 | 443 | 450 |
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 | 1,620 | 1,867 |
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 | 3,710 | 2,406 |
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 | 879 | 362 |
Credit Card Loans [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 91 | 486 |
Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 320,830 | 252,176 |
Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 322,545 | 253,830 |
Allowance for credit losses | 1,715 | 1,654 |
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 | 1,384 | 1,531 |
Business and government loans [member] | Gross carrying amount [member] | Investment grade [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 194,010 | 146,253 |
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 | 120,841 | 99,909 |
Business and government loans [member] | Gross carrying amount [member] | Watch list [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 6,310 | 6,137 |
Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 249,343 | 215,074 |
Loan commitments and financial guarantee contracts issued [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Allowance for credit losses | 381 | 394 |
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 | 292 | 682 |
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 | 187,287 | 157,342 |
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 | 59,967 | 54,991 |
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 | 2,178 | 2,453 |
Gross total loans and acceptances [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 564,574 | 472,283 |
Gross total loans and acceptances [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 567,191 | 474,847 |
Stage One [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 141,046 | 131,279 |
Stage One [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 141,105 | 131,325 |
Allowance for credit losses | 59 | 46 |
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 | 7 | 4 |
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 | 94,743 | 94,566 |
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 | 31,617 | 23,471 |
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 | 13,474 | 12,066 |
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 | 138 | 167 |
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 | 1,126 | 1,051 |
Stage One [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 78,075 | 71,153 |
Stage One [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 78,176 | 71,266 |
Allowance for credit losses | 101 | 113 |
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 | 1,792 | 1,487 |
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 | 33,554 | 30,672 |
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 | 24,369 | 21,660 |
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 | 13,536 | 13,336 |
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 | 873 | 661 |
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 | 4,052 | 3,450 |
Stage One [member] | Credit Card Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 8,186 | 7,020 |
Stage One [member] | Credit Card Loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 8,255 | 7,087 |
Allowance for credit losses | 69 | 67 |
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 | 2,920 | 2,532 |
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 | 442 | 450 |
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 | 1,569 | 1,801 |
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 | 2,918 | 1,743 |
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 | 316 | 75 |
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 | 90 | 486 |
Stage One [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 285,088 | 229,653 |
Stage One [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 285,696 | 230,182 |
Allowance for credit losses | 608 | 529 |
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 | 187,245 | 144,807 |
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 | 98,451 | 85,375 |
Stage One [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 227,881 | 201,607 |
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 | 194 | 195 |
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 | 182,153 | 154,975 |
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 | 45,920 | 46,827 |
Stage One [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 | |
Stage One [member] | Gross total loans and acceptances [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 512,395 | 439,105 |
Stage One [member] | Gross total loans and acceptances [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 513,232 | 439,860 |
Stage Two [Member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,414 | 4,035 |
Stage Two [Member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,480 | 4,074 |
Allowance for credit losses | 66 | 39 |
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 | 81 | 179 |
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 | 3,134 | 1,293 |
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 | 3,871 | 2,250 |
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 | 341 | 306 |
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 | 46 |
Stage Two [Member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,327 | 5,278 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 7,615 | 5,611 |
Allowance for credit losses | 288 | 333 |
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 | 35 | 37 |
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 | 83 | 8 |
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 | 1,307 | 534 |
Stage Two [Member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | Medium probability of default [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 4,633 | 3,607 |
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 | 1,525 | 1,375 |
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 | 32 | 50 |
Stage Two [Member] | Credit Card Loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,201 | 807 |
Stage Two [Member] | Credit Card Loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,408 | 1,016 |
Allowance for credit losses | 207 | 209 |
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 | |
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 | 51 | 66 |
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 | 792 | 663 |
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 | 563 | 287 |
Stage Two [Member] | Credit Card Loans [member] | Gross carrying amount [member] | Not Rated [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1 | |
Stage Two [Member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 34,790 | 21,387 |
Stage Two [Member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 35,465 | 22,117 |
Allowance for credit losses | 675 | 730 |
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 | 6,765 | 1,446 |
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 | 22,390 | 14,534 |
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 | 6,310 | 6,137 |
Stage Two [Member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 21,183 | 12,798 |
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 | 174 | 186 |
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 | 5,134 | 2,367 |
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 | 14,047 | 8,164 |
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 | 2,176 | 2,453 |
Stage Two [Member] | Gross total loans and acceptances [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 50,732 | 31,507 |
Stage Two [Member] | Gross total loans and acceptances [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 51,968 | 32,818 |
Stage three [member] | Residential mortgages [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 285 | 339 |
Stage three [member] | Residential mortgages [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 295 | 351 |
Allowance for credit losses | 10 | 12 |
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 | 295 | 351 |
Stage three [member] | Consumer installment and other personal loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 210 | 196 |
Stage three [member] | Consumer installment and other personal loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 312 | 287 |
Allowance for credit losses | 102 | 91 |
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 | 312 | 287 |
Stage three [member] | Business and government loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 952 | 1,136 |
Stage three [member] | Business and government loans [member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,384 | 1,531 |
Allowance for credit losses | 432 | 395 |
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 | 1,384 | 1,531 |
Stage three [member] | Loan commitments and financial guarantee contracts issued [member] | ||
Disclosure of credit risk exposure [line items] | ||
Commitments and financial guarantee contracts | 279 | 669 |
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 | 13 | 13 |
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 | 292 | 682 |
Stage three [member] | Gross total loans and acceptances [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | 1,447 | 1,671 |
Stage three [member] | Gross total loans and acceptances [Member] | Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Credit risk exposure for loans | $ 1,991 | $ 2,169 |
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) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Stage three [member] | ||
Disclosure of credit risk exposure [line items] | ||
Percentage of collateralized loan | 92% | 92% |
Credit Card Loans [member] | Principal [member] | Bottom of range [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 | |
Credit Card Loans [member] | Interest [member] | Bottom of range [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 | 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 | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of credit risk exposure [line items] | ||
Beginning balance | $ 2,958 | |
Ending balance | 2,998 | $ 2,958 |
IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 2,958 | |
Ending balance | 2,998 | 2,958 |
IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 2,564 | |
Ending balance | 2,617 | 2,564 |
IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 394 | |
Ending balance | 381 | 394 |
Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 105 | 152 |
Net remeasurement of loss allowance | 17 | (40) |
Loan originations | 34 | 38 |
Derecognitions and maturities | (12) | (19) |
Model changes | 7 | |
Total Provision for Credit Losses (PCL) | 46 | (21) |
Write-offs | (5) | (12) |
Recoveries of previous write-offs | 7 | 11 |
Foreign exchange and other | (11) | (25) |
Ending balance | 142 | 105 |
Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 576 | 707 |
Net remeasurement of loss allowance | 66 | 61 |
Loan originations | 92 | 86 |
Derecognitions and maturities | (61) | (76) |
Model changes | (22) | (22) |
Total Provision for Credit Losses (PCL) | 75 | 49 |
Write-offs | (205) | (236) |
Recoveries of previous write-offs | 80 | 86 |
Foreign exchange and other | (9) | (30) |
Ending balance | 517 | 576 |
Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 359 | 431 |
Net remeasurement of loss allowance | 154 | 122 |
Loan originations | 54 | 39 |
Derecognitions and maturities | (28) | (36) |
Model changes | 12 | |
Total Provision for Credit Losses (PCL) | 192 | 125 |
Write-offs | (249) | (266) |
Recoveries of previous write-offs | 78 | 94 |
Foreign exchange and other | (15) | (25) |
Ending balance | 365 | 359 |
Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,918 | 2,524 |
Net remeasurement of loss allowance | (86) | (77) |
Loan originations | 488 | 329 |
Derecognitions and maturities | (391) | (354) |
Model changes | (13) | (24) |
Total Provision for Credit Losses (PCL) | (2) | (126) |
Write-offs | (153) | (336) |
Recoveries of previous write-offs | 50 | 42 |
Foreign exchange and other | 161 | (186) |
Ending balance | 1,974 | 1,918 |
Stage One [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 950 | |
Ending balance | 1,031 | 950 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 755 | |
Ending balance | 837 | 755 |
Stage One [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 195 | |
Ending balance | 194 | 195 |
Stage One [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 46 | 51 |
Transfer to Stage 1 | 39 | 62 |
Transfer to Stage 2 | (4) | (4) |
Net remeasurement of loss allowance | (52) | (93) |
Loan originations | 34 | 38 |
Derecognitions and maturities | (5) | (7) |
Model changes | 2 | |
Total Provision for Credit Losses (PCL) | 14 | (4) |
Foreign exchange and other | (1) | (1) |
Ending balance | 59 | 46 |
Stage One [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 128 | 148 |
Transfer to Stage 1 | 230 | 297 |
Transfer to Stage 2 | (41) | (30) |
Transfer to Stage 3 | (5) | (7) |
Net remeasurement of loss allowance | (263) | (289) |
Loan originations | 92 | 86 |
Derecognitions and maturities | (22) | (27) |
Model changes | (9) | (48) |
Total Provision for Credit Losses (PCL) | (18) | (18) |
Foreign exchange and other | 1 | (2) |
Ending balance | 111 | 128 |
Stage One [member] | Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 114 | 110 |
Transfer to Stage 1 | 149 | 194 |
Transfer to Stage 2 | (34) | (28) |
Transfer to Stage 3 | (2) | (1) |
Net remeasurement of loss allowance | (156) | (191) |
Loan originations | 54 | 39 |
Derecognitions and maturities | (5) | (7) |
Model changes | (6) | |
Total Provision for Credit Losses (PCL) | 6 | |
Foreign exchange and other | 1 | (2) |
Ending balance | 115 | 114 |
Stage One [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 662 | 658 |
Transfer to Stage 1 | 313 | 505 |
Transfer to Stage 2 | (166) | (101) |
Transfer to Stage 3 | (1) | (2) |
Net remeasurement of loss allowance | (437) | (549) |
Loan originations | 488 | 329 |
Derecognitions and maturities | (223) | (140) |
Model changes | 19 | (5) |
Total Provision for Credit Losses (PCL) | (7) | 37 |
Foreign exchange and other | 91 | (33) |
Ending balance | 746 | 662 |
Stage Two [Member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,497 | |
Ending balance | 1,410 | 1,497 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 1,311 | |
Ending balance | 1,236 | 1,311 |
Stage Two [Member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 186 | |
Ending balance | 174 | 186 |
Stage Two [Member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 40 | 75 |
Transfer to Stage 1 | (37) | (53) |
Transfer to Stage 2 | 10 | 21 |
Transfer to Stage 3 | (7) | (13) |
Net remeasurement of loss allowance | 61 | 24 |
Derecognitions and maturities | (7) | (12) |
Model changes | 5 | |
Total Provision for Credit Losses (PCL) | 25 | (33) |
Foreign exchange and other | 2 | (2) |
Ending balance | 67 | 40 |
Stage Two [Member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 357 | 454 |
Transfer to Stage 1 | (221) | (287) |
Transfer to Stage 2 | 71 | 66 |
Transfer to Stage 3 | (82) | (94) |
Net remeasurement of loss allowance | 226 | 247 |
Derecognitions and maturities | (39) | (49) |
Model changes | (13) | 26 |
Total Provision for Credit Losses (PCL) | (58) | (91) |
Foreign exchange and other | 5 | (6) |
Ending balance | 304 | 357 |
Stage Two [Member] | Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 245 | 321 |
Transfer to Stage 1 | (149) | (194) |
Transfer to Stage 2 | 34 | 28 |
Transfer to Stage 3 | (114) | (172) |
Net remeasurement of loss allowance | 236 | 292 |
Derecognitions and maturities | (23) | (29) |
Model changes | 18 | |
Total Provision for Credit Losses (PCL) | 2 | (75) |
Foreign exchange and other | 3 | (1) |
Ending balance | 250 | 245 |
Stage Two [Member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 855 | 1,258 |
Transfer to Stage 1 | (267) | (496) |
Transfer to Stage 2 | 243 | 172 |
Transfer to Stage 3 | (52) | (97) |
Net remeasurement of loss allowance | 127 | 334 |
Derecognitions and maturities | (168) | (214) |
Model changes | (32) | (19) |
Total Provision for Credit Losses (PCL) | (149) | (320) |
Foreign exchange and other | 83 | (83) |
Ending balance | 789 | 855 |
Stage three [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 511 | |
Ending balance | 557 | 511 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to loans [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 498 | |
Ending balance | 544 | 498 |
Stage three [member] | IFRS9 [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 13 | |
Ending balance | 13 | 13 |
Stage three [member] | Residential mortgages [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 19 | 26 |
Transfer to Stage 1 | (2) | (9) |
Transfer to Stage 2 | (6) | (17) |
Transfer to Stage 3 | 7 | 13 |
Net remeasurement of loss allowance | 8 | 29 |
Total Provision for Credit Losses (PCL) | 7 | 16 |
Write-offs | (5) | (12) |
Recoveries of previous write-offs | 7 | 11 |
Foreign exchange and other | (12) | (22) |
Ending balance | 16 | 19 |
Stage three [member] | Consumer installment and other personal loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 91 | 105 |
Transfer to Stage 1 | (9) | (10) |
Transfer to Stage 2 | (30) | (36) |
Transfer to Stage 3 | 87 | 101 |
Net remeasurement of loss allowance | 103 | 103 |
Total Provision for Credit Losses (PCL) | 151 | 158 |
Write-offs | (205) | (236) |
Recoveries of previous write-offs | 80 | 86 |
Foreign exchange and other | (15) | (22) |
Ending balance | 102 | 91 |
Stage three [member] | Credit Card Loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Transfer to Stage 3 | 116 | 173 |
Net remeasurement of loss allowance | 74 | 21 |
Total Provision for Credit Losses (PCL) | 190 | 194 |
Write-offs | (249) | (266) |
Recoveries of previous write-offs | 78 | 94 |
Foreign exchange and other | (19) | (22) |
Stage three [member] | Business and government loans [member] | IFRS9 [member] | ||
Disclosure of credit risk exposure [line items] | ||
Beginning balance | 401 | 608 |
Transfer to Stage 1 | (46) | (9) |
Transfer to Stage 2 | (77) | (71) |
Transfer to Stage 3 | 53 | 99 |
Net remeasurement of loss allowance | 224 | 138 |
Total Provision for Credit Losses (PCL) | 154 | 157 |
Write-offs | (153) | (336) |
Recoveries of previous write-offs | 50 | 42 |
Foreign exchange and other | (13) | (70) |
Ending balance | $ 439 | $ 401 |
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 | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Other assets [member] | ||
Disclosure of credit risk exposure [line items] | ||
Provision for credit losses | $ 2 | $ (7) |
Loans and Allowance for Credi_8
Loans and Allowance for Credit Losses - Schedule of Loans and Allowance for Credit Losses by Geographic Region (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | $ 553,956 | $ 460,826 |
Allowance for credit losses | 2,998 | 2,958 |
Loans, Net amount | 551,339 | 458,262 |
Allowance for credit losses related to loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 553,956 | 460,826 |
Loans, Net amount | 551,339 | 458,262 |
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 | 544 | 498 |
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 | 2,073 | 2,066 |
Allowance for credit losses related to loans [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 342,430 | 299,905 |
Loans, Net amount | 340,965 | 298,417 |
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 | 363 | 345 |
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 | 1,102 | 1,143 |
Allowance for credit losses related to loans [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 200,439 | 153,479 |
Loans, Net amount | 199,304 | 152,416 |
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 | 176 | 153 |
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 | 959 | 910 |
Allowance for credit losses related to loans [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Loans, Gross amount | 11,087 | 7,442 |
Loans, Net amount | 11,070 | 7,429 |
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 | 5 | |
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 | $ 12 | $ 13 |
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) - Other Credit Instruments [member] - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Related to impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses recorded in other liabilities | $ 13 | $ 13 |
Related to performing loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance for credit losses recorded in other liabilities | $ 368 | $ 381 |
Loans and Allowance for Cred_10
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,447 | $ 1,671 |
Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 795 | 850 |
Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 644 | 821 |
Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 8 | |
Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 285 | 339 |
Consumer installment and other personal [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 210 | 196 |
Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 952 | 1,136 |
Allowance on impaired loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 544 | 498 |
Allowance on impaired loans [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 363 | 345 |
Allowance on impaired loans [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 176 | 153 |
Allowance on impaired loans [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 5 | |
Allowance on impaired loans [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 10 | 12 |
Allowance on impaired loans [member] | Consumer installment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 102 | 91 |
Allowance on impaired loans [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 432 | 395 |
Gross carrying amount [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,991 | 2,169 |
Gross carrying amount [member] | Financial assets impaired [member] | Canada [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,158 | 1,195 |
Gross carrying amount [member] | Financial assets impaired [member] | United States [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 820 | 974 |
Gross carrying amount [member] | Financial assets impaired [member] | Other countries [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 13 | |
Gross carrying amount [member] | Residential mortgages [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 295 | 351 |
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 | 312 | 287 |
Gross carrying amount [member] | Business and government loans [member] | Financial assets impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,384 | $ 1,531 |
Loans and Allowance for Cred_11
Loans and Allowance for Credit Losses - Schedule of impaired loans, including the related allowances (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Accumulated impairment [member] | Allowance for credit losses related to other credit instruments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Allowance on impaired loans | $ 13 | $ 13 |
Loans and Allowance for Cred_12
Loans and Allowance for Credit Losses - Summary of Loans that are Past Due but not Classified as Impaired (Detail) - Financial assets past due but not impaired [member] - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 1,142 | $ 1,053 |
Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 430 | 418 |
Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 476 | 338 |
Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 236 | 297 |
90 days or more [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 141 | 106 |
90 days or more [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 19 | 14 |
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 | 84 | 59 |
90 days or more [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 38 | 33 |
30-89 days [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 1,001 | 947 |
30-89 days [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 411 | 404 |
30-89 days [member] | Credit card, consumer installment and other personal loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | 392 | 279 |
30-89 days [member] | Business and government loans [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Total loans | $ 198 | $ 264 |
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 | Oct. 31, 2022 | Oct. 31, 2021 |
3-6 month [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Fully secured loans | $ 43 | $ 36 |
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) | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Benign scenario [member] | Canada [member] | First 12 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 3.70% | 6.30% |
Corporate BBB | 1.90% | 1.40% |
Unemployment rates | 4.30% | 6% |
Housing Price Index | (6.70%) | 18.20% |
Benign scenario [member] | Canada [member] | Remaining Horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2.20% | 4% |
Corporate BBB | 1.90% | 1.80% |
Unemployment rates | 3.60% | 4.80% |
Housing Price Index | 2.10% | 7.10% |
Benign scenario [member] | United States [member] | First 12 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2.40% | 7.10% |
Corporate BBB | 1.80% | 0.90% |
Unemployment rates | 3.20% | 4.20% |
Housing Price Index | 1.60% | 14.60% |
Benign scenario [member] | United States [member] | Remaining Horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 2.10% | 3.20% |
Corporate BBB | 1.90% | 1.30% |
Unemployment rates | 2.60% | 3% |
Housing Price Index | (0.70%) | 5.70% |
Base Scenario [member] | Canada [member] | First 12 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.50% | 4% |
Corporate BBB | 2.40% | 1.80% |
Unemployment rates | 5.90% | 6.60% |
Housing Price Index | (10.00%) | 15.10% |
Base Scenario [member] | Canada [member] | Remaining Horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.10% | 2.90% |
Corporate BBB | 2.20% | 2% |
Unemployment rates | 6.50% | 5.60% |
Housing Price Index | (1.00%) | 4% |
Base Scenario [member] | United States [member] | First 12 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 0.20% | 4.80% |
Corporate BBB | 2.20% | 1.20% |
Unemployment rates | 4.20% | 4.70% |
Housing Price Index | (0.90%) | 12.30% |
Base Scenario [member] | United States [member] | Remaining Horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 1.30% | 2.40% |
Corporate BBB | 2.20% | 1.60% |
Unemployment rates | 4.80% | 3.60% |
Housing Price Index | (2.60%) | 3.80% |
Adverse scenario [member] | Canada [member] | First 12 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (2.30%) | (2.70%) |
Corporate BBB | 3.70% | 3.60% |
Unemployment rates | 8% | 10.80% |
Housing Price Index | (13.60%) | (6.40%) |
Adverse scenario [member] | Canada [member] | Remaining Horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 0.40% | 0.40% |
