Cover
Cover | 9 Months Ended |
Jul. 31, 2021 | |
Cover [Abstract] | |
Document Type | 6-K |
Amendment Flag | false |
Document Period End Date | Jul. 31, 2021 |
Document Fiscal Period Focus | Q3 |
Document Fiscal Year Focus | 2021 |
Current Fiscal Year End Date | --10-31 |
Entity File Number | 001-14446 |
Entity Registrant Name | TORONTO DOMINION BANK |
Entity Central Index Key | 0000947263 |
Entity Address, Address Line One | c/o General Counsel’s Office |
Entity Address, Address Line Two | P.O. Box 1 |
Entity Address, Address Line Three | Toronto Dominion Centre |
Entity Address, City or Town | Toronto |
Entity Address, State or Province | ON |
Entity Address, Postal Zip Code | M5K 1A2 |
Interim Consolidated Balance Sh
Interim Consolidated Balance Sheet - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
ASSETS | ||
Cash and due from banks | $ 5,817 | $ 6,445 |
Interest-bearing deposits with banks | 167,543 | 164,149 |
Cash and interest bearing deposits with banks | 173,360 | 170,594 |
Trading loans, securities, and other (Note 4) | 147,438 | 148,318 |
Non-trading financial assets at fair value through profit or loss (Note 4) | 9,252 | 8,548 |
Derivatives (Note 4) | 51,742 | 54,242 |
Financial assets designated at fair value through profit or loss (Note 4) | 4,632 | 4,739 |
Financial assets at fair value through other comprehensive income (Note 4) | 84,389 | 103,285 |
Total Trading and Non Trading Financial Assets | 297,453 | 319,132 |
Debt securities at amortized cost, net of allowance for credit losses (Notes 4, 5) | 250,310 | 227,679 |
Securities purchased under reverse repurchase agreements | 162,154 | 169,162 |
Loans (Notes 4, 6) | ||
Residential mortgages | 263,456 | 252,219 |
Consumer instalment and other personal | 187,490 | 185,460 |
Credit card | 30,692 | 32,334 |
Business and government | 244,393 | 255,799 |
Gross loans | 726,031 | 725,812 |
Allowance for loan losses (Note 6) | (6,811) | (8,289) |
Loans, net of allowance for loan losses | 719,220 | 717,523 |
Other | ||
Customers’ liability under acceptances | 19,298 | 14,941 |
Goodwill (Note 9) | 16,341 | 17,148 |
Other intangibles | 2,140 | 2,125 |
Land, buildings, equipment, and other depreciable assets | 9,253 | 10,136 |
Deferred tax assets | 2,036 | 2,444 |
Amounts receivable from brokers, dealers, and clients | 23,262 | 33,951 |
Other assets (Note 10) | 17,035 | 18,856 |
Total other miscellaneous assets | 100,596 | 111,775 |
Total assets | 1,703,093 | 1,715,865 |
LIABILITIES | ||
Trading deposits (Notes 4, 11) | 29,445 | 19,177 |
Derivatives (Note 4) | 52,715 | 53,203 |
Securitization liabilities at fair value (Note 4) | 13,633 | 13,718 |
Financial liabilities designated at fair value through profit or loss (Notes 4, 11) | 92,355 | 59,665 |
Total financial liabilities other than non-trading deposits and other | 188,148 | 145,763 |
Deposits (Notes 4, 11) | ||
Personal | 626,538 | 625,200 |
Banks | 25,638 | 28,969 |
Business and government | 466,505 | 481,164 |
Total deposits, other than trading | 1,118,681 | 1,135,333 |
Other | ||
Acceptances | 19,298 | 14,941 |
Obligations related to securities sold short (Note 4) | 36,723 | 34,999 |
Obligations related to securities sold under repurchase agreements | 155,863 | 188,876 |
Securitization liabilities at amortized cost (Note 4) | 15,272 | 15,768 |
Amounts payable to brokers, dealers, and clients | 23,866 | 35,143 |
Insurance-related liabilities | 7,735 | 7,590 |
Other liabilities (Note 12) | 26,297 | 30,476 |
Total other miscellaneous liabilities | 285,054 | 327,793 |
Subordinated notes and debentures (Note 4) | 11,303 | 11,477 |
Total liabilities | 1,603,186 | 1,620,366 |
EQUITY | ||
Contributed surplus | 125 | 121 |
Retained earnings | 61,167 | 53,845 |
Accumulated other comprehensive income (loss) | 9,164 | 13,437 |
Total equity | 99,907 | 95,499 |
Total liabilities and equity | 1,703,093 | 1,715,865 |
Common shares [member] | ||
EQUITY | ||
Issued capital (Note 13) | 22,945 | 22,487 |
Treasury shares (Note 13) | (189) | (37) |
Preferred shares and other equity instruments [member] | ||
EQUITY | ||
Issued capital (Note 13) | 6,700 | 5,650 |
Preference shares [member] | ||
EQUITY | ||
Treasury shares (Note 13) | (5) | (4) |
Schwab and TD Ameritrade [member] | ||
Other | ||
Investment in Schwab (Note 7) | $ 11,231 | $ 12,174 |
Interim Consolidated Statement
Interim Consolidated Statement of Income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | ||
Interest income1 | |||||
Loans | [1] | $ 5,933 | $ 6,606 | $ 17,950 | $ 21,998 |
Securities | |||||
Interest | [1] | 937 | 1,125 | 2,761 | 4,420 |
Dividends | [1] | 362 | 359 | 1,200 | 1,310 |
Deposits with banks | [1] | 74 | 55 | 231 | 280 |
Total interest income | [1] | 7,306 | 8,145 | 22,142 | 28,008 |
Interest expense (Note 20) | |||||
Deposits | 871 | 1,507 | 2,966 | 7,161 | |
Securitization liabilities | 95 | 79 | 255 | 304 | |
Subordinated notes and debentures | 95 | 113 | 281 | 326 | |
Other | 241 | 345 | 771 | 1,747 | |
Total interest expense | 1,302 | 2,044 | 4,273 | 9,538 | |
Net interest income | 6,004 | 6,101 | 17,869 | 18,470 | |
Non-interest income | |||||
Investment and securities services | 1,554 | 1,368 | 4,614 | 4,000 | |
Credit fees | 364 | 359 | 1,079 | 1,046 | |
Net securities gain (loss) (Note 5) | 30 | 10 | 3 | 8 | |
Trading income (loss) | (16) | 474 | 325 | 1,158 | |
Income (loss) from non-trading financial instruments at fair value through profit or loss | 68 | 81 | 184 | 3 | |
Income (loss) from financial instruments designated at fair value through profit or loss | 13 | 140 | (245) | 82 | |
Service charges | 673 | 571 | 1,944 | 1,960 | |
Card services | 632 | 458 | 1,784 | 1,588 | |
Insurance revenue | 1,313 | 1,177 | 3,629 | 3,435 | |
Other income (loss) | 77 | (74) | 566 | 52 | |
Total non-interest income | 4,708 | 4,564 | 13,883 | 13,332 | |
Total revenue | 10,712 | 10,665 | 31,752 | 31,802 | |
Provision for (recovery of) credit losses (Note 6) | (37) | 2,188 | (101) | 6,325 | |
Insurance claims and related expenses | 836 | 805 | 2,057 | 2,256 | |
Non-interest expenses | |||||
Salaries and employee benefits | 3,046 | 3,051 | 9,327 | 9,011 | |
Occupancy, including depreciation | 409 | 450 | 1,442 | 1,350 | |
Technology and equipment, including depreciation | 418 | 407 | 1,245 | 1,192 | |
Amortization of other intangibles | 174 | 203 | 527 | 610 | |
Communication and marketing | 286 | 258 | 825 | 849 | |
Restructuring charges (recovery) | 5 | 46 | (8) | ||
Brokerage-related and sub-advisory fees | 109 | 89 | 315 | 268 | |
Professional, advisory and outside services | 390 | 317 | 1,052 | 1,016 | |
Other | 779 | 532 | 2,350 | 1,607 | |
Total non-interest expenses | 5,616 | 5,307 | 17,129 | 15,895 | |
Income before income taxes and share of net income from investment in Schwab and TD Ameritrade | 4,297 | 2,365 | 12,667 | 7,326 | |
Provision for (recovery of) income taxes | 922 | 445 | 2,711 | 1,354 | |
Net income | [2] | 3,545 | 2,248 | 10,517 | 6,752 |
Preferred dividends and distributions on other equity instruments | 56 | 68 | 186 | 203 | |
Net income available to common shareholders | $ 3,489 | $ 2,180 | $ 10,331 | $ 6,549 | |
Earnings per share (Canadian dollars) (Note 17) | |||||
Basic | $ 1.92 | $ 1.21 | $ 5.69 | $ 3.63 | |
Diluted | 1.92 | 1.21 | 5.68 | 3.62 | |
Dividends per common share (Canadian dollars) | $ 0.79 | $ 0.79 | $ 2.37 | $ 2.32 | |
Schwab and TD Ameritrade [member] | |||||
Non-interest expenses | |||||
Share of net income from investment in Schwab and TD Ameritrade (Note 7) | $ 170 | $ 328 | $ 561 | $ 780 | |
[1] | Includes $ 6,497 19,682 7,141 23,710 | ||||
[2] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Interim Consolidated Statemen_2
Interim Consolidated Statement of Income (Parenthetical) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Profit or loss [abstract] | ||||
Interest income calculated using effective interest rate method | $ 6,497 | $ 7,141 | $ 19,682 | $ 23,710 |
Interim Consolidated Statemen_3
Interim Consolidated Statement of Comprehensive Income - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | ||
IFRS Statement [Line Items] | |||||
Net income | [1] | $ 3,545 | $ 2,248 | $ 10,517 | $ 6,752 |
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income | |||||
Change in unrealized gains (losses) | [1] | 14 | 461 | 119 | 188 |
Reclassification to earnings of net losses (gains) | [1] | (22) | (5) | (50) | (4) |
Reclassification to earnings of changes in allowance for credit losses | [1] | (5) | (2) | 1 | |
Net change in unrealized gains (losses) on financial assets at fair value through other comprehensive income | [1] | (8) | 451 | 67 | 185 |
Net change in unrealized foreign currency translation gains (losses) on investments in foreign operations, net of hedging activities | |||||
Unrealized gains (losses) | [1] | 1,264 | (3,240) | (5,383) | 1,296 |
Net gains (losses) on hedges | [1] | (425) | 992 | 1,725 | (431) |
Net change in unrealized foreign currency translation gains (losses) on Investments in foreign operations, net of hedging activities | [1] | 839 | (2,248) | (3,658) | 865 |
Net change in gains (losses) on derivatives designated as cash flow hedges | |||||
Change in gains (losses) | [1] | 806 | (198) | (563) | 3,944 |
Reclassification to earnings of losses (gains) | [1] | (597) | 334 | 21 | (1,068) |
Net change in gains (losses) on derivatives designated as cash flow hedges | [1] | 209 | 136 | (542) | 2,876 |
Items that will not be subsequently reclassified to net income | |||||
Actuarial gains (losses) on employee benefit plans | [1] | 84 | (525) | 1,300 | (668) |
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income | [1] | 124 | 16 | 393 | (190) |
Gains (losses) from changes in fair value due to own credit risk on financial liabilities designated at fair value through profit or loss | [1] | 2 | (20) | 37 | (69) |
Other comprehensive income that will not be reclassified to profit or loss net of tax | [1] | 210 | (529) | 1,730 | (927) |
Total other comprehensive income (loss), net of income taxes | [1] | 1,506 | (2,188) | (2,973) | 3,058 |
Total comprehensive income (loss) | [1] | 5,051 | 60 | 7,544 | 9,810 |
Income Tax Provisions (Recoveries) in the Interim Consolidated Statement of Comprehensive Income | |||||
Change in unrealized gains (losses) on financial assets at fair value through other comprehensive income | 82 | 142 | (159) | 84 | |
Less: Reclassification to earnings of net losses (gains) in respect of financial assets at fair value through other comprehensive income | 8 | 14 | |||
Reclassification to earnings of changes in allowance for credit losses on financial assets at fair value through other comprehensive income | (1) | ||||
Unrealized gains (losses) on investments in foreign operations | |||||
Net gains (losses) on hedges of investments in foreign operations | (151) | 356 | 611 | (154) | |
Change in gains (losses) on derivatives designated as cash flow hedges | 336 | (217) | (593) | 1,487 | |
Less: Reclassification to earnings of losses (gains) on cash flow hedges | 263 | (260) | (401) | 489 | |
Actuarial gains (losses) on employee benefit plans | 30 | (187) | 463 | (238) | |
Change in net unrealized gains (losses) on equity securities designated at fair value through other comprehensive income | 43 | 6 | 139 | (70) | |
Gains (losses) from changes in fair value due to own credit risk on financial liabilities designated at fair value through profit or loss | 1 | (7) | 13 | (25) | |
Total income taxes | 70 | 352 | 861 | 595 | |
Common shares [member] | |||||
Attributable to: | |||||
Comprehensive income (loss), attributable to shareholders | 4,995 | (8) | 7,358 | 9,607 | |
Preferred shares and other equity instruments [member] | |||||
Attributable to: | |||||
Comprehensive income (loss), attributable to shareholders | 56 | 68 | 186 | 203 | |
Schwab and TD Ameritrade [member] | |||||
Net change in gains (losses) on derivatives designated as cash flow hedges | |||||
Share of other comprehensive income (loss) from investment in Schwab and TD Ameritrade | [1] | $ 256 | $ 2 | $ (570) | $ 59 |
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Interim Consolidated Statemen_4
Interim Consolidated Statement of Changes in Equity - CAD ($) $ in Millions | Issued capital [member]Common shares [member] | Issued capital [member]Preferred shares and other equity instruments [member] | Issued capital [member]Preference shares [member] | Treasury shares [member]Common shares [member] | Treasury shares [member]Preference shares [member] | Contributed Surplus [Member] | Retained earnings [member]Common shares [member] | Retained earnings [member]Preferred shares and other equity instruments [member] | Retained earnings [member] | Accumulated other comprehensive income [member]Debt Securities At Fair Value Through Other Comprehensive Income [Member] | Accumulated other comprehensive income [member]Equity Securities At Fair Value Through Other Comprehensive Income [Member] | Accumulated other comprehensive income [member]Reserve of change in fair value of financial liability attributable to change in credit risk of liability [member] | Accumulated other comprehensive income [member]Reserve of exchange differences on translation [member] | Accumulated other comprehensive income [member]Reserve of cash flow hedges [member] | Accumulated other comprehensive income [member]Schwab and TD Ameritrade [member] | Accumulated other comprehensive income [member] | Equity attributable to owners of parent [member] | Schwab and TD Ameritrade [member] | [1] | Total | |
Balance at beginning of period at Oct. 31, 2019 | $ 21,713 | $ 5,800 | $ 5,800 | $ (41) | $ (6) | $ 157 | $ 49,497 | $ 290 | $ (40) | $ 14 | $ 8,793 | $ 1,497 | |||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||
Issuance of stock options, net of options exercised | 65 | ||||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 726 | ||||||||||||||||||||
Purchase of shares for cancellation and other | (143) | ||||||||||||||||||||
Issue of shares and other equity instruments | |||||||||||||||||||||
Redemption of shares and other equity instruments | |||||||||||||||||||||
Purchase of shares | (6,787) | (98) | |||||||||||||||||||
Sale of shares | 6,769 | 99 | |||||||||||||||||||
Net premium (discount) on sale of treasury shares | (31) | ||||||||||||||||||||
Other | 2 | ||||||||||||||||||||
Impact on adoption of IFRS 16, Leases | (553) | ||||||||||||||||||||
Net income attributable to shareholders | 6,752 | ||||||||||||||||||||
Preferred dividends and distributions on other equity instruments | $ (4,183) | $ (203) | |||||||||||||||||||
Net premium on repurchase of common shares,and redemption of preferred shares and other equity instruments | (704) | ||||||||||||||||||||
Share and other equity instrument issue expenses | |||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | (668) | $ (668) | [1] | ||||||||||||||||||
Realized gains (losses) on equity securities designated at fair value through other comprehensive income | (4) | ||||||||||||||||||||
Other comprehensive income (loss) | 184 | 185 | [1] | ||||||||||||||||||
Allowance for credit losses | 1 | 1 | [1] | ||||||||||||||||||
Other comprehensive income (loss) | (194) | ||||||||||||||||||||
Reclassification of loss (gain) to retained earnings | 4 | ||||||||||||||||||||
Other comprehensive income (loss) | (69) | (69) | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 865 | 865 | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 2,876 | 2,876 | [1] | ||||||||||||||||||
Share of accumulated other comprehensive income (loss) from investment in Schwab and TD Ameritrade | $ 86 | $ 59 | |||||||||||||||||||
Balance at end of period at Jul. 31, 2020 | 22,361 | 5,800 | 5,800 | (59) | (5) | 128 | 49,934 | 475 | (230) | (55) | 9,658 | 4,373 | $ 14,307 | $ 92,466 | |||||||
Balance at beginning of period at Apr. 30, 2020 | 21,766 | 5,800 | 5,800 | (25) | (3) | 124 | 49,702 | 24 | (246) | (35) | 11,906 | 4,237 | |||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||
Issuance of stock options, net of options exercised | 12 | ||||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 583 | ||||||||||||||||||||
Purchase of shares for cancellation and other | |||||||||||||||||||||
Issue of shares and other equity instruments | |||||||||||||||||||||
Redemption of shares and other equity instruments | |||||||||||||||||||||
Purchase of shares | (2,152) | (29) | |||||||||||||||||||
Sale of shares | 2,118 | 27 | |||||||||||||||||||
Net premium (discount) on sale of treasury shares | 6 | ||||||||||||||||||||
Other | (2) | ||||||||||||||||||||
Net income attributable to shareholders | 2,248 | ||||||||||||||||||||
Preferred dividends and distributions on other equity instruments | (1,423) | (68) | |||||||||||||||||||
Net premium on repurchase of common shares,and redemption of preferred shares and other equity instruments | |||||||||||||||||||||
Share and other equity instrument issue expenses | |||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | (525) | (525) | [1] | ||||||||||||||||||
Realized gains (losses) on equity securities designated at fair value through other comprehensive income | |||||||||||||||||||||
Other comprehensive income (loss) | 456 | 451 | [1] | ||||||||||||||||||
Allowance for credit losses | (5) | (5) | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 16 | ||||||||||||||||||||
Reclassification of loss (gain) to retained earnings | |||||||||||||||||||||
Other comprehensive income (loss) | (20) | (20) | [1] | ||||||||||||||||||
Other comprehensive income (loss) | (2,248) | (2,248) | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 136 | 136 | [1] | ||||||||||||||||||
Share of accumulated other comprehensive income (loss) from investment in Schwab and TD Ameritrade | 86 | 2 | |||||||||||||||||||
Balance at end of period at Jul. 31, 2020 | 22,361 | 5,800 | 5,800 | (59) | (5) | 128 | 49,934 | 475 | (230) | (55) | 9,658 | 4,373 | 14,307 | 92,466 | |||||||
Balance at beginning of period at Oct. 31, 2020 | 22,487 | 5,650 | 5,650 | (37) | (4) | 121 | 53,845 | 543 | (252) | (37) | 9,357 | 3,826 | 95,499 | ||||||||
Balance at end of period at Apr. 30, 2021 | 22,790 | 4,950 | 4,950 | (123) | (5) | 126 | 59,035 | 618 | 17 | (2) | 4,860 | 3,075 | |||||||||
Balance at beginning of period at Oct. 31, 2020 | 22,487 | 5,650 | 5,650 | (37) | (4) | 121 | 53,845 | 543 | (252) | (37) | 9,357 | 3,826 | 95,499 | ||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||
Issuance of stock options, net of options exercised | 146 | 3 | |||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 312 | ||||||||||||||||||||
Purchase of shares for cancellation and other | |||||||||||||||||||||
Issue of shares and other equity instruments | 1,750 | ||||||||||||||||||||
Redemption of shares and other equity instruments | (700) | (700) | |||||||||||||||||||
Purchase of shares | (8,398) | (107) | |||||||||||||||||||
Sale of shares | 8,246 | 106 | |||||||||||||||||||
Net premium (discount) on sale of treasury shares | (5) | ||||||||||||||||||||
Other | 6 | ||||||||||||||||||||
Net income attributable to shareholders | 10,517 | ||||||||||||||||||||
Preferred dividends and distributions on other equity instruments | (4,304) | (186) | |||||||||||||||||||
Net premium on repurchase of common shares,and redemption of preferred shares and other equity instruments | (1) | ||||||||||||||||||||
Share and other equity instrument issue expenses | (5) | ||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | 1,300 | 1,300 | [1] | ||||||||||||||||||
Realized gains (losses) on equity securities designated at fair value through other comprehensive income | 1 | ||||||||||||||||||||
Other comprehensive income (loss) | 69 | 67 | [1] | ||||||||||||||||||
Allowance for credit losses | (2) | (2) | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 394 | ||||||||||||||||||||
Reclassification of loss (gain) to retained earnings | (1) | ||||||||||||||||||||
Other comprehensive income (loss) | 37 | 37 | [1] | ||||||||||||||||||
Other comprehensive income (loss) | (3,658) | (3,658) | [1] | ||||||||||||||||||
Other comprehensive income (loss) | (542) | (542) | [1] | ||||||||||||||||||
Share of accumulated other comprehensive income (loss) from investment in Schwab and TD Ameritrade | (570) | (570) | |||||||||||||||||||
Balance at end of period at Jul. 31, 2021 | 22,945 | 6,700 | 4,950 | (189) | (5) | 125 | 61,167 | 610 | 141 | 5,699 | 3,284 | 9,164 | 99,907 | 99,907 | |||||||
Balance at beginning of period at Apr. 30, 2021 | 22,790 | 4,950 | 4,950 | (123) | (5) | 126 | 59,035 | 618 | 17 | (2) | 4,860 | 3,075 | |||||||||
Disclosure of classes of share capital [line items] | |||||||||||||||||||||
Issuance of stock options, net of options exercised | 56 | (2) | |||||||||||||||||||
Shares issued as a result of dividend reinvestment plan | 99 | ||||||||||||||||||||
Purchase of shares for cancellation and other | |||||||||||||||||||||
Issue of shares and other equity instruments | 1,750 | ||||||||||||||||||||
Redemption of shares and other equity instruments | |||||||||||||||||||||
Purchase of shares | (2,565) | (28) | |||||||||||||||||||
Sale of shares | 2,499 | 28 | |||||||||||||||||||
Net premium (discount) on sale of treasury shares | 1 | ||||||||||||||||||||
Other | |||||||||||||||||||||
Net income attributable to shareholders | 3,545 | ||||||||||||||||||||
Preferred dividends and distributions on other equity instruments | $ (1,436) | $ (56) | |||||||||||||||||||
Net premium on repurchase of common shares,and redemption of preferred shares and other equity instruments | |||||||||||||||||||||
Share and other equity instrument issue expenses | (5) | ||||||||||||||||||||
Actuarial gains (losses) on employee benefit plans | 84 | 84 | [1] | ||||||||||||||||||
Realized gains (losses) on equity securities designated at fair value through other comprehensive income | |||||||||||||||||||||
Other comprehensive income (loss) | (8) | (8) | [1] | ||||||||||||||||||
Allowance for credit losses | [1] | ||||||||||||||||||||
Other comprehensive income (loss) | 124 | ||||||||||||||||||||
Reclassification of loss (gain) to retained earnings | |||||||||||||||||||||
Other comprehensive income (loss) | 2 | 2 | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 839 | 839 | [1] | ||||||||||||||||||
Other comprehensive income (loss) | 209 | 209 | [1] | ||||||||||||||||||
Share of accumulated other comprehensive income (loss) from investment in Schwab and TD Ameritrade | $ (570) | $ 256 | |||||||||||||||||||
Balance at end of period at Jul. 31, 2021 | $ 22,945 | $ 6,700 | $ 4,950 | $ (189) | $ (5) | $ 125 | $ 61,167 | $ 610 | $ 141 | $ 5,699 | $ 3,284 | $ 9,164 | $ 99,907 | $ 99,907 | |||||||
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Interim Consolidated Statemen_5
Interim Consolidated Statement of Cash Flows - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Cash flows from (used in) operating activities | ||||
Net income before income taxes, including share of net income from investment in Schwab and TD Ameritrade | $ 4,467 | $ 2,693 | $ 13,228 | $ 8,106 |
Adjustments to determine net cash flows from (used in) operating activities | ||||
Provision for (recovery of) credit losses (Note 6) | (37) | 2,188 | (101) | 6,325 |
Depreciation | 295 | 300 | 1,064 | 895 |
Amortization of other intangibles | 174 | 203 | 527 | 610 |
Net securities losses (gains) (Note 5) | (30) | (10) | (3) | (8) |
Deferred taxes | (207) | (214) | 159 | (630) |
Changes in operating assets and liabilities | ||||
Interest receivable and payable (Notes 10, 12) | (114) | 20 | (258) | (135) |
Securities sold under repurchase agreements | 7,537 | 8,164 | (33,013) | 46,025 |
Securities purchased under reverse repurchase agreements | (6,779) | 8,119 | 7,008 | 6,263 |
Securities sold short | (2,712) | 5,052 | 1,369 | 4,127 |
Trading loans and securities | (5,499) | (12,941) | 1,329 | 1,229 |
Loans net of securitization and sales | (9,436) | 23,448 | (346) | (42,653) |
Deposits | (4,041) | 8,692 | (6,384) | 199,534 |
Derivatives | (3,425) | 4,211 | 2,012 | 2,208 |
Non-trading financial assets at fair value through profit or loss | (37) | (2,007) | (704) | (4,172) |
Financial assets and liabilities designated at fair value through profit or loss | 26,302 | 3,369 | 32,797 | (7,137) |
Securitization liabilities | (63) | 506 | (581) | 1,351 |
Current taxes | 116 | 908 | 921 | 198 |
Brokers, dealers and clients amounts receivable and payable | 1,589 | (545) | (624) | (5,724) |
Other | (3,873) | 8,748 | 12,504 | (6,523) |
Net cash from (used in) operating activities | 4,057 | 60,576 | 30,343 | 209,109 |
Cash flows from (used in) financing activities | ||||
Issuance of subordinated notes and debentures | 3,000 | |||
Redemption or repurchase of subordinated notes and debentures | (6) | (1,493) | 4 | (1,562) |
Common shares issued, net | 49 | 10 | 128 | 56 |
Preferred shares and other equity instruments issued | 1,745 | 1,745 | ||
Repurchase of common shares (Note 13) | (847) | |||
Redemption of preferred shares and other equity instruments (Note 13) | (700) | |||
Sale of treasury shares | 2,528 | 2,151 | 8,347 | 6,837 |
Purchase of treasury shares (Note 13) | (2,593) | (2,181) | (8,505) | (6,885) |
Dividends paid on shares and distributions paid on other equity instruments | (908) | (2,785) | (3,660) | |
Repayment of lease liabilities | (160) | (143) | (441) | (441) |
Net cash from (used in) financing activities | 1,563 | (2,564) | (2,207) | (3,502) |
Cash flows from (used in) investing activities | ||||
Interest-bearing deposits with banks | 20,866 | (14,759) | (3,394) | (135,936) |
Activities in financial assets at fair value through other comprehensive income | ||||
Purchases | (3,922) | (16,133) | (15,530) | (45,642) |
Proceeds from maturities | 8,661 | 14,753 | 26,910 | 33,519 |
Proceeds from sales | 1,616 | 1,852 | 2,769 | 8,753 |
Activities in debt securities at amortized cost | ||||
Purchases | (48,761) | (53,819) | (117,536) | (93,151) |
Proceeds from maturities | 18,121 | 10,401 | 79,243 | 27,870 |
Proceeds from sales | 11 | 238 | 1,713 | 410 |
Net purchases of land, buildings, equipment, other depreciable assets, and other intangibles | (286) | (312) | (771) | (941) |
Net cash acquired from (paid for) divestitures and acquisitions (Note 8) | (1,882) | (1,882) | ||
Net cash from (used in) investing activities | (5,576) | (57,779) | (28,478) | (205,118) |
Effect of exchange rate changes on cash and due from banks | 55 | (120) | (286) | 58 |
Net increase (decrease) in cash and due from banks | 99 | 113 | (628) | 547 |
Cash and due from banks at beginning of period | 5,718 | 5,297 | 6,445 | 4,863 |
Cash and due from banks at end of period | 5,817 | 5,410 | 5,817 | 5,410 |
Supplementary disclosure of cash flows from operating activities | ||||
Amount of income taxes paid (refunded) during the period | 886 | 197 | 2,481 | 1,542 |
Amount of interest paid during the period | 1,457 | 1,673 | 4,742 | 8,978 |
Amount of interest received during the period | 6,985 | 7,817 | 21,153 | 26,777 |
Amount of dividends received during the period | 399 | 365 | 1,229 | 1,295 |
Schwab and TD Ameritrade [member] | ||||
Adjustments to determine net cash flows from (used in) operating activities | ||||
Share of net income from investment in Schwab and TD Ameritrade (Note 7) | $ (170) | $ (328) | $ (561) | $ (780) |
IFRS 7 Disclosure
IFRS 7 Disclosure | 9 Months Ended |
Jul. 31, 2021 | |
IFRS 7 Disclosure [Abstract] | |
IFRS 7 Disclosure | MARKET RISK IFRS 7 Disclosure Market risk capital is calculated using internal models and comprises three components: (1) Value-at-Risk Calculating VaR TD computes total VaR on a daily basis by combining the General Market Risk (GMR) and Idiosyncratic Debt Specific Risk (IDSR) associated with the Bank’s trading positions. GMR is determined by creating a distribution of potential changes in the market value of the current portfolio using historical simulation. The Bank values the current portfolio using the market price and rate changes of the most recent 259 one-day IDSR measures idiosyncratic (single-name) credit spread risk for credit exposures in the trading portfolio using Monte Carlo simulation. The IDSR model is based on the historical behaviour of five-year idiosyncratic credit spreads. Similar to GMR, IDSR is computed as the threshold level that portfolio losses are not expected to exceed more than one out of every 100 trading days. IDSR is measured for a ten-day The following graph discloses daily one-day 7 89 VaR is a valuable risk measure but it should be used in the context of its limitations, for example: • VaR uses historical data to estimate future events, which limits its forecasting abilities; • it does not provide information on losses beyond the selected confidence level; and • it assumes that all positions can be liquidated during the holding period used for VaR calculation. The Bank continuously improves its VaR methodologies and incorporates new risk measures in line with market conventions, industry best practices, and regulatory requirements. To mitigate some of the shortcomings of VaR, the Bank uses additional metrics designed for risk management and capital purposes. These include Stressed VaR, IRC, Stress Testing Framework, as well as limits based on the sensitivity to various market risk factors. Calculating Stressed VaR In addition to VaR, the Bank also calculates Stressed VaR, which includes Stressed GMR and Stressed IDSR. Stressed VaR is designed to measure the adverse impact that potential changes in market rates and prices could have on the value of a portfolio over a specified period of stressed market conditions. Stressed VaR is determined using similar techniques and assumptions in GMR and IDSR VaR. However, instead of using the most recent 259 trading days (one year), the Bank uses a selected year of stressed market conditions. In the third quarter of 2021, Stressed VaR was calculated using the one-year COVID-19 one-year Calculating the Incremental Risk Charge The IRC is applied to all instruments in the trading book subject to migration and default risk. Migration risk represents the risk of changes in the credit ratings of the Bank’s exposures. TD applies a Monte Carlo simulation with a one-year The following table presents the end of quarter, average, high, and low usage of TD’s portfolio metrics. TABLE 28: PORTFOLIO MARKET RISK MEASURES Portfolio Market Risk Measures (millions of Canadian dollars) For the three months ended For the nine months ended July 31 2021 April 30 2021 July 31 2020 July 31 2021 July 31 2020 As at Average High Low Average Average Average Average Interest rate risk $ 11.3 $ 12.5 $ 17.4 $ 9.2 $ 18.6 $ 24.2 $ 17.4 $ 19.3 Credit spread risk 7.1 8.2 9.6 6.7 19.4 47.9 17.3 35.2 Equity risk 7.1 9.0 12.5 7.1 10.2 23.9 9.8 13.9 Foreign exchange risk 0.8 1.4 2.7 0.5 2.0 4.0 2.1 4.4 Commodity risk 5.9 3.5 6.0 1.9 4.8 5.0 4.9 3.3 Idiosyncratic debt specific risk 16.9 24.4 34.2 16.9 31.1 53.4 28.8 34.2 Diversification effect 1 (26.8 ) (30.2 ) n/m 2 n/m (51.7 ) (91.2 ) (48.0 ) (64.0 ) Total Value-at-Risk (one-day) 22.3 28.8 37.4 21.9 34.4 67.2 32.3 46.3 Stressed Value-at-Risk (one-day) 34.1 38.4 41.3 34.1 35.0 65.5 35.6 62.3 Incremental Risk Capital Charge (one-year) $ 338.7 $ 339.3 $ 407.8 $ 295.9 $ 363.0 $ 397.0 $ 353.0 $ 314.9 1 The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification. 2 Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. Average VaR decreased compared to the last quarter and the same quarter last year driven by markets stabilizing and COVID-19 one-year Average IRC decreased compared to the last quarter and the same quarter last year due to stabilization of the credit spread shocks observed during COVID-19 Validation of VaR Model The Bank uses a back-testing process to compare the actual and theoretical profit and losses to VaR to ensure that they are consistent with the statistical results of the VaR model. The theoretical profit or loss is generated using the daily price movements on the assumption that there is no change in the composition of the portfolio. Validation of the IRC model must follow a different approach since the one-year Structural (Non-Trading) The Bank’s structural interest rate risk arises from traditional personal and commercial banking activity and is generally the result of mismatches between the maturities and repricing dates of the Bank’s assets and liabilities. The measurement of interest rate risk in the banking book does not include exposures from TD’s Wholesale Banking or Insurance businesses. The primary measures for this risk are Economic Value of Shareholders’ Equity (EVE) Sensitivity and Net Interest Income Sensitivity (NIIS). The EVE Sensitivity measures the impact of a specified interest rate shock to the change in the net present value of the Bank’s banking book assets, liabilities, and certain off-balance The NIIS measures the NII change over a twelve-month horizon for a specified change in interest rates for banking book assets, liabilities, and certain off-balance The Bank’s Market Risk policy sets overall limits on the structural interest rate risk measures. These limits are periodically reviewed and approved by the Risk Committee of the Board. In addition to the Board policy limits, book-level risk limits are set for the Bank’s management of non-trading The following table shows the potential before-tax -25 TABLE 29: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES Structural Interest Rate Sensitivity Measures (millions of Canadian dollars) As at July 31, 2021 April 30, 2021 October 31, 2020 EVE Sensitivity NII 1 Sensitivity EVE Sensitivity NII 1 Sensitivity EVE Sensitivity NII Sensitivity Canada U.S. Total Canada U.S. Total Total Total Total Total Before-tax 100 bps increase in rates Canada [member] $ 66 $ (1,643 ) $ (1,577 ) $ 1,087 $ 986 $ 2,073 $ (1,510 ) $ 2,101 $ (1,876 ) $ 1,926 100 bps decrease in rates United States [member] (133 ) 377 244 (744 ) (390 ) (1,134 ) 329 (927 ) 277 (872 ) 1 Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates. As at July 31, 2021, an immediate and sustained 100 bps increase in interest rates would have had a negative impact to the Bank’s EVE of $ 1,577 67 2,073 28 244 85 1,134 207 Liquidity Risk Liquidity risk is the risk of having insufficient cash or collateral to meet financial obligations and an inability to, in a timely manner, raise funding or monetize assets at a non-distressed TD’S LIQUIDITY RISK APPETITE The Bank maintains a prudent and disciplined approach to managing its potential exposure to liquidity risk. The Bank targets a 90-day LIQUIDITY RISK MANAGEMENT RESPONSIBILITY The Bank’s ALCO oversees the Bank’s liquidity risk management program. It ensures there are effective management structures and practices in place to properly measure and manage liquidity risk. The Global Liquidity & Funding Committee, a subcommittee of the ALCO comprised of senior management from Treasury and Balance Sheet Management (TBSM), Risk Management and Wholesale Banking, identifies and monitors the Bank’s liquidity risks. The management of liquidity risk is the responsibility of the Head of TBSM, while oversight and challenge is provided by the ALCO and independently by Risk Management. The Risk Committee of the Board regularly reviews the Bank’s liquidity position and approves the Bank’s Liquidity Risk Management Framework bi-annually The Bank has established TDGUS as TD’s U.S. Intermediate Holding Company (IHC), as well as a Combined U.S. Operations (CUSO) reporting unit that consists of the IHC and TD’s U.S. branch and agency network. Both TDGUS and CUSO are managed to the U.S. Enhanced Prudential Standards liquidity requirements in addition to the Bank’s liquidity management framework. The Bank’s liquidity risk appetite and liquidity risk management approach have not substantially changed from that described in the Bank’s 2020 Annual Report. For a complete discussion of liquidity risk, refer to the “Liquidity Risk” section in the Bank’s 2020 Annual Report. Liquid assets The unencumbered liquid assets the Bank holds to meet its liquidity requirements must be high-quality securities that the Bank believes can be monetized quickly in stress conditions with minimum loss in market value. The liquidity value of unencumbered liquid assets considers estimated market or trading depths, settlement timing, and/or other identified impediments to potential sale or pledging. Overall, the Bank expects any reduction in market value of its liquid asset portfolio to be modest given the underlying high credit quality and demonstrated liquidity. Assets held by the Bank to meet liquidity requirements are summarized in the following tables. The tables do not include assets held within the Bank’s insurance businesses as these are used to support insurance-specific liabilities and capital requirements. TABLE 30: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1,2,3 Summary of Liquid Assets by Type and Currency (millions of Canadian dollars, except as noted) As at Bank-owned Securities Total % of Encumbered Unencumbered July 31, 2021 Cash and central bank reserves $ 71,436 $ – $ 71,436 8 % $ 1,136 $ 70,300 Canadian government obligations 31,457 83,321 114,778 14 76,442 38,336 National Housing Act Mortgage-Backed Securities (NHA MBS) 25,018 4 25,022 3 2,307 22,715 Obligations of provincial governments, public sector entities and multilateral development banks 4 27,465 22,997 50,462 6 33,328 17,134 Corporate issuer obligations 7,064 3,657 10,721 1 2,856 7,865 Equities 15,576 3,533 19,109 2 10,806 8,303 Total Canadian dollar-denominated 178,016 113,512 291,528 34 126,875 164,653 Cash and central bank reserves 90,826 – 90,826 10 21 90,805 U.S. government obligations 79,860 45,556 125,416 15 41,762 83,654 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 70,335 3,871 74,206 9 14,499 59,707 Obligations of other sovereigns, public sector entities and multilateral development banks 4 62,748 65,700 128,448 15 63,006 65,442 Corporate issuer obligations 75,471 2,662 78,133 9 9,007 69,126 Equities Canadian Dollar [member] 38,831 32,955 71,786 8 35,243 36,543 Total non-Canadian 418,071 150,744 568,815 66 163,538 405,277 Total $ 596,087 $ 264,256 $ 860,343 100 % $ 290,413 $ 569,930 October 31, 2020 Cash and central bank reserves $ 94,640 $ – $ 94,640 11 % $ 1,689 $ 92,951 Canadian government obligations 39,008 83,258 122,266 14 80,934 41,332 NHA MBS 30,763 23 30,786 3 2,294 28,492 Obligations of provincial governments, public sector entities and multilateral development banks 4 22,999 24,441 47,440 6 34,990 12,450 Corporate issuer obligations 11,310 2,841 14,151 1 2,331 11,820 Equities 13,146 2,618 15,764 2 8,248 7,516 Total Canadian dollar-denominated 211,866 113,181 325,047 37 130,486 194,561 Cash and central bank reserves 69,183 – 69,183 8 51 69,132 U.S. government obligations 82,701 53,755 136,456 15 53,585 82,871 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 74,131 9,566 83,697 9 21,495 62,202 Obligations of other sovereigns, public sector entities and multilateral development banks 4 61,171 55,449 116,620 14 49,771 66,849 Corporate issuer obligations 78,238 2,108 80,346 9 8,297 72,049 Equities 31,258 38,684 69,942 8 36,716 33,226 Total non-Canadian 396,682 159,562 556,244 63 169,915 386,329 Total $ 608,548 $ 272,743 $ 881,291 100 % $ 300,401 $ 580,890 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Positions stated include gross asset values pertaining to securities financing transactions. 3 Liquid assets include collateral received that can be re-hypothecated 4 Includes debt obligations issued or guaranteed by these entities. Unencumbered liquid assets are held in The Toronto-Dominion Bank and multiple domestic and foreign subsidiaries and branches and are summarized in the following table. TABLE 31: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (millions of Canadian dollars) As at July 31 2021 October 31 The Toronto-Dominion Bank (Parent) $ 205,442 $ 230,369 Bank subsidiaries Toronto-Dominion Bank [member] 347,527 334,308 Foreign branches 16,961 16,213 Total $ 569,930 $ 580,890 FUNDING The Bank has access to a variety of unsecured and secured funding sources. The Bank’s funding activities are conducted in accordance with the liquidity management policy that requires assets be funded to the appropriate term and to a prudent diversification profile. The Bank’s primary approach to managing funding activities is to maximize the use of deposits raised through personal and commercial banking channels. The following table illustrates the Bank’s large base of personal and commercial, wealth, and Schwab sweep deposits (collectively, “P&C deposits”) that make up over 75 TABLE 39: SUMMARY OF DEPOSIT FUNDING Summary of Deposit Funding (millions of Canadian dollars) As at July 31 2021 October 31 2020 P&C deposits – Canadian Retail $ 509,023 $ 471,543 P&C deposits – U.S. Retail 465,894 477,738 Total $ 974,917 $ 949,281 WHOLESALE FUNDING The Bank actively maintains various registered external wholesale term (greater than 1 year) funding programs to provide access to diversified funding sources, including asset securitization, covered bonds, and unsecured wholesale debt. The Bank also raises term funding through Senior Notes, NHA MBS, CMB, and notes backed by credit card receivables (Evergreen Credit Card Trust). The Bank’s wholesale funding is diversified by geography, by currency, and by funding types. The Bank raises short-term (1 year and less) funding using certificates of deposit and commercial paper. The Bank maintains depositor concentration limits in respect of short-term wholesale deposits so that it is not overly reliant on individual depositors for funding. The Bank further limits short-term wholesale funding maturity concentration in an effort to mitigate refinancing risk during a stress event. MATURITY ANALYSIS OF ASSETS, LIABILITIES, AND OFF-BALANCE The following table summarizes on-balance off-balance Off-balance The maturity analysis presented does not depict the degree of the Bank’s maturity transformation or the Bank’s exposure to interest rate and liquidity risk. The Bank ensures that assets are appropriately funded to protect against borrowing cost volatility and potential reductions to funding market availability. The Bank utilizes stable non-maturity non-trading non-trading TABLE 42: REMAINING CONTRACTUAL MATURITY Summary of Remaining Contractual Maturity (millions of Canadian dollars) As at July 31, 2021 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 5,817 $ – $ – $ – $ – $ – $ – $ – $ – $ 5,817 Interest-bearing deposits with banks 165,405 335 104 – – – – – 1,699 167,543 Trading loans, securities, and other 1 1,745 7,343 3,328 2,736 3,788 10,963 25,452 22,804 69,279 147,438 Non-trading 62 – 16 750 1,523 1,016 3,101 1,803 981 9,252 Derivatives 4,897 7,494 4,702 3,509 2,183 6,033 10,711 12,213 – 51,742 Financial assets designated at fair value through profit or loss 406 122 423 155 111 484 1,271 1,660 – 4,632 Financial assets at fair value through other comprehensive income 1,767 4,341 8,677 11,449 3,203 4,842 21,057 24,518 4,535 84,389 Debt securities at amortized cost, net of allowance for credit losses 2,440 5,119 6,495 6,649 4,899 20,951 77,714 126,045 (2 ) 250,310 Securities purchased under reverse repurchase agreements 2 90,202 34,479 11,673 14,671 10,744 138 247 – – 162,154 Loans Residential mortgages 1,261 3,623 6,089 5,320 10,835 34,902 162,167 39,259 – 263,456 Consumer instalment and other personal 741 1,484 2,271 2,251 4,441 14,206 79,037 27,018 56,041 187,490 Credit card – – – – – – – – 30,692 30,692 Business and government 22,838 7,034 8,429 8,495 9,593 26,811 71,554 62,910 26,729 244,393 Total loans 24,840 12,141 16,789 16,066 24,869 75,919 312,758 129,187 113,462 726,031 Allowance for loan losses – – – – – – – – (6,811 ) (6,811 ) Loans, net of allowance for loan losses 24,840 12,141 16,789 16,066 24,869 75,919 312,758 129,187 106,651 719,220 Customers’ liability under acceptances 15,038 4,212 16 32 – – – – – 19,298 Investment in Schwab TD Schwab [member] – – – – – – – – 11,231 11,231 Goodwill 3 – – – – – – – – 16,341 16,341 Other intangibles 3 – – – – – – – – 2,140 2,140 Land, buildings, equipment, and other depreciable assets 3 – 2 2 2 5 19 336 3,894 4,993 9,253 Deferred tax assets – – – – – – – – 2,036 2,036 Amounts receivable from brokers, dealers, and clients 23,262 – – – – – – – – 23,262 Other assets 3,107 997 602 1,830 405 81 135 65 9,813 17,035 Total assets $ 338,988 $ 76,585 $ 52,827 $ 57,849 $ 51,730 $ 120,446 $ 452,782 $ 322,189 $ 229,697 $ 1,703,093 Liabilities Trading deposits $ 3,061 $ 5,405 $ 7,352 $ 2,886 $ 3,247 $ 2,652 $ 3,627 $ 1,215 $ – $ 29,445 Derivatives 4,865 6,307 4,773 2,889 2,365 6,328 11,287 13,901 – 52,715 Securitization liabilities at fair value – 344 628 1,022 510 2,197 6,208 2,724 – 13,633 Financial liabilities designated at fair value through profit or loss 21,013 18,734 14,110 16,773 20,733 980 3 9 – 92,355 Deposits 4,5 Personal 7,334 10,176 9,192 8,810 7,317 9,277 7,339 29 567,064 626,538 Banks 9,666 1,040 486 103 74 2 2 4 14,261 25,638 Business and government 16,430 15,261 9,159 7,255 5,524 27,079 35,468 3,970 346,359 466,505 Total deposits 33,430 26,477 18,837 16,168 12,915 36,358 42,809 4,003 927,684 1,118,681 Acceptances 15,038 4,212 16 32 – – – – – 19,298 Obligations related to securities sold short 1 697 1,659 1,204 650 749 3,524 13,238 13,214 1,788 36,723 Obligations related to securities sold under repurchase agreements 2 119,070 26,321 5,653 3,238 1,553 24 4 – – 155,863 Securitization liabilities at amortized cost – 405 341 418 473 2,016 8,364 3,255 – 15,272 Amounts payable to brokers, dealers, and clients 23,866 – – – – – – – – 23,866 Insurance-related liabilities 164 283 420 420 441 989 1,710 937 2,371 7,735 Other liabilities 7,205 2,214 2,027 588 253 2,001 965 4,979 6,065 26,297 Subordinated notes and debentures – – – – – – 200 11,103 – 11,303 Equity – – – – – – – – 99,907 99,907 Total liabilities and equity $ 228,409 $ 92,361 $ 55,361 $ 45,084 $ 43,239 $ 57,069 $ 88,415 $ 55,340 $ 1,037,815 $ 1,703,093 Off-balance Credit and liquidity commitments 6,7 $ 13,666 $ 20,691 $ 20,224 $ 19,422 $ 19,861 $ 39,435 $ 113,451 $ 3,750 $ 1,338 $ 251,838 Other commitments 8 67 149 239 144 246 604 864 888 – 3,201 Unconsolidated structured entity commitments – 2,180 1,916 20 – – – – – 4,116 Total off-balance $ 13,733 $ 23,020 $ 22,379 $ 19,586 $ 20,107 $ 40,039 $ 114,315 $ 4,638 $ 1,338 $ 259,155 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 As the timing of demand deposits and notice deposits is non-specific 5 Includes $ 30 4 3 2 4 8 7 2 6 Includes $ 312 7 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 8 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. TABLE 42: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at October 31, 2020 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 6,437 $ 8 $ – $ – $ – $ – $ – $ – $ – $ 6,445 Interest-bearing deposits with banks 161,326 656 – – – – – – 2,167 164,149 Trading loans, securities, and other 1 4,363 6,920 7,866 6,913 3,867 9,732 23,624 27,554 57,479 148,318 Non-trading 80 – 600 2,271 69 1,430 1,425 1,879 794 8,548 Derivatives 5,299 7,167 4,554 2,810 2,525 6,314 10,004 15,569 – 54,242 Financial assets designated at fair value through profit or loss 820 183 631 234 107 930 1,253 581 – 4,739 Financial assets at fair value through other comprehensive income 2,501 2,799 8,490 6,101 4,886 25,305 23,667 26,957 2,579 103,285 Debt securities at amortized cost, net of allowance for credit losses 6,444 23,449 16,052 5,855 5,498 12,386 62,145 95,852 (2 ) 227,679 Securities purchased under reverse repurchase agreements 2 98,721 30,246 23,879 11,776 4,204 29 307 – – 169,162 Loans Residential mortgages 472 2,845 7,286 9,994 10,481 38,182 138,912 44,047 – 252,219 Consumer instalment and other personal 706 1,423 3,437 3,941 3,893 14,594 68,961 28,038 60,467 185,460 Credit card – – – – – – – – 32,334 32,334 Business and government 27,193 4,938 8,973 11,653 8,672 35,439 70,478 65,144 23,309 255,799 Total loans 28,371 9,206 19,696 25,588 23,046 88,215 278,351 137,229 116,110 725,812 Allowance for loan losses – – – – – – – – (8,289 ) (8,289 ) Loans, net of allowance for loan losses 28,371 9,206 19,696 25,588 23,046 88,215 278,351 137,229 107,821 717,523 Customers’ liability under acceptances 12,699 2,036 204 2 – – – – – 14,941 Investment in Schwab – – – – – – – – 12,174 12,174 Goodwill 3 – – – – – – – – 17,148 17,148 Other intangibles 3 – – – – – – – – 2,125 2,125 Land, buildings, equipment, and other depreciable assets 3,4 – 1 6 91 9 29 299 4,384 5,317 10,136 Deferred tax assets – – – – – – – – 2,444 2,444 Amounts receivable from brokers, dealers, and clients 33,951 – – – – – – – – 33,951 Other assets 3,521 1,060 643 2,783 470 150 125 171 9,933 18,856 Total assets $ 364,533 $ 83,731 $ 82,621 $ 64,424 $ 44,681 $ 144,520 $ 401,200 $ 310,176 $ 219,979 $ 1,715,865 Liabilities Trading deposits $ 1,802 $ 2,429 $ 2,065 $ 3,057 $ 1,639 $ 3,510 $ 3,455 $ 1,220 $ – $ 19,177 Derivatives 4,718 6,783 3,997 1,917 2,012 5,438 11,084 17,254 – 53,203 Securitization liabilities at fair value – 608 243 652 345 2,495 6,706 2,669 – 13,718 Financial liabilities designated at fair value through profit or loss 18,654 7,290 12,563 15,892 5,251 – 4 11 – 59,665 Deposits 5,6 Personal 6,240 8,996 9,139 9,550 7,288 10,095 7,923 37 565,932 625,200 Banks 12,870 1,592 313 56 28 – 4 5 14,101 28,969 Business and government 25,387 24,703 24,841 15,274 7,214 14,378 52,852 3,386 313,129 481,164 Total deposits 44,497 35,291 34,293 24,880 14,530 24,473 60,779 3,428 893,162 1,135,333 Acceptances 12,699 2,036 204 2 – – – – – 14,941 Obligations related to securities sold short 1 698 1,095 993 823 707 4,888 9,789 14,986 1,020 34,999 Obligations related to securities sold under repurchase agreements 2 122,433 23,944 30,879 1,791 4,952 4,873 4 – – 188,876 Securitization liabilities at amortized cost – 1,055 221 422 404 1,642 8,799 3,225 – 15,768 Amounts payable to brokers, dealers, and clients 35,143 – – – – – – – – 35,143 Insurance-related liabilities 306 350 382 316 305 963 1,676 1,033 2,259 7,590 Other liabilities 4 7,672 3,630 1,744 701 1,048 1,304 1,402 5,633 7,342 30,476 Subordinated notes and debentures – – – – – – 200 11,277 – 11,477 Equity – – – – – – – – 95,499 95,499 Total liabilities and equity $ 248,622 $ 84,511 $ 87,584 $ 50,453 $ 31,193 $ 49,586 $ 103,898 $ 60,736 $ 999,282 $ 1,715,865 Off-balance Credit and liquidity commitments 7,8 $ 19,568 $ 23,526 $ 25,918 $ 20,089 $ 14,289 $ 43,760 $ 107,951 $ 4,343 $ 1,309 $ 260,753 Other commitments 9 77 169 183 188 165 657 875 553 – 2,867 Unconsolidated structured entity commitments 903 342 1,367 227 408 – – – – 3,247 Total off-balance $ 20,548 $ 24,037 $ 27,468 $ 20,504 $ 14,862 $ 44,417 $ 108,826 $ 4,896 $ 1,309 $ 266,867 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 Upon adoption of Leases right-of-use 5 As the timing of demand deposits and notice deposits is non-specific 6 Includes $ 41 2 3 5 4 9 16 2 7 Includes $ 290 8 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 9 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. |
Nature of Operations
Nature of Operations | 9 Months Ended |
Jul. 31, 2021 | |
Nature Of Operations | |
Nature of Operations | NOTE 1: NATURE OF OPERATIONS Nature of Operations CORPORATE INFORMATION The Toronto-Dominion Bank is a bank chartered under the Bank Act Bank Act BASIS OF PREPARATION The accompanying Interim Consolidated Financial Statements and accounting principles followed by the Bank have been prepared in accordance with International Financial Reporting Standards (IFRS), as issued by the International Accounting Standards Board (IASB), including the accounting requirements of the Office of the Superintendent of Financial Institutions Canada (OSFI). The Interim Consolidated Financial Statements are presented in Canadian dollars, unless otherwise indicated. These Interim Consolidated Financial Statements were prepared on a condensed basis in accordance with International Accounting Standard 34, Interim Financial Reporting The preparation of the Interim Consolidated Financial Statements requires that management make estimates, assumptions, and judgments regarding the reported amount of assets, liabilities, revenue and expenses, and disclosure of contingent assets and liabilities, as further described in Note 3 of the Bank’s 2020 Annual Consolidated Financial Statements and in Note 3 of this report. Accordingly, actual results may differ from estimated amounts as future confirming events occur. The Bank’s Interim Consolidated Financial Statements have been prepared using uniform accounting policies for like transactions and events in similar circumstances. All intercompany transactions, balances, and unrealized gains and losses on transactions are eliminated on consolidation. The Interim Consolidated Financial Statements for the three and nine months ended July 31, 2021, were approved and authorized for issue by the Bank’s Board of Directors, in accordance with a recommendation of the Audit Committee, on August 25, 2021. As the Interim Consolidated Financial Statements do not include all of the disclosures normally provided in the Annual Consolidated Financial Statements, they should be read in conjunction with the Bank’s 2020 Annual Consolidated Financial Statements and the accompanying Notes, and the shaded sections of the 2020 Management’s Discussion and Analysis (MD&A). Certain disclosures are included in the shaded sections of the “Managing Risk” section of the MD&A in this report, as permitted by IFRS, and form an integral part of the Interim Consolidated Financial Statements. |
Current And Future Changes In A
Current And Future Changes In Accounting Policies | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Current And Future Changes In Accounting Policies | NOTE 2: CURRENT AND FUTURE CHANGES IN ACCOUNTING POLICIES Current And Future Changes In Accounting Policies CURRENT CHANGES IN ACCOUNTING POLICY The following new standards and changes in accounting policies have been adopted by the Bank on November 1, 2020. IBOR Reform and its Effects on Financial Reporting Various interest rates and other indices that are deemed to be “benchmarks”, including interbank offered rate (IBOR) benchmarks, have been, and continue to be, the subject of international regulatory guidance and proposals for reform. Following the announcements by the U.K. Financial Conduct Authority in July 2017 that it would no longer compel banks to submit London Interbank Offered Rates (LIBORs) after December 2021 and by ICE Benchmark Administration (IBA) in March 2021 that it will cease publication of: (i) GBP LIBOR (all tenors), EUR LIBOR (all tenors), CHF LIBOR (all tenors), JPY LIBOR (all tenors), and US LIBOR (1-week and 2-months) following December 31, 2021; and (ii) US LIBOR (overnight, 1-month, 3-months, 6-months, and 12-months) following June 30, 2023, efforts to transition away from IBORs to alternative reference rates (ARRs) have been continuing in various jurisdictions. The global transition from IBORs to ARRs introduces challenges and risks that may have adverse consequences on the Bank, its clients, and the financial services industry. The replacement of IBORs or other benchmark rates could result in market dislocation and different financial performance for legacy transactions, require different hedging strategies, affect the Bank’s capital and liquidity planning and management, or have other adverse consequences to market participants. Additionally, any adverse impacts on the value of and return on existing instruments and contracts for the Bank’s clients may present an increased risk of litigation, regulatory intervention, and possible reputational damage. To manage the transition to ARRs, the Bank has established an enterprise-wide, cross functional initiative with Board oversight and dedicated work streams to evaluate and address the key areas of impact on the Bank’s products, services, systems, documents, processes, models, funding and liquidity planning, risk management frameworks, and financial reporting with the intention of managing the impact through appropriate mitigating actions. The Bank is also actively participating in industry associations and incorporating best practice guidance from these working groups as well as regulatory bodies into the transition plan, such as incorporating appropriate fallback language in contracts, making available new products referencing ARRs, ceasing the issuance of IBOR based financial instruments, and preparing for overall operational readiness. The Bank is progressing on its transition plan and incorporating market developments as they arise. Details related to certain market developments are noted below: • To help support the transition of legacy derivative contracts, the Bank’s registered swap dealer and four additional Bank affiliates have adhered to the International Swaps and Derivatives Association IBOR Fallbacks Protocol (ISDA Protocol). The ISDA Protocol, which took effect on January 25, 2021, provides an efficient transition mechanism for mutually adhering counterparties to incorporate prescribed fallback rates into legacy derivative contracts. • Further to IBA’s confirmation of its timeline for LIBOR cessation, London Clearing House and the Chicago Mercantile Exchange (CME) Group have established a process with market participants to convert outstanding LIBOR swaps into corresponding market standard ARR-based contracts. • In July 2021, the Alternative Reference Rates Committee formally recommended CME Group’s forward-looking Secured Overnight Financing Rate (SOFR) term rates, following completion of a key change in interdealer trading conventions on July 26, 2021 under the SOFR First initiative. As a result of the decision taken by international regulators to transition from IBORs to ARRs, the IASB undertook standard setting activities related to the accounting issues of IBOR reform in two phases. On September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform Phase 2 addresses issues affecting financial reporting when changes are made to contractual cash flows of financial instruments or hedging relationships as a result of IBOR reform. The amendments permit modification to financial assets, financial liabilities and lessee lease liabilities required as a direct consequence of IBOR reform and made on an economically equivalent basis to be accounted for by updating the effective interest rate (EIR) prospectively. If the modification does not meet the practical expedient requirements, existing IFRS requirements are applied. Reliefs are also provided for an entity’s hedge accounting relationships in circumstances where changes to hedged items and hedging instruments arise as a result of IBOR reform. The amendments enable entities to amend the formal designation and documentation of a hedging relationship to reflect these changes without discontinuing the hedging relationship or designating a new hedging relationship. Permitted changes include redefining the hedged risk to reference an ARR (contractually or non-contractually specified), amending the description of the hedged item and hedging instrument to reflect the ARR, and amending the description of how the entity will assess hedge effectiveness. Hedging relationships within the scope of Interest Rate Benchmark Reform Phase 2 are the same as those within the scope of Interest Rate Benchmark Reform Phase 1. Interest Rate Benchmark Reform Phase 2 also amended IFRS 7, introducing expanded qualitative and quantitative disclosures about the risks arising from IBOR reform, how an entity is managing those risks, its progress in completing the transition to ARRs, and how it is managing the transition. The following table discloses the Bank’s exposures to significant interest rate benchmarks subject to IBOR reform that have yet to transition to an ARR and will be maturing after June 30, 2023 for certain tenors of US LIBOR and after December 31, 2021 for other IBORs subject to transition. This also includes exposures to interest rate benchmarks subject to IBOR reform that are not required to transition to an ARR. Summary of Exposures to Significant Interest Rate Benchmarks Subject to IBOR Reform Derivatives Exposures to Interest Rate Benchmarks Subject to IBOR Reform 1,2,3,4 (millions of Canadian dollars) As at July 31, 2021 Non-derivative 5 Non-derivative Derivatives Off-balance sheet 6 Carrying amount Carrying amount Notional Positive Negative Contractual US LIBOR tenors ceasing 12/31/2021 $ 1,429 $ – $ 177 $ 1 $ 18 $ – US LIBOR tenors ceasing 06/30/2023 102,325 506 2,881,823 2,607 4,011 83,056 GBP LIBOR 766 – 355,912 211 155 1,286 Other IBORs 7 809 – 287,018 289 438 – 105,329 506 3,524,930 3,108 4,632 84,342 Cross-currency swaps 8 US LIBOR / other rates 9 n/a n/a 418,536 6,407 8,438 n/a US LIBOR / GBP LIBOR n/a n/a 130,182 720 681 n/a US LIBOR / JPY LIBOR n/a n/a 34,161 156 110 n/a Other IBORs 7 n/a n/a 38,259 955 970 n/a n/a n/a 621,138 8,238 10,199 n/a Total $ 105,329 $ 506 $ 4,146,068 $ 11,346 $ 14,831 $ 84,342 1 US LIBOR transitioning to SOFR (Secured Overnight Financing Rate), GBP LIBOR transitioning to SONIA (Sterling Overnight Index Average), and JPY LIBOR transitioning to TONAR (Tokyo Overnight Average Rate). 2 EURIBOR (Euro Interbank Offered Rate) is excluded from the table as it underwent a methodology change in 2019 and will continue as an interest rate benchmark. As at July 31, 2021, the notional amount of derivatives indexed to EURIBOR was $ 1,848 568 3 3 Certain demand facilities indexed to US LIBOR have no specific maturity and are therefore excluded from the table. As at July 31, 2021, the carrying amounts of demand loans and demand deposits indexed to US LIBOR with no specific maturity were $ 2 2 4 As at July 31, 2021, the notional amount of derivatives indexed to US LIBOR 1-month and 3-month tenors in qualifying hedge accounting relationships hedging interest rate risk that are maturing after June 30, 2023 and have yet to transition to an ARR was $ 179 21 5 Loans reported under non-derivative financial assets represent the drawn amounts and exclude allowance for loan losses. As at July 31, 2021, the carrying amount of non-derivative financial assets indexed to US LIBOR tenors ceasing June 30, 2023 was $ 102 58 38 6 6 Many of the Bank’s corporate loan facilities permit the borrower to select the benchmark interest rate upon drawing on the facility. Based on the Bank’s historical experience, the benchmark interest rate selected by the borrower is often the same as the facility currency and therefore the Bank has assumed that the benchmark interest rate for its undrawn credit and liquidity commitments is the same as the facility currency for the purpose of this disclosure. 7 “Other IBORs” include the following interest rate benchmarks that are subject to IBOR reform: EUR LIBOR, CHF LIBOR, JPY LIBOR, EUR EONIA (Euro Overnight Index Average), NOK NIBOR (Norwegian Interbank Offered Rate), SGD SOR (Singapore Dollar Swap Offer Rate), HKD HIBOR (Hong Kong Interbank Offered Rate), ZAR JIBAR (Johannesburg Interbank Average Rate), SEK STIBOR (Stockholm Interbank Offered Rate), and MXN TIIE (Interbank Equilibrium Interest Rate). 8 US LIBOR presented in the table under cross-currency swaps refers to the tenors (overnight, 1-month, 3-months, 6-months, and 12-months) that will be ceasing following June 30, 2023. As at July 31, 2021, the Bank did not have any cross-currency swaps indexed to US LIBOR tenors (1-week and 2-months) that will be ceasing following December 31, 2021. 9 “Other rates” refer to rates that are not subject to IBOR reform or have already been reformed. Hedging Relationships Fair Value Hedges The Bank’s fair value hedges principally consist of interest rate swaps that are used to protect against changes in the fair value of fixed-rate financial instruments due to movements in market interest rates. Changes in the fair value of derivatives that are designated and qualify as fair value hedging instruments are recognized in Net interest income on the Interim Consolidated Statement of Income, along with changes in the fair value of the assets, liabilities, or group thereof that are attributable to the hedged risk. Any change in fair value relating to the ineffective portion of the hedging relationship is recognized immediately in non-interest income. The cumulative adjustment to the carrying amount of the hedged item (the basis adjustment) is amortized to the Interim Consolidated Statement of Income in Net interest income based on a recalculated EIR over the remaining expected life of the hedged item, with amortization beginning no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the hedged risk. Where the hedged item has been derecognized, the basis adjustment is immediately released to Net interest income or Non-interest income, as applicable, on the Interim Consolidated Statement of Income. On November 1, 2020, the Bank changed its accounting policy on a retrospective basis for the presentation of fair value changes on hedging instruments designated in certain fair value hedge accounting relationships, reclassifying the portion excluded from the hedge accounting designation to net interest income from non-interest income. With the reclassification, changes in the fair value of the hedged item and related hedging instrument (excluding hedge ineffectiveness) are presented in the same lines on the Interim Consolidated Statement of Income. For the comparative three and nine months ended July 31, 2020, the Bank reclassified losses of $ 382 774 Business Combinations In October 2018, the IASB issued narrow-scope amendments to IFRS 3, Business Combinations Revised Conceptual Framework for Financial Reporting In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Bank adopted the Revised Conceptual Framework prospectively on November 1, 2020 and it did not have a significant impact on the Bank. FUTURE CHANGES IN ACCOUNTING POLICIES The following standard has been issued, but is not yet effective on the date of issuance of the Bank’s Interim Consolidated Financial Statements. The Bank is currently assessing the impact of applying the standard on the Interim Consolidated Financial Statements and will adopt the standard when it becomes effective. Insurance Contracts The IASB issued IFRS 17, Insurance Contracts Insurance Contracts The standard is effective for annual reporting periods beginning on or after January 1, 2023, which will be November 1, 2023 for the Bank. OSFI’s related Advisory precludes early adoption. The standard will be applied retrospectively with restatement of comparatives unless impracticable. The adoption of IFRS 17 is a significant initiative for the Bank and is supported by a robust governance structure. The Executive Steering Committee includes representation from the Insurance business, Finance, Actuaries, Risk, Technology, and project management teams. Updates are also provided to the TD Insurance Board, Risk Committee, and Audit Committee. |
Significant Accounting Judgment
Significant Accounting Judgments, Estimates, and Assumptions | 9 Months Ended |
Jul. 31, 2021 | |
Significant Accounting Judgments Estimates And Assumptions | |
Significant Accounting Judgments, Estimates, and Assumptions | NOTE 3: Significant Accounting Judgments, Estimates, and Assumptions The estimates used in the Bank’s accounting policies are essential for understanding the results of its operations and financial condition. Some of the Bank’s policies require subjective, complex judgments and estimates as they relate to matters that are inherently uncertain. Changes in these judgments or estimates and changes to accounting standards and policies could have a materially adverse impact on the Bank’s Interim Consolidated Financial Statements. The Bank has established procedures to ensure that accounting policies are applied consistently and that the processes for changing methodologies, determining estimates, and adopting new accounting standards are well-controlled and occur in an appropriate and systematic manner. Refer to Note 3 of the Bank’s 2020 Annual Consolidated Financial Statements for a description of significant accounting judgments, estimates, and assumptions. Impairment – Expected Credit Loss Model The expected credit loss (ECL) model requires the application of estimates and judgment in the assessment of the current and forward-looking economic environment. As a result of COVID-19, there is a higher degree of uncertainty in determining reasonable and supportable forward-looking information used in assessing significant increase in credit risk and measuring ECLs. The Bank introduced relief programs in the second quarter of 2020 that allowed borrowers to temporarily defer payments of principal and/or interest on their loans and is supporting various government assistance programs which reduce the Bank’s exposure to expected losses. Under these retail and non-retail programs and notwithstanding any other changes in credit risk, opting into a payment deferral program does not in and of itself trigger a significant increase in credit risk since initial recognition (which would result in stage migration) and does not result in additional days past due. Since the second quarter of 2020, macroeconomic variables for the downside scenario were based on plausible scenario analyses of COVID-19 impacts, given the lack of comparable historical data for a shock of this nature. Starting in the first quarter of 2021, the upside scenario was based on TD BANK GROUP • • Page 55 Table of Contents plausible scenario analyses of a more rapid recovery from the COVID-19 shock. Refer to Note 6 for additional details on the macroeconomic variables used in the forward-looking macroeconomic forecasts. Management exercises expert credit judgment in assessing if an exposure has experienced significant increase in credit risk since initial recognition and in determining the amount of ECLs at each reporting date, by considering reasonable and supportable information that is not already included in the quantitative models. The current environment is subject to rapid change and to the extent that certain effects of COVID-19 are not fully incorporated into the model calculations, increased temporary quantitative and qualitative adjustments have been applied. This includes borrower credit scores, industry and geography specific COVID-19 impacts, payment support initiatives introduced by the Bank and governments, and the persistence of the economic shutdown, the effects of which are not yet fully reflected in the quantitative models. The Bank has performed certain additional qualitative portfolio and loan level assessments of significant increase in credit risk. |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Jul. 31, 2021 | |
Fair Value Measurements | |
Fair Value Measurements | NOTE 4: FAIR VALUE MEASUREMENTS Fair Value Measurements There have been no significant changes to the Bank’s approach and methodologies used to determine fair value measurements for the three and nine months ended July 31, 2021. During the three and nine months ended July 31, 2021, the Bank designated certain obligations related to securities sold under repurchase agreements at fair value through profit or loss (FVTPL) as the instruments are part of a portfolio that is managed on a fair value basis and have been included in Obligations related to securities sold under repurchase agreements on the Interim Consolidated Balance Sheet. Transfers between Fair Value Hierarchy Levels for Assets and Liabilities measured at Fair Value on a Recurring Basis The Bank’s policy is to record transfers of assets and liabilities between the different levels of the fair value hierarchy using the fair values as at the end of each reporting period. There were no significant transfers between Level 1 and Level 2 during the three months ended July 31, 2021. During the nine months ended July 31, 2021, the Bank transferred $ 400 There were no significant transfers between Level 2 and Level 3 during the three months ended July 31, 2021. During the nine months ended July 31, 2021, transfers were made out of Level 3 and into Level 2 for trading deposits and equity contracts due to changes in the degree of observability of certain inputs in the fair value measurement of these instruments (three and nine months ended July 31, 2020 – no significant transfers). There were no other significant changes to the unobservable inputs and sensitivities for assets and liabilities classified as Level 3 during the three and nine months ended July 31, 2021. Carrying Value and Fair Value of Financial Instruments not carried at Fair Value The following table reflects the fair value of the Bank’s financial assets and liabilities not carried at fair value. Schedule of Financial Assets and Liabilities not Carried at Fair Value Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Carrying value Fair value Carrying value Fair value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 194,579 $ 195,263 $ 174,592 $ 175,500 Other debt securities 55,731 56,218 53,087 53,373 Total debt securities at amortized cost, net of allowance for credit losses 250,310 251,481 227,679 228,873 Total loans, net of allowance for loan losses 719,220 725,555 717,523 727,197 Total financial assets not carried at fair value $ 969,530 $ 977,036 $ 945,202 $ 956,070 FINANCIAL LIABILITIES Deposits $ 1,118,681 $ 1,119,303 $ 1,135,333 $ 1,137,624 Securitization liabilities at amortized cost 15,272 15,459 15,768 16,143 Subordinated notes and debentures 11,303 12,118 11,477 12,374 Total financial liabilities not carried at fair value $ 1,145,256 $ 1,146,880 $ 1,162,578 $ 1,166,141 1 This table excludes financial assets and liabilities where the carrying amount is a reasonable approximation of fair value. Fair Value Hierarchy The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at July 31, 2021 and October 31, 2020. Schedule of Fair Value Hierarchy for Assets and Liabilities Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 1 Government and government-related securities Canadian government debt Federal $ 104 $ 17,248 $ – $ 17,352 $ 351 $ 21,141 $ – $ 21,492 Provinces – 7,938 1 7,939 – 8,468 – 8,468 U.S. federal, state, municipal governments, and agencies debt – 14,787 – 14,787 – 22,809 16 22,825 Other OECD government guaranteed debt – 6,128 – 6,128 – 4,563 – 4,563 Mortgage-backed securities – 1,516 – 1,516 – 1,690 – 1,690 Other debt securities Canadian issuers – 5,668 – 5,668 – 5,613 2 5,615 Other issuers – 11,688 5 11,693 – 13,352 1 13,353 Equity securities 57,012 49 – 57,061 43,840 39 – 43,879 Trading loans – 12,827 – 12,827 – 12,959 – 12,959 Commodities 11,861 596 – 12,457 12,976 484 – 13,460 Retained interests – 10 – 10 – 14 – 14 68,977 78,455 6 147,438 57,167 91,132 19 148,318 Non-trading financial assets at fair value through profit or loss Securities 171 5,814 728 6,713 232 4,027 571 4,830 Loans – 2,536 3 2,539 – 3,715 3 3,718 171 8,350 731 9,252 232 7,742 574 8,548 Derivatives Interest rate contracts 4 12,709 6 12,719 22 17,937 – 17,959 Foreign exchange contracts 16 32,146 6 32,168 13 29,605 2 29,620 Credit contracts – 26 – 26 – 19 – 19 Equity contracts 3 4,519 6 4,528 5 3,855 370 4,230 Commodity contracts 329 1,948 24 2,301 383 2,022 9 2,414 352 51,348 42 51,742 423 53,438 381 54,242 Financial assets designated at fair value through profit or loss Securities 1 – 4,632 – 4,632 – 4,739 – 4,739 – 4,632 – 4,632 – 4,739 – 4,739 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 12,414 – 12,414 – 14,126 – 14,126 Provinces – 17,466 – 17,466 – 16,502 – 16,502 U.S. federal, state, municipal governments, and agencies debt – 23,245 – 23,245 – 33,034 – 33,034 Other OECD government guaranteed debt – 7,666 – 7,666 – 10,756 – 10,756 Mortgage-backed securities – 2,112 – 2,112 – 3,865 – 3,865 Other debt securities Asset-backed securities – 6,823 – 6,823 – 10,006 – 10,006 Corporate and other debt – 8,417 67 8,484 – 9,875 20 9,895 Equity securities 2,899 1 1,634 4,534 1,005 15 1,579 2,599 Loans – 1,645 – 1,645 – 2,502 – 2,502 2,899 79,789 1,701 84,389 1,005 100,681 1,599 103,285 Securities purchased under reverse repurchase agreements – 7,905 – 7,905 – 7,395 – 7,395 FINANCIAL LIABILITIES Trading deposits – 29,258 187 29,445 – 14,528 4,649 19,177 Derivatives Interest rate contracts 2 13,163 101 13,266 14 19,022 96 19,132 Foreign exchange contracts 11 30,243 – 30,254 14 27,300 – 27,314 Credit contracts – 333 – 333 – 327 – 327 Equity contracts – 6,916 96 7,012 – 3,360 1,077 4,437 Commodity contracts 280 1,568 2 1,850 355 1,611 27 1,993 293 52,223 199 52,715 383 51,620 1,200 53,203 Securitization liabilities at fair value – 13,633 – 13,633 – 13,718 – 13,718 Financial liabilities designated at fair value through profit or loss – 92,337 18 92,355 – 59,641 24 59,665 Obligations related to securities sold short 1 1,941 34,782 – 36,723 1,039 33,960 – 34,999 Obligations related to securities sold under repurchase agreements Held-for-trading – 5,620 – 5,620 – 3,675 – 3,675 Designated at fair value through profit or loss – 817 – 817 – – – – – 6,437 – 6,437 – 3,675 – 3,675 1 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 unobservable inputs for the three and nine months ended July 31, 2021 and July 31, 2020. Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair May 1 2021 Total realized and Movements Transfers Fair July 31 2021 Change in instruments still held 5 Included in income 1 Included in OCI 2,3 Purchases/ Issuances Sales/ Settlements 4 Into Level 3 Out of Level 3 FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ – $ – $ – $ – $ – $ 1 $ – $ 1 $ – Other debt securities 3 – – 23 – 1 (22 ) 5 – 3 – – 23 – 2 (22 ) 6 – Non-trading financial assets at fair value through profit or loss Securities 662 43 – 38 (15 ) – – 728 31 Loans 3 – – – – – – 3 – 665 43 – 38 (15 ) – – 731 31 Financial assets at fair value through other comprehensive income Other debt securities 24 – – – – 43 – 67 – Equity securities 1,479 – 9 124 22 – – 1,634 9 $ 1,503 $ – $ 9 $ 124 $ 22 $ 43 $ – $ 1,701 $ 9 FINANCIAL LIABILITIES Trading deposits 6 $ (176 ) $ (5 ) $ – $ (27 ) $ 10 $ – $ 11 $ (187 ) $ (5 ) Derivatives 7 Interest rate contracts (96 ) (12 ) – – 13 – – (95 ) (3 ) Foreign exchange contracts 9 (3 ) – – – – – 6 (3 ) Equity contracts (89 ) 7 – – (3 ) (3 ) (2 ) (90 ) 7 Commodity contracts 11 14 – – (3 ) – – 22 13 (165 ) 6 – – 7 (3 ) (2 ) (157 ) 14 Financial liabilities designated at fair value through profit or loss (50 ) 64 – (66 ) 34 – – (18 ) 64 Obligations related to securities sold short – – – – – – – – – Fair November 1 Total realized and Movements Transfers Fair July 31 Change in 4 Included 1 Included 2 Purchases/ Sales/ 3 Into Out of FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 16 $ 2 $ – $ – $ (18 ) $ 1 $ – $ 1 $ – Other debt securities 3 – – 23 (1 ) 4 (24 ) 5 – 19 2 – 23 (19 ) 5 (24 ) 6 – Non-trading financial assets at fair value through profit or loss Securities 571 72 – 111 (26 ) – – 728 53 Loans 3 – – – – – – 3 – 574 72 – 111 (26 ) – – 731 53 Financial assets at fair value through other comprehensive income Other debt securities 20 – 4 – – 43 – 67 4 Equity securities 1,579 – 19 150 (114 ) – – 1,634 18 $ 1,599 $ – $ 23 $ 150 $ (114 ) $ 43 $ – $ 1,701 $ 22 FINANCIAL LIABILITIES Trading deposits 5 $ (4,649 ) $ (1,004 ) $ – $ (776 ) $ 2,604 $ (7 ) $ 3,645 $ (187 ) $ (28 ) Derivatives 6 Interest rate contracts (96 ) (9 ) – – 10 – – (95 ) 4 Foreign exchange contracts 2 5 – – – – (1 ) 6 5 Equity contracts (707 ) (742 ) – (36 ) 236 5 1,154 (90 ) (656 ) Commodity contracts (18 ) 41 – – (2 ) – 1 22 22 (819 ) (705 ) – (36 ) 244 5 1,154 (157 ) (625 ) Financial liabilities designated at fair value through profit or loss (24 ) 3 – (206 ) 209 – – (18 ) 3 Obligations related to securities sold short – – – – – (1 ) 1 – – 1 Gains/losses on financial assets and liabilities are recognized within Non-interest Income on the Interim Consolidated Statement of Income. 2 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. 3 Includes foreign exchange. 4 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in AOCI. 5 Issuances and repurchases of trading deposits are reported on a gross basis. 6 As at July 31, 2021, consists of derivative assets of $ 42 28 381 199 193 1,200 Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair Total realized and Movements Transfers Fair Change in 4 Included 1 Included 2 Purchases/ Sales/ 3 Into Out of FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ – $ – $ – $ – $ – $ – $ – $ – $ – Other debt securities 15 – – 2 (13 ) 4 – 8 (1 ) 15 – – 2 (13 ) 4 – 8 (1 ) Non-trading financial assets at fair value through profit or loss Securities 496 10 – 33 (9 ) – – 530 8 Loans 3 – – – – – – 3 – 499 10 – 33 (9 ) – – 533 8 Financial assets at fair value through other comprehensive income Other debt securities 20 – – – – – – 20 – Equity securities 1,629 – (4 ) 5 (66 ) – – 1,564 (6 ) $ 1,649 $ – $ (4 ) $ 5 $ (66 ) $ – $ – $ 1,584 $ (6 ) FINANCIAL LIABILITIES Trading deposits 5 $ (4,322 ) $ (306 ) $ – $ (580 ) $ 688 $ (3 ) $ – $ (4,523 ) $ (210 ) Derivatives 6 Interest rate contracts (97 ) (7 ) – – 9 – – (95 ) (1 ) Foreign exchange contracts 13 (9 ) – – (1 ) – – 3 – Equity contracts (531 ) (82 ) – (18 ) 17 – 1 (613 ) (81 ) Commodity contracts (63 ) 38 – – 12 – – (13 ) 19 (678 ) (60 ) – (18 ) 37 – 1 (718 ) (63 ) Financial liabilities designated at fair value through profit or loss (7 ) 41 – (51 ) 12 – – (5 ) 21 Obligations related to securities sold short – – – – (1 ) (3 ) – (4 ) – Fair Total realized and Movements Transfers Fair Change in 4 Included 1 Included 2 Purchases/ Sales/ 3 Into Out of FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 8 $ – $ – $ – $ (8 ) $ – $ – $ – $ – Other debt securities 4 – – 8 (14 ) 16 (6 ) 8 – 12 – – 8 (22 ) 16 (6 ) 8 – Non-trading financial assets at fair value through profit or loss Securities 493 6 – 80 (49 ) – – 530 (9 ) Loans 5 – – – (2 ) – – 3 – 498 6 – 80 (51 ) – – 533 (9 ) Financial assets at fair value through other comprehensive income Other debt securities 24 – (4 ) – – – – 20 – Equity securities 1,551 – (23 ) 26 10 – – 1,564 (24 ) $ 1,575 $ – $ (27 ) $ 26 $ 10 $ – $ – $ 1,584 $ (24 ) FINANCIAL LIABILITIES Trading deposits 5 $ (4,092 ) $ 217 $ – $ (2,377 ) $ 1,724 $ (3 ) $ 8 $ (4,523 ) $ 278 Derivatives 6 Interest rate contracts (83 ) (29 ) – – 17 – – (95 ) (16 ) Foreign exchange contracts (1 ) 3 – – – 1 – 3 2 Equity contracts (925 ) 275 – (75 ) 112 (1 ) 1 (613 ) 276 Commodity contracts (17 ) (30 ) – – 34 – – (13 ) (8 ) (1,026 ) 219 – (75 ) 163 – 1 (718 ) 254 Financial liabilities designated at fair value through profit or loss (21 ) 106 – (156 ) 66 – – (5 ) 106 Obligations related to securities sold short – – – – (1 ) (6 ) 3 (4 ) – 1 Gains/losses on financial assets and liabilities are recognized within Non-interest income on the Interim Consolidated Statement of Income. 2 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. 3 Includes foreign exchange. 4 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in AOCI. 5 Issuances and repurchases of trading deposits are reported on a gross basis. 6 As at July 31, 2020, consists of derivative assets of $ 372 337 604 1,090 1,015 1,630 |
Securities
Securities | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Securities | NOTE 5: SecuRITIES Unrealized Securities Gains (Losses) Common shares [member] Securities The following table summarizes the unrealized gains and losses as at July 31, 2021 and October 31, 2020. Summary of Unrealized Gains (Losses) for securities at FVOCI Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Cost/ 1 Gross Gross Fair Cost/ 1 Gross Gross Fair value Government and government-related securities Canadian government debt Federal Cost/amortized cost $ 12,289 $ 127 $ (2 ) $ 12,414 $ 13,967 $ 160 $ (1 ) $ 14,126 Provinces Gross unrealized gains 17,251 233 (18 ) 17,466 16,342 181 (21 ) 16,502 U.S. federal, state, municipal governments, and agencies debt 23,115 138 (8 ) 23,245 32,875 192 (33 ) 33,034 Other OECD government guaranteed debt 7,645 22 (1 ) 7,666 10,720 39 (3 ) 10,756 Mortgage-backed securities 2,105 7 – 2,112 3,855 11 (1 ) 3,865 62,405 527 (29 ) 62,903 77,759 583 (59 ) 78,283 Other debt securities Asset-backed securities Gross unrealized (losses) 6,799 32 (8 ) 6,823 10,051 26 (71 ) 10,006 Corporate and other debt 8,414 77 (7 ) 8,484 9,853 79 (37 ) 9,895 15,213 109 (15 ) 15,307 19,904 105 (108 ) 19,901 Total debt securities 77,618 636 (44 ) 78,210 97,663 688 (167 ) 98,184 Equity securities Common shares 3,885 256 (54 ) 4,087 2,641 26 (280 ) 2,387 Preferred shares 461 26 (40 ) 447 303 – (91 ) 212 Financial assets at fair value through other comprehensive income 4,346 282 (94 ) 4,534 2,944 26 (371 ) 2,599 Total securities at fair value through other comprehensive income $ 81,964 $ 918 $ (138 ) $ 82,744 $ 100,607 $ 714 $ (538 ) $ 100,783 1 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate. Equity Securities Designated at Fair Value Through Other Comprehensive Income The Bank designated certain equity securities shown in the following table as equity securities at FVOCI. The designation was made because the investments are held for purposes other than trading. Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the three months ended For the nine months ended July 31, 2021 October 31, 2020 July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Fair value Dividend income recognized Dividend income recognized Common shares Common Shares [member] $ 4,087 $ 2,387 $ 36 $ 21 $ 106 $ 72 Preferred shares 447 212 5 3 12 10 Total $ 4,534 $ 2,599 $ 41 $ 24 $ 118 $ 82 The Bank disposed of equity securities in line with the Bank’s investment strategy with a fair value of $ 21 80 7 35 nil 2 nil 6 1 nil Securities Net Realized Gains (Losses) The following table summarizes the net realized gains and losses for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Net Securities Gains (Losses) Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the three months ended For the nine months ended July 31 2021 July 31 2020 July 31 2021 July 31 2020 Debt securities at amortized cost Financial assets amortized cost [member] $ – $ 4 $ (61 ) $ 4 Debt securities at fair value through other comprehensive income 30 6 64 4 Total $ 30 $ 10 $ 3 $ 8 Credit Quality of Debt Securities The Bank evaluates non-retail credit risk on an individual borrower basis, using both a borrower risk rating and facility risk rating, as detailed in the shaded area of the “Managing Risk” section of the 2020 MD&A. This system is used to assess all non-retail exposures, including debt securities. The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances. Refer to the “Allowance for Credit Losses” table in Note 6 for details regarding the allowance and provision for credit losses on debt securities. Summary of Debt Securities by Risk Rating Debt Securities by Risk Ratings (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities Investment grade $ 326,115 $ – $ n/a $ 326,115 $ 322,842 $ – $ n/a $ 322,842 Non-Investment grade 2,307 68 n/a 2,375 2,762 244 n/a 3,006 Watch and classified n/a 32 n/a 32 n/a 17 n/a 17 Default n/a n/a – – n/a n/a – – Total debt securities $ 328,422 $ 100 $ – $ 328,522 $ 325,604 $ 261 $ – $ 325,865 |
Loans, Impaired Loans, and Allo
Loans, Impaired Loans, and Allowance for Credit Losses | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Loans, Impaired Loans, and Allowance for Credit Losses | NOTE 6: LOANS, IMPAIRED LOANS, AND ALLOWANCE FOR CREDIT LOSSES Loans, Impaired Loans, and Allowance for Credit Losses The following table provides the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances. Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings Loans and Acceptances by Risk Ratings (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 1,2,3 Low Risk $ 202,987 $ 3,606 $ n/a $ 206,593 $ 169,710 $ 3,125 $ n/a $ 172,835 Normal Risk 39,068 9,470 n/a 48,538 56,663 9,938 n/a 66,601 Medium Risk – 4,681 n/a 4,681 – 7,690 n/a 7,690 High Risk – 2,880 279 3,159 – 4,120 443 4,563 Default n/a n/a 485 485 n/a n/a 530 530 Total 242,055 20,637 764 263,456 226,373 24,873 973 252,219 Allowance for loan losses 23 190 60 273 32 205 65 302 Loans, net of allowance 242,032 20,447 704 263,183 226,341 24,668 908 251,917 Consumer instalment and other personal 4 Low Risk 90,500 1,319 n/a 91,819 77,178 1,199 n/a 78,377 Normal Risk 62,128 1,192 n/a 63,320 59,349 1,360 n/a 60,709 Medium Risk 18,568 4,540 n/a 23,108 28,094 3,631 n/a 31,725 High Risk 1,109 7,316 398 8,823 3,700 9,940 638 14,278 Default n/a n/a 420 420 n/a n/a 371 371 Total 172,305 14,367 818 187,490 168,321 16,130 1,009 185,460 Allowance for loan losses 522 951 145 1,618 567 1,265 187 2,019 Loans, net of allowance 171,783 13,416 673 185,872 167,754 14,865 822 183,441 Credit card Low Risk 5,245 23 n/a 5,268 3,916 49 n/a 3,965 Normal Risk 9,556 51 n/a 9,607 7,027 129 n/a 7,156 Medium Risk 8,996 1,233 n/a 10,229 10,431 804 n/a 11,235 High Risk 476 4,903 141 5,520 3,493 6,180 206 9,879 Default n/a n/a 68 68 n/a n/a 99 99 Total 24,273 6,210 209 30,692 24,867 7,162 305 32,334 Allowance for loan losses 658 1,079 156 1,893 624 1,726 204 2,554 Loans, net of allowance 23,615 5,131 53 28,799 24,243 5,436 101 29,780 Business and government 1,2,3,5,6 Investment grade or Low/Normal Risk 115,577 399 n/a 115,976 120,106 250 n/a 120,356 Non-Investment grade or Medium Risk 123,524 12,408 n/a 135,932 126,509 11,818 n/a 138,327 Watch and classified or High Risk 117 12,290 91 12,498 890 12,567 120 13,577 Default n/a n/a 930 930 n/a n/a 982 982 Total 239,218 25,097 1,021 265,336 247,505 24,635 1,102 273,242 Allowance for loan and acceptances losses 1,108 1,562 357 3,027 1,321 1,706 388 3,415 Loans and acceptances, net of allowance 238,110 23,535 664 262,309 246,184 22,929 714 269,827 Total loans and acceptances 5,7 677,851 66,311 2,812 746,974 667,066 72,800 3,389 743,255 Total Allowance for loan losses 7,8 Allowance for loan losses 2,311 3,782 718 6,811 2,544 4,902 844 8,290 Total loans and acceptances, net of allowance 5,7 Loan and acceptances, net of allowance $ 675,540 $ 62,529 $ 2,094 $ 740,163 $ 664,522 $ 67,898 $ 2,545 $ 734,965 1 As at July 31, 2021, impaired loans with a balance of $ 96 111 2 As at July 31, 2021, excludes trading loans and non-trading loans at FVTPL with a fair value of $ 13 13 3 4 3 As at July 31, 2021, includes insured mortgages of $ 83 86 4 As at July 31, 2021, includes Canadian government-insured real estate personal loans of $ 10 12 5 As at July 31, 2021, includes loans that are measured at FVOCI of $ 2 3 19 15 6 As at July 31, 2021, includes loans guaranteed by government agencies of $ 28 27 7 As at July 31, 2021, Stage 3 includes acquired credit-impaired (ACI) loans of $ 161 232 5 10 8 Includes allowance for loan losses related to loans that are measured at FVOCI of nil 1 Loans and Acceptances by Risk Ratings – Off-Balance Sheet Credit Instruments 1 (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 2 Low Risk $ 219,943 $ 210 $ n/a $ 220,153 $ 200,226 $ 724 $ n/a $ 200,950 Normal Risk 79,239 433 n/a 79,672 78,448 1,124 n/a 79,572 Medium Risk 15,010 441 n/a 15,451 35,187 1,444 n/a 36,631 High Risk 947 1,137 – 2,084 2,004 3,025 – 5,029 Default n/a n/a – – n/a n/a – – Non-Retail Exposures 3 Investment grade 193,595 – n/a 193,595 194,182 – n/a 194,182 Non-Investment grade 78,186 6,399 n/a 84,585 76,280 6,553 n/a 82,833 Watch and classified 38 5,301 – 5,339 18 4,416 – 4,434 Default n/a n/a 85 85 n/a n/a 144 144 Total off-balance sheet credit instruments 586,958 13,921 85 600,964 586,345 17,286 144 603,775 Allowance for off-balance sheet credit instruments 374 515 10 899 381 672 34 1,087 Total off-balance sheet credit instruments, net of allowance $ 586,584 $ 13,406 $ 75 $ 600,065 $ 585,964 $ 16,614 $ 110 $ 602,688 1 Exclude mortgage commitments. 2 As at July 31, 2021, includes $ 316 321 3 As at July 31, 2021, includes $ 48 43 The following table provides details on the Bank’s allowance for credit losses as at and for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Allowance for Credit Losses Allowance for Credit Losses (millions of Canadian dollars) Balance beginning of period Provision for credit losses Write-offs, net of recoveries Foreign exchange, disposals, and other adjustments Balance at end period Balance at beginning of period Provision for losses Write- net of recoveries Foreign exchange, disposals, and other adjustments Balance at end of period For the three months ended July 31, 2021 July 31, 2020 Residential mortgages $ 245 $ 29 $ (1 ) $ – $ 273 $ 152 $ 169 $ (5 ) $ (4 ) $ 312 Consumer instalment and other personal 1,816 (33 ) (101 ) 14 1,696 1,939 545 (273 ) (38 ) 2,173 Credit card 2,563 18 (161 ) 25 2,445 3,000 611 (336 ) (83 ) 3,192 Business and government 3,345 (51 ) (22 ) 24 3,296 2,825 868 (61 ) (89 ) 3,543 Total allowance for loan losses, including off-balance 7,969 (37 ) (285 ) 63 7,710 7,916 2,193 (675 ) (214 ) 9,220 Debt securities at amortized cost 2 – – – 2 2 1 – (1 ) 2 Debt securities at FVOCI 4 – – – 4 11 (6 ) – – 5 Total allowance for credit losses on debt securities 6 – – – 6 13 (5 ) – (1 ) 7 Total allowance for credit losses $ 7,975 $ (37 ) $ (285 ) $ 63 $ 7,716 $ 7,929 $ 2,188 $ (675 ) $ (215 ) $ 9,227 Comprising: Allowance for credit losses on loans at amortized cost $ 6,998 $ 6,811 $ 6,925 $ 8,133 Allowance for credit losses on loans at FVOCI 1 – – – Allowance for loan losses 6,999 6,811 6,925 8,133 Allowance for off-balance 970 899 991 1,087 Allowance for credit losses on debt securities 6 6 13 7 For the nine months ended July 31, 2021 July 31, 2020 Residential mortgages $ 302 $ (14 ) $ (8 ) $ (7 ) $ 273 $ 110 $ 220 $ (19 ) $ 1 $ 312 Consumer instalment and other personal 2,112 70 (426 ) (60 ) 1,696 1,309 1,695 (824 ) (7 ) 2,173 Credit card 3,184 (29 ) (575 ) (135 ) 2,445 1,929 2,386 (1,112 ) (11 ) 3,192 Business and government 3,779 (126 ) (188 ) (169 ) 3,296 1,684 2,020 (137 ) (24 ) 3,543 Total allowance for loan losses, including off-balance 9,377 (99 ) (1,197 ) (371 ) 7,710 5,032 6,321 (2,092 ) (41 ) 9,220 Debt securities at amortized cost 2 – – – 2 1 2 – (1 ) 2 Debt securities at FVOCI 5 (2 ) – 1 4 3 2 – – 5 Total allowance for credit losses on debt securities 7 (2 ) – 1 6 4 4 – (1 ) 7 Total allowance for credit losses $ 9,384 $ (101 ) $ (1,197 ) $ (370 ) $ 7,716 $ 5,036 $ 6,325 $ (2,092 ) $ (42 ) $ 9,227 Comprising: Allowance for credit losses on loans at amortized cost $ 8,289 $ 6,811 $ 4,447 $ 8,133 Allowance for credit losses on loans at FVOCI 1 – – – Allowance for loan losses 8,290 6,811 4,447 8,133 Allowance for off-balance 1,087 899 585 1,087 Allowance for credit losses on debt securities 7 6 4 7 The following table provides details on the Bank’s allowance for loan losses by stage as at and for the three months ended July 31, 2021 and July 31, 2020. Summary of Allowance for Loan Losses Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 23 $ 166 $ 56 $ 245 $ 37 $ 56 $ 59 $ 152 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 40 (39 ) (1 ) – 16 (16 ) – – Transfer to Stage 2 Transfer to Stage (15 ) 18 (3 ) – (19 ) 21 (2 ) – Transfer to Stage 3 Transfer to Stage – (5 ) 5 – – (3 ) 3 – Net remeasurement due to transfers into stage 3 (6 ) 3 – (3 ) (5 ) 18 – 13 New originations or purchases 4 11 n/a n/a 11 4 n/a n/a 4 Net repayments 5 – (1 ) – (1 ) – – – – Derecognition of financial assets (excluding disposals and write-offs) 6 (1 ) (9 ) (7 ) (17 ) (1 ) (2 ) (3 ) (6 ) Changes to risk, parameters, and models 7 (28 ) 56 11 39 3 135 20 158 Disposals – – – – – – – – Write-offs – – (3 ) (3 ) – – (6 ) (6 ) Recoveries – – 2 2 – – 1 1 Foreign exchange and other adjustments (1 ) 1 – – (1 ) (2 ) (1 ) (4 ) Balance at end of period $ 23 $ 190 $ 60 $ 273 $ 34 $ 207 $ 71 $ 312 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 587 $ 1,082 $ 147 $ 1,816 $ 863 $ 860 $ 216 $ 1,939 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 319 (315 ) (4 ) – 133 (130 ) (3 ) – Transfer to Stage 2 Transfer to Stage (46 ) 60 (14 ) – (127 ) 143 (16 ) – Transfer to Stage 3 Transfer to Stage (1 ) (43 ) 44 – (2 ) (37 ) 39 – Net remeasurement due to transfers into stage 3 (72 ) 46 3 (23 ) (58 ) 116 2 60 New originations or purchases 4 57 n/a n/a 57 77 n/a n/a 77 Net repayments 5 (26 ) (22 ) (3 ) (51 ) (23 ) (15 ) (2 ) (40 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (29 ) (40 ) (9 ) (78 ) (24 ) (19 ) (7 ) (50 ) Changes to risk, parameters, and models 7 (245 ) 228 79 62 (45 ) 262 281 498 Disposals – – – – – – – – Write-offs – – (181 ) (181 ) – – (339 ) (339 ) Recoveries – – 80 80 – – 66 66 Foreign exchange and other adjustments 5 6 3 14 (19 ) (14 ) (5 ) (38 ) Balance, including off-balance sheet instruments, at end of period 549 1,002 145 1,696 775 1,166 232 2,173 Less: Allowance for off-balance sheet instruments 8 27 51 – 78 30 62 – 92 Balance at end of period $ 522 $ 951 $ 145 $ 1,618 $ 745 $ 1,104 $ 232 $ 2,081 Credit Card 9 Balance, including off-balance sheet instruments, at beginning of period $ 852 $ 1,517 $ 194 $ 2,563 $ 1,127 $ 1,530 $ 343 $ 3,000 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 422 (415 ) (7 ) – 326 (315 ) (11 ) – Transfer to Stage 2 Transfer to Stage (49 ) 63 (14 ) – (166 ) 186 (20 ) – Transfer to Stage 3 Transfer to Stage (2 ) (147 ) 149 – (6 ) (214 ) 220 – Net remeasurement due to transfers into stage 3 (111 ) 72 2 (37 ) (88 ) 247 4 163 New originations or purchases 4 36 n/a n/a 36 55 n/a n/a 55 Net repayments 5 (36 ) (10 ) 4 (42 ) (57 ) (5 ) 8 (54 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (15 ) (33 ) (68 ) (116 ) (76 ) (79 ) (85 ) (240 ) Changes to risk, parameters, and models 7 (233 ) 356 54 177 17 448 222 687 Disposals – – – – – – – – Write-offs – – (236 ) (236 ) – – (414 ) (414 ) Recoveries – – 75 75 – – 78 78 Foreign exchange and other adjustments 8 14 3 25 (32 ) (39 ) (12 ) (83 ) Balance, including off-balance sheet instruments, at end of period 872 1,417 156 2,445 1,100 1,759 333 3,192 Less: Allowance for off-balance sheet instruments 8 214 338 – 552 256 406 – 662 Balance at end of period $ 658 $ 1,079 $ 156 $ 1,893 $ 844 $ 1,353 $ 333 $ 2,530 1 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month Summary of Significant Accounting Policies , Significant Accounting Judgments, Estimates and Assumptions 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., Probability of Default (PD)) caused by changes to macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of Expected Credit Losses”, “Forward Looking Information” and “Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies Significant Accounting Judgments, Estimates and Assumptions 8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2020 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance sheet instruments, at beginning of period $ 1,287 $ 1,689 $ 369 $ 3,345 $ 1,105 $ 1,191 $ 529 $ 2,825 Provision for credit losses Transfer to Stage 1 3 Transfer to Stage 138 (137 ) (1 ) – 64 (61 ) (3 ) – Transfer to Stage 2 Transfer to Stage (137 ) 139 (2 ) – (144 ) 147 (3 ) – Transfer to Stage 3 Transfer to Stage (1 ) (25 ) 26 – (3 ) (22 ) 25 – Net remeasurement due to transfers into stage 3 (31 ) 27 – (4 ) (22 ) 84 2 64 New originations or purchases 3 316 n/a n/a 316 259 n/a n/a 259 Net repayments 3 (17 ) (23 ) (7 ) (47 ) (22 ) (15 ) (28 ) (65 ) Derecognition of financial assets (excluding disposals and write-offs) 3 (228 ) (198 ) (89 ) (515 ) (121 ) (147 ) (32 ) (300 ) Changes to risk, parameters, and models 3 (100 ) 205 94 199 308 382 220 910 Disposals – – (4 ) (4 ) – – – – Write-offs – – (34 ) (34 ) – – (70 ) (70 ) Recoveries – – 12 12 – – 9 9 Foreign exchange and other adjustments 14 11 3 28 (33 ) (29 ) (27 ) (89 ) Balance, including off-balance sheet instruments, at end of period 1,241 1,688 367 3,296 1,391 1,530 622 3,543 Less: Allowance for off-balance sheet instruments 4 133 126 10 269 173 124 36 333 Balance at end of period 1,108 1,562 357 3,027 1,218 1,406 586 3,210 Total Allowance, including off-balance sheet instruments, at end of period 2,685 4,297 728 7,710 3,300 4,662 1,258 9,220 Less: Total Allowance for off-balance sheet instruments 374 515 10 899 459 592 36 1,087 Total Allowance for Loan Losses at end of period $ 2,311 $ 3,782 $ 718 $ 6,811 $ 2,841 $ 4,070 $ 1,222 $ 8,133 1 Includes allowance for loan losses related to ACI loans. 