Corporate BBB | 3.90% | 3.90% |
Unemployment rates | 9.90% | 12.40% |
Housing Price Index | (8.00%) | (9.50%) |
Adverse scenario [member] | United States [member] | First 12 Months [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | (3.30%) | (1.20%) |
Corporate BBB | 4.20% | 4.20% |
Unemployment rates | 6.50% | 8.50% |
Housing Price Index | (7.50%) | (6.10%) |
Adverse scenario [member] | United States [member] | Remaining Horizon [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Real GDP growth rates | 0.60% | 0.60% |
Corporate BBB | 3.90% | 3.90% |
Unemployment rates | 8.40% | 10.60% |
Housing Price Index | (8.40%) | (7.80%) |
Transfers of Financial Assets -
Transfers of Financial Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | $ 5,495 | $ 7,614 |
Securities Lent Under Cash Collateral | 13,473 | 9,662 |
Collateralized Mortgage Obligations at fair value | 10 | 3 |
Securities Sold Under Repurchase Agreement | 90,490 | 87,894 |
United States [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Sale of mortgage loans | 556 | 631 |
Carry value of Mortgage servicing rights | 39 | 29 |
Gain (loss) on sale of Mortgage loans | 17 | 32 |
Fair value of Mortgage serving rights | 54 | 28 |
United States [member] | Residual Interests of Commercial Mortgage Loans [Member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Proceeds from continuing involvement in derecognised financial assets | 4,014 | 1,252 |
Gain of derecognised financial assets at date of transfer | 7 | 3 |
Debt securities at amortized cost | 8 | 7 |
Loans carried at amortized cost | $ 37 | $ 7 |
Transfers of Financial Assets_2
Transfers of Financial Assets - Summary of Carrying Value and Fair Value (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 18,577 | $ 18,853 |
Fair Value | 17,764 | 18,859 |
Carrying value of associated liabilities | 17,471 | 18,208 |
Fair Value | 16,846 | 18,323 |
Trading securities [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | 1,062 | 997 |
Residential mortgages [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | 7,503 | 7,847 |
Other related assets [member] | ||
Disclosure of transferred financial assets that are not derecognised in their entirety [line items] | ||
Carrying value of assets | $ 10,012 | $ 10,009 |
Structured Entities - Summary o
Structured Entities - Summary of Carrying Amount and Fair Value (Detail) - Consolidated structured entities [member] - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | $ 13,117 | $ 12,584 |
Associated liabilities | 9,274 | 7,278 |
Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 13,085 | 12,597 |
Associated liabilities | 9,072 | 7,341 |
Credit cards [Member] | Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 8,223 | 7,106 |
Credit cards [Member] | Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 8,223 | 7,106 |
Consumer installment and other personal [member] | Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 4,769 | 5,228 |
Consumer installment and other personal [member] | Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 4,738 | 5,238 |
Business And Government [member] | Carrying value [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | 125 | 250 |
Business And Government [member] | Fair Value | ||
Disclosure of information about structured entities [Line Items] | ||
Assets | $ 124 | $ 253 |
Structured Entities - Additiona
Structured Entities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of information about structured entities [Line Items] | ||
Fair value of transferred financial assets that are not derecognised in their entirety | $ 17,764 | $ 18,859 |
Associated liabilities | 16,846 | 18,323 |
NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Fair value of transferred financial assets that are not derecognised in their entirety | 1,385 | 53 |
Series 49 of Non Viability Contingent Capital [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | 750 | |
Series Fifty One of Non Viability Contingent Capital [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | 1,000 | |
Limited Recourse Capital Notes Series Two [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 750 | |
Compound Instrument Interest Rate | 5.625% | |
Limited Recourse Capital Notes Series One [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 1,250 | |
Compound Instrument Interest Rate | 4.30% | |
Limited Recourse Capital Note Series Three [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | $ 1,000 | |
Compound Instrument Interest Rate | 7.325% | |
Fair Value Through Profit Or Loss [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | $ 185 | 321 |
Trading securities [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 763 | 1,024 |
Mortgage backed securities at fair value | 410 | 5 |
Class B Series Forty Eight Preferred Shares [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Guarantee-linked notes issued | 1,250 | |
BMO issued Non-cumulative, 5-year Rate Reset Class B Preferred Shares | 1,250 | |
Other Securitization Vehicles [Member] | ||
Disclosure of information about structured entities [Line Items] | ||
Sale of MBS to securitization vehicles | 2,142 | 411 |
Gain or loss on sale of mortgage backed securities | 3 | 0 |
Other Securitization Vehicles [Member] | Financial liabilities at amortised cost, category [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Financial liabilities | 80 | 0 |
Securities [member] | NHA MBS US Agency MBS And CMO [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Associated liabilities | 323 | 0 |
Securities [member] | BMO managed funds [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Assets recognised | 948 | 1,345 |
U.S. customer securitization vehicle [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Sale of MBS to securitization vehicles | 8,342 | 2,549 |
Undrawn borrowing facilities | 11,245 | 8,095 |
Canadian customer securitization vehicles [member] | ||
Disclosure of information about structured entities [Line Items] | ||
Undrawn amount under liquidity facilities | $ 7,114 | $ 5,400 |
Structured Entities - Schedule
Structured Entities - Schedule of Unconsolidated Structured Entities (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | $ 87,466 | $ 93,261 | $ 57,408 | |
Trading Securities | 108,177 | 104,411 | ||
FVTPL Securities | 13,641 | 14,210 | ||
FVOCI Securities | 43,561 | 63,123 | ||
Derivatives | 48,160 | 36,713 | ||
Other | 31,894 | 22,411 | ||
Derivatives | 59,956 | 30,815 | ||
Other | 290,533 | 238,128 | ||
Total assets of the entities | 1,139,199 | 988,175 | ||
Canadian customer securitization vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | [1] | 68 | 63 | |
Trading Securities | [1] | 573 | 24 | |
FVTPL Securities | [1] | 119 | 218 | |
FVOCI Securities | [1] | 1,079 | 464 | |
Derivatives | [1] | 2 | ||
Other | [1] | 11 | 5 | |
Total assets | [1] | 1,850 | 776 | |
Deposits | [1] | 68 | 63 | |
Derivatives | [1] | 17 | 0 | |
Total liabilities | [1] | 85 | 63 | |
Maximum exposure to loss | [1],[2] | 20,141 | 14,208 | |
Total assets of the entities | [1] | 12,364 | 8,116 | |
Capital vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Cash and cash equivalents | 3,483 | 1,210 | ||
Total assets | 3,483 | 1,210 | ||
Deposits | 3,483 | 1,210 | ||
Other | 48 | 22 | ||
Total liabilities | 3,531 | 1,232 | ||
Maximum exposure to loss | [2] | 1 | ||
Total assets of the entities | 3,531 | 1,234 | ||
Structured finance vehicles [member] | ||||
Disclosure of unconsolidated structured entities [line items] | ||||
Trading Securities | 1,795 | 58 | ||
Amortized cost securities | 93 | |||
Other | 80 | |||
Total assets | 1,875 | 151 | ||
Maximum exposure to loss | [2] | 1,875 | 151 | |
Total assets of the entities | $ 11,845 | $ 5,686 | ||
[1]Securities held that are issued by our Canadian and U.S. customer securitization vehicles are comprised of asset-backed commercial paper and are classified as either trading securities, FVTPL securities or FVOCI securities.[2]Maximum exposure to loss represents securities held, undrawn liquidity facilities, any remaining unfunded committed amounts to the BMO funded vehicle, derivative assets and other assets. |
Derivative Instruments - Additi
Derivative Instruments - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about financial instruments [line items] | ||
Obligation to exercise the option | $ 52 | $ 111 |
Derivative instruments in a liability position | 12,413 | 4,537 |
Derivative instruments in a liability position, collateral posted | 10,464 | 3,921 |
Loan commitment derivatives with notional | 4,183 | $ 5,613 |
Credit risk [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Obligation to exercise the option | $ 0 |
Derivative Instruments - Schedu
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total | $ (59,956) | $ (30,815) | |
Total fair value - trading and hedging derivatives | (11,796) | 5,898 | |
Less: impact of master netting agreements | |||
Total | (11,796) | 5,898 | |
Trading Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | (1,266) | 6,475 | |
Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | 2,927 | 1,809 |
Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | 317 | (63) |
Trading Derivatives [Member] | Interest rate contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 3,157 | 641 | |
Trading Derivatives [Member] | Interest rate contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (2,391) | (520) | |
Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (11) | (3) | |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 1,096 | 381 |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (1,151) | (384) |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Forward Exchange Contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 1,120 | (420) |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (408) | 231 |
Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (532) | 2,768 |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 2,473 | 4,660 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 1,851 | 1,383 | |
Trading Derivatives [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (1,627) | (815) | |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 38 | 199 | |
Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (8,111) | (3,385) | |
Trading Derivatives [Member] | Credit Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 24 | (3) | |
Trading Derivatives [Member] | Credit Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (38) | (4) | |
Hedging Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [3] | (10,530) | (577) |
Hedging Derivatives [Member] | Interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges - swaps | [4] | (6,783) | (812) |
Fair value hedges - swaps | [4] | (1,052) | 241 |
Total swaps | [4] | (7,835) | (571) |
Hedging Derivatives [Member] | Foreign Exchange Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges | [1],[5] | (2,713) | (92) |
Net investment hedges | [5] | 46 | |
Total foreign exchange contracts | [5] | (2,713) | (46) |
Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 18 | 40 | |
Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 18 | 40 | |
Gross assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Less: impact of master netting agreements | (31,878) | (20,952) | |
Total | 16,282 | 15,761 | |
Gross assets [member] | Fair value trading and hedging derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading and hedging derivatives | 48,160 | 36,713 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | 7,176 | 6,132 |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | 437 | 42 |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 3,157 | 641 | |
Gross assets [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | 16 | ||
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 1,096 | 381 |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Forward Exchange Contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 8,387 | 3,505 |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 1,688 | 1,438 |
Gross assets [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | 10,722 | 8,595 |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 4,198 | 5,916 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 1,851 | 1,383 | |
Gross assets [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | 275 | 319 | |
Gross assets [member] | Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 6,473 | 5,998 | |
Gross assets [member] | Trading Derivatives [Member] | Fair value trading derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | 45,537 | 34,350 | |
Gross assets [member] | Trading Derivatives [Member] | Credit Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 27 | ||
Gross assets [member] | Trading Derivatives [Member] | Credit Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | 34 | ||
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | 41 | 354 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps asset [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | 1,935 | 903 |
Gross assets [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Assets swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total swaps | [4] | 1,976 | 1,257 |
Gross assets [member] | Hedging Derivatives [Member] | Foreign Exchange Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [1],[5] | 629 | 1,020 |
Total foreign exchange contracts | [5] | 629 | 1,066 |
Net investment hedges | [5] | 46 | |
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 18 | 40 | |
Gross assets [member] | Hedging Derivatives [Member] | Equity contract [member] | Cash flow hedges [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | 18 | 40 | |
Gross assets [member] | Hedging Derivatives [Member] | Fair value hedging derivatives assets [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [3] | 2,623 | 2,363 |
Gross Liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Less: impact of master netting agreements | 31,878 | 20,952 | |
Total | (28,078) | (9,863) | |
Gross Liabilities [member] | Fair value trading and hedging derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total | (59,956) | (30,815) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | (4,249) | (4,323) |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [1] | (120) | (105) |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (2,391) | (520) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Interest rate contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | (27) | (3) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (1,151) | (384) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Forward Exchange Contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (7,267) | (3,925) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (2,096) | (1,207) |
Gross Liabilities [member] | Trading Derivatives [Member] | Foreign Exchange Contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Foreign exchange contracts | [2] | (11,254) | (5,827) |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (1,725) | (1,256) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (1,627) | (815) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Commodity contracts | (237) | (120) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Equity contracts | (14,584) | (9,383) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Fair value trading derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - trading derivatives | (46,803) | (27,875) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit Contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (3) | (3) | |
Gross Liabilities [member] | Trading Derivatives [Member] | Credit Contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Credit Contracts | (72) | (4) | |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Cash flow hedge in swaps liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | (6,824) | (1,166) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Fair value hedge in swaps liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Interest rate contracts | [4] | (2,987) | (662) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Interest rate contracts [member] | Liabilities swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total swaps | [4] | (9,811) | (1,828) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Foreign Exchange Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Cash flow hedges | [1],[5] | (3,342) | (1,112) |
Total foreign exchange contracts | [5] | (3,342) | (1,112) |
Gross Liabilities [member] | Hedging Derivatives [Member] | Fair value hedging derivatives liabilities [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Total fair value - hedging derivatives | [3] | $ (13,153) | $ (2,940) |
[1]Includes derivatives entered into in relation to our announced agreement to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details.[2]Gold contracts are included in foreign exchange contracts.[3]The fair values of hedging derivatives wholly or partially offset the changes in fair values of the related on-balance sheet financial instruments.[4]Includes the fair value of bond futures in fair value hedges rounded down to $nil million as at October 31, 2022 (we held no bond futures as at October 31, 2021).[5]Includes the fair value of USD-EUR cross-currency swaps in fair value hedges rounded down to $nil million as at October 31, 2022 (we held no USD-EUR cross-currency swaps as at October 31, 2021). |
Derivative Instruments - Sche_2
Derivative Instruments - Schedule of Fair Value of Derivative Instruments (Parenthetical) (Detail) - Hedging Derivatives [Member] - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Interest rate contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Net fair value of bonds designated as fair value hedges | $ 0 | $ 0 |
Foreign exchange contracts [member] | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||
Net fair value of bonds designated as fair value hedges | $ 0 | $ 0 |
Derivative Instruments - Sche_3
Derivative Instruments - Schedule of Notional Amounts of Trading Derivatives (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | $ 8,382,140 | $ 6,207,882 | |
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,338,195 | 1,203,770 |
Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 702,068 | 599,333 |
Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1] | 1,032 | 222 |
Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [1],[2] | 481,773 | 489,426 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 148,480 | 97,018 | |
Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 24,525 | 28,892 | |
Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 44,836 | 39,448 | |
Credit Contracts [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [3] | 27,870 | 17,516 |
Trading Derivatives [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 8,040,414 | 5,985,098 | |
Trading Derivatives [Member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 266,927 | 205,264 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 6,328,488 | 4,508,935 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 121,967 | 80,102 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 99,014 | 71,776 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [2] | 5,683,145 | 3,976,428 |
Trading Derivatives [Member] | Interest rate swap contract [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 22,397 | 147,657 | |
Trading Derivatives [Member] | Interest rate swap contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 401,965 | 232,972 | |
Trading Derivatives [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 1,268,649 | 1,156,365 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 73,860 | 55,907 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 79,462 | 58,882 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 1,032 | 222 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 53,837 | 45,482 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 578,685 | 506,791 |
Trading Derivatives [Member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 481,773 | 489,081 |
Trading Derivatives [Member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 148,480 | 97,018 | |
Trading Derivatives [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 39,863 | 14,546 | |
Trading Derivatives [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 39,256 | 14,132 | |
Trading Derivatives [Member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 24,525 | 28,892 | |
Trading Derivatives [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 44,836 | 39,448 | |
Trading Derivatives [Member] | Credit Contracts [Member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 16,771 | 12,358 | |
Trading Derivatives [Member] | Credit Contracts [Member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 11,099 | 5,158 | |
Trading Derivatives [Member] | Exchange Traded [Member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 719,832 | 420,693 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 162,102 | 106,302 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 436,892 | 247,204 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 23,854 | 10,611 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 11,073 | 3,621 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Interest rate swap contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 401,965 | 232,972 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 7,580 | 6,719 |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 1,127 | 1,762 |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 5,421 | 4,735 |
Trading Derivatives [Member] | Exchange Traded [Member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 1,032 | 222 |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 113,258 | 60,468 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 34,177 | 10,020 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 34,245 | 11,000 | |
Trading Derivatives [Member] | Exchange Traded [Member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 44,836 | 39,448 | |
Trading Derivatives [Member] | Over the Counter [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 7,320,582 | 5,564,405 | |
Trading Derivatives [Member] | Over the Counter [member] | Equity contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 104,825 | 98,962 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,891,596 | 4,261,731 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 98,113 | 69,491 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 87,941 | 68,155 | |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [2] | 5,683,145 | 3,976,428 |
Trading Derivatives [Member] | Over the Counter [member] | Interest rate swap contract [member] | Forward rate agreements [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 22,397 | 147,657 | |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 1,261,069 | 1,149,646 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 72,733 | 54,145 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 74,041 | 54,147 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Cross currency swaps [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 53,837 | 45,482 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Cross currency interest rate contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 578,685 | 506,791 |
Trading Derivatives [Member] | Over the Counter [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | [4] | 481,773 | 489,081 |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 35,222 | 36,550 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,686 | 4,526 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 5,011 | 3,132 | |
Trading Derivatives [Member] | Over the Counter [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 24,525 | 28,892 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | Purchased options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | 16,771 | 12,358 | |
Trading Derivatives [Member] | Over the Counter [member] | Credit Contracts [Member] | Written options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Notional amount | $ 11,099 | $ 5,158 | |
[1]Gold contracts are included in foreign exchange contracts.[2]Includes derivatives entered into in relation to our announced agreement to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details.[3]Under the SA-CCR, excludes loan commitment derivatives.[4]Gold contracts are included with foreign exchange contracts. |
Derivative Instruments - Sche_4
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,382,140 | $ 6,207,882 |
Carrying amount | 48,160 | 36,713 |
Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 3,935,879 | |
1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 2,038,772 | |
3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 1,067,792 | |
5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 1,028,730 | |
Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 310,967 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 167,945 | $ 94,152 |
Average fixed interest rate | 0.0306 | 0.0106 |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 54,197 | |
Average fixed interest rate | 0.0387 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 29,562 | |
Average fixed interest rate | 0.0337 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 41,475 | |
Average fixed interest rate | 0.023 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 41,028 | |
Average fixed interest rate | 0.0256 | |
Cash flow hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,683 | |
Average fixed interest rate | 0.0242 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 62,703 | $ 38,292 |
Average fixed interest rate | 0.0131 | 0.0191 |
Average exchange rate | 1.3196 | 1.3137 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 33,018 | |
Average fixed interest rate | 0.006 | |
Average exchange rate | 1.3329 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 12,436 | |
Average fixed interest rate | 0.021 | |
Average exchange rate | 1.3076 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 9,943 | |
Average fixed interest rate | 0.0245 | |
Average exchange rate | 1.2757 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,979 | |
Average fixed interest rate | 0.0158 | |
Average exchange rate | 1.3407 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-USD pair [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 327 | |
Average fixed interest rate | 0.0342 | |
Average exchange rate | 1.3076 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 19,429 | $ 14,517 |
Average fixed interest rate | 0.0247 | 0.021 |