2 Includes allowance for loan losses related to customers’ liability under acceptances. 3 For explanations regarding this line item, refer to the “Allowance for Loan Losses” table on the previous page in this Note. 4 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. The following table provides details on the Bank’s allowance for loan losses by stage as at and for the nine months ended July 31, 2021 and July 31, 2020. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the nine months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 32 $ 205 $ 65 $ 302 $ 28 $ 26 $ 56 $ 110 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 92 (90 ) (2 ) – 26 (26 ) – – Transfer to Stage 2 Transfer to Stage (33 ) 47 (14 ) – (23 ) 31 (8 ) – Transfer to Stage 3 Transfer to Stage – (12 ) 12 – – (9 ) 9 – Net remeasurement due to transfers into stage 3 (16 ) 8 – (8 ) (10 ) 24 – 14 New originations or purchases 4 16 n/a n/a 16 13 n/a n/a 13 Net repayments 5 (4 ) (3 ) – (7 ) – – – – Derecognition of financial assets (excluding disposals and write-offs) 6 (5 ) (28 ) (47 ) (80 ) (3 ) (4 ) (13 ) (20 ) Changes to risk, parameters, and models 7 (57 ) 69 53 65 2 166 45 213 Disposals – – – – – – – – Write-offs – – (11 ) (11 ) – – (22 ) (22 ) Recoveries – – 3 3 – – 3 3 Foreign exchange and other adjustments (2 ) (6 ) 1 (7 ) 1 (1 ) 1 1 Balance at end of period $ 23 $ 190 $ 60 $ 273 $ 34 $ 207 $ 71 $ 312 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 595 $ 1,330 $ 187 $ 2,112 $ 717 $ 417 $ 175 $ 1,309 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 952 (943 ) (9 ) – 267 (253 ) (14 ) – Transfer to Stage 2 Transfer to Stage (113 ) 158 (45 ) – (299 ) 342 (43 ) – Transfer to Stage 3 Transfer to Stage (6 ) (148 ) 154 – (9 ) (113 ) 122 – Net remeasurement due to transfers into stage 3 (282 ) 125 7 (150 ) (113 ) 326 9 222 New originations or purchases 4 163 n/a n/a 163 254 n/a n/a 254 Net repayments 5 (76 ) (76 ) (11 ) (163 ) (67 ) (37 ) (8 ) (112 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (69 ) (119 ) (28 ) (216 ) (67 ) (40 ) (18 ) (125 ) Changes to risk, parameters, and models 7 (597 ) 709 324 436 93 529 834 1,456 Disposals – – – – – – – – Write-offs – – (672 ) (672 ) – – (1,027 ) (1,027 ) Recoveries – – 246 246 – – 203 203 Foreign exchange and other adjustments (18 ) (34 ) (8 ) (60 ) (1 ) (5 ) (1 ) (7 ) Balance, including off-balance sheet instruments, at end of period 549 1,002 145 1,696 775 1,166 232 2,173 Less: Allowance for off-balance sheet instruments 8 27 51 – 78 30 62 – 92 Balance at end of period $ 522 $ 951 $ 145 $ 1,618 $ 745 $ 1,104 $ 232 $ 2,081 Credit Card 9 Balance, including off-balance sheet instruments, at beginning of period $ 799 $ 2,181 $ 204 $ 3,184 $ 934 $ 673 $ 322 $ 1,929 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 1,185 (1,168 ) (17 ) – 623 (600 ) (23 ) – Transfer to Stage 2 Transfer to Stage (132 ) 175 (43 ) – (377 ) 425 (48 ) – Transfer to Stage 3 Transfer to Stage (6 ) (502 ) 508 – (16 ) (481 ) 497 – Net remeasurement due to transfers into stage 3 (390 ) 204 7 (179 ) (198 ) 572 19 393 New originations or purchases 4 89 n/a n/a 89 145 n/a n/a 145 Net repayments 5 (97 ) (19 ) 16 (100 ) (5 ) 4 29 28 Derecognition of financial assets (excluding disposals and write-offs) 6 (39 ) (105 ) (167 ) (311 ) (130 ) (141 ) (250 ) (521 ) Changes to risk, parameters, and models 7 (500 ) 738 234 472 121 1,325 895 2,341 Disposals – – – – – – – – Write-offs – – (806 ) (806 ) – – (1,352 ) (1,352 ) Recoveries – – 231 231 – – 240 240 Foreign exchange and other adjustments (37 ) (87 ) (11 ) (135 ) 3 (18 ) 4 (11 ) Balance, including off-balance sheet instruments, at end of period 872 1,417 156 2,445 1,100 1,759 333 3,192 Less: Allowance for off-balance sheet instruments 8 214 338 – 552 256 406 – 662 Balance at end of period $ 658 $ 1,079 $ 156 $ 1,893 $ 844 $ 1,353 $ 333 $ 2,530 1 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of Note 2, Summary of Significant Accounting Policies , Significant Accounting Judgments, Estimates and Assumptions 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., PD) caused by changes to macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of Expected Credit Losses”, “Forward Looking Information” and “Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies Significant Accounting Judgments, Estimates and Assumptions 8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2020 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the nine months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance sheet instruments, at beginning of period $ 1,499 $ 1,858 $ 422 $ 3,779 $ 736 $ 740 $ 208 $ 1,684 Provision for credit losses Transfer to Stage 1 3 Transfer to Stage 368 (364 ) (4 ) – 142 (137 ) (5 ) – Transfer to Stage 2 Transfer to Stage (399 ) 408 (9 ) – (281 ) 292 (11 ) – Transfer to Stage 3 Transfer to Stage (4 ) (90 ) 94 – (13 ) (99 ) 112 – Net remeasurement due to transfers into stage 3 (88 ) 104 (2 ) 14 (54 ) 186 (3 ) 129 New originations or purchases 3 877 n/a n/a 877 578 n/a n/a 578 Net repayments 3 (23 ) (92 ) (74 ) (189 ) (34 ) (34 ) (46 ) (114 ) Derecognition of financial assets (excluding disposals and write-offs) 3 (608 ) (566 ) (263 ) (1,437 ) (288 ) (307 ) (151 ) (746 ) Changes to risk, parameters, and models 3 (315 ) 509 415 609 608 891 674 2,173 Disposals – – (4 ) (4 ) – – – – Write-offs – – (225 ) (225 ) – – (175 ) (175 ) Recoveries – – 37 37 – – 38 38 Foreign exchange and other adjustments (66 ) (79 ) (20 ) (165 ) (3 ) (2 ) (19 ) (24 ) Balance, including off-balance sheet instruments, at end of period 1,241 1,688 367 3,296 1,391 1,530 622 3,543 Less: Allowance for off-balance sheet instruments 4 133 126 10 269 173 124 36 333 Balance at end of period 1,108 1,562 357 3,027 1,218 1,406 586 3,210 Total Allowance, including off-balance sheet instruments, at end of period 2,685 4,297 728 7,710 3,300 4,662 1,258 9,220 Less: Total Allowance for off-balance sheet instruments 374 515 10 899 459 592 36 1,087 Total Allowance for Loan Losses at end of period $ 2,311 $ 3,782 $ 718 $ 6,811 $ 2,841 $ 4,070 $ 1,222 $ 8,133 1 Includes allowance for loan losses related to ACI loans. 2 Includes allowance for loan losses related to customers’ liability under acceptances. 3 For explanations regarding this line item, refer to the “Allowance for Loan Losses” table on the previous page in this Note. 4 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. The allowance for loan losses on all remaining financial assets is not significant. FORWARD-LOOKING INFORMATION Relevant macroeconomic factors are incorporated in risk parameters as appropriate. Additional risk factors that are industry or segment specific are also incorporated, where relevant. The key macroeconomic variables used in determining ECLs include regional unemployment rates for all retail exposures and regional housing price indices for residential mortgages and home equity lines of credit. For business and government loans, the key macroeconomic variables include gross domestic product (GDP), unemployment rates, interest rates, and credit spreads. Forward-looking macroeconomic forecasts are generated by TD Economics as part of the ECL process: A base economic forecast is accompanied with upside and downside estimates of realistically possible economic conditions. All macroeconomic forecasts are updated quarterly for each variable on a regional basis where applicable and incorporated as relevant into the quarterly modelling of base, upside and downside risk parameters used in the calculation of ECL scenarios and probability-weighted ECLs. Since the second quarter of 2020, macroeconomic variables for the downside scenario were based on plausible scenario analyses of COVID-19 impacts, given the lack of comparable historical data for a shock of this nature. Starting in the first quarter of 2021, the upside scenario was based on plausible scenario analyses of a more rapid recovery from the COVID-19 shock. TD BANK GROUP • • Page 68 Macroeconomic Variables Select macroeconomic variables are projected over the forecast period. The following table represents the average values of the macroeconomic variables over the four calendar quarters starting with the current quarter, and the remaining 4-year forecast period for the base forecast and upside and downside scenarios used in determining the Bank’s ECLs as at July 31, 2021. As the forecast period increases, information about the future becomes less readily available and projections are anchored on assumptions around structural relationships between economic parameters that are inherently much less certain. Compared with the prior quarter’s forecast, the overall base forecast has been upgraded, reflecting greater economic resilience, additional fiscal supports and a faster normalization of economic activity and lower expected unemployment rates. This was tempered by a more conservative downside scenario forecast, reflective of uncertainty associated with virus variants, and other factors such as continued supply chain concerns. Summary of Macroeconomic Variables impacted in Determining ECLs Macroeconomic Variables Base Forecast Upside Scenario Downside Scenario Calendar Quarters 1 Average Q3 2021- Q2 2022 2 Remaining 4-year period 2 Average Q3 2021- Q2 2022 2 Remaining 4-year period 2 Average Q3 2021- Q2 2022 2 Remaining 4-year period 2 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Unemployment rate Canada Unemployment rate 6.6 % 6.3 % 6.1 % 6.0 % 6.3 % 5.7 % 6.1 % 5.3 % 8.1 % 7.5 % United States Unemployment rate 5.5 4.8 4.3 3.9 4.6 3.6 4.5 3.2 6.2 5.0 Real GDP Canada Real GDP 8.0 6.1 4.0 3.8 5.5 1.9 6.5 1.8 1.2 2.6 United States Real GDP 7.3 5.6 3.0 2.8 6.5 2.1 7.6 2.0 3.1 2.6 Home prices Canada (average existing price) 3 Home prices 1.2 (3.4 ) 0.7 1.0 5.2 1.2 5.7 1.7 0.8 0.6 United States (CoreLogic HPI) 4 Home prices 6.0 5.0 4.3 4.1 7.9 3.3 8.7 4.2 4.3 2.8 Central bank policy interest rate Canada Central bank policy interest rate 0.25 0.25 0.25 0.25 0.25 1.42 0.31 1.77 0.25 0.77 United States Central bank policy interest rate 0.25 0.25 0.25 0.25 0.25 1.56 0.31 1.92 0.25 0.91 U.S. 10-year treasury yield 1.73 1.95 2.05 2.15 1.97 2.38 2.24 2.53 1.62 2.04 U.S. 10-year BBB spread (%-pts) U.S. 10-year BBB spread 1.30 1.45 1.60 1.75 1.53 1.80 1.47 1.72 1.66 1.82 Exchange rate (U.S. dollar/Canadian dollar) $ 0.83 $ 0.83 $ 0.82 $ 0.81 $ 0.82 $ 0.79 $ 0.83 $ 0.79 $ 0.80 $ 0.78 1 Quarterly figures for real GDP and home prices are presented as the quarter on quarter change, seasonally adjusted annualized rate. 2 The numbers represent average values for the quoted periods, and average of year-on-year growth for real GDP and home prices. 3 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service; data is collected by the Canadian Real Estate Association. 4 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home’s sales price over time. SENSITIVITY OF ALLOWANCE FOR CREDIT LOSSES ECLs are sensitive to the inputs used in internally developed models, the macroeconomic variables in the forward-looking forecasts and respective probability weightings in determining the probability-weighted ECLs, and other factors considered when applying expert credit judgment. Changes in these inputs, assumptions, models, and judgments would affect the assessment of significant increase in credit risk and the measurement of ECLs. The following table presents the base ECL scenario compared to the probability-weighted ECLs, with the latter derived from three ECL scenarios for performing loans and off-balance sheet instruments. The difference reflects the impact of deriving multiple scenarios around the base ECLs and resultant change in ECLs due to non-linearity and sensitivity to using macroeconomic forecasts. Schedule of Change from Base to Probability-Weighted ECL Change from Base to Probability-Weighted ECLs (millions of Canadian dollars, except as noted) As at July 31, 2021 October 31, 2020 Probability-weighted ECLs $ 6,982 $ 8,500 Base ECLs 6,767 8,157 Difference – in amount $ 215 $ 343 Difference – in percentage 3.1 % 4.0 % ECLs for performing loans and off-balance sheet instruments consist of an aggregate amount of Stage 1 and Stage 2 probability-weighted ECLs which are twelve-month ECLs and lifetime ECLs, respectively. Transfers from Stage 1 to Stage 2 ECLs result from a significant increase in credit risk since initial recognition of the loan. The following table shows the estimated impact of staging on ECLs by presenting all performing loans and off-balance sheet instruments calculated using twelve-month Schedule of Incremental Lifetime ECL Impact Incremental Lifetime ECLs Impact (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Aggregate Stage 1 and 2 probability-weighted ECLs $ 6,982 $ 8,500 All performing loans and off-balance sheet instruments using 12-month ECLs 5,152 6,482 Incremental lifetime ECLs impact $ 1,830 $ 2,018 FORECLOSED ASSETS Foreclosed assets are repossessed non-financial assets where the Bank gains title, ownership, or possession of individual properties, such as real estate properties, which are managed for sale in an orderly manner with the proceeds used to reduce or repay any outstanding debt. The Bank does not generally occupy foreclosed properties for its business use. The Bank predominantly relies on third-party appraisals to determine the carrying value of foreclosed assets. Foreclosed assets held for sale were $ 59 77 LOANS PAST DUE BUT NOT IMPAIRED A loan is classified as past due when a borrower has failed to make a payment by the contractual due date. The following table summarizes loans that are past due but not impaired. Loans less than 31 days contractually past due are excluded as they do not generally reflect a borrower’s ability to meet their payment obligations. Summary of Loans Past Due but Not Impaired Loans Past Due but not Impaired 1,2,3 (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 31-60 days 61-89 days Total 31-60 days 61-89 days Total Residential mortgages $ 197 $ 61 $ 258 $ 221 $ 64 $ 285 Consumer instalment and other personal 456 152 608 590 200 790 Credit card 171 104 275 218 149 367 Business and government 966 107 1,073 723 329 1,052 Total $ 1,790 $ 424 $ 2,214 $ 1,752 $ 742 $ 2,494 1 Certain comparative amounts have been restated to conform with the presentation adopted in the current period. 2 Includes loans that are measured at FVOCI. 3 Loans deferred under a bank-led COVID-19 relief program are not considered past due. Where such loans were already past due, they are not aged further during the deferral period. Aging for deferred loans commences subsequent to the deferral period. MODIFIED FINANCIAL ASSETS To provide financial relief to customers affected by the economic consequences of COVID-19, the Bank is offering certain relief programs, including payment deferral options. Gains and losses resulting from these modifications were insignificant. TRANSFERS OF FINANCIAL ASSETS QUALIFYING FOR DERECOGNITION Canada Emergency Business Account Program Under the Canada Emergency Business Account (CEBA) Program, with funding provided by Her Majesty in Right of Canada (the “ ” 60,000 December 31, 2022 5 211,000 184,000 11.5 7.3 |
Investment in Associates and Jo
Investment in Associates and Joint Ventures | 9 Months Ended |
Jul. 31, 2021 | |
Investments accounted for using equity method [abstract] | |
Investment in Associates and Joint Ventures | NOTE 7: INVESTMENT IN ASSOCIATES AND JOINT VENTURES Investment in Associates and Joint Ventures INVESTMENT IN THE CHARLES SCHWAB CORPORATION The Bank has significant influence over The Charles Schwab Corporation (“Schwab”) and the ability to participate in the financial and operating policy-making decisions of Schwab through a combination of the Bank’s ownership, board representation and the insured deposit account agreement between the Bank and Schwab (the “Schwab IDA Agreement”). As such, the Bank accounts for its investment in Schwab using the equity method. The Bank’s share of Schwab’s earnings available to common shareholders is reported with a one-month lag. The Bank takes into account changes in the subsequent period that would significantly affect the results. As at July 31, 2021, the Bank’s reported investment in Schwab was 13.43 13.51 21 17 14 10 67.95 41.11 The Bank and Schwab are party to a stockholder agreement (the “Stockholder Agreement”) under which the Bank has the right to designate two members of Schwab’s Board of Directors and has representation on two Board Committees, subject to the Bank meeting certain conditions. The Bank’s designated directors currently are the Bank’s Group President and Chief Executive Officer and the Bank’s Chair of the Board. Under the Stockholder Agreement, the Bank is not permitted to own more than 9.9 The condensed financial statements of Schwab, based on its published consolidated financial statements, are included in the following tables. The carrying value of the Bank’s investment in Schwab of $ 11.2 12.2 170 561 Summary of Condensed Financial Statements Condensed Consolidated Balance Sheet (millions of Canadian dollars) As at June 30 2021 Assets Receivables from brokerage clients, net $ 102,609 Available for sale securities 448,664 Other assets 165,513 Total assets $ 716,786 Liabilities Bank deposits $ 459,913 Payables to brokerage clients 131,013 Other liabilities 54,185 Total liabilities 645,111 Stockholders’ equity 71,675 Total liabilities and stockholders’ equity $ 716,786 Condensed Consolidated Statement of Income (millions of Canadian dollars, except as noted) For the three months ended For the nine months ended June 30, 2021 June 30, 2021 Net Revenues Net interest revenue $2,391 $ 7,168 Asset management and administration fees 1,286 3,859 Trading revenue and other 1,883 5,946 Total net revenues 5,560 16,973 Expenses Excluding Interest Compensation and benefits 1,619 5,252 Other 1,830 5,205 Total expenses excluding interest 3,449 10,457 Income before taxes on income 2,111 6,516 Taxes on income 558 1,605 Net income 1,553 4,911 Preferred stock dividends and other 182 415 Net Income available to common stockholders 1,371 4,496 Other comprehensive income (loss) 1,879 (4,221 ) Total comprehensive income $3,250 $ 275 Earnings per common shares outstanding – basic (Canadian dollars) $ 0.73 $ 2.40 Earnings per common shares outstanding – diluted (Canadian dollars) 0.72 2.39 |
Significant Acquisitions
Significant Acquisitions | 9 Months Ended |
Jul. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Significant Acquisitions | NOTE 8: SIGNIFICANT ACQUISITIONS Significant Acquisitions The Bank completed two acquisitions during the third quarter of fiscal 2021: Acquisition of Wells Fargo & Company’s Canadian Direct Equipment Finance Business On May 1, 2021, the Bank acquired the Canadian Direct Equipment Finance business of Wells Fargo & Company. The results of the acquired business have been consolidated from the acquisition date and included in the Canadian Retail segment. Acquisition of Headlands Tech Global Markets, LLC On July 1, 2021, the Bank acquired Headlands Tech Global Markets, LLC, a Chicago based quantitative fixed income trading company. The results of the acquired business have been consolidated from the acquisition date and included in the Wholesale segment. These acquisitions were accounted for as business combinations under the purchase method. The excess of accounting consideration over the fair value of tangible net assets acquired is allocated to other intangibles and goodwill. The purchase price allocation is subject to refinement during the measurement period and may be adjusted to reflect new information about facts and circumstances that existed at the acquisition date. |
Goodwill
Goodwill | 9 Months Ended |
Jul. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Goodwill | NOTE 9: GOODWILL Goodwill Summary of Goodwill by Segment Goodwill by Segment (millions of Canadian dollars) Canadian U.S. Retail 1 Wholesale Total Carrying amount of goodwill as at November 1, 2019 $ 2,836 $ 13,980 $ 160 $ 16,976 Foreign currency translation adjustments and other 10 162 – 172 Carrying amount of goodwill as at October 31, 2020 2 $ 2,846 $ 14,142 $ 160 $ 17,148 Additions (disposals) 40 – 111 151 Foreign currency translation adjustments and other (55 ) (902 ) (1 ) (958 ) Carrying amount of goodwill as at July 31, 2021 2 $ 2,831 $ 13,240 $ 270 $ 16,341 1 Goodwill predominantly relates to U.S. personal and commercial banking. 2 Accumulated impairment as at July 31, 2021 and October 31, 2020 was nil. |
Other Assets
Other Assets | 9 Months Ended |
Jul. 31, 2021 | |
Other Assets | |
Other Assets | NOTE 10: OTHER ASSETS Other Assets Other Assets Schedule of Other Assets (millions of Canadian dollars) As at July 31 October 31 Accounts receivable and other items $ 9,938 $ 10,799 Accrued interest 2,125 2,336 Current income tax receivable 1,453 2,294 Defined benefit asset 334 9 Insurance-related assets, excluding investments 2,020 2,268 Prepaid expenses 1,165 1,150 Total $ 17,035 $ 18,856 |
Deposits
Deposits | 9 Months Ended |
Jul. 31, 2021 | |
Deposits | |
Deposits | NOTE 11: DEPOSITS Deposits Demand deposits are those for which the Bank does not have the right to require notice prior to withdrawal and are in general chequing accounts. Notice deposits are those for which the Bank can legally require notice prior to withdrawal and are in general savings accounts. Term deposits are payable on a given date of maturity and are purchased by customers to earn interest over a fixed period, with terms ranging from one day to ten years and generally include fixed term deposits, guaranteed investment certificates, senior debt, and similar instruments. The aggregate amount of term deposits in denominations of $100,000 or more as at July 31, 2021, was $ 275 287 Deposits Summary of Deposit Liabilities (millions of Canadian dollars) As at By Type By Country July 31 October 31 Demand Notice Term 1 Canada United International Total Total Personal $ 22,427 $ 552,131 $ 51,980 $ 291,917 $ 334,621 $ – $ 626,538 $ 625,200 Banks 2 14,102 208 11,328 19,421 21 6,196 25,638 28,969 Business and government 3 133,641 213,104 119,760 312,562 149,621 4,322 466,505 481,164 170,170 765,443 183,068 623,900 484,263 10,518 1,118,681 1,135,333 Trading 2 – – 29,445 14,219 3,009 12,217 29,445 19,177 Designated at fair value through profit or loss 2,4 – – 92,328 48,355 31,303 12,670 92,328 59,626 Total $ 170,170 $ 765,443 $ 304,841 $ 686,474 $ 518,575 $ 35,405 $ 1,240,454 $ 1,214,136 Non-interest-bearing deposits included above In domestic offices $ 67,849 $ 55,920 In foreign offices 82,849 76,099 Interest-bearing deposits included above In domestic offices 618,625 604,625 In foreign offices 471,123 472,913 U.S. federal funds deposited 2 8 4,579 Total 3,5 $ 1,240,454 $ 1,214,136 1 Includes $ 36.8 27.6 Canada [member] 2 Includes deposits and advances with the Federal Home Loan Bank. United States [member] 3 Includes $ 29.6 40.5 0.5 1.2 4 Financial liabilities designated at FVTPL on the Interim Consolidated Balance Sheet also includes $ 27 39 5 Includes deposits of $ 700 708 49 44 Redemption of TD Capital Trust IV Notes – Series 3 On June 30, 2021, TD Capital Trust IV redeemed all of the outstanding $ 750 |
Other Liabilities
Other Liabilities | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
Other Liabilities | NOTE 12: OTHER LIABILITIES Other Liabilities Other Liabilities Summary of Other Liabilities (millions of Canadian dollars) As at July 31 October 31 Accounts payable, accrued expenses, and other items 1 $ 5,983 $ 6,571 Accrued interest 673 1,142 Accrued salaries and employee benefits 3,386 2,900 Cheques and other items in transit 2,522 2,440 Current income tax payable 355 275 Deferred tax liabilities 260 284 Defined benefit liability 1,906 3,302 Lease liabilities 5,572 6,095 Liabilities related to structured entities 4,284 5,898 Provisions 1,356 1,569 Total $ 26,297 $ 30,476 1 Includes dividends payable of $ 1,389 1,383 |
Equity
Equity | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Equity | NOTE 13: Equity The following table summarizes the changes to the shares and other equity instruments issued and outstanding, and treasury shares held as at and for the three and nine months ended July 31, 2021 and July 31, 2020. Common shares [member] Shares and Other Equity Instruments Issued and Outstanding and Treasury Shares Held Summary of Classes of Share Capital (millions of shares and millions of Canadian dollars) For the three months ended For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Number Amount Number Amount Number Amount Number Amount Common Shares Balance as at beginning of period 1,820.4 $ 22,790 1,803.7 $ 21,766 1,816.1 $ 22,487 1,812.5 $ 21,713 Proceeds from shares issued on exercise of stock options 0.9 56 0.2 12 2.5 146 1.2 65 Shares issued as a result of dividend reinvestment plan 1.2 99 10.0 583 3.9 312 12.2 726 Purchase of shares for cancellation and other – – – – – – (12.0 ) (143 ) Balance as at end of period 1,822.5 $ 22,945 1,813.9 $ 22,361 1,822.5 $ 22,945 1,813.9 $ 22,361 Preferred Shares – Class A Balance as at beginning of period 198.0 $ 4,950 232.0 $ 5,800 226.0 $ 5,650 232.0 $ 5,800 Redemption of shares 1 – – – – (28.0 ) (700 ) – – Balance as at end of period 198.0 $ 4,950 232.0 $ 5,800 198.0 $ 4,950 232.0 $ 5,800 Treasury shares – common 2 Balance as at beginning of period 1.7 $ (123 ) 0.3 $ (25 ) 0.5 $ (37 ) 0.6 $ (41 ) Purchase of shares 29.8 (2,565 ) 35.6 (2,152 ) 107.9 (8,398 ) 104.2 (6,787 ) Sale of shares (29.0 ) 2,499 (35.0 ) 2,118 (105.9 ) 8,246 (103.9 ) 6,769 Balance as at end of period 2.5 $ (189 ) 0.9 $ (59 ) 2.5 $ (189 ) 0.9 $ (59 ) Treasury shares – preferred 2 Balance as at beginning of period 0.2 $ (5 ) 0.2 $ (3 ) 0.1 $ (4 ) 0.3 $ (6 ) Purchase of shares 1.1 (28 ) 1.4 (29 ) 4.4 (107 ) 5.0 (98 ) Sale of shares (1.1 ) 28 (1.4 ) 27 (4.3 ) 106 (5.1 ) 99 Balance as at end of period 0.2 $ (5 ) 0.2 $ (5 ) 0.2 $ (5 ) 0.2 $ (5 ) Other Equity Instruments Balance as at beginning of period – $ – – $ – – $ – – $ – Issue of limited recourse capital notes 3 1.8 1,750 – – 1.8 1,750 – – Balance as at end of period 1.8 $ 1,750 – $ – 1.8 $ 1,750 – $ – 1 On April 30, 2021, the Bank redeemed all of its 28 25.00 700 2 When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity. 3 For Limited Recourse Capital Notes, the number of shares represents the number of notes issued. Limited Recourse Capital Notes On July 29, 2021, the Bank issued $ 1,750 1,750 1,000 The LRCNs bear interest at a fixed rate of 3.6 The LRCNs, by virtue of the recourse to the Preferred Shares Series 26, include standard NVCC provisions necessary for them to qualify as Additional Tier 1 Capital under OSFI’s Capital Adequacy Requirements guideline. NVCC provisions require the conversion of the instrument into a variable number of common shares upon the occurrence of a Trigger Event. In such an event, each Preferred Share Series 26 held in the Limited Recourse Trust will automatically and immediately be converted into a variable number of common shares which will be delivered to LRCN holders in satisfaction of the principal amount of, and accrued and unpaid interest on, the LRCNs. The number of common shares issued will be determined based on the conversion formula set out in the terms of the Preferred Shares Series 26. The LRCNs are compound instruments with both equity and liability features as payments of interest and principal in cash are made at the Bank’s discretion. Non-payment of interest and principal in cash does not constitute an event of default and will trigger the delivery of Preferred Shares Series 26. The liability component has a nominal value and, therefore, the proceeds received upon issuance have been presented as equity, and any interest payments are accounted for as distributions on other equity instruments. |
Share-Based Compensation
Share-Based Compensation | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |
Share-Based Compensation | NOTE 14: SHARE-BASED COMPENSATION Share-Based Compensation For the three and nine months ended July 31, 2021, the Bank recognized compensation expense for stock option awards of $ 5.1 21.0 2.1 9.1 During the three months ended July 31, 2021 and July 31, 2020, nil 2.2 2.1 8.90 5.55 The following table summarizes the assumptions used for estimating the fair value of options for the nine months ended July 31, 2021 and July 31, 2020. Schedule of Assumptions Used for Estimating the Fair Value of Options Assumptions Used for Estimating the Fair Value of Options 1 (in Canadian dollars, except as noted) For the nine months ended July 31 2021 July 31 2020 Risk-free interest rate 0.71 % 1.59 % Option contractual life 10 years 10 years Expected volatility 2 18.50 % 12.90 % Expected dividend yield 3.61 % 3.50 % Exercise price/share price $ 71.88 $ 72.84 1 Prior period disclosure has been updated to align with the current period disclosure. 2 Expected volatility is calculated based on the average daily volatility measured over a historical period. |
Employee Benefits
Employee Benefits | 9 Months Ended |
Jul. 31, 2021 | |
Employee Benefits | |
Employee Benefits | NOTE 15: EMPLOYEE BENEFITS Employee Benefits The following table summarizes expenses for the Bank’s principal pension and non-pension post-retirement defined benefit plans and the Bank’s significant other defined benefit pension and post-retirement benefit plans, for the three and nine months ended July 31, 2021 and July 31, 2020. Defined Benefit Plan Expenses Summary of Employee Benefit Plans Expenses (millions of Canadian dollars) Principal pension plans Principal post-retirement Other pension and 1 For the three months ended July 31 July 31 July 31 July 31 July 31 July 31 Service cost – benefits earned $ 130 $ 116 $ 2 $ 5 $ 2 $ 2 Net interest cost on net defined benefit liability 6 4 3 4 4 7 Past service cost (credit) – – – – – – Defined benefit administrative expenses 3 3 – – 1 1 Total $ 139 $ 123 $ 5 $ 9 $ 7 $ 10 For the nine months ended July 31 July 31 July 31 July 31 July 31 July 31 Service cost – benefits earned $ 391 $ 350 $ 7 $ 13 $ 6 $ 6 Net interest cost on net defined benefit liability 18 11 8 13 14 21 Past service cost (credit) – – – – 1 – Defined benefit administrative expenses 8 8 – – 3 4 Total $ 417 $ 369 $ 15 $ 26 $ 24 $ 31 1 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012. The following table summarizes expenses for the Bank’s defined contribution plans for the three and nine months ended July 31, 2021 and July 31, 2020. Defined Contribution Plan Expenses Summary of Expenses for Bank’s Defined Contribution Plans (millions of Canadian dollars) For the three months ended For the nine months ended July 31 July 31 July 31 July 31 Defined contribution pension plans 1 $ 44 $ 44 $ 138 $ 129 Government pension plans 2 83 85 294 290 Total $ 127 $ 129 $ 432 $ 419 1 Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k) plan. 2 Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act The following table summarizes the remeasurements recognized in other comprehensive income for the Bank’s principal pension and post-retirement defined benefit plans for the three and nine months ended July 31, 2021 and July 31, 2020. Remeasurement of Defined Benefit Plans 1,2,3 Summary of Remeasurement of Defined Benefit Plans (millions of Canadian dollars) Principal pension plans Principal post-retirement benefit plan For the three months ended July 31 July 31 July 31 July 31 Actuarial gains (losses) – defined benefit plan obligations $ (416 ) $ (1,074 ) $ (18 ) $ (61 ) Actuarial gains (losses) – return on plan assets less interest income 548 423 – – Total $ 132 $ (651 ) $ (18 ) $ (61 ) For the nine months ended July 31 July 31 July 31 July 31 Actuarial gains (losses) – defined benefit plan obligations $ 974 $ (1,185 ) $ 24 $ (55 ) Actuarial gains (losses) – return on plan assets less interest income 765 334 – – Total $ 1,739 $ (851 ) $ 24 $ (55 ) 1 Excludes the Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, supplemental employee retirement plans, and other employee benefit plans as these plans are not remeasured on a quarterly basis. 2 Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. All other assumptions are updated annually. 3 Amounts are presented on a pre-tax basis. |
Income Taxes
Income Taxes | 9 Months Ended |
Jul. 31, 2021 | |
Income Taxes | |
Income Taxes | NOTE 16: INCOME TAXES Income Taxes The Canada Revenue Agency (CRA), Revenu Québec Agency (RQA) and Alberta Tax and Revenue Administration (ATRA) are denying certain dividend deductions claimed by the Bank. To date, the CRA has reassessed the Bank for $ 1,032 34 33 1,099 |
Earnings per Share
Earnings per Share | 9 Months Ended |
Jul. 31, 2021 | |
Earnings per share [abstract] | |
Earnings per Share | NOTE 17: EARNINGS PER SHARE Earnings per Share Basic earnings per share is calculated by dividing net income attributable to common shareholders by the weighted-average number of common shares outstanding for the period. Diluted earnings per share is calculated using the same method as basic earnings per share except that certain adjustments are made to net income attributable to common shareholders and the weighted-average number of shares outstanding for the effects of all dilutive potential common shares that are assumed to be issued by the Bank. The following table presents the Bank’s basic and diluted earnings per share for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Earnings Per Share Basic and Diluted Earnings Per Share (millions of Canadian dollars, except as noted) For the three months ended For the nine months ended July 31 July 31 2020 July 31 July 31 2020 Basic earnings per share Net income attributable to common shareholders $ 3,489 $ 2,180 $ 10,331 $ 6,549 Weighted-average number of common shares outstanding (millions) 1,818.8 1,802.3 1,816.8 1,805.4 Basic earnings per share $ 1.92 $ 1.21 $ 5.69 $ 3.63 Diluted earnings per share Net income attributable to common shareholders $ 3,489 $ 2,180 $ 10,331 $ 6,549 Net income available to common shareholders including impact of dilutive securities 3,489 2,180 10,331 6,549 Weighted-average number of common shares outstanding (millions) 1,818.8 1,802.3 1,816.8 1,805.4 Effect of dilutive securities Stock options potentially exercisable (millions) 1 3.0 1.2 2.4 1.7 Weighted-average number of common shares outstanding – diluted (millions) 1,821.8 1,803.5 1,819.2 1,807.1 Diluted earnings per share 1 $ 1.92 $ 1.21 $ 5.68 $ 3.62 1 For the three and nine months ended July 31, 2021, no 7.7 5.5 70.15 71.47 |
Contingent Liabilities
Contingent Liabilities | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of credit risk exposure [abstract] | |
Contingent Liabilities | NOTE 18: CONTINGENT LIABILITIES Contingent Liabilities Other than as described below, there have been no new significant events or transactions as previously identified in Note 27 of the Bank’s 2020 Annual Consolidated Financial Statements. LEGAL AND REGULATORY MATTERS LITIGATION In the ordinary course of business, the Bank and its subsidiaries are involved in various legal and regulatory actions, including but not limited to civil claims and lawsuits, regulatory examinations, investigations, audits and requests for information by various governmental regulatory agencies and law enforcement authorities in various jurisdictions. The Bank establishes provisions when it becomes probable that the Bank will incur a loss and the amount can be reliably estimated. The Bank also estimates the aggregate range of reasonably possible losses (RPL) in its legal and regulatory actions (that is, those which are neither probable nor remote), in excess of provisions. As at July 31, 2021, the Bank’s RPL is from zero $1.5 zero 951 In management’s opinion, based on its current knowledge and after consultation with counsel, the ultimate disposition of these actions, individually or in the aggregate, will not have a material adverse effect on the consolidated financial condition or the consolidated cash flows 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 or regulatory actions may be material to the Bank’s consolidated results of operations for any particular reporting period. Stanford Litigation Smith v. Independent Bank, et al. On March 19, 2021, plaintiffs in Rotstain v. Trustmark National Bank, et al Smith v. Independent Bank, et al. On February 12, 2021, TD Bank and the other Bank Defendants filed motions for summary judgment in Rotstain v. Trustmark National Bank, et al The trial of the Canadian action in the Ontario Superior Court of Justice took place from January 11, 2021 to April 29, 2021. On June 8, 2021, the Superior Court rendered judgment dismissing the action. On July 8, 2021, the Joint Liquidators filed an appeal in the Court of Appeal for Ontario. The Bank expects that the hearing of the appeal will be in 2022. Litigation and other provision [member] Credit Card Fees TD Ameritrade Stockholder Litigation Hawkes v. Bettino, et al. |
Segmented Information
Segmented Information | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Segmented Information | NOTE 19: SEGMENTED INFORMATION Segmented Information For management reporting purposes, the Bank reports its results under three key business segments: Canadian Retail, which includes the results of the Canadian personal and commercial banking businesses, Canadian credit cards, TD Auto Finance Canada, and the Canadian wealth and insurance businesses; U.S. Retail, which includes the results of the U.S. personal and business banking operations, U.S. credit cards, TD Auto Finance U.S., U.S. wealth business, and the Bank’s investment in Schwab; and Wholesale Banking. The Bank’s other activities are grouped into the Corporate segment. The following table summarizes the segment results for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Results by Business Segment Results by Business Segment 1,2 (millions of Canadian dollars) Canadian Retail U.S. Retail Wholesale Banking 3 Corporate 3 Total For the three months ended July 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income $ 3,044 $ 2,910 $ 1,990 $ 2,256 $ 632 $ 531 $ 338 $ 404 $ 6,004 $ 6,101 Non-interest income 3,535 3,116 691 595 451 866 31 (13 ) 4,708 4,564 Total revenue 6,579 6,026 2,681 2,851 1,083 1,397 369 391 10,712 10,665 Provision for (recovery of) credit losses 100 951 (96 ) 897 2 123 (43 ) 217 (37 ) 2,188 Insurance claims and related expenses 836 805 – – – – – – 836 805 Non-interest expenses 2,748 2,533 1,518 1,646 635 669 715 459 5,616 5,307 Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade 2,895 1,737 1,259 308 446 605 (303 ) (285 ) 4,297 2,365 Provision for (recovery of) income taxes 770 474 161 (48 ) 116 163 (125 ) (144 ) 922 445 Share of net income from investment in Schwab and TD Ameritrade 4,5 – – 197 317 – – (27 ) 11 170 328 Net income (loss) $ 2,125 $ 1,263 $ 1,295 $ 673 $ 330 $ 442 $ (205 ) $ (130 ) $ 3,545 $ 2,248 For the nine months ended July 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income (loss) $ 8,895 $ 9,079 $ 5,971 $ 6,763 $ 1,941 $ 1,381 $ 1,062 $ 1,247 $ 17,869 $ 18,470 Non-interest income (loss) 10,091 9,225 2,007 1,792 1,609 2,323 176 (8 ) 13,883 13,332 Total revenue 18,986 18,304 7,978 8,555 3,550 3,704 1,238 1,239 31,752 31,802 Provision for (recovery of) credit losses 205 2,495 (174 ) 2,353 (41 ) 514 (91 ) 963 (101 ) 6,325 Insurance claims and related expenses 2,057 2,256 – – – – – – 2,057 2,256 Non-interest expenses 8,091 7,757 4,800 4,919 2,051 1,937 2,187 1,282 17,129 15,895 Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade 8,633 5,796 3,352 1,283 1,540 1,253 (858 ) (1,006 ) 12,667 7,326 Provision for (recovery of) income taxes 2,289 1,572 393 (120 ) 390 321 (361 ) (419 ) 2,711 1,354 Share of net income from investment in Schwab and TD Ameritrade 4,5 – – 652 752 – – (91 ) 28 561 780 Net income (loss) $ 6,344 $ 4,224 $ 3,611 $ 2,155 $ 1,150 $ 932 $ (588 ) $ (559 ) $ 10,517 $ 6,752 Total assets $ 500,429 $ 461,358 $ 554,418 $ 548,402 $ 500,002 $ 524,286 $ 148,244 $ 163,259 $ 1,703,093 $ 1,697,305 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 The retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements. 3 Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 4 The after-tax amounts for amortization of acquired intangibles and the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade are recorded in the Corporate segment. 5 The Bank’s share of Schwab’s and TD Ameritrade’s earnings is reported with a one-month lag. Refer to Note 7 for further details. |
Interest Income and Expense
Interest Income and Expense | 9 Months Ended |
Jul. 31, 2021 | |
Analysis of income and expense [abstract] | |
Interest Income and Expense | NOTE 20: INTEREST INCOME AND EXPENSE Interest Income and Expense The following table presents interest income and interest expense by basis of accounting measurement. Interest Income and Expense 1 Summary of Interest Income and Expenses by Basis of Accounting Classification (millions of Canadian dollars) For the three months ended July 31, 2021 July 31, 2020 Interest income Interest expense Interest income Interest expense Measured at amortized cost Financial assets amortized cost [member] $ 6,369 $ 812 $ 6,867 $ 1,039 Measured at FVOCI Financial assets at fair value through other comprehensive income [member] 128 n/a 274 n/a 6,497 812 7,141 1,039 Not measured at amortized cost or FVOCI 2 809 490 1,004 1,005 Total $ 7,306 $ 1,302 $ 8,145 $ 2,044 For the nine months ended July 31, 2021 July 31, 2020 Interest income Interest expense Interest income Interest expense Measured at amortized cost $ 19,244 $ 2,681 $ 22,155 $ 5,379 Measured at FVOCI 438 n/a 1,555 n/a 19,682 2,681 23,710 5,379 Not measured at amortized cost or FVOCI 2 2,460 1,592 4,298 4,159 Total $ 22,142 $ 4,273 $ 28,008 $ 9,538 1 Certain comparative amounts have been restated to conform with the presentation adopted in the current period. 2 Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at FVTPL and equities designated at FVOCI. |
Regulatory Capital
Regulatory Capital | 9 Months Ended |
Jul. 31, 2021 | |
Regulatory Capital | |
Regulatory Capital | NOTE 21: REGULATORY CAPITAL Regulatory Capital The Bank manages its capital under guidelines established by OSFI. The regulatory capital guidelines measure capital in relation to credit, market, and operational risks. The Bank has various capital policies, procedures, and controls which it utilizes to achieve its goals and objectives. During the nine months ended July 31, 2021, the Bank complied with the OSFI Basel III guidelines related to capital ratios and the leverage ratio. Effective January 1, 2016, OSFI’s target Common Equity Tier 1 (CET1), Tier 1, and Total Capital ratios for Canadian banks designated as domestic systemically important banks (D-SIBs) includes a 1% 8% 9.5% 11.5% 1% 9% G-SIB 1% On June 17, 2021, OSFI announced that the DSB would increase to 2.50 The following table summarizes the Bank’s regulatory capital positions as at July 31, 2021 and October 31, 2020. Summary of Regulatory Capital Position Regulatory Capital Position 1 (millions of Canadian dollars, except as noted) As at July 31 October 31 Capital Common Equity Tier 1 Capital $ 67,262 $ 62,616 Tier 1 Capital 74,039 69,091 Total Capital 86,201 80,021 Risk-weighted assets used in the calculation of capital ratios 465,453 478,909 Capital and leverage ratios Common Equity Tier 1 Capital ratio 14.5 % 13.1 % Tier 1 Capital ratio 15.9 14.4 Total Capital ratio 18.5 16.7 Leverage ratio 4.8 4.5 1 Includes capital adjustments provided by OSFI in response to COVID-19 pandemic. Refer to “Capital Position” section of the Bank’s 2020 Annual Report for additional detail. |
Risk Management
Risk Management | 9 Months Ended |
Jul. 31, 2021 | |
Risk Management | |
Risk Management | NOTE 22: RISK MANAGEMENT Risk Management The risk management policies and procedures of the Bank are provided in the MD&A. The shaded sections of the “Managing Risk” section of the MD&A relating to market, liquidity, and insurance risks are an integral part of the Interim Consolidated Financial Statements. |
Current And Future Changes In_2
Current And Future Changes In Accounting Policies (Policies) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
IBOR Reform and its Effects on Financial Reporting | IBOR Reform and its Effects on Financial Reporting Various interest rates and other indices that are deemed to be “benchmarks”, including interbank offered rate (IBOR) benchmarks, have been, and continue to be, the subject of international regulatory guidance and proposals for reform. Following the announcements by the U.K. Financial Conduct Authority in July 2017 that it would no longer compel banks to submit London Interbank Offered Rates (LIBORs) after December 2021 and by ICE Benchmark Administration (IBA) in March 2021 that it will cease publication of: (i) GBP LIBOR (all tenors), EUR LIBOR (all tenors), CHF LIBOR (all tenors), JPY LIBOR (all tenors), and US LIBOR (1-week and 2-months) following December 31, 2021; and (ii) US LIBOR (overnight, 1-month, 3-months, 6-months, and 12-months) following June 30, 2023, efforts to transition away from IBORs to alternative reference rates (ARRs) have been continuing in various jurisdictions. The global transition from IBORs to ARRs introduces challenges and risks that may have adverse consequences on the Bank, its clients, and the financial services industry. The replacement of IBORs or other benchmark rates could result in market dislocation and different financial performance for legacy transactions, require different hedging strategies, affect the Bank’s capital and liquidity planning and management, or have other adverse consequences to market participants. Additionally, any adverse impacts on the value of and return on existing instruments and contracts for the Bank’s clients may present an increased risk of litigation, regulatory intervention, and possible reputational damage. To manage the transition to ARRs, the Bank has established an enterprise-wide, cross functional initiative with Board oversight and dedicated work streams to evaluate and address the key areas of impact on the Bank’s products, services, systems, documents, processes, models, funding and liquidity planning, risk management frameworks, and financial reporting with the intention of managing the impact through appropriate mitigating actions. The Bank is also actively participating in industry associations and incorporating best practice guidance from these working groups as well as regulatory bodies into the transition plan, such as incorporating appropriate fallback language in contracts, making available new products referencing ARRs, ceasing the issuance of IBOR based financial instruments, and preparing for overall operational readiness. The Bank is progressing on its transition plan and incorporating market developments as they arise. Details related to certain market developments are noted below: • To help support the transition of legacy derivative contracts, the Bank’s registered swap dealer and four additional Bank affiliates have adhered to the International Swaps and Derivatives Association IBOR Fallbacks Protocol (ISDA Protocol). The ISDA Protocol, which took effect on January 25, 2021, provides an efficient transition mechanism for mutually adhering counterparties to incorporate prescribed fallback rates into legacy derivative contracts. • Further to IBA’s confirmation of its timeline for LIBOR cessation, London Clearing House and the Chicago Mercantile Exchange (CME) Group have established a process with market participants to convert outstanding LIBOR swaps into corresponding market standard ARR-based contracts. • In July 2021, the Alternative Reference Rates Committee formally recommended CME Group’s forward-looking Secured Overnight Financing Rate (SOFR) term rates, following completion of a key change in interdealer trading conventions on July 26, 2021 under the SOFR First initiative. As a result of the decision taken by international regulators to transition from IBORs to ARRs, the IASB undertook standard setting activities related to the accounting issues of IBOR reform in two phases. On September 26, 2019, the IASB issued Interest Rate Benchmark Reform, Amendments to IFRS 9, IAS 39 and IFRS 7 Interest Rate Benchmark Reform – Phase 2, Amendments to IFRS 9, IAS 39, IFRS 7, IFRS 4 and IFRS 16 Interest Rate Benchmark Reform Phase 2 addresses issues affecting financial reporting when changes are made to contractual cash flows of financial instruments or hedging relationships as a result of IBOR reform. The amendments permit modification to financial assets, financial liabilities and lessee lease liabilities required as a direct consequence of IBOR reform and made on an economically equivalent basis to be accounted for by updating the effective interest rate (EIR) prospectively. If the modification does not meet the practical expedient requirements, existing IFRS requirements are applied. Reliefs are also provided for an entity’s hedge accounting relationships in circumstances where changes to hedged items and hedging instruments arise as a result of IBOR reform. The amendments enable entities to amend the formal designation and documentation of a hedging relationship to reflect these changes without discontinuing the hedging relationship or designating a new hedging relationship. Permitted changes include redefining the hedged risk to reference an ARR (contractually or non-contractually specified), amending the description of the hedged item and hedging instrument to reflect the ARR, and amending the description of how the entity will assess hedge effectiveness. Hedging relationships within the scope of Interest Rate Benchmark Reform Phase 2 are the same as those within the scope of Interest Rate Benchmark Reform Phase 1. Interest Rate Benchmark Reform Phase 2 also amended IFRS 7, introducing expanded qualitative and quantitative disclosures about the risks arising from IBOR reform, how an entity is managing those risks, its progress in completing the transition to ARRs, and how it is managing the transition. The following table discloses the Bank’s exposures to significant interest rate benchmarks subject to IBOR reform that have yet to transition to an ARR and will be maturing after June 30, 2023 for certain tenors of US LIBOR and after December 31, 2021 for other IBORs subject to transition. This also includes exposures to interest rate benchmarks subject to IBOR reform that are not required to transition to an ARR. Summary of Exposures to Significant Interest Rate Benchmarks Subject to IBOR Reform Derivatives Exposures to Interest Rate Benchmarks Subject to IBOR Reform 1,2,3,4 (millions of Canadian dollars) As at July 31, 2021 Non-derivative 5 Non-derivative Derivatives Off-balance sheet 6 Carrying amount Carrying amount Notional Positive Negative Contractual US LIBOR tenors ceasing 12/31/2021 $ 1,429 $ – $ 177 $ 1 $ 18 $ – US LIBOR tenors ceasing 06/30/2023 102,325 506 2,881,823 2,607 4,011 83,056 GBP LIBOR 766 – 355,912 211 155 1,286 Other IBORs 7 809 – 287,018 289 438 – 105,329 506 3,524,930 3,108 4,632 84,342 Cross-currency swaps 8 US LIBOR / other rates 9 n/a n/a 418,536 6,407 8,438 n/a US LIBOR / GBP LIBOR n/a n/a 130,182 720 681 n/a US LIBOR / JPY LIBOR n/a n/a 34,161 156 110 n/a Other IBORs 7 n/a n/a 38,259 955 970 n/a n/a n/a 621,138 8,238 10,199 n/a Total $ 105,329 $ 506 $ 4,146,068 $ 11,346 $ 14,831 $ 84,342 1 US LIBOR transitioning to SOFR (Secured Overnight Financing Rate), GBP LIBOR transitioning to SONIA (Sterling Overnight Index Average), and JPY LIBOR transitioning to TONAR (Tokyo Overnight Average Rate). 2 EURIBOR (Euro Interbank Offered Rate) is excluded from the table as it underwent a methodology change in 2019 and will continue as an interest rate benchmark. As at July 31, 2021, the notional amount of derivatives indexed to EURIBOR was $ 1,848 568 3 3 Certain demand facilities indexed to US LIBOR have no specific maturity and are therefore excluded from the table. As at July 31, 2021, the carrying amounts of demand loans and demand deposits indexed to US LIBOR with no specific maturity were $ 2 2 4 As at July 31, 2021, the notional amount of derivatives indexed to US LIBOR 1-month and 3-month tenors in qualifying hedge accounting relationships hedging interest rate risk that are maturing after June 30, 2023 and have yet to transition to an ARR was $ 179 21 5 Loans reported under non-derivative financial assets represent the drawn amounts and exclude allowance for loan losses. As at July 31, 2021, the carrying amount of non-derivative financial assets indexed to US LIBOR tenors ceasing June 30, 2023 was $ 102 58 38 6 6 Many of the Bank’s corporate loan facilities permit the borrower to select the benchmark interest rate upon drawing on the facility. Based on the Bank’s historical experience, the benchmark interest rate selected by the borrower is often the same as the facility currency and therefore the Bank has assumed that the benchmark interest rate for its undrawn credit and liquidity commitments is the same as the facility currency for the purpose of this disclosure. 7 “Other IBORs” include the following interest rate benchmarks that are subject to IBOR reform: EUR LIBOR, CHF LIBOR, JPY LIBOR, EUR EONIA (Euro Overnight Index Average), NOK NIBOR (Norwegian Interbank Offered Rate), SGD SOR (Singapore Dollar Swap Offer Rate), HKD HIBOR (Hong Kong Interbank Offered Rate), ZAR JIBAR (Johannesburg Interbank Average Rate), SEK STIBOR (Stockholm Interbank Offered Rate), and MXN TIIE (Interbank Equilibrium Interest Rate). 8 US LIBOR presented in the table under cross-currency swaps refers to the tenors (overnight, 1-month, 3-months, 6-months, and 12-months) that will be ceasing following June 30, 2023. As at July 31, 2021, the Bank did not have any cross-currency swaps indexed to US LIBOR tenors (1-week and 2-months) that will be ceasing following December 31, 2021. 9 “Other rates” refer to rates that are not subject to IBOR reform or have already been reformed. |
Hedging Relationships | Hedging Relationships Fair Value Hedges The Bank’s fair value hedges principally consist of interest rate swaps that are used to protect against changes in the fair value of fixed-rate financial instruments due to movements in market interest rates. Changes in the fair value of derivatives that are designated and qualify as fair value hedging instruments are recognized in Net interest income on the Interim Consolidated Statement of Income, along with changes in the fair value of the assets, liabilities, or group thereof that are attributable to the hedged risk. Any change in fair value relating to the ineffective portion of the hedging relationship is recognized immediately in non-interest income. The cumulative adjustment to the carrying amount of the hedged item (the basis adjustment) is amortized to the Interim Consolidated Statement of Income in Net interest income based on a recalculated EIR over the remaining expected life of the hedged item, with amortization beginning no later than when the hedged item ceases to be adjusted for changes in its fair value attributable to the hedged risk. Where the hedged item has been derecognized, the basis adjustment is immediately released to Net interest income or Non-interest income, as applicable, on the Interim Consolidated Statement of Income. On November 1, 2020, the Bank changed its accounting policy on a retrospective basis for the presentation of fair value changes on hedging instruments designated in certain fair value hedge accounting relationships, reclassifying the portion excluded from the hedge accounting designation to net interest income from non-interest income. With the reclassification, changes in the fair value of the hedged item and related hedging instrument (excluding hedge ineffectiveness) are presented in the same lines on the Interim Consolidated Statement of Income. For the comparative three and nine months ended July 31, 2020, the Bank reclassified losses of $ 382 774 |
Business Combinations | Business Combinations In October 2018, the IASB issued narrow-scope amendments to IFRS 3, Business Combinations |
Revised Conceptual Framework for Financial Reporting | Revised Conceptual Framework for Financial Reporting In March 2018, the IASB issued the revised Conceptual Framework for Financial Reporting (Revised Conceptual Framework), which provides a set of concepts to assist the IASB in developing standards and to help preparers consistently apply accounting policies where specific accounting standards do not exist. The framework is not an accounting standard and does not override the requirements that exist in other IFRS standards. The Revised Conceptual Framework describes that financial information must be relevant and faithfully represented to be useful, provides revised definitions and recognition criteria for assets and liabilities, and confirms that different measurement bases are useful and permitted. The Bank adopted the Revised Conceptual Framework prospectively on November 1, 2020 and it did not have a significant impact on the Bank. |
Insurance Contracts | Insurance Contracts The IASB issued IFRS 17, Insurance Contracts Insurance Contracts The standard is effective for annual reporting periods beginning on or after January 1, 2023, which will be November 1, 2023 for the Bank. OSFI’s related Advisory precludes early adoption. The standard will be applied retrospectively with restatement of comparatives unless impracticable. The adoption of IFRS 17 is a significant initiative for the Bank and is supported by a robust governance structure. The Executive Steering Committee includes representation from the Insurance business, Finance, Actuaries, Risk, Technology, and project management teams. Updates are also provided to the TD Insurance Board, Risk Committee, and Audit Committee. |
IFRS 7 Disclosure (Tables)
IFRS 7 Disclosure (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
IFRS 7 Disclosure [Abstract] | |
Portfolio Market Risk Measures | TABLE 28: PORTFOLIO MARKET RISK MEASURES Portfolio Market Risk Measures (millions of Canadian dollars) For the three months ended For the nine months ended July 31 2021 April 30 2021 July 31 2020 July 31 2021 July 31 2020 As at Average High Low Average Average Average Average Interest rate risk $ 11.3 $ 12.5 $ 17.4 $ 9.2 $ 18.6 $ 24.2 $ 17.4 $ 19.3 Credit spread risk 7.1 8.2 9.6 6.7 19.4 47.9 17.3 35.2 Equity risk 7.1 9.0 12.5 7.1 10.2 23.9 9.8 13.9 Foreign exchange risk 0.8 1.4 2.7 0.5 2.0 4.0 2.1 4.4 Commodity risk 5.9 3.5 6.0 1.9 4.8 5.0 4.9 3.3 Idiosyncratic debt specific risk 16.9 24.4 34.2 16.9 31.1 53.4 28.8 34.2 Diversification effect 1 (26.8 ) (30.2 ) n/m 2 n/m (51.7 ) (91.2 ) (48.0 ) (64.0 ) Total Value-at-Risk (one-day) 22.3 28.8 37.4 21.9 34.4 67.2 32.3 46.3 Stressed Value-at-Risk (one-day) 34.1 38.4 41.3 34.1 35.0 65.5 35.6 62.3 Incremental Risk Capital Charge (one-year) $ 338.7 $ 339.3 $ 407.8 $ 295.9 $ 363.0 $ 397.0 $ 353.0 $ 314.9 1 The aggregate VaR is less than the sum of the VaR of the different risk types due to risk offsets resulting from portfolio diversification. 2 Not meaningful. It is not meaningful to compute a diversification effect because the high and low may occur on different days for different risk types. |
Structural Interest Rate Sensitivity Measures | TABLE 29: STRUCTURAL INTEREST RATE SENSITIVITY MEASURES Structural Interest Rate Sensitivity Measures (millions of Canadian dollars) As at July 31, 2021 April 30, 2021 October 31, 2020 EVE Sensitivity NII 1 Sensitivity EVE Sensitivity NII 1 Sensitivity EVE Sensitivity NII Sensitivity Canada U.S. Total Canada U.S. Total Total Total Total Total Before-tax 100 bps increase in rates Canada [member] $ 66 $ (1,643 ) $ (1,577 ) $ 1,087 $ 986 $ 2,073 $ (1,510 ) $ 2,101 $ (1,876 ) $ 1,926 100 bps decrease in rates United States [member] (133 ) 377 244 (744 ) (390 ) (1,134 ) 329 (927 ) 277 (872 ) 1 Represents the twelve-month net interest income (NII) exposure to an immediate and sustained shock in rates. |
Summary of Liquid Assets by Type and Currency | TABLE 30: SUMMARY OF LIQUID ASSETS BY TYPE AND CURRENCY 1,2,3 Summary of Liquid Assets by Type and Currency (millions of Canadian dollars, except as noted) As at Bank-owned Securities Total % of Encumbered Unencumbered July 31, 2021 Cash and central bank reserves $ 71,436 $ – $ 71,436 8 % $ 1,136 $ 70,300 Canadian government obligations 31,457 83,321 114,778 14 76,442 38,336 National Housing Act Mortgage-Backed Securities (NHA MBS) 25,018 4 25,022 3 2,307 22,715 Obligations of provincial governments, public sector entities and multilateral development banks 4 27,465 22,997 50,462 6 33,328 17,134 Corporate issuer obligations 7,064 3,657 10,721 1 2,856 7,865 Equities 15,576 3,533 19,109 2 10,806 8,303 Total Canadian dollar-denominated 178,016 113,512 291,528 34 126,875 164,653 Cash and central bank reserves 90,826 – 90,826 10 21 90,805 U.S. government obligations 79,860 45,556 125,416 15 41,762 83,654 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 70,335 3,871 74,206 9 14,499 59,707 Obligations of other sovereigns, public sector entities and multilateral development banks 4 62,748 65,700 128,448 15 63,006 65,442 Corporate issuer obligations 75,471 2,662 78,133 9 9,007 69,126 Equities Canadian Dollar [member] 38,831 32,955 71,786 8 35,243 36,543 Total non-Canadian 418,071 150,744 568,815 66 163,538 405,277 Total $ 596,087 $ 264,256 $ 860,343 100 % $ 290,413 $ 569,930 October 31, 2020 Cash and central bank reserves $ 94,640 $ – $ 94,640 11 % $ 1,689 $ 92,951 Canadian government obligations 39,008 83,258 122,266 14 80,934 41,332 NHA MBS 30,763 23 30,786 3 2,294 28,492 Obligations of provincial governments, public sector entities and multilateral development banks 4 22,999 24,441 47,440 6 34,990 12,450 Corporate issuer obligations 11,310 2,841 14,151 1 2,331 11,820 Equities 13,146 2,618 15,764 2 8,248 7,516 Total Canadian dollar-denominated 211,866 113,181 325,047 37 130,486 194,561 Cash and central bank reserves 69,183 – 69,183 8 51 69,132 U.S. government obligations 82,701 53,755 136,456 15 53,585 82,871 U.S. federal agency obligations, including U.S. federal agency mortgage-backed obligations 74,131 9,566 83,697 9 21,495 62,202 Obligations of other sovereigns, public sector entities and multilateral development banks 4 61,171 55,449 116,620 14 49,771 66,849 Corporate issuer obligations 78,238 2,108 80,346 9 8,297 72,049 Equities 31,258 38,684 69,942 8 36,716 33,226 Total non-Canadian 396,682 159,562 556,244 63 169,915 386,329 Total $ 608,548 $ 272,743 $ 881,291 100 % $ 300,401 $ 580,890 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 Positions stated include gross asset values pertaining to securities financing transactions. 3 Liquid assets include collateral received that can be re-hypothecated 4 Includes debt obligations issued or guaranteed by these entities. |
Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches | TABLE 31: SUMMARY OF UNENCUMBERED LIQUID ASSETS BY BANK, SUBSIDIARIES, AND BRANCHES Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (millions of Canadian dollars) As at July 31 2021 October 31 The Toronto-Dominion Bank (Parent) $ 205,442 $ 230,369 Bank subsidiaries Toronto-Dominion Bank [member] 347,527 334,308 Foreign branches 16,961 16,213 Total $ 569,930 $ 580,890 |
Summary of Deposit Funding | TABLE 39: SUMMARY OF DEPOSIT FUNDING Summary of Deposit Funding (millions of Canadian dollars) As at July 31 2021 October 31 2020 P&C deposits – Canadian Retail $ 509,023 $ 471,543 P&C deposits – U.S. Retail 465,894 477,738 Total $ 974,917 $ 949,281 |
Summary of Remaining Contractual Maturity | TABLE 42: REMAINING CONTRACTUAL MATURITY Summary of Remaining Contractual Maturity (millions of Canadian dollars) As at July 31, 2021 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 5,817 $ – $ – $ – $ – $ – $ – $ – $ – $ 5,817 Interest-bearing deposits with banks 165,405 335 104 – – – – – 1,699 167,543 Trading loans, securities, and other 1 1,745 7,343 3,328 2,736 3,788 10,963 25,452 22,804 69,279 147,438 Non-trading 62 – 16 750 1,523 1,016 3,101 1,803 981 9,252 Derivatives 4,897 7,494 4,702 3,509 2,183 6,033 10,711 12,213 – 51,742 Financial assets designated at fair value through profit or loss 406 122 423 155 111 484 1,271 1,660 – 4,632 Financial assets at fair value through other comprehensive income 1,767 4,341 8,677 11,449 3,203 4,842 21,057 24,518 4,535 84,389 Debt securities at amortized cost, net of allowance for credit losses 2,440 5,119 6,495 6,649 4,899 20,951 77,714 126,045 (2 ) 250,310 Securities purchased under reverse repurchase agreements 2 90,202 34,479 11,673 14,671 10,744 138 247 – – 162,154 Loans Residential mortgages 1,261 3,623 6,089 5,320 10,835 34,902 162,167 39,259 – 263,456 Consumer instalment and other personal 741 1,484 2,271 2,251 4,441 14,206 79,037 27,018 56,041 187,490 Credit card – – – – – – – – 30,692 30,692 Business and government 22,838 7,034 8,429 8,495 9,593 26,811 71,554 62,910 26,729 244,393 Total loans 24,840 12,141 16,789 16,066 24,869 75,919 312,758 129,187 113,462 726,031 Allowance for loan losses – – – – – – – – (6,811 ) (6,811 ) Loans, net of allowance for loan losses 24,840 12,141 16,789 16,066 24,869 75,919 312,758 129,187 106,651 719,220 Customers’ liability under acceptances 15,038 4,212 16 32 – – – – – 19,298 Investment in Schwab TD Schwab [member] – – – – – – – – 11,231 11,231 Goodwill 3 – – – – – – – – 16,341 16,341 Other intangibles 3 – – – – – – – – 2,140 2,140 Land, buildings, equipment, and other depreciable assets 3 – 2 2 2 5 19 336 3,894 4,993 9,253 Deferred tax assets – – – – – – – – 2,036 2,036 Amounts receivable from brokers, dealers, and clients 23,262 – – – – – – – – 23,262 Other assets 3,107 997 602 1,830 405 81 135 65 9,813 17,035 Total assets $ 338,988 $ 76,585 $ 52,827 $ 57,849 $ 51,730 $ 120,446 $ 452,782 $ 322,189 $ 229,697 $ 1,703,093 Liabilities Trading deposits $ 3,061 $ 5,405 $ 7,352 $ 2,886 $ 3,247 $ 2,652 $ 3,627 $ 1,215 $ – $ 29,445 Derivatives 4,865 6,307 4,773 2,889 2,365 6,328 11,287 13,901 – 52,715 Securitization liabilities at fair value – 344 628 1,022 510 2,197 6,208 2,724 – 13,633 Financial liabilities designated at fair value through profit or loss 21,013 18,734 14,110 16,773 20,733 980 3 9 – 92,355 Deposits 4,5 Personal 7,334 10,176 9,192 8,810 7,317 9,277 7,339 29 567,064 626,538 Banks 9,666 1,040 486 103 74 2 2 4 14,261 25,638 Business and government 16,430 15,261 9,159 7,255 5,524 27,079 35,468 3,970 346,359 466,505 Total deposits 33,430 26,477 18,837 16,168 12,915 36,358 42,809 4,003 927,684 1,118,681 Acceptances 15,038 4,212 16 32 – – – – – 19,298 Obligations related to securities sold short 1 697 1,659 1,204 650 749 3,524 13,238 13,214 1,788 36,723 Obligations related to securities sold under repurchase agreements 2 119,070 26,321 5,653 3,238 1,553 24 4 – – 155,863 Securitization liabilities at amortized cost – 405 341 418 473 2,016 8,364 3,255 – 15,272 Amounts payable to brokers, dealers, and clients 23,866 – – – – – – – – 23,866 Insurance-related liabilities 164 283 420 420 441 989 1,710 937 2,371 7,735 Other liabilities 7,205 2,214 2,027 588 253 2,001 965 4,979 6,065 26,297 Subordinated notes and debentures – – – – – – 200 11,103 – 11,303 Equity – – – – – – – – 99,907 99,907 Total liabilities and equity $ 228,409 $ 92,361 $ 55,361 $ 45,084 $ 43,239 $ 57,069 $ 88,415 $ 55,340 $ 1,037,815 $ 1,703,093 Off-balance Credit and liquidity commitments 6,7 $ 13,666 $ 20,691 $ 20,224 $ 19,422 $ 19,861 $ 39,435 $ 113,451 $ 3,750 $ 1,338 $ 251,838 Other commitments 8 67 149 239 144 246 604 864 888 – 3,201 Unconsolidated structured entity commitments – 2,180 1,916 20 – – – – – 4,116 Total off-balance $ 13,733 $ 23,020 $ 22,379 $ 19,586 $ 20,107 $ 40,039 $ 114,315 $ 4,638 $ 1,338 $ 259,155 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 As the timing of demand deposits and notice deposits is non-specific 5 Includes $ 30 4 3 2 4 8 7 2 6 Includes $ 312 7 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 8 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. TABLE 42: REMAINING CONTRACTUAL MATURITY (millions of Canadian dollars) As at October 31, 2020 Less than 1 1 to 3 3 to 6 6 to 9 9 months Over 1 to 2 Over 2 to 5 Over 5 No specific Total Assets Cash and due from banks $ 6,437 $ 8 $ – $ – $ – $ – $ – $ – $ – $ 6,445 Interest-bearing deposits with banks 161,326 656 – – – – – – 2,167 164,149 Trading loans, securities, and other 1 4,363 6,920 7,866 6,913 3,867 9,732 23,624 27,554 57,479 148,318 Non-trading 80 – 600 2,271 69 1,430 1,425 1,879 794 8,548 Derivatives 5,299 7,167 4,554 2,810 2,525 6,314 10,004 15,569 – 54,242 Financial assets designated at fair value through profit or loss 820 183 631 234 107 930 1,253 581 – 4,739 Financial assets at fair value through other comprehensive income 2,501 2,799 8,490 6,101 4,886 25,305 23,667 26,957 2,579 103,285 Debt securities at amortized cost, net of allowance for credit losses 6,444 23,449 16,052 5,855 5,498 12,386 62,145 95,852 (2 ) 227,679 Securities purchased under reverse repurchase agreements 2 98,721 30,246 23,879 11,776 4,204 29 307 – – 169,162 Loans Residential mortgages 472 2,845 7,286 9,994 10,481 38,182 138,912 44,047 – 252,219 Consumer instalment and other personal 706 1,423 3,437 3,941 3,893 14,594 68,961 28,038 60,467 185,460 Credit card – – – – – – – – 32,334 32,334 Business and government 27,193 4,938 8,973 11,653 8,672 35,439 70,478 65,144 23,309 255,799 Total loans 28,371 9,206 19,696 25,588 23,046 88,215 278,351 137,229 116,110 725,812 Allowance for loan losses – – – – – – – – (8,289 ) (8,289 ) Loans, net of allowance for loan losses 28,371 9,206 19,696 25,588 23,046 88,215 278,351 137,229 107,821 717,523 Customers’ liability under acceptances 12,699 2,036 204 2 – – – – – 14,941 Investment in Schwab – – – – – – – – 12,174 12,174 Goodwill 3 – – – – – – – – 17,148 17,148 Other intangibles 3 – – – – – – – – 2,125 2,125 Land, buildings, equipment, and other depreciable assets 3,4 – 1 6 91 9 29 299 4,384 5,317 10,136 Deferred tax assets – – – – – – – – 2,444 2,444 Amounts receivable from brokers, dealers, and clients 33,951 – – – – – – – – 33,951 Other assets 3,521 1,060 643 2,783 470 150 125 171 9,933 18,856 Total assets $ 364,533 $ 83,731 $ 82,621 $ 64,424 $ 44,681 $ 144,520 $ 401,200 $ 310,176 $ 219,979 $ 1,715,865 Liabilities Trading deposits $ 1,802 $ 2,429 $ 2,065 $ 3,057 $ 1,639 $ 3,510 $ 3,455 $ 1,220 $ – $ 19,177 Derivatives 4,718 6,783 3,997 1,917 2,012 5,438 11,084 17,254 – 53,203 Securitization liabilities at fair value – 608 243 652 345 2,495 6,706 2,669 – 13,718 Financial liabilities designated at fair value through profit or loss 18,654 7,290 12,563 15,892 5,251 – 4 11 – 59,665 Deposits 5,6 Personal 6,240 8,996 9,139 9,550 7,288 10,095 7,923 37 565,932 625,200 Banks 12,870 1,592 313 56 28 – 4 5 14,101 28,969 Business and government 25,387 24,703 24,841 15,274 7,214 14,378 52,852 3,386 313,129 481,164 Total deposits 44,497 35,291 34,293 24,880 14,530 24,473 60,779 3,428 893,162 1,135,333 Acceptances 12,699 2,036 204 2 – – – – – 14,941 Obligations related to securities sold short 1 698 1,095 993 823 707 4,888 9,789 14,986 1,020 34,999 Obligations related to securities sold under repurchase agreements 2 122,433 23,944 30,879 1,791 4,952 4,873 4 – – 188,876 Securitization liabilities at amortized cost – 1,055 221 422 404 1,642 8,799 3,225 – 15,768 Amounts payable to brokers, dealers, and clients 35,143 – – – – – – – – 35,143 Insurance-related liabilities 306 350 382 316 305 963 1,676 1,033 2,259 7,590 Other liabilities 4 7,672 3,630 1,744 701 1,048 1,304 1,402 5,633 7,342 30,476 Subordinated notes and debentures – – – – – – 200 11,277 – 11,477 Equity – – – – – – – – 95,499 95,499 Total liabilities and equity $ 248,622 $ 84,511 $ 87,584 $ 50,453 $ 31,193 $ 49,586 $ 103,898 $ 60,736 $ 999,282 $ 1,715,865 Off-balance Credit and liquidity commitments 7,8 $ 19,568 $ 23,526 $ 25,918 $ 20,089 $ 14,289 $ 43,760 $ 107,951 $ 4,343 $ 1,309 $ 260,753 Other commitments 9 77 169 183 188 165 657 875 553 – 2,867 Unconsolidated structured entity commitments 903 342 1,367 227 408 – – – – 3,247 Total off-balance $ 20,548 $ 24,037 $ 27,468 $ 20,504 $ 14,862 $ 44,417 $ 108,826 $ 4,896 $ 1,309 $ 266,867 1 Amount has been recorded according to the remaining contractual maturity of the underlying security. 2 Certain contracts considered short-term are presented in ‘less than 1 month’ category. 3 Certain non-financial 4 Upon adoption of Leases right-of-use 5 As the timing of demand deposits and notice deposits is non-specific 6 Includes $ 41 2 3 5 4 9 16 2 7 Includes $ 290 8 Commitments to extend credit exclude personal lines of credit and credit card lines, which are unconditionally cancellable at the Bank’s discretion at any time. 9 Includes various purchase commitments as well as commitments for leases not yet commenced, and lease-related payments. |
Current And Future Changes In_3
Current And Future Changes In Accounting Policies (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Exposures to Significant Interest Rate Benchmarks Subject to IBOR Reform | The following table discloses the Bank’s exposures to significant interest rate benchmarks subject to IBOR reform that have yet to transition to an ARR and will be maturing after June 30, 2023 for certain tenors of US LIBOR and after December 31, 2021 for other IBORs subject to transition. This also includes exposures to interest rate benchmarks subject to IBOR reform that are not required to transition to an ARR. Summary of Exposures to Significant Interest Rate Benchmarks Subject to IBOR Reform Derivatives Exposures to Interest Rate Benchmarks Subject to IBOR Reform 1,2,3,4 (millions of Canadian dollars) As at July 31, 2021 Non-derivative 5 Non-derivative Derivatives Off-balance sheet 6 Carrying amount Carrying amount Notional Positive Negative Contractual US LIBOR tenors ceasing 12/31/2021 $ 1,429 $ – $ 177 $ 1 $ 18 $ – US LIBOR tenors ceasing 06/30/2023 102,325 506 2,881,823 2,607 4,011 83,056 GBP LIBOR 766 – 355,912 211 155 1,286 Other IBORs 7 809 – 287,018 289 438 – 105,329 506 3,524,930 3,108 4,632 84,342 Cross-currency swaps 8 US LIBOR / other rates 9 n/a n/a 418,536 6,407 8,438 n/a US LIBOR / GBP LIBOR n/a n/a 130,182 720 681 n/a US LIBOR / JPY LIBOR n/a n/a 34,161 156 110 n/a Other IBORs 7 n/a n/a 38,259 955 970 n/a n/a n/a 621,138 8,238 10,199 n/a Total $ 105,329 $ 506 $ 4,146,068 $ 11,346 $ 14,831 $ 84,342 1 US LIBOR transitioning to SOFR (Secured Overnight Financing Rate), GBP LIBOR transitioning to SONIA (Sterling Overnight Index Average), and JPY LIBOR transitioning to TONAR (Tokyo Overnight Average Rate). 2 EURIBOR (Euro Interbank Offered Rate) is excluded from the table as it underwent a methodology change in 2019 and will continue as an interest rate benchmark. As at July 31, 2021, the notional amount of derivatives indexed to EURIBOR was $ 1,848 568 3 3 Certain demand facilities indexed to US LIBOR have no specific maturity and are therefore excluded from the table. As at July 31, 2021, the carrying amounts of demand loans and demand deposits indexed to US LIBOR with no specific maturity were $ 2 2 4 As at July 31, 2021, the notional amount of derivatives indexed to US LIBOR 1-month and 3-month tenors in qualifying hedge accounting relationships hedging interest rate risk that are maturing after June 30, 2023 and have yet to transition to an ARR was $ 179 21 5 Loans reported under non-derivative financial assets represent the drawn amounts and exclude allowance for loan losses. As at July 31, 2021, the carrying amount of non-derivative financial assets indexed to US LIBOR tenors ceasing June 30, 2023 was $ 102 58 38 6 6 Many of the Bank’s corporate loan facilities permit the borrower to select the benchmark interest rate upon drawing on the facility. Based on the Bank’s historical experience, the benchmark interest rate selected by the borrower is often the same as the facility currency and therefore the Bank has assumed that the benchmark interest rate for its undrawn credit and liquidity commitments is the same as the facility currency for the purpose of this disclosure. 7 “Other IBORs” include the following interest rate benchmarks that are subject to IBOR reform: EUR LIBOR, CHF LIBOR, JPY LIBOR, EUR EONIA (Euro Overnight Index Average), NOK NIBOR (Norwegian Interbank Offered Rate), SGD SOR (Singapore Dollar Swap Offer Rate), HKD HIBOR (Hong Kong Interbank Offered Rate), ZAR JIBAR (Johannesburg Interbank Average Rate), SEK STIBOR (Stockholm Interbank Offered Rate), and MXN TIIE (Interbank Equilibrium Interest Rate). 8 US LIBOR presented in the table under cross-currency swaps refers to the tenors (overnight, 1-month, 3-months, 6-months, and 12-months) that will be ceasing following June 30, 2023. As at July 31, 2021, the Bank did not have any cross-currency swaps indexed to US LIBOR tenors (1-week and 2-months) that will be ceasing following December 31, 2021. 9 “Other rates” refer to rates that are not subject to IBOR reform or have already been reformed. |
Fair Value Measurements (Tables
Fair Value Measurements (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |
Schedule of Financial Assets and Liabilities not Carried at Fair Value | The following table reflects the fair value of the Bank’s financial assets and liabilities not carried at fair value. Schedule of Financial Assets and Liabilities not Carried at Fair Value Financial Assets and Liabilities not carried at Fair Value 1 (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Carrying value Fair value Carrying value Fair value FINANCIAL ASSETS Debt securities at amortized cost, net of allowance for credit losses Government and government-related securities $ 194,579 $ 195,263 $ 174,592 $ 175,500 Other debt securities 55,731 56,218 53,087 53,373 Total debt securities at amortized cost, net of allowance for credit losses 250,310 251,481 227,679 228,873 Total loans, net of allowance for loan losses 719,220 725,555 717,523 727,197 Total financial assets not carried at fair value $ 969,530 $ 977,036 $ 945,202 $ 956,070 FINANCIAL LIABILITIES Deposits $ 1,118,681 $ 1,119,303 $ 1,135,333 $ 1,137,624 Securitization liabilities at amortized cost 15,272 15,459 15,768 16,143 Subordinated notes and debentures 11,303 12,118 11,477 12,374 Total financial liabilities not carried at fair value $ 1,145,256 $ 1,146,880 $ 1,162,578 $ 1,166,141 1 This table excludes financial assets and liabilities where the carrying amount is a reasonable approximation of fair value. |
Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities | The following tables reconcile changes in fair value of all assets and liabilities measured at fair value using significant Level 3 unobservable inputs for the three and nine months ended July 31, 2021 and July 31, 2020. Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair May 1 2021 Total realized and Movements Transfers Fair July 31 2021 Change in instruments still held 5 Included in income 1 Included in OCI 2,3 Purchases/ Issuances Sales/ Settlements 4 Into Level 3 Out of Level 3 FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ – $ – $ – $ – $ – $ 1 $ – $ 1 $ – Other debt securities 3 – – 23 – 1 (22 ) 5 – 3 – – 23 – 2 (22 ) 6 – Non-trading financial assets at fair value through profit or loss Securities 662 43 – 38 (15 ) – – 728 31 Loans 3 – – – – – – 3 – 665 43 – 38 (15 ) – – 731 31 Financial assets at fair value through other comprehensive income Other debt securities 24 – – – – 43 – 67 – Equity securities 1,479 – 9 124 22 – – 1,634 9 $ 1,503 $ – $ 9 $ 124 $ 22 $ 43 $ – $ 1,701 $ 9 FINANCIAL LIABILITIES Trading deposits 6 $ (176 ) $ (5 ) $ – $ (27 ) $ 10 $ – $ 11 $ (187 ) $ (5 ) Derivatives 7 Interest rate contracts (96 ) (12 ) – – 13 – – (95 ) (3 ) Foreign exchange contracts 9 (3 ) – – – – – 6 (3 ) Equity contracts (89 ) 7 – – (3 ) (3 ) (2 ) (90 ) 7 Commodity contracts 11 14 – – (3 ) – – 22 13 (165 ) 6 – – 7 (3 ) (2 ) (157 ) 14 Financial liabilities designated at fair value through profit or loss (50 ) 64 – (66 ) 34 – – (18 ) 64 Obligations related to securities sold short – – – – – – – – – Fair November 1 Total realized and Movements Transfers Fair July 31 Change in 4 Included 1 Included 2 Purchases/ Sales/ 3 Into Out of FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 16 $ 2 $ – $ – $ (18 ) $ 1 $ – $ 1 $ – Other debt securities 3 – – 23 (1 ) 4 (24 ) 5 – 19 2 – 23 (19 ) 5 (24 ) 6 – Non-trading financial assets at fair value through profit or loss Securities 571 72 – 111 (26 ) – – 728 53 Loans 3 – – – – – – 3 – 574 72 – 111 (26 ) – – 731 53 Financial assets at fair value through other comprehensive income Other debt securities 20 – 4 – – 43 – 67 4 Equity securities 1,579 – 19 150 (114 ) – – 1,634 18 $ 1,599 $ – $ 23 $ 150 $ (114 ) $ 43 $ – $ 1,701 $ 22 FINANCIAL LIABILITIES Trading deposits 5 $ (4,649 ) $ (1,004 ) $ – $ (776 ) $ 2,604 $ (7 ) $ 3,645 $ (187 ) $ (28 ) Derivatives 6 Interest rate contracts (96 ) (9 ) – – 10 – – (95 ) 4 Foreign exchange contracts 2 5 – – – – (1 ) 6 5 Equity contracts (707 ) (742 ) – (36 ) 236 5 1,154 (90 ) (656 ) Commodity contracts (18 ) 41 – – (2 ) – 1 22 22 (819 ) (705 ) – (36 ) 244 5 1,154 (157 ) (625 ) Financial liabilities designated at fair value through profit or loss (24 ) 3 – (206 ) 209 – – (18 ) 3 Obligations related to securities sold short – – – – – (1 ) 1 – – 1 Gains/losses on financial assets and liabilities are recognized within Non-interest Income on the Interim Consolidated Statement of Income. 2 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. 3 Includes foreign exchange. 4 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in AOCI. 5 Issuances and repurchases of trading deposits are reported on a gross basis. 6 As at July 31, 2021, consists of derivative assets of $ 42 28 381 199 193 1,200 Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (millions of Canadian dollars) Fair Total realized and Movements Transfers Fair Change in 4 Included 1 Included 2 Purchases/ Sales/ 3 Into Out of FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ – $ – $ – $ – $ – $ – $ – $ – $ – Other debt securities 15 – – 2 (13 ) 4 – 8 (1 ) 15 – – 2 (13 ) 4 – 8 (1 ) Non-trading financial assets at fair value through profit or loss Securities 496 10 – 33 (9 ) – – 530 8 Loans 3 – – – – – – 3 – 499 10 – 33 (9 ) – – 533 8 Financial assets at fair value through other comprehensive income Other debt securities 20 – – – – – – 20 – Equity securities 1,629 – (4 ) 5 (66 ) – – 1,564 (6 ) $ 1,649 $ – $ (4 ) $ 5 $ (66 ) $ – $ – $ 1,584 $ (6 ) FINANCIAL LIABILITIES Trading deposits 5 $ (4,322 ) $ (306 ) $ – $ (580 ) $ 688 $ (3 ) $ – $ (4,523 ) $ (210 ) Derivatives 6 Interest rate contracts (97 ) (7 ) – – 9 – – (95 ) (1 ) Foreign exchange contracts 13 (9 ) – – (1 ) – – 3 – Equity contracts (531 ) (82 ) – (18 ) 17 – 1 (613 ) (81 ) Commodity contracts (63 ) 38 – – 12 – – (13 ) 19 (678 ) (60 ) – (18 ) 37 – 1 (718 ) (63 ) Financial liabilities designated at fair value through profit or loss (7 ) 41 – (51 ) 12 – – (5 ) 21 Obligations related to securities sold short – – – – (1 ) (3 ) – (4 ) – Fair Total realized and Movements Transfers Fair Change in 4 Included 1 Included 2 Purchases/ Sales/ 3 Into Out of FINANCIAL ASSETS Trading loans, securities, and other Government and government-related securities $ 8 $ – $ – $ – $ (8 ) $ – $ – $ – $ – Other debt securities 4 – – 8 (14 ) 16 (6 ) 8 – 12 – – 8 (22 ) 16 (6 ) 8 – Non-trading financial assets at fair value through profit or loss Securities 493 6 – 80 (49 ) – – 530 (9 ) Loans 5 – – – (2 ) – – 3 – 498 6 – 80 (51 ) – – 533 (9 ) Financial assets at fair value through other comprehensive income Other debt securities 24 – (4 ) – – – – 20 – Equity securities 1,551 – (23 ) 26 10 – – 1,564 (24 ) $ 1,575 $ – $ (27 ) $ 26 $ 10 $ – $ – $ 1,584 $ (24 ) FINANCIAL LIABILITIES Trading deposits 5 $ (4,092 ) $ 217 $ – $ (2,377 ) $ 1,724 $ (3 ) $ 8 $ (4,523 ) $ 278 Derivatives 6 Interest rate contracts (83 ) (29 ) – – 17 – – (95 ) (16 ) Foreign exchange contracts (1 ) 3 – – – 1 – 3 2 Equity contracts (925 ) 275 – (75 ) 112 (1 ) 1 (613 ) 276 Commodity contracts (17 ) (30 ) – – 34 – – (13 ) (8 ) (1,026 ) 219 – (75 ) 163 – 1 (718 ) 254 Financial liabilities designated at fair value through profit or loss (21 ) 106 – (156 ) 66 – – (5 ) 106 Obligations related to securities sold short – – – – (1 ) (6 ) 3 (4 ) – 1 Gains/losses on financial assets and liabilities are recognized within Non-interest income on the Interim Consolidated Statement of Income. 2 Includes realized gains/losses transferred to retained earnings on disposal of equities designated at FVOCI. 3 Includes foreign exchange. 4 Changes in unrealized gains/losses on financial assets at FVOCI are recognized in AOCI. 5 Issuances and repurchases of trading deposits are reported on a gross basis. 6 As at July 31, 2020, consists of derivative assets of $ 372 337 604 1,090 1,015 1,630 |
At fair value [member] | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |
Schedule of Fair Value Hierarchy for Assets and Liabilities | Fair Value Hierarchy The following table presents the levels within the fair value hierarchy for each of the assets and liabilities measured at fair value on a recurring basis as at July 31, 2021 and October 31, 2020. Schedule of Fair Value Hierarchy for Assets and Liabilities Fair Value Hierarchy for Assets and Liabilities Measured at Fair Value on a Recurring Basis (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total FINANCIAL ASSETS AND COMMODITIES Trading loans, securities, and other 1 Government and government-related securities Canadian government debt Federal $ 104 $ 17,248 $ – $ 17,352 $ 351 $ 21,141 $ – $ 21,492 Provinces – 7,938 1 7,939 – 8,468 – 8,468 U.S. federal, state, municipal governments, and agencies debt – 14,787 – 14,787 – 22,809 16 22,825 Other OECD government guaranteed debt – 6,128 – 6,128 – 4,563 – 4,563 Mortgage-backed securities – 1,516 – 1,516 – 1,690 – 1,690 Other debt securities Canadian issuers – 5,668 – 5,668 – 5,613 2 5,615 Other issuers – 11,688 5 11,693 – 13,352 1 13,353 Equity securities 57,012 49 – 57,061 43,840 39 – 43,879 Trading loans – 12,827 – 12,827 – 12,959 – 12,959 Commodities 11,861 596 – 12,457 12,976 484 – 13,460 Retained interests – 10 – 10 – 14 – 14 68,977 78,455 6 147,438 57,167 91,132 19 148,318 Non-trading financial assets at fair value through profit or loss Securities 171 5,814 728 6,713 232 4,027 571 4,830 Loans – 2,536 3 2,539 – 3,715 3 3,718 171 8,350 731 9,252 232 7,742 574 8,548 Derivatives Interest rate contracts 4 12,709 6 12,719 22 17,937 – 17,959 Foreign exchange contracts 16 32,146 6 32,168 13 29,605 2 29,620 Credit contracts – 26 – 26 – 19 – 19 Equity contracts 3 4,519 6 4,528 5 3,855 370 4,230 Commodity contracts 329 1,948 24 2,301 383 2,022 9 2,414 352 51,348 42 51,742 423 53,438 381 54,242 Financial assets designated at fair value through profit or loss Securities 1 – 4,632 – 4,632 – 4,739 – 4,739 – 4,632 – 4,632 – 4,739 – 4,739 Financial assets at fair value through other comprehensive income Government and government-related securities Canadian government debt Federal – 12,414 – 12,414 – 14,126 – 14,126 Provinces – 17,466 – 17,466 – 16,502 – 16,502 U.S. federal, state, municipal governments, and agencies debt – 23,245 – 23,245 – 33,034 – 33,034 Other OECD government guaranteed debt – 7,666 – 7,666 – 10,756 – 10,756 Mortgage-backed securities – 2,112 – 2,112 – 3,865 – 3,865 Other debt securities Asset-backed securities – 6,823 – 6,823 – 10,006 – 10,006 Corporate and other debt – 8,417 67 8,484 – 9,875 20 9,895 Equity securities 2,899 1 1,634 4,534 1,005 15 1,579 2,599 Loans – 1,645 – 1,645 – 2,502 – 2,502 2,899 79,789 1,701 84,389 1,005 100,681 1,599 103,285 Securities purchased under reverse repurchase agreements – 7,905 – 7,905 – 7,395 – 7,395 FINANCIAL LIABILITIES Trading deposits – 29,258 187 29,445 – 14,528 4,649 19,177 Derivatives Interest rate contracts 2 13,163 101 13,266 14 19,022 96 19,132 Foreign exchange contracts 11 30,243 – 30,254 14 27,300 – 27,314 Credit contracts – 333 – 333 – 327 – 327 Equity contracts – 6,916 96 7,012 – 3,360 1,077 4,437 Commodity contracts 280 1,568 2 1,850 355 1,611 27 1,993 293 52,223 199 52,715 383 51,620 1,200 53,203 Securitization liabilities at fair value – 13,633 – 13,633 – 13,718 – 13,718 Financial liabilities designated at fair value through profit or loss – 92,337 18 92,355 – 59,641 24 59,665 Obligations related to securities sold short 1 1,941 34,782 – 36,723 1,039 33,960 – 34,999 Obligations related to securities sold under repurchase agreements Held-for-trading – 5,620 – 5,620 – 3,675 – 3,675 Designated at fair value through profit or loss – 817 – 817 – – – – – 6,437 – 6,437 – 3,675 – 3,675 1 Balances reflect the reduction of securities owned (long positions) by the amount of identical securities sold but not yet purchased (short positions). |
Securities (Tables)
Securities (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Unrealized Gains (Losses) for securities at FVOCI | The following table summarizes the unrealized gains and losses as at July 31, 2021 and October 31, 2020. Summary of Unrealized Gains (Losses) for securities at FVOCI Unrealized Gains (Losses) for Securities at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Cost/ 1 Gross Gross Fair Cost/ 1 Gross Gross Fair value Government and government-related securities Canadian government debt Federal Cost/amortized cost $ 12,289 $ 127 $ (2 ) $ 12,414 $ 13,967 $ 160 $ (1 ) $ 14,126 Provinces Gross unrealized gains 17,251 233 (18 ) 17,466 16,342 181 (21 ) 16,502 U.S. federal, state, municipal governments, and agencies debt 23,115 138 (8 ) 23,245 32,875 192 (33 ) 33,034 Other OECD government guaranteed debt 7,645 22 (1 ) 7,666 10,720 39 (3 ) 10,756 Mortgage-backed securities 2,105 7 – 2,112 3,855 11 (1 ) 3,865 62,405 527 (29 ) 62,903 77,759 583 (59 ) 78,283 Other debt securities Asset-backed securities Gross unrealized (losses) 6,799 32 (8 ) 6,823 10,051 26 (71 ) 10,006 Corporate and other debt 8,414 77 (7 ) 8,484 9,853 79 (37 ) 9,895 15,213 109 (15 ) 15,307 19,904 105 (108 ) 19,901 Total debt securities 77,618 636 (44 ) 78,210 97,663 688 (167 ) 98,184 Equity securities Common shares 3,885 256 (54 ) 4,087 2,641 26 (280 ) 2,387 Preferred shares 461 26 (40 ) 447 303 – (91 ) 212 Financial assets at fair value through other comprehensive income 4,346 282 (94 ) 4,534 2,944 26 (371 ) 2,599 Total securities at fair value through other comprehensive income $ 81,964 $ 918 $ (138 ) $ 82,744 $ 100,607 $ 714 $ (538 ) $ 100,783 1 Includes the foreign exchange translation of amortized cost balances at the period-end spot rate. |
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income | Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income Equity Securities Designated at Fair Value Through Other Comprehensive Income (millions of Canadian dollars) As at For the three months ended For the nine months ended July 31, 2021 October 31, 2020 July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Fair value Dividend income recognized Dividend income recognized Common shares Common Shares [member] $ 4,087 $ 2,387 $ 36 $ 21 $ 106 $ 72 Preferred shares 447 212 5 3 12 10 Total $ 4,534 $ 2,599 $ 41 $ 24 $ 118 $ 82 |
Summary of Net Securities Gains (Losses) | The following table summarizes the net realized gains and losses for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Net Securities Gains (Losses) Securities Net Realized Gains (Losses) (millions of Canadian dollars) For the three months ended For the nine months ended July 31 2021 July 31 2020 July 31 2021 July 31 2020 Debt securities at amortized cost Financial assets amortized cost [member] $ – $ 4 $ (61 ) $ 4 Debt securities at fair value through other comprehensive income 30 6 64 4 Total $ 30 $ 10 $ 3 $ 8 |
Summary of Debt Securities by Risk Rating | The following table provides the gross carrying amounts of debt securities measured at amortized cost and debt securities at FVOCI by internal risk ratings for credit risk management purposes, presenting separately those debt securities that are subject to Stage 1, Stage 2, and Stage 3 allowances. Refer to the “Allowance for Credit Losses” table in Note 6 for details regarding the allowance and provision for credit losses on debt securities. Summary of Debt Securities by Risk Rating Debt Securities by Risk Ratings (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Debt securities Investment grade $ 326,115 $ – $ n/a $ 326,115 $ 322,842 $ – $ n/a $ 322,842 Non-Investment grade 2,307 68 n/a 2,375 2,762 244 n/a 3,006 Watch and classified n/a 32 n/a 32 n/a 17 n/a 17 Default n/a n/a – – n/a n/a – – Total debt securities $ 328,422 $ 100 $ – $ 328,522 $ 325,604 $ 261 $ – $ 325,865 |
Loans, Impaired Loans, and Al_2
Loans, Impaired Loans, and Allowance for Credit Losses (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of detailed information about financial instruments [abstract] | |
Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings | The following table provides the gross carrying amounts of loans and credit risk exposures on loan commitments and financial guarantee contracts by internal risk ratings for credit risk management purposes, presenting separately those that are subject to Stage 1, Stage 2, and Stage 3 allowances. Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings Loans and Acceptances by Risk Ratings (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Residential mortgages 1,2,3 Low Risk $ 202,987 $ 3,606 $ n/a $ 206,593 $ 169,710 $ 3,125 $ n/a $ 172,835 Normal Risk 39,068 9,470 n/a 48,538 56,663 9,938 n/a 66,601 Medium Risk – 4,681 n/a 4,681 – 7,690 n/a 7,690 High Risk – 2,880 279 3,159 – 4,120 443 4,563 Default n/a n/a 485 485 n/a n/a 530 530 Total 242,055 20,637 764 263,456 226,373 24,873 973 252,219 Allowance for loan losses 23 190 60 273 32 205 65 302 Loans, net of allowance 242,032 20,447 704 263,183 226,341 24,668 908 251,917 Consumer instalment and other personal 4 Low Risk 90,500 1,319 n/a 91,819 77,178 1,199 n/a 78,377 Normal Risk 62,128 1,192 n/a 63,320 59,349 1,360 n/a 60,709 Medium Risk 18,568 4,540 n/a 23,108 28,094 3,631 n/a 31,725 High Risk 1,109 7,316 398 8,823 3,700 9,940 638 14,278 Default n/a n/a 420 420 n/a n/a 371 371 Total 172,305 14,367 818 187,490 168,321 16,130 1,009 185,460 Allowance for loan losses 522 951 145 1,618 567 1,265 187 2,019 Loans, net of allowance 171,783 13,416 673 185,872 167,754 14,865 822 183,441 Credit card Low Risk 5,245 23 n/a 5,268 3,916 49 n/a 3,965 Normal Risk 9,556 51 n/a 9,607 7,027 129 n/a 7,156 Medium Risk 8,996 1,233 n/a 10,229 10,431 804 n/a 11,235 High Risk 476 4,903 141 5,520 3,493 6,180 206 9,879 Default n/a n/a 68 68 n/a n/a 99 99 Total 24,273 6,210 209 30,692 24,867 7,162 305 32,334 Allowance for loan losses 658 1,079 156 1,893 624 1,726 204 2,554 Loans, net of allowance 23,615 5,131 53 28,799 24,243 5,436 101 29,780 Business and government 1,2,3,5,6 Investment grade or Low/Normal Risk 115,577 399 n/a 115,976 120,106 250 n/a 120,356 Non-Investment grade or Medium Risk 123,524 12,408 n/a 135,932 126,509 11,818 n/a 138,327 Watch and classified or High Risk 117 12,290 91 12,498 890 12,567 120 13,577 Default n/a n/a 930 930 n/a n/a 982 982 Total 239,218 25,097 1,021 265,336 247,505 24,635 1,102 273,242 Allowance for loan and acceptances losses 1,108 1,562 357 3,027 1,321 1,706 388 3,415 Loans and acceptances, net of allowance 238,110 23,535 664 262,309 246,184 22,929 714 269,827 Total loans and acceptances 5,7 677,851 66,311 2,812 746,974 667,066 72,800 3,389 743,255 Total Allowance for loan losses 7,8 Allowance for loan losses 2,311 3,782 718 6,811 2,544 4,902 844 8,290 Total loans and acceptances, net of allowance 5,7 Loan and acceptances, net of allowance $ 675,540 $ 62,529 $ 2,094 $ 740,163 $ 664,522 $ 67,898 $ 2,545 $ 734,965 1 As at July 31, 2021, impaired loans with a balance of $ 96 111 2 As at July 31, 2021, excludes trading loans and non-trading loans at FVTPL with a fair value of $ 13 13 3 4 3 As at July 31, 2021, includes insured mortgages of $ 83 86 4 As at July 31, 2021, includes Canadian government-insured real estate personal loans of $ 10 12 5 As at July 31, 2021, includes loans that are measured at FVOCI of $ 2 3 19 15 6 As at July 31, 2021, includes loans guaranteed by government agencies of $ 28 27 7 As at July 31, 2021, Stage 3 includes acquired credit-impaired (ACI) loans of $ 161 232 5 10 8 Includes allowance for loan losses related to loans that are measured at FVOCI of nil 1 Loans and Acceptances by Risk Ratings – Off-Balance Sheet Credit Instruments 1 (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Stage 1 Stage 2 Stage 3 Total Stage 1 Stage 2 Stage 3 Total Retail Exposures 2 Low Risk $ 219,943 $ 210 $ n/a $ 220,153 $ 200,226 $ 724 $ n/a $ 200,950 Normal Risk 79,239 433 n/a 79,672 78,448 1,124 n/a 79,572 Medium Risk 15,010 441 n/a 15,451 35,187 1,444 n/a 36,631 High Risk 947 1,137 – 2,084 2,004 3,025 – 5,029 Default n/a n/a – – n/a n/a – – Non-Retail Exposures 3 Investment grade 193,595 – n/a 193,595 194,182 – n/a 194,182 Non-Investment grade 78,186 6,399 n/a 84,585 76,280 6,553 n/a 82,833 Watch and classified 38 5,301 – 5,339 18 4,416 – 4,434 Default n/a n/a 85 85 n/a n/a 144 144 Total off-balance sheet credit instruments 586,958 13,921 85 600,964 586,345 17,286 144 603,775 Allowance for off-balance sheet credit instruments 374 515 10 899 381 672 34 1,087 Total off-balance sheet credit instruments, net of allowance $ 586,584 $ 13,406 $ 75 $ 600,065 $ 585,964 $ 16,614 $ 110 $ 602,688 1 Exclude mortgage commitments. 2 As at July 31, 2021, includes $ 316 321 3 As at July 31, 2021, includes $ 48 43 |
Summary of Allowance for Credit Losses | The following table provides details on the Bank’s allowance for credit losses as at and for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Allowance for Credit Losses Allowance for Credit Losses (millions of Canadian dollars) Balance beginning of period Provision for credit losses Write-offs, net of recoveries Foreign exchange, disposals, and other adjustments Balance at end period Balance at beginning of period Provision for losses Write- net of recoveries Foreign exchange, disposals, and other adjustments Balance at end of period For the three months ended July 31, 2021 July 31, 2020 Residential mortgages $ 245 $ 29 $ (1 ) $ – $ 273 $ 152 $ 169 $ (5 ) $ (4 ) $ 312 Consumer instalment and other personal 1,816 (33 ) (101 ) 14 1,696 1,939 545 (273 ) (38 ) 2,173 Credit card 2,563 18 (161 ) 25 2,445 3,000 611 (336 ) (83 ) 3,192 Business and government 3,345 (51 ) (22 ) 24 3,296 2,825 868 (61 ) (89 ) 3,543 Total allowance for loan losses, including off-balance 7,969 (37 ) (285 ) 63 7,710 7,916 2,193 (675 ) (214 ) 9,220 Debt securities at amortized cost 2 – – – 2 2 1 – (1 ) 2 Debt securities at FVOCI 4 – – – 4 11 (6 ) – – 5 Total allowance for credit losses on debt securities 6 – – – 6 13 (5 ) – (1 ) 7 Total allowance for credit losses $ 7,975 $ (37 ) $ (285 ) $ 63 $ 7,716 $ 7,929 $ 2,188 $ (675 ) $ (215 ) $ 9,227 Comprising: Allowance for credit losses on loans at amortized cost $ 6,998 $ 6,811 $ 6,925 $ 8,133 Allowance for credit losses on loans at FVOCI 1 – – – Allowance for loan losses 6,999 6,811 6,925 8,133 Allowance for off-balance 970 899 991 1,087 Allowance for credit losses on debt securities 6 6 13 7 For the nine months ended July 31, 2021 July 31, 2020 Residential mortgages $ 302 $ (14 ) $ (8 ) $ (7 ) $ 273 $ 110 $ 220 $ (19 ) $ 1 $ 312 Consumer instalment and other personal 2,112 70 (426 ) (60 ) 1,696 1,309 1,695 (824 ) (7 ) 2,173 Credit card 3,184 (29 ) (575 ) (135 ) 2,445 1,929 2,386 (1,112 ) (11 ) 3,192 Business and government 3,779 (126 ) (188 ) (169 ) 3,296 1,684 2,020 (137 ) (24 ) 3,543 Total allowance for loan losses, including off-balance 9,377 (99 ) (1,197 ) (371 ) 7,710 5,032 6,321 (2,092 ) (41 ) 9,220 Debt securities at amortized cost 2 – – – 2 1 2 – (1 ) 2 Debt securities at FVOCI 5 (2 ) – 1 4 3 2 – – 5 Total allowance for credit losses on debt securities 7 (2 ) – 1 6 4 4 – (1 ) 7 Total allowance for credit losses $ 9,384 $ (101 ) $ (1,197 ) $ (370 ) $ 7,716 $ 5,036 $ 6,325 $ (2,092 ) $ (42 ) $ 9,227 Comprising: Allowance for credit losses on loans at amortized cost $ 8,289 $ 6,811 $ 4,447 $ 8,133 Allowance for credit losses on loans at FVOCI 1 – – – Allowance for loan losses 8,290 6,811 4,447 8,133 Allowance for off-balance 1,087 899 585 1,087 Allowance for credit losses on debt securities 7 6 4 7 |
Summary of Allowance for Loan Losses | The following table provides details on the Bank’s allowance for loan losses by stage as at and for the three months ended July 31, 2021 and July 31, 2020. Summary of Allowance for Loan Losses Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 23 $ 166 $ 56 $ 245 $ 37 $ 56 $ 59 $ 152 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 40 (39 ) (1 ) – 16 (16 ) – – Transfer to Stage 2 Transfer to Stage (15 ) 18 (3 ) – (19 ) 21 (2 ) – Transfer to Stage 3 Transfer to Stage – (5 ) 5 – – (3 ) 3 – Net remeasurement due to transfers into stage 3 (6 ) 3 – (3 ) (5 ) 18 – 13 New originations or purchases 4 11 n/a n/a 11 4 n/a n/a 4 Net repayments 5 – (1 ) – (1 ) – – – – Derecognition of financial assets (excluding disposals and write-offs) 6 (1 ) (9 ) (7 ) (17 ) (1 ) (2 ) (3 ) (6 ) Changes to risk, parameters, and models 7 (28 ) 56 11 39 3 135 20 158 Disposals – – – – – – – – Write-offs – – (3 ) (3 ) – – (6 ) (6 ) Recoveries – – 2 2 – – 1 1 Foreign exchange and other adjustments (1 ) 1 – – (1 ) (2 ) (1 ) (4 ) Balance at end of period $ 23 $ 190 $ 60 $ 273 $ 34 $ 207 $ 71 $ 312 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 587 $ 1,082 $ 147 $ 1,816 $ 863 $ 860 $ 216 $ 1,939 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 319 (315 ) (4 ) – 133 (130 ) (3 ) – Transfer to Stage 2 Transfer to Stage (46 ) 60 (14 ) – (127 ) 143 (16 ) – Transfer to Stage 3 Transfer to Stage (1 ) (43 ) 44 – (2 ) (37 ) 39 – Net remeasurement due to transfers into stage 3 (72 ) 46 3 (23 ) (58 ) 116 2 60 New originations or purchases 4 57 n/a n/a 57 77 n/a n/a 77 Net repayments 5 (26 ) (22 ) (3 ) (51 ) (23 ) (15 ) (2 ) (40 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (29 ) (40 ) (9 ) (78 ) (24 ) (19 ) (7 ) (50 ) Changes to risk, parameters, and models 7 (245 ) 228 79 62 (45 ) 262 281 498 Disposals – – – – – – – – Write-offs – – (181 ) (181 ) – – (339 ) (339 ) Recoveries – – 80 80 – – 66 66 Foreign exchange and other adjustments 5 6 3 14 (19 ) (14 ) (5 ) (38 ) Balance, including off-balance sheet instruments, at end of period 549 1,002 145 1,696 775 1,166 232 2,173 Less: Allowance for off-balance sheet instruments 8 27 51 – 78 30 62 – 92 Balance at end of period $ 522 $ 951 $ 145 $ 1,618 $ 745 $ 1,104 $ 232 $ 2,081 Credit Card 9 Balance, including off-balance sheet instruments, at beginning of period $ 852 $ 1,517 $ 194 $ 2,563 $ 1,127 $ 1,530 $ 343 $ 3,000 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 422 (415 ) (7 ) – 326 (315 ) (11 ) – Transfer to Stage 2 Transfer to Stage (49 ) 63 (14 ) – (166 ) 186 (20 ) – Transfer to Stage 3 Transfer to Stage (2 ) (147 ) 149 – (6 ) (214 ) 220 – Net remeasurement due to transfers into stage 3 (111 ) 72 2 (37 ) (88 ) 247 4 163 New originations or purchases 4 36 n/a n/a 36 55 n/a n/a 55 Net repayments 5 (36 ) (10 ) 4 (42 ) (57 ) (5 ) 8 (54 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (15 ) (33 ) (68 ) (116 ) (76 ) (79 ) (85 ) (240 ) Changes to risk, parameters, and models 7 (233 ) 356 54 177 17 448 222 687 Disposals – – – – – – – – Write-offs – – (236 ) (236 ) – – (414 ) (414 ) Recoveries – – 75 75 – – 78 78 Foreign exchange and other adjustments 8 14 3 25 (32 ) (39 ) (12 ) (83 ) Balance, including off-balance sheet instruments, at end of period 872 1,417 156 2,445 1,100 1,759 333 3,192 Less: Allowance for off-balance sheet instruments 8 214 338 – 552 256 406 – 662 Balance at end of period $ 658 $ 1,079 $ 156 $ 1,893 $ 844 $ 1,353 $ 333 $ 2,530 1 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month Summary of Significant Accounting Policies , Significant Accounting Judgments, Estimates and Assumptions 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., Probability of Default (PD)) caused by changes to macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of Expected Credit Losses”, “Forward Looking Information” and “Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies Significant Accounting Judgments, Estimates and Assumptions 8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2020 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the three months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance sheet instruments, at beginning of period $ 1,287 $ 1,689 $ 369 $ 3,345 $ 1,105 $ 1,191 $ 529 $ 2,825 Provision for credit losses Transfer to Stage 1 3 Transfer to Stage 138 (137 ) (1 ) – 64 (61 ) (3 ) – Transfer to Stage 2 Transfer to Stage (137 ) 139 (2 ) – (144 ) 147 (3 ) – Transfer to Stage 3 Transfer to Stage (1 ) (25 ) 26 – (3 ) (22 ) 25 – Net remeasurement due to transfers into stage 3 (31 ) 27 – (4 ) (22 ) 84 2 64 New originations or purchases 3 316 n/a n/a 316 259 n/a n/a 259 Net repayments 3 (17 ) (23 ) (7 ) (47 ) (22 ) (15 ) (28 ) (65 ) Derecognition of financial assets (excluding disposals and write-offs) 3 (228 ) (198 ) (89 ) (515 ) (121 ) (147 ) (32 ) (300 ) Changes to risk, parameters, and models 3 (100 ) 205 94 199 308 382 220 910 Disposals – – (4 ) (4 ) – – – – Write-offs – – (34 ) (34 ) – – (70 ) (70 ) Recoveries – – 12 12 – – 9 9 Foreign exchange and other adjustments 14 11 3 28 (33 ) (29 ) (27 ) (89 ) Balance, including off-balance sheet instruments, at end of period 1,241 1,688 367 3,296 1,391 1,530 622 3,543 Less: Allowance for off-balance sheet instruments 4 133 126 10 269 173 124 36 333 Balance at end of period 1,108 1,562 357 3,027 1,218 1,406 586 3,210 Total Allowance, including off-balance sheet instruments, at end of period 2,685 4,297 728 7,710 3,300 4,662 1,258 9,220 Less: Total Allowance for off-balance sheet instruments 374 515 10 899 459 592 36 1,087 Total Allowance for Loan Losses at end of period $ 2,311 $ 3,782 $ 718 $ 6,811 $ 2,841 $ 4,070 $ 1,222 $ 8,133 1 Includes allowance for loan losses related to ACI loans. 2 Includes allowance for loan losses related to customers’ liability under acceptances. 3 For explanations regarding this line item, refer to the “Allowance for Loan Losses” table on the previous page in this Note. 4 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. The following table provides details on the Bank’s allowance for loan losses by stage as at and for the nine months ended July 31, 2021 and July 31, 2020. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the nine months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Residential Mortgages Balance at beginning of period $ 32 $ 205 $ 65 $ 302 $ 28 $ 26 $ 56 $ 110 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 92 (90 ) (2 ) – 26 (26 ) – – Transfer to Stage 2 Transfer to Stage (33 ) 47 (14 ) – (23 ) 31 (8 ) – Transfer to Stage 3 Transfer to Stage – (12 ) 12 – – (9 ) 9 – Net remeasurement due to transfers into stage 3 (16 ) 8 – (8 ) (10 ) 24 – 14 New originations or purchases 4 16 n/a n/a 16 13 n/a n/a 13 Net repayments 5 (4 ) (3 ) – (7 ) – – – – Derecognition of financial assets (excluding disposals and write-offs) 6 (5 ) (28 ) (47 ) (80 ) (3 ) (4 ) (13 ) (20 ) Changes to risk, parameters, and models 7 (57 ) 69 53 65 2 166 45 213 Disposals – – – – – – – – Write-offs – – (11 ) (11 ) – – (22 ) (22 ) Recoveries – – 3 3 – – 3 3 Foreign exchange and other adjustments (2 ) (6 ) 1 (7 ) 1 (1 ) 1 1 Balance at end of period $ 23 $ 190 $ 60 $ 273 $ 34 $ 207 $ 71 $ 312 Consumer Instalment and Other Personal Balance, including off-balance sheet instruments, at beginning of period $ 595 $ 1,330 $ 187 $ 2,112 $ 717 $ 417 $ 175 $ 1,309 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 952 (943 ) (9 ) – 267 (253 ) (14 ) – Transfer to Stage 2 Transfer to Stage (113 ) 158 (45 ) – (299 ) 342 (43 ) – Transfer to Stage 3 Transfer to Stage (6 ) (148 ) 154 – (9 ) (113 ) 122 – Net remeasurement due to transfers into stage 3 (282 ) 125 7 (150 ) (113 ) 326 9 222 New originations or purchases 4 163 n/a n/a 163 254 n/a n/a 254 Net repayments 5 (76 ) (76 ) (11 ) (163 ) (67 ) (37 ) (8 ) (112 ) Derecognition of financial assets (excluding disposals and write-offs) 6 (69 ) (119 ) (28 ) (216 ) (67 ) (40 ) (18 ) (125 ) Changes to risk, parameters, and models 7 (597 ) 709 324 436 93 529 834 1,456 Disposals – – – – – – – – Write-offs – – (672 ) (672 ) – – (1,027 ) (1,027 ) Recoveries – – 246 246 – – 203 203 Foreign exchange and other adjustments (18 ) (34 ) (8 ) (60 ) (1 ) (5 ) (1 ) (7 ) Balance, including off-balance sheet instruments, at end of period 549 1,002 145 1,696 775 1,166 232 2,173 Less: Allowance for off-balance sheet instruments 8 27 51 – 78 30 62 – 92 Balance at end of period $ 522 $ 951 $ 145 $ 1,618 $ 745 $ 1,104 $ 232 $ 2,081 Credit Card 9 Balance, including off-balance sheet instruments, at beginning of period $ 799 $ 2,181 $ 204 $ 3,184 $ 934 $ 673 $ 322 $ 1,929 Provision for credit losses Transfer to Stage 1 2 Transfer to Stage 1,185 (1,168 ) (17 ) – 623 (600 ) (23 ) – Transfer to Stage 2 Transfer to Stage (132 ) 175 (43 ) – (377 ) 425 (48 ) – Transfer to Stage 3 Transfer to Stage (6 ) (502 ) 508 – (16 ) (481 ) 497 – Net remeasurement due to transfers into stage 3 (390 ) 204 7 (179 ) (198 ) 572 19 393 New originations or purchases 4 89 n/a n/a 89 145 n/a n/a 145 Net repayments 5 (97 ) (19 ) 16 (100 ) (5 ) 4 29 28 Derecognition of financial assets (excluding disposals and write-offs) 6 (39 ) (105 ) (167 ) (311 ) (130 ) (141 ) (250 ) (521 ) Changes to risk, parameters, and models 7 (500 ) 738 234 472 121 1,325 895 2,341 Disposals – – – – – – – – Write-offs – – (806 ) (806 ) – – (1,352 ) (1,352 ) Recoveries – – 231 231 – – 240 240 Foreign exchange and other adjustments (37 ) (87 ) (11 ) (135 ) 3 (18 ) 4 (11 ) Balance, including off-balance sheet instruments, at end of period 872 1,417 156 2,445 1,100 1,759 333 3,192 Less: Allowance for off-balance sheet instruments 8 214 338 – 552 256 406 – 662 Balance at end of period $ 658 $ 1,079 $ 156 $ 1,893 $ 844 $ 1,353 $ 333 $ 2,530 1 Includes allowance for loan losses related to ACI loans. 2 Transfers represent stage transfer movements prior to ECL remeasurement. 3 Represents the mechanical remeasurement between twelve-month (i.e., Stage 1) and lifetime ECLs (i.e., Stage 2 or 3) due to stage transfers necessitated by credit risk migration, as described in the “Significant Increase in Credit Risk” section of Note 2, Summary of Significant Accounting Policies , Significant Accounting Judgments, Estimates and Assumptions 4 Represents the increase in the allowance resulting from loans that were newly originated, purchased, or renewed. 5 Represents the changes in the allowance related to cash flow changes associated with new draws or repayments on loans outstanding. 6 Represents the decrease in the allowance resulting from loans that were fully repaid and excludes the decrease associated with loans that were disposed or fully written off. 7 Represents the changes in the allowance related to current period changes in risk (e.g., PD) caused by changes to macroeconomic factors, level of risk, parameters, and/or models, subsequent to stage migration. Refer to the “Measurement of Expected Credit Losses”, “Forward Looking Information” and “Expert Credit Judgment” sections of Note 2, Summary of Significant Accounting Policies Significant Accounting Judgments, Estimates and Assumptions 8 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. 9 Credit cards are considered impaired and migrate to Stage 3 when they are 90 days past due and written off at 180 days past due. Refer to Note 2 of the Bank’s 2020 Annual Consolidated Financial Statements for further details. Allowance for Loan Losses by Stage (millions of Canadian dollars) For the nine months ended July 31, 2021 July 31, 2020 Stage 1 Stage 2 Stage 3 1 Total Stage 1 Stage 2 Stage 3 1 Total Business and Government 2 Balance, including off-balance sheet instruments, at beginning of period $ 1,499 $ 1,858 $ 422 $ 3,779 $ 736 $ 740 $ 208 $ 1,684 Provision for credit losses Transfer to Stage 1 3 Transfer to Stage 368 (364 ) (4 ) – 142 (137 ) (5 ) – Transfer to Stage 2 Transfer to Stage (399 ) 408 (9 ) – (281 ) 292 (11 ) – Transfer to Stage 3 Transfer to Stage (4 ) (90 ) 94 – (13 ) (99 ) 112 – Net remeasurement due to transfers into stage 3 (88 ) 104 (2 ) 14 (54 ) 186 (3 ) 129 New originations or purchases 3 877 n/a n/a 877 578 n/a n/a 578 Net repayments 3 (23 ) (92 ) (74 ) (189 ) (34 ) (34 ) (46 ) (114 ) Derecognition of financial assets (excluding disposals and write-offs) 3 (608 ) (566 ) (263 ) (1,437 ) (288 ) (307 ) (151 ) (746 ) Changes to risk, parameters, and models 3 (315 ) 509 415 609 608 891 674 2,173 Disposals – – (4 ) (4 ) – – – – Write-offs – – (225 ) (225 ) – – (175 ) (175 ) Recoveries – – 37 37 – – 38 38 Foreign exchange and other adjustments (66 ) (79 ) (20 ) (165 ) (3 ) (2 ) (19 ) (24 ) Balance, including off-balance sheet instruments, at end of period 1,241 1,688 367 3,296 1,391 1,530 622 3,543 Less: Allowance for off-balance sheet instruments 4 133 126 10 269 173 124 36 333 Balance at end of period 1,108 1,562 357 3,027 1,218 1,406 586 3,210 Total Allowance, including off-balance sheet instruments, at end of period 2,685 4,297 728 7,710 3,300 4,662 1,258 9,220 Less: Total Allowance for off-balance sheet instruments 374 515 10 899 459 592 36 1,087 Total Allowance for Loan Losses at end of period $ 2,311 $ 3,782 $ 718 $ 6,811 $ 2,841 $ 4,070 $ 1,222 $ 8,133 1 Includes allowance for loan losses related to ACI loans. 2 Includes allowance for loan losses related to customers’ liability under acceptances. 3 For explanations regarding this line item, refer to the “Allowance for Loan Losses” table on the previous page in this Note. 4 The allowance for loan losses for off-balance sheet instruments is recorded in Other liabilities on the Interim Consolidated Balance Sheet. |
Summary of Macroeconomic Variables impacted in Determining ECLs | Summary of Macroeconomic Variables impacted in Determining ECLs Macroeconomic Variables Base Forecast Upside Scenario Downside Scenario Calendar Quarters 1 Average Q3 2021- Q2 2022 2 Remaining 4-year period 2 Average Q3 2021- Q2 2022 2 Remaining 4-year period 2 Average Q3 2021- Q2 2022 2 Remaining 4-year period 2 Q3 2021 Q4 2021 Q1 2022 Q2 2022 Unemployment rate Canada Unemployment rate 6.6 % 6.3 % 6.1 % 6.0 % 6.3 % 5.7 % 6.1 % 5.3 % 8.1 % 7.5 % United States Unemployment rate 5.5 4.8 4.3 3.9 4.6 3.6 4.5 3.2 6.2 5.0 Real GDP Canada Real GDP 8.0 6.1 4.0 3.8 5.5 1.9 6.5 1.8 1.2 2.6 United States Real GDP 7.3 5.6 3.0 2.8 6.5 2.1 7.6 2.0 3.1 2.6 Home prices Canada (average existing price) 3 Home prices 1.2 (3.4 ) 0.7 1.0 5.2 1.2 5.7 1.7 0.8 0.6 United States (CoreLogic HPI) 4 Home prices 6.0 5.0 4.3 4.1 7.9 3.3 8.7 4.2 4.3 2.8 Central bank policy interest rate Canada Central bank policy interest rate 0.25 0.25 0.25 0.25 0.25 1.42 0.31 1.77 0.25 0.77 United States Central bank policy interest rate 0.25 0.25 0.25 0.25 0.25 1.56 0.31 1.92 0.25 0.91 U.S. 10-year treasury yield 1.73 1.95 2.05 2.15 1.97 2.38 2.24 2.53 1.62 2.04 U.S. 10-year BBB spread (%-pts) U.S. 10-year BBB spread 1.30 1.45 1.60 1.75 1.53 1.80 1.47 1.72 1.66 1.82 Exchange rate (U.S. dollar/Canadian dollar) $ 0.83 $ 0.83 $ 0.82 $ 0.81 $ 0.82 $ 0.79 $ 0.83 $ 0.79 $ 0.80 $ 0.78 1 Quarterly figures for real GDP and home prices are presented as the quarter on quarter change, seasonally adjusted annualized rate. 2 The numbers represent average values for the quoted periods, and average of year-on-year growth for real GDP and home prices. 3 The average home price is the average transacted sale price of homes sold via the Multiple Listing Service; data is collected by the Canadian Real Estate Association. 4 The CoreLogic home price index (HPI) is a repeat-sales index which tracks increases and decreases in the same home’s sales price over time. |
Schedule of Change from Base to Probability-Weighted ECL | The following table presents the base ECL scenario compared to the probability-weighted ECLs, with the latter derived from three ECL scenarios for performing loans and off-balance sheet instruments. The difference reflects the impact of deriving multiple scenarios around the base ECLs and resultant change in ECLs due to non-linearity and sensitivity to using macroeconomic forecasts. Schedule of Change from Base to Probability-Weighted ECL Change from Base to Probability-Weighted ECLs (millions of Canadian dollars, except as noted) As at July 31, 2021 October 31, 2020 Probability-weighted ECLs $ 6,982 $ 8,500 Base ECLs 6,767 8,157 Difference – in amount $ 215 $ 343 Difference – in percentage 3.1 % 4.0 % |
Schedule of Incremental Lifetime ECL Impact | The following table shows the estimated impact of staging on ECLs by presenting all performing loans and off-balance sheet instruments calculated using twelve-month Schedule of Incremental Lifetime ECL Impact Incremental Lifetime ECLs Impact (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 Aggregate Stage 1 and 2 probability-weighted ECLs $ 6,982 $ 8,500 All performing loans and off-balance sheet instruments using 12-month ECLs 5,152 6,482 Incremental lifetime ECLs impact $ 1,830 $ 2,018 |
Summary of Loans Past Due but Not Impaired | The following table summarizes loans that are past due but not impaired. Loans less than 31 days contractually past due are excluded as they do not generally reflect a borrower’s ability to meet their payment obligations. Summary of Loans Past Due but Not Impaired Loans Past Due but not Impaired 1,2,3 (millions of Canadian dollars) As at July 31, 2021 October 31, 2020 31-60 days 61-89 days Total 31-60 days 61-89 days Total Residential mortgages $ 197 $ 61 $ 258 $ 221 $ 64 $ 285 Consumer instalment and other personal 456 152 608 590 200 790 Credit card 171 104 275 218 149 367 Business and government 966 107 1,073 723 329 1,052 Total $ 1,790 $ 424 $ 2,214 $ 1,752 $ 742 $ 2,494 1 Certain comparative amounts have been restated to conform with the presentation adopted in the current period. 2 Includes loans that are measured at FVOCI. 3 Loans deferred under a bank-led COVID-19 relief program are not considered past due. Where such loans were already past due, they are not aged further during the deferral period. Aging for deferred loans commences subsequent to the deferral period. |
Investment in Associates and _2
Investment in Associates and Joint Ventures (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Charles Schwab Corporation [member] | |
Disclosure Of Investments In Associates And Joint Ventures [Line Items] | |
Summary of Condensed Financial Statements | Summary of Condensed Financial Statements Condensed Consolidated Balance Sheet (millions of Canadian dollars) As at June 30 2021 Assets Receivables from brokerage clients, net $ 102,609 Available for sale securities 448,664 Other assets 165,513 Total assets $ 716,786 Liabilities Bank deposits $ 459,913 Payables to brokerage clients 131,013 Other liabilities 54,185 Total liabilities 645,111 Stockholders’ equity 71,675 Total liabilities and stockholders’ equity $ 716,786 Condensed Consolidated Statement of Income (millions of Canadian dollars, except as noted) For the three months ended For the nine months ended June 30, 2021 June 30, 2021 Net Revenues Net interest revenue $2,391 $ 7,168 Asset management and administration fees 1,286 3,859 Trading revenue and other 1,883 5,946 Total net revenues 5,560 16,973 Expenses Excluding Interest Compensation and benefits 1,619 5,252 Other 1,830 5,205 Total expenses excluding interest 3,449 10,457 Income before taxes on income 2,111 6,516 Taxes on income 558 1,605 Net income 1,553 4,911 Preferred stock dividends and other 182 415 Net Income available to common stockholders 1,371 4,496 Other comprehensive income (loss) 1,879 (4,221 ) Total comprehensive income $3,250 $ 275 Earnings per common shares outstanding – basic (Canadian dollars) $ 0.73 $ 2.40 Earnings per common shares outstanding – diluted (Canadian dollars) 0.72 2.39 |
Goodwill (Tables)
Goodwill (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Intangible assets and goodwill [abstract] | |
Summary of Goodwill by Segment | Summary of Goodwill by Segment Goodwill by Segment (millions of Canadian dollars) Canadian U.S. Retail 1 Wholesale Total Carrying amount of goodwill as at November 1, 2019 $ 2,836 $ 13,980 $ 160 $ 16,976 Foreign currency translation adjustments and other 10 162 – 172 Carrying amount of goodwill as at October 31, 2020 2 $ 2,846 $ 14,142 $ 160 $ 17,148 Additions (disposals) 40 – 111 151 Foreign currency translation adjustments and other (55 ) (902 ) (1 ) (958 ) Carrying amount of goodwill as at July 31, 2021 2 $ 2,831 $ 13,240 $ 270 $ 16,341 1 Goodwill predominantly relates to U.S. personal and commercial banking. 2 Accumulated impairment as at July 31, 2021 and October 31, 2020 was nil. |
Other Assets (Tables)
Other Assets (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Other Assets | |
Schedule of Other Assets | Other Assets Schedule of Other Assets (millions of Canadian dollars) As at July 31 October 31 Accounts receivable and other items $ 9,938 $ 10,799 Accrued interest 2,125 2,336 Current income tax receivable 1,453 2,294 Defined benefit asset 334 9 Insurance-related assets, excluding investments 2,020 2,268 Prepaid expenses 1,165 1,150 Total $ 17,035 $ 18,856 |
Deposits (Tables)
Deposits (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Deposits | |
Summary of Deposit Liabilities | Deposits Summary of Deposit Liabilities (millions of Canadian dollars) As at By Type By Country July 31 October 31 Demand Notice Term 1 Canada United International Total Total Personal $ 22,427 $ 552,131 $ 51,980 $ 291,917 $ 334,621 $ – $ 626,538 $ 625,200 Banks 2 14,102 208 11,328 19,421 21 6,196 25,638 28,969 Business and government 3 133,641 213,104 119,760 312,562 149,621 4,322 466,505 481,164 170,170 765,443 183,068 623,900 484,263 10,518 1,118,681 1,135,333 Trading 2 – – 29,445 14,219 3,009 12,217 29,445 19,177 Designated at fair value through profit or loss 2,4 – – 92,328 48,355 31,303 12,670 92,328 59,626 Total $ 170,170 $ 765,443 $ 304,841 $ 686,474 $ 518,575 $ 35,405 $ 1,240,454 $ 1,214,136 Non-interest-bearing deposits included above In domestic offices $ 67,849 $ 55,920 In foreign offices 82,849 76,099 Interest-bearing deposits included above In domestic offices 618,625 604,625 In foreign offices 471,123 472,913 U.S. federal funds deposited 2 8 4,579 Total 3,5 $ 1,240,454 $ 1,214,136 1 Includes $ 36.8 27.6 Canada [member] 2 Includes deposits and advances with the Federal Home Loan Bank. United States [member] 3 Includes $ 29.6 40.5 0.5 1.2 4 Financial liabilities designated at FVTPL on the Interim Consolidated Balance Sheet also includes $ 27 39 5 Includes deposits of $ 700 708 49 44 |
Other Liabilities (Tables)
Other Liabilities (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of financial liabilities [abstract] | |
Summary of Other Liabilities | Other Liabilities Summary of Other Liabilities (millions of Canadian dollars) As at July 31 October 31 Accounts payable, accrued expenses, and other items 1 $ 5,983 $ 6,571 Accrued interest 673 1,142 Accrued salaries and employee benefits 3,386 2,900 Cheques and other items in transit 2,522 2,440 Current income tax payable 355 275 Deferred tax liabilities 260 284 Defined benefit liability 1,906 3,302 Lease liabilities 5,572 6,095 Liabilities related to structured entities 4,284 5,898 Provisions 1,356 1,569 Total $ 26,297 $ 30,476 1 Includes dividends payable of $ 1,389 1,383 |
Equity (Tables)
Equity (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of classes of share capital [abstract] | |
Summary of Classes of Share Capital | The following table summarizes the changes to the shares and other equity instruments issued and outstanding, and treasury shares held as at and for the three and nine months ended July 31, 2021 and July 31, 2020. Common shares [member] Shares and Other Equity Instruments Issued and Outstanding and Treasury Shares Held Summary of Classes of Share Capital (millions of shares and millions of Canadian dollars) For the three months ended For the nine months ended July 31, 2021 July 31, 2020 July 31, 2021 July 31, 2020 Number Amount Number Amount Number Amount Number Amount Common Shares Balance as at beginning of period 1,820.4 $ 22,790 1,803.7 $ 21,766 1,816.1 $ 22,487 1,812.5 $ 21,713 Proceeds from shares issued on exercise of stock options 0.9 56 0.2 12 2.5 146 1.2 65 Shares issued as a result of dividend reinvestment plan 1.2 99 10.0 583 3.9 312 12.2 726 Purchase of shares for cancellation and other – – – – – – (12.0 ) (143 ) Balance as at end of period 1,822.5 $ 22,945 1,813.9 $ 22,361 1,822.5 $ 22,945 1,813.9 $ 22,361 Preferred Shares – Class A Balance as at beginning of period 198.0 $ 4,950 232.0 $ 5,800 226.0 $ 5,650 232.0 $ 5,800 Redemption of shares 1 – – – – (28.0 ) (700 ) – – Balance as at end of period 198.0 $ 4,950 232.0 $ 5,800 198.0 $ 4,950 232.0 $ 5,800 Treasury shares – common 2 Balance as at beginning of period 1.7 $ (123 ) 0.3 $ (25 ) 0.5 $ (37 ) 0.6 $ (41 ) Purchase of shares 29.8 (2,565 ) 35.6 (2,152 ) 107.9 (8,398 ) 104.2 (6,787 ) Sale of shares (29.0 ) 2,499 (35.0 ) 2,118 (105.9 ) 8,246 (103.9 ) 6,769 Balance as at end of period 2.5 $ (189 ) 0.9 $ (59 ) 2.5 $ (189 ) 0.9 $ (59 ) Treasury shares – preferred 2 Balance as at beginning of period 0.2 $ (5 ) 0.2 $ (3 ) 0.1 $ (4 ) 0.3 $ (6 ) Purchase of shares 1.1 (28 ) 1.4 (29 ) 4.4 (107 ) 5.0 (98 ) Sale of shares (1.1 ) 28 (1.4 ) 27 (4.3 ) 106 (5.1 ) 99 Balance as at end of period 0.2 $ (5 ) 0.2 $ (5 ) 0.2 $ (5 ) 0.2 $ (5 ) Other Equity Instruments Balance as at beginning of period – $ – – $ – – $ – – $ – Issue of limited recourse capital notes 3 1.8 1,750 – – 1.8 1,750 – – Balance as at end of period 1.8 $ 1,750 – $ – 1.8 $ 1,750 – $ – 1 On April 30, 2021, the Bank redeemed all of its 28 25.00 700 2 When the Bank purchases its own shares as part of its trading business, they are classified as treasury shares and the cost of these shares is recorded as a reduction in equity. 3 For Limited Recourse Capital Notes, the number of shares represents the number of notes issued. |
Share-Based Compensation (Table
Share-Based Compensation (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of sensitivity analysis for actuarial assumptions [abstract] | |
Schedule of Assumptions Used for Estimating the Fair Value of Options | The following table summarizes the assumptions used for estimating the fair value of options for the nine months ended July 31, 2021 and July 31, 2020. Schedule of Assumptions Used for Estimating the Fair Value of Options Assumptions Used for Estimating the Fair Value of Options 1 (in Canadian dollars, except as noted) For the nine months ended July 31 2021 July 31 2020 Risk-free interest rate 0.71 % 1.59 % Option contractual life 10 years 10 years Expected volatility 2 18.50 % 12.90 % Expected dividend yield 3.61 % 3.50 % Exercise price/share price $ 71.88 $ 72.84 1 Prior period disclosure has been updated to align with the current period disclosure. 2 Expected volatility is calculated based on the average daily volatility measured over a historical period. |
Employee Benefits (Tables)
Employee Benefits (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Employee Benefits | |
Summary of Employee Benefit Plans Expenses | The following table summarizes expenses for the Bank’s principal pension and non-pension post-retirement defined benefit plans and the Bank’s significant other defined benefit pension and post-retirement benefit plans, for the three and nine months ended July 31, 2021 and July 31, 2020. Defined Benefit Plan Expenses Summary of Employee Benefit Plans Expenses (millions of Canadian dollars) Principal pension plans Principal post-retirement Other pension and 1 For the three months ended July 31 July 31 July 31 July 31 July 31 July 31 Service cost – benefits earned $ 130 $ 116 $ 2 $ 5 $ 2 $ 2 Net interest cost on net defined benefit liability 6 4 3 4 4 7 Past service cost (credit) – – – – – – Defined benefit administrative expenses 3 3 – – 1 1 Total $ 139 $ 123 $ 5 $ 9 $ 7 $ 10 For the nine months ended July 31 July 31 July 31 July 31 July 31 July 31 Service cost – benefits earned $ 391 $ 350 $ 7 $ 13 $ 6 $ 6 Net interest cost on net defined benefit liability 18 11 8 13 14 21 Past service cost (credit) – – – – 1 – Defined benefit administrative expenses 8 8 – – 3 4 Total $ 417 $ 369 $ 15 $ 26 $ 24 $ 31 1 Includes Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, and supplemental employee retirement plans. Other employee benefit plans operated by the Bank and certain of its subsidiaries are not considered material for disclosure purposes. The TD Banknorth defined benefit pension plan was frozen as of December 31, 2008, and no service credits can be earned after that date. Certain TD Auto Finance defined benefit pension plans were frozen as of April 1, 2012, and no service credits can be earned after March 31, 2012. |
Summary of Expenses for Bank’s Defined Contribution Plans | The following table summarizes expenses for the Bank’s defined contribution plans for the three and nine months ended July 31, 2021 and July 31, 2020. Defined Contribution Plan Expenses Summary of Expenses for Bank’s Defined Contribution Plans (millions of Canadian dollars) For the three months ended For the nine months ended July 31 July 31 July 31 July 31 Defined contribution pension plans 1 $ 44 $ 44 $ 138 $ 129 Government pension plans 2 83 85 294 290 Total $ 127 $ 129 $ 432 $ 419 1 Includes defined contribution portion of the TD Pension Plan (Canada) and TD Bank, N.A. defined contribution 401(k) plan. 2 Includes Canada Pension Plan, Quebec Pension Plan, and U.S. Federal Insurance Contributions Act |
Summary of Remeasurement of Defined Benefit Plans | The following table summarizes the remeasurements recognized in other comprehensive income for the Bank’s principal pension and post-retirement defined benefit plans for the three and nine months ended July 31, 2021 and July 31, 2020. Remeasurement of Defined Benefit Plans 1,2,3 Summary of Remeasurement of Defined Benefit Plans (millions of Canadian dollars) Principal pension plans Principal post-retirement benefit plan For the three months ended July 31 July 31 July 31 July 31 Actuarial gains (losses) – defined benefit plan obligations $ (416 ) $ (1,074 ) $ (18 ) $ (61 ) Actuarial gains (losses) – return on plan assets less interest income 548 423 – – Total $ 132 $ (651 ) $ (18 ) $ (61 ) For the nine months ended July 31 July 31 July 31 July 31 Actuarial gains (losses) – defined benefit plan obligations $ 974 $ (1,185 ) $ 24 $ (55 ) Actuarial gains (losses) – return on plan assets less interest income 765 334 – – Total $ 1,739 $ (851 ) $ 24 $ (55 ) 1 Excludes the Canada Trust defined benefit pension plan, TD Banknorth defined benefit pension plan, TD Auto Finance retirement plans, supplemental employee retirement plans, and other employee benefit plans as these plans are not remeasured on a quarterly basis. 2 Changes in discount rates and return on plan assets are reviewed and updated on a quarterly basis. All other assumptions are updated annually. 3 Amounts are presented on a pre-tax basis. |
Earnings per Share (Tables)
Earnings per Share (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Earnings per share [abstract] | |
Summary of Earnings Per Share | The following table presents the Bank’s basic and diluted earnings per share for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Earnings Per Share Basic and Diluted Earnings Per Share (millions of Canadian dollars, except as noted) For the three months ended For the nine months ended July 31 July 31 2020 July 31 July 31 2020 Basic earnings per share Net income attributable to common shareholders $ 3,489 $ 2,180 $ 10,331 $ 6,549 Weighted-average number of common shares outstanding (millions) 1,818.8 1,802.3 1,816.8 1,805.4 Basic earnings per share $ 1.92 $ 1.21 $ 5.69 $ 3.63 Diluted earnings per share Net income attributable to common shareholders $ 3,489 $ 2,180 $ 10,331 $ 6,549 Net income available to common shareholders including impact of dilutive securities 3,489 2,180 10,331 6,549 Weighted-average number of common shares outstanding (millions) 1,818.8 1,802.3 1,816.8 1,805.4 Effect of dilutive securities Stock options potentially exercisable (millions) 1 3.0 1.2 2.4 1.7 Weighted-average number of common shares outstanding – diluted (millions) 1,821.8 1,803.5 1,819.2 1,807.1 Diluted earnings per share 1 $ 1.92 $ 1.21 $ 5.68 $ 3.62 1 For the three and nine months ended July 31, 2021, no 7.7 5.5 70.15 71.47 |
Segmented Information (Tables)
Segmented Information (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Disclosure of operating segments [abstract] | |
Summary of Results by Business Segment | The following table summarizes the segment results for the three and nine months ended July 31, 2021 and July 31, 2020. Summary of Results by Business Segment Results by Business Segment 1,2 (millions of Canadian dollars) Canadian Retail U.S. Retail Wholesale Banking 3 Corporate 3 Total For the three months ended July 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income $ 3,044 $ 2,910 $ 1,990 $ 2,256 $ 632 $ 531 $ 338 $ 404 $ 6,004 $ 6,101 Non-interest income 3,535 3,116 691 595 451 866 31 (13 ) 4,708 4,564 Total revenue 6,579 6,026 2,681 2,851 1,083 1,397 369 391 10,712 10,665 Provision for (recovery of) credit losses 100 951 (96 ) 897 2 123 (43 ) 217 (37 ) 2,188 Insurance claims and related expenses 836 805 – – – – – – 836 805 Non-interest expenses 2,748 2,533 1,518 1,646 635 669 715 459 5,616 5,307 Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade 2,895 1,737 1,259 308 446 605 (303 ) (285 ) 4,297 2,365 Provision for (recovery of) income taxes 770 474 161 (48 ) 116 163 (125 ) (144 ) 922 445 Share of net income from investment in Schwab and TD Ameritrade 4,5 – – 197 317 – – (27 ) 11 170 328 Net income (loss) $ 2,125 $ 1,263 $ 1,295 $ 673 $ 330 $ 442 $ (205 ) $ (130 ) $ 3,545 $ 2,248 For the nine months ended July 31 2021 2020 2021 2020 2021 2020 2021 2020 2021 2020 Net interest income (loss) $ 8,895 $ 9,079 $ 5,971 $ 6,763 $ 1,941 $ 1,381 $ 1,062 $ 1,247 $ 17,869 $ 18,470 Non-interest income (loss) 10,091 9,225 2,007 1,792 1,609 2,323 176 (8 ) 13,883 13,332 Total revenue 18,986 18,304 7,978 8,555 3,550 3,704 1,238 1,239 31,752 31,802 Provision for (recovery of) credit losses 205 2,495 (174 ) 2,353 (41 ) 514 (91 ) 963 (101 ) 6,325 Insurance claims and related expenses 2,057 2,256 – – – – – – 2,057 2,256 Non-interest expenses 8,091 7,757 4,800 4,919 2,051 1,937 2,187 1,282 17,129 15,895 Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade 8,633 5,796 3,352 1,283 1,540 1,253 (858 ) (1,006 ) 12,667 7,326 Provision for (recovery of) income taxes 2,289 1,572 393 (120 ) 390 321 (361 ) (419 ) 2,711 1,354 Share of net income from investment in Schwab and TD Ameritrade 4,5 – – 652 752 – – (91 ) 28 561 780 Net income (loss) $ 6,344 $ 4,224 $ 3,611 $ 2,155 $ 1,150 $ 932 $ (588 ) $ (559 ) $ 10,517 $ 6,752 Total assets $ 500,429 $ 461,358 $ 554,418 $ 548,402 $ 500,002 $ 524,286 $ 148,244 $ 163,259 $ 1,703,093 $ 1,697,305 1 Certain comparative amounts have been reclassified to conform with the presentation adopted in the current period. 2 The retailer program partners’ share of revenues and credit losses is presented in the Corporate segment, with an offsetting amount (representing the partners’ net share) recorded in Non-interest expenses, resulting in no impact to Corporate reported Net income (loss). The Net income (loss) included in the U.S. Retail segment includes only the portion of revenue and credit losses attributable to the Bank under the agreements. 3 Net interest income within Wholesale Banking is calculated on a taxable equivalent basis (TEB). The TEB adjustment reflected in Wholesale Banking is reversed in the Corporate segment. 4 The after-tax amounts for amortization of acquired intangibles and the Bank’s share of acquisition and integration charges associated with Schwab’s acquisition of TD Ameritrade are recorded in the Corporate segment. 5 The Bank’s share of Schwab’s and TD Ameritrade’s earnings is reported with a one-month lag. Refer to Note 7 for further details. |
Interest Income and Expense (Ta
Interest Income and Expense (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Analysis of income and expense [abstract] | |
Summary of Interest Income and Expenses by Basis of Accounting Classification | The following table presents interest income and interest expense by basis of accounting measurement. Interest Income and Expense 1 Summary of Interest Income and Expenses by Basis of Accounting Classification (millions of Canadian dollars) For the three months ended July 31, 2021 July 31, 2020 Interest income Interest expense Interest income Interest expense Measured at amortized cost Financial assets amortized cost [member] $ 6,369 $ 812 $ 6,867 $ 1,039 Measured at FVOCI Financial assets at fair value through other comprehensive income [member] 128 n/a 274 n/a 6,497 812 7,141 1,039 Not measured at amortized cost or FVOCI 2 809 490 1,004 1,005 Total $ 7,306 $ 1,302 $ 8,145 $ 2,044 For the nine months ended July 31, 2021 July 31, 2020 Interest income Interest expense Interest income Interest expense Measured at amortized cost $ 19,244 $ 2,681 $ 22,155 $ 5,379 Measured at FVOCI 438 n/a 1,555 n/a 19,682 2,681 23,710 5,379 Not measured at amortized cost or FVOCI 2 2,460 1,592 4,298 4,159 Total $ 22,142 $ 4,273 $ 28,008 $ 9,538 1 Certain comparative amounts have been restated to conform with the presentation adopted in the current period. 2 Includes interest income, interest expense, and dividend income for financial instruments that are measured or designated at FVTPL and equities designated at FVOCI. |
Regulatory Capital (Tables)
Regulatory Capital (Tables) | 9 Months Ended |
Jul. 31, 2021 | |
Regulatory Capital | |
Summary of Regulatory Capital Position | The following table summarizes the Bank’s regulatory capital positions as at July 31, 2021 and October 31, 2020. Summary of Regulatory Capital Position Regulatory Capital Position 1 (millions of Canadian dollars, except as noted) As at July 31 October 31 Capital Common Equity Tier 1 Capital $ 67,262 $ 62,616 Tier 1 Capital 74,039 69,091 Total Capital 86,201 80,021 Risk-weighted assets used in the calculation of capital ratios 465,453 478,909 Capital and leverage ratios Common Equity Tier 1 Capital ratio 14.5 % 13.1 % Tier 1 Capital ratio 15.9 14.4 Total Capital ratio 18.5 16.7 Leverage ratio 4.8 4.5 1 Includes capital adjustments provided by OSFI in response to COVID-19 pandemic. Refer to “Capital Position” section of the Bank’s 2020 Annual Report for additional detail. |
Portfolio Market Risk Measures
Portfolio Market Risk Measures (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | $ 22.3 | ||||
Stressed Value-at-Risk (one-day) | 34.1 | ||||
Incremental Risk Capital Charge (one-year) | 338.7 | ||||
Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 28.8 | $ 34.4 | $ 67.2 | $ 32.3 | $ 46.3 |
Stressed Value-at-Risk (one-day) | 38.4 | 35 | 65.5 | 35.6 | 62.3 |
Incremental Risk Capital Charge (one-year) | 339.3 | 363 | 397 | 353 | 314.9 |
High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 37.4 | ||||
Stressed Value-at-Risk (one-day) | 41.3 | ||||
Incremental Risk Capital Charge (one-year) | 407.8 | ||||
Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 21.9 | ||||
Stressed Value-at-Risk (one-day) | 34.1 | ||||
Incremental Risk Capital Charge (one-year) | 295.9 | ||||
Interest rate risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 11.3 | ||||
Interest rate risk [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 12.5 | 18.6 | 24.2 | 17.4 | 19.3 |
Interest rate risk [member] | High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 17.4 | ||||
Interest rate risk [member] | Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 9.2 | ||||
Credit risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 7.1 | ||||
Credit risk [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 8.2 | 19.4 | 47.9 | 17.3 | 35.2 |
Credit risk [member] | High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 9.6 | ||||
Credit risk [member] | Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 6.7 | ||||
Equity price risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 7.1 | ||||
Equity price risk [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 9 | 10.2 | 23.9 | 9.8 | 13.9 |
Equity price risk [member] | High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 12.5 | ||||
Equity price risk [member] | Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 7.1 | ||||
Currency risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 0.8 | ||||
Currency risk [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 1.4 | 2 | 4 | 2.1 | 4.4 |
Currency risk [member] | High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 2.7 | ||||
Currency risk [member] | Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 0.5 | ||||
Commodity price risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 5.9 | ||||
Commodity price risk [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 3.5 | 4.8 | 5 | 4.9 | 3.3 |
Commodity price risk [member] | High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 6 | ||||
Commodity price risk [member] | Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 1.9 | ||||
Idiosyncratic debt specific risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 16.9 | ||||
Idiosyncratic debt specific risk [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 24.4 | 31.1 | 53.4 | 28.8 | 34.2 |
Idiosyncratic debt specific risk [member] | High risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 34.2 | ||||
Idiosyncratic debt specific risk [member] | Low risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | 16.9 | ||||
Risk diversification effect [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | (26.8) | ||||
Risk diversification effect [member] | Average risk [member] | |||||
MarketRisk [Line Items] | |||||
Total VaR (one-day measure) | $ (30.2) | $ (51.7) | $ (91.2) | $ (48) | $ (64) |
Structural Interest Rate Sensit
Structural Interest Rate Sensitivity Measures (Details) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | |
100 bps increase [member] | ||||
Structural Interest Rate Sensitivity Measures [Line Items] | ||||
EVE Sensitivity | $ (1,577) | $ (1,510) | $ (1,577) | $ (1,876) |
NII Sensitivity | 2,073 | 2,101 | 2,073 | 1,926 |
100 bps decrease [member] | ||||
Structural Interest Rate Sensitivity Measures [Line Items] | ||||
EVE Sensitivity | 244 | 329 | 244 | 277 |
NII Sensitivity | $ (1,134) | $ (927) | (1,134) | $ (872) |
Canada [member] | 100 bps increase [member] | ||||
Structural Interest Rate Sensitivity Measures [Line Items] | ||||
EVE Sensitivity | 66 | |||
NII Sensitivity | 1,087 | |||
Canada [member] | 100 bps decrease [member] | ||||
Structural Interest Rate Sensitivity Measures [Line Items] | ||||
EVE Sensitivity | (133) | |||
NII Sensitivity | (744) | |||
United States [member] | 100 bps increase [member] | ||||
Structural Interest Rate Sensitivity Measures [Line Items] | ||||
EVE Sensitivity | (1,643) | |||
NII Sensitivity | 986 | |||
United States [member] | 100 bps decrease [member] | ||||
Structural Interest Rate Sensitivity Measures [Line Items] | ||||
EVE Sensitivity | 377 | |||
NII Sensitivity | $ (390) |
Summary of Liquid Assets by Typ
Summary of Liquid Assets by Type and Currency (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | $ 596,087 | $ 608,548 |
Securities received as collateral from securities financing and derivative transactions | 264,256 | 272,743 |
Total liquid assets | $ 860,343 | $ 881,291 |
% of total | 100.00% | 100.00% |
Encumbered liquid assets | $ 290,413 | $ 300,401 |
Unencumbered liquid assets | 569,930 | 580,890 |
Canadian Dollar [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 178,016 | 211,866 |
Securities received as collateral from securities financing and derivative transactions | 113,512 | 113,181 |
Total liquid assets | $ 291,528 | $ 325,047 |
% of total | 34.00% | 37.00% |
Encumbered liquid assets | $ 126,875 | $ 130,486 |
Unencumbered liquid assets | 164,653 | 194,561 |
Canadian Dollar [member] | Cash and central bank reserves [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 71,436 | 94,640 |
Securities received as collateral from securities financing and derivative transactions | 0 | |
Total liquid assets | $ 71,436 | $ 94,640 |
% of total | 8.00% | 11.00% |
Encumbered liquid assets | $ 1,136 | $ 1,689 |
Unencumbered liquid assets | 70,300 | 92,951 |
Canadian Dollar [member] | Canadian government obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 31,457 | 39,008 |
Securities received as collateral from securities financing and derivative transactions | 83,321 | 83,258 |
Total liquid assets | $ 114,778 | $ 122,266 |
% of total | 14.00% | 14.00% |
Encumbered liquid assets | $ 76,442 | $ 80,934 |
Unencumbered liquid assets | 38,336 | 41,332 |
Canadian Dollar [member] | National Housing Act mortgage backed securities [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 25,018 | 30,763 |
Securities received as collateral from securities financing and derivative transactions | 4 | 23 |
Total liquid assets | $ 25,022 | $ 30,786 |
% of total | 3.00% | 3.00% |
Encumbered liquid assets | $ 2,307 | $ 2,294 |
Unencumbered liquid assets | 22,715 | 28,492 |
Canadian Dollar [member] | Provincial government obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 27,465 | 22,999 |
Securities received as collateral from securities financing and derivative transactions | 22,997 | 24,441 |
Total liquid assets | $ 50,462 | $ 47,440 |
% of total | 6.00% | 6.00% |
Encumbered liquid assets | $ 33,328 | $ 34,990 |
Unencumbered liquid assets | 17,134 | 12,450 |
Canadian Dollar [member] | Corporate issuer obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 7,064 | 11,310 |
Securities received as collateral from securities financing and derivative transactions | 3,657 | 2,841 |
Total liquid assets | $ 10,721 | $ 14,151 |
% of total | 1.00% | 1.00% |
Encumbered liquid assets | $ 2,856 | $ 2,331 |
Unencumbered liquid assets | 7,865 | 11,820 |
Canadian Dollar [member] | Equities [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 15,576 | 13,146 |
Securities received as collateral from securities financing and derivative transactions | 3,533 | 2,618 |
Total liquid assets | $ 19,109 | $ 15,764 |
% of total | 2.00% | 2.00% |
Encumbered liquid assets | $ 10,806 | $ 8,248 |
Unencumbered liquid assets | 8,303 | 7,516 |
Other than Canadian dollar [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 418,071 | 396,682 |
Securities received as collateral from securities financing and derivative transactions | 150,744 | 159,562 |
Total liquid assets | $ 568,815 | $ 556,244 |
% of total | 66.00% | 63.00% |
Encumbered liquid assets | $ 163,538 | $ 169,915 |
Unencumbered liquid assets | 405,277 | 386,329 |
Other than Canadian dollar [member] | Cash and central bank reserves [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 90,826 | 69,183 |
Total liquid assets | $ 90,826 | $ 69,183 |
% of total | 10.00% | 8.00% |
Encumbered liquid assets | $ 21 | $ 51 |
Unencumbered liquid assets | 90,805 | 69,132 |
Other than Canadian dollar [member] | Corporate issuer obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 75,471 | 78,238 |
Securities received as collateral from securities financing and derivative transactions | 2,662 | 2,108 |
Total liquid assets | $ 78,133 | $ 80,346 |
% of total | 9.00% | 9.00% |
Encumbered liquid assets | $ 9,007 | $ 8,297 |
Unencumbered liquid assets | 69,126 | 72,049 |
Other than Canadian dollar [member] | Equities [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 38,831 | 31,258 |
Securities received as collateral from securities financing and derivative transactions | 32,955 | 38,684 |
Total liquid assets | $ 71,786 | $ 69,942 |
% of total | 8.00% | 8.00% |
Encumbered liquid assets | $ 35,243 | $ 36,716 |
Unencumbered liquid assets | 36,543 | 33,226 |
Other than Canadian dollar [member] | U.S. government obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 79,860 | 82,701 |
Securities received as collateral from securities financing and derivative transactions | 45,556 | 53,755 |
Total liquid assets | $ 125,416 | $ 136,456 |
% of total | 15.00% | 15.00% |
Encumbered liquid assets | $ 41,762 | $ 53,585 |
Unencumbered liquid assets | 83,654 | 82,871 |
Other than Canadian dollar [member] | U.S. federal agency obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 70,335 | 74,131 |
Securities received as collateral from securities financing and derivative transactions | 3,871 | 9,566 |
Total liquid assets | $ 74,206 | $ 83,697 |
% of total | 9.00% | 9.00% |
Encumbered liquid assets | $ 14,499 | $ 21,495 |
Unencumbered liquid assets | 59,707 | 62,202 |
Other than Canadian dollar [member] | Other sovereign obligations [member] | ||
Disclosure Of Liquid Assets By Type And Currency [Line Items] | ||
Bank-owned liquid assets | 62,748 | 61,171 |
Securities received as collateral from securities financing and derivative transactions | 65,700 | 55,449 |
Total liquid assets | $ 128,448 | $ 116,620 |
% of total | 15.00% | 14.00% |
Encumbered liquid assets | $ 63,006 | $ 49,771 |
Unencumbered liquid assets | $ 65,442 | $ 66,849 |
Summary of Unencumbered Liquid
Summary of Unencumbered Liquid Assets by Bank, Subsidiaries, and Branches (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | $ 569,930 | $ 580,890 |
Toronto-Dominion Bank [member] | ||
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | 205,442 | 230,369 |
Subsidiaries [Member] | ||
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | 347,527 | 334,308 |
Foreign branches [member] | ||
Disclosure Of Unencumbered Assets [Line Items] | ||
Unencumbered liquid assets | $ 16,961 | $ 16,213 |
Summary of Deposit Funding (Det
Summary of Deposit Funding (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits [Line Items] | ||
Funds from Deposits | $ 974,917 | $ 949,281 |
Canadian Retail [member] | P&C Deposits [member] | ||
Disclosure Of Deposits [Line Items] | ||
Funds from Deposits | 509,023 | 471,543 |
U.S. Retail [member] | P&C Deposits [member] | ||
Disclosure Of Deposits [Line Items] | ||
Funds from Deposits | $ 465,894 | $ 477,738 |
Summary of Remaining Contractua
Summary of Remaining Contractual Maturity (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Assets | ||||||
Cash and due from banks | $ 5,817 | $ 5,718 | $ 6,445 | $ 5,410 | $ 5,297 | $ 4,863 |
Interest-bearing deposits with banks | 167,543 | 164,149 | ||||
Trading loans, securities, and other | 147,438 | 148,318 | ||||
Non-trading financial assets at fair value through profit or loss | 9,252 | 8,548 | ||||
Derivatives | 51,742 | 54,242 | ||||
Financial assets designated at fair value through profit or loss | 4,632 | 4,739 | ||||
Financial assets at fair value through other comprehensive income | 84,389 | 103,285 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 250,310 | 227,679 | ||||
Securities purchased under reverse repurchase agreements | 162,154 | 169,162 | ||||
Loans | ||||||
Residential mortgages | 263,456 | 252,219 | ||||
Consumer instalment and other personal | 187,490 | 185,460 | ||||
Credit card | 30,692 | 32,334 | ||||
Business and government | 244,393 | 255,799 | ||||
Total loans | 726,031 | 725,812 | ||||
Allowance for loan losses | (6,811) | (8,289) | ||||
Loans, net of allowance for loan losses | 719,220 | 717,523 | ||||
Customers’ liability under acceptances | 19,298 | 14,941 | ||||
Goodwill3 | 16,341 | 17,148 | $ 16,976 | |||
Other intangibles3 | 2,140 | 2,125 | ||||
Land, buildings, equipment, and other depreciable assets3,4 | 9,253 | 10,136 | ||||
Deferred tax assets | 2,036 | 2,444 | ||||
Amounts receivable from brokers, dealers, and clients | 23,262 | 33,951 | ||||
Other assets | 17,035 | 18,856 | ||||
Total assets | 1,703,093 | 1,715,865 | $ 1,697,305 | |||
Liabilities | ||||||
Trading deposits | 29,445 | 19,177 | ||||
Derivatives | 52,715 | 53,203 | ||||
Securitization liabilities at fair value | 13,633 | 13,718 | ||||
Financial liabilities designated at fair value through profit or loss | 92,355 | 59,665 | ||||
Deposits | ||||||
Personal | 626,538 | 625,200 | ||||
Banks | 25,638 | 28,969 | ||||
Business and government | 466,505 | 481,164 | ||||
Total deposits | 1,118,681 | 1,135,333 | ||||
Acceptances | 19,298 | 14,941 | ||||
Obligations related to securities sold short1 | 36,723 | 34,999 | ||||
Obligations related to securities sold under repurchase agreements2 | 155,863 | 188,876 | ||||
Securitization liabilities at amortized cost | 15,272 | 15,768 | ||||
Amounts payable to brokers, dealers, and clients | 23,866 | 35,143 | ||||
Insurance-related liabilities | 7,735 | 7,590 | ||||
Other liabilities4 | 26,297 | 30,476 | ||||
Subordinated notes and debentures | 11,303 | 11,477 | ||||
Equity | 99,907 | 95,499 | ||||
Total liabilities and equity | 1,703,093 | 1,715,865 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 259,155 | 266,867 | ||||
Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 251,838 | 260,753 | ||||
Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 3,201 | 2,867 | ||||
Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 4,116 | 3,247 | ||||
TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | 11,231 | 12,174 | ||||
Not later than one month [member] | ||||||
Assets | ||||||
Cash and due from banks | 5,817 | 6,437 | ||||
Interest-bearing deposits with banks | 165,405 | 161,326 | ||||
Trading loans, securities, and other | 1,745 | 4,363 | ||||
Non-trading financial assets at fair value through profit or loss | 62 | 80 | ||||
Derivatives | 4,897 | 5,299 | ||||
Financial assets designated at fair value through profit or loss | 406 | 820 | ||||
Financial assets at fair value through other comprehensive income | 1,767 | 2,501 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 2,440 | 6,444 | ||||
Securities purchased under reverse repurchase agreements | 90,202 | 98,721 | ||||
Loans | ||||||
Residential mortgages | 1,261 | 472 | ||||
Consumer instalment and other personal | 741 | 706 | ||||
Credit card | ||||||
Business and government | 22,838 | 27,193 | ||||
Total loans | 24,840 | 28,371 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 24,840 | 28,371 | ||||
Customers’ liability under acceptances | 15,038 | 12,699 | ||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | ||||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | 23,262 | 33,951 | ||||
Other assets | 3,107 | 3,521 | ||||
Total assets | 338,988 | 364,533 | ||||
Liabilities | ||||||
Trading deposits | 3,061 | 1,802 | ||||
Derivatives | 4,865 | 4,718 | ||||
Securitization liabilities at fair value | ||||||
Financial liabilities designated at fair value through profit or loss | 21,013 | 18,654 | ||||
Deposits | ||||||
Personal | 7,334 | 6,240 | ||||
Banks | 9,666 | 12,870 | ||||
Business and government | 16,430 | 25,387 | ||||
Total deposits | 33,430 | 44,497 | ||||
Acceptances | 15,038 | 12,699 | ||||
Obligations related to securities sold short1 | 697 | 698 | ||||
Obligations related to securities sold under repurchase agreements2 | 119,070 | 122,433 | ||||
Securitization liabilities at amortized cost | ||||||
Amounts payable to brokers, dealers, and clients | 23,866 | 35,143 | ||||
Insurance-related liabilities | 164 | 306 | ||||
Other liabilities4 | 7,205 | 7,672 | ||||
Subordinated notes and debentures | ||||||
Equity | ||||||
Total liabilities and equity | 228,409 | 248,622 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 13,733 | 20,548 | ||||
Not later than one month [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 13,666 | 19,568 | ||||
Not later than one month [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 67 | 77 | ||||
Not later than one month [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 903 | |||||
Not later than one month [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than one month and not later than three months [member] | ||||||
Assets | ||||||
Cash and due from banks | 8 | |||||
Interest-bearing deposits with banks | 335 | 656 | ||||
Trading loans, securities, and other | 7,343 | 6,920 | ||||
Non-trading financial assets at fair value through profit or loss | ||||||
Derivatives | 7,494 | 7,167 | ||||
Financial assets designated at fair value through profit or loss | 122 | 183 | ||||
Financial assets at fair value through other comprehensive income | 4,341 | 2,799 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 5,119 | 23,449 | ||||
Securities purchased under reverse repurchase agreements | 34,479 | 30,246 | ||||
Loans | ||||||
Residential mortgages | 3,623 | 2,845 | ||||
Consumer instalment and other personal | 1,484 | 1,423 | ||||
Credit card | ||||||
Business and government | 7,034 | 4,938 | ||||
Total loans | 12,141 | 9,206 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 12,141 | 9,206 | ||||
Customers’ liability under acceptances | 4,212 | 2,036 | ||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 2 | 1 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 997 | 1,060 | ||||
Total assets | 76,585 | 83,731 | ||||
Liabilities | ||||||
Trading deposits | 5,405 | 2,429 | ||||
Derivatives | 6,307 | 6,783 | ||||
Securitization liabilities at fair value | 344 | 608 | ||||
Financial liabilities designated at fair value through profit or loss | 18,734 | 7,290 | ||||
Deposits | ||||||
Personal | 10,176 | 8,996 | ||||
Banks | 1,040 | 1,592 | ||||
Business and government | 15,261 | 24,703 | ||||
Total deposits | 26,477 | 35,291 | ||||
Acceptances | 4,212 | 2,036 | ||||
Obligations related to securities sold short1 | 1,659 | 1,095 | ||||
Obligations related to securities sold under repurchase agreements2 | 26,321 | 23,944 | ||||
Securitization liabilities at amortized cost | 405 | 1,055 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 283 | 350 | ||||
Other liabilities4 | 2,214 | 3,630 | ||||
Subordinated notes and debentures | ||||||
Equity | ||||||
Total liabilities and equity | 92,361 | 84,511 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 23,020 | 24,037 | ||||
Later than one month and not later than three months [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 20,691 | 23,526 | ||||
Later than one month and not later than three months [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 149 | 169 | ||||
Later than one month and not later than three months [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 2,180 | 342 | ||||
Later than one month and not later than three months [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than three months and not later than six months [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | 104 | |||||
Trading loans, securities, and other | 3,328 | 7,866 | ||||
Non-trading financial assets at fair value through profit or loss | 16 | 600 | ||||
Derivatives | 4,702 | 4,554 | ||||
Financial assets designated at fair value through profit or loss | 423 | 631 | ||||
Financial assets at fair value through other comprehensive income | 8,677 | 8,490 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 6,495 | 16,052 | ||||
Securities purchased under reverse repurchase agreements | 11,673 | 23,879 | ||||
Loans | ||||||
Residential mortgages | 6,089 | 7,286 | ||||
Consumer instalment and other personal | 2,271 | 3,437 | ||||
Credit card | ||||||
Business and government | 8,429 | 8,973 | ||||
Total loans | 16,789 | 19,696 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 16,789 | 19,696 | ||||
Customers’ liability under acceptances | 16 | 204 | ||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 2 | 6 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 602 | 643 | ||||
Total assets | 52,827 | 82,621 | ||||
Liabilities | ||||||
Trading deposits | 7,352 | 2,065 | ||||
Derivatives | 4,773 | 3,997 | ||||
Securitization liabilities at fair value | 628 | 243 | ||||
Financial liabilities designated at fair value through profit or loss | 14,110 | 12,563 | ||||
Deposits | ||||||
Personal | 9,192 | 9,139 | ||||
Banks | 486 | 313 | ||||
Business and government | 9,159 | 24,841 | ||||
Total deposits | 18,837 | 34,293 | ||||
Acceptances | 16 | 204 | ||||
Obligations related to securities sold short1 | 1,204 | 993 | ||||
Obligations related to securities sold under repurchase agreements2 | 5,653 | 30,879 | ||||
Securitization liabilities at amortized cost | 341 | 221 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 420 | 382 | ||||
Other liabilities4 | 2,027 | 1,744 | ||||
Subordinated notes and debentures | ||||||
Equity | ||||||
Total liabilities and equity | 55,361 | 87,584 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 22,379 | 27,468 | ||||
Later than three months and not later than six months [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 20,224 | 25,918 | ||||
Later than three months and not later than six months [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 239 | 183 | ||||
Later than three months and not later than six months [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 1,916 | 1,367 | ||||
Later than three months and not later than six months [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than six months and not later than nine months [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | ||||||
Trading loans, securities, and other | 2,736 | 6,913 | ||||
Non-trading financial assets at fair value through profit or loss | 750 | 2,271 | ||||
Derivatives | 3,509 | 2,810 | ||||
Financial assets designated at fair value through profit or loss | 155 | 234 | ||||
Financial assets at fair value through other comprehensive income | 11,449 | 6,101 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 6,649 | 5,855 | ||||
Securities purchased under reverse repurchase agreements | 14,671 | 11,776 | ||||
Loans | ||||||
Residential mortgages | 5,320 | 9,994 | ||||
Consumer instalment and other personal | 2,251 | 3,941 | ||||
Credit card | ||||||
Business and government | 8,495 | 11,653 | ||||
Total loans | 16,066 | 25,588 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 16,066 | 25,588 | ||||
Customers’ liability under acceptances | 32 | 2 | ||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 2 | 91 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 1,830 | 2,783 | ||||
Total assets | 57,849 | 64,424 | ||||
Liabilities | ||||||
Trading deposits | 2,886 | 3,057 | ||||
Derivatives | 2,889 | 1,917 | ||||
Securitization liabilities at fair value | 1,022 | 652 | ||||
Financial liabilities designated at fair value through profit or loss | 16,773 | 15,892 | ||||
Deposits | ||||||
Personal | 8,810 | 9,550 | ||||
Banks | 103 | 56 | ||||
Business and government | 7,255 | 15,274 | ||||
Total deposits | 16,168 | 24,880 | ||||
Acceptances | 32 | 2 | ||||
Obligations related to securities sold short1 | 650 | 823 | ||||
Obligations related to securities sold under repurchase agreements2 | 3,238 | 1,791 | ||||
Securitization liabilities at amortized cost | 418 | 422 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 420 | 316 | ||||
Other liabilities4 | 588 | 701 | ||||
Subordinated notes and debentures | ||||||
Equity | ||||||
Total liabilities and equity | 45,084 | 50,453 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 19,586 | 20,504 | ||||
Later than six months and not later than nine months [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 19,422 | 20,089 | ||||
Later than six months and not later than nine months [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 144 | 188 | ||||
Later than six months and not later than nine months [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 20 | 227 | ||||
Later than six months and not later than nine months [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than nine months and not later than one year [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | ||||||
Trading loans, securities, and other | 3,788 | 3,867 | ||||
Non-trading financial assets at fair value through profit or loss | 1,523 | 69 | ||||
Derivatives | 2,183 | 2,525 | ||||
Financial assets designated at fair value through profit or loss | 111 | 107 | ||||
Financial assets at fair value through other comprehensive income | 3,203 | 4,886 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 4,899 | 5,498 | ||||
Securities purchased under reverse repurchase agreements | 10,744 | 4,204 | ||||
Loans | ||||||
Residential mortgages | 10,835 | 10,481 | ||||
Consumer instalment and other personal | 4,441 | 3,893 | ||||
Credit card | ||||||
Business and government | 9,593 | 8,672 | ||||
Total loans | 24,869 | 23,046 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 24,869 | 23,046 | ||||
Customers’ liability under acceptances | ||||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 5 | 9 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 405 | 470 | ||||
Total assets | 51,730 | 44,681 | ||||
Liabilities | ||||||
Trading deposits | 3,247 | 1,639 | ||||
Derivatives | 2,365 | 2,012 | ||||
Securitization liabilities at fair value | 510 | 345 | ||||
Financial liabilities designated at fair value through profit or loss | 20,733 | 5,251 | ||||
Deposits | ||||||
Personal | 7,317 | 7,288 | ||||
Banks | 74 | 28 | ||||
Business and government | 5,524 | 7,214 | ||||
Total deposits | 12,915 | 14,530 | ||||
Acceptances | ||||||
Obligations related to securities sold short1 | 749 | 707 | ||||
Obligations related to securities sold under repurchase agreements2 | 1,553 | 4,952 | ||||
Securitization liabilities at amortized cost | 473 | 404 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 441 | 305 | ||||
Other liabilities4 | 253 | 1,048 | ||||
Subordinated notes and debentures | ||||||
Equity | ||||||
Total liabilities and equity | 43,239 | 31,193 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 20,107 | 14,862 | ||||
Later than nine months and not later than one year [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 19,861 | 14,289 | ||||
Later than nine months and not later than one year [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 246 | 165 | ||||
Later than nine months and not later than one year [member] | Unconsolidated structured entity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 408 | |||||
Later than nine months and not later than one year [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than one year and not later than two years [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | ||||||
Trading loans, securities, and other | 10,963 | 9,732 | ||||
Non-trading financial assets at fair value through profit or loss | 1,016 | 1,430 | ||||
Derivatives | 6,033 | 6,314 | ||||
Financial assets designated at fair value through profit or loss | 484 | 930 | ||||
Financial assets at fair value through other comprehensive income | 4,842 | 25,305 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 20,951 | 12,386 | ||||
Securities purchased under reverse repurchase agreements | 138 | 29 | ||||
Loans | ||||||
Residential mortgages | 34,902 | 38,182 | ||||
Consumer instalment and other personal | 14,206 | 14,594 | ||||
Credit card | ||||||
Business and government | 26,811 | 35,439 | ||||
Total loans | 75,919 | 88,215 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 75,919 | 88,215 | ||||
Customers’ liability under acceptances | ||||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 19 | 29 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 81 | 150 | ||||
Total assets | 120,446 | 144,520 | ||||
Liabilities | ||||||
Trading deposits | 2,652 | 3,510 | ||||
Derivatives | 6,328 | 5,438 | ||||
Securitization liabilities at fair value | 2,197 | 2,495 | ||||
Financial liabilities designated at fair value through profit or loss | 980 | |||||
Deposits | ||||||
Personal | 9,277 | 10,095 | ||||
Banks | 2 | |||||
Business and government | 27,079 | 14,378 | ||||
Total deposits | 36,358 | 24,473 | ||||
Acceptances | ||||||
Obligations related to securities sold short1 | 3,524 | 4,888 | ||||
Obligations related to securities sold under repurchase agreements2 | 24 | 4,873 | ||||
Securitization liabilities at amortized cost | 2,016 | 1,642 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 989 | 963 | ||||
Other liabilities4 | 2,001 | 1,304 | ||||
Subordinated notes and debentures | ||||||
Equity | ||||||
Total liabilities and equity | 57,069 | 49,586 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 40,039 | 44,417 | ||||
Later than one year and not later than two years [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 39,435 | 43,760 | ||||
Later than one year and not later than two years [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 604 | 657 | ||||
Later than one year and not later than two years [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than two years and not later than five years [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | ||||||
Trading loans, securities, and other | 25,452 | 23,624 | ||||
Non-trading financial assets at fair value through profit or loss | 3,101 | 1,425 | ||||
Derivatives | 10,711 | 10,004 | ||||
Financial assets designated at fair value through profit or loss | 1,271 | 1,253 | ||||
Financial assets at fair value through other comprehensive income | 21,057 | 23,667 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 77,714 | 62,145 | ||||
Securities purchased under reverse repurchase agreements | 247 | 307 | ||||
Loans | ||||||
Residential mortgages | 162,167 | 138,912 | ||||
Consumer instalment and other personal | 79,037 | 68,961 | ||||
Credit card | ||||||
Business and government | 71,554 | 70,478 | ||||
Total loans | 312,758 | 278,351 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 312,758 | 278,351 | ||||
Customers’ liability under acceptances | ||||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 336 | 299 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 135 | 125 | ||||
Total assets | 452,782 | 401,200 | ||||
Liabilities | ||||||
Trading deposits | 3,627 | 3,455 | ||||
Derivatives | 11,287 | 11,084 | ||||
Securitization liabilities at fair value | 6,208 | 6,706 | ||||
Financial liabilities designated at fair value through profit or loss | 3 | 4 | ||||
Deposits | ||||||
Personal | 7,339 | 7,923 | ||||
Banks | 2 | 4 | ||||
Business and government | 35,468 | 52,852 | ||||
Total deposits | 42,809 | 60,779 | ||||
Acceptances | ||||||
Obligations related to securities sold short1 | 13,238 | 9,789 | ||||
Obligations related to securities sold under repurchase agreements2 | 4 | 4 | ||||
Securitization liabilities at amortized cost | 8,364 | 8,799 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 1,710 | 1,676 | ||||
Other liabilities4 | 965 | 1,402 | ||||
Subordinated notes and debentures | 200 | 200 | ||||
Equity | ||||||
Total liabilities and equity | 88,415 | 103,898 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 114,315 | 108,826 | ||||
Later than two years and not later than five years [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 113,451 | 107,951 | ||||
Later than two years and not later than five years [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 864 | 875 | ||||
Later than two years and not later than five years [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
Later than five years [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | ||||||
Trading loans, securities, and other | 22,804 | 27,554 | ||||
Non-trading financial assets at fair value through profit or loss | 1,803 | 1,879 | ||||
Derivatives | 12,213 | 15,569 | ||||
Financial assets designated at fair value through profit or loss | 1,660 | 581 | ||||
Financial assets at fair value through other comprehensive income | 24,518 | 26,957 | ||||
Debt securities at amortized cost, net of allowance for credit losses | 126,045 | 95,852 | ||||
Securities purchased under reverse repurchase agreements | ||||||
Loans | ||||||
Residential mortgages | 39,259 | 44,047 | ||||
Consumer instalment and other personal | 27,018 | 28,038 | ||||
Credit card | ||||||
Business and government | 62,910 | 65,144 | ||||
Total loans | 129,187 | 137,229 | ||||
Allowance for loan losses | ||||||
Loans, net of allowance for loan losses | 129,187 | 137,229 | ||||
Customers’ liability under acceptances | ||||||
Goodwill3 | ||||||
Other intangibles3 | ||||||
Land, buildings, equipment, and other depreciable assets3,4 | 3,894 | 4,384 | ||||
Deferred tax assets | ||||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 65 | 171 | ||||
Total assets | 322,189 | 310,176 | ||||
Liabilities | ||||||
Trading deposits | 1,215 | 1,220 | ||||
Derivatives | 13,901 | 17,254 | ||||
Securitization liabilities at fair value | 2,724 | 2,669 | ||||
Financial liabilities designated at fair value through profit or loss | 9 | 11 | ||||
Deposits | ||||||
Personal | 29 | 37 | ||||
Banks | 4 | 5 | ||||
Business and government | 3,970 | 3,386 | ||||
Total deposits | 4,003 | 3,428 | ||||
Acceptances | ||||||
Obligations related to securities sold short1 | 13,214 | 14,986 | ||||
Obligations related to securities sold under repurchase agreements2 | ||||||
Securitization liabilities at amortized cost | 3,255 | 3,225 | ||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 937 | 1,033 | ||||
Other liabilities4 | 4,979 | 5,633 | ||||
Subordinated notes and debentures | 11,103 | 11,277 | ||||
Equity | ||||||
Total liabilities and equity | 55,340 | 60,736 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 4,638 | 4,896 | ||||
Later than five years [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 3,750 | 4,343 | ||||
Later than five years [member] | Other commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 888 | 553 | ||||
Later than five years [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | ||||||
No specific maturity [member] | ||||||
Assets | ||||||
Cash and due from banks | ||||||
Interest-bearing deposits with banks | 1,699 | 2,167 | ||||
Trading loans, securities, and other | 69,279 | 57,479 | ||||
Non-trading financial assets at fair value through profit or loss | 981 | 794 | ||||
Derivatives | ||||||
Financial assets designated at fair value through profit or loss | ||||||
Financial assets at fair value through other comprehensive income | 4,535 | 2,579 | ||||
Debt securities at amortized cost, net of allowance for credit losses | (2) | (2) | ||||
Securities purchased under reverse repurchase agreements | ||||||
Loans | ||||||
Residential mortgages | ||||||
Consumer instalment and other personal | 56,041 | 60,467 | ||||
Credit card | 30,692 | 32,334 | ||||
Business and government | 26,729 | 23,309 | ||||
Total loans | 113,462 | 116,110 | ||||
Allowance for loan losses | (6,811) | (8,289) | ||||
Loans, net of allowance for loan losses | 106,651 | 107,821 | ||||
Customers’ liability under acceptances | ||||||
Goodwill3 | 16,341 | 17,148 | ||||
Other intangibles3 | 2,140 | 2,125 | ||||
Land, buildings, equipment, and other depreciable assets3,4 | 4,993 | 5,317 | ||||
Deferred tax assets | 2,036 | 2,444 | ||||
Amounts receivable from brokers, dealers, and clients | ||||||
Other assets | 9,813 | 9,933 | ||||
Total assets | 229,697 | 219,979 | ||||
Liabilities | ||||||
Trading deposits | ||||||
Derivatives | ||||||
Securitization liabilities at fair value | ||||||
Financial liabilities designated at fair value through profit or loss | ||||||
Deposits | ||||||
Personal | 567,064 | 565,932 | ||||
Banks | 14,261 | 14,101 | ||||
Business and government | 346,359 | 313,129 | ||||
Total deposits | 927,684 | 893,162 | ||||
Acceptances | ||||||
Obligations related to securities sold short1 | 1,788 | 1,020 | ||||
Obligations related to securities sold under repurchase agreements2 | ||||||
Securitization liabilities at amortized cost | ||||||
Amounts payable to brokers, dealers, and clients | ||||||
Insurance-related liabilities | 2,371 | 2,259 | ||||
Other liabilities4 | 6,065 | 7,342 | ||||
Subordinated notes and debentures | ||||||
Equity | 99,907 | 95,499 | ||||
Total liabilities and equity | 1,037,815 | 999,282 | ||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 1,338 | 1,309 | ||||
No specific maturity [member] | Credit and liquidity commitments [member] | ||||||
Off-balance sheet commitments | ||||||
Total off-balance sheet commitments | 1,338 | 1,309 | ||||
No specific maturity [member] | TD Schwab [member] | ||||||
Loans | ||||||
Investment in Schwab | $ 11,231 | $ 12,174 |
Summary of Remaining Contract_2
Summary of Remaining Contractual Maturity (Parenthetical) (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | $ 30,000 | $ 41,000 |
Commitments to extend credit to private equity investments | 312 | 290 |
Later than one month and not later than three months [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 4,000 | 2,000 |
Later than three months and not later than six months [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 3,000 | 3,000 |
Later than six months and not later than nine months [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 2,000 | 5,000 |
Later than nine months and not later than one year [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 4,000 | 4,000 |
Later than one year and not later than two years [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 8,000 | 9,000 |
Later than two years and not later than five years [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | 7,000 | 16,000 |
Later than five years [member] | ||
Disclosure Of Assets And Liabilities According To Their Remaining Contractual Maturities [Line Items] | ||
Covered bonds | $ 2,000 | $ 2,000 |
IFRS 7 Disclosure (Details Narr
IFRS 7 Disclosure (Details Narrative) - CAD ($) $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Apr. 30, 2021 | Jul. 31, 2021 | Oct. 31, 2020 | |
MarketRisk [Line Items] | ||||
Number of trading days used to value current portfolio using market price and rate changes | 259 days | |||
Loss trading days | 7 days | |||
Positive trading days | 89.00% | |||
Percentage of P&C deposits in total funding | 75.00% | 75.00% | ||
100 bps increase [member] | ||||
MarketRisk [Line Items] | ||||
EVE Sensitivity | $ (1,577) | $ (1,510) | $ (1,577) | $ (1,876) |
Increase (decrease) to economic value of shareholders equity from prior period | 67 | |||
NII Sensitivity | 2,073 | 2,101 | 2,073 | 1,926 |
Increase (decrease) to net interest income from last period | (28) | |||
100 bps decrease [member] | ||||
MarketRisk [Line Items] | ||||
EVE Sensitivity | 244 | 329 | 244 | 277 |
Increase (decrease) to economic value of shareholders equity from prior period | (85) | |||
NII Sensitivity | (1,134) | $ (927) | $ (1,134) | $ (872) |
Increase (decrease) to net interest income from last period | $ 207 |
Summary of Exposures to Signifi
Summary of Exposures to Significant Interest Rate Benchmarks Subject to IBOR Reform (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Derivatives Positive fair value | $ 51,742 | $ 54,242 |
Derivatives Negative fair value | 52,715 | $ 53,203 |
Demand deposits | 170,170 | |
Interest Rate Benchmarks Subject to IBOR Reform [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 105,329 | |
Notional amount of derivatives | 4,146,068 | |
Derivatives Positive fair value | 11,346 | |
Derivatives Negative fair value | 14,831 | |
Non-derivative financial liabilities | 506 | |
Off-balance sheet commitments | 84,342 | |
Interest Rate Benchmarks Subject to IBOR Reform [member] | Cross currency swaps [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 621,138 | |
Derivatives Positive fair value | 8,238 | |
Derivatives Negative fair value | 10,199 | |
US LIBOR [member] | Tenors ceasing 12/31/2021 [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 1,429 | |
Notional amount of derivatives | 177 | |
Derivatives Positive fair value | 1 | |
Derivatives Negative fair value | 18 | |
US LIBOR [member] | Tenors ceasing 6/30/2023 [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 102,000 | |
US LIBOR [member] | Tenors ceasing 6/30/2023 [member] | Loans [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 58,000 | |
US LIBOR [member] | Tenors ceasing 6/30/2023 [member] | Debt securities at amortized cost [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 38,000 | |
US LIBOR [member] | Tenors ceasing 6/30/2023 [member] | Financial assets at fair value through other comprehensive income, category [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 6,000 | |
US LIBOR [member] | Tenors ceasing 6/30/2023 [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 102,325 | |
Notional amount of derivatives | 2,881,823 | |
Derivatives Positive fair value | 2,607 | |
Derivatives Negative fair value | 4,011 | |
Non-derivative financial liabilities | 506 | |
Off-balance sheet commitments | 83,056 | |
US LIBOR [member] | No maturity [member] | Demand Facilities [Member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Demand loans | 2,000 | |
Demand deposits | 2,000 | |
US LIBOR [member] | 1 and 3 month Tenors [member] | Interest rate risk [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 179,000 | |
US LIBOR [member] | 1 and 3 month Tenors [member] | Foreign exchange risk [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 21,000 | |
GBP LIBOR [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 766 | |
Notional amount of derivatives | 355,912 | |
Derivatives Positive fair value | 211 | |
Derivatives Negative fair value | 155 | |
Off-balance sheet commitments | 1,286 | |
Other IBORs [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 809 | |
Notional amount of derivatives | 287,018 | |
Derivatives Positive fair value | 289 | |
Derivatives Negative fair value | 438 | |
Other IBORs [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | Cross currency swaps [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 38,259 | |
Derivatives Positive fair value | 955 | |
Derivatives Negative fair value | 970 | |
IBORs [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 105,329 | |
Notional amount of derivatives | 3,524,930 | |
Derivatives Positive fair value | 3,108 | |
Derivatives Negative fair value | 4,632 | |
Non-derivative financial liabilities | 506 | |
Off-balance sheet commitments | 84,342 | |
US LIBOR And Other Rates [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | Cross currency swaps [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 418,536 | |
Derivatives Positive fair value | 6,407 | |
Derivatives Negative fair value | 8,438 | |
US LIBOR And GBP LIBOR [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | Cross currency swaps [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 130,182 | |
Derivatives Positive fair value | 720 | |
Derivatives Negative fair value | 681 | |
USLIBORAndJPYLIBOR [member] | Interest Rate Benchmarks Subject to IBOR Reform [member] | Cross currency swaps [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Notional amount of derivatives | 34,161 | |
Derivatives Positive fair value | 156 | |
Derivatives Negative fair value | 110 | |
EURIBOR [member] | ||
Disclosure Of Financial Assets And Financial Liabilities [Line Items] | ||
Non-derivative financial assets | 568 | |
Notional amount of derivatives | 1,848,000 | |
Non-derivative financial liabilities | $ 3 |
Current And Future Changes In_4
Current And Future Changes In Accounting Policies (Details Narrative) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2020 | Jul. 31, 2020 | Jul. 31, 2021 | Oct. 31, 2020 | |
Disclosure of detailed information about financial instruments [abstract] | ||||
Derivatives | $ 51,742 | $ 54,242 | ||
Amounts of loss reclassified from non-interest income to net interest income | $ 382 | $ 774 |
Schedule of Financial Assets an
Schedule of Financial Assets and Liabilities not Carried at Fair Value (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | $ 250,310 | $ 227,679 |
Total loans, net of allowance for loan losses | 719,220 | 717,523 |
FINANCIAL LIABILITIES | ||
Deposits | 1,118,681 | 1,135,333 |
Securitization liabilities at amortized cost | 15,272 | 15,768 |
Subordinated notes and debentures | 11,303 | 11,477 |
Carrying value [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 250,310 | 227,679 |
Total loans, net of allowance for loan losses | 719,220 | 717,523 |
Total financial assets not carried at fair value | 969,530 | 945,202 |
FINANCIAL LIABILITIES | ||
Deposits | 1,118,681 | 1,135,333 |
Securitization liabilities at amortized cost | 15,272 | 15,768 |
Subordinated notes and debentures | 11,303 | 11,477 |
Total financial liabilities not carried at fair value | 1,145,256 | 1,162,578 |
Carrying value [member] | Government and government-related securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 194,579 | 174,592 |
Carrying value [member] | Other debt securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 55,731 | 53,087 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 251,481 | 228,873 |
Total loans, net of allowance for loan losses | 725,555 | 727,197 |
Total financial assets not carried at fair value | 977,036 | 956,070 |
FINANCIAL LIABILITIES | ||
Deposits | 1,119,303 | 1,137,624 |
Securitization liabilities at amortized cost | 15,459 | 16,143 |
Subordinated notes and debentures | 12,118 | 12,374 |
Total financial liabilities not carried at fair value | 1,146,880 | 1,166,141 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Government and government-related securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | 195,263 | 175,500 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Other debt securities [member] | ||
FINANCIAL ASSETS | ||
Total debt securities at amortized cost, net of allowance for credit losses | $ 56,218 | $ 53,373 |
Schedule of Fair Value Hierarch
Schedule of Fair Value Hierarchy for Assets and Liabilities (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | $ 147,438 | $ 148,318 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 9,252 | 8,548 |
Derivatives | ||
Derivatives | 51,742 | 54,242 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,632 | 4,739 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 84,389 | 103,285 |
Securities purchased under reverse repurchase agreements | 162,154 | 169,162 |
FINANCIAL LIABILITIES | ||
Trading deposits | 29,445 | 19,177 |
Derivatives | ||
Derivatives | 52,715 | 53,203 |
Securitization liabilities at fair value | 13,633 | 13,718 |
Financial liabilities designated at fair value through profit or loss | 92,355 | 59,665 |
Obligations related to securities sold short | 36,723 | 34,999 |
Obligations related to securities sold under repurchase agreements | 155,863 | 188,876 |
Recurring fair value measurement [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 147,438 | 148,318 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 9,252 | 8,548 |
Derivatives | ||
Derivatives | 51,742 | 54,242 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,632 | 4,739 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 84,389 | 103,285 |
Securities purchased under reverse repurchase agreements | 7,905 | 7,395 |
FINANCIAL LIABILITIES | ||
Trading deposits | 29,445 | 19,177 |
Derivatives | ||
Derivatives | 52,715 | 53,203 |
Securitization liabilities at fair value | 13,633 | 13,718 |
Financial liabilities designated at fair value through profit or loss | 92,355 | 59,665 |
Obligations related to securities sold short | 36,723 | 34,999 |
Obligations related to securities sold under repurchase agreements | 6,437 | 3,675 |
Recurring fair value measurement [member] | Equity securities [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 4,534 | 2,599 |
Recurring fair value measurement [member] | Loans 1 [Member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,645 | 2,502 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 17,352 | 21,492 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 12,414 | 14,126 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 7,939 | 8,468 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 17,466 | 16,502 |
Recurring fair value measurement [member] | Government and government-related securities [member] | United State Federal State Municipal Governments And Agencies Debt [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 14,787 | 22,825 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 23,245 | 33,034 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 6,128 | 4,563 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,666 | 10,756 |
Recurring fair value measurement [member] | Government and government-related securities [member] | Mortgage Backed Securities 1 [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 1,516 | 1,690 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2,112 | 3,865 |
Recurring fair value measurement [member] | Other debt securities [member] | Canadian Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 5,668 | 5,615 |
Recurring fair value measurement [member] | Other debt securities [member] | Other Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 11,693 | 13,353 |
Recurring fair value measurement [member] | Other debt securities [member] | Assets Backed Security [Member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 6,823 | 10,006 |
Recurring fair value measurement [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 8,484 | 9,895 |
Recurring fair value measurement [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 57,061 | 43,879 |
Recurring fair value measurement [member] | Trading Loans [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,827 | 12,959 |
Recurring fair value measurement [member] | Commodities [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,457 | 13,460 |
Recurring fair value measurement [member] | Retained Interest 1 [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 10 | 14 |
Recurring fair value measurement [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 6,713 | 4,830 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,632 | 4,739 |
Recurring fair value measurement [member] | Loans 1 [Member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 2,539 | 3,718 |
Recurring fair value measurement [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 12,719 | 17,959 |
Derivatives | ||
Derivatives | 13,266 | 19,132 |
Recurring fair value measurement [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 32,168 | 29,620 |
Derivatives | ||
Derivatives | 30,254 | 27,314 |
Recurring fair value measurement [member] | Credit Derivatives [Member] | ||
Derivatives | ||
Derivatives | 26 | 19 |
Derivatives | ||
Derivatives | 333 | 327 |
Recurring fair value measurement [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 4,528 | 4,230 |
Derivatives | ||
Derivatives | 7,012 | 4,437 |
Recurring fair value measurement [member] | Commodity Contracts [Member] | ||
Derivatives | ||
Derivatives | 2,301 | 2,414 |
Derivatives | ||
Derivatives | 1,850 | 1,993 |
Recurring fair value measurement [member] | Held For Trading [Member] | ||
Derivatives | ||
Obligations related to securities sold under repurchase agreements | 5,620 | 3,675 |
Recurring fair value measurement [member] | Designated At Fair Value Through Profit Or Loss [Member] | ||
Derivatives | ||
Obligations related to securities sold under repurchase agreements | 817 | |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 68,977 | 57,167 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 171 | 232 |
Derivatives | ||
Derivatives | 352 | 423 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2,899 | 1,005 |
Derivatives | ||
Derivatives | 293 | 383 |
Obligations related to securities sold short | 1,941 | 1,039 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity securities [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2,899 | 1,005 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 104 | 351 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 57,012 | 43,840 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Commodities [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 11,861 | 12,976 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 171 | 232 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 4 | 22 |
Derivatives | ||
Derivatives | 2 | 14 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 16 | 13 |
Derivatives | ||
Derivatives | 11 | 14 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 3 | 5 |
Recurring fair value measurement [member] | Level 1 of fair value hierarchy [member] | Commodity Contracts [Member] | ||
Derivatives | ||
Derivatives | 329 | 383 |
Derivatives | ||
Derivatives | 280 | 355 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 78,455 | 91,132 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 8,350 | 7,742 |
Derivatives | ||
Derivatives | 51,348 | 53,438 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,632 | 4,739 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 79,789 | 100,681 |
Securities purchased under reverse repurchase agreements | 7,905 | 7,395 |
FINANCIAL LIABILITIES | ||
Trading deposits | 29,258 | 14,528 |
Derivatives | ||
Derivatives | 52,223 | 51,620 |
Securitization liabilities at fair value | 13,633 | 13,718 |
Financial liabilities designated at fair value through profit or loss | 92,337 | 59,641 |
Obligations related to securities sold short | 34,782 | 33,960 |
Obligations related to securities sold under repurchase agreements | 6,437 | 3,675 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity securities [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1 | 15 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Loans 1 [Member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,645 | 2,502 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 17,248 | 21,141 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 12,414 | 14,126 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 7,938 | 8,468 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 17,466 | 16,502 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | United State Federal State Municipal Governments And Agencies Debt [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 14,787 | 22,809 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 23,245 | 33,034 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 6,128 | 4,563 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 7,666 | 10,756 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Government and government-related securities [member] | Mortgage Backed Securities 1 [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 1,516 | 1,690 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 2,112 | 3,865 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Canadian Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 5,668 | 5,613 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Other Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 11,688 | 13,352 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Assets Backed Security [Member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 6,823 | 10,006 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 8,417 | 9,875 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity securities [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 49 | 39 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Trading Loans [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 12,827 | 12,959 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Commodities [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 596 | 484 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Retained Interest 1 [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 10 | 14 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 5,814 | 4,027 |
Financial assets designated at fair value through profit or loss | ||
Financial assets designated at fair value through profit or loss | 4,632 | 4,739 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Loans 1 [Member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 2,536 | 3,715 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 12,709 | 17,937 |
Derivatives | ||
Derivatives | 13,163 | 19,022 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 32,146 | 29,605 |
Derivatives | ||
Derivatives | 30,243 | 27,300 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Credit Derivatives [Member] | ||
Derivatives | ||
Derivatives | 26 | 19 |
Derivatives | ||
Derivatives | 333 | 327 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 4,519 | 3,855 |
Derivatives | ||
Derivatives | 6,916 | 3,360 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Commodity Contracts [Member] | ||
Derivatives | ||
Derivatives | 1,948 | 2,022 |
Derivatives | ||
Derivatives | 1,568 | 1,611 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Held For Trading [Member] | ||
Derivatives | ||
Obligations related to securities sold under repurchase agreements | 5,620 | 3,675 |
Recurring fair value measurement [member] | Level 2 of fair value hierarchy [member] | Designated At Fair Value Through Profit Or Loss [Member] | ||
Derivatives | ||
Obligations related to securities sold under repurchase agreements | 817 | |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 6 | 19 |
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 731 | 574 |
Derivatives | ||
Derivatives | 42 | 381 |
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,701 | 1,599 |
FINANCIAL LIABILITIES | ||
Trading deposits | 187 | 4,649 |
Derivatives | ||
Derivatives | 199 | 1,200 |
Financial liabilities designated at fair value through profit or loss | 18 | 24 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity securities [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 1,634 | 1,579 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 1 | |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Government and government-related securities [member] | United State Federal State Municipal Governments And Agencies Debt [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 16 | |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Other debt securities [member] | Canadian Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 2 | |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Other debt securities [member] | Other Issuers [Member] | ||
Trading loans, securities, and other1 | ||
Trading loans, securities, and other | 5 | 1 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Financial assets at fair value through other comprehensive income | ||
Financial assets at fair value through other comprehensive income | 67 | 20 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Securities [member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 728 | 571 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Loans 1 [Member] | ||
Non-trading financial assets at fair value through profit or loss | ||
Non-trading financial assets at fair value through profit or loss | 3 | 3 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Interest Rate Contracts [Member] | ||
Derivatives | ||
Derivatives | 6 | |
Derivatives | ||
Derivatives | 101 | 96 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Foreign Exchange Contracts [Member] | ||
Derivatives | ||
Derivatives | 6 | 2 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Equity Contracts [Member] | ||
Derivatives | ||
Derivatives | 6 | 370 |
Derivatives | ||
Derivatives | 96 | 1,077 |
Recurring fair value measurement [member] | Level 3 of fair value hierarchy [member] | Commodity Contracts [Member] | ||
Derivatives | ||
Derivatives | 24 | 9 |
Derivatives | ||
Derivatives | $ 2 | $ 27 |
Schedule of Reconciliation of C
Schedule of Reconciliation of Changes in Fair Value for Level 3 Assets and Liabilities (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||||||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | May 01, 2021 | Nov. 01, 2020 | Oct. 31, 2020 | May 01, 2020 | Nov. 01, 2019 | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Derivatives | $ 51,742 | $ 51,742 | $ 54,242 | ||||||
Derivatives (Note 4) | 52,715 | 52,715 | $ 53,203 | ||||||
Level 3 of fair value hierarchy [member] | Netted Derivatives [member | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Derivatives | 42 | $ 372 | 42 | $ 372 | $ 28 | $ 381 | $ 337 | $ 604 | |
Derivatives (Note 4) | 199 | 1,090 | 199 | 1,090 | $ 193 | $ 1,200 | $ 1,015 | $ 1,630 | |
Level 3 of fair value hierarchy [member] | Trading deposits [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | (176) | (4,322) | (4,649) | (4,092) | |||||
Total realized and unrealized gains (losses) included in income | (5) | (306) | (1,004) | 217 | |||||
Movements purchases/Issuances | (27) | (580) | (776) | (2,377) | |||||
Movements Sales/Settlements | 10 | 688 | 2,604 | 1,724 | |||||
Transfers into Level 3 of fair value hierarchy, liabilities | 0 | (3) | (7) | (3) | |||||
Fair value ending balance | (187) | (4,523) | (187) | (4,523) | |||||
Change in Unrealized gain (losses) on instruments still held | (5) | (210) | (28) | 278 | |||||
Transfers Out of Level 3 | 11 | 3,645 | 8 | ||||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | (165) | (678) | (819) | (1,026) | |||||
Total realized and unrealized gains (losses) included in income | 6 | (60) | (705) | 219 | |||||
Movements purchases/Issuances | (18) | (36) | (75) | ||||||
Movements Sales/Settlements | 7 | 37 | 244 | 163 | |||||
Transfers into Level 3 of fair value hierarchy, liabilities | (3) | 5 | |||||||
Fair value ending balance | (157) | (718) | (157) | (718) | |||||
Change in Unrealized gain (losses) on instruments still held | 14 | (63) | (625) | 254 | |||||
Transfers Out of Level 3 | (2) | 1 | 1,154 | 1 | |||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Interest Rate Contracts [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | (96) | (97) | (96) | (83) | |||||
Total realized and unrealized gains (losses) included in income | (12) | (7) | (9) | (29) | |||||
Movements Sales/Settlements | 13 | 9 | 10 | 17 | |||||
Fair value ending balance | (95) | (95) | (95) | (95) | |||||
Change in Unrealized gain (losses) on instruments still held | (3) | 4 | (16) | ||||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Foreign Exchange Contracts [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 9 | 13 | 2 | (1) | |||||
Total realized and unrealized gains (losses) included in income | (3) | (9) | 5 | 3 | |||||
Movements Sales/Settlements | (1) | ||||||||
Transfers into Level 3 of fair value hierarchy, liabilities | 1 | ||||||||
Fair value ending balance | 6 | 3 | 6 | 3 | |||||
Change in Unrealized gain (losses) on instruments still held | (3) | 5 | 2 | ||||||
Transfers Out of Level 3 | (1) | ||||||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Equity Contracts [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | (89) | (531) | (707) | (925) | |||||
Total realized and unrealized gains (losses) included in income | 7 | (82) | (742) | 275 | |||||
Movements purchases/Issuances | (18) | (36) | (75) | ||||||
Movements Sales/Settlements | (3) | 17 | 236 | 112 | |||||
Transfers into Level 3 of fair value hierarchy, liabilities | (3) | 5 | (1) | ||||||
Fair value ending balance | (90) | (613) | (90) | (613) | |||||
Change in Unrealized gain (losses) on instruments still held | 7 | (81) | (656) | 276 | |||||
Transfers Out of Level 3 | (2) | 1 | 1,154 | 1 | |||||
Level 3 of fair value hierarchy [member] | Derivative Financial Liabilities [Member] | Commodity Contracts [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 11 | (63) | (18) | (17) | |||||
Total realized and unrealized gains (losses) included in income | 14 | 38 | 41 | (30) | |||||
Movements Sales/Settlements | (3) | 12 | (2) | 34 | |||||
Fair value ending balance | 22 | (13) | 22 | (13) | |||||
Change in Unrealized gain (losses) on instruments still held | 13 | 19 | 22 | (8) | |||||
Transfers Out of Level 3 | 1 | ||||||||
Level 3 of fair value hierarchy [member] | Financial liabilities at fair value through profit or loss, category [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | (50) | (7) | (24) | (21) | |||||
Total realized and unrealized gains (losses) included in income | 64 | 41 | 3 | 106 | |||||
Movements purchases/Issuances | (66) | (51) | (206) | (156) | |||||
Movements Sales/Settlements | 34 | 12 | 209 | 66 | |||||
Fair value ending balance | (18) | (5) | (18) | (5) | |||||
Change in Unrealized gain (losses) on instruments still held | 64 | 21 | 3 | 106 | |||||
Level 3 of fair value hierarchy [member] | Obligations Related To Securities Sold Short [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Movements Sales/Settlements | (1) | (1) | |||||||
Transfers into Level 3 of fair value hierarchy, liabilities | (3) | (1) | (6) | ||||||
Fair value ending balance | (4) | (4) | |||||||
Transfers Out of Level 3 | 1 | 3 | |||||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 3 | 15 | 19 | 12 | |||||
Total realized and unrealized gains (losses) included in income | 2 | ||||||||
Movements purchases/Issuances | 23 | 2 | 23 | 8 | |||||
Movements Sales/ Settlements | (13) | (19) | (22) | ||||||
Transfer Into Level 3 | 2 | 4 | 5 | 16 | |||||
Transfers Out of Level 3 | (22) | (24) | (6) | ||||||
Fair value ending balance | 6 | 8 | 6 | 8 | |||||
Change in Unrealized gain (losses) on instruments still held | (1) | ||||||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | Government and government-related securities [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 16 | 8 | |||||||
Total realized and unrealized gains (losses) included in income | 2 | ||||||||
Total realized and unrealized gains (losses) included in OCI | |||||||||
Movements purchases/Issuances | |||||||||
Movements Sales/ Settlements | (18) | (8) | |||||||
Transfer Into Level 3 | 1 | 1 | |||||||
Transfers Out of Level 3 | |||||||||
Fair value ending balance | 1 | 0 | 1 | 0 | |||||
Change in Unrealized gain (losses) on instruments still held | |||||||||
Level 3 of fair value hierarchy [member] | Trading Loans Securities And Other [Member] | Other debt securities [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 3 | 15 | 3 | 4 | |||||
Movements purchases/Issuances | 23 | 2 | 23 | 8 | |||||
Movements Sales/ Settlements | (13) | (1) | (14) | ||||||
Transfer Into Level 3 | 1 | 4 | 4 | 16 | |||||
Transfers Out of Level 3 | (22) | (24) | (6) | ||||||
Fair value ending balance | 5 | 8 | 5 | 8 | |||||
Change in Unrealized gain (losses) on instruments still held | (1) | ||||||||
Level 3 of fair value hierarchy [member] | Non Trading Financial Assets At Fair Value Through Profit Or Loss [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 665 | 499 | 574 | 498 | |||||
Total realized and unrealized gains (losses) included in income | 43 | 10 | 72 | 6 | |||||
Movements purchases/Issuances | 38 | 33 | 111 | 80 | |||||
Movements Sales/ Settlements | (15) | (9) | (26) | (51) | |||||
Fair value ending balance | 731 | 533 | 731 | 533 | |||||
Change in Unrealized gain (losses) on instruments still held | 31 | 8 | 53 | (9) | |||||
Level 3 of fair value hierarchy [member] | Non Trading Financial Assets At Fair Value Through Profit Or Loss [Member] | Securities [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 662 | 496 | 571 | 493 | |||||
Total realized and unrealized gains (losses) included in income | 43 | 10 | 72 | 6 | |||||
Movements purchases/Issuances | 38 | 33 | 111 | 80 | |||||
Movements Sales/ Settlements | (15) | (9) | (26) | (49) | |||||
Fair value ending balance | 728 | 530 | 728 | 530 | |||||
Change in Unrealized gain (losses) on instruments still held | 31 | 8 | 53 | (9) | |||||
Level 3 of fair value hierarchy [member] | Non Trading Financial Assets At Fair Value Through Profit Or Loss [Member] | Loans 1 [Member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 3 | 3 | 3 | 5 | |||||
Movements Sales/ Settlements | (2) | ||||||||
Fair value ending balance | 3 | 3 | 3 | 3 | |||||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 1,503 | 1,649 | 1,599 | 1,575 | |||||
Total realized and unrealized gains (losses) included in OCI | 9 | (4) | 23 | (27) | |||||
Movements purchases/Issuances | 124 | 5 | 150 | 26 | |||||
Movements Sales/ Settlements | 22 | (66) | (114) | 10 | |||||
Transfer Into Level 3 | 43 | 43 | |||||||
Fair value ending balance | 1,701 | 1,584 | 1,701 | 1,584 | |||||
Change in Unrealized gain (losses) on instruments still held | 9 | (6) | 22 | (24) | |||||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income [member] | Other debt securities [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 24 | 20 | 20 | 24 | |||||
Total realized and unrealized gains (losses) included in OCI | 4 | (4) | |||||||
Transfer Into Level 3 | 43 | 43 | |||||||
Fair value ending balance | 67 | 20 | 67 | 20 | |||||
Change in Unrealized gain (losses) on instruments still held | 4 | ||||||||
Level 3 of fair value hierarchy [member] | Financial assets at fair value through other comprehensive income [member] | Equity securities [member] | |||||||||
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |||||||||
Fair value beginning balance | 1,479 | 1,629 | 1,579 | 1,551 | |||||
Total realized and unrealized gains (losses) included in OCI | 9 | (4) | 19 | (23) | |||||
Movements purchases/Issuances | 124 | 5 | 150 | 26 | |||||
Movements Sales/ Settlements | 22 | (66) | (114) | 10 | |||||
Fair value ending balance | 1,634 | 1,564 | 1,634 | 1,564 | |||||
Change in Unrealized gain (losses) on instruments still held | $ 9 | $ (6) | $ 18 | $ (24) |
Fair Value Measurements (Detail
Fair Value Measurements (Details Narrative) $ in Millions | 9 Months Ended |
Jul. 31, 2021CAD ($) | |
Debt securities FVOCI [member] | |
DisclosureOfFairValueMeasurementOfAssetsAndLiabilities [Line Items] | |
Transfers out of Level 2 to Level 1 | $ 400 |
Summary of Unrealized Gains (Lo
Summary of Unrealized Gains (Losses) for securities at FVOCI (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Financial assets at fair value through other comprehensive income | $ 84,389 | $ 103,285 |
Securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 81,964 | 100,607 |
Gross unrealized gains | 918 | 714 |
Gross unrealized (losses) | (138) | (538) |
Financial assets at fair value through other comprehensive income | 82,744 | 100,783 |
Securities [member] | Government and government-related securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 62,405 | 77,759 |
Gross unrealized gains | 527 | 583 |
Gross unrealized (losses) | (29) | (59) |
Financial assets at fair value through other comprehensive income | 62,903 | 78,283 |
Securities [member] | Government and government-related securities [member] | Canadian Government Federal Debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 12,289 | 13,967 |
Gross unrealized gains | 127 | 160 |
Gross unrealized (losses) | (2) | (1) |
Financial assets at fair value through other comprehensive income | 12,414 | 14,126 |
Securities [member] | Government and government-related securities [member] | Canadian government provincial debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 17,251 | 16,342 |
Gross unrealized gains | 233 | 181 |
Gross unrealized (losses) | (18) | (21) |
Financial assets at fair value through other comprehensive income | 17,466 | 16,502 |
Securities [member] | Government and government-related securities [member] | U.S. federal, state, municipal governments, and agencies debt [member] | | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 23,115 | 32,875 |
Gross unrealized gains | 138 | 192 |
Gross unrealized (losses) | (8) | (33) |
Financial assets at fair value through other comprehensive income | 23,245 | 33,034 |
Securities [member] | Government and government-related securities [member] | Other OECD government-guaranteed debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 7,645 | 10,720 |
Gross unrealized gains | 22 | 39 |
Gross unrealized (losses) | (1) | (3) |
Financial assets at fair value through other comprehensive income | 7,666 | 10,756 |
Securities [member] | Government and government-related securities [member] | Mortgage Backed Securities 1 [Member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 2,105 | 3,855 |
Gross unrealized gains | 7 | 11 |
Gross unrealized (losses) | (1) | |
Financial assets at fair value through other comprehensive income | 2,112 | 3,865 |
Securities [member] | Other debt securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 15,213 | 19,904 |
Gross unrealized gains | 109 | 105 |
Gross unrealized (losses) | (15) | (108) |
Financial assets at fair value through other comprehensive income | 15,307 | 19,901 |
Securities [member] | Other debt securities [member] | Asset-backed financings [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 6,799 | 10,051 |
Gross unrealized gains | 32 | 26 |
Gross unrealized (losses) | (8) | (71) |
Financial assets at fair value through other comprehensive income | 6,823 | 10,006 |
Securities [member] | Other debt securities [member] | Corporate and other debt [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 8,414 | 9,853 |
Gross unrealized gains | 77 | 79 |
Gross unrealized (losses) | (7) | (37) |
Financial assets at fair value through other comprehensive income | 8,484 | 9,895 |
Securities [member] | Debt securities1 [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 77,618 | 97,663 |
Gross unrealized gains | 636 | 688 |
Gross unrealized (losses) | (44) | (167) |
Financial assets at fair value through other comprehensive income | 78,210 | 98,184 |
Securities [member] | Equity securities [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 4,346 | 2,944 |
Gross unrealized gains | 282 | 26 |
Gross unrealized (losses) | (94) | (371) |
Financial assets at fair value through other comprehensive income | 4,534 | 2,599 |
Securities [member] | Equity securities [member] | Common shares [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 3,885 | 2,641 |
Gross unrealized gains | 256 | 26 |
Gross unrealized (losses) | (54) | (280) |
Financial assets at fair value through other comprehensive income | 4,087 | 2,387 |
Securities [member] | Equity securities [member] | Preference shares [member] | ||
Summary of Unrealized Gains (Losses) for securities at FV through Other Comprehensive Income [Line Items] | ||
Cost/amortized cost | 461 | 303 |
Gross unrealized gains | 26 | |
Gross unrealized (losses) | (40) | (91) |
Financial assets at fair value through other comprehensive income | $ 447 | $ 212 |
Summary of Equity Securities De
Summary of Equity Securities Designated at Fair Value Through Other Comprehensive Income (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | |
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||||
Fair value | $ 4,534 | $ 4,534 | $ 2,599 | ||
Dividend income recognized | 41 | $ 24 | 118 | $ 82 | |
Common shares [member] | |||||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||||
Fair value | 4,087 | 4,087 | 2,387 | ||
Dividend income recognized | 36 | 21 | 106 | 72 | |
Preference shares [member] | |||||
Disclosure of fair value of investments in equity instruments designated at fair value through other comprehensive income [line items] | |||||
Fair value | 447 | 447 | $ 212 | ||
Dividend income recognized | $ 5 | $ 3 | $ 12 | $ 10 |
Summary of Net Securities Gains
Summary of Net Securities Gains (Losses) (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of financial assets [line items] | ||||
Total | $ 30 | $ 10 | $ 3 | $ 8 |
Debt securities [member] | Financial assets amortized cost [member] | ||||
Disclosure of financial assets [line items] | ||||
Total | 4 | (61) | 4 | |
Debt securities [member] | Financial assets at fair value through other comprehensive income, category [member] | ||||
Disclosure of financial assets [line items] | ||||
Total | $ 30 | $ 6 | $ 64 | $ 4 |
Summary of Debt Securities by R
Summary of Debt Securities by Risk Rating (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial assets [line items] | ||
Debt securities | $ 328,522 | $ 325,865 |
Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 328,422 | 325,604 |
Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 100 | 261 |
Investment grade [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 326,115 | 322,842 |
Investment grade [member] | Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 326,115 | 322,842 |
Non Investment Grade [Member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 2,375 | 3,006 |
Non Investment Grade [Member] | Stage 1 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 2,307 | 2,762 |
Non Investment Grade [Member] | Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 68 | 244 |
Watch and classified [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | 32 | 17 |
Watch and classified [member] | Stage 2 [member] | ||
Disclosure of financial assets [line items] | ||
Debt securities | $ 32 | $ 17 |
Summary of Gross Carrying Amoun
Summary of Gross Carrying Amounts of Loans and Credit Risk Exposures on Loan Commitments and Financial Guarantee Contracts by Internal Risk Ratings (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Apr. 30, 2021 | Oct. 31, 2020 | Jul. 31, 2020 | Apr. 30, 2020 | Oct. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | $ 746,974 | $ 743,255 | ||||
Allowance for loan losses | 6,811 | 8,290 | $ 8,133 | |||
Loan and acceptances, net of allowance | 740,163 | 734,965 | ||||
Financial assets at fair value through other comprehensive income | 84,389 | 103,285 | ||||
Customers' liability under acceptances | 19,298 | 14,941 | ||||
Allowance for loan losses | 6,811 | 8,289 | ||||
Business And Government And Residential Mortgage [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Trading loans at fair value | 13,000 | 13,000 | ||||
Non-trading loans at fair value | 3,000 | 4,000 | ||||
Financial assets at fair value through other comprehensive income, category [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Allowance for loan losses | 0 | 1 | ||||
Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 677,851 | 667,066 | ||||
Allowance for loan losses | 2,311 | 2,544 | 2,841 | |||
Loan and acceptances, net of allowance | 675,540 | 664,522 | ||||
Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 66,311 | 72,800 | ||||
Allowance for loan losses | 3,782 | 4,902 | 4,070 | |||
Loan and acceptances, net of allowance | 62,529 | 67,898 | ||||
Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 2,812 | 3,389 | ||||
Allowance for loan losses | 718 | 844 | 1,222 | |||
Loan and acceptances, net of allowance | 2,094 | 2,545 | ||||
Acquired Credit Impaired Loans [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 161 | 232 | ||||
Allowance for loan losses | 5 | 10 | ||||
Residential mortgages [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 263,456 | 252,219 | ||||
Allowance for loan losses | 273 | $ 245 | 302 | 312 | $ 152 | $ 110 |
Loan and acceptances, net of allowance | 263,183 | 251,917 | ||||
Residential mortgages [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 242,055 | 226,373 | ||||
Allowance for loan losses | 23 | 23 | 32 | 34 | 37 | 28 |
Loan and acceptances, net of allowance | 242,032 | 226,341 | ||||
Residential mortgages [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 20,637 | 24,873 | ||||
Allowance for loan losses | 190 | 166 | 205 | 207 | 56 | 26 |
Loan and acceptances, net of allowance | 20,447 | 24,668 | ||||
Residential mortgages [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 764 | 973 | ||||
Allowance for loan losses | 60 | $ 56 | 65 | 71 | $ 59 | $ 56 |
Loan and acceptances, net of allowance | 704 | 908 | ||||
Residential mortgages [member] | Low risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 206,593 | 172,835 | ||||
Residential mortgages [member] | Low risk [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 202,987 | 169,710 | ||||
Residential mortgages [member] | Low risk [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 3,606 | 3,125 | ||||
Residential mortgages [member] | Normal Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 48,538 | 66,601 | ||||
Residential mortgages [member] | Normal Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 39,068 | 56,663 | ||||
Residential mortgages [member] | Normal Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 9,470 | 9,938 | ||||
Residential mortgages [member] | Medium Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 4,681 | 7,690 | ||||
Residential mortgages [member] | Medium Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 4,681 | 7,690 | ||||
Residential mortgages [member] | High risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 3,159 | 4,563 | ||||
Residential mortgages [member] | High risk [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | ||||||
Residential mortgages [member] | High risk [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 2,880 | 4,120 | ||||
Residential mortgages [member] | High risk [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 279 | 443 | ||||
Residential mortgages [member] | Default [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 485 | 530 | ||||
Residential mortgages [member] | Default [Member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 485 | 530 | ||||
Consumer instalment and other personal [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 187,490 | 185,460 | ||||
Allowance for loan losses | 1,618 | 2,019 | 2,081 | |||
Loan and acceptances, net of allowance | 185,872 | 183,441 | ||||
Consumer instalment and other personal [member] | Canadian Government Insured [Member] | Real Estate Secured Personal Lending [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 10,000 | 12,000 | ||||
Consumer instalment and other personal [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 172,305 | 168,321 | ||||
Allowance for loan losses | 522 | 567 | 745 | |||
Loan and acceptances, net of allowance | 171,783 | 167,754 | ||||
Consumer instalment and other personal [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 14,367 | 16,130 | ||||
Allowance for loan losses | 951 | 1,265 | 1,104 | |||
Loan and acceptances, net of allowance | 13,416 | 14,865 | ||||
Consumer instalment and other personal [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 818 | 1,009 | ||||
Allowance for loan losses | 145 | 187 | 232 | |||
Loan and acceptances, net of allowance | 673 | 822 | ||||
Consumer instalment and other personal [member] | Low risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 91,819 | 78,377 | ||||
Consumer instalment and other personal [member] | Low risk [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 90,500 | 77,178 | ||||
Consumer instalment and other personal [member] | Low risk [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 1,319 | 1,199 | ||||
Consumer instalment and other personal [member] | Normal Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 63,320 | 60,709 | ||||
Consumer instalment and other personal [member] | Normal Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 62,128 | 59,349 | ||||
Consumer instalment and other personal [member] | Normal Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 1,192 | 1,360 | ||||
Consumer instalment and other personal [member] | Medium Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 23,108 | 31,725 | ||||
Consumer instalment and other personal [member] | Medium Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 18,568 | 28,094 | ||||
Consumer instalment and other personal [member] | Medium Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 4,540 | 3,631 | ||||
Consumer instalment and other personal [member] | High risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 8,823 | 14,278 | ||||
Consumer instalment and other personal [member] | High risk [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 1,109 | 3,700 | ||||
Consumer instalment and other personal [member] | High risk [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 7,316 | 9,940 | ||||
Consumer instalment and other personal [member] | High risk [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 398 | 638 | ||||
Consumer instalment and other personal [member] | Default [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 420 | 371 | ||||
Consumer instalment and other personal [member] | Default [Member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 420 | 371 | ||||
Credit Card 1 [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 30,692 | 32,334 | ||||
Allowance for loan losses | 1,893 | 2,554 | 2,530 | |||
Loan and acceptances, net of allowance | 28,799 | 29,780 | ||||
Credit Card 1 [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 24,273 | 24,867 | ||||
Allowance for loan losses | 658 | 624 | 844 | |||
Loan and acceptances, net of allowance | 23,615 | 24,243 | ||||
Credit Card 1 [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 6,210 | 7,162 | ||||
Allowance for loan losses | 1,079 | 1,726 | 1,353 | |||
Loan and acceptances, net of allowance | 5,131 | 5,436 | ||||
Credit Card 1 [Member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 209 | 305 | ||||
Allowance for loan losses | 156 | 204 | $ 333 | |||
Loan and acceptances, net of allowance | 53 | 101 | ||||
Credit Card 1 [Member] | Low risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 5,268 | 3,965 | ||||
Credit Card 1 [Member] | Low risk [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 5,245 | 3,916 | ||||
Credit Card 1 [Member] | Low risk [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 23 | 49 | ||||
Credit Card 1 [Member] | Normal Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 9,607 | 7,156 | ||||
Credit Card 1 [Member] | Normal Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 9,556 | 7,027 | ||||
Credit Card 1 [Member] | Normal Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 51 | 129 | ||||
Credit Card 1 [Member] | Medium Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 10,229 | 11,235 | ||||
Credit Card 1 [Member] | Medium Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 8,996 | 10,431 | ||||
Credit Card 1 [Member] | Medium Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 1,233 | 804 | ||||
Credit Card 1 [Member] | High risk [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 5,520 | 9,879 | ||||
Credit Card 1 [Member] | High risk [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 476 | 3,493 | ||||
Credit Card 1 [Member] | High risk [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 4,903 | 6,180 | ||||
Credit Card 1 [Member] | High risk [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 141 | 206 | ||||
Credit Card 1 [Member] | Default [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 68 | 99 | ||||
Credit Card 1 [Member] | Default [Member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 68 | 99 | ||||
Business and government [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 265,336 | 273,242 | ||||
Allowance for loan losses | 3,027 | 3,415 | ||||
Loan and acceptances, net of allowance | 262,309 | 269,827 | ||||
Business and government [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 239,218 | 247,505 | ||||
Allowance for loan losses | 1,108 | 1,321 | ||||
Loan and acceptances, net of allowance | 238,110 | 246,184 | ||||
Business and government [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 25,097 | 24,635 | ||||
Allowance for loan losses | 1,562 | 1,706 | ||||
Loan and acceptances, net of allowance | 23,535 | 22,929 | ||||
Business and government [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 1,021 | 1,102 | ||||
Allowance for loan losses | 357 | 388 | ||||
Loan and acceptances, net of allowance | 664 | 714 | ||||
Business and government [member] | Default [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 930 | 982 | ||||
Business and government [member] | Default [Member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 930 | 982 | ||||
Business and government [member] | Investment Grade Or Low Normal Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 115,976 | 120,356 | ||||
Business and government [member] | Investment Grade Or Low Normal Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 115,577 | 120,106 | ||||
Business and government [member] | Investment Grade Or Low Normal Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 399 | 250 | ||||
Business and government [member] | Non Investment Grade Or Medium Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 135,932 | 138,327 | ||||
Business and government [member] | Non Investment Grade Or Medium Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 123,524 | 126,509 | ||||
Business and government [member] | Non Investment Grade Or Medium Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 12,408 | 11,818 | ||||
Business and government [member] | Watch And Classified Or High Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 12,498 | 13,577 | ||||
Business and government [member] | Watch And Classified Or High Risk [Member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 117 | 890 | ||||
Business and government [member] | Watch And Classified Or High Risk [Member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 12,290 | 12,567 | ||||
Business and government [member] | Watch And Classified Or High Risk [Member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 91 | 120 | ||||
Business and government [member] | Non Investment Grade Or Lower Risk [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 28,000 | 27,000 | ||||
Business And Government And Residential Mortgage [Member] | With No Allowance For Loan Losses [Member] | Impaired Loans [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 96 | 111 | ||||
Business And Government And Residential Mortgage [Member] | Insured [Member] | Mortgages [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Total loans | 83,000 | 86,000 | ||||
Loans [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Financial assets at fair value through other comprehensive income | 2,000 | 3,000 | ||||
Customers' liability under acceptances | 19,000 | 15,000 | ||||
Off-balance sheet credit risks [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 600,964 | 603,775 | ||||
Allowance for off-balance sheet credit instruments | 899 | 1,087 | ||||
Total off-balance sheet credit instruments, net of allowance | 600,065 | 602,688 | ||||
Off-balance sheet credit risks [member] | Retail Exposures [Member] | Personal Lines Of Credit And Credit Card Lines Cancellable And Banks Discretion [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 316,000 | 321,000 | ||||
Off-balance sheet credit risks [member] | Non Retail Exposures [Member] | Undrawn Component Of Uncommitted Credit And Liquidity Commitments [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 48,000 | 43,000 | ||||
Off-balance sheet credit risks [member] | Stage 1 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 586,958 | 586,345 | ||||
Allowance for off-balance sheet credit instruments | 374 | 381 | ||||
Total off-balance sheet credit instruments, net of allowance | 586,584 | 585,964 | ||||
Off-balance sheet credit risks [member] | Stage 2 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 13,921 | 17,286 | ||||
Allowance for off-balance sheet credit instruments | 515 | 672 | ||||
Total off-balance sheet credit instruments, net of allowance | 13,406 | 16,614 | ||||
Off-balance sheet credit risks [member] | Stage 3 [member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 85 | 144 | ||||
Allowance for off-balance sheet credit instruments | 10 | 34 | ||||
Total off-balance sheet credit instruments, net of allowance | 75 | 110 | ||||
Off-balance sheet credit risks [member] | Low risk [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 220,153 | 200,950 | ||||
Off-balance sheet credit risks [member] | Low risk [member] | Stage 1 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 219,943 | 200,226 | ||||
Off-balance sheet credit risks [member] | Low risk [member] | Stage 2 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 210 | 724 | ||||
Off-balance sheet credit risks [member] | Normal Risk [Member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 79,672 | 79,572 | ||||
Off-balance sheet credit risks [member] | Normal Risk [Member] | Stage 1 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 79,239 | 78,448 | ||||
Off-balance sheet credit risks [member] | Normal Risk [Member] | Stage 2 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 433 | 1,124 | ||||
Off-balance sheet credit risks [member] | Medium Risk [Member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 15,451 | 36,631 | ||||
Off-balance sheet credit risks [member] | Medium Risk [Member] | Stage 1 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 15,010 | 35,187 | ||||
Off-balance sheet credit risks [member] | Medium Risk [Member] | Stage 2 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 441 | 1,444 | ||||
Off-balance sheet credit risks [member] | High risk [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 2,084 | 5,029 | ||||
Off-balance sheet credit risks [member] | High risk [member] | Stage 1 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 947 | 2,004 | ||||
Off-balance sheet credit risks [member] | High risk [member] | Stage 2 [member] | Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 1,137 | 3,025 | ||||
Off-balance sheet credit risks [member] | Default [Member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 85 | 144 | ||||
Off-balance sheet credit risks [member] | Default [Member] | Stage 3 [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 85 | 144 | ||||
Off-balance sheet credit risks [member] | Investment grade [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 193,595 | 194,182 | ||||
Off-balance sheet credit risks [member] | Investment grade [member] | Stage 1 [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 193,595 | 194,182 | ||||
Off-balance sheet credit risks [member] | Non Investment Grade [Member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 84,585 | 82,833 | ||||
Off-balance sheet credit risks [member] | Non Investment Grade [Member] | Stage 1 [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 78,186 | 76,280 | ||||
Off-balance sheet credit risks [member] | Non Investment Grade [Member] | Stage 2 [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 6,399 | 6,553 | ||||
Off-balance sheet credit risks [member] | Watch and classified [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 5,339 | 4,434 | ||||
Off-balance sheet credit risks [member] | Watch and classified [member] | Stage 1 [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | 38 | 18 | ||||
Off-balance sheet credit risks [member] | Watch and classified [member] | Stage 2 [member] | Non Retail Exposures [Member] | ||||||
Disclosure of detailed information about financial instruments [line items] | ||||||
Off balance sheet credit instruments | $ 5,301 | $ 4,416 |
Summary of Allowance for Credit
Summary of Allowance for Credit Losses (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | $ 7,975 | $ 7,929 | $ 9,384 | $ 5,036 |
Provision for credit losses | (37) | 2,188 | (101) | 6,325 |
Write-offs, net of recoveries | (285) | (675) | (1,197) | (2,092) |
Foreign exchange disposals and other adjustments | 63 | (215) | (370) | (42) |
Allowance account for credit losses of financial assets, Balance at end of period | 7,716 | 9,227 | 7,716 | 9,227 |
Loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 6,999 | 6,925 | 8,290 | 4,447 |
Allowance account for credit losses of financial assets, Balance at end of period | 6,811 | 8,133 | 6,811 | 8,133 |
Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 7,969 | 7,916 | 9,377 | 5,032 |
Provision for credit losses | (37) | 2,193 | (99) | 6,321 |
Write-offs, net of recoveries | (285) | (675) | (1,197) | (2,092) |
Foreign exchange disposals and other adjustments | 63 | (214) | (371) | (41) |
Allowance account for credit losses of financial assets, Balance at end of period | 7,710 | 9,220 | 7,710 | 9,220 |
Allowance For Credit Losses On Debt Securities [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 6 | 13 | 7 | 4 |
Provision for credit losses | (5) | (2) | 4 | |
Foreign exchange disposals and other adjustments | (1) | 1 | (1) | |
Allowance account for credit losses of financial assets, Balance at end of period | 6 | 7 | 6 | 7 |
Allowance For Credit Losses On Debt Securities [Member] | Debt securities at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 2 | 2 | 2 | 1 |
Provision for credit losses | 1 | 2 | ||
Foreign exchange disposals and other adjustments | (1) | (1) | ||
Allowance account for credit losses of financial assets, Balance at end of period | 2 | 2 | 2 | 2 |
Allowance For Credit Losses On Debt Securities [Member] | Debt securities FVOCI [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 4 | 11 | 5 | 3 |
Provision for credit losses | (6) | (2) | 2 | |
Foreign exchange disposals and other adjustments | 1 | |||
Allowance account for credit losses of financial assets, Balance at end of period | 4 | 5 | 4 | 5 |
At Amortized Cost [Member] | Loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 6,998 | 6,925 | 8,289 | 4,447 |
Allowance account for credit losses of financial assets, Balance at end of period | 6,811 | 8,133 | 6,811 | 8,133 |
Allowance for credit losses on loans at FVOCI [member] | Loans [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 1 | 1 | ||
Allowance For Off Balance Sheet Insturments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 970 | 991 | 1,087 | 585 |
Allowance account for credit losses of financial assets, Balance at end of period | 899 | 1,087 | 899 | 1,087 |
Residential mortgages [member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 245 | 152 | 302 | 110 |
Provision for credit losses | 29 | 169 | (14) | 220 |
Write-offs, net of recoveries | (1) | (5) | (8) | (19) |
Foreign exchange disposals and other adjustments | 0 | (4) | (7) | 1 |
Allowance account for credit losses of financial assets, Balance at end of period | 273 | 312 | 273 | 312 |
Consumer instalment and other personal [member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 1,816 | 1,939 | 2,112 | 1,309 |
Provision for credit losses | (33) | 545 | 70 | 1,695 |
Write-offs, net of recoveries | (101) | (273) | (426) | (824) |
Foreign exchange disposals and other adjustments | 14 | (38) | (60) | (7) |
Allowance account for credit losses of financial assets, Balance at end of period | 1,696 | 2,173 | 1,696 | 2,173 |
Credit Card 1 [Member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 2,563 | 3,000 | 3,184 | 1,929 |
Provision for credit losses | 18 | 611 | (29) | 2,386 |
Write-offs, net of recoveries | (161) | (336) | (575) | (1,112) |
Foreign exchange disposals and other adjustments | 25 | (83) | (135) | (11) |
Allowance account for credit losses of financial assets, Balance at end of period | 2,445 | 3,192 | 2,445 | 3,192 |
Businesses And Government [Member] | Allowance For Loan Losses Including Off Balance Sheet Instruments [Member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Allowance account for credit losses of financial assets, Balance at beginning of period | 3,345 | 2,825 | 3,779 | 1,684 |
Provision for credit losses | (51) | 868 | (126) | 2,020 |
Write-offs, net of recoveries | (22) | (61) | (188) | (137) |
Foreign exchange disposals and other adjustments | 24 | (89) | (169) | (24) |
Allowance account for credit losses of financial assets, Balance at end of period | $ 3,296 | $ 3,543 | $ 3,296 | $ 3,543 |
Summary of Allowance for Loan L
Summary of Allowance for Loan Losses (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
IFRS Statement [Line Items] | ||||
Balance at beginning of period | $ 8,290 | |||
Total Allowance for Loan Losses at end of period | $ 6,811 | $ 8,133 | 6,811 | $ 8,133 |
Total Allowance, including off-balance sheet instruments, at end of period | 7,710 | 9,220 | 7,710 | 9,220 |
Less: Total Allowance for off-balance sheet instruments | 899 | 1,087 | 899 | 1,087 |
Residential mortgages [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 245 | 152 | 302 | 110 |
Net remeasurement due to transfers into stage3 | (3) | 13 | (8) | 14 |
New originations or purchases | 11 | 4 | 16 | 13 |
Net repayments3 | (1) | (7) | ||
Derecognition of financial assets (excluding disposals and write-offs)3 | (17) | (6) | (80) | (20) |
Changes to risk, parameters, and models3 | 39 | 158 | 65 | 213 |
Disposals | ||||
Write-offs | (3) | (6) | (11) | (22) |
Recoveries | 2 | 1 | 3 | 3 |
Foreign exchange and other adjustments | (4) | (7) | 1 | |
Total Allowance for Loan Losses at end of period | 273 | 312 | 273 | 312 |
Residential mortgages [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Residential mortgages [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Residential mortgages [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Consumer instalment and other personal [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 2,019 | |||
Net remeasurement due to transfers into stage3 | (23) | 60 | (150) | 222 |
New originations or purchases | 57 | 77 | 163 | 254 |
Net repayments3 | (51) | (40) | (163) | (112) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (78) | (50) | (216) | (125) |
Changes to risk, parameters, and models3 | 62 | 498 | 436 | 1,456 |
Disposals | ||||
Write-offs | (181) | (339) | (672) | (1,027) |
Recoveries | 80 | 66 | 246 | 203 |
Foreign exchange and other adjustments | 14 | (38) | (60) | (7) |
Total Allowance for Loan Losses at end of period | 1,618 | 2,081 | 1,618 | 2,081 |
Balance, including off-balance sheet instruments, at beginning of period | 1,816 | 1,939 | 2,112 | 1,309 |
Total Allowance, including off-balance sheet instruments, at end of period | 1,696 | 2,173 | 1,696 | 2,173 |
Less: Total Allowance for off-balance sheet instruments | 78 | 92 | 78 | 92 |
Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Credit Card 1 [Member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 2,554 | |||
Net remeasurement due to transfers into stage3 | (37) | 163 | (179) | 393 |
New originations or purchases | 36 | 55 | 89 | 145 |
Net repayments3 | (42) | (54) | (100) | 28 |
Derecognition of financial assets (excluding disposals and write-offs)3 | (116) | (240) | (311) | (521) |
Changes to risk, parameters, and models3 | 177 | 687 | 472 | 2,341 |
Disposals | ||||
Write-offs | (236) | (414) | (806) | (1,352) |
Recoveries | 75 | 78 | 231 | 240 |
Foreign exchange and other adjustments | 25 | (83) | (135) | (11) |
Total Allowance for Loan Losses at end of period | 1,893 | 2,530 | 1,893 | 2,530 |
Balance, including off-balance sheet instruments, at beginning of period | 2,563 | 3,000 | 3,184 | 1,929 |
Total Allowance, including off-balance sheet instruments, at end of period | 2,445 | 3,192 | 2,445 | 3,192 |
Less: Total Allowance for off-balance sheet instruments | 552 | 662 | 552 | 662 |
Credit Card 1 [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Credit Card 1 [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Credit Card 1 [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Businesses And Government [Member] | ||||
IFRS Statement [Line Items] | ||||
Net remeasurement due to transfers into stage3 | (4) | 64 | 14 | 129 |
New originations or purchases | 316 | 259 | 877 | 578 |
Net repayments3 | (47) | (65) | (189) | (114) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (515) | (300) | (1,437) | (746) |
Changes to risk, parameters, and models3 | 199 | 910 | 609 | 2,173 |
Disposals | (4) | (4) | ||
Write-offs | (34) | (70) | (225) | (175) |
Recoveries | 12 | 9 | 37 | 38 |
Foreign exchange and other adjustments | 28 | (89) | (165) | (24) |
Total Allowance for Loan Losses at end of period | 3,027 | 3,210 | 3,027 | 3,210 |
Balance, including off-balance sheet instruments, at beginning of period | 3,345 | 2,825 | 3,779 | 1,684 |
Total Allowance, including off-balance sheet instruments, at end of period | 3,296 | 3,543 | 3,296 | 3,543 |
Less: Total Allowance for off-balance sheet instruments | 269 | 333 | 269 | 333 |
Businesses And Government [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Businesses And Government [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Businesses And Government [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Stage 1 [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 2,544 | |||
Total Allowance for Loan Losses at end of period | 2,311 | 2,841 | 2,311 | 2,841 |
Total Allowance, including off-balance sheet instruments, at end of period | 2,685 | 3,300 | 2,685 | 3,300 |
Less: Total Allowance for off-balance sheet instruments | 374 | 459 | 374 | 459 |
Stage 1 [member] | Residential mortgages [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 23 | 37 | 32 | 28 |
Net remeasurement due to transfers into stage3 | (6) | (5) | (16) | (10) |
New originations or purchases | 11 | 4 | 16 | 13 |
Net repayments3 | (4) | |||
Derecognition of financial assets (excluding disposals and write-offs)3 | (1) | (1) | (5) | (3) |
Changes to risk, parameters, and models3 | (28) | 3 | (57) | 2 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | (1) | (1) | (2) | 1 |
Total Allowance for Loan Losses at end of period | 23 | 34 | 23 | 34 |
Stage 1 [member] | Residential mortgages [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 40 | 16 | 92 | 26 |
Stage 1 [member] | Residential mortgages [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (15) | (19) | (33) | (23) |
Stage 1 [member] | Residential mortgages [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | ||||
Stage 1 [member] | Consumer instalment and other personal [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 567 | |||
Net remeasurement due to transfers into stage3 | (72) | (58) | (282) | (113) |
New originations or purchases | 57 | 77 | 163 | 254 |
Net repayments3 | (26) | (23) | (76) | (67) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (29) | (24) | (69) | (67) |
Changes to risk, parameters, and models3 | (245) | (45) | (597) | 93 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 5 | (19) | (18) | (1) |
Total Allowance for Loan Losses at end of period | 522 | 745 | 522 | 745 |
Balance, including off-balance sheet instruments, at beginning of period | 587 | 863 | 595 | 717 |
Total Allowance, including off-balance sheet instruments, at end of period | 549 | 775 | 549 | 775 |
Less: Total Allowance for off-balance sheet instruments | 27 | 30 | 27 | 30 |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 319 | 133 | 952 | 267 |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (46) | (127) | (113) | (299) |
Stage 1 [member] | Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (1) | (2) | (6) | (9) |
Stage 1 [member] | Credit Card 1 [Member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 624 | |||
Net remeasurement due to transfers into stage3 | (111) | (88) | (390) | (198) |
New originations or purchases | 36 | 55 | 89 | 145 |
Net repayments3 | (36) | (57) | (97) | (5) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (15) | (76) | (39) | (130) |
Changes to risk, parameters, and models3 | (233) | 17 | (500) | 121 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 8 | (32) | (37) | 3 |
Total Allowance for Loan Losses at end of period | 658 | 844 | 658 | 844 |
Balance, including off-balance sheet instruments, at beginning of period | 852 | 1,127 | 799 | 934 |
Total Allowance, including off-balance sheet instruments, at end of period | 872 | 1,100 | 872 | 1,100 |
Less: Total Allowance for off-balance sheet instruments | 214 | 256 | 214 | 256 |
Stage 1 [member] | Credit Card 1 [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 422 | 326 | 1,185 | 623 |
Stage 1 [member] | Credit Card 1 [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (49) | (166) | (132) | (377) |
Stage 1 [member] | Credit Card 1 [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (2) | (6) | (6) | (16) |
Stage 1 [member] | Businesses And Government [Member] | ||||
IFRS Statement [Line Items] | ||||
Net remeasurement due to transfers into stage3 | (31) | (22) | (88) | (54) |
New originations or purchases | 316 | 259 | 877 | 578 |
Net repayments3 | (17) | (22) | (23) | (34) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (228) | (121) | (608) | (288) |
Changes to risk, parameters, and models3 | (100) | 308 | (315) | 608 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 14 | (33) | (66) | (3) |
Total Allowance for Loan Losses at end of period | 1,108 | 1,218 | 1,108 | 1,218 |
Balance, including off-balance sheet instruments, at beginning of period | 1,287 | 1,105 | 1,499 | 736 |
Total Allowance, including off-balance sheet instruments, at end of period | 1,241 | 1,391 | 1,241 | 1,391 |
Less: Total Allowance for off-balance sheet instruments | 133 | 173 | 133 | 173 |
Stage 1 [member] | Businesses And Government [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 138 | 64 | 368 | 142 |
Stage 1 [member] | Businesses And Government [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (137) | (144) | (399) | (281) |
Stage 1 [member] | Businesses And Government [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (1) | (3) | (4) | (13) |
Stage 2 [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 4,902 | |||
Total Allowance for Loan Losses at end of period | 3,782 | 4,070 | 3,782 | 4,070 |
Total Allowance, including off-balance sheet instruments, at end of period | 4,297 | 4,662 | 4,297 | 4,662 |
Less: Total Allowance for off-balance sheet instruments | 515 | 592 | 515 | 592 |
Stage 2 [member] | Residential mortgages [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 166 | 56 | 205 | 26 |
Net remeasurement due to transfers into stage3 | 3 | 18 | 8 | 24 |
Net repayments3 | (1) | (3) | ||
Derecognition of financial assets (excluding disposals and write-offs)3 | (9) | (2) | (28) | (4) |
Changes to risk, parameters, and models3 | 56 | 135 | 69 | 166 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 1 | (2) | (6) | (1) |
Total Allowance for Loan Losses at end of period | 190 | 207 | 190 | 207 |
Stage 2 [member] | Residential mortgages [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (39) | (16) | (90) | (26) |
Stage 2 [member] | Residential mortgages [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 18 | 21 | 47 | 31 |
Stage 2 [member] | Residential mortgages [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (5) | (3) | (12) | (9) |
Stage 2 [member] | Consumer instalment and other personal [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 1,265 | |||
Net remeasurement due to transfers into stage3 | 46 | 116 | 125 | 326 |
Net repayments3 | (22) | (15) | (76) | (37) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (40) | (19) | (119) | (40) |
Changes to risk, parameters, and models3 | 228 | 262 | 709 | 529 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 6 | (14) | (34) | (5) |
Total Allowance for Loan Losses at end of period | 951 | 1,104 | 951 | 1,104 |
Balance, including off-balance sheet instruments, at beginning of period | 1,082 | 860 | 1,330 | 417 |
Total Allowance, including off-balance sheet instruments, at end of period | 1,002 | 1,166 | 1,002 | 1,166 |
Less: Total Allowance for off-balance sheet instruments | 51 | 62 | 51 | 62 |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (315) | (130) | (943) | (253) |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 60 | 143 | 158 | 342 |
Stage 2 [member] | Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (43) | (37) | (148) | (113) |
Stage 2 [member] | Credit Card 1 [Member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 1,726 | |||
Net remeasurement due to transfers into stage3 | 72 | 247 | 204 | 572 |
Net repayments3 | (10) | (5) | (19) | 4 |
Derecognition of financial assets (excluding disposals and write-offs)3 | (33) | (79) | (105) | (141) |
Changes to risk, parameters, and models3 | 356 | 448 | 738 | 1,325 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 14 | (39) | (87) | (18) |
Total Allowance for Loan Losses at end of period | 1,079 | 1,353 | 1,079 | 1,353 |
Balance, including off-balance sheet instruments, at beginning of period | 1,517 | 1,530 | 2,181 | 673 |
Total Allowance, including off-balance sheet instruments, at end of period | 1,417 | 1,759 | 1,417 | 1,759 |
Less: Total Allowance for off-balance sheet instruments | 338 | 406 | 338 | 406 |
Stage 2 [member] | Credit Card 1 [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (415) | (315) | (1,168) | (600) |
Stage 2 [member] | Credit Card 1 [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 63 | 186 | 175 | 425 |
Stage 2 [member] | Credit Card 1 [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (147) | (214) | (502) | (481) |
Stage 2 [member] | Businesses And Government [Member] | ||||
IFRS Statement [Line Items] | ||||
Net remeasurement due to transfers into stage3 | 27 | 84 | 104 | 186 |
Net repayments3 | (23) | (15) | (92) | (34) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (198) | (147) | (566) | (307) |
Changes to risk, parameters, and models3 | 205 | 382 | 509 | 891 |
Disposals | ||||
Write-offs | ||||
Recoveries | ||||
Foreign exchange and other adjustments | 11 | (29) | (79) | (2) |
Total Allowance for Loan Losses at end of period | 1,562 | 1,406 | 1,562 | 1,406 |
Balance, including off-balance sheet instruments, at beginning of period | 1,689 | 1,191 | 1,858 | 740 |
Total Allowance, including off-balance sheet instruments, at end of period | 1,688 | 1,530 | 1,688 | 1,530 |
Less: Total Allowance for off-balance sheet instruments | 126 | 124 | 126 | 124 |
Stage 2 [member] | Businesses And Government [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (137) | (61) | (364) | (137) |
Stage 2 [member] | Businesses And Government [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 139 | 147 | 408 | 292 |
Stage 2 [member] | Businesses And Government [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (25) | (22) | (90) | (99) |
Stage 3 [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 844 | |||
Total Allowance for Loan Losses at end of period | 718 | 1,222 | 718 | 1,222 |
Total Allowance, including off-balance sheet instruments, at end of period | 728 | 1,258 | 728 | 1,258 |
Less: Total Allowance for off-balance sheet instruments | 10 | 36 | 10 | 36 |
Stage 3 [member] | Residential mortgages [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 56 | 59 | 65 | 56 |
Net remeasurement due to transfers into stage3 | ||||
Net repayments3 | ||||
Derecognition of financial assets (excluding disposals and write-offs)3 | (7) | (3) | (47) | (13) |
Changes to risk, parameters, and models3 | 11 | 20 | 53 | 45 |
Disposals | ||||
Write-offs | (3) | (6) | (11) | (22) |
Recoveries | 2 | 1 | 3 | 3 |
Foreign exchange and other adjustments | (1) | 1 | 1 | |
Total Allowance for Loan Losses at end of period | 60 | 71 | 60 | 71 |
Stage 3 [member] | Residential mortgages [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (1) | (2) | ||
Stage 3 [member] | Residential mortgages [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (3) | (2) | (14) | (8) |
Stage 3 [member] | Residential mortgages [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 5 | 3 | 12 | 9 |
Stage 3 [member] | Consumer instalment and other personal [member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 187 | |||
Net remeasurement due to transfers into stage3 | 3 | 2 | 7 | 9 |
Net repayments3 | (3) | (2) | (11) | (8) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (9) | (7) | (28) | (18) |
Changes to risk, parameters, and models3 | 79 | 281 | 324 | 834 |
Disposals | ||||
Write-offs | (181) | (339) | (672) | (1,027) |
Recoveries | 80 | 66 | 246 | 203 |
Foreign exchange and other adjustments | 3 | (5) | (8) | (1) |
Total Allowance for Loan Losses at end of period | 145 | 232 | 145 | 232 |
Balance, including off-balance sheet instruments, at beginning of period | 147 | 216 | 187 | 175 |
Total Allowance, including off-balance sheet instruments, at end of period | 145 | 232 | 145 | 232 |
Less: Total Allowance for off-balance sheet instruments | ||||
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (4) | (3) | (9) | (14) |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (14) | (16) | (45) | (43) |
Stage 3 [member] | Consumer instalment and other personal [member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 44 | 39 | 154 | 122 |
Stage 3 [member] | Credit Card 1 [Member] | ||||
IFRS Statement [Line Items] | ||||
Balance at beginning of period | 204 | |||
Net remeasurement due to transfers into stage3 | 2 | 4 | 7 | 19 |
Net repayments3 | 4 | 8 | 16 | 29 |
Derecognition of financial assets (excluding disposals and write-offs)3 | (68) | (85) | (167) | (250) |
Changes to risk, parameters, and models3 | 54 | 222 | 234 | 895 |
Disposals | ||||
Write-offs | (236) | (414) | (806) | (1,352) |
Recoveries | 75 | 78 | 231 | 240 |
Foreign exchange and other adjustments | 3 | (12) | (11) | 4 |
Total Allowance for Loan Losses at end of period | 156 | 333 | 156 | 333 |
Balance, including off-balance sheet instruments, at beginning of period | 194 | 343 | 204 | 322 |
Total Allowance, including off-balance sheet instruments, at end of period | 156 | 333 | 156 | 333 |
Less: Total Allowance for off-balance sheet instruments | ||||
Stage 3 [member] | Credit Card 1 [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (7) | (11) | (17) | (23) |
Stage 3 [member] | Credit Card 1 [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (14) | (20) | (43) | (48) |
Stage 3 [member] | Credit Card 1 [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | 149 | 220 | 508 | 497 |
Stage 3 [member] | Businesses And Government [Member] | ||||
IFRS Statement [Line Items] | ||||
Net remeasurement due to transfers into stage3 | 2 | (2) | (3) | |
Net repayments3 | (7) | (28) | (74) | (46) |
Derecognition of financial assets (excluding disposals and write-offs)3 | (89) | (32) | (263) | (151) |
Changes to risk, parameters, and models3 | 94 | 220 | 415 | 674 |
Disposals | (4) | (4) | ||
Write-offs | (34) | (70) | (225) | (175) |
Recoveries | 12 | 9 | 37 | 38 |
Foreign exchange and other adjustments | 3 | (27) | (20) | (19) |
Total Allowance for Loan Losses at end of period | 357 | 586 | 357 | 586 |
Balance, including off-balance sheet instruments, at beginning of period | 369 | 529 | 422 | 208 |
Total Allowance, including off-balance sheet instruments, at end of period | 367 | 622 | 367 | 622 |
Less: Total Allowance for off-balance sheet instruments | 10 | 36 | 10 | 36 |
Stage 3 [member] | Businesses And Government [Member] | Transfer To Stage One [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (1) | (3) | (4) | (5) |
Stage 3 [member] | Businesses And Government [Member] | Transfer To Stage Two [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | (2) | (3) | (9) | (11) |
Stage 3 [member] | Businesses And Government [Member] | Transfer To Stage Three [Member] | ||||
IFRS Statement [Line Items] | ||||
Transfer to Stage | $ 26 | $ 25 | $ 94 | $ 112 |
Summary of Macroeconomic Variab
Summary of Macroeconomic Variables impacted in Determining ECLs (Details) | 9 Months Ended |
Jul. 31, 2021 | |
Base Forecast [Member] | Q3 2021 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.83 |
Base Forecast [Member] | Q3 2021 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.60% |
Real GDP | 8.00% |
Home prices | 1.20% |
Central bank policy interest rate | 0.25% |
Base Forecast [Member] | Q3 2021 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.50% |
Real GDP | 7.30% |
Home prices | 6.00% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 1.73% |
U.S. 10-year BBB spread | 1.30% |
Base Forecast [Member] | Q4 2021 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.83 |
Base Forecast [Member] | Q4 2021 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.30% |
Real GDP | 6.10% |
Home prices | (3.40%) |
Central bank policy interest rate | 0.25% |
Base Forecast [Member] | Q4 2021 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 4.80% |
Real GDP | 5.60% |
Home prices | 5.00% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 1.95% |
U.S. 10-year BBB spread | 1.45% |
Base Forecast [Member] | Q1 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.82 |
Base Forecast [Member] | Q1 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.10% |
Real GDP | 4.00% |
Home prices | 0.70% |
Central bank policy interest rate | 0.25% |
Base Forecast [Member] | Q1 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 4.30% |
Real GDP | 3.00% |
Home prices | 4.30% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 2.05% |
U.S. 10-year BBB spread | 1.60% |
Base Forecast [Member] | Q2 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.81 |
Base Forecast [Member] | Q2 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.00% |
Real GDP | 3.80% |
Home prices | 1.00% |
Central bank policy interest rate | 0.25% |
Base Forecast [Member] | Q2 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.90% |
Real GDP | 2.80% |
Home prices | 4.10% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 2.15% |
U.S. 10-year BBB spread | 1.75% |
Base Forecast [Member] | Average Q3 2021 - Q2 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.82 |
Base Forecast [Member] | Average Q3 2021 - Q2 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.30% |
Real GDP | 5.50% |
Home prices | 5.20% |
Central bank policy interest rate | 0.25% |
Base Forecast [Member] | Average Q3 2021 - Q2 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 4.60% |
Real GDP | 6.50% |
Home prices | 7.90% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 1.97% |
U.S. 10-year BBB spread | 1.53% |
Base Forecast [Member] | Remaining 4 year period [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.79 |
Base Forecast [Member] | Remaining 4 year period [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.70% |
Real GDP | 1.90% |
Home prices | 1.20% |
Central bank policy interest rate | 1.42% |
Base Forecast [Member] | Remaining 4 year period [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.60% |
Real GDP | 2.10% |
Home prices | 3.30% |
Central bank policy interest rate | 1.56% |
U.S. 10-year treasury yield | 2.38% |
U.S. 10-year BBB spread | 1.80% |
Upside Scenario [Member] | Average Q3 2021 - Q2 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.83 |
Upside Scenario [Member] | Average Q3 2021 - Q2 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.10% |
Real GDP | 6.50% |
Home prices | 5.70% |
Central bank policy interest rate | 0.31% |
Upside Scenario [Member] | Average Q3 2021 - Q2 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 4.50% |
Real GDP | 7.60% |
Home prices | 8.70% |
Central bank policy interest rate | 0.31% |
U.S. 10-year treasury yield | 2.24% |
U.S. 10-year BBB spread | 1.47% |
Upside Scenario [Member] | Remaining 4 year period [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.79 |
Upside Scenario [Member] | Remaining 4 year period [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.30% |
Real GDP | 1.80% |
Home prices | 1.70% |
Central bank policy interest rate | 1.77% |
Upside Scenario [Member] | Remaining 4 year period [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 3.20% |
Real GDP | 2.00% |
Home prices | 4.20% |
Central bank policy interest rate | 1.92% |
U.S. 10-year treasury yield | 2.53% |
U.S. 10-year BBB spread | 1.72% |
Downside Scenario [Member] | Average Q3 2021 - Q2 2022 [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.80 |
Downside Scenario [Member] | Average Q3 2021 - Q2 2022 [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 8.10% |
Real GDP | 1.20% |
Home prices | 0.80% |
Central bank policy interest rate | 0.25% |
Downside Scenario [Member] | Average Q3 2021 - Q2 2022 [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 6.20% |
Real GDP | 3.10% |
Home prices | 4.30% |
Central bank policy interest rate | 0.25% |
U.S. 10-year treasury yield | 1.62% |
U.S. 10-year BBB spread | 1.66% |
Downside Scenario [Member] | Remaining 4 year period [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Exchange rate (U.S. dollar/Canadian dollar) | 0.78 |
Downside Scenario [Member] | Remaining 4 year period [member] | Canada [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 7.50% |
Real GDP | 2.60% |
Home prices | 0.60% |
Central bank policy interest rate | 0.77% |
Downside Scenario [Member] | Remaining 4 year period [member] | United States [member] | |
Disclosure of detailed information about financial instruments [line items] | |
Unemployment rate | 5.00% |
Real GDP | 2.60% |
Home prices | 2.80% |
Central bank policy interest rate | 0.91% |
U.S. 10-year treasury yield | 2.04% |
U.S. 10-year BBB spread | 1.82% |
Schedule of Change from Base to
Schedule of Change from Base to Probability-Weighted ECL (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Difference – in amount | $ 215 | $ 343 |
Expected credit loss rate | 3.10% | 4.00% |
Probability weighted method [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Probability-weighted ECLs | $ 6,982 | $ 8,500 |
Base Scenario [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Base ECLs | $ 6,767 | $ 8,157 |
Schedule of Incremental Lifetim
Schedule of Incremental Lifetime ECL Impact (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
IFRS Statement [Line Items] | ||
Incremental lifetime ECLs impact | $ 1,830 | $ 2,018 |
12-month expected credit losses [member] | ||
IFRS Statement [Line Items] | ||
All performing loans and off-balance sheet instruments using 12-month ECLs | 5,152 | 6,482 |
Stage One and Two [member] | ||
IFRS Statement [Line Items] | ||
[custom:ProbabilityWeightedExpectedCreditLosses-0] | $ 6,982 | $ 8,500 |
Securities (Details Narrative)
Securities (Details Narrative) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Dividend Income recognized | $ 41 | $ 24 | $ 118 | $ 82 |
Securities disposed [member] | Securities [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Disposal of equity securities | 21 | 7 | 80 | 35 |
Gain (loss) on sale of equity securities measured at fair value | 0 | 0 | 2 | (6) |
Dividend Income recognized | $ 1 | $ 0 | $ 1 | $ 0 |
Summary of Loans Past Due but N
Summary of Loans Past Due but Not Impaired (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | $ 726,031 | $ 725,812 |
Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 2,214 | 2,494 |
Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 258 | 285 |
Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 608 | 790 |
Financial assets past due but not impaired [member] | Credit Card 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 275 | 367 |
Financial assets past due but not impaired [member] | Businesses And Government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,073 | 1,052 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 1,790 | 1,752 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 197 | 221 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 456 | 590 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Credit Card 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 171 | 218 |
Later than one month and not later than two months [member] | Financial assets past due but not impaired [member] | Businesses And Government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 966 | 723 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 424 | 742 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Residential mortgages [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 61 | 64 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Consumer instalment and other personal [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 152 | 200 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Credit Card 1 [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | 104 | 149 |
Later than two months and not later than three months [member] | Financial assets past due but not impaired [member] | Businesses And Government [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Gross Loans | $ 107 | $ 329 |
Loans, Impaired Loans, and Al_3
Loans, Impaired Loans, and Allowance for Credit Losses (Details Narrative) | 9 Months Ended | 12 Months Ended |
Jul. 31, 2021CAD ($)Customer | Oct. 31, 2020CAD ($)Customer | |
Disclosure of detailed information about financial instruments [line items] | ||
Foreclosed assets held for sale | $ 59,000,000 | $ 77,000,000 |
Canada Emergency Business Account Program [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Due Date for eligible remaining loan waiver | Dec. 31, 2022 | |
Interest Rate | 5.00% | |
Enrolled customers | Customer | 211,000 | 184,000 |
Funded loans outstanding | $ 11,500,000,000 | $ 7,300,000,000 |
Canada Emergency Business Account Program [member] | Top of range [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
CEBA Loan Eligible Amount | $ 60,000 |
Summary of Condensed Financial
Summary of Condensed Financial Statements (Details) - CAD ($) $ / shares in Units, $ in Millions | 3 Months Ended | 9 Months Ended | ||||||
Jul. 31, 2021 | Jun. 30, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jun. 30, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | ||
Assets | ||||||||
Receivables from brokerage clients, net | $ 23,262 | $ 23,262 | $ 33,951 | |||||
Other assets | 17,035 | 17,035 | 18,856 | |||||
Total assets | 1,703,093 | $ 1,697,305 | 1,703,093 | $ 1,697,305 | 1,715,865 | |||
Liabilities | ||||||||
Bank deposits | 25,638 | 25,638 | 28,969 | |||||
Payables to brokerage clients | 23,866 | 23,866 | 35,143 | |||||
Other liabilities | 26,297 | 26,297 | 30,476 | |||||
Total liabilities | 1,603,186 | 1,603,186 | 1,620,366 | |||||
Stockholders’ equity | 99,907 | 99,907 | 95,499 | |||||
Total liabilities and equity | 1,703,093 | 1,703,093 | $ 1,715,865 | |||||
Net Revenues | ||||||||
Net interest revenue | [1] | 7,306 | 8,145 | 22,142 | 28,008 | |||
Total net revenues | 10,712 | 10,665 | 31,752 | 31,802 | ||||
Expenses Excluding Interest | ||||||||
Compensation and benefits | 3,046 | 3,051 | 9,327 | 9,011 | ||||
Taxes on income | 922 | 445 | 2,711 | 1,354 | ||||
Net income | [2] | 3,545 | 2,248 | 10,517 | 6,752 | |||
Preferred stock dividends and other | 56 | 68 | 186 | 203 | ||||
Net income available to common shareholders | 3,489 | 2,180 | 10,331 | 6,549 | ||||
Other comprehensive income (loss) | [2] | 1,506 | (2,188) | (2,973) | 3,058 | |||
Total comprehensive income (loss) | [2] | $ 5,051 | $ 60 | $ 7,544 | $ 9,810 | |||
Earnings per common shares outstanding – basic (Canadian dollars) | $ 1.92 | $ 1.21 | $ 5.69 | $ 3.63 | ||||
Earnings per common shares outstanding – diluted (Canadian dollars) | $ 1.92 | $ 1.21 | $ 5.68 | $ 3.62 | ||||
Charles Schwab Corporation [member] | ||||||||
Assets | ||||||||
Receivables from brokerage clients, net | $ 102,609 | $ 102,609 | ||||||
Available for sale securities | 448,664 | 448,664 | ||||||
Other assets | 165,513 | 165,513 | ||||||
Total assets | 716,786 | 716,786 | ||||||
Liabilities | ||||||||
Bank deposits | 459,913 | 459,913 | ||||||
Payables to brokerage clients | 131,013 | 131,013 | ||||||
Other liabilities | 54,185 | 54,185 | ||||||
Total liabilities | 645,111 | 645,111 | ||||||
Stockholders’ equity | 71,675 | 71,675 | ||||||
Total liabilities and equity | 716,786 | 716,786 | ||||||
Net Revenues | ||||||||
Net interest revenue | 2,391 | 7,168 | ||||||
Asset management and administration fees | 1,286 | 3,859 | ||||||
Trading revenue and other | 1,883 | 5,946 | ||||||
Total net revenues | 5,560 | 16,973 | ||||||
Expenses Excluding Interest | ||||||||
Compensation and benefits | 1,619 | 5,252 | ||||||
Other | 1,830 | 5,205 | ||||||
Total expenses excluding interest | 3,449 | 10,457 | ||||||
Income before taxes on income | 2,111 | 6,516 | ||||||
Taxes on income | 558 | 1,605 | ||||||
Net income | 1,553 | 4,911 | ||||||
Preferred stock dividends and other | 182 | 415 | ||||||
Net income available to common shareholders | 1,371 | 4,496 | ||||||
Other comprehensive income (loss) | 1,879 | (4,221) | ||||||
Total comprehensive income (loss) | $ 3,250 | $ 275 | ||||||
Earnings per common shares outstanding – basic (Canadian dollars) | $ 0.73 | $ 2.40 | ||||||
Earnings per common shares outstanding – diluted (Canadian dollars) | $ 0.72 | $ 2.39 | ||||||
[1] | Includes $ 6,497 19,682 7,141 23,710 | |||||||
[2] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Investment in Associates and _3
Investment in Associates and Joint Ventures (Details Narrative) - Charles Schwab Corporation [member] $ / shares in Units, $ in Billions, $ in Billions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Jul. 31, 2021CAD ($) | Jul. 31, 2021CAD ($) | Oct. 31, 2020CAD ($) | Jul. 31, 2021USD ($)$ / shares | Oct. 31, 2020USD ($)$ / shares | |
Disclosure Of Investments In Associates And Joint Ventures [Line Items] | |||||
Equity investment percentage | 13.43% | 13.51% | |||
Fair value of outstanding shares | $ 21 | $ 21 | $ 14 | $ 17 | $ 10 |
Closing price of shares | $ / shares | $ 67.95 | $ 41.11 | |||
Percentage of voting common shares | 9.90% | ||||
Investment in Schwab | 11.2 | $ 11.2 | $ 12.2 | ||
Share of net income from investment in Schwab | $ 170 | $ 561 |
Summary of Goodwill by Segment
Summary of Goodwill by Segment (Details) - CAD ($) $ in Millions | 9 Months Ended | 12 Months Ended |
Jul. 31, 2021 | Oct. 31, 2020 | |
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | $ 17,148 | $ 16,976 |
Additions | 151 | |
Foreign currency translation adjustments and other | (958) | 172 |
Ending balance | 16,341 | 17,148 |
Canadian Retail [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 2,846 | 2,836 |
Additions | 40 | |
Foreign currency translation adjustments and other | (55) | 10 |
Ending balance | 2,831 | 2,846 |
U.S. Retail [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 14,142 | 13,980 |
Additions | ||
Foreign currency translation adjustments and other | (902) | 162 |
Ending balance | 13,240 | 14,142 |
Wholesale Banking [member] | ||
Disclosure of reconciliation of changes in goodwill [line items] | ||
Beginning balance | 160 | 160 |
Additions | 111 | |
Foreign currency translation adjustments and other | (1) | |
Ending balance | $ 270 | $ 160 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Other Assets | ||
Accounts receivable and other items | $ 9,938 | $ 10,799 |
Accrued interest | 2,125 | 2,336 |
Current income tax receivable | 1,453 | 2,294 |
Defined benefit asset | 334 | 9 |
Insurance-related assets, excluding investments | 2,020 | 2,268 |
Prepaid expenses | 1,165 | 1,150 |
Total | $ 17,035 | $ 18,856 |
Summary of Deposit Liabilities
Summary of Deposit Liabilities (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | $ 170,170 | |
Notice | 765,443 | |
Term | 304,841 | |
Total deposits | 1,240,454 | $ 1,214,136 |
Deposits subject to bank recapitalization Bail-in | 36,800 | 27,600 |
Deposits | 466,505 | 481,164 |
Financial liabilities designated at fair value through profit or loss | 92,355 | 59,665 |
United States of America, Dollars | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 700,000 | 708,000 |
Other Currency [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 49,000 | 44,000 |
Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 686,474 | |
United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 518,575 | |
International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 35,405 | |
Personal [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 22,427 | |
Notice | 552,131 | |
Term | 51,980 | |
Total deposits | 626,538 | 625,200 |
Personal [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 291,917 | |
Personal [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 334,621 | |
Bank Deposits [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 14,102 | |
Notice | 208 | |
Term | 11,328 | |
Total deposits | 25,638 | 28,969 |
Bank Deposits [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 19,421 | |
Bank Deposits [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 21 | |
Bank Deposits [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 6,196 | |
Business and government [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 133,641 | |
Notice | 213,104 | |
Term | 119,760 | |
Total deposits | 466,505 | 481,164 |
Business and government [member] | Covered Bondholders [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Deposits | 29,600 | 40,500 |
Business and government [member] | TD Capital Trust IV [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Deposits | 500 | 1,200 |
Business and government [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 312,562 | |
Business and government [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 149,621 | |
Business and government [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 4,322 | |
Personal Banks Business And Goverment [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Demand | 170,170 | |
Notice | 765,443 | |
Term | 183,068 | |
Total deposits | 1,118,681 | 1,135,333 |
Personal Banks Business And Goverment [Member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 623,900 | |
Personal Banks Business And Goverment [Member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 484,263 | |
Personal Banks Business And Goverment [Member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 10,518 | |
Trading deposits [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Term | 29,445 | |
Total deposits | 29,445 | 19,177 |
Trading deposits [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 14,219 | |
Trading deposits [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 3,009 | |
Trading deposits [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 12,217 | |
Deposits designated at fair value through profit or loss [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Term | 92,328 | |
Total deposits | 92,328 | 59,626 |
Deposits designated at fair value through profit or loss [member] | Canada [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 48,355 | |
Deposits designated at fair value through profit or loss [member] | United States [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 31,303 | |
Deposits designated at fair value through profit or loss [member] | International [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 12,670 | |
Non interest bearing deposits [member] | Domestic Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 67,849 | 55,920 |
Non interest bearing deposits [member] | Foreign Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 82,849 | 76,099 |
Interest bearing deposits 1 [member] | Domestic Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 618,625 | 604,625 |
Interest bearing deposits 1 [member] | Foreign Offices [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 471,123 | 472,913 |
Interest bearing deposits 1 [member] | US federal funds deposited [member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Total deposits | 8 | 4,579 |
Loan Commitments And Financial Guarantees [Member] | ||
Disclosure Of Deposits From Customers [Line Items] | ||
Financial liabilities designated at fair value through profit or loss | $ 27 | $ 39 |
Deposits (Details Narrative)
Deposits (Details Narrative) - CAD ($) $ in Millions | Jul. 31, 2021 | Jun. 30, 2021 | Oct. 31, 2020 |
Deposits | |||
Aggregate amount of term deposits in denominations of $100,000 or more | $ 275,000 | $ 287,000 | |
Redemption of TD Capital Trust IV Notes - Series 3 | $ 750 |
Summary of Other Liabilities (D
Summary of Other Liabilities (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial liabilities [abstract] | ||
Accounts payable, accrued expenses, and other items1 | $ 5,983 | $ 6,571 |
Accrued interest | 673 | 1,142 |
Accrued salaries and employee benefits | 3,386 | 2,900 |
Cheques and other items in transit | 2,522 | 2,440 |
Current income tax payable | 355 | 275 |
Deferred tax liabilities | 260 | 284 |
Defined benefit liability | 1,906 | 3,302 |
Lease liabilities | 5,572 | 6,095 |
Liabilities related to structured entities | 4,284 | 5,898 |
Provisions | 1,356 | 1,569 |
Total | $ 26,297 | $ 30,476 |
Summary of Other Liabilities (P
Summary of Other Liabilities (Parenthetical) (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Disclosure of financial liabilities [abstract] | ||
Dividends payable | $ 1,389 | $ 1,383 |
Summary of Classes of Share Cap
Summary of Classes of Share Capital (Details) - CAD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Apr. 30, 2021 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of period | $ 95,499 | $ 95,499 | |||
Balance at end of period | $ 99,907 | $ 99,907 | |||
Issued capital [member] | Common shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance, Number of shares | 1,820.4 | 1,803.7 | 1,816.1 | 1,816.1 | 1,812.5 |
Balance at beginning of period | $ 22,790 | $ 21,766 | $ 22,487 | $ 22,487 | $ 21,713 |
Proceeds from shares issued on exercise of stock options, Number of shares | 0.9 | 0.2 | 2.5 | 1.2 | |
Proceeds from shares issued on exercise of stock options, Amount | $ 56 | $ 12 | $ 146 | $ 65 | |
Shares issued as a result of dividend reinvestment plan, Number of shares | 1.2 | 10 | 3.9 | 12.2 | |
Shares issued as a result of dividend reinvestment plan | $ 99 | $ 583 | $ 312 | $ 726 | |
Purchase of shares for cancellation and other, Number of Shares | (12) | ||||
Purchase of shares for cancellation and other, Amount | $ (143) | ||||
Ending balance, Number of shares | 1,822.5 | 1,813.9 | 1,820.4 | 1,822.5 | 1,813.9 |
Balance at end of period | $ 22,945 | $ 22,361 | $ 22,790 | $ 22,945 | $ 22,361 |
Issued capital [member] | Preference shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Beginning balance, Number of shares | 198 | 232 | 226 | 226 | 232 |
Balance at beginning of period | $ 4,950 | $ 5,800 | $ 5,650 | $ 5,650 | $ 5,800 |
Ending balance, Number of shares | 198 | 232 | 198 | 198 | 232 |
Balance at end of period | $ 4,950 | $ 5,800 | $ 4,950 | $ 4,950 | $ 5,800 |
Redemption of shares, Number of shares | (28) | ||||
Redemption of shares, amount | $ (700) | ||||
Issued capital [member] | Other equity securities [member] | Limited Recourse Capital Notes [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at end of period | $ 1,750 | $ 1,750 | |||
Ending balance, Number of shares | 1.8 | 1.8 | |||
Issue of limited recourse capital notes, Number of shares | 1.8 | 1.8 | |||
Issue of limited recourse capital notes | $ 1,750 | $ 1,750 | |||
Treasury shares [member] | Common shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of period | (123) | (25) | (37) | (37) | (41) |
Balance at end of period | $ (189) | $ (59) | $ (123) | $ (189) | $ (59) |
Beginning balance, Number of shares | 1.7 | 0.3 | 0.5 | 0.5 | 0.6 |
Purchase of shares, Number of shares | 29.8 | 35.6 | 107.9 | 104.2 | |
Purchase of shares, Amount | $ (2,565) | $ (2,152) | $ (8,398) | $ (6,787) | |
Sale of shares, Number of shares | (29) | (35) | (105.9) | (103.9) | |
Sale of shares, Amount | $ 2,499 | $ 2,118 | $ 8,246 | $ 6,769 | |
Ending balance, Number of shares | 2.5 | 0.9 | 1.7 | 2.5 | 0.9 |
Treasury shares [member] | Preference shares [member] | |||||
Disclosure of classes of share capital [line items] | |||||
Balance at beginning of period | $ (5) | $ (3) | $ (4) | $ (4) | $ (6) |
Balance at end of period | $ (5) | $ (5) | $ (5) | $ (5) | $ (5) |
Beginning balance, Number of shares | 0.2 | 0.2 | 0.1 | 0.1 | 0.3 |
Purchase of shares, Number of shares | 1.1 | 1.4 | 4.4 | 5 | |
Purchase of shares, Amount | $ (28) | $ (29) | $ (107) | $ (98) | |
Sale of shares, Number of shares | (1.1) | (1.4) | (4.3) | (5.1) | |
Sale of shares, Amount | $ 28 | $ 27 | $ 106 | $ 99 | |
Ending balance, Number of shares | 0.2 | 0.2 | 0.2 | 0.2 | 0.2 |
Summary of Classes of Share C_2
Summary of Classes of Share Capital (Parenthetical) (Details) - Preferred Shares Class A Series Twelve [Member] $ / shares in Units, shares in Millions, $ in Millions | 6 Months Ended |
Apr. 30, 2021CAD ($)$ / sharesshares | |
Disclosure of classes of share capital [line items] | |
Number of shares | shares | 28 |
Redemption price per share | $ / shares | $ 25 |
Redemption of shares, amount | $ | $ 700 |
Equity (Details Narrative)
Equity (Details Narrative) - CAD ($) $ / shares in Units, $ in Millions | Jul. 29, 2021 | Jul. 31, 2021 |
Disclosure of classes of share capital [line items] | ||
Issued of Limited Recourse Capital Notes NVCC, Series 1 | $ 1,750 | |
Limited recourse capital notes interest rate description | The LRCNs bear interest at a fixed rate of 3.6% per annum, payable semi-annually, until October 31, 2026 and thereafter at a rate per annum, reset every five years, equal to the prevailing 5-year Government of Canada Yield plus 2.747% until maturity on October 31, 2081. The Bank may redeem the LRCNs, in whole or in part, during the period from October 1 to and including October 31, commencing in 2026 and every five years thereafter, with the prior written approval of OSFI. In the event of (i) non-payment of interest following any interest payment date, (ii) non-payment of the redemption price in case of a redemption of the LRCNs, (iii) non-payment of principal plus accrued and unpaid interest at the maturity of the LRCNs, (iv) an event of default on the LRCNs, or (v) a Trigger Event, the recourse of each LRCN holder will be limited to that holder’s pro rata share of the Limited Recourse Trust’s assets. | |
Payable semi-annually, until October 31, 2026 and thereafter at a rate per annum [member | ||
Disclosure of classes of share capital [line items] | ||
Notes receivables fixed interest rate | 3.60% | |
Non-Cumulative 5-Year Fixed Rate Reset Preferred Shares NVCC, Series 26 [member] | ||
Disclosure of classes of share capital [line items] | ||
Issued of Limited Recourse Capital Notes NVCC, Series 1 | $ 1,750 | |
Note issued price per share | $ 1,000 |
Schedule of Assumptions Used fo
Schedule of Assumptions Used for Estimating the Fair Value of Options (Details) - Options [Member] | 9 Months Ended | |
Jul. 31, 2021yr$ / shares | Jul. 31, 2020yr$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Risk-free interest rate | 0.71% | 1.59% |
Option contractual life | yr | 10 | 10 |
Expected volatility2 | 18.50% | 12.90% |
Expected dividend yield | 3.61% | 3.50% |
Exercise price/share price | $ / shares | $ 71.88 | $ 72.84 |
Share-Based Compensation (Detai
Share-Based Compensation (Details Narrative) - Stock Option Awards [Member] $ / shares in Units, Pure in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021CAD ($) | Jul. 31, 2020CAD ($) | Jul. 31, 2021CAD ($)$ / shares | Jul. 31, 2020CAD ($)$ / shares | |
Disclosure of sensitivity analysis for actuarial assumptions [line items] | ||||
Compensation Expense | $ | $ 5.1 | $ 2.1 | $ 21 | $ 9.1 |
Granted | 0 | 0 | 2.2 | 2.1 |
Weighted average fair value of options granted | $ / shares | $ 8.90 | $ 5.55 |
Summary of Employee Benefit Pla
Summary of Employee Benefit Plans Expenses (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||||
Total | $ 127 | $ 129 | $ 432 | $ 419 |
Principal pension plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Service cost - benefits earned | 130 | 116 | 391 | 350 |
Net interest cost on net defined benefit liability | 6 | 4 | 18 | 11 |
Defined benefit administrative expenses | 3 | 3 | 8 | 8 |
Total | 139 | 123 | 417 | 369 |
Principal post retirement benefit plan [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Service cost - benefits earned | 2 | 5 | 7 | 13 |
Net interest cost on net defined benefit liability | 3 | 4 | 8 | 13 |
Total | 5 | 9 | 15 | 26 |
Other pension and post retirement benefit plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Service cost - benefits earned | 2 | 2 | 6 | 6 |
Net interest cost on net defined benefit liability | 4 | 7 | 14 | 21 |
Past service cost (credit) | 1 | |||
Defined benefit administrative expenses | 1 | 1 | 3 | 4 |
Total | $ 7 | $ 10 | $ 24 | $ 31 |
Summary of Expenses for Bank_s
Summary of Expenses for Bank’s Defined Contribution Plans (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Disclosure of defined benefit plans [line items] | ||||
Defined Contribution Plan Expenses | $ 127 | $ 129 | $ 432 | $ 419 |
Defined contribution pension plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined Contribution Plan Expenses | 44 | 44 | 138 | 129 |
Government pension plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Defined Contribution Plan Expenses | $ 83 | $ 85 | $ 294 | $ 290 |
Summary of Remeasurement of Def
Summary of Remeasurement of Defined Benefit Plans (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Principal pension plans [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Actuarial gains (losses) - defined benefit plan obligations | $ (416) | $ (1,074) | $ 974 | $ (1,185) |
Actuarial gains (losses) - return on plan assets less interest income | 548 | 423 | 765 | 334 |
Total | 132 | (651) | 1,739 | (851) |
Principal post retirement benefit plan [member] | ||||
Disclosure of defined benefit plans [line items] | ||||
Actuarial gains (losses) - defined benefit plan obligations | (18) | (61) | 24 | (55) |
Total | $ (18) | $ (61) | $ 24 | $ (55) |
Income Taxes (Details Narrative
Income Taxes (Details Narrative) $ in Millions | 3 Months Ended |
Jul. 31, 2021CAD ($) | |
Disclosure Of Income Tax [Line Items] | |
Additional Income Tax and Interest reassessed | $ 1,099 |
Canada Revenue Agency Reassessment [member] | Two thousand eleven to two thousand fifteen taxation years [member] | |
Disclosure Of Income Tax [Line Items] | |
Additional Income Tax and Interest reassessed | 1,032 |
Revenu Quebec Agency [member] | Two thousand eleven to two thousand fifteen taxation years [member] | |
Disclosure Of Income Tax [Line Items] | |
Additional Income Tax and Interest reassessed | 34 |
Alberta Tax and Revenue Administration Reassessment [member] | Two Thousand Eleven to Two Thousand Fourteen Taxation Years [member] | |
Disclosure Of Income Tax [Line Items] | |
Additional Income Tax and Interest reassessed | $ 33 |
Summary of Earnings Per Share (
Summary of Earnings Per Share (Details) - CAD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 9 Months Ended | ||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | |
Basic earnings per share | ||||
Net income attributable to common shareholders | $ 3,489 | $ 2,180 | $ 10,331 | $ 6,549 |
Weighted-average number of common shares outstanding (millions) | 1,818.8 | 1,802.3 | 1,816.8 | 1,805.4 |
Basic earnings per share (Canadian dollars) | $ 1.92 | $ 1.21 | $ 5.69 | $ 3.63 |
Diluted earnings per share | ||||
Net income available to common shareholders including impact of dilutive securities | $ 3,489 | $ 2,180 | $ 10,331 | $ 6,549 |
Stock options potentially exercisable (millions)1 | 3 | 1.2 | 2.4 | 1.7 |
Weighted-average number of common shares outstanding – diluted (millions) | 1,821.8 | 1,803.5 | 1,819.2 | 1,807.1 |
Diluted earnings per share (Canadian dollars)1 | $ 1.92 | $ 1.21 | $ 5.68 | $ 3.62 |
Average outstanding options excluded from calculation of diluted earnings per share | 0 | 7.7 | 0 | 5.5 |
Weighted-average exercise price of average outstanding options excluded from the calculation of diluted earnings per share | $ 70.15 | $ 71.47 |
Contingent Liabilities (Details
Contingent Liabilities (Details Narrative) - Litigation and other provision [member] - CAD ($) | Jul. 31, 2021 | Oct. 31, 2020 |
Bottom of range [member] | ||
Disclosure of contingent liabilities [line items] | ||
Bank's reasonable possible losses | $ 0 | |
Top of range [member] | ||
Disclosure of contingent liabilities [line items] | ||
Bank's reasonable possible losses | $ 1,500,000,000 | $ 951,000,000 |
Summary of Results by Business
Summary of Results by Business Segment (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | Oct. 31, 2020 | ||
Disclosure of operating segments [line items] | ||||||
Net interest income (loss) | $ 6,004 | $ 6,101 | $ 17,869 | $ 18,470 | ||
Non-interest income (loss) | 4,708 | 4,564 | 13,883 | 13,332 | ||
Total revenue | 10,712 | 10,665 | 31,752 | 31,802 | ||
Provision for (recovery of) credit losses | (37) | 2,188 | (101) | 6,325 | ||
Insurance claims and related expenses | 836 | 805 | 2,057 | 2,256 | ||
Non-interest expenses | 5,616 | 5,307 | 17,129 | 15,895 | ||
Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade | 4,297 | 2,365 | 12,667 | 7,326 | ||
Provision for (recovery of) income taxes | 922 | 445 | 2,711 | 1,354 | ||
Net income (loss) | [1] | 3,545 | 2,248 | 10,517 | 6,752 | |
Total assets | 1,703,093 | 1,697,305 | 1,703,093 | 1,697,305 | $ 1,715,865 | |
Schwab and TD Ameritrade [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Share of net income from investment in Schwab and TD Ameritrade | 170 | 328 | 561 | 780 | ||
Canadian Retail [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income (loss) | 3,044 | 2,910 | 8,895 | 9,079 | ||
Non-interest income (loss) | 3,535 | 3,116 | 10,091 | 9,225 | ||
Total revenue | 6,579 | 6,026 | 18,986 | 18,304 | ||
Provision for (recovery of) credit losses | 100 | 951 | 205 | 2,495 | ||
Insurance claims and related expenses | 836 | 805 | 2,057 | 2,256 | ||
Non-interest expenses | 2,748 | 2,533 | 8,091 | 7,757 | ||
Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade | 2,895 | 1,737 | 8,633 | 5,796 | ||
Provision for (recovery of) income taxes | 770 | 474 | 2,289 | 1,572 | ||
Net income (loss) | 2,125 | 1,263 | 6,344 | 4,224 | ||
Total assets | 500,429 | 461,358 | 500,429 | 461,358 | ||
Canadian Retail [member] | Schwab and TD Ameritrade [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Share of net income from investment in Schwab and TD Ameritrade | ||||||
U.S. Retail [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income (loss) | 1,990 | 2,256 | 5,971 | 6,763 | ||
Non-interest income (loss) | 691 | 595 | 2,007 | 1,792 | ||
Total revenue | 2,681 | 2,851 | 7,978 | 8,555 | ||
Provision for (recovery of) credit losses | (96) | 897 | (174) | 2,353 | ||
Insurance claims and related expenses | ||||||
Non-interest expenses | 1,518 | 1,646 | 4,800 | 4,919 | ||
Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade | 1,259 | 308 | 3,352 | 1,283 | ||
Provision for (recovery of) income taxes | 161 | (48) | 393 | (120) | ||
Net income (loss) | 1,295 | 673 | 3,611 | 2,155 | ||
Total assets | 554,418 | 548,402 | 554,418 | 548,402 | ||
U.S. Retail [member] | Schwab and TD Ameritrade [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Share of net income from investment in Schwab and TD Ameritrade | 197 | 317 | 652 | 752 | ||
Wholesale Banking [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income (loss) | 632 | 531 | 1,941 | 1,381 | ||
Non-interest income (loss) | 451 | 866 | 1,609 | 2,323 | ||
Total revenue | 1,083 | 1,397 | 3,550 | 3,704 | ||
Provision for (recovery of) credit losses | 2 | 123 | (41) | 514 | ||
Insurance claims and related expenses | ||||||
Non-interest expenses | 635 | 669 | 2,051 | 1,937 | ||
Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade | 446 | 605 | 1,540 | 1,253 | ||
Provision for (recovery of) income taxes | 116 | 163 | 390 | 321 | ||
Net income (loss) | 330 | 442 | 1,150 | 932 | ||
Total assets | 500,002 | 524,286 | 500,002 | 524,286 | ||
Wholesale Banking [member] | Schwab and TD Ameritrade [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Share of net income from investment in Schwab and TD Ameritrade | ||||||
Corporate [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Net interest income (loss) | 338 | 404 | 1,062 | 1,247 | ||
Non-interest income (loss) | 31 | (13) | 176 | (8) | ||
Total revenue | 369 | 391 | 1,238 | 1,239 | ||
Provision for (recovery of) credit losses | (43) | 217 | (91) | 963 | ||
Insurance claims and related expenses | ||||||
Non-interest expenses | 715 | 459 | 2,187 | 1,282 | ||
Income (loss) before income taxes and share of net income from investment in Schwab and TD Ameritrade | (303) | (285) | (858) | (1,006) | ||
Provision for (recovery of) income taxes | (125) | (144) | (361) | (419) | ||
Net income (loss) | (205) | (130) | (588) | (559) | ||
Total assets | 148,244 | 163,259 | 148,244 | 163,259 | ||
Corporate [member] | Schwab and TD Ameritrade [member] | ||||||
Disclosure of operating segments [line items] | ||||||
Share of net income from investment in Schwab and TD Ameritrade | $ (27) | $ 11 | $ (91) | $ 28 | ||
[1] | The amounts are net of income tax provisions (recoveries) presented in the following table. |
Summary of Interest Income and
Summary of Interest Income and Expenses by Basis of Accounting Classification (Details) - CAD ($) $ in Millions | 3 Months Ended | 9 Months Ended | |||
Jul. 31, 2021 | Jul. 31, 2020 | Jul. 31, 2021 | Jul. 31, 2020 | ||
Disclosure Of Interest Income Expense [Line Items] | |||||
Interest income | [1] | $ 7,306 | $ 8,145 | $ 22,142 | $ 28,008 |
Interest expense | 1,302 | 2,044 | 4,273 | 9,538 | |
Financial assets amortized cost [member] | |||||
Disclosure Of Interest Income Expense [Line Items] | |||||
Interest income | 6,369 | 6,867 | 19,244 | 22,155 | |
Interest expense | 812 | 1,039 | 2,681 | 5,379 | |
Financial assets at fair value through other comprehensive income [member] | |||||
Disclosure Of Interest Income Expense [Line Items] | |||||
Interest income | 128 | 274 | 438 | 1,555 | |
Financial instruments measure at amortized cost and FVOCI [member] | |||||
Disclosure Of Interest Income Expense [Line Items] | |||||
Interest income | 6,497 | 7,141 | 19,682 | 23,710 | |
Interest expense | 812 | 1,039 | 2,681 | 5,379 | |
Financial instruments measured or designated at fair value through profit or loss [member] | Equities designated at fair value through other comprehensive income [member] | |||||
Disclosure Of Interest Income Expense [Line Items] | |||||
Interest income | 809 | 1,004 | 2,460 | 4,298 | |
Interest expense | $ 490 | $ 1,005 | $ 1,592 | $ 4,159 | |
[1] | Includes $ 6,497 19,682 7,141 23,710 |
Summary of Regulatory Capital P
Summary of Regulatory Capital Position (Details) - CAD ($) $ in Millions | Jul. 31, 2021 | Oct. 31, 2020 |
Capital | ||
Common Equity Tier 1 Capital | $ 67,262 | $ 62,616 |
Tier 1 Capital | 74,039 | 69,091 |
Total Capital | 86,201 | 80,021 |
Risk-weighted assets used in the calculation of capital ratios | $ 465,453 | $ 478,909 |
Capital and leverage ratios | ||
Common Equity Tier 1 Capital ratio | 14.50% | 13.10% |
Tier 1 Capital ratio | 15.90% | 14.40% |
Total Capital ratio | 18.50% | 16.70% |
Leverage ratio | 4.80% | 4.50% |
Regulatory Capital (Details Nar
Regulatory Capital (Details Narrative) - Basel III [member] | Oct. 31, 2021 | Jul. 31, 2021 | Nov. 22, 2019 | Jan. 01, 2016 |
Disclosure Of Regulatory Capital [Line Items] | ||||
Common equity capital surcharge | 1.00% | 1.00% | ||
Target common equity tier 1 capital ratio | 8.00% | 8.00% | ||
Target tier 1 capital ratio | 9.50% | 9.50% | ||
Target total capital ratio | 11.50% | 11.50% | ||
Domestic Stability Buffer | 1.00% | |||
Target Common Equity tier 1 Capital Ratio including Domestic Stability Buffer | 9.00% | |||
D-SIB surcharge percentage | 1.00% | |||
G-SIB surcharge percentage | 1.00% | |||
Forecast [Member] | ||||
Disclosure Of Regulatory Capital [Line Items] | ||||
Domestic Stability Buffer | 2.50% |