Average exchange rate | 1.4489 | 1.5078 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 6,710 | |
Average fixed interest rate | 0.0176 | |
Average exchange rate | 1.4919 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,924 | |
Average fixed interest rate | 0.0241 | |
Average exchange rate | 1.5395 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,756 | |
Average fixed interest rate | 0.0312 | |
Average exchange rate | 1.3904 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,839 | |
Average fixed interest rate | 0.0189 | |
Average exchange rate | 1.4711 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-EUR pair [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 200 | |
Average fixed interest rate | 0.0297 | |
Average exchange rate | 1.487 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 7,718 | $ 10,055 |
Average fixed interest rate | 0.0242 | 0.0239 |
Average exchange rate | 1.3956 | 1.4606 |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,801 | |
Average fixed interest rate | 0.0315 | |
Average exchange rate | 1.0536 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,077 | |
Average fixed interest rate | 0.0235 | |
Average exchange rate | 1.2744 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 3,621 | |
Average fixed interest rate | 0.0196 | |
Average exchange rate | 1.6947 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 143 | |
Average fixed interest rate | 0.0433 | |
Average exchange rate | 0.15 | |
Cash flow hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | Other currency pairs [member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 76 | |
Average fixed interest rate | 0.0524 | |
Average exchange rate | 0.9038 | |
Cash flow hedges [member] | Equity price risk [member] | Total Return Swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 455 | $ 515 |
Cash flow hedges [member] | Equity price risk [member] | Total Return Swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 455 | |
Fair Value Hedges [member] | Interest rate risk [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 109 | |
Average fixed interest rate | 104 | |
Fair Value Hedges [member] | Interest rate risk [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 109 | |
Average fixed interest rate | 104 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 103,671 | $ 80,711 |
Average fixed interest rate | 0.0242 | 0.0121 |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 31,073 | |
Average fixed interest rate | 0.0285 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 31,604 | |
Average fixed interest rate | 0.0201 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 3 to 5 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 24,011 | |
Average fixed interest rate | 0.0228 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | 5 to 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 14,692 | |
Average fixed interest rate | 0.0256 | |
Fair Value Hedges [member] | Interest rate risk [member] | Interest rate swaps [Member] | Over 10 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 2,291 | |
Average fixed interest rate | 0.029 | |
Fair Value Hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-EUR pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 19 | |
Average fixed interest rate | 0.0325 | |
Average exchange rate | 0.9706 | |
Fair Value Hedges [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | USD-EUR pair [member] | 1 to 3 years [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 19 | |
Average fixed interest rate | 0.0325 | |
Average exchange rate | 0.9706 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | USD denominated deposit [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | $ 1,251 | $ 5,964 |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | USD denominated deposit [member] | Within 1 year [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | $ 1,251 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | GBP denominated deposit [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Carrying amount | 728 | |
Hedges of net investment in foreign operations [member] | Foreign exchange risk [member] | Cross currency swaps and foreign exchange forwards [member] | CAD-GBP pair [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 1,285 |
Derivative Instruments - Sche_5
Derivative Instruments - Schedule of Notional Amount and Average Rates of Derivatives and the Carrying Amount of Deposits Designated as Hedging Instruments, by Term to Maturity (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 8,382,140 | $ 6,207,882 |
Interest rate risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 109 | |
Interest rate swaps [Member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 167,945 | 94,152 |
Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | 103,671 | 80,711 |
Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 31,455 | $ 43,642 |
Interest rates swaps maturity period | Jun. 30, 2023 | Dec. 31, 2021 |
Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | GBP LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | $ 0 |
Interest rates swaps maturity period | Dec. 31, 2021 | Dec. 31, 2021 |
Cross currency swaps and foreign exchange forwards [member] | Foreign exchange risk [member] | Fair Value Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | $ 0 |
Interest rates swaps maturity period | Jun. 30, 2023 | Dec. 31, 2021 |
LIBOR Or Other Potentially Impacted IBORs [Member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 22,689 | $ 35,519 |
Interest rates swaps maturity period | Jun. 30, 2023 | Dec. 31, 2021 |
LIBOR Or Other Potentially Impacted IBORs [Member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | $ 718 |
Interest rates swaps maturity period | Dec. 31, 2021 | |
LIBOR Or Other Potentially Impacted IBORs [Member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Cash Flow Hedges [member] | USD LIBOR [Member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | $ 0 |
Interest rates swaps maturity period | Jun. 30, 2023 | Dec. 31, 2021 |
CDOR [member] | Interest rate swaps [Member] | Equity price risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 455 | |
Interest rates swaps maturity period | Jun. 28, 2024 | |
CDOR [member] | Interest rate swaps [Member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 49,560 | |
Interest rates swaps maturity period | Jun. 28, 2024 | |
CDOR [member] | Interest rate swaps [Member] | Interest rate risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 21,043 | |
Interest rates swaps maturity period | Jun. 28, 2024 | |
CDOR [member] | Cross currency swaps and foreign exchange forwards [member] | Foreign exchange risk [member] | Fair Value Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | |
Interest rates swaps maturity period | Jun. 28, 2024 | |
CDOR [member] | Cross currency swaps and foreign exchange forwards [member] | Interest rate risk [member] | Cash Flow Hedges [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Notional amount | $ 0 | |
Interest rates swaps maturity period | Jun. 28, 2024 |
Derivative Instruments - Cash F
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Information Related To Items Designated As Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Asset | [1] | $ 688 | $ 1,460 | |
Carrying amount of hedging instruments, Liability | [1] | (11,417) | (8,970) | |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (7,283) | (1,202) | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 7,390 | 1,182 | |
Ineffectiveness recorded in non-interest revenue - other | (33) | (5) | ||
Cash Flow Hedges [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Asset | [1] | 688 | 1,414 | |
Carrying amount of hedging instruments, Liability | [1] | (10,166) | (2,278) | |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (6,826) | (1,878) | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 6,933 | 1,858 | |
Ineffectiveness recorded in non-interest revenue - other | (33) | (5) | ||
Interest rate risk [member] | Cash Flow Hedges [member] | Interest rate swap contract [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Asset | [1] | 41 | 354 | |
Carrying amount of hedging instruments, Liability | [1] | (6,824) | (1,166) | |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (8,481) | (2,467) | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 8,588 | 2,447 | |
Ineffectiveness recorded in non-interest revenue - other | (33) | (5) | ||
Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Liability | [1] | (1,251) | (6,692) | |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (886) | 647 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | 886 | (647) | |
Foreign exchange risk [member] | Cash Flow Hedges [member] | Cross currency swap [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Asset | [1] | 629 | [3] | 1,020 |
Carrying amount of hedging instruments, Liability | [1] | (3,342) | [3] | (1,112) |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | 1,684 | [3] | 276 |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | (1,684) | [3] | (276) |
Foreign exchange risk [member] | Net Investment Hedges [member] | Cross currency swap [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Asset | [1] | 46 | ||
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | 429 | 29 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | (429) | (29) | |
Equity price risk [member] | Cash Flow Hedges [member] | Total Return Swaps [Member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Carrying amount of hedging instruments, Asset | [1] | 18 | 40 | |
Gains (losses) on hedging derivatives used to calculate hedge ineffectiveness | [2] | (29) | 313 | |
Hedge ineffectiveness Gains (losses) on hypothetical derivatives used to calculate hedge ineffectiveness | [2] | $ 29 | $ (313) | |
[1]Represents unrealized gains (losses) recorded as part of the derivative instruments in assets and liabilities, respectively, in our Consolidated Balance Sheet.[2]Represents life to date amounts.[3]Includes derivatives entered into in relation to our announced agreement to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details. |
Derivative Instruments - Cash_2
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Reconciliation Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | $ 2,556 | |||
Ending Balance | 1,552 | $ 2,556 | ||
Cash Flow Hedges [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 274 | [1],[2] | 2,720 | |
Gains / (losses) recognized in OCI | (6,793) | (1,883) | ||
Amount reclassified to net income as the hedged item affects net income | (429) | (563) | ||
Ending Balance | [1],[2] | (6,948) | 274 | |
Active hedges | (5,512) | (1,225) | ||
Discontinued hedges | (1,436) | 1,499 | ||
Cash Flow Hedges [member] | Interest rate risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 578 | [1],[2] | 3,529 | |
Gains / (losses) recognized in OCI | (8,448) | (2,462) | ||
Amount reclassified to net income as the hedged item affects net income | (334) | (489) | ||
Ending Balance | [1],[2] | (8,204) | 578 | |
Active hedges | (6,713) | (921) | ||
Discontinued hedges | (1,491) | 1,499 | ||
Cash Flow Hedges [member] | Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (483) | [1],[2] | (759) | |
Gains / (losses) recognized in OCI | 1,684 | 266 | ||
Amount reclassified to net income as the hedged item affects net income | 22 | 10 | ||
Ending Balance | [1],[2] | 1,223 | [3] | (483) |
Active hedges | 1,168 | (483) | ||
Discontinued hedges | 55 | |||
Cash Flow Hedges [member] | Equity price risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | 179 | [1],[2] | (50) | |
Gains / (losses) recognized in OCI | (29) | 313 | ||
Amount reclassified to net income as the hedged item affects net income | (117) | (84) | ||
Ending Balance | [1],[2] | 33 | 179 | |
Active hedges | 33 | 179 | ||
Net Investment Hedges [member] | Foreign exchange risk [member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (1,263) | [1],[2] | (1,939) | |
Gains / (losses) recognized in OCI | (457) | 676 | ||
Amount reclassified to net income as the hedged item affects net income | (3) | |||
Ending Balance | [1],[2] | (1,723) | (1,263) | |
Active hedges | (1,723) | (1,263) | ||
Hedged item [Member] | ||||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||||
Beginning Balance | (989) | [1],[2] | 781 | |
Gains / (losses) recognized in OCI | (7,250) | (1,207) | ||
Amount reclassified to net income as the hedged item affects net income | (432) | (563) | ||
Ending Balance | [1],[2] | (8,671) | (989) | |
Active hedges | (7,235) | (2,488) | ||
Discontinued hedges | $ (1,436) | $ 1,499 | ||
[1]Tax balance related to cash flow hedges accumulated other comprehensive income was $1,819 million as at October 31, 2022 ($(89) million as at October 31, 2021).[2]Tax balance related to net investment hedges accumulated other comprehensive income was $466 million as at October 31, 2022 ($341 million as at October 31, 2021).[3]Includes derivatives entered into in relation to our announced agreement to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details. |
Derivative Instruments - Cash_3
Derivative Instruments - Cash Flow Hedges and Net Investment Hedges Reconciliation Related To Impacts on Consolidated Statement of Other Comprehensive Income, On a Pre-Tax Basis (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [abstract] | ||
Cash flow Hedge AOCI, tax | $ 1,819 | $ (89) |
Net investment hedge AOCI,tax | $ 466 | $ 341 |
Derivative Instruments - Deriva
Derivative Instruments - Derivatives Designated As Fair Value Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Carrying amount of hedging derivatives Asset | [1],[2] | $ 1,935 | $ 903 |
Carrying amount of hedging derivatives liabilities | [1],[2] | (2,987) | (662) |
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [3] | (7,283) | (1,202) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [3] | 7,390 | 1,182 |
Ineffectiveness recorded in non-interest revenue - other | (33) | (5) | |
Fair Value Hedges [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | (480) | 1,005 | |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | 503 | (1,016) | |
Ineffectiveness recorded in non-interest revenue - other | 23 | (11) | |
Carrying amount of the hedged item | [4] | (24,913) | 18,259 |
Active hedges | 238 | 35 | |
Discontinued hedges | 547 | (29) | |
Fair Value Hedges [member] | Securities and loans [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [1] | 2,633 | 1,649 |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [1] | (2,625) | (1,654) |
Ineffectiveness recorded in non-interest revenue - other | [1] | 8 | (5) |
Carrying amount of the hedged item | [1],[4] | 36,394 | 49,789 |
Active hedges | [1] | (2,603) | 156 |
Discontinued hedges | [1] | 122 | 62 |
Fair Value Hedges [member] | Deposits and subordinated debt [member] | |||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | |||
Gains (Losses) on hedging derivatives used to calculate hedge ineffectiveness | [1] | (3,113) | (644) |
Hedge ineffectiveness Gains (Losses) on hedged item used to calculate hedge ineffectiveness | [1] | 3,128 | 638 |
Ineffectiveness recorded in non-interest revenue - other | [1] | 15 | (6) |
Carrying amount of the hedged item | [1],[4] | (61,307) | (31,530) |
Active hedges | [1] | 2,841 | (121) |
Discontinued hedges | [1] | $ 425 | $ (91) |
[1]Includes the fair value of USD-EUR cross-currency swaps and bond futures rounded down to $nil million as at October 31, 2022 (we held no USD-EUR cross-currency swaps and bond futures as at October 31, 2021).[2]Represents the unrealized gains (losses) within derivative instruments in assets and liabilities, respectively, in the Consolidated Balance Sheet.[3]Represents life to date amounts.[4]Represents the carrying value in the Consolidated Balance Sheet and includes amortized cost, before allowance for credit losses, plus fair value hedge adjustments, except for FVOCI securities that are carried at fair value. |
Derivative Instruments - Deri_2
Derivative Instruments - Derivatives Designated As Fair Value Hedging Instruments, Hedged Items and Hedge Ineffectiveness (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Bond Futures [Member] | USD-EUR pair [member] | Cross currency swaps and foreign exchange forwards [member] | ||
Disclosure of information about terms and conditions of hedging instruments and how they affect future cash flows [line items] | ||
Net fair value of bonds designated as fair value hedges | $ 0 | $ 0 |
Derivative Instruments - Sche_6
Derivative Instruments - Schedule of Derivative-Related Credit Risk (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost | [1] | $ 17,511 | $ 18,699 | |
Derivative credit risk equivalents | [1] | 50,096 | 55,575 | |
Derivative credit risk weighted assets | 7,879 | 10,066 | ||
Interest rate contract [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 5,525 | 3,414 | |
Derivative credit risk equivalents before master netting agreements | [1] | 11,389 | 9,807 | |
Derivative credit risk weighted assets before master netting agreements | 1,319 | 2,402 | ||
Interest rate contract [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 5,128 | 3,339 | |
Derivative credit risk equivalents before master netting agreements | [1] | 10,792 | 9,658 | |
Derivative credit risk weighted assets before master netting agreements | 1,307 | 2,399 | ||
Interest rate contract [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 397 | 75 | |
Derivative credit risk equivalents before master netting agreements | [1] | 597 | 149 | |
Derivative credit risk weighted assets before master netting agreements | 12 | 3 | ||
Interest rate contract [member] | Written put options [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 4 | 20 | |
Derivative credit risk equivalents before master netting agreements | [1] | 131 | 105 | |
Derivative credit risk weighted assets before master netting agreements | 67 | 70 | ||
Interest rate contract [member] | Written put options [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 7 | 2 | |
Derivative credit risk equivalents before master netting agreements | [1] | 11 | 4 | |
Interest rate contract [member] | Futures contract [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 231 | 71 | |
Derivative credit risk equivalents before master netting agreements | [1] | 359 | 141 | |
Derivative credit risk weighted assets before master netting agreements | 7 | 3 | ||
Interest rate contract [member] | Swap contract [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 4,133 | 2,636 | |
Derivative credit risk equivalents before master netting agreements | [1] | 8,718 | 6,936 | |
Derivative credit risk weighted assets before master netting agreements | 764 | 1,422 | ||
Interest rate contract [member] | Forward rate agreements [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 943 | 667 | |
Derivative credit risk equivalents before master netting agreements | [1] | 1,773 | 2,545 | |
Derivative credit risk weighted assets before master netting agreements | 430 | 826 | ||
Interest rate contract [member] | Purchased options [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 48 | 16 | |
Derivative credit risk equivalents before master netting agreements | [1] | 170 | 72 | |
Derivative credit risk weighted assets before master netting agreements | 46 | 81 | ||
Interest rate contract [member] | Purchased options [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 159 | 2 | |
Derivative credit risk equivalents before master netting agreements | [1] | 227 | 4 | |
Derivative credit risk weighted assets before master netting agreements | 5 | |||
Foreign exchange contracts [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [2] | 4,225 | [1] | 2,002 |
Derivative credit risk equivalents before master netting agreements | [2] | 14,657 | [1] | 11,704 |
Derivative credit risk weighted assets before master netting agreements | [2] | 2,330 | 2,013 | |
Foreign exchange contracts [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 4,218 | 1,960 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 14,643 | 11,643 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 2,330 | 2,012 | |
Foreign exchange contracts [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 7 | 42 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 14 | 61 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 1 | ||
Foreign exchange contracts [member] | Written put options [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 2 | 11 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 88 | 115 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 30 | 38 | |
Foreign exchange contracts [member] | Written put options [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 7 | 26 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 10 | 37 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 1 | ||
Foreign exchange contracts [member] | Futures contract [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 1 | ||
Derivative credit risk equivalents before master netting agreements | [1],[2] | 2 | 2 | |
Foreign exchange contracts [member] | Swap contract [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 1,645 | 1,087 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 5,535 | 4,609 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 880 | 987 | |
Foreign exchange contracts [member] | Forward rate agreements [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 2,250 | 769 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 8,339 | 6,649 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 1,237 | 883 | |
Foreign exchange contracts [member] | Purchased options [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 321 | 93 | |
Derivative credit risk equivalents before master netting agreements | [1],[2] | 681 | 270 | |
Derivative credit risk weighted assets before master netting agreements | [2] | 183 | 104 | |
Foreign exchange contracts [member] | Purchased options [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1],[2] | 15 | ||
Derivative credit risk equivalents before master netting agreements | [1],[2] | 2 | 22 | |
Commodity contract [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 5,502 | 8,666 | |
Derivative credit risk equivalents before master netting agreements | [1] | 10,524 | 15,651 | |
Derivative credit risk weighted assets before master netting agreements | 1,643 | 2,750 | ||
Commodity contract [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 3,721 | 5,900 | |
Derivative credit risk equivalents before master netting agreements | [1] | 7,446 | 10,959 | |
Derivative credit risk weighted assets before master netting agreements | 1,582 | 2,656 | ||
Commodity contract [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 1,781 | 2,766 | |
Derivative credit risk equivalents before master netting agreements | [1] | 3,078 | 4,692 | |
Derivative credit risk weighted assets before master netting agreements | 61 | 94 | ||
Commodity contract [member] | Written put options [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 126 | 6 | |
Derivative credit risk equivalents before master netting agreements | [1] | 403 | 175 | |
Derivative credit risk weighted assets before master netting agreements | 107 | 51 | ||
Commodity contract [member] | Written put options [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 303 | 463 | |
Derivative credit risk equivalents before master netting agreements | [1] | 471 | 727 | |
Derivative credit risk weighted assets before master netting agreements | 9 | 15 | ||
Commodity contract [member] | Futures contract [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 1,122 | 1,829 | |
Derivative credit risk equivalents before master netting agreements | [1] | 2,055 | 3,244 | |
Derivative credit risk weighted assets before master netting agreements | 41 | 65 | ||
Commodity contract [member] | Swap contract [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 3,160 | 4,357 | |
Derivative credit risk equivalents before master netting agreements | [1] | 6,107 | 8,183 | |
Derivative credit risk weighted assets before master netting agreements | 1,281 | 2,148 | ||
Commodity contract [member] | Purchased options [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 435 | 1,537 | |
Derivative credit risk equivalents before master netting agreements | [1] | 936 | 2,601 | |
Derivative credit risk weighted assets before master netting agreements | 194 | 457 | ||
Commodity contract [member] | Purchased options [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 356 | 474 | |
Derivative credit risk equivalents before master netting agreements | [1] | 552 | 721 | |
Derivative credit risk weighted assets before master netting agreements | 11 | 14 | ||
Equity contract [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 2,162 | 4,340 | |
Derivative credit risk equivalents before master netting agreements | [1] | 12,964 | 17,692 | |
Derivative credit risk weighted assets before master netting agreements | 2,484 | 2,822 | ||
Equity contract [member] | Over the Counter1 [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 582 | 467 | |
Derivative credit risk equivalents before master netting agreements | [1] | 9,076 | 9,754 | |
Derivative credit risk weighted assets before master netting agreements | 2,406 | 2,663 | ||
Equity contract [member] | Exchange Traded [Member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 1,580 | 3,873 | |
Derivative credit risk equivalents before master netting agreements | [1] | 3,888 | 7,938 | |
Derivative credit risk weighted assets before master netting agreements | 78 | 159 | ||
Credit Contracts [member] | ||||
Disclosure Of Derivative Financial Instruments [Line Items] | ||||
Derivative replacement cost before master netting agreements | [1] | 97 | 277 | |
Derivative credit risk equivalents before master netting agreements | [1] | 562 | 721 | |
Derivative credit risk weighted assets before master netting agreements | $ 103 | $ 79 | ||
[1]Replacement cost and credit risk equivalent are presented after the impact of master netting agreements and calculated using the Standardized Approach Counterparty Credit Risk (SA-CCR) in accordance with the Capital Adequacy Requirements (CAR) Guideline issued by OSFI. The table therefore excludes loan commitment derivatives.[2]Gold contracts are included in foreign exchange contracts. |
Derivative Instruments - Sche_7
Derivative Instruments - Schedule of Remaining Contractual Terms to Maturity for Notional Amounts of Derivative Contracts (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | $ 8,382,140 | $ 6,207,882 | |
Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 6,600,213 | 4,683,798 | |
Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 5,954,761 | 4,151,291 |
Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 645,452 | 532,507 | |
Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 1,338,195 | 1,203,770 |
Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 702,068 | 599,333 |
Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 481,773 | 489,426 |
Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 1,032 | 222 |
Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 153,322 | 114,789 |
Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 148,480 | 97,018 | |
Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 24,525 | 28,892 | |
Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 44,836 | 39,448 | |
Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 79,119 | 28,678 | |
Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 267,382 | 205,780 | |
Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 27,870 | $ 17,516 |
Within 1 year [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 3,935,879 | ||
Within 1 year [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,877,058 | ||
Within 1 year [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 2,458,155 | |
Within 1 year [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 418,903 | ||
Within 1 year [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 775,153 | |
Within 1 year [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 179,823 | |
Within 1 year [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 454,751 | |
Within 1 year [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 992 | |
Within 1 year [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 139,587 | |
Within 1 year [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 90,874 | ||
Within 1 year [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 12,320 | ||
Within 1 year [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 25,521 | ||
Within 1 year [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 53,033 | ||
Within 1 year [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 192,539 | ||
Within 1 year [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 255 | |
1 to 3 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,038,772 | ||
1 to 3 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,686,655 | ||
1 to 3 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 1,520,032 | |
1 to 3 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 166,623 | ||
1 to 3 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 242,655 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 208,539 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 21,846 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 40 | |
1 to 3 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 12,230 | |
1 to 3 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 48,865 | ||
1 to 3 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 10,426 | ||
1 to 3 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 17,094 | ||
1 to 3 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 21,345 | ||
1 to 3 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 59,957 | ||
1 to 3 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 640 | |
3 to 5 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,067,792 | ||
3 to 5 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 866,184 | ||
3 to 5 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 829,127 | |
3 to 5 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 37,057 | ||
3 to 5 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 157,318 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 152,167 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 3,646 | |
3 to 5 years [member] | Foreign exchange contracts [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 1,505 | |
3 to 5 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 8,595 | ||
3 to 5 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,661 | ||
3 to 5 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 2,193 | ||
3 to 5 years [member] | Commodity contract [member] | Option contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 4,741 | ||
3 to 5 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 13,709 | ||
3 to 5 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 21,986 | |
5 to 10 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 1,028,730 | ||
5 to 10 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 898,025 | ||
5 to 10 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 878,514 | |
5 to 10 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 19,511 | ||
5 to 10 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 126,455 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 124,941 | |
5 to 10 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 1,514 | |
5 to 10 years [member] | Commodity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 146 | ||
5 to 10 years [member] | Commodity contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 118 | ||
5 to 10 years [member] | Commodity contract [member] | Futures contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 28 | ||
5 to 10 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 967 | ||
5 to 10 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | 3,137 | |
Over 10 years [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 310,967 | ||
Over 10 years [member] | Interest rate contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 272,291 | ||
Over 10 years [member] | Interest rate contract [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1] | 268,933 | |
Over 10 years [member] | Interest rate contract [member] | Forward rate agreements futures and options [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 3,358 | ||
Over 10 years [member] | Foreign exchange contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 36,614 | |
Over 10 years [member] | Foreign exchange contracts [member] | Swap contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [2] | 36,598 | |
Over 10 years [member] | Foreign exchange contracts [member] | Forward contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [1],[2] | 16 | |
Over 10 years [member] | Equity contract [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | 210 | ||
Over 10 years [member] | Credit Contracts [member] | |||
Disclosure Of Derivative Financial Instruments [Line Items] | |||
Derivative notional amount | [3] | $ 1,852 | |
[1]Includes derivatives entered into in relation to our announced agreement to acquire Bank of the West and its subsidiaries. Refer to Note 10 for further details.[2]Gold contracts are included in foreign exchange contracts.[3]Under the SA-CCR, excludes loan commitment derivatives. |
Premises and Equipment - Summar
Premises and Equipment - Summary of Maximum Estimated Useful Lives to Amortize Assets (Detail) | 12 Months Ended |
Oct. 31, 2022 | |
Buildings [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Buildings [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 40 years |
Computer equipment [member] | Bottom of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 5 years |
Computer equipment [member] | Top of range [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 7 years |
Other equipment [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | 10 years |
Leasehold improvements [member] | |
Disclosure Of Property Plant And Equipment Estimated Useful Life [Line Items] | |
Estimated useful lives of assets | Lease term to a maximum of 10 years |
Premises and Equipment - Additi
Premises and Equipment - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | ||
Impairment loss, property, plant and equipment | $ 6 | $ 36 |
Premises and Equipment - Summ_2
Premises and Equipment - Summary of Premises and Equipment (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | $ 4,454 | ||
Ending balance | 4,841 | $ 4,454 | |
Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 9,572 | 9,300 | |
Additions/lease modifications | 1,111 | 1,221 | |
Disposals | [1] | (615) | (717) |
Foreign exchange and other | 844 | (232) | |
Ending balance | 10,912 | 9,572 | |
Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (5,118) | (5,117) | |
Disposals | [1] | 504 | 706 |
Depreciation | 780 | 791 | |
Foreign exchange and other | [2] | 677 | (84) |
Ending balance | (6,071) | (5,118) | |
Land [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 99 | ||
Ending balance | 119 | 99 | |
Land [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 99 | 112 | |
Additions/lease modifications | 18 | ||
Disposals | [1] | (8) | (6) |
Foreign exchange and other | 10 | (7) | |
Ending balance | 119 | 99 | |
Buildings [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 487 | ||
Ending balance | 500 | 487 | |
Buildings [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,354 | 1,454 | |
Additions/lease modifications | 59 | 52 | |
Disposals | [1] | (44) | (44) |
Foreign exchange and other | 319 | (108) | |
Ending balance | 1,688 | 1,354 | |
Buildings [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (867) | (936) | |
Disposals | [1] | 35 | 46 |
Depreciation | 50 | 52 | |
Foreign exchange and other | [2] | 306 | (75) |
Ending balance | (1,188) | (867) | |
Computer equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 568 | ||
Ending balance | 664 | 568 | |
Computer equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,292 | 2,481 | |
Additions/lease modifications | 319 | 193 | |
Disposals | [1] | (53) | (349) |
Foreign exchange and other | 113 | (33) | |
Ending balance | 2,671 | 2,292 | |
Computer equipment [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,724) | (1,888) | |
Disposals | [1] | 48 | 345 |
Depreciation | 225 | 217 | |
Foreign exchange and other | [2] | 106 | (36) |
Ending balance | (2,007) | (1,724) | |
Other property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 214 | ||
Ending balance | 278 | 214 | |
Other property, plant and equipment [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 685 | 904 | |
Additions/lease modifications | 105 | 53 | |
Disposals | [1] | (29) | (245) |
Foreign exchange and other | 184 | (27) | |
Ending balance | 945 | 685 | |
Other property, plant and equipment [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (471) | (680) | |
Disposals | [1] | 25 | 245 |
Depreciation | 53 | 51 | |
Foreign exchange and other | [2] | 168 | (15) |
Ending balance | (667) | (471) | |
Leasehold improvements [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 603 | ||
Ending balance | 784 | 603 | |
Leasehold improvements [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 1,941 | 1,769 | |
Additions/lease modifications | 281 | 192 | |
Disposals | [1] | (246) | (44) |
Foreign exchange and other | 78 | 24 | |
Ending balance | 2,054 | 1,941 | |
Leasehold improvements [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (1,338) | (1,250) | |
Disposals | [1] | 243 | 41 |
Depreciation | 116 | 105 | |
Foreign exchange and other | [2] | 59 | 24 |
Ending balance | (1,270) | (1,338) | |
Right-of-use assets [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 2,483 | ||
Ending balance | 2,496 | 2,483 | |
Right-of-use assets [member] | Gross carrying amount [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | 3,201 | 2,580 | |
Additions/lease modifications | 329 | 731 | |
Disposals | [1] | (235) | (29) |
Foreign exchange and other | 140 | (81) | |
Ending balance | 3,435 | 3,201 | |
Right-of-use assets [member] | Accumulated depreciation and impairment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Beginning balance | (718) | (363) | |
Disposals | [1] | 153 | 29 |
Depreciation | 336 | 366 | |
Foreign exchange and other | [2] | 38 | 18 |
Ending balance | $ (939) | $ (718) | |
[1]Includes fully depreciated assets written off and assets sold as part of divestitures during the year. Refer to Note 10.[2]Includes impairment charges. |
Acquisitions and Divestitures -
Acquisitions and Divestitures - Additional Information (Detail) € in Millions, $ in Millions, $ in Billions | 12 Months Ended | ||||
Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | Dec. 20, 2021 USD ($) | Nov. 08, 2021 CAD ($) | Nov. 08, 2021 EUR (€) | |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||
Tax expense | $ 4,349 | $ 2,504 | |||
Changes in fair value of forward contracts | 638 | ||||
Floating interest rate [member] | |||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||
Gain loss on investment | 7,665 | ||||
Debt instrument recognized at amortized costs | 48 | ||||
Bank Of The West [Member] | |||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||
Capital at Closing | $ 2.9 | ||||
Acquisition of business, net consideration | 13.4 | ||||
Consideration in cash | $ 16.3 | ||||
EMEA And US Assets Management [Member] | |||||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | |||||
Consideration in cash | $ 1,038 | € 615 | |||
Assets derecognized amount | 1,779 | ||||
Liabilities derecognized amount | $ 527 | ||||
Gain loss recorded from reclassification of foreign currency translation from accumualted other comprehensive income in equity to net income | 29 | ||||
Tax expense | $ 22 |
Goodwill and Intangible Asset_2
Goodwill and Intangible Assets - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Intangible assets with indefinite lives | $ 166 | |
Software [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Write-downs of intangible assets | $ 5 | $ 9 |
Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Cash flow projection period | 10 years | |
Terminal growth rate | 3% | 3% |
Write-downs of intangible assets | $ 779 | |
Bottom of range [member] | Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rates for determine the recoverable amount | 6.80% | 6.80% |
Top of range [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Useful lives of intangible assets other than goodwill | 15 years | |
Top of range [member] | Cash-generating units [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Discount rates for determine the recoverable amount | 11.20% | 11% |
Goodwill and Intangible Asset_3
Goodwill and Intangible Assets - Summary of Continuity of Goodwill By Group of CGUs (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | $ 5,378 | $ 6,535 |
Dispositions during the year | (538) | (21) |
Foreign exchange and other | 445 | (1,136) |
Ending balance | 5,285 | 5,378 |
Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,664 | 3,938 |
Foreign exchange and other | 362 | (274) |
Ending balance | 4,026 | 3,664 |
Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 1,312 | 2,170 |
Dispositions during the year | (538) | (21) |
Foreign exchange and other | 50 | (837) |
Ending balance | 824 | 1,312 |
Capital markets [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 402 | 427 |
Foreign exchange and other | 33 | (25) |
Ending balance | 435 | 402 |
Wealth and Asset Management [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 1,310 | 2,168 |
Dispositions during the year | (538) | (21) |
Foreign exchange and other | 50 | (837) |
Ending balance | 822 | 1,310 |
Insurance products [member] | Wealth management [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 2 | 2 |
Ending balance | 2 | 2 |
Canada [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 97 | 97 |
Ending balance | 97 | 97 |
United States [member] | Personal and commercial banking [member] | ||
Disclosure Of Goodwill [Line Items] | ||
Beginning balance | 3,567 | 3,841 |
Foreign exchange and other | 362 | (274) |
Ending balance | $ 3,929 | $ 3,567 |
Goodwill and Intangible Asset_4
Goodwill and Intangible Assets - Summary of Continuity of Goodwill By Group of CGUs (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2021 CAD ($) | |
Cash-generating units [member] | |
Disclosure Of Goodwill [Line Items] | |
Write-downs of intangible assets | $ 779 |
Goodwill and Intangible Asset_5
Goodwill and Intangible Assets - Summary of Intangible Assets (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | $ 2,266 | |
Amortization | 604 | $ 634 |
Ending balance | 2,193 | 2,266 |
Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 103 | |
Ending balance | 86 | 103 |
Software amortizing [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 1,727 | |
Ending balance | 1,815 | 1,727 |
software under development [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 204 | |
Ending balance | 259 | 204 |
Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 232 | |
Ending balance | 33 | 232 |
Gross carrying amount [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 7,966 | 8,046 |
Additions | 693 | 525 |
Disposals | (620) | (354) |
Foreign exchange and other | 278 | (251) |
Ending balance | 8,317 | 7,966 |
Gross carrying amount [member] | Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 719 | 767 |
Disposals | (247) | (9) |
Foreign exchange and other | 49 | (39) |
Ending balance | 521 | 719 |
Gross carrying amount [member] | Core deposit [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 894 | 962 |
Foreign exchange and other | 84 | (68) |
Ending balance | 978 | 894 |
Gross carrying amount [member] | Software amortizing [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 5,548 | 5,416 |
Additions | 11 | 65 |
Transfers | 611 | 498 |
Disposals | (53) | (313) |
Foreign exchange and other | 120 | (118) |
Ending balance | 6,237 | 5,548 |
Gross carrying amount [member] | software under development [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 204 | 280 |
Additions | 662 | 430 |
Transfers | (611) | (498) |
Disposals | (1) | (4) |
Foreign exchange and other | 5 | (4) |
Ending balance | 259 | 204 |
Gross carrying amount [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | 601 | 621 |
Additions | 20 | 30 |
Disposals | (319) | (28) |
Foreign exchange and other | 20 | (22) |
Ending balance | 322 | 601 |
Accumulated depreciation and amortisation [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (5,700) | (5,604) |
Amortization | 604 | 634 |
Disposals | (419) | (341) |
Foreign exchange and other | 239 | (197) |
Ending balance | (6,124) | (5,700) |
Accumulated depreciation and amortisation [member] | Customer-related intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (616) | (616) |
Amortization | 22 | 35 |
Disposals | (247) | (5) |
Foreign exchange and other | 44 | (30) |
Ending balance | (435) | (616) |
Accumulated depreciation and amortisation [member] | Core deposit [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (894) | (933) |
Amortization | 27 | |
Foreign exchange and other | 84 | (66) |
Ending balance | (978) | (894) |
Accumulated depreciation and amortisation [member] | Software amortizing [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (3,821) | (3,681) |
Amortization | 556 | 530 |
Disposals | (49) | (308) |
Foreign exchange and other | 94 | (82) |
Ending balance | (4,422) | (3,821) |
Accumulated depreciation and amortisation [member] | Other intangible assets [member] | ||
Disclosure of detailed information about intangible assets [line items] | ||
Beginning balance | (369) | (374) |
Amortization | 26 | 42 |
Disposals | (123) | (28) |
Foreign exchange and other | 17 | (19) |
Ending balance | $ (289) | $ (369) |
Goodwill and Intangible Asset_6
Goodwill and Intangible Assets - Summary of Intangible Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Statement [Line Items] | |||
Intangible assets other than goodwill | $ 2,193 | $ 2,266 | |
Gross carrying amount [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | 8,317 | 7,966 | $ 8,046 |
Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | (6,124) | (5,700) | $ (5,604) |
Internally generated [member] | Software amortizing [member] | Gross carrying amount [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | 5,486 | 4,798 | |
Internally generated [member] | Software amortizing [member] | Accumulated depreciation and amortisation [member] | |||
Statement [Line Items] | |||
Intangible assets other than goodwill | $ (3,819) | $ (3,231) |
Other Assets - Components of Ot
Other Assets - Components of Other within Other Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of Other Assets [line items] | ||
Accounts receivable, prepaid expenses and other items | $ 3,634 | $ 3,302 |
Accrued interest receivable | 2,726 | 1,452 |
Bank owned life insurance policies | 4,509 | 4,096 |
Leased vehicles, net of accumulated amortization | 263 | 415 |
Cash collateral | 13,586 | 6,436 |
Due from clients, dealers and brokers | 313 | 353 |
Insurance-related assets | 2,575 | 2,080 |
Other employee future benefits assets | 51 | 40 |
Precious metals | 2,970 | 3,290 |
Total | 31,894 | 22,411 |
Pension Plans [member] | ||
Disclosure of Other Assets [line items] | ||
Pension asset | 1,179 | 809 |
Other assets [member] | Pension Plans [member] | ||
Disclosure of Other Assets [line items] | ||
Pension asset | $ 1,267 | $ 947 |
Other Assets - Components of _2
Other Assets - Components of Other within Other Assets (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Level 3 of fair value hierarchy [member] | ||
Disclosure of Other Assets [line items] | ||
Financial assets, at fair value | $ 1,195 | $ 1,033 |
At cost [member] | ||
Disclosure of Other Assets [line items] | ||
Investment properties | $ 1,001 | $ 881 |
Deposits - Summary of Deposits
Deposits - Summary of Deposits (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits [Line Items] | ||
Interest bearing | $ 58,447 | |
Non-interest bearing | 91,273 | |
Payables after notice | 271,844 | |
Payable on a fixed date | 347,914 | $ 262,802 |
Total | 769,478 | 685,631 |
Canada [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 48,260 | |
Non-interest bearing | 81,726 | |
Payables after notice | 126,204 | |
Payable on a fixed date | 259,100 | |
Total | 515,290 | 427,316 |
United States [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 9,851 | |
Non-interest bearing | 9,478 | |
Payables after notice | 143,819 | |
Payable on a fixed date | 54,572 | |
Total | 217,720 | 232,830 |
Other countries [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 336 | |
Non-interest bearing | 69 | |
Payables after notice | 1,821 | |
Payable on a fixed date | 34,242 | |
Total | 36,468 | 25,485 |
Banks [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 4,938 | |
Non-interest bearing | 2,096 | |
Payables after notice | 1,417 | |
Payable on a fixed date | 22,450 | |
Total | 30,901 | 26,611 |
Business and governments [member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 49,074 | |
Non-interest bearing | 52,355 | |
Payables after notice | 151,298 | |
Payable on a fixed date | 243,104 | |
Total | 495,831 | 442,248 |
Individuals [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Interest bearing | 4,435 | |
Non-interest bearing | 36,822 | |
Payables after notice | 119,129 | |
Payable on a fixed date | 82,360 | |
Total | $ 242,746 | $ 216,772 |
Deposits - Summary of Deposit_2
Deposits - Summary of Deposits (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | $ 347,914 | $ 262,802 |
Bank Recapitalization (Bail-In) Regime [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits booked payable on a fixed date | 51,746 | 35,959 |
U.S. dollars [member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | 384,080 | 342,967 |
Non USD Non CAD [Member] | ||
Disclosure Of Deposits [Line Items] | ||
Deposits liabilities | $ 46,830 | $ 29,937 |
Deposits - Additional Informati
Deposits - Additional Information (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure Of Deposits [Line Items] | ||
Deposits eligible for early redemption without penalty | $ 29,966 | $ 20,991 |
Commercial paper | 42,138 | 13,834 |
Covered bonds | 29,076 | 23,495 |
Unencumbered liquid assets | $ 335,299 | $ 317,251 |
Deposits - Schedule for Deposit
Deposits - Schedule for Deposits Payable on a Fixed Date (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | $ 347,914 | $ 262,802 |
Within 1 year [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 228,679 | 163,370 |
1-2 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 39,992 | 33,778 |
2 to 3 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 23,445 | 24,826 |
3 to 4 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 16,665 | 8,908 |
4 to 5 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | 22,868 | 11,995 |
Over 5 years [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Total | $ 16,265 | $ 19,925 |
Deposits - Summary of Deposit_3
Deposits - Summary of Deposits payable on a fixed (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | $ 347,914 | $ 262,802 |
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 | 315,258 | 236,322 |
Canada | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 259,100 | |
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 | 230,475 | 140,002 |
United States | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 54,572 | |
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 | 50,542 | 72,399 |
Other Countries [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits booked payable on a fixed date | 34,242 | |
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 | $ 34,241 | $ 23,921 |
Deposits - Summary of maturity
Deposits - Summary of maturity schedule for deposits greater than one hundred thousand dollars booked in Canada (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | $ 769,478 | $ 685,631 |
3 to 6 months [member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 49,626 | 42,488 |
CANADA | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 515,290 | 427,316 |
CANADA | Deposits more than one hundred thousand dollar [Member] | ||
Disclosure of deposits payable to customers on a fixed date [line items] | ||
Deposits | 230,475 | 140,002 |
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 | 46,792 | 20,626 |
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 | 28,826 | 12,761 |
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 | 55,288 | 20,933 |
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 | $ 99,569 | $ 85,682 |
Deposits - Summary of fair valu
Deposits - Summary of fair value and changes in fair value of structured note liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of fair value measurements of structured note liabilities [Abstract] | ||
Fair value | $ 26,305 | $ 22,665 |
Notional amount due at contractual maturity | 32,507 | 22,448 |
Change in fair value recorded in the Consolidated Statement of Income | 4,617 | (1,310) |
Change in fair value due to own credit risk recorded in OCI (before tax) | 1,653 | (240) |
Cumulative change in fair value due to own credit risk recorded in AOCI (before tax) | $ 1,245 | $ (408) |
Other Liabilities - Summary of
Other Liabilities - Summary of Components of Other within Other Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 |
Disclosure of Other Liability [Line Items] | |||
Accounts payable, accrued expenses and other items | $ 11,647 | $ 9,444 | |
Accrued interest payable | 2,319 | 960 | |
Allowance for credit losses on off-balance sheet items | 381 | 394 | |
Cash collateral | 5,042 | 6,733 | |
Insurance-related liabilities | 11,201 | 12,845 | $ 12,441 |
Lease Liabilities | 2,835 | 2,743 | |
Liabilities of subsidiaries | 7,494 | 0 | |
Payable to brokers, dealers and clients | 2,966 | 3,413 | |
Total | 44,805 | 37,764 | |
Other employee future benefit plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | 781 | 1,054 | |
Pension Plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | (1,179) | (809) | |
Other liabilities [member] | Other employee future benefit plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | 832 | 1,094 | |
Other liabilities [member] | Pension Plans [member] | |||
Disclosure of Other Liability [Line Items] | |||
Other employee future benefits liability | $ 88 | $ 138 |
Other Liabilities - Summary O_2
Other Liabilities - Summary Of Fair Value Changes in Investment Securities (Detail) - Related to investment securities held by insurance subsidiaries [member] - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Fair Value Changes in Investment Securities [Line Items] | ||
Fair value | $ 770 | $ 1,046 |
Notional amount due at contractual maturity | 1,459 | 1,526 |
Change in fair value recorded in the Consolidated Statement of Income | (114) | (81) |
Change in fair value due to own credit risk recorded in OCI (before tax) | 94 | (26) |
Cumulative change in fair value due to own credit risk recognized in AOCI (before tax) | $ 22 | $ (72) |
Other Liabilities - Additional
Other Liabilities - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Text Block [Line Items] | ||
Interest expense on lease liabilities | $ 59 | $ 56 |
Cash outflow for leases | 342 | 383 |
Variable lease payments not included in the measurement of lease liabilities | 206 | $ 236 |
Year 2023 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 350 | |
Year 2024 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 342 | |
Year 2025 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 323 | |
Year 2026 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 298 | |
Year 2027 [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | 275 | |
Year 2028 and Thereafter [member] | ||
Text Block [Line Items] | ||
Gross lease liabilities | $ 1,643 |
Other Liabilities - Reconciliat
Other Liabilities - Reconciliation of Change in Insurance-Related Liabilities (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of types of insurance contracts [abstract] | ||
Insurance-related liabilities, beginning of year | $ 12,845 | $ 12,441 |
Increase (decrease) in life insurance policy benefit liabilities from: | ||
New business | 354 | 765 |
In-force policies | (1,938) | (306) |
Changes in actuarial assumptions and methodology | 201 | (72) |
Foreign currency | 3 | (2) |
Net increase (decrease) in life insurance policy benefit liabilities | (1,380) | 385 |
Change in other insurance-related liabilities | (264) | 19 |
Insurance-related liabilities, end of year | $ 11,201 | $ 12,845 |
Other Liabilities - Summary o_3
Other Liabilities - Summary of Reinsurance Premiums Ceded (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Net premiums | $ 1,224 | $ 1,642 |
Direct premium income [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Net premiums | 1,623 | 2,050 |
Ceded premiums [member] | ||
Disclosure of net, gross and reinsurer's share for amounts arising from insurance contracts [line items] | ||
Net premiums | $ (399) | $ (408) |
Subordinated Debt - Summary of
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Detail) $ in Millions, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2022 CAD ($) | Oct. 31, 2022 USD ($) | Oct. 27, 2022 CAD ($) | Jan. 10, 2022 USD ($) | Oct. 31, 2021 CAD ($) | Oct. 31, 2021 USD ($) | |
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 8,382,140 | $ 6,207,882 | ||||
Total | 8,150 | 6,893 | ||||
Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Total | 8,150 | 6,893 | ||||
Subordinated debt [member] | Debentures series 20 [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 150 | 150 | ||||
Maturity date | December 2025 to 2040 | |||||
Interest rate (%) | 8.25% | 8.25% | ||||
Redeemable at our option beginning in | Not redeemable | |||||
Total | $ 146 | 146 | ||||
Subordinated debt [member] | Series I Medium Term Notes Second Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 850 | 850 | ||||
Maturity date | June 2027 | |||||
Interest rate (%) | 2.57% | 2.57% | ||||
Redeemable at our option beginning in | June 2022 | |||||
Total | 843 | |||||
Subordinated debt [member] | Three point eight zero three percentage Subordinated Notes due 2032 [Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | |||||
Maturity date | December 2032 | |||||
Interest rate (%) | 3.803% | 3.803% | ||||
Redeemable at our option beginning in | December 2027 | |||||
Total | $ 1,497 | 1,567 | ||||
Subordinated debt [member] | Four point three three eight percentage Subordinated Notes due 2028[Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 850 | $ 850 | ||||
Maturity date | October 2028 | |||||
Interest rate (%) | 4.338% | 4.338% | ||||
Redeemable at our option beginning in | October 2023 | |||||
Total | $ 1,135 | 1,096 | ||||
Subordinated debt [member] | Series J Medium Term Notes First Tranche [Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,000 | 1,000 | ||||
Maturity date | September 2029 | |||||
Interest rate (%) | 2.88% | 2.88% | ||||
Redeemable at our option beginning in | September 2024 | |||||
Total | $ 998 | 998 | ||||
Subordinated debt [member] | Series J Medium-Term Notes, Second Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | 1,250 | ||||
Maturity date | June 2030 | |||||
Interest rate (%) | 2.08% | 2.08% | ||||
Redeemable at our option beginning in | June 2025 | |||||
Total | $ 1,248 | 1,248 | ||||
Subordinated debt [member] | Series K Medium-Term Notes [Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,000 | 1,000 | ||||
Maturity date | July 2031 | |||||
Interest rate (%) | 1.93% | 1.93% | ||||
Redeemable at our option beginning in | July 2026 | |||||
Total | $ 984 | $ 995 | ||||
Subordinated debt [member] | Three Point Zero Eighty Eight Percentage Subordinated Notes Due 2037 [Member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | $ 1,250 | ||||
Maturity date | January 2037 | |||||
Interest rate (%) | 3.088% | 3.088% | ||||
Redeemable at our option beginning in | January 2032 | |||||
Total | $ 1,393 | |||||
Subordinated debt [member] | Series L Medium-Term Notes, First Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 750 | $ 750 | ||||
Maturity date | October 2032 | |||||
Interest rate (%) | 6.53% | 6.53% | ||||
Redeemable at our option beginning in | October 2027 | |||||
Total | $ 749 |
Subordinated Debt - Summary o_2
Subordinated Debt - Summary of Maturities of Subordinated Debt and Repayment (Parenthetical) (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | |||||
Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | Oct. 31, 2022 USD ($) $ / shares | Oct. 27, 2022 CAD ($) | Jan. 10, 2022 USD ($) | Oct. 31, 2021 USD ($) | |
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 8,382,140 | $ 6,207,882 | ||||
Repayments of subordinated liabilities | 850 | 2,250 | ||||
Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Increase (Decrease) in Subordinated Long Term Debt | $ (565) | 44 | ||||
Bottom of range [member] | Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Common stock conversion price | $ / shares | $ 5 | |||||
Three point eight zero three percentage Subordinated Notes due 2032 [Member] | Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | |||||
Interest rate | 3.803% | 3.803% | ||||
Four point three three eight percentage Subordinated Notes due 2028[Member] | Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 850 | $ 850 | ||||
Interest rate | 4.338% | 4.338% | ||||
Series I Medium Term Notes Second Tranche [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Repayments of subordinated liabilities | $ 850 | |||||
Percentage of redemption of principal amount plus unpaid accrued interest | 100% | |||||
Series I Medium Term Notes Second Tranche [member] | Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 850 | $ 850 | ||||
Interest rate | 2.57% | 2.57% | ||||
Three Point Zero Eighty Eight Percentage Subordinated Notes Due 2037 [Member] | Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 1,250 | $ 1,250 | ||||
Interest rate | 3.088% | 3.088% | ||||
Series L Medium-Term Notes, First Tranche [member] | Subordinated debt [member] | ||||||
Subordinated Liabilities [Line Items] | ||||||
Face value | $ 750 | $ 750 | ||||
Interest rate | 6.53% | 6.53% |
Equity - Summary of Classes of
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | $ 57,523 | |
Balance at end of year | $ 71,038 | $ 57,523 |
Class B Series 27 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 20,000,000 | |
Balance at end of year (shares) | 20,000,000 | 20,000,000 |
Balance at beginning of year | $ 500 | |
Dividend declared per share | $ 0.96 | $ 0.96 |
Balance at end of year | $ 500 | $ 500 |
Class B Series 29 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 16,000,000 | |
Balance at end of year (shares) | 16,000,000 | 16,000,000 |
Balance at beginning of year | $ 400 | |
Dividend declared per share | $ 0.91 | $ 0.91 |
Balance at end of year | $ 400 | $ 400 |
Class B Series 31 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 12,000,000 | |
Balance at end of year (shares) | 12,000,000 | 12,000,000 |
Balance at beginning of year | $ 300 | |
Dividend declared per share | $ 0.96 | $ 0.96 |
Balance at end of year | $ 300 | $ 300 |
Class B Series 33 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 8,000,000 | |
Balance at end of year (shares) | 8,000,000 | 8,000,000 |
Balance at beginning of year | $ 200 | |
Dividend declared per share | $ 0.76 | $ 0.76 |
Balance at end of year | $ 200 | $ 200 |
Class B Series 38 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 24,000,000 | |
Balance at end of year (shares) | 24,000,000 | |
Balance at beginning of year | $ 600 | |
Dividend declared per share | $ 0.3 | $ 1.21 |
Balance at end of year | $ 600 | |
Class B Series 40 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 20,000,000 | |
Balance at end of year (shares) | 20,000,000 | |
Balance at beginning of year | $ 500 | |
Dividend declared per share | $ 0.56 | $ 1.13 |
Balance at end of year | $ 500 | |
Class B Series 42 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 16,000,000 | |
Balance at end of year (shares) | 16,000,000 | |
Balance at beginning of year | $ 400 | |
Dividend declared per share | $ 0.83 | $ 1.1 |
Balance at end of year | $ 400 | |
Class B Series 44 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 16,000,000 | |
Balance at end of year (shares) | 16,000,000 | 16,000,000 |
Balance at beginning of year | $ 400 | |
Dividend declared per share | $ 1.21 | $ 1.21 |
Balance at end of year | $ 400 | $ 400 |
Class B Series 46 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 14,000,000 | |
Balance at end of year (shares) | 14,000,000 | 14,000,000 |
Balance at beginning of year | $ 350 | |
Dividend declared per share | $ 1.28 | $ 1.28 |
Balance at end of year | $ 350 | $ 350 |
Class B Series 50 [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at end of year (shares) | 500,000 | |
Dividend declared per share | $ 24.64 | |
Balance at end of year | $ 500 | |
Preferred shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 3,650 | |
Balance at end of year | $ 2,650 | $ 3,650 |
Common shares [member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year (shares) | 648,136,472 | 645,889,396 |
Issued to finance a portion of the announced acquisition (Shares) | 20,843,750 | |
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 7,531,233 | |
Issued/cancelled under the Stock Option Plan and other stock-based compensation plans (Note 20) | 733,591 | 1,630,867 |
Treasury shares sold/(purchased) Shares | (138,168) | 616,209 |
Balance at end of year (shares) | 677,106,878 | 648,136,472 |
Balance at beginning of year | $ 13,599 | $ 13,430 |
Issued to finance a portion of the announced acquisition | 3,106 | |
Issued under the Shareholder Dividend Reinvestment and Share Purchase Plan | 999 | |
Issued/cancelled under the Stock Option Plan and other stock-based compensation plans | 57 | 122 |
Treasury shares sold/(purchased) | $ (17) | $ 47 |
Dividend declared per share | $ 5.44 | $ 4.24 |
Balance at end of year | $ 17,744 | $ 13,599 |
Preferred Shares and Other Equity Instruments [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 5,558 | 6,598 |
Balance at end of year | 6,308 | 5,558 |
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | Other Equity Instrument [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 658 | |
Balance at end of year | 658 | 658 |
4.3% Limited Recourse Capital Notes Series 1 [Member] | Other Equity Instrument [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at beginning of year | 1,250 | |
Balance at end of year | 1,250 | $ 1,250 |
5.625% Limited Recourse Capital Notes, Series 2 | Other Equity Instrument [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at end of year | 750 | |
7.325% Limited Recourse Capital Notes, Series 3 [Member] | Other Equity Instrument [Member] | ||
Disclosure of classes of share capital [line items] | ||
Balance at end of year | $ 1,000 |
Equity - Summary of Classes o_2
Equity - Summary of Classes of Preferred and Common Shares Outstanding (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Jul. 27, 2022 | Oct. 31, 2022 | Sep. 13, 2022 | Mar. 15, 2022 | Oct. 31, 2021 | |
Disclosure of classes of share capital [line items] | |||||
Proceeds from issue of preference shares | $ 2,245 | ||||
5.625% Limited Recourse Capital Notes, Series 2 | |||||
Disclosure of classes of share capital [line items] | |||||
Shares issued or proceed from issuing the shares | $ 750 | ||||
7.325% Limited Recourse Capital Notes, Series 3 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Shares issued or proceed from issuing the shares | $ 1,000 | ||||
Class B Series 50 Preferred Shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares | 500,000 | ||||
Proceeds from issue of preference shares | $ 500 | ||||
Treasury shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Number of shares | 174,689 | 36,521 |
Equity - Summary of Prefered Sh
Equity - Summary of Prefered Share Rights and Privileges (Detail) | 12 Months Ended | ||
Oct. 31, 2022 $ / shares $ / shares | Oct. 31, 2022 $ / shares | Oct. 31, 2021 $ / shares | |
Disclosure of classes of share capital [line items] | |||
Convertible to | In such an event, each preferred share or other equity instrument is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. | In such an event, each preferred share or other equity instrument is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. | |
Class B Series 27 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 25 | $ 25 | |
Non-cumulative dividend | $ 0.96 | $ 0.96 | |
Reset premium | 2.33% | 2.33% | |
Date redeemable / convertible | May 25, 2024 | May 25, 2024 | |
Convertible to | Class B – Series 28 | Class B – Series 28 | |
Class B Series 27 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 0.24075 | ||
Class B Series 29 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 25 | $ 25 | |
Non-cumulative dividend | $ 0.91 | 0.91 | |
Reset premium | 2.24% | 2.24% | |
Date redeemable / convertible | August 25, 2024 | August 25, 2024 | |
Convertible to | Class B – Series 30 | Class B – Series 30 | |
Class B Series 29 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 0.2265 | ||
Class B Series 31 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 25 | $ 25 | |
Non-cumulative dividend | $ 0.96 | 0.96 | |
Reset premium | 2.22% | 2.22% | |
Date redeemable / convertible | November 25, 2024 | November 25, 2024 | |
Convertible to | Class B – Series 32 | Class B – Series 32 | |
Class B Series 31 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 0.240688 | ||
Class B Series 33 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 25 | $ 25 | |
Non-cumulative dividend | $ 0.76 | 0.76 | |
Reset premium | 2.71% | 2.71% | |
Date redeemable / convertible | August 25, 2025 | August 25, 2025 | |
Convertible to | Class B – Series 34 | Class B – Series 34 | |
Class B Series 33 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 0.190875 | ||
Class B Series 44 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 25 | $ 25 | |
Non-cumulative dividend | $ 1.21 | 1.21 | |
Reset premium | 2.68% | 2.68% | |
Date redeemable / convertible | November 25, 2023 | November 25, 2023 | |
Convertible to | Class B – Series 45 | Class B – Series 45 | |
Class B Series 44 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 0.303125 | ||
Class B Series 46 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 25 | $ 25 | |
Non-cumulative dividend | $ 1.28 | $ 1.28 | |
Reset premium | 3.51% | 3.51% | |
Date redeemable / convertible | May 25, 2024 | May 25, 2024 | |
Convertible to | Class B – Series 47 | Class B – Series 47 | |
Class B Series 46 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 0.31875 | ||
Class B Series 50 [member] | |||
Disclosure of classes of share capital [line items] | |||
Redemption amount | $ 1,000 | $ 1,000 | |
Non-cumulative dividend | $ 24.64 | ||
Reset premium | 4.25% | 4.25% | |
Date redeemable / convertible | November 26, 2027 | November 26, 2027 | |
Convertible to | Not convertible | Not convertible | |
Class B Series 50 [member] | Quarterly dividend [Member] | |||
Disclosure of classes of share capital [line items] | |||
Non-cumulative dividend | $ 24.644 |
Equity - Schedule of the Equity
Equity - Schedule of the Equity Instrument (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||
Sep. 13, 2022 CAD ($) | Mar. 15, 2022 CAD ($) | Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | Oct. 31, 2022 USD ($) | |
Disclosure of classes of share capital [line items] | |||||
Total | $ 3,658 | $ 1,908 | |||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Face value | $ 500 | ||||
Interest rate (%) | 4.80% | ||||
Redeemable at our option | Aug. 31, 2024 | ||||
Total | $ 658 | 658 | |||
4.3% Limited Recourse Capital Notes [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Face value | $ 1,250 | $ 1,250 | |||
Interest rate (%) | 4.30% | 4.30% | |||
Redeemable at our option | Nov. 30, 2025 | ||||
Total | $ 1,250 | $ 1,250 | |||
5.625% Limited Recourse Capital Notes, Series 2 | |||||
Disclosure of classes of share capital [line items] | |||||
Face value | $ 750 | $ 750 | |||
Interest rate (%) | 5.625% | 5.625% | |||
Redeemable at our option | May 31, 2027 | ||||
Total | $ 750 | ||||
7.325% Limited Recourse Capital Notes, Series 3 [Member] | |||||
Disclosure of classes of share capital [line items] | |||||
Face value | $ 1,000 | $ 1,000 | |||
Interest rate (%) | 7.325% | 7.325% | |||
Redeemable at our option | Nov. 30, 2027 | ||||
Total | $ 1,000 |
Equity - Additional Information
Equity - Additional Information (Detail) $ / shares in Units, $ in Millions, $ in Millions | 12 Months Ended | ||||||||||||
Sep. 13, 2022 CAD ($) | Aug. 25, 2022 CAD ($) shares | Jul. 27, 2022 CAD ($) | May 25, 2022 CAD ($) shares | Mar. 15, 2022 CAD ($) | Feb. 25, 2022 CAD ($) shares | Dec. 03, 2021 shares | Oct. 31, 2022 CAD ($) shares | Oct. 31, 2021 shares | Oct. 31, 2022 USD ($) shares | Jul. 27, 2022 $ / shares shares | Mar. 29, 2022 CAD ($) shares | Jan. 10, 2022 | |
Disclosure of classes of share capital [line items] | |||||||||||||
Description of conversion of preferred share | In such an event, each preferred share or other equity instrument is convertible into common shares pursuant to an automatic conversion formula and a conversion price based on the greater of: (i) a floor price of $5.00 and (ii) the current market price of our common shares based on the volume weighted-average trading price of our common shares on the TSX. | ||||||||||||
Gross proceeds | $ 2,245 | ||||||||||||
Stock Option Plan [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Common shares reserved for potential issuance | shares | 5,976,870 | 5,682,206 | 5,976,870 | ||||||||||
4.8% Additional Tier 1 Capital Notes (NVCC) [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Note Issued Face Value | $ 500 | ||||||||||||
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 | $ 1,250 | |||||||||||
Interest Rate | 4.30% | 4.30% | |||||||||||
5.625% Limited Recourse Capital Notes, Series 2 | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Note Issued Face Value | $ 750 | $ 750 | |||||||||||
Interest Rate | 5.625% | 5.625% | |||||||||||
7.325% Limited Recourse Capital Notes, Series 3 [Member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Note Issued Face Value | $ 1,000 | $ 1,000 | |||||||||||
Interest Rate | 7.325% | 7.325% | |||||||||||
Dividend reinvestment and share purchase plan [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Common shares reserved for potential issuance | shares | 25,669,677 | 33,200,910 | 25,669,677 | ||||||||||
Common shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Shares Subject To Mandatory Redemption | shares | 22,500,000 | ||||||||||||
Discount rates for determine the recoverable amount | 2% | ||||||||||||
Number of instruments or interests issued or issuable | shares | 20,843,750 | ||||||||||||
Equity interests of acquirer | $ 3,106 | ||||||||||||
Class B Series 38 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Redemption aggregate value | $ 600 | ||||||||||||
Number of shares intend to redeem | shares | 24,000,000 | ||||||||||||
Class B Series 40 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Redemption aggregate value | $ 500 | ||||||||||||
Number of shares intend to redeem | shares | 20,000,000 | ||||||||||||
Class B Series 42 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Redemption aggregate value | $ 400 | ||||||||||||
Number of shares intend to redeem | shares | 16,000,000 | ||||||||||||
Shareholder Dividend Reinvestment And Share Purchase Plan [Member] | Common shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Number Of Shares Issued Or Issuable Upon Conversion Of Convertible Instrument | shares | 7,531,233 | 0 | |||||||||||
Class B Series 48 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Note Issued Face Value | $ 1,250 | ||||||||||||
Class B Series 49 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Redemption aggregate value | $ 750 | ||||||||||||
Class B Series 50 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Description of conversion of preferred share | Not convertible | ||||||||||||
Number of shares issued | shares | 500,000 | ||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Gross proceeds | $ 500 | ||||||||||||
Dividend Payment Terms | For the initial five-year period to the earliest redemption date of November 26, 2027, the shares pay quarterly cash dividends, if declared, at a rate of 7.373% per annum. | ||||||||||||
Dividend Rate Reset Terms | The dividend rate will reset on the earliest redemption date and every fifth year thereafter at a rate equal to the 5-year Government of Canada bond yield plus a premium of 4.250%. | ||||||||||||
Dividend Rate Adjustment Percentage | 4.25% | ||||||||||||
Par value per share | $ / shares | $ 1,000 | ||||||||||||
Class B Series 51 Preferred Shares [member] | |||||||||||||
Disclosure of classes of share capital [line items] | |||||||||||||
Dividend rate reset term | 5 years | ||||||||||||
Redemption aggregate value | $ 1,000 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Securities | ||
Amortized cost | $ 106,590 | $ 49,970 |
Loans | ||
Consumer instalment and other personal | 86,103 | 77,164 |
Credit cards | 9,663 | 8,103 |
Business and government | 309,310 | 239,809 |
Deposits | 769,478 | 685,631 |
Securitization and structured entities' liabilities | 27,068 | 25,486 |
Other liabilities | 44,805 | 37,764 |
Subordinated debt | 8,150 | 6,893 |
Fair Value [Member] | ||
Securities | ||
Amortized cost | 94,832 | 49,810 |
Not Carried At Fair Value [member] | At carrying value [member] | ||
Securities | ||
Amortized cost | 106,590 | 49,970 |
Loans | ||
Residential mortgages | 148,569 | 135,653 |
Consumer instalment and other personal | 85,612 | 76,627 |
Credit cards | 9,387 | 7,827 |
Business and government | 302,079 | 233,066 |
Loans net of allowance for loan losses | 545,647 | 453,173 |
Deposits | 742,419 | 662,050 |
Securitization and structured entities' liabilities | 25,816 | 24,631 |
Other liabilities | 4,088 | |
Subordinated debt | 8,150 | 6,893 |
Not Carried At Fair Value [member] | Fair Value [Member] | ||
Securities | ||
Amortized cost | 94,832 | 49,810 |
Loans | ||
Residential mortgages | 142,526 | 135,461 |
Consumer instalment and other personal | 83,948 | 76,791 |
Credit cards | 9,387 | 7,827 |
Business and government | 300,173 | 233,670 |
Loans net of allowance for loan losses | 536,034 | 453,749 |
Deposits | 739,339 | 662,781 |
Securitization and structured entities' liabilities | 24,989 | 24,809 |
Other liabilities | 3,181 | |
Subordinated debt | $ 7,743 | $ 7,087 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Financial Instruments Designated At Fair Value Through Profit Or Loss (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Fairvalue of financial instruments on balance sheet [line items] | ||
Business and government | $ 309,310 | $ 239,809 |
Amortized cost | 106,590 | 49,970 |
Securitization and structured entities' liabilities | 27,068 | 25,486 |
Financial liabilities at fair value through profit or loss, category [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Structured Note Liabilities | 26,305 | 22,665 |
Metal Deposits | 218 | 139 |
Securitization and structured entities' liabilities | 1,252 | 855 |
Structured deposits | 536 | 777 |
At fair value [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Amortized cost | 94,832 | 49,810 |
Level 1 of fair value hierarchy [member] | At fair value [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Amortized cost | 39,622 | 14,117 |
Level 2 of fair value hierarchy [member] | At fair value [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Amortized cost | 55,210 | 35,693 |
Financial assets at fair value through profit or loss [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Business and government | 5,496 | 5,022 |
Residential mortgages loans | 176 | 0 |
Financial assets at fair value through other comprehensive income [member] | ||
Fairvalue of financial instruments on balance sheet [line items] | ||
Business and government | $ 60 | $ 134 |
Fair Value of Financial Instr_5
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Assets And Liabilities (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | $ 108,177 | $ 104,411 | |
FVTPL Securities | 13,641 | 14,210 | |
FVOCI Securities | 43,561 | 63,123 | |
Derivative Assets | |||
Derivative Assets | 48,160 | 36,713 | |
Derivative Liabilities | |||
Derivative Liabilities | 59,956 | 30,815 | |
Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 108,177 | 104,411 | |
FVTPL Securities | 13,641 | 14,210 | |
FVOCI Securities | 43,561 | 63,123 | |
Loans | 5,732 | 5,156 | |
Other Assets | [1] | 4,257 | 4,477 |
Fair value liabilities | 71,299 | 58,746 | |
Securities sold but not yet purchased | 40,979 | 32,073 | |
Structured note liabilities | [2] | 26,305 | 22,665 |
Structured deposits | [3] | 536 | 777 |
Other liabilities | [4] | 3,479 | 3,231 |
Derivative Assets | |||
Derivative Assets | 48,160 | 36,713 | |
Derivative Liabilities | |||
Derivative Liabilities | 59,956 | 30,815 | |
Measured at fair value [Member] | Canadian federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 10,936 | 7,596 | |
FVTPL Securities | 493 | 863 | |
FVOCI Securities | 12,301 | 13,065 | |
Measured at fair value [Member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 6,110 | 5,838 | |
FVTPL Securities | 1,080 | 1,380 | |
FVOCI Securities | 4,571 | 2,987 | |
Measured at fair value [Member] | U.S. federal government [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 16,699 | 9,582 | |
FVTPL Securities | 4 | 38 | |
FVOCI Securities | 3,110 | 21,026 | |
Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 139 | 458 | |
FVOCI Securities | 3,714 | 4,114 | |
Measured at fair value [Member] | Other governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 3,970 | 1,898 | |
FVTPL Securities | 87 | 92 | |
FVOCI Securities | 6,411 | 6,502 | |
Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 14,312 | 14,054 | |
FVTPL Securities | 8 | 9 | |
FVOCI Securities | 9,268 | 12,136 | |
Measured at fair value [Member] | Corporate debt [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 9,592 | 9,894 | |
FVTPL Securities | 6,479 | 7,704 | |
FVOCI Securities | 4,033 | 3,161 | |
Measured at fair value [Member] | Loans held for trading [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 346 | 160 | |
Measured at fair value [Member] | Corporate equity [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 46,073 | 54,931 | |
FVTPL Securities | 5,490 | 4,124 | |
FVOCI Securities | 153 | 132 | |
Measured at fair value [Member] | Residential mortgages [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 176 | ||
Measured at fair value [Member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 5,556 | 5,156 | |
Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 12,762 | 8,072 | |
Derivative Liabilities | |||
Derivative Liabilities | 16,598 | 6,779 | |
Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 22,522 | 14,985 | |
Derivative Liabilities | |||
Derivative Liabilities | 25,110 | 12,455 | |
Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 6,324 | 7,618 | |
Derivative Liabilities | |||
Derivative Liabilities | 3,589 | 2,191 | |
Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 6,491 | 6,038 | |
Derivative Liabilities | |||
Derivative Liabilities | 14,584 | 9,383 | |
Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 61 | ||
Derivative Liabilities | |||
Derivative Liabilities | 75 | 7 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 64,086 | 69,825 | |
FVTPL Securities | 1,857 | 2,671 | |
FVOCI Securities | 8,109 | 33,064 | |
Loans | 0 | ||
Other Assets | [1] | 4,148 | 4,392 |
Fair value liabilities | 19,644 | 18,530 | |
Securities sold but not yet purchased | 18,465 | 17,424 | |
Other liabilities | [4] | 1,179 | 1,106 |
Derivative Assets | |||
Derivative Assets | 2,554 | 2,032 | |
Derivative Liabilities | |||
Derivative Liabilities | 2,786 | 2,337 | |
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 | 6,981 | 3,123 | |
FVTPL Securities | 319 | 704 | |
FVOCI Securities | 3,544 | 9,138 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 1,120 | 2,183 | |
FVTPL Securities | 36 | 137 | |
FVOCI Securities | 972 | 1,438 | |
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 | 7,326 | 6,050 | |
FVOCI Securities | 1,443 | 18,873 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 56 | 0 | |
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 | 1,085 | 1,307 | |
FVOCI Securities | 1,795 | 2,803 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 0 | ||
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 | 1,445 | 2,231 | |
FVTPL Securities | 62 | 160 | |
FVOCI Securities | 355 | 812 | |
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 | 46,073 | 54,931 | |
FVTPL Securities | 1,440 | 1,670 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 80 | 6 | |
Derivative Liabilities | |||
Derivative Liabilities | 58 | 6 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 21 | 3 | |
Derivative Liabilities | |||
Derivative Liabilities | 2 | 4 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 1,514 | 642 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,523 | 746 | |
Valued using quoted market prices [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 939 | 1,381 | |
Derivative Liabilities | |||
Derivative Liabilities | 1,203 | 1,581 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 43,103 | 33,904 | |
FVTPL Securities | 7,732 | 9,097 | |
FVOCI Securities | 35,298 | 29,926 | |
Loans | 5,712 | 5,150 | |
Other Assets | [1] | 60 | 85 |
Fair value liabilities | 51,653 | 40,216 | |
Securities sold but not yet purchased | 22,514 | 14,649 | |
Structured note liabilities | [2] | 26,305 | 22,665 |
Structured deposits | [3] | 536 | 777 |
Other liabilities | [4] | 2,298 | 2,125 |
Derivative Assets | |||
Derivative Assets | 45,580 | 34,681 | |
Derivative Liabilities | |||
Derivative Liabilities | 57,168 | 28,476 | |
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 | 3,955 | 4,473 | |
FVTPL Securities | 174 | 159 | |
FVOCI Securities | 8,757 | 3,927 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Canadian provincial and municipal governments [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 4,990 | 3,655 | |
FVTPL Securities | 1,044 | 1,243 | |
FVOCI Securities | 3,599 | 1,549 | |
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 | 9,373 | 3,532 | |
FVTPL Securities | 4 | 38 | |
FVOCI Securities | 1,667 | 2,153 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | US States, municipalities and agencies [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 83 | 458 | |
FVOCI Securities | 3,713 | 4,113 | |
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 | 2,885 | 591 | |
FVTPL Securities | 87 | 92 | |
FVOCI Securities | 4,616 | 3,699 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | NHA MBS US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 13,327 | 13,379 | |
FVTPL Securities | 8 | 9 | |
FVOCI Securities | 9,268 | 12,136 | |
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 | 8,144 | 7,656 | |
FVTPL Securities | 6,409 | 7,544 | |
FVOCI Securities | 3,678 | 2,349 | |
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 | 346 | 160 | |
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 | 6 | 12 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Residential mortgages [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 176 | ||
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 5,536 | 5,150 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Interest rate contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 12,682 | 8,066 | |
Derivative Liabilities | |||
Derivative Liabilities | 16,540 | 6,773 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 22,475 | 14,982 | |
Derivative Liabilities | |||
Derivative Liabilities | 25,108 | 12,451 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Commodity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 4,810 | 6,976 | |
Derivative Liabilities | |||
Derivative Liabilities | 2,066 | 1,445 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Equity contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 5,552 | 4,657 | |
Derivative Liabilities | |||
Derivative Liabilities | 13,381 | 7,802 | |
Valued using models (with observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Assets | |||
Derivative Assets | 61 | ||
Derivative Liabilities | |||
Derivative Liabilities | 73 | 5 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 988 | 682 | |
FVTPL Securities | 4,052 | 2,442 | |
FVOCI Securities | 154 | 133 | |
Loans | 20 | 6 | |
Other Assets | [1] | 49 | |
Fair value liabilities | 2 | ||
Other liabilities | [4] | 2 | |
Derivative Assets | |||
Derivative Assets | 26 | ||
Derivative Liabilities | |||
Derivative Liabilities | 2 | 2 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | US 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 US agency MBS and CMO [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Trading Securities | 985 | 675 | |
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 | 3 | 7 | |
FVTPL Securities | 8 | ||
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 | 4,044 | 2,442 | |
FVOCI Securities | 153 | 132 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Business and government loans [member] | |||
Disclosure Of Fair Value Of Financial Instruments [line items] | |||
Loans | 20 | 6 | |
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Foreign exchange contracts [member] | |||
Derivative Assets | |||
Derivative Assets | 26 | ||
Valued using models (without observable inputs) [member] | Measured at fair value [Member] | Credit default swaps [member] | |||
Derivative Liabilities | |||
Derivative Liabilities | $ 2 | $ 2 | |
[1]Other assets include precious metals, segregated fund assets in our insurance business, certain receivables and other items measured at fair value.[2]These structured note liabilities included in deposits have been designated at FVTPL.[3]This represents certain embedded options related to structured deposits carried at amortized cost.[4]Other liabilities include investment contract liabilities and segregated fund 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. |
Fair Value of Financial Instr_6
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | |
Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Fair value of assets | $ 1,195 | $ 1,033 |
Corporate equity [member] | Valued using models (without observable inputs) [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Fair value of assets | $ 4,044 | $ 2,442 |
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 | 5x | 6x |
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 | 19x | 19x |
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 | $ 985 | $ 675 |
NHA MBS US Agency MBS And CMO [member] | Bottom of range [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Comparability adjustment | (3.83) | (5.56) |
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 | 3% | 4% |
NHA MBS US Agency MBS And CMO [member] | Top of range [member] | ||
Disclosure Of Fair Value Of Financial Instruments [Line Items] | ||
Comparability adjustment | 6.82 | 5.85 |
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 | 47% | 47% |
Fair Value of Financial Instr_7
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Fair Value Measurement of Investment (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
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 | $ 832 | $ 453 |
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 | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Trading securities [member] | ||
Disclosure Of Fair Value Of Financial Instruments [line items] | ||
Transfers out of Level 1 into Level 2 of fair value hierarchy | $ 10,983 | $ 7,863 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 13,062 | 11,421 |
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 | 607 | 871 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 522 | 902 |
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 | 16,452 | 11,028 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | 11,895 | 13,542 |
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 | 9,499 | 7,764 |
Transfers out of Level 2 into Level 1 of fair value hierarchy | $ 14,623 | $ 5,950 |
Fair Value of Financial Instr_9
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Changes in Level 3 Instruments Carried At Fair Value (Detail) - Valued using models (without observable inputs) [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Assets at beginning of period | $ 1,033 | ||
Assets at end of period | 1,195 | $ 1,033 | |
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 | 675 | ||
Assets at end of period | 985 | 675 | |
Corporate equity [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Assets at beginning of period | 2,442 | ||
Assets at end of period | 4,044 | 2,442 | |
Trading securities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Assets at beginning of period | 682 | 803 | |
Change in fair value included in earnings | (239) | (222) | |
Change in fair value included in other comprehensive income | [1] | 75 | (56) |
Purchases/Issuances | 1,056 | 1,475 | |
Sales | (662) | (1,256) | |
Transfers into Level 3 | 446 | 169 | |
Transfers out of Level 3 | (370) | (231) | |
Assets at end of period | 988 | 682 | |
Change in unrealized gains (losses) recorded in income for instruments still held | [2] | (46) | 38 |
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 | 675 | 803 | |
Change in fair value included in earnings | (237) | (222) | |
Change in fair value included in other comprehensive income | [1] | 76 | (56) |
Purchases/Issuances | 1,045 | 1,465 | |
Sales | (657) | (1,253) | |
Transfers into Level 3 | 444 | 169 | |
Transfers out of Level 3 | (361) | (231) | |
Assets at end of period | 985 | 675 | |
Change in unrealized gains (losses) recorded in income for instruments still held | [2] | (45) | 38 |
Trading securities [member] | Corporate debt [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Assets at beginning of period | 7 | ||
Change in fair value included in earnings | (2) | ||
Change in fair value included in other comprehensive income | [1] | (1) | |
Purchases/Issuances | 11 | 10 | |
Sales | (5) | (3) | |
Transfers into Level 3 | 2 | ||
Transfers out of Level 3 | (9) | ||
Assets at end of period | 3 | 7 | |
Change in unrealized gains (losses) recorded in income for instruments still held | [2] | (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 | 2,442 | 1,903 | |
Change in fair value included in earnings | 231 | 315 | |
Change in fair value included in other comprehensive income | [1] | 176 | (92) |
Purchases/Issuances | 1,458 | 628 | |
Sales | (321) | (276) | |
Maturities/Settlement | (4) | ||
Transfers into Level 3 | 66 | ||
Transfers out of Level 3 | (32) | ||
Assets at end of period | 4,052 | 2,442 | |
Change in unrealized gains (losses) recorded in income for instruments still held | [2] | 274 | 374 |
Financial assets at fair value through profit or loss [member] | Corporate debt [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchases/Issuances | 8 | ||
Assets at end of period | 8 | ||
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 | 2,442 | 1,903 | |
Change in fair value included in earnings | 231 | 315 | |
Change in fair value included in other comprehensive income | [1] | 176 | (92) |
Purchases/Issuances | 1,450 | 628 | |
Sales | (321) | (276) | |
Maturities/Settlement | (4) | ||
Transfers into Level 3 | 66 | ||
Transfers out of Level 3 | (32) | ||
Assets at end of period | 4,044 | 2,442 | |
Change in unrealized gains (losses) recorded in income for instruments still held | [2] | 274 | 374 |
Financial assets at fair value through other comprehensive income, category [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Change in fair value included in other comprehensive income | [1] | 1 | |
Assets at beginning of period | 133 | 94 | |
Change in fair value included in other comprehensive income | [1] | 26 | |
Purchases/Issuances | 15 | 13 | |
Sales | (1) | ||
Transfers into Level 3 | 6 | ||
Assets at end of period | 154 | 133 | |
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] | |||
Change in fair value included in other comprehensive income | [1] | 1 | |
Assets at beginning of period | 132 | 93 | |
Change in fair value included in other comprehensive income | [1] | 26 | |
Purchases/Issuances | 15 | 13 | |
Sales | (1) | ||
Transfers into Level 3 | 6 | ||
Assets at end of period | 153 | 132 | |
Financial assets at fair value through other comprehensive income, category [member] | US States, municipalities and agencies [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Assets at beginning of period | 1 | 1 | |
Assets at end of period | 1 | 1 | |
Business and government loans [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchases/Issuances | 15 | ||
Maturities/Settlement | (1) | ||
Assets at beginning of period | 6 | 1,945 | |
Change in fair value included in other comprehensive income | [1] | (150) | |
Purchases/Issuances | 1,812 | ||
Maturities/Settlement | (1,302) | ||
Transfers out of Level 3 | (2,299) | ||
Assets at end of period | 20 | 6 | |
Derivatives Liabilities [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Liabilities at beginning of period | 2 | 4 | |
Transfers into Level 3 | 3 | ||
Transfers out of Level 3 | (3) | (2) | |
Liabilities at end of period | 2 | 2 | |
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 | 2 | 4 | |
Transfers into Level 3 | 3 | ||
Transfers out of Level 3 | (3) | (2) | |
Liabilities at end of period | 2 | 2 | |
Other Liabilities [Member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchases/Issuances | 2 | ||
Sales | (13) | ||
Transfers into Level 3 | $ 13 | ||
Liabilities at end of period | 2 | ||
Other assets [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchases/Issuances | 49 | ||
Assets at end of period | 49 | ||
Derivatives Asset [Member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchases/Issuances | 26 | ||
Assets at end of period | 26 | ||
Derivatives Asset [Member] | Foreign exchange contracts [member] | |||
Disclosure of reconciliation of changes in fair value measurement assets liabilities [line items] | |||
Purchases/Issuances | 26 | ||
Assets at end of period | $ 26 | ||
[1]Foreign exchange translation on assets and liabilities held by foreign operations is included in other comprehensive income, net foreign operations.[2]Changes in unrealized gains (losses) on trading and FVTPL securities still held on October 31, 2022 and 2021 are included in earnings for the year. |
Fair Value of Financial Inst_10
Fair Value of Financial Instruments and Trading-Related Revenue - Summary of Trading Revenue (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Trading revenue [abstract] | ||
Interest rates | $ 893 | $ 1,017 |
Foreign exchange | 571 | 416 |
Equities | 713 | 567 |
Commodities | 189 | 147 |
Other | 7,556 | 2 |
Total trading-related revenue | 9,922 | 2,149 |
Reported as: | ||
Net interest income | 1,672 | 1,853 |
Non-interest revenue – trading revenues | 8,250 | 296 |
Total trading-related revenue | $ 9,922 | $ 2,149 |
Offsetting of Financial Asset_3
Offsetting of Financial Assets and Financial Liabilities - Summary of Amounts Offset and Not Offset in the Consolidated Balance Sheet (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Assets) | $ 164,803 | $ 145,853 | |
Amounts offset in the balance sheet | 3,449 | 1,758 | |
Net amounts presented in balance sheet | 161,354 | 144,095 | |
Impact of master netting agreements | 43,635 | 36,731 | |
Securities received as collateral | [1],[2] | 103,018 | 92,766 |
Cash collateral | 3,205 | 4,832 | |
Net amount | [3] | 11,496 | 9,766 |
Gross amounts (Financial Liabilities) | 167,368 | 130,129 | |
Amounts offset in the balance sheet | 3,449 | 1,758 | |
Net amounts presented in balance sheet | 163,919 | 128,371 | |
Impact of master netting agreements | 43,635 | 36,731 | |
Securities pledged as collateral | [1],[2] | 98,706 | 83,276 |
Cash collateral | 9,019 | 2,014 | |
Net amount | [3] | 12,559 | 6,350 |
Securities purchased under resale agreements and securities borrowed [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Assets) | 116,309 | 108,799 | |
Amounts offset in the balance sheet | 3,115 | 1,417 | |
Net amounts presented in balance sheet | 113,194 | 107,382 | |
Impact of master netting agreements | 11,757 | 15,779 | |
Securities received as collateral | [1],[2] | 99,736 | 90,389 |
Cash collateral | 4 | 9 | |
Net amount | [3] | 1,697 | 1,205 |
Derivative financial instruments assets 1 [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Assets) | 48,494 | 37,054 | |
Amounts offset in the balance sheet | 334 | 341 | |
Net amounts presented in balance sheet | 48,160 | 36,713 | |
Impact of master netting agreements | 31,878 | 20,952 | |
Securities received as collateral | [1],[2] | 3,282 | 2,377 |
Cash collateral | 3,201 | 4,823 | |
Net amount | [3] | 9,799 | 8,561 |
Derivative financial instruments liabilities 1 [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Liabilities) | 60,290 | 31,156 | |
Amounts offset in the balance sheet | 334 | 341 | |
Net amounts presented in balance sheet | 59,956 | 30,815 | |
Impact of master netting agreements | 31,878 | 20,952 | |
Securities pledged as collateral | [1],[2] | 7,212 | 1,865 |
Cash collateral | 8,843 | 1,906 | |
Net amount | [3] | 12,023 | 6,092 |
Obligations related to securities sold under repurchase agreements and securities lent [member] | |||
Disclosure of offsetting of financial assets and financial liabilities [Line Items] | |||
Gross amounts (Financial Liabilities) | 107,078 | 98,973 | |
Amounts offset in the balance sheet | 3,115 | 1,417 | |
Net amounts presented in balance sheet | 103,963 | 97,556 | |
Impact of master netting agreements | 11,757 | 15,779 | |
Securities pledged as collateral | [1],[2] | 91,494 | 81,411 |
Cash collateral | 176 | 108 | |
Net amount | [3] | $ 536 | $ 258 |
[1]Certain amounts of collateral are restricted from being sold or repledged except in the event of default or the occurrence of other predetermined events.[2]Financial assets received/pledged as collateral are disclosed at fair value and are limited to the net balance sheet exposure (i.e. any over-collateralization is excluded from the table).[3]Not intended to represent our actual exposure to credit risk. |
Capital Management - Additional
Capital Management - Additional Information (Detail) | 12 Months Ended |
Oct. 31, 2022 | |
Disclosure of capital management [abstract] | |
Capital conservation buffer, percentage | 2.50% |
Common equity surcharge, percentage | 1% |
Domestic stability buffer, percentage | 2.50% |
Capital Management - Summary of
Capital Management - Summary of Regulatory Capital Measure and Risk-Weighted Assets (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Fixed Rate of Instruments [Abstract] | ||
CET1 Capital | $ 60,891 | $ 44,491 |
Tier 1 Capital | 67,121 | 49,966 |
Total Capital | 75,309 | 57,201 |
Total Loss Absorbing Capacity (TLAC) | 120,663 | 90,353 |
Risk-Weighted Assets | 363,997 | 325,433 |
Leverage Exposures | $ 1,189,990 | $ 976,690 |
CET1 Ratio | 16.70% | 13.70% |
Tier 1 Capital Ratio | 18.40% | 15.40% |
Total Capital Ratio | 20.70% | 17.60% |
TLAC Ratio | 33.10% | 27.80% |
Leverage Ratio | 5.60% | 5.10% |
TLAC Leverage Ratio | 10.10% | 9.30% |
Employee Compensation - Share_3
Employee Compensation - Share-Based Compensation - Additional Information (Detail) $ / shares in Units, shares in Millions | 2 Months Ended | 12 Months Ended | |
Dec. 31, 2020 CAD ($) | Oct. 31, 2022 CAD ($) $ / shares shares | Oct. 31, 2021 CAD ($) $ / shares shares | |
Disclosure of Sharebased Payment [Line Items] | |||
Weighted average fair value of options granted | $ / shares | $ 14.17 | $ 10.75 | |
Other liabilities | $ 44,805,000,000 | $ 37,764,000,000 | |
Weighted average exercise price, options | $ / shares | $ 135.58 | $ 97.14 | |
Assets 1 [member] | Compensation trusts [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Assets recognised | $ 2,239,000,000 | $ 2,425,000,000 | |
Employee Stock Option Plan [Member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | 12,000,000 | 10,000,000 | |
Share purchase plan [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | $ 45,000,000 | $ 46,000,000 | |
Percentage of employer matching contribution for contribution up to 6% | 50% | ||
Percentage of employee contribution towards share ownership plans | 6% | ||
Share purchase plan contribution vesting period | 2 years | ||
Individual gross salary for employees contribution | $ 100,000 | $ 75,000 | |
Description of employee ownership plan contribution | 50% of employee contributions up to 6% of their individual gross salary to a maximum of $75,000 ($100,000 prior to December 31, 2020). Our contributions during the first two years vest after two years of participation in the plan, with subsequent contributions vesting immediately. | ||
Common shares held in plan | shares | 17.8 | 18 | |
Mid-Term incentive plan [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | $ 719,000,000 | $ 1,234,000,000 | |
Units granted | 5,800,000 | 6,400,000 | |
Weighted average fair value of options granted | $ / shares | $ 139.04 | $ 91.62 | |
Gains (losses) on hedge contract | $ 3,000,000 | $ 719,000,000 | |
Deferred incentive plan outstanding | 16,600,000 | 17,600,000 | |
Intrinsic value of share other than options vested | $ 1,501,000,000 | $ 1,679,000,000 | |
Mid-Term incentive plan [member] | Equity contracts [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | 716,000,000 | 515,000,000 | |
Deferred incentive plans [member] | |||
Disclosure of Sharebased Payment [Line Items] | |||
Employee compensation expense | $ (16,000,000) | $ 279,000,000 | |
Deferred incentive plan outstanding | 4,700,000 | 4,600,000 | |
Deferred incentive plan units granted | 200,000 | 400,000 | |
Weighted average fair value at measurement date | $ 136.74 | $ 113.08 | |
Other liabilities | 585,000,000 | 609,000,000 | |
Gains (losses) on derivatives | (30,000,000) | 271,000,000 | |
Gains resulted in net employee compensation expense | $ 14,000,000 | $ 8,000,000 |
Employee Compensation - Share_4
Employee Compensation - Share-Based Compensation - Summary of Information about our Stock Option Plan (Detail) | 12 Months Ended | |
Oct. 31, 2022 shares $ / shares | Oct. 31, 2021 shares $ / shares | |
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | ||
Weighted-average exercise price,Granted | $ / shares | $ 135.58 | $ 97.14 |
Employee Stock Options [Member] | ||
Disclosure Of Number And Weighted Average Exercise Prices Of Share Options and awards [Line Items] | ||
Number of stock options, Outstanding at beginning of year | shares | 5,682,206 | 6,446,110 |
Number of stock options, Granted | shares | 1,028,255 | 984,943 |
Number of stock options, Exercised | shares | 733,591 | 1,630,867 |
Number of stock options, Forfeited/cancelled | shares | 117,980 | |
Number of stock options, Outstanding at end of year | shares | 5,976,870 | 5,682,206 |
Number of stock options, Exercisable at end of year | shares | 2,648,426 | 2,616,750 |
Number of stock options, Available for grant | shares | 11,680,041 | 12,708,296 |
Weighted-average exercise price, Outstanding at beginning of year | $ / shares | $ 87.79 | $ 81.5 |
Weighted-average exercise price,Granted | $ / shares | 135.58 | 97.14 |
Weighted-average exercise price,Exercised | $ / shares | 70.64 | 67.88 |
Weighted-average exercise price,Forfeited/cancelled | $ / shares | 97.03 | |
Weighted-average exercise price,Outstanding at end of year | $ / shares | 98.12 | 87.79 |
Weighted-average exercise price,Exercisable at end of year | $ / shares | $ 84.14 | $ 77.34 |
Employee Compensation - Share_5
Employee Compensation - Share-Based Compensation - Summary of Options Outstanding and Exercisable by Range of Exercise Price (Detail) - Employee Stock Options [Member] | 12 Months Ended | |||
Oct. 31, 2022 shares $ / shares | Oct. 31, 2022 shares $ / shares | Oct. 31, 2021 shares $ / shares | Oct. 31, 2020 shares $ / shares | |
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | shares | 5,976,870 | 5,976,870 | 5,682,206 | 6,446,110 |
Weighted- average exercise price | $ 98.12 | $ 87.79 | $ 81.5 | |
Number of stock options | shares | 2,648,426 | 2,648,426 | 2,616,750 | |
Weighted- average exercise price | $ 84.14 | $ 77.34 | ||
Range of exercise prices $60.01 to $70.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 674,235 | 674,235 | ||
Weighted- average remaining contractual life (years) | 10 months 24 days | |||
Weighted- average exercise price | $ 66.34 | |||
Number of stock options | shares | 674,235 | 674,235 | ||
Weighted- average exercise price | $ 66.34 | |||
Range of exercise prices $70.01 to $80.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 647,910 | 647,910 | ||
Weighted- average remaining contractual life (years) | 2 years 8 months 12 days | |||
Weighted- average exercise price | $ 77.58 | |||
Number of stock options | shares | 647,910 | 647,910 | ||
Weighted- average exercise price | $ 77.58 | |||
Range of exercise prices $80.01 to $90.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 809,181 | 809,181 | ||
Weighted- average remaining contractual life (years) | 6 years 1 month 6 days | |||
Weighted- average exercise price | $ 89.9 | |||
Number of stock options | shares | 369,978 | 369,978 | ||
Weighted- average exercise price | $ 89.9 | |||
Range of exercise prices $90.01 to $100.00 [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 1,389,356 | 1,389,356 | ||
Weighted- average remaining contractual life (years) | 6 years 10 months 24 days | |||
Weighted- average exercise price | $ 97.06 | |||
Number of stock options | shares | 439,034 | 439,034 | ||
Weighted- average exercise price | $ 96.9 | |||
Range of exercise prices $100.01 and over [member] | ||||
Disclosure of range of exercise prices of share options [Line Items] | ||||
Number of stock options | 2,456,188 | 2,456,188 | ||
Weighted- average remaining contractual life (years) | 7 years 7 months 6 days | |||
Weighted- average exercise price | $ 115.57 | |||
Number of stock options | shares | 517,269 | 517,269 | ||
Weighted- average exercise price | $ 100.63 |
Employee Compensation - Share_6
Employee Compensation - Share-Based Compensation - Summary of Further Information about our Stock Option Plan (Detail) - CAD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of number and weighted average exercise price of share options [abstract] | ||
Unrecognized compensation cost for non-vested stock option awards | $ 9 | $ 7 |
Cash proceeds from stock options exercised | $ 52 | $ 111 |
Weighted-average share price for stock options exercised (in dollars) | $ 141.5 | $ 115.42 |
Employee Compensation - Share_7
Employee Compensation - Share-Based Compensation - Summary of Ranges of Values used for each Option Pricing Assumption (Detail) - yr | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Expected dividend yield | 4.20% | 4.90% |
Expected share price volatility | 16.80% | |
Risk-free rate of return | 1% | |
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 | 1.80% | |
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 | 1.90% | |
Expected period until exercise (in years) | 7 | 7 |
Employee Compensation - Pensi_3
Employee Compensation - Pension and Other Employee Future Benefits - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of defined benefit plans [line items] | ||
Estimated Benefit payments | $ 520 | |
Pension Plans [member] | Scenario, Forecast [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Estimated Benefit payments | 69 | |
Other employee future benefit plans [member] | Scenario, Forecast [Member] | ||
Disclosure of defined benefit plans [line items] | ||
Estimated Benefit payments | 46 | |
Canadian plans [member] | Common shares [member] | ||
Disclosure of defined benefit plans [line items] | ||
Plan assets | $ 1 | $ 11 |
Employee Compensation - Summary
Employee Compensation - Summary of Asset Allocation Ranges and Weighted-average Actual Asset Allocations (Detail) - Pension Plans [member] | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Equities [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 25% | 30% |
Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 43% | 47% |
Alternative strategies [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan weighted average asset allocation | 32% | 23% |
Bottom of range [member] | Equities [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 20% | |
Bottom of range [member] | Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 40% | |
Bottom of range [member] | Alternative strategies [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 15% | |
Top of range [member] | Equities [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 40% | |
Top of range [member] | Fixed income investments [member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 55% | |
Top of range [member] | Alternative strategies [Member] | ||
Disclosure of weighted average asset allocations [Line Items] | ||
Defined benefit plan target asset allocation | 40% |
Employee Compensation - Summa_2
Employee Compensation - Summary of Plan Information for Past Two Years (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of defined benefit plans [line items] | ||
Fair value of plan assets | $ 7,833 | $ 9,245 |
Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 7,082 | 9,716 |
Fair value of plan assets | 8,261 | 10,525 |
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | 1,179 | 809 |
Pension Plans [member] | Funded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | 1,267 | 939 |
Pension Plans [member] | Unfunded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | (88) | (130) |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Defined benefit obligation | 928 | 1,220 |
Fair value of plan assets | 147 | 166 |
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | (781) | (1,054) |
Other employee future benefit plans [member] | Funded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | 51 | 40 |
Other employee future benefit plans [member] | Unfunded plans [member] | ||
Surplus (deficit) is compromised of: | ||
Surplus (deficit) and net defined benefit asset (liability) | $ (832) | $ (1,094) |
Employee Compensation - Summa_3
Employee Compensation - Summary of Pension and Other Employee Future Benefit Expenses (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Pension Plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | $ 237 | $ 268 |
Net interest (income) expense on net defined benefit (asset) liability | (27) | 7 |
Past service cost (income) | (2) | |
Gain on settlement | (1) | |
Administrative expenses | 4 | 5 |
Benefits expense | 211 | 280 |
Defined contribution expense | 176 | 160 |
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | 639 | 656 |
Pension Plans [member] | Canada and Quebec [member] | ||
Disclosure of defined benefit plans [line items] | ||
Government pension plans expense | 252 | 216 |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Current service cost | 8 | 9 |
Net interest (income) expense on net defined benefit (asset) liability | 35 | 30 |
Remeasurement of other long-term benefits | (18) | (11) |
Benefits expense | 25 | 28 |
Total annual pension and other employee future benefit expenses recognized in the Consolidated Statement of Income | $ 25 | $ 28 |
Employee Compensation - Summa_4
Employee Compensation - Summary of Weighted-average Assumptions (Detail) | Oct. 31, 2022 | Oct. 31, 2021 | |
Pension Plans [member] | Defined Benefit Expenses [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate at beginning of year | [1],[2] | 3.20% | 2.70% |
Rate of compensation increase | 2.20% | 2.10% | |
Pension Plans [member] | Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate at beginning of year | 5.50% | 3.20% | |
Rate of compensation increase | 2.30% | 2.20% | |
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate at beginning of year | [1],[2] | 3.30% | 2.70% |
Rate of compensation increase | 2% | ||
Assumed overall health care cost trend rate | [3] | 4.80% | 4.80% |
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Discount rate at beginning of year | 5.50% | 3.30% | |
Assumed overall health care cost trend rate | [3] | 4.70% | 4.80% |
[1]The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.6% and 3.0% for 2022 and 2021, respectively.[2]The pension benefit current service cost was calculated using a separate discount rate of 3.7% and 3.0% for 2022 and 2021, respectively.[3]Trending to 4.0% in 2041 and remaining at that level thereafter. |
Employee Compensation - Summa_5
Employee Compensation - Summary of Weighted-average Assumptions (Parenthetical) (Detail) | Oct. 31, 2022 | Oct. 31, 2021 | |
Pension Plans [member] | Current service costs [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 3.70% | 3% | |
Pension Plans [member] | Defined Benefit Expenses [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | [1],[2] | 3.20% | 2.70% |
Pension Plans [member] | Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 5.50% | 3.20% | |
Other employee future benefit plans [member] | Current service costs [member] | |||
Disclosure of defined benefit plans [line items] | |||
Actuarial assumption of discount rates | 3.60% | 3% | |
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Assumed overall health care cost trend rate | [3] | 4.80% | 4.80% |
Actuarial assumption of discount rates | [1],[2] | 3.30% | 2.70% |
Other employee future benefit plans [member] | Defined Benefit Expenses [Member] | 2041 | |||
Disclosure of defined benefit plans [line items] | |||
Assumed overall health care cost trend rate | 4% | ||
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | |||
Disclosure of defined benefit plans [line items] | |||
Assumed overall health care cost trend rate | [3] | 4.70% | 4.80% |
Actuarial assumption of discount rates | 5.50% | 3.30% | |
Other employee future benefit plans [member] | Defined Benefit Obligation [Member] | 2041 | |||
Disclosure of defined benefit plans [line items] | |||
Assumed overall health care cost trend rate | 4% | ||
[1]The other employee future benefit plans current service cost was calculated using a separate discount rate of 3.6% and 3.0% for 2022 and 2021, respectively.[2]The pension benefit current service cost was calculated using a separate discount rate of 3.7% and 3.0% for 2022 and 2021, respectively.[3]Trending to 4.0% in 2041 and remaining at that level thereafter. |
Employee Compensation - Summa_6
Employee Compensation - Summary of Current Life Expectancies Underlying the Amounts of the Defined Benefit Obligations (Detail) | Oct. 31, 2022 | Oct. 31, 2021 |
Canada [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.9 | 23.8 |
Canada [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.2 | 24.2 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.8 | 24.8 |
Canada [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 25.1 | 25.1 |
United States [member] | Retiring currently at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 21.8 | 21.8 |
United States [member] | Retiring currently at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23.2 | 23.2 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Male [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 23 | 23 |
United States [member] | Currently aged forty five and retiring at age sixty five [member] | Female [member] | ||
Disclosure of defined benefit plans [line items] | ||
Life expectancy for members | 24.4 | 24.4 |
Employee Compensation - Summa_7
Employee Compensation - Summary of Changes in Estimated Financial Positions of Defined Benefit Pension Plans and Other Employee Future Benefit Plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Pension Plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | $ 9,716 | ||
Current service cost | 237 | $ 268 | |
Interest cost | (27) | 7 | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | (11) | ||
Changes in financial assumptions | 2,386 | 700 | |
Plan member experience | (207) | (29) | |
Foreign exchange and other | (14) | 20 | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 1,179 | 809 | |
Defined benefit obligation at end of year | 7,082 | 9,716 | |
Actuarial gains recognized in other comprehensive income for the year | 641 | 1,222 | |
Pension Plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 9,716 | 10,493 | |
Divestiture of defined benefit obligation | [1] | (532) | |
Current service cost | 237 | 268 | |
Interest cost | 290 | 269 | |
Past service (income) | (2) | ||
(Gain) on settlements | (1) | ||
Employer contributions | 18 | 17 | |
Benefits paid | (578) | (525) | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | 11 | ||
Changes in financial assumptions | (2,386) | (700) | |
Plan member experience | 207 | 29 | |
Foreign exchange and other | 113 | (146) | |
Defined benefit obligation at end of year | 7,082 | 9,716 | |
Wholly or partially funded defined benefit obligation | 6,994 | 9,586 | |
Unfunded defined benefit obligation | 88 | 130 | |
Pension Plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 10,525 | 10,064 | |
Divestiture of plan assets | [1] | (647) | |
Interest cost | 317 | 262 | |
Return on plan assets (excluding interest income) | (1,524) | 542 | |
Employer contributions | 58 | 298 | |
Employee contributions | 18 | 17 | |
Benefits paid | (578) | (525) | |
Actuarial (gains) losses due to: | |||
Administrative expenses | (4) | (5) | |
Foreign exchange and other | 96 | (128) | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 1,179 | 809 | |
Defined benefit obligation at end of year | 8,261 | 10,525 | |
Actuarial gains recognized in other comprehensive income for the year | (1,524) | 542 | |
Pension Plans [member] | Other assets [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 1,267 | 947 | |
Pension Plans [member] | Other liabilities [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | (88) | (138) | |
Other employee future benefit plans [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 1,220 | ||
Current service cost | 8 | 9 | |
Interest cost | 35 | 30 | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | 56 | 4 | |
Changes in financial assumptions | 228 | 84 | |
Plan member experience | 10 | (45) | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | (781) | (1,054) | |
Defined benefit obligation at end of year | 928 | 1,220 | |
Actuarial gains recognized in other comprehensive income for the year | 257 | 42 | |
Other employee future benefit plans [member] | Present value of defined benefit obligation [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 1,220 | 1,290 | |
Current service cost | 8 | 9 | |
Interest cost | 39 | 34 | |
Employer contributions | 6 | 5 | |
Benefits paid | (49) | (50) | |
Actuarial (gains) losses due to: | |||
Changes in demographic assumptions | (60) | (4) | |
Changes in financial assumptions | (244) | (89) | |
Plan member experience | (9) | 39 | |
Foreign exchange and other | 17 | (14) | |
Defined benefit obligation at end of year | 928 | 1,220 | |
Wholly or partially funded defined benefit obligation | 96 | 126 | |
Unfunded defined benefit obligation | 832 | 1,094 | |
Other employee future benefit plans [member] | Plan assets [member] | |||
Disclosure of defined benefit plans [line items] | |||
Defined benefit obligation at beginning of year | 166 | 181 | |
Interest cost | 4 | 4 | |
Return on plan assets (excluding interest income) | (37) | (1) | |
Employer contributions | 40 | 40 | |
Employee contributions | 6 | 5 | |
Benefits paid | (49) | (50) | |
Actuarial (gains) losses due to: | |||
Foreign exchange and other | 17 | (13) | |
Surplus (Deficit) and net defined benefit asset (liability) at end of year | (781) | (1,054) | |
Defined benefit obligation at end of year | 147 | 166 | |
Actuarial gains recognized in other comprehensive income for the year | (37) | (1) | |
Other employee future benefit plans [member] | Other assets [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | 51 | 40 | |
Other employee future benefit plans [member] | Other liabilities [member] | |||
Actuarial (gains) losses due to: | |||
Surplus (Deficit) and net defined benefit asset (liability) at end of year | $ (832) | $ (1,094) | |
[1]Relates to the defined benefit plan included in the sale of our EMEA Asset Management business in fiscal 2022. Refer to Note 10 for further information. |
Employee Compensation - Summa_8
Employee Compensation - Summary of Fair Values of Plan Assets Held (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | $ (53) | $ 43 |
Fair value of plan assets | 7,833 | 9,245 |
Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Fair value of plan assets | 2,351 | 3,387 |
Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Derivative instruments | (53) | 43 |
Fair value of plan assets | 5,482 | 5,858 |
Cash and money market funds. | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 185 | 145 |
Cash and money market funds. | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 185 | 144 |
Cash and money market funds. | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Cash and money market funds | 1 | |
Canadian federal government [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 52 | 67 |
Canadian federal government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 11 | 26 |
Canadian federal government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 41 | 41 |
Canadian Provincial And Municipal Governments [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 459 | 555 |
Canadian Provincial And Municipal Governments [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 156 | 191 |
Canadian Provincial And Municipal Governments [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 303 | 364 |
US federal Government [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 108 | 301 |
US federal Government [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 108 | 297 |
US federal Government [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 4 | |
Pooled asset funds [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 4,738 | 5,085 |
Pooled asset funds [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 704 | 1,071 |
Pooled asset funds [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Pooled funds | 4,034 | 4,014 |
Corporate debt [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,157 | 1,394 |
Corporate debt [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 3 | |
Corporate debt [member] | Unquoted [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Debt securities | 1,157 | 1,391 |
Corporate equity [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | 1,187 | 1,655 |
Corporate equity [member] | Valued using quoted market prices [member] | ||
Disclosure of fair value of plan assets [line items] | ||
Equity securities | $ 1,187 | $ 1,655 |
Employee Compensation - Summa_9
Employee Compensation - Summary of Changes in Number of Key Assumption (Detail) $ in Millions | Oct. 31, 2022 CAD ($) |
Pension Plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 5.50% |
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (681) |
Pension Plans [member] | Actuarial assumption of discount rates [member] | Actuarial assumption of discount rates, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 836 |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 2.30% |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 30 |
Pension Plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of expected rate of compensation, 0.25% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | (29) |
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | (119) |
Pension Plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 116 |
Other employee future benefit plans [member] | Actuarial assumption of discount rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 5.50% |
Other employee future benefit plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of discount rates, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ (69) |
Other employee future benefit plans [member] | Actuarial assumption of expected rates of salary increases [member] | Actuarial assumption of discount rates, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | 85 |
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year shorter life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | (17) |
Other employee future benefit plans [member] | Actuarial assumption of mortality rates [member] | Actuarial assumption of mortality, 1 year longer life expectancy [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ 17 |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | |
Disclosure of defined benefit plans [line items] | |
Actuarial assumption of discount rates | 4.70% |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% increase [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible increase in actuarial assumption | $ 35 |
Other employee future benefit plans [member] | Actuarial assumption of health care cost trend rates [member] | Actuarial assumption of medical cost trend rate, 1% decrease [member] | |
Disclosure of defined benefit plans [line items] | |
Increase (decrease) in benefit obligation due to reasonably possible decrease in actuarial assumption | $ (31) |
Employee Compensation - Summ_10
Employee Compensation - Summary of Changes in Number of Key Assumption (Parenthetical) (Detail) | Oct. 31, 2022 |
2041 | Other employee future benefit plans [member] | |
Disclosure of defined benefit plans [line items] | |
Assumed overall health care cost trend rate | 4% |
Employee Compensation - Summ_11
Employee Compensation - Summary of Duration of Defined Benefit Obligation (Detail) - yr | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Pension Plans [member] | Canada [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 12.1 | 14.5 |
Pension Plans [member] | United States [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 7.5 | 9.5 |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans [line items] | ||
Duration of defined benefit obligation | 12.5 | 13.7 |
Employee Compensation - Summ_12
Employee Compensation - Summary of Cash payments in connection with employee future benefit plans (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Pension Plans [member] | ||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | ||
Contributions to defined benefit plans | $ 24 | $ 254 |
Contributions to defined contribution plans | 176 | 160 |
Benefits paid directly to pensioners | 34 | 44 |
Cash payments made for employee future benefit plans | 234 | 458 |
Other employee future benefit plans [member] | ||
Disclosure of defined benefit plans and defined contribution plans [Line Items] | ||
Benefits paid directly to pensioners | 40 | 40 |
Cash payments made for employee future benefit plans | $ 40 | $ 40 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 1,175 | $ 1,287 | $ 1,473 |
Temporary differences, unused tax losses and unused tax credits for which no deferred tax asset is recognized | 922 | 118 | |
Amount of unrecognized tax loss carryforwards | 36 | 7 | |
Temporary differences associated with repatriation of earnings from investments in subsidiaries, branches and associates and interests in joint arrangements for which deferred tax liabilities have not been recognised | 24,000 | 17,000 | |
2011 - 2017 taxation years [member] | |||
Disclosure of Income Tax [Line items] | |||
Additional income tax expense and interest | $ 1,425 | ||
Canada [member] | 2022 - 2040 taxation years [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards expiration period | 2040 | ||
United States [member] | Tax loss carryforwards [member] | |||
Disclosure of Income Tax [Line items] | |||
Deferred income tax assets loss carryforwards | $ 10 | $ 9 |
Income Taxes - Summary of Provi
Income Taxes - Summary of Provision for Income Taxes (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure representing major components of tax expense income [line items] | ||
Current taxes | $ 3,889 | $ 2,334 |
Adjustments for current tax of prior periods | (15) | (14) |
Origination and reversal of temporary differences | 475 | 173 |
Effect of changes in tax rates | 11 | |
Provision for taxes | 4,349 | 2,504 |
Unrealized (losses) on FVOCI debt securities | (182) | (58) |
Reclassification to earnings of (gains) on FVOCI debt securities | (5) | (14) |
(Losses) on derivatives designated as cash flow hedges | (1,794) | (504) |
Reclassification to earnings of (gains) on derivatives designated as cash flow hedges | (114) | (149) |
Unrealized gains (losses) on hedges of net foreign operations | (124) | 180 |
Gains on remeasurement of pension and other employee future benefit plans | 239 | 341 |
Gains (Losses) on remeasurement of own credit risk on financial liabilities designated at fair value | 465 | (70) |
Unrealized gains on FVOCI equity securities | 1 | 6 |
Share-based compensation | 5 | (10) |
Aggregate provision for income tax in Other Comprehensive Income and Equity | (1,509) | (278) |
Total provision for income taxes | 2,840 | 2,226 |
Canada [member] | ||
Disclosure representing major components of tax expense income [line items] | ||
Federal current taxes | 1,178 | 650 |
Provincial current taxes | 672 | 373 |
Current taxes | 1,850 | 1,023 |
Federal Deferred taxes | 148 | 233 |
Provincial deferred taxes | 85 | 134 |
Deferred taxes | 233 | 367 |
Total provision for income taxes | 2,083 | 1,390 |
Foreign countries [member] | ||
Disclosure representing major components of tax expense income [line items] | ||
Current taxes | 953 | 940 |
Deferred taxes | (196) | (104) |
Total provision for income taxes | $ 757 | $ 836 |
Income Taxes - Summary of Effec
Income Taxes - Summary of Effective Tax Rates (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Reconciliation of average effective tax rate and applicable tax rate [abstract] | ||
Combined Canadian federal and provincial income taxes at the statutory tax rate | $ 4,757 | $ 2,729 |
Tax-exempt income from securities | (200) | (232) |
Foreign operations subject to different tax rates | (160) | (137) |
Write-down of goodwill | 202 | |
Change in tax rate for deferred income taxes | 11 | |
Income attributable to investments in associates and joint ventures | (57) | (56) |
Other | 9 | (13) |
Provision for income taxes in the Consolidated Statement of Income and effective tax rate | $ 4,349 | $ 2,504 |
Combined Canadian federal and provincial income taxes at the statutory tax rate | 26.60% | 26.60% |
Tax-exempt income from securities | (1.10%) | (2.30%) |
Foreign operations subject to different tax rates | (0.90%) | (1.30%) |
Write-down of goodwill | 2% | |
Change in tax rate for deferred income taxes | 0.10% | |
Income attributable to investments in associates and joint ventures | (0.30%) | (0.60%) |
Other | (0.10%) | |
Provision for income taxes in the Consolidated Statement of Income and effective tax rate | 24.30% | 24.40% |
Income Taxes - Summary of Compo
Income Taxes - Summary of Components of Deferred Income Tax Balances (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||||
Oct. 31, 2022 | Oct. 31, 2021 | Oct. 31, 2020 | |||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | $ 1,095 | $ 1,365 | |||
Benefit (expense) to income statement | (475) | (184) | |||
Benefit (expense) to equity | 438 | (79) | |||
Translation and other | 15 | (7) | |||
Ending balance of net asset | 1,073 | 1,095 | |||
Comprising | |||||
Deferred tax assets | 1,175 | 1,287 | $ 1,473 | ||
Deferred tax liabilities | (102) | (192) | (108) | ||
Net deferred tax assets (liabilities) | 1,073 | 1,095 | $ 1,365 | ||
Allowance for credit losses [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | 651 | 849 | |||
Benefit (expense) to income statement | (52) | (194) | |||
Translation and other | 6 | (4) | |||
Ending balance of net asset | 605 | 651 | |||
Employee future benefits [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | 330 | 337 | |||
Benefit (expense) to income statement | (10) | 2 | |||
Benefit (expense) to equity | (65) | (9) | |||
Translation and other | 1 | ||||
Ending balance of net asset | 256 | 330 | |||
Deferred compensation benefits [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | 685 | 416 | |||
Benefit (expense) to income statement | 18 | 270 | |||
Translation and other | 5 | (1) | |||
Ending balance of net asset | 708 | 685 | |||
Other comprehensive income [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | (108) | (358) | |||
Benefit (expense) to income statement | (1) | ||||
Benefit (expense) to equity | 682 | 250 | |||
Ending balance of net asset | 573 | (108) | |||
Tax loss carryforwards [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | 34 | 87 | |||
Benefit (expense) to income statement | (23) | (53) | |||
Ending balance of net asset | 11 | 34 | |||
Tax credits [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | 31 | ||||
Benefit (expense) to income statement | (31) | ||||
Premises and equipment [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | (400) | (361) | |||
Benefit (expense) to income statement | (59) | (39) | |||
Translation and other | (1) | ||||
Ending balance of net asset | (460) | (400) | |||
Pension benefits [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | (148) | 78 | |||
Benefit (expense) to income statement | (47) | 104 | |||
Benefit (expense) to equity | (174) | (330) | |||
Translation and other | (1) | ||||
Ending balance of net asset | (370) | (148) | |||
Goodwill and intangible assets [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | (241) | (237) | |||
Benefit (expense) to income statement | 1 | (6) | |||
Translation and other | (4) | 2 | |||
Ending balance of net asset | (244) | (241) | |||
Securities [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | (51) | 11 | |||
Benefit (expense) to income statement | 193 | (62) | |||
Ending balance of net asset | 142 | (51) | |||
Deferred Tax Asset Liability Other [member] | |||||
Disclosure of components of deferred tax assets and liabilities [line items] | |||||
Beginning balance of net asset | 343 | [1] | 512 | ||
Benefit (expense) to income statement | (495) | [1] | (175) | ||
Benefit (expense) to equity | (5) | [1] | 10 | ||
Translation and other | 9 | [1] | (4) | ||
Ending balance of net asset | [1] | $ (148) | $ 343 | ||
[1]Includes the tax impact of the interest rate swaps and securities we purchased to mitigate the impact of changes in interest rates on our announced acquisition of Bank of the West (refer to Note 10 for additional details) and the tax impact of the legal provision recorded in relation to the lawsuit described in Note 24. |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Detail) - CAD ($) $ / shares in Units, shares in Thousands, $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Basic Earnings Per Common Share | |||
Net income | $ 13,537 | $ 7,754 | |
Dividends on preferred shares and distributions on other equity instruments | (231) | (244) | |
Net income available to common shareholders | $ 13,306 | $ 7,510 | |
Weighted-average number of common shares outstanding | 663,990 | 647,163 | |
Basic earnings per common share | $ 20.04 | $ 11.6 | |
Diluted Earnings Per Common Share | |||
Net income available to common shareholders adjusted for impact of dilutive instruments | $ 13,306 | $ 7,510 | |
Weighted-average number of common shares outstanding | 663,990 | 647,163 | |
Effect of dilutive instruments | |||
Stock options potentially exercisable | [1] | 5,178 | 6,403 |
Common shares potentially repurchased | (3,461) | (4,890) | |
Weighted-average number of diluted common shares outstanding | 665,707 | 648,676 | |
Diluted earnings per common share | $ 19.99 | $ 11.58 | |
[1]In computing diluted earnings per share, we excluded average stock options outstanding of 943,741 with a weighted-average exercise price of $143.52 for the year ended October 31, 2022. For the year ended October 31, 2021, we did not exclude any stock options outstanding as the average share price for the year exceeded the exercise price. |
Earnings Per Share - Summary _2
Earnings Per Share - Summary of Basic and Diluted Earnings Per Share (Parenthetical) (Detail) - $ / shares | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Earnings per share [line items] | ||
Weighted-average exercise price | $ 143.52 | |
Dilutive potential shares from stock options [Member] | ||
Earnings per share [line items] | ||
Outstanding options excluded from calculation of diluted earnings per share | 943,741 | 0 |
Commitments, Guarantees, Pled_3
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 263,688 | $ 228,005 |
Financial Guarantees [Member] | Standby letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 26,019 | 22,165 |
Financial Guarantees [Member] | Credit default swaps [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 11,099 | 5,158 |
Other Credit Instruments [Member] | Backstop liquidity facilities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 17,330 | 12,895 |
Other Credit Instruments [Member] | Securities lending [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 3,909 | |
Other Credit Instruments [Member] | Documentary and commercial letters of credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 1,351 | 1,481 |
Other Credit Instruments [Member] | Commitments to extend credit [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | 200,814 | 174,327 |
Other Credit Instruments [Member] | Other commitments [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Maximum potential amount of future payments | $ 7,075 | $ 8,070 |
Commitments, Guarantees, Pled_4
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Maximum Amount Payable Under Various Commitments (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Fair value of derivative liabilities | $ (38) | $ (4) |
Other commitments | $ 783 | $ 1,649 |
Commitments, Guarantees, Pled_5
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | $ 316,130 | $ 278,604 | |
Bank assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 181,067 | 144,177 | |
Bank assets [member] | Cash and due from banks [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 87 | 110 | |
Bank assets [member] | Securities [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [1] | 95,194 | 82,975 |
Bank assets [member] | Loans [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 71,795 | 54,656 | |
Bank assets [member] | Other assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 13,991 | 6,436 | |
Third-party Assets [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Collateral received and available for sale or repledging | [2] | 177,300 | 180,705 |
Less: Collateral not sold or re-pledged | [2] | (42,237) | (46,278) |
Pledged assets and collateral | [2] | 135,063 | 134,427 |
Clearing systems, payment systems and depositories [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 19,082 | 9,464 | |
Foreign governments and central banks [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 87 | 110 | |
Obligations related to securities sold short [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 40,979 | 32,073 | |
Obligations related to securities sold under repurchase agreements [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 90,490 | 87,894 | |
Securities borrowing and lending [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | [3] | 69,525 | 77,456 |
Derivative transactions [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 16,341 | 11,439 | |
Securitization [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 27,499 | 26,075 | |
Covered bonds [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | 33,175 | 26,340 | |
Others [member] | |||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | |||
Pledged assets and collateral | $ 18,952 | $ 7,753 | |
[1]Includes NHA mortgage-backed securities of $5,277 million, which are included in loans in our Consolidated Balance Sheet ($4,519 million as at October 31, 2021).[2]Includes on-balance sheet securities borrowed or purchased under resale agreements and off-balance sheet collateral received.[3]Includes off-balance sheet securities borrowing and lending. |
Commitments, Guarantees, Pled_6
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Pledged Assets collateral and Activities (Parenthetical) (Detail) - CAD ($) $ in Millions | Oct. 31, 2022 | Oct. 31, 2021 |
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | $ 316,130 | $ 278,604 |
Bank assets [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | 181,067 | 144,177 |
Bank assets [member] | Securities [member] | NHA mortgaged back securities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | 5,277 | |
Bank assets [member] | Loans [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | $ 71,795 | 54,656 |
Bank assets [member] | Loans [member] | Securities [member] | ||
Disclosure commitments guarantees pledged assets provisions and contingent liabilities [line items] | ||
Assets pledged as collateral | $ 4,519 |
Commitments, Guarantees, Pled_7
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Additional Information (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||
Nov. 08, 2022 USD ($) | Oct. 31, 2022 CAD ($) | Oct. 31, 2021 CAD ($) | |
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | |||
Lease Commitments | $ 303 | $ 248 | |
Litigation settlement, amount awarded to other party | $ 564 | ||
Litigation settlement interest | $ 484 | ||
Loss contingency accrual, provision | 1,120 | ||
Loss contingency accrual payment after tax | 830 | ||
Loss contingency accrual, non-interest expenses | 605 | ||
Loss contingency accrual, interest expenses | 515 | ||
Ongoing bank- wide [member] | |||
Disclosure of Commitments Pledged Assets Provisions and Contingent Liabilities [Line Items] | |||
Restructuring charges | $ 94 | $ 136 |
Commitments, Guarantees, Pled_8
Commitments, Guarantees, Pledged Assets, Provisions and Contingent Liabilities - Summary of Changes In Provision Balance (Detail) - CAD ($) $ in Millions | 12 Months Ended | |||
Oct. 31, 2022 | Oct. 31, 2021 | |||
Disclosure Of Changes In Provisions [Abstract] | ||||
Balance at beginning of year | $ 248 | [1] | $ 472 | |
Additional provisions/increase in provisions | 1,201 | 166 | ||
Provisions utilized | (155) | (340) | ||
Amounts reversed | (20) | (44) | ||
Foreign exchange and other | 3 | (6) | ||
Balance at end of year | [1] | $ 1,277 | $ 248 | |
[1]Balance includes severance obligations, restructuring charges and legal provisions. |
Operating and Geographic Segm_3
Operating and Geographic Segmentation - Additional Information (Detail) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 CAD ($) Business Branch Segments ATM | Oct. 31, 2021 CAD ($) | |
Disclosure of operating segments [line items] | ||
Number of operating groups | Business | 3 | |
Taxable equivalent basis adjustment amount | $ | $ 270 | $ 315 |
Personal and commercial banking [member] | ||
Disclosure of operating segments [line items] | ||
Number operating segments | Segments | 2 | |
Number of branches through which the services are provided to the customers | Branch | 900 | |
Number of automated teller machines through which the services are provided to the customers | ATM | 3,200 |
Operating and Geographic Segm_4
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Operating Segment (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Net interest income | $ 15,885 | $ 14,310 |
Non-interest revenue | 17,825 | 12,876 |
Total Revenue | 33,710 | 27,186 |
Total provision for (recovery of) credit losses | 313 | 20 |
Insurance claims, commissions and changes in policy benefit liabilities | (683) | 1,399 |
Depreciation and amortization | 1,480 | 1,565 |
Non-interest expense | 14,714 | 13,944 |
Income Before Provision for Income Taxes | 17,886 | 10,258 |
Provision for (recovery of) income taxes | 4,349 | 2,504 |
Reported net income (loss) | 13,537 | 7,754 |
Average assets | 1,072,497 | 981,140 |
Impaired Loans [Member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 502 | 525 |
Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (189) | (505) |
Canadian P&C [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 7,449 | 6,561 |
Non-interest revenue | 2,419 | 2,225 |
Total Revenue | 9,868 | 8,786 |
Total provision for (recovery of) credit losses | 341 | 377 |
Depreciation and amortization | 516 | 486 |
Non-interest expense | 3,833 | 3,482 |
Income Before Provision for Income Taxes | 5,178 | 4,441 |
Provision for (recovery of) income taxes | 1,352 | 1,153 |
Reported net income (loss) | 3,826 | 3,288 |
Average assets | 292,087 | 263,004 |
Canadian P&C [member] | Impaired Loans [Member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 432 | 493 |
Canadian P&C [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (91) | (116) |
US P&C [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 5,037 | 4,268 |
Non-interest revenue | 1,265 | 1,243 |
Total Revenue | 6,302 | 5,511 |
Total provision for (recovery of) credit losses | 17 | (144) |
Depreciation and amortization | 424 | 475 |
Non-interest expense | 2,619 | 2,338 |
Income Before Provision for Income Taxes | 3,242 | 2,842 |
Provision for (recovery of) income taxes | 745 | 666 |
Reported net income (loss) | 2,497 | 2,176 |
Average assets | 145,187 | 129,009 |
US P&C [member] | Impaired Loans [Member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 107 | 22 |
US P&C [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (90) | (166) |
BMO WM [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 1,188 | 982 |
Non-interest revenue | 3,336 | 6,071 |
Total Revenue | 4,524 | 7,053 |
Total provision for (recovery of) credit losses | (2) | (12) |
Insurance claims, commissions and changes in policy benefit liabilities | (683) | 1,399 |
Depreciation and amortization | 258 | 323 |
Non-interest expense | 3,306 | 3,520 |
Income Before Provision for Income Taxes | 1,645 | 1,823 |
Provision for (recovery of) income taxes | 394 | 441 |
Reported net income (loss) | 1,251 | 1,382 |
Average assets | 50,488 | 48,232 |
BMO WM [member] | Impaired Loans [Member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | 2 | 4 |
BMO WM [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (4) | (16) |
BMO CM [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | 3,197 | 3,115 |
Non-interest revenue | 2,975 | 3,011 |
Total Revenue | 6,172 | 6,126 |
Total provision for (recovery of) credit losses | (43) | (194) |
Depreciation and amortization | 282 | 281 |
Non-interest expense | 3,573 | 3,181 |
Income Before Provision for Income Taxes | 2,360 | 2,858 |
Provision for (recovery of) income taxes | 588 | 738 |
Reported net income (loss) | 1,772 | 2,120 |
Average assets | 404,728 | 372,475 |
BMO CM [member] | Impaired Loans [Member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (32) | 11 |
BMO CM [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (11) | (205) |
Corporate services [member] | ||
Disclosure of operating segments [line items] | ||
Net interest income | (986) | (616) |
Non-interest revenue | 7,830 | 326 |
Total Revenue | 6,844 | (290) |
Total provision for (recovery of) credit losses | (7) | |
Non-interest expense | 1,383 | 1,423 |
Income Before Provision for Income Taxes | 5,461 | (1,706) |
Provision for (recovery of) income taxes | 1,270 | (494) |
Reported net income (loss) | 4,191 | (1,212) |
Average assets | 180,007 | 168,420 |
Corporate services [member] | Impaired Loans [Member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | (7) | (5) |
Corporate services [member] | Performing loans [member] | ||
Disclosure of operating segments [line items] | ||
Total provision for (recovery of) credit losses | $ 7 | $ (2) |
Operating and Geographic Segm_5
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Operating Segment (Parenthetical) (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of operating segments [line items] | ||
Average Earning Assets | $ 979,341 | $ 897,302 |
Canadian Personal and Commercial Banking [Member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | 278,022 | 248,215 |
United States Personal and Commercial Banking[Member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | 138,094 | 122,166 |
All Other Operating Segments [Member] | ||
Disclosure of operating segments [line items] | ||
Average Earning Assets | $ 563,225 | $ 526,921 |
Operating and Geographic Segm_6
Operating and Geographic Segmentation - Summary of Average Assets, Grouped by Geographic Region (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of geographical areas [line items] | ||
Total Revenue | $ 33,710 | $ 27,186 |
Income (loss) before taxes | 17,886 | 10,258 |
Reported net income (loss) | 13,537 | 7,754 |
Average Assets | 1,072,497 | 981,140 |
Canada [member] | ||
Disclosure of geographical areas [line items] | ||
Total Revenue | 15,977 | 15,983 |
Income (loss) before taxes | 7,335 | 6,242 |
Reported net income (loss) | 5,557 | 4,809 |
Average Assets | 600,607 | 544,652 |
United States [member] | ||
Disclosure of geographical areas [line items] | ||
Total Revenue | 16,980 | 9,242 |
Income (loss) before taxes | 10,526 | 4,224 |
Reported net income (loss) | 7,894 | 3,254 |
Average Assets | 416,885 | 376,102 |
Other international non CAN non US [member] | ||
Disclosure of geographical areas [line items] | ||
Total Revenue | 753 | 1,961 |
Income (loss) before taxes | 25 | (208) |
Reported net income (loss) | 86 | (309) |
Average Assets | $ 55,005 | $ 60,386 |
Significant Subsidiaries - Summ
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Detail) $ in Millions | 12 Months Ended |
Oct. 31, 2022 CAD ($) | |
Bank of Montreal (China) Co. Ltd. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal (China) Co. Ltd. |
Head or principal office | Beijing, China |
Book value of shares owned by the bank | $ 463 |
Bank Of Montreal Europe plc [Member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Europe plc |
Head or principal office | Dublin, Ireland |
Book value of shares owned by the bank | $ 1,130 |
Bank of Montreal Holding Inc. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Holding Inc. and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 36,913 |
Bank of Montreal Mortgage Corporation [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | Bank of Montreal Mortgage Corporation |
Head or principal office | Calgary, Canada |
BMO Mortgage Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Mortgage Corp. |
Head or principal office | Vancouver, Canada |
BMO Investments Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Limited |
Head or principal office | Hamilton, Bermuda |
BMO Reinsurance Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Reinsurance Limited |
Head or principal office | St. Michael, Barbados |
BMO Nesbitt Burns Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Nesbitt Burns Inc. |
Head or principal office | Toronto, Canada |
BMO Investments Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Investments Inc. |
Head or principal office | Toronto, Canada |
BMO InvestorLine Inc. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO InvestorLine Inc. |
Head or principal office | Toronto, Canada |
BMO Capital Markets Limited [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Limited |
Head or principal office | London, England |
Book value of shares owned by the bank | $ 289 |
BMO Financial Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Financial Corp. and subsidiaries |
Head or principal office | Chicago, United States |
Book value of shares owned by the bank | $ 32,490 |
BMO Asset Management Corp. and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Asset Management Corp. and subsidiaries |
Head or principal office | Chicago, United States |
BMO Capital Markets Corp. [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Capital Markets Corp. |
Head or principal office | New York, United States |
BMO Harris Bank National Association and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Bank National Association and subsidiaries |
Head or principal office | Chicago, United States |
BMO Harris Investment Company LLC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Harris Investment Company LLC |
Head or principal office | Chicago, United States |
BMO Life Insurance Company and subsidiaries [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Insurance Company and subsidiaries |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 1,610 |
BMO Life Holdings (Canada), ULC [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Holdings (Canada), ULC |
Head or principal office | Halifax, Canada |
BMO Life Assurance Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Life Assurance Company |
Head or principal office | Toronto, Canada |
BMO Trust Company [member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Trust Company |
Head or principal office | Toronto, Canada |
Book value of shares owned by the bank | $ 597 |
BMO japan securities ltd[member] | |
Disclosure of subsidiaries [line items] | |
Significant subsidiaries | BMO Japan Securities Ltd. |
Head or principal office | Tokyo, Japan |
Book value of shares owned by the bank | $ 6 |
Significant Subsidiaries - Su_2
Significant Subsidiaries - Summary of Significant Operating Subsidiaries (Parenthetical) (Detail) | 12 Months Ended |
Oct. 31, 2022 | |
Disclosure of subsidiaries [abstract] | |
Voting rights held in subsidiaries | 100% |
Related Party Transactions - Su
Related Party Transactions - Summary of Compensation of Key Management Personnel (Detail) - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure of amounts incurred by entity for provision of key management personnel services provided by separate management entities [abstract] | |||
Base salary and incentives | $ 25 | $ 22 | |
Post-employment benefits | 3 | 3 | |
Share-based payments | [1] | 45 | 32 |
Total key management personnel compensation | $ 73 | $ 57 | |
[1]Amounts included in share-based payments are the fair values of awards granted in the year. |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Disclosure of transactions between related parties [line items] | ||
Provision for credit losses | $ 0 | $ 0 |
Key management personnel directors and their close family members [member] | ||
Disclosure of transactions between related parties [line items] | ||
Loans to related party | $ 20 | $ 22 |
Related Party Transactions - _2
Related Party Transactions - Summary of Carrying amount in Joint Venture and Asoociated Companies (Detail) - CAD ($) $ in Millions | 12 Months Ended | |
Oct. 31, 2022 | Oct. 31, 2021 | |
Joint ventures where entity is venturer [member] | ||
Disclosure of associates [line items] | ||
Carrying amount | $ 585 | $ 474 |
Share of net income | 126 | 107 |
Associates [member] | ||
Disclosure of associates [line items] | ||
Carrying amount | 708 | 661 |
Share of net income | $ 148 | $ 141 |
Related Party Transactions - _3
Related Party Transactions - Summary of Transaction With Joint Ventures and Associates (Detail) - Associates and joint ventures [member] - CAD ($) $ in Millions | 12 Months Ended | ||
Oct. 31, 2022 | Oct. 31, 2021 | ||
Disclosure of transactions between related parties [line items] | |||
Loans | [1] | $ 1,190 | $ 791 |
Deposits | 202 | 117 | |
Fees paid for services received | 61 | 59 | |
Guarantees and commitments | $ 93 | $ 73 | |
[1]Includes customers’ liability under acceptances